~~[ ] Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2))~~

(Name of ~~Person(s)~~Person Filing Proxy Statement, if other than the Registrant)

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

The enclosed Proxy Statement discusses a proposal to be voted upon by the shareholders of the James Aggressive Allocation Fund, the James Balanced: Golden Rainbow Fund, the James Micro Cap Fund and the James Small Cap Fund (each, a “Fund” and collectively, the “Funds”), each a series of the James Advantage Funds (the “Trust”), at a meeting to be held onJune 27, 2019(the “Meeting”). During the Meeting, the shareholders of each Fund will vote separately on a proposal to approve a new investment advisory agreement (each, a “New Agreement” and collectively, the “New Agreements”) with respect to each Fund and James Investment Research, Inc. (“JIR”).

On March 13, 2019 Dr. Frank E. James Jr., who indirectly owned a controlling interest in the Adviser through the Frank E. James Jr. Trust, passed away. As a result of his passing, Dr. James’ spouse became the sole trustee of the Frank E. James Jr. Trust. Dr. James’ three adult sons were added as additional trustees to the Frank E. James Jr. Trust on April 23, 2019. Each of these events constituted a change of control of JIR, and automatically terminated the current investment advisory agreement for each Fund. In connection with these events, the Board adopted interim agreements that will be in effect until August 11, 2019.

On March 25, 2019, the Board approved and recommended to each Fund’s shareholders that they approve the New Agreement for that Fund.

No Fund’s investment objectives or investment strategies will change as a result of either Change of Control. The investment advisory personnel of JIR who provide services to each Fund are expected to remain the same.

To provide for continuity in the investment management of the Funds, you are being asked to approve each applicable New Agreement with JIR. Under the terms of the New Agreements, JIR will continue to provide investment advisory services to the Funds subject to the oversight of the Board of Trustees, for the same fee rates that are currently in effect.

Your vote is important no matter how many shares you own. Voting your shares early will avoid costly follow-up mail and telephone solicitation. After reviewing the enclosed materials, please complete, sign and date your proxy card and mail it promptly in the enclosed return envelope, or help save time and postage costs by calling the toll-free number and following the instructions. You may also vote via the Internet by logging on to the website indicated on your proxy card and following the instructions that will appear. If you have any questions about the proposal or the voting instructions, you may call Okapi Partners LLC, our proxy solicitation firm, toll-free at 855-208-8903.

NOTICE IS HEREBY GIVEN that ~~the Special Meeting of Shareholders~~a special meeting (the “Meeting”) of ~~The~~shareholders (the “Shareholders”) of the James Aggressive Allocation Fund, the James Balanced: Golden Rainbow Fund, the James Micro Cap Fund and the James Small Cap Fund (each a “Fund” and collectively, the “Funds”), each a series of James Advantage Funds (the “Trust”), will be held atin the offices of ~~James Investment Research, Inc.,~~the Trust, at 1349 Fairground Road, Xenia, Ohio 45385, on ~~Monday, November 10, 2014,~~June 27, 2019 at 8:11:00 a.m., Eastern ~~Standard Time, for~~time.

At the ~~following purposes:~~Meeting, each Fund’s shareholders will be asked to act upon the following:

~~These items are discussed in greater detail in~~THE BOARD OF TRUSTEES OF THE FUNDS RECOMMENDS THAT YOU VOTEFOR THE PROPOSAL.

~~The~~Funds as of the close of business on ~~September 15, 2014 has been fixed as the record date for the determination of shareholders entitled to~~May 1, 2019 (the “Record Date”) will receive notice of the Meeting and will be entitled to vote at the ~~Meeting~~Meeting. Proxies or voting instructions may be revoked at any time before they are exercised by executing and ~~any adjournments thereof.~~submitting a revised proxy, by giving written notice of revocation to the Funds, or by voting in person at the Meeting.

James Investment Research, Inc. (“JIR”), the investment adviser for each series of the James Advantage Funds (the “Trust”) is owned by the Frank E. James, Jr. Trust (the “Dr. James Trust”). Until March 13, 2019, the sole trustee of the Dr. James Trust was Frank E. James, Jr. (“Dr. James”).

On March 13, 2019, Dr. James passed away, and under the Dr. James Trust Agreement, Dr. James’ spouse became the sole trustee of the Dr. James Trust (the “Initial Change of Control”).

The passage of control of the Dr. James Trust to Ms. James constituted a “change of control” for the purpose of the Investment Company Act of 1940 (the “1940 Act”). This “change of control” constituted an “assignment,” as such term is understood under the 1940 Act, of each current advisory agreement between the Adviser and the Trust, with respect to the James Aggressive Allocation Fund, the James Balanced: Golden Rainbow Fund, the James Micro Cap Fund and the James Small Cap Fund (the “Current Agreements”). Under the 1940 Act and the terms of the Current Agreements, this “assignment” automatically terminated each advisory agreement.

On March 25, 2019, the Board of Trustees (the “Board”) met in-person to approve interim investment advisory agreements between the Trust, on behalf of each Fund, and JIR (the “Interim Advisory Agreements”), to replace each terminated Current Agreement, on an interim basis.

On April 1, 2019, at an in-person Board meeting, the Board of Trustees approved amended and restated interim investment advisory agreements (the “Amended & Restated Interim Agreements”) for each Fund to become effective upon the appointment of Dr. James’ three adult children as additional trustees of the Dr. James Trust (the “Subsequent Change of Control” together with the Initial Change of Control, the “Changes of Control”).

On April 23, 2019, these appointments occurred (the “Subsequent Change of Control Date”), and constituted a separate “change of control” under the 1940 Act.

The Interim Advisory Agreement went into effect on the Initial Change of Control Date and will remain in effect until (i) 150 days from the date of the Initial Change of Control or (ii) the date the Fund’s shareholders approve the Fund’s new investment advisory agreement with respect to each Fund and JIR (each, a “New Agreement” and collectively, the “New Agreements”), whichever occurs first. Except for the effective date and termination provisions, each Interim Agreement contains the same terms and conditions as that Fund’s Current Agreement.

Each Fund’s Amended & Restated Interim Agreements went into effect on the Subsequent Change of Control Date and will remain in effect until (i) 150 days from the date of the Initial Change of Control or (ii) the date the Fund’s shareholders approve the Fund’s New Agreement, whichever occurs first. Except for certain additional provisions required by Rule 15a-4 under the 1940 Act, including a requirement to escrow the Adviser’s fees during the interim period, the Amended & Restated Interim Agreements contain the same terms as each Fund’s Interim Agreement.

In addition to these interim agreements, on March 25, 2019, the Board approved and recommended to each Fund’s shareholders that they approve the New Agreement for that Fund.

You are ~~encouraged~~cordially invited to ~~vote. Shareholders who do~~attend the Meeting. If you attend the Meeting, you may vote your shares in person. However, we urge you, whether or not you expect to attend the Meeting in person, ~~are requested~~ to complete, date, sign and return the enclosed proxy card(s) in the enclosed postage-paid envelope or vote ~~one of three ways:~~by telephone or through the Internet. We ask your cooperation in voting your proxy promptly.

By order of the Board of Trustees of James Advantage Funds,
on behalf of the Funds

Important Notice Regarding the Availability of Proxy Materials for the Meeting to be Held on June 27, 2019 or any adjournment or postponement thereof

This Notice and Proxy Statement are available on the internet at www.okapivote.com/jamesfunds. On this website, you will be able to access this Notice, the Proxy Statement, any accompanying materials and any amendments or supplements to the foregoing material that are required to be furnished to Shareholders. To request a copy of this Notice, the Proxy Statement or a Form of Proxy please call Okapi Partners LLC, our proxy solicitation firm, toll-free at 855-208-8903. You may also call for information on how to obtain directions to be able to ~~vote in person at the Meeting. If you wish to~~ attend the Meeting ~~please contact~~in person. Copies of each Fund’s annual report have previously been mailed to Shareholders. This Proxy Statement should be read in conjunction with each Fund’s annual report. You may request a copy of the annual report by calling 1-800-99JAMES (1-800-995-2637) or by visiting the Funds’ website at www.jamesfunds.com.

While we strongly encourage you to read the full text of the enclosed Proxy Statement, we are also providing you with a brief overview of the subject of the shareholder proposal. Your vote is important.

A. You are receiving these proxy materials because you own shares in one or more of the Funds and have the right to vote on this very important proposal concerning your investment.

A. If you owned shares of the Funds as of the close of business on May 1, 2019 (the “Record Date”), you are entitled to vote with respect to the proposal.

A. The Meeting will be held in the offices of the Trust at ~~1-937-426-7640~~1349 Fairground Road, Xenia, Ohio 45385, on June 27, 2019 at 11:00 a.m. Eastern time.

By Mail: Vote, sign and return the enclosed proxy card(s) in ~~advance~~the enclosed self-addressed, postage-paid envelope;

By Internet: Access the website address printed on the enclosed proxy card(s); or

A. The Proposal requires the affirmative vote of a “majority of the outstanding voting securities” of the Funds. Under the Investment Company Act of 1940, as amended (the “1940 Act”), that means an affirmative vote of the lesser of (a) 67% or more of the shares of the Funds present at the Meeting soor represented by proxy if the holders of more than 50% of the outstanding shares are present or represented by proxy, or (b) more than 50% of the outstanding shares.

A. You may revoke your proxy at any time before it is exercised by giving written notice of your revocation to the Funds, or by the execution and delivery of a later-dated proxy. You may also revoke your proxy by attending the Meeting, requesting the return of your proxy, and voting in person.

A. Copies of the latest annual or semi-annual report(s) for the Funds are available on the Funds’ website at jamesfunds.com, by calling 1-800-99JAMES (1-800-995-2637), or by writing to ALPS Fund Services, Inc., P.O. Box 786, Denver, Colorado 80201. The reports will be furnished free of charge.

A. If you need any assistance or have any questions regarding the proposal or how to vote your shares, please call Okapi Partners LLC, our proxy solicitation firm, toll-free at 855-208-8903.

A. James Investment Research, Inc. (“JIR”), the investment adviser for each series of the James Advantage Funds (the “Trust”) is owned by the Frank E. James, Jr. Trust (the “Dr. James Trust”). Until March 13, 2019, the sole trustee of the Dr. James Trust was Frank E. James, Jr. (“Dr. James”).

On March 13, 2019, Dr. James passed away, and under the Dr. James Trust Agreement, Dr. James’ spouse became the sole trustee of the Dr. James Trust (the “Initial Change of Control”).

YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN. PLEASE HELP THE TRUST AVOID THE EXPENSES OF ADDITIONAL SOLICITATIONS BY VOTING TODAY. AFTER REVIEWING THE ATTACHED MATERIALS, PLEASE INDICATE YOUR VOTING INSTRUCTIONS ON THE ENCLOSED PROXY INSTRUCTION CARD. DATE, SIGN AND RETURN IT IN THE ENVELOPE PROVIDED, WHICH IS ADDRESSED FOR YOUR CONVENIENCE AND NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES. WE ASK YOUR COOPERATION IN MAILING YOUR PROXY CARD PROMPTLY AS DIRECTED ABOVE. IN THE ALTERNATIVE, PLEASE VOTE BY TELEPHONE OR BY INTERNET AS DIRECTED ABOVE.

~~By Order of the Board of Trustees,~~

~~/s/ Barry R. James~~

~~Barry R. James~~

~~President and Trustee~~

2On April 1, 2019, at an in-person Board meeting, the Board of Trustees approved amended and restated interim investment advisory agreements (the “Amended & Restated Interim Agreements”) for each Fund to become effective upon the appointment of Dr. James’ three adult children as additional trustees of the Dr. James Trust (the “Subsequent Change of Control” together with the Initial Change of Control, the “Changes of Control”).

~~THE~~ On April 23, 2019, these appointments occurred (the “Subsequent Change of Control Date”), and constituted a separate “change of control” under the 1940 Act.

In addition to these interim agreements, on March 25, 2019, the Board approved and recommended to each Fund’s shareholders that they approve, the New Agreement for that Fund.

Q. How will the Changes of Control or the approval of New Advisory Agreements affect me as a Fund Shareholder?

A. No Fund’s investment objectives or investment strategies will change as a result of the approval of the New Advisory Agreements or either Change of Control, and you will still own the same shares in each Fund. The terms of the New Advisory Agreements are the same as the Current Advisory Agreement in all material respects except that there will be a new commencement date and initial term.

If approved by the shareholders, the New Advisory Agreements will have an initial two-year term and will be subject to annual renewal thereafter. The JIR portfolio managers who currently manage the Funds will continue to manage the Funds under the New Advisory Agreements.

A.The advisory fee rates payable to JIR will remain the same as under the Current Advisory Agreement.

A. The Funds’ portfolio managers will remain the same immediately following both the Initial and Subsequent Change of Control Dates.

Q. Has the Board of Trustees approved the New Advisory Agreements and how do the Trustees of the Funds recommend that I vote?

A. The Board of Trustees unanimously approved the New Advisory Agreements at a meeting held on March 25, 2019, and recommended that you vote FOR the Proposal.

Q. What will happen if shareholders of the Funds do not approve the New Advisory Agreements?

A. If a Fund does not vote in favor of the proposal then the Board may consider all other available options, including without limitation, liquidating one or more of the Funds.

The following general rules for signing proxy cards may be of assistance to you and avoid the time and expenses involved in validating your vote if you fail to sign your proxy card properly.

(1)Individual Accounts: Sign your name exactly as it appears in the registration on the proxy card.

(2)Joint Accounts: Either party may sign, but the name of the signing party should conform exactly to the name shown in the registration on the proxy card.

(3)Other Accounts: The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of registration. For example:

This Proxy Statement is furnished in connection with the solicitation of proxies byon behalf of the Board of Trustees ~~(the “Board”) for the above-listed series~~ of ~~The James Advantage Funds (each, a “Fund,” and collectively, the “Funds”) of The~~ James Advantage Funds (the “Trust”), ~~for use~~on behalf of the James Aggressive Allocation Fund, the James Balanced: Golden Rainbow Fund, the James Micro Cap Fund and the James Small Cap Fund (each a “Fund”, and collectively the “Funds”), each a series of the Trust, to be used at the ~~Special Meeting~~special meeting of ~~Shareholders~~shareholders (the “Shareholders”) of the Funds ~~(the “Meeting”)~~ to be held ~~on Monday, November 10, 2014, at 8:00 a.m., Eastern Standard Time, at~~in the offices of the Trust, at 1349 Fairground Road, Xenia, Ohio 45385, on June 27, 2019 at 11:00 a.m. Eastern time and at any adjournments ~~or postponements thereof.~~thereof (such meeting and any adjournments being referred to as the “Meeting”).

The ~~Board has fixed the close~~solicitation of ~~business on September 15, 2014 as the record date~~proxies for ~~the determination of shareholders entitled to notice of and to vote~~use at the Meeting ~~and at any adjournment thereof (the “Record Date”). At~~is being made primarily by the ~~Meeting, you will be asked to vote~~Funds via the mailing on the Proposal affecting the Trust as described in this Proxy Statement. You should read the entire Proxy Statement before voting. If you have any questions, please call 1-800-995-2637. The Trust expects to mailor about May 8, 2019 of the Notice of Special Meeting of Shareholders, this Proxy Statement and the accompanying proxy ~~card to Fund shareholders on~~card. Supplementary solicitations may be made by mail, electronic mail, telephone or ~~about October 3, 2014.~~

~~The Trust is required~~personal interview (i) by ~~federal law to file reports, proxy statements~~officers and ~~other information with the U.S. Securities and Exchange Commission (the “SEC”). You can obtain copies of these materials after paying a fee by electronic request at the following e-mail address:publicinfo@sec.gov~~ ~~or by writing to the Public Reference Section~~Trustees of the ~~SEC at 100 F Street, N.E. Washington, D.C. 20549. You can get the same reports~~Funds, (ii) by officers, employees and ~~information free from the EDGAR Database on the SEC’s Internet website athttp://www.sec.gov~~.

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on Monday, November 10, 2014. The proxy statement and the Funds’ most recent annual reports are available on the Internet at

~~www.jamesfunds.com~~ ~~for the Funds. The Trust will furnish, without charge, a copy~~agents of the Funds’ ~~annual reports for~~investment adviser, James Investment Research, Inc. (“JIR” or the “Adviser”) and/or its ~~fiscal year ended June 30, 2014,~~affiliates, (iii) by officers, employees and ~~any more recent reports,~~agents of the Funds’ administrator, ALPS Fund Services, Inc. (“ALPS”), and/or its affiliates; and/or (iv) Okapi Partners LLC, the Funds’ proxy solicitor. Authorization to ~~any Fund shareholder upon request. To request a copy, please write to the Trust at P.O. Box 786, Denver, CO 80201~~execute proxies may be obtained from Shareholders through instructions transmitted by telephone, facsimile, mail, electronic mail or ~~call1-800-995-2637.~~

4At the Meeting, each Fund’s shareholders will be asked to act upon the following:

~~What proposal am I being asked~~The Board of Trustees has set the close of business on May 1, 2019 as the record date (the “Record Date”), and only Shareholders of record on the Record Date will be entitled to vote on the Proposal at the Meeting. The vote for the Proposal will be at the Fund level, meaning that the Shareholders of all classes of the Funds will vote together.

Additional information regarding outstanding shares and voting your proxy is included at the end of this Proxy Statement in the sections titled “GENERAL INFORMATION” and “VOTING INFORMATION.”

On March 13, 2019, Dr. James passed away, and under the Dr. James Trust Agreement, Dr. James’ spouse became the sole trustee of the Dr. James Trust (the “Initial Change of Control”).

On April 23, 2019, these appointments occurred (the “Subsequent Change of Control Date”), and constituted a ~~shareholder?~~separate “change of control” under the 1940 Act.

In addition to these interim agreements, on March 25, 2019, the Board approved and recommended to each Fund’s shareholders that they approve the New Agreement for that Fund.

To provide for continuity in the operation of the Funds, and to enable the Funds to benefit from favorable developments in its management, you are being asked to ~~vote on~~approve the ~~election of six (6) Trustees~~New Advisory Agreements. Under the New Agreements, JIR will continue to provide investment advisory services subject to the oversight of the ~~Trust. The election~~Board of Trustees, under terms that are similar in all material respects to the Current Agreements and for the same fees that are currently in effect.

No Fund’s investment objectives or investment strategies will ~~be determined by~~change as a result of either Change of Control. The investment advisory personnel of JIR who provide services to the ~~affirmative vote of a plurality (the greatest number of affirmative votes)~~Funds will remain the same.

Each of the ~~shares of all Funds voting in person or by proxy at the Meeting.~~

~~Yes. The Board unanimously approved the proposal at its August 26, 2014 meeting and recommends that you vote “FOR” the proposal. The Board believes that the election~~members of the ~~Trustees would be in the best interests of the Trust and the Funds and their shareholders.~~

~~The Trustees are your representatives who oversee management and operations of your Fund. Certain regulations require that a majority~~Board of Trustees ~~be elected by shareholders. In addition, under~~who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds or JIR (the “Independent Trustees”), ~~new trustees~~have continued to serve on the Board of Trustees (the “Board”) following the Initial Change of Control, and are expected to continue to serve on the Board following the Subsequent Change of Control Date. The Board will continue to make decisions regarding the independent accountants, custodian, administrators, distributor and transfer agent of the Funds. JIR is not proposing any changes to these existing service providers at this time.

Shareholders of the Funds are being asked to approve the New Advisory Agreements between the Trust, ~~cannot~~on behalf of each respective Fund, and JIR. Approval of the New Advisory Agreements is being sought so that the operation of the Funds can continue without interruption.

During its meeting on March 25, 2019, the Board of Trustees considered various factors relating to each Change of Control and the New Advisory Agreements. In connection with such meeting, the Board reviewed certain information provided by JIR at the Board’s request. During its April 1, 2019 meeting, the Board of Trustees considered additional information with respect to the Subsequent Change of Control.

On March 25, 2019, the Board of Trustees of the Trust, including a majority of the Independent Trustees: (i) unanimously approved the New Advisory Agreements and (ii) unanimously recommended that Shareholders of the Funds approve the New Advisory Agreements. A summary of the Board’s considerations is provided below in the section titled “EVALUATION BY THE BOARD.”

The forms of the New Agreements are set forth inExhibit A to this Proxy Statement. The description of terms in this section and the summaries inExhibit B are qualified in their entirety by reference toExhibit A.Exhibit B to this Proxy Statement shows, with respect to the Funds:

Except as described below, the terms of the New Advisory Agreements are the same in all material respects except that there will be ~~appointed~~a new initial term. The Current Agreements were renewed by the ~~current trustees~~Board of Trustees on February 20, 2019.

Under the terms of the Current Advisory Agreements, JIR serves as the investment adviser for the Funds. Subject to ~~fill vacancies created by an expansion~~the supervision of the Board ~~unless,~~of Trustees, JIR provides a continuous investment program for the Funds, including investment research and management with respect to all securities, investments, cash and cash equivalents in the Funds. Generally, JIR determines from time to time what securities and other investments will be purchased, retained or sold by the Funds, and provides such services for the Funds in accordance with the Funds’ investment objectives, policies, and restrictions as stated in each Fund’s prospectus and statement of additional information, as currently in effect or as supplemented from time to time.

JIR’s responsibilities and obligations under each of the New Advisory Agreements for the Funds will be substantively identical to those under the Current Advisory Agreements.

These investment advisory fees shall be calculated as of the last business day of each month based upon the average daily net assets of each Fund determined in the manner described in each Fund’s Prospectus and/or Statement of Additional Information and shall be paid to the Adviser by the Funds as soon as practicable after ~~those appointments,~~the last day of each month.

The advisory fee rates payable to JIR under the New Advisory Agreements will be identical to the fee rates payable by each Fund under its respective Current Advisory Agreement.

Under the terms of each Current Advisory Agreement, JIR assumes no responsibility under this Agreement other than to render the services called for under the Agreement. JIR is not to be liable for any error of judgment or for any loss suffered by the Trust or the Funds in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of, or from reckless disregard by it of its obligations and duties under, this Agreement. JIR has no responsibility or liability for the accuracy or completeness of the Trust’s registration statement under the 1940 Act or the Securities Act of 1933, as amended (the “1933 Act”), except for information supplied by JIR for inclusion in the registration statement.

Each Current Advisory Agreement provides that it shall remain in effect for an initial term of two (2) years, and from year to year thereafter provided such continuance is approved at least ~~two-thirds~~annually by the vote of a majority of the trustees of the Trust who are not “interested persons” (as defined in the 1940 Act) of the Trust, which vote must be cast in person at a meeting called for the purpose of voting on such approval;provided,however, that:

(a) the Trust may, at any time and without the payment of any penalty, terminate this Agreement upon 60 days’ written notice of a decision to terminate this Agreement by: (i) the Trust’s trustees; or (ii) the vote of a majority of the outstanding voting securities of the Funds;

(b) JIR may, at any time and without the payment of penalty, terminate this Agreement upon 60 days’ notice to the Trust on behalf of the Funds; and

(c) this Agreement shall immediately terminate in the event of its assignment (within the meaning of the 1940 Act and the Rules thereunder),

In the event of the assignment of the Current Advisory Agreements, JIR shall notify the Trust on behalf of the Funds in writing sufficiently in advance of any proposed change of control, as defined in Section 2(a)(9) of the 1940 Act, as will enable the Trust to consider whether an assignment as defined in Section 2(a)(4) of the 1940 Act will occur, and to take the steps necessary to enter into a new contract with JIR.

The New Advisory Agreements will have ~~been elected~~a new commencement date, and otherwise will be substantively identical to the Current Advisory Agreements with respect to each Fund. The commencement date of the New Advisory Agreements is expected to be the date such agreement is approved by ~~shareholders.~~the Shareholders of each Fund.

Each Fund’s portfolio managers remained the same following the Initial Change of Control, and will remain the same immediately following the Subsequent Change of Control Date.

As provided under the governing documents of the Trust, the presence in person or by proxy of at least a majority of the votes entitled to be cast on any matter shall be a quorum as to such matter;provided, however, that any lesser number shall be sufficient for matters upon which the Shareholders vote at adjournments.

Assuming a quorum is present, approval of the Proposal separately requires the affirmative vote of a “majority of the outstanding voting securities” of the Funds, which, under the 1940 Act, means the affirmative vote of the lesser of (a) 67% or more of the shares of the Funds present at the Meeting or represented by proxy if the holders of more than 50% of the outstanding shares are present or represented by proxy, or (b) more than 50% of the outstanding shares. The ~~Board currently has four trustees, two~~vote for the Proposal will be at the Fund level, meaning that the Shareholders of ~~whom have been elected~~all share classes of a Fund will vote together, and each Fund will vote separately.

The New Advisory Agreements will take effect for each Fund whose shareholders cast the requisite vote in favor of the proposal because the approval of the proposal by ~~shareholders. In addition,~~a Fund is not contingent on the approval of the proposal by any other Fund. If a Fund does not cast the requisite vote in favor of the proposal, the Board ~~has determined it~~may consider all other available options, including without limitation, liquidating one or more of the Funds.

THE BOARD OF TRUSTEES RECOMMENDS THAT SHAREHOLDERS OF THE FUNDS VOTE “FOR” THE PROPOSAL

On March 25, 2019 and April 1, 2019, the Board of Trustees met to beevaluate, among other things, the Initial and Subsequent Change of Control, JIR, and to determine whether approving the New Agreements was in the best interests of each Fund’s shareholders. At this meeting and throughout the ~~Trust~~consideration process, the Board, including a majority of the Independent Trustees, was advised by counsel.

In their consideration of each of the New Agreements, the Board and its counsel reviewed materials originally furnished in connection with the Board’s meeting held February 20, 2019 related to the annual review of each Fund’s Current Agreement, as well as updated information provided by JIR; communicated with senior representatives of JIR regarding its personnel, operations and financial condition. The Board also discussed the Changes of Control, as well as the New Agreements, and considered their possible effects on each Fund and its shareholders.

During these meetings, the representatives of JIR indicated their belief that the Changes of Control would not adversely affect (i) the continued operation of any Fund; or (ii) the capability of JIR to continue to provide the same level of advisory services to any Fund. Those representatives indicated that they believed that the Changes of Control may provide certain benefits to a Fund, but also indicated that there could be no assurance as to any particular benefits that may result.

In connection with the Board’s recommendation that shareholders approve the New Agreement with respect to a Fund, the Trustees considered, among others, the following factors, but without identifying any single factor as all-important or controlling:

(i) the assurances from JIR that the way each Fund’s assets are managed will not change in any material manner, that the personnel who currently manage each Fund’s assets will continue to do so after each of the Changes of Control, and that there is not expected to be any diminution in the nature, quality and extent of services provided to any Fund;

(ii) the fact that the material terms of each New Agreement, including the fees payable by each Fund, are substantively identical to the material terms of the respective Current Agreements;

(iii) the history, reputation, qualifications and background of JIR and their key personnel;

(iv) the fact that Fund shareholders will not bear any costs relating to the Changes of Control, insofar as JIR and its affiliates thereof have agreed to pay such expenses, including proxy solicitation expenses;

(v) information provided by representatives of JIR regarding the anticipated impact of the Changes of Control; and

The 1940 Act requires that the Board of Trustees of each Fund review each Fund’s advisory contract and consider whether to approve, and to recommend that the shareholders approve, that contract.

In anticipation of the Board’s meeting on March 25, 2019 and as part of the process to consider each New Agreement, legal counsel to the Independent Trustees requested certain information from JIR. In response to these requests, the Independent Trustees received reports from JIR that addressed specific factors to be considered by the Board. The Board also received from counsel a memorandum regarding the Board’s responsibilities pertaining to the approval of advisory contracts.

At the March 25, 2019 meeting, the Trustees met in person and discussed with representatives from JIR the general plans and intentions regarding each Fund. The Board also inquired about the plans for, and anticipated roles and responsibilities of, the employees and officers of JIR in connection with the Changes of Control, including the anticipated senior management structure. The Independent Trustees met to consider JIR’s recommendations as to the approval of the New Agreements. Based on its evaluation, the Board unanimously concluded that the terms of each New Agreement were reasonable and fair and that its approval was in the best interests of each Fund and its shareholders.

In voting to approve the New Agreements, the Board did not identify any single factor as all-important or controlling. The following summary does not identify all the matters considered by the Board but provides a summary of the principal matters the Board considered.

Nature, Extent, and Quality of Services: The Board received and considered information regarding the nature, extent and quality of services to be provided to the Funds under the Management Agreements. The Board reviewed certain background materials supplied by the Adviser, including its organizational structure and Form ADV.

The Board reviewed and considered information regarding the Adviser’s investment advisory personnel, its history as an asset manager and its performance, and the amount of assets currently under management by Adviser and its affiliated investment adviser. The Board also took into account the research and decision-making processes used by the Adviser, including the methods adopted to seek to achieve compliance with the investment objectives, policies and restrictions of each Fund. The Board noted that the Adviser continues to primarily rely on in-house research when making its investment decisions for each Fund.

The Board considered the background and experience of the Adviser’s management in connection with the Funds, including reviewing the qualifications, backgrounds and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Funds, and ~~their shareholders~~discussing the recent changes to ~~expand~~the Fund officers in light of Mr. Mangan’s (the former Senior Vice President of the Adviser and former Vice President, Secretary and Chief Financial Officer of the Trust) retirement and the new roles for Ms. Broerman (the current Chief Financial Officer and Treasurer of the Trust) and Mr. Shepardson (the current Secretary of the Trust).

The Board also reviewed, among other things, the Adviser’s compliance policies generally, including its insider trading policies and procedures and its Code of Ethics.

The Board discussed each Fund’s strategy for investing in other investment companies, such as closed-end mutual funds and exchange-traded funds, to gain exposure to particular investment products, indexes, or foreign market sectors or indices.

Based on the information provided, the Board ~~from four~~determined that the nature, extent and quality of services to ~~six trustees~~be provided by the Adviser to each Fund under the applicable New Agreement was adequate and ~~therefore,~~appropriate in light of the needs of such Fund. Based on the information provided, the Board ~~has~~also determined that the fees to ~~add two additional trustees~~be paid to the ~~Board.~~Adviser are based on services provided that are in addition to, rather than duplicative of, the services provided under the advisory agreements of other investment companies owned by the Funds.

Cost of Services Provided: The ~~Trust requires a shareholder vote to expand~~Board also reviewed the ~~Board.~~

The Meeting will be held on Monday, November 10, 2014, at 8:00 a.m. Eastern Time, at James Investment Research, Inc., 1349 Fairground Road, Xenia, Ohio, and may be adjourned if the necessary quorum to transact business, or the vote required to approve the proposal for the Trust, is not obtained at the Meeting.

You can vote your shares by attending the Meeting in person or by completing and signing the proxy card(s) and mailing the completed proxy card(s) in the postage paid envelope. You may also vote your shares by telephone or by Internet by following the instructions on the Notice of Special Meeting of Shareholders or proxy card(s). Shareholders of recordnet annual operating expense ratios of each Fund, atcomparing them with the ~~close~~management fees of ~~business~~a peer group of funds with the same, or very similar, investment objectives and strategies. According to the Adviser, each peer group had been selected based on the ~~Record Date will receive notice~~investment style and strategies employed by the Funds, as well as by asset size, and was in large part, consistent with the peer group that had been used in prior periods and in other similar reports provided to the Trustees from time to time.

The Board noted that all of the Funds, except the James Balanced: Golden Rainbow Fund, have a universal fee structure. Under the universal fee structure, the Adviser generally pays the expenses of the Fund. The Board noted that for the universal fee Funds, it would not be unreasonable for the Adviser to be compensated with a higher management fee relative to the peer group members that do not employ this universal fee structure, and ~~be asked~~that comparing the universal fee against the net annual operating expense ratios of comparable funds was of analytical value. The Board also reviewed calculations prepared by the Adviser to ~~vote~~derive a “net adjusted management fee” for each of the universal fee Funds equal to the universal fee after deduction of all direct non-distribution expenses of the Fund paid by the Adviser. The Board reviewed the comparison of the net adjusted management fee for each Fund relative to the average management fee for its peer group. The Board also reviewed the net annual operating expense ratio for each Fund relative to its peer group, and noted that the James Balanced: Golden Rainbow Fund’s net expense ratio does not reflect an expense waiver.

The Board further noted that some of the funds in the peer groups were one class of a fund that had many classes or were one fund of a much larger fund complex and, thus, could benefit from economies of scale provided by the other classes of such fund or complex. The Board also noted the additional difficulty of comparing the net expense ratios of long-short funds because of their widely differing expense levels for interest expenses, securities sold short, and other similar line items unique to that class of funds.

Based on the ~~Proposal,~~information provided, the Board determined that the actual management fee for the James Balanced: Golden Rainbow Fund: Retail Class and the James Balanced: Golden Rainbow Fund: Institutional Class were slightly above their respective peer group averages; and the net adjusted management fee for the James Small Cap Fund and James Micro Cap Fund were above the Funds’ respective peer group averages, while the net adjusted management fee for the James Aggressive Allocation Fund was significantly below its peer group average.

Based on the information provided, the Board also determined that the net expense ratios for the James Balanced: Golden Rainbow Fund: Institutional Class was slightly lower than its peer group median expense ratio, and the James Aggressive Allocation Fund was lower than its peer group median expense ratio. In contrast, the Board determined that the net expense ratios for the James Balanced: Golden Rainbow Fund: Retail Class, James Small Cap Fund, and James Micro Cap Fund were generally higher than their respective peer group median expense ratios. The Board concluded that these differences were reasonable in light of the services provided by the Adviser and the contractual and actual management fees paid by the James Balanced: Golden Rainbow Fund and the net adjusted management fees paid by each other Fund.

Performance: The Board reviewed the performance data for each Fund provided by the Adviser, including (to the extent available), one-year, three-year, five-year and ten-year (or since inception, as ~~applicable, presented~~applicable) average annual total returns as of December 31, 2018. The Board also reviewed comparisons of each Fund’s performance against peer group performance, Morningstar group performance, and respective benchmarks.

The Board noted that, except for the James Micro Cap Fund, each Fund underperformed its respective peer group average for the one- three- five- and ten-year periods, as applicable. The James Micro Cap Fund had outperformed its peer group average during the one- and five- year periods but underperformed its peer group during the three-year period. The Board discussed at length each Fund’s performance within the ~~Meeting. If you need assistance or have any questions~~one- three- five- and ten- year periods, as applicable. The Board noted the Adviser’s statements regarding the ~~proposals or how to vote your shares, please call 1-800-995-2637.~~

Ifcause of the ~~Trust receives votes by telephone or by Internet, it will use procedures designed to authenticate shareholders’ identities to allow shareholders to authorize~~Funds’ underperformance during each period and considered the ~~voting of their shares~~Adviser’s discussions regarding potential options in accordance with ~~their instructions~~the Funds’ objectives and strategies to ~~confirm that their instructions have been properly recorded. Proxies voted by telephone or by Internet may be revoked at any time before they are voted, in~~improve the ~~same manner that proxies voted by mail may be revoked.~~performance of the Funds.

~~Because each Fund’s shareholders must vote separately, you will be sent a proxy card for each Fund account that you have. Please vote~~Based on the ~~proposal shown on each proxy card~~information provided, the Board determined that, ~~you receive.~~

~~Each of the following individuals currently serves as a Trustee of the Board: Barry R. James; Leslie L. Brandon; Anthony P. D’Angelo; and Richard C. Russell. Each of these Trustees,~~ with the exception of ~~Mr. Brandon~~the James Micro Cap Fund, each Fund underperformed its respective peer groups over many of the periods considered for each Fund, and ~~Mr. Russell, previously has been elected~~that the recent performance during the one-year period had a significantly negative impact on the Funds’ otherwise more favorable long-term performance. The Board also considered the Adviser’s statements with respect to the reasons for the recent one-year period performance and the Adviser’s strategies to improve the performance of each Fund.

Comparable Accounts: The Board reviewed comparisons of the fees charged by the ~~Trust’s shareholders. Both Mr. Brandon~~Adviser to each Fund against fees charged to certain private account and ~~Mr. Russell were appointed~~other registered investment company clients of the Adviser using similar strategies, if any.

Based on the information provided, the Board determined that, bearing in mind the limitations of comparing different types of clients and the different levels of service typically associated with such client accounts, the fee structures applicable to the Adviser’s other clients were not indicative of any unreasonableness with respect to the advisory fees payable by each Fund.

Profitability: The Board reviewed a profitability analysis provided by the Adviser with respect to each Fund for the twelve months ended September 30, 2018, reflecting revenues net of certain fees and expenses under each New Agreement, and incorporating the Adviser’s assumptions and estimates of, among other items, direct expenses applied to each Fund. The Board also considered certain industry-related materials regarding the analysis of fund profitability and took note of other long-term industry and cyclical trends regarding profitability generally.

The Board discussed the assumptions and estimates included in the fund profitability analysis and received additional information from the Adviser about these assumptions and estimates. The Board considered the Adviser’s statements regarding the profitability of the Adviser with respect to certain Funds when exclusively third-party shareholders of such Fund are taken into account.

Based on ~~May 20, 2003. On August 26, 2014,~~the information provided, the Board ~~nominated Ronald D. Brown~~determined that the overall profitability of each Fund to the Adviser, before taking into account distribution expenses incurred by the Adviser, was not unreasonable.

Economies of Scale: The Board considered whether economies of scale in the provision of services to the Funds would be shared with, and ~~Robert F. Chelle~~passed along to, ~~serve as two additional trustees~~the Fund shareholders under the Management Agreements. The Board noted that each New Agreement included breakpoints in the management fee for each Fund, and that several of the ~~Trust. An~~~~ad hoc~~~~nominating committee~~breakpoints for the James Balanced: Golden Rainbow Fund were currently in effect. The Board noted that due to a reduction in Fund assets and the Fund having a breakpoint schedule in its Management Agreement, the Fund has a higher weighted average management fee than in prior years.

Based on the information provided, the Board determined there were mechanisms in place for each Fund to cause the benefits of economies of scale to be shared with, and passed along to, the Fund shareholders.

Other Benefits to the Adviser: The Board reviewed and considered material other incidental benefits derived or to be derived by the Adviser from its relationship with the Funds. The Board noted that the Adviser does not have any soft dollar arrangements. The Board also noted that the Adviser benefits from its association with the Funds, and that the Adviser benefits from favorable press, name recognition, and other intangible effects generated by the Funds.

Based on the information provided, the Board determined there were no material other benefits accruing to the Adviser in connection with its relationship with the Funds.

The Board indicated that the information presented and the discussion of the ~~Board has nominated Mr. James, Mr. Brandon, Dr. D’Angelo, Mr. Russell, Mr. Brown and Mr. Chelle (the “Nominees”)~~information were adequate for ~~election by shareholders at~~making a determination regarding the ~~Meeting.~~

~~The Nominees have been nominated for election as Trustees~~approval of the ~~Trust effective as~~Management Agreements. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the ~~date~~information provided with respect to the Management Agreements, the Board had received sufficient information to renew and approve the applicable Agreement.

After further discussion, and based upon all of the ~~Meeting. If~~above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the Nominees are elected, they will serve indefinite terms as Trustees until their resignation, retirement, death or removal or until their respective successors are duly elected and qualified. The persons named as attorneys-in-fact in the enclosed proxy have advised the Trust that, unless a proxy card instructs themsame weight to ~~withhold authority to vote for all Nominees or any individual Nominee, all validly executed proxies will be voted for the election of all Nominees as Trustees of the Trust.~~

The Trust is not required and does not intend to hold annual shareholder meetings for the purpose of electing Trustees. As a result, if elected, the Nominees will hold office until their successors are duly elected and qualified. If a Nominee should be unable to accept the election, serve his term or resign,each factor, the Board ~~may, in its discretion and subject~~unanimously voted to approve the ~~1940 Act, select another person to fill the vacant position. Each Nominee has consented to be named as such in this Proxy Statement~~New Agreements, and to ~~serve as a Trustee of the Board of the~~

~~Trust if elected. If, for any reason, any Nominee should not be available for election or be able~~recommend to serve as a Trustee, the proxies will exercise their voting power in favor of such substitute nominee, if any, as the Board may designate. The Trust has no reason to believe that it will be necessary to designate a substitute nominee.

Although the Trust does not intend to hold annual shareholder meetings, it may hold shareholder meetings from time to time on important matters. With the requisite vote, shareholders may remove a Trustee or take other action as described in the Trust’s organizational documents. If at any time less than a majority of the Trustees holding office have been elected by the shareholders of each Fund that they approve the ~~Trust,~~New Agreements.

Section 15(f) of the ~~Trustees then in office will promptly call a shareholders’ meeting, consistent with the requirements~~1940 Act

Section 15(f) of the 1940 Act ~~for~~permits an investment adviser of a registered investment company (or any affiliated persons of the ~~purpose~~investment adviser) to receive any amount or benefit in connection with a sale of ~~electing Trustees~~an interest in the investment adviser, provided that two conditions are satisfied.

First, an “unfair burden” may not be imposed on the investment company as a result of the sale of the interest, or any express or implied terms, conditions or understandings applicable to the ~~Board~~sale of the ~~Trust.~~

Listed below for each Nominee are: his name and age; position(s) and length of service with the Trust; principal occupation(s) during the past five years; and any other directorships held by the Nominee. Mr. James is the only Nominee who is an “interested person” as thatinterest. The term is defined under the 1940 Act because he is the President and Chief Executive Officer of James Investment Research, Inc. (the “Adviser”), which serves as the Funds’ investment adviser. The remaining Nominees are not “interested persons” as that term is defined under the 1940 Act and therefore will be referred to as “Independent Trustees.“unfair burden,” ~~Each of the Nominees serves (or will serve in the case of Mr. Brown and Mr. Chelle) as a Trustee for the Trust, which is comprised of five individual fund portfolios.~~

*All Nominees may be contacted at c/o The James Advantage Funds, Attn: Secretary, 1349 Fairground Road, Xenia, Ohio, 45385.

¹~~Each Nominee is elected to serve in accordance with the Declaration of Trust and Bylaws of the Trust until his successor is duly elected and qualified.~~

²~~Mr. James is an “interested person” of the Trust~~ as defined in the 1940 Act, ~~because~~includes any arrangement during the two-year period after the Changes of ~~he is President and Chief Executive Officer of James Investment Research, Inc. (the “Adviser”)~~Control whereby the investment adviser (or predecessor or successor adviser), ~~which serves as the Funds’ investment adviser.~~

~~The Trust is governed by a Board of Trustees, which is responsible for overseeing the operations~~or any “interested person” of the ~~Funds. The Trustees also supervise~~adviser (as defined in the ~~operation~~1940 Act), receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees for bona fide investment advisory or other services), or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the ~~Funds by the officers of the Trust. The Trustees meet periodically throughout the year to oversee the Trust’s activities, review each Fund’s~~ investment ~~performance and the quality of other services provided to each Fund and its shareholders by the Funds’ investment adviser, review annually the~~company (other than ordinary fees ~~paid to the Funds’ investment adviser and oversee the Funds’ compliance program. The Trustees’ role is to provide oversight and not to provide day-to-day management of the Funds.~~

~~The Board has all power necessary or convenient to carry out its responsibilities. Consequently, the Board has adopted bylaws providing~~ for the regulation and management of the affairs of the Trust and may amend or repeal them to the extent that such bylaws do not reserve that right to the Trust’s shareholders. The Board may increase or reduce the number of Board members and may, subject to the 1940 Act, fill vacancies on the Board. The Board may also elect and remove such officers and appoint and terminate such agents as they consider appropriate. The Trustees may establish and terminate committees that may exercise the powers and authority of the Board as determined by the Trustees. The Trustees may, in general, delegate such authority as they consider desirable to any officer of the Trust, to any Board committee and to any agent or employee of the Trust or to any custodian, transfer agent,bona fide principal ~~underwriter or other service provider to a Fund.~~underwriting services).

~~There were four regular meetings of the Board of Trustees held~~Second, during the ~~Trust’s fiscal year ended June 30, 2014. Each Trustee attended~~three-year period after each Change of Control, at least 75% of the ~~meetings each was entitled to attend and also attended at least 75%~~members of the ~~total number~~investment company’s board of meetings held by all Board committees on which the Trustee served during that fiscal year. Since the Trust is not required to convene annual shareholder meetings, there is no policy requiring Trustee attendance at such meetings.

~~If the Nominees are elected at the Meeting, the Board will~~trustees/directors cannot be comprised of five Independent Trustees and one individual who is considered an “interested” Trustee. If the slate of Nominees is approved by shareholders, over 75% of the Board will be comprised of Independent Trustees.

The Board has an Audit Committee that considers such matters pertaining to the Trust’s books of account, financial records, internal accounting controls and changes in accounting principles or practices as the Trustees may from time to time determine. The Audit Committee also considers the engagement and compensation of the independent registered public accounting firm (the “Audit Firm”). The Audit Committee also meets with the representatives of the Audit Firm to review the scope and results of audits and other duties as set forth“interested persons” (as defined in the ~~Audit Committee’s Charter. The Audit Committee members, each~~1940 Act) of ~~whom are Independent Trustees, are: Mr. Brandon, Dr. D’Angelo and Mr. Russell and, if approved by shareholders, Mr. Brown and Mr. Chelle. The Audit Committee met four times during~~ the ~~fiscal year ended June 30, 2014.~~

The Board does not have a standing nominating or compensation committee. The Board does not believe that a standing nominating committee is necessary because there has been minimal turnover of the Trustees serving on the Board of the Trust. When necessary or appropriate, the Independent Trustees serve as an~~ad hoc~~ ~~committee for the consideration of Trustee nominations. No~~~~ad hoc~~~~nominating committee of the Trust has adopted a charter. Independent Trustees are nominated only by the~~~~ad hoc~~~~nominating committee.~~

Investing in general and the operation of a mutual fund involve a variety of risks, such as investment risk, compliance risk and operational risk, among others. The Board oversees risk as part of its oversight of the Funds. Risk oversight is addressed as part of various regular Board and committee activities. The Board, directly or through its Audit Committee, reviews reports from among others, the Trust’s investment adviser, the Trust’s Chief Compliance Officer, the Trust’s independent registered public accounting firm and the Trust’s counsel, as appropriate, regarding risks faced by the Trust and the risk management programs of the Funds’ investment adviser and certain service providers. The full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from the Trust’s Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Trust’s Chief Compliance Officer also meets at least quarterly in executive session with the Independent Trustees. The actual day-to-day risk management with respect to the Trust resides with the Funds’ investment adviser and other service providers. Although the risk management policies of the Funds’ investment adviser and the other service providers are designed to be effective, those policies and their implementation vary among service providers and over time, and there is no guarantee that they will be effective. Not all risks that may affect the Trust can be identified, nor can processes and controls necessarily be developed to eliminate or mitigate their occurrence or effects. Some risks are simply beyond the control of the Trust, the Funds’ investment adviser or ~~other service providers to the Trust. The Board may, at any time and in~~ its ~~sole discretion, change the manner in which it conducts its risk oversight role.~~predecessor.

The Board is responsible for the oversight of the Trust, including risk oversight and oversight of the Trust’s management. The Board concurrently consists of three Independent Trustees and one Interested Trustee. If all of the Nominees are approved by shareholders, the Board will consist of five Independent Trustees and one Interested Trustee.

The Board of Trustees ~~is led~~intends for the Changes of Control to come within the safe harbor provided by ~~its Chairman, Mr. Barry James. Mr. James is an “interested person”~~Section 15(f) of the ~~Trust because he is President and Chief Executive Officer~~1940 Act. The Board believes that the Changes of Control will not result in the imposition of an “unfair burden” on the Funds. At the present time, five (5) of the ~~Adviser. The~~six (6) Trustees ~~have determined that an interested Chairman is appropriate~~

~~and benefits shareholders because Mr. James has over 17 years’ experience~~are classified as ~~Chairman of the Trust’s Board.~~ Independent Trustees ~~exercise their informed business judgment to appoint an individual~~and following the Changes of ~~their choosing to serve as Chairman, regardless~~Control, all five (5) of whether the Trustee is independent or an interested person. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees ~~to constitute a substantial majority of the Board.~~

The Board utilizes a committee structure to assist the Board in administering its oversight function that includes an Audit Committee. The Audit Committee is comprised exclusively of Independent Trustees. The committee structure facilities orderly and efficient communication among the Independent Trustees, Trust management, service providers and the full Board.

~~While the Board has determined it~~will continue to be in the best interests of the Trust and its shareholders to add two additional trustees to the Board, the Trust has determined that the Board’s leadership structure is appropriate given the characteristics and circumstances of the Trust, including such mattersclassified as the independence of a majority of Trustees, the independence of all members of the Audit Committee, the number of Funds that comprise the Trust, the net assets of the Trust and the Trust’s business and structure.

~~Information About the Nominees’ Experience, Qualifications, Attributes and Skills to Serve on the Board~~

The following is a brief discussion, for each Nominee, of the particular experience, qualifications, attributes or skills that led to the conclusion that the Nominee should serve as a Trustee. In reaching their conclusions, the Trustees considered various facts and circumstances and did not identify any factor as controlling, and individual Trustees may have considered additional factors or weighed the same factors differently. Qualifications considered by the Board to be important to the selection and retention of a Board member included the following: integrity; intelligence; collegiality; judgment; skill; business and other experience; diversity; qualification as an Independent Trustee; financial or accounting knowledge and experience; dedication; commitment to devote the time and attention necessary to fulfill a Trustee’s duties; and an individual’s ability to work effectively with the other members of the Board.

~~Barry R. James~~. Mr. James is President and Chief Executive Officer of the Adviser. He also serves as Chairman and Chief Executive Officer of James Capital Alliance. Mr. James holds Chartered Financial Analyst and Chartered Investment Counselor certifications, as well as FINRA Series 6, 63 and 65 licenses. Mr. James received a Bachelor of Science degree from the United States Air Force Academy and a Masters in Business Administration from Boston University. The Trustees believe that Mr. James’ leadership training and management experience in the United States Air Force, experience as President and Chief Executive Officer of several companies, over 24 years’ experience in the investment advisory business and over 20 years’ experience in portfolio management and investment research make him well qualified to serve on the Board.

~~Leslie L. Brandon~~. Mr. Brandon retired as an audit partner of Ernst & Young (“E&Y”), where he worked for 34 years, 23 years of which as a partner. Mr. Brandon was designated by E&Y’s national office as “National SEC Review Partner” and has extensive experience in practice with the U.S. Securities and Exchange Commission (“SEC”). His clients included a majority of the SEC-registered clients in the Columbus, Ohio office of E&Y. Mr. Brandon also led recruiting efforts for the Columbus office for much of his time at E&Y and served as Audit Partner-in-Charge of the Columbus office staff for several years. Mr. Brandon holds a Bachelor of Science from The Ohio State University and a Masters in Business Administration from the University of Wisconsin. The Trustees believe that Mr. Brandon’s extensive audit experience with SEC clients and his management experience with E&Y make him well qualified to serve on the Board.

~~Anthony P. D’Angelo~~. Dr. D’Angelo is a Professor Emeritus and former faculty member of the Air Force Institute of Technology-School of Systems and Logistics Graduate Program where he taught Finance, Accounting, Budgeting and Economics. Dr. D’Angelo holds a Bachelors in Business Administration with a major in Marketing, a Masters in Business Administration with a major in Industrial Management, and a Doctorate in Business Administration with a major in Logistics Management and a minor in Operations Research. Dr. D’Angelo’s dissertation, which was empirically and theoretically based, resulted in the development of management information systems for customer service-intensive industries. Dr. D’Angelo also served as an officer in the United States Air Force for 28 years. The Trustees believe that Dr. D’Angelo’s extensive academic experience in business administration and management experience in the United States Air Force make him well qualified to serve on the Board.

~~Richard C. Russell~~. Mr. Russell has been a Director on the Board of Excellence In Motivation since 1994 and a Director on the Board of DRT Manufacturing, Co. since 1999. Mr. Russell also worked for 20 years with a private construction and real estate development firm based in Dayton, Ohio in the capacity of Chief Financial Officer and subsequently Chief Executive Officer. In this role, Mr. Russell provided oversight of a $300 million construction operation and a $300 million real estate portfolio. Mr. Russell is an experienced Chief Executive Officer, Chief Financial Officer and Director with proven leadership skills and a diverse background in both public and private companies. Mr. Russell graduated from the University of Cincinnati and holds a Bachelors of Science in Accounting. Mr. Russell became a Certified Public Accountant in 1972. The Trustees believe that Mr. Russell’s experience in strategic planning, financial management, budgeting, fiscal reporting, communications, human resources, shareholder relations and board structure, policy development and decision making make him well qualified to serve on the Board.

~~Ronald D. Brown~~. Mr. Brown is the Chief Operating Officer of The Armor Group, a certified woman owned corporation which provides manufactured goods and services to a variety of industries. He is the retired Chairman and Chief Executive Officer of Milacron Inc., a supplier of plastics processing and industrial fluids technologies with major manufacturing facilities in North America, Europe and Asia. Mr. Brown also served as

~~Chief Operating Officer and Chief Financial Officer~~James Investment Research, Inc. (“JIR”) is currently engaged to manage the investments of Milacron. Mr. Brown has his Bachelor of Business Administration in Accounting from the University of Cincinnati and earned his Juris Doctor from the University of Dayton School of Law. The Trustees believe that Mr. Brown’s experience in business, strategic planning, financial management, budgeting, accounting, communications, human resources, shareholder relations and board structure, policy development and decision making make him well qualified to serve on the Board.

~~Robert F. Chelle~~. Since 1999, Mr. Chelle has served as Entrepreneur-In-Residence and Founding Director of the L. William Crotty Center for Entrepreneurial Leadership at the University of Dayton, Dayton, Ohio. Prior to this, from 1973 to 1996, Mr. Chelle owned and was President of High Voltage Maintenance Corporation (“HVM”). HVM is a technical service company specializing in predictive testing, preventive maintenance and electrical engineering of power distribution systems. HVM was sold to Emerson Electric Co. in October 1996, after which, from 1996 to 1999, Mr. Chelle remained as President and CEO of HVM. The Trustees believe that Mr. Chelle’s experience in business, strategic planning, financial management, budgeting, fiscal reporting, communications, human resources, shareholder relations and board structure, policy development and decision making make him well qualified to serve on the Board.

Each Fund selected Deloitte & Touche LLP (“Deloitte”) as its independent registered public accounting firm for each Fund’s fiscal year ended June 30, 2013 and June 30, 2014. The Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees related to Deloitte for the Funds’ two most recent fiscal years are as follows:

Such audit fees represent the aggregate fees billed for the fiscal years ended June 30, 2014 and June 30, 2013 for professional services rendered by Deloitte for the audit of the Trust’s annual financial statements.

Neither the Trust nor the Adviser was billed any fees by Deloitte for the fiscal years ended June 30, 2014 and June 30, 2013 for assurance and related services that were reasonably related to the performance of the audit of the Trust’s financial statements and not otherwise included under “Audit Fees” above.

~~“Tax fees” shown in the table above were for services provided by Deloitte in relation to the preparation of excise filings and income tax returns for the Trust.~~

The Trust was not billed any fees by Deloitte for products and services provided by Deloitte, other than the services reported above under “Audit Fees,” “Audit-Related Fees” and “Tax Fees” for the fiscal years ended June 30, 2014 and June 30, 2013.

The Audit Committee of the Board pre-approves all audit and non-audit services provided by Deloitte or any independent registered public accounting firm engaged by the Trust and any non-audit or audit-related services provided to its service affiliates, which have an impact on the Funds in accordance with ~~certain pre-approval~~the prospectus and other offering documents, investment objective, policies and ~~procedures. The Audit Committee approves~~limitations and investment guidelines established by JIR and the ~~engagement~~Board of the independent registered public accounting firm for each fiscal year, and a majority of the Independent Trustees approves the engagement. The Audit Committee may pre-approve the provision of types or categories of non-audit services for the Trust and permissible non-audit services for the Trust’s service providers on an annual basis at the time of the independent registered public accounting firm’s engagement and on a project-by-project basis. At the time of the annual engagement of the Trust’s independent registered public accounting firm, the Audit Committee receives a list of the categories of expected services with a description and an estimated budget of fees. In its pre-approval, the Audit Committee must determine that the provision of the service is consistent with and will not impair the ongoing independence of the independent registered public accounting firm and set any limits on fees or other conditions it finds appropriate. Non-audit services may also be approved on a project-by-project basis by the Audit Committee consistent with the same standards for determination and information.

~~The Audit Committee has considered the nature of the non-audit services rendered by Deloitte and does not consider them incompatible with Deloitte’s independence.~~

~~Deloitte~~Trustees. JIR is located at 555 Seventeenth Street, Suite 3600, Denver, Colorado. Representatives of Deloitte are not expected to be present at the Meeting, and therefore, will not have the opportunity to make a statement at the Meeting and are not expected to be available to respond to questions.

1349 Fairground Road, Xenia, Ohio 45385. As of ~~June 30, 2014,~~March 31, 2019, JIR had approximately $2.6 billion in assets under management.

Information regarding the ~~dollar range~~principal executive officers and directors of ~~equity securities in~~JIR and their principal occupations for the ~~Funds beneficially owned by the Nominees were as follows:~~past five years is set forth below:

ALPS Fund Services, 1290 Broadway, Suite 1100, Denver, Colorado, 80203, serves as administrator and transfer agent to the Funds. ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado, 80203, serves as distributor of the Funds’ shares.

As of the Record Date, and to the best knowledge of the Trust, the following persons were known to own of record more than 5% of any class of the voting securities of the Funds:

Any person owning more than 25% of the outstanding shares of the Funds may be deemed to control it.

As of the Record Date, the Trustees and officers of the Trust owned collectively 9.47% of the outstanding shares of beneficial interest of the Fund. The ownership of the Fund’s outstanding shares by the Trustees and officers of the Trust, as of the Record Date, was as follows:

As of the Record Date, the Trustees and officers of the Trust owned collectively less than 1% of the outstanding shares of beneficial interest of each of the Retail class and Institutional class of the Fund.

As of the Record Date, the Trustees and officers of the Trust owned collectively 7.68% of the outstanding shares of beneficial interest of the Fund. The ownership of the Fund’s outstanding shares by the Trustees and officers of the Trust, as of the Record Date, was as follows:

As of the Record Date, the Trustees and officers of the Trust owned collectively 2.58% of the outstanding shares of beneficial interest of the Fund. The ownership of the Fund’s outstanding shares by the Trustees and officers of the Trust, as of the Record Date, was as follows:

As of ~~June 30, 2014, none~~the Record Date, no officer or Trustee owns securities of, ~~the Independent Trustees, nor~~or has any ~~of their immediate family members, beneficially owned any securities issued by~~other material direct or ~~otherwise had any~~indirect interest in, ~~the Funds’ investment adviser or the principal underwriter~~JIR or any person controlling, controlled by or under common control with ~~such persons. For these purposes, “immediate family member” includes the Nominee’s spouse, children residing in the Nominee’s household and dependents~~JIR. As of the ~~Nominee.~~Record Date, no Trustee has had any material interest, direct or indirect, in any material transaction, proposed or otherwise, since June 30, 2018, to which JIR was a party.

During the ~~Trustees during the~~most recent fiscal year ended June 30, ~~2014. The Trust does not pay any retirement benefits~~2018, no commissions were paid by the Funds to ~~the Trustees for their service.~~

~~The name, address, age and principal occupations for~~JIR will pay the ~~past five years~~expenses of the ~~officers~~preparation, printing and mailing of this Proxy Statement and its enclosures and of all solicitations. The aggregate cost of the ~~Trust are listed below.~~

~~No officer, director or employee of the adviser or any of its affiliates receives any compensation from the Trust for serving as an officer of the Trust.~~

Holders of record of the shares of each Fund as of the Record Date, as to any matter on which they are entitled to vote, will be entitled to one vote per share on all business at the Meeting. The chart below shows the number of shares of each class of the Funds outstanding as of the close of business on the Record Date:

If you are not the owner of record, but your shares are instead held for your benefit by a financial intermediary such as a retirement plan service provider, broker-dealer, bank trust department, insurance company or other financial intermediary, that financial intermediary may request that you instruct it how to vote the shares you beneficially own. Your financial intermediary will provide you with additional information.

If you hold shares of a Fund through a bank or other financial institution or intermediary (called a service agent) that has entered into a service agreement with the Trust or the Trust’s principal underwriter/distributor, the service agent may be the record holder of your shares. At the Meeting, the service agent will vote shares for which it receives instructions from its customers in accordance with those instructions. A signed proxy card or other authorization by a shareholder that does not specify how the shareholder’s shares should be voted on a proposal may be deemed to authorize a service agent to vote such shares in favor of the applicable proposal. Depending on its policies, applicable law or contractual or other restrictions, a service agent may be permitted to vote shares with respect to which it has not received specific voting instructions from its customers. In those cases, the service agent may, but may not be required to, vote such shares in the same proportion as those shares for which the service agent has received voting instructions. This practice is commonly referred to as “echo voting.”

Shareholders of the Trust will vote collectively on the election of the Nominees. The presence in person or by proxy of a majority of the Trust’s shares that are entitled to vote shall constitute a quorum for the transaction of business at the Meeting.

In the event a quorum is not present or sufficient votes in favor of the Proposal is not received by the date of the Meeting, the persons named as proxies may propose and approve one or more adjournments of the Meeting to permit further solicitation of proxies. All such adjournments will require the affirmative vote of a majority of the shares present in person or by proxy at the session of the Meeting to be adjourned. The persons named as proxies will vote the shares present in person or by proxy (including broker non-votes and abstentions) in favor of such an adjournment. A vote may be taken on the Proposal prior to any such adjournment if a quorum is present, sufficient votes for its approval have been received and it is otherwise appropriate. The Proposal will require a plurality of the votes cast in person or by proxy at the Meeting. Broker non-votes and abstentions will have no effect on the outcome of the election of Trustees.

~~Investment Adviser.~~ James Investment Research, Inc. (the “Adviser”) serves as the Funds’ investment adviser and is located at 1349 Fairground Road, Xenia, Ohio, 45385. The Adviser has the authority to manage the Funds in accordance with the investment objectives, policies and restrictions of the Funds, subject to general supervision of the Trust’s Board of Trustees. The Adviser has managed the Funds since their inception.

~~Administrator and Transfer Agent~~~~. ALPS Fund Services, Inc. is the Funds’ administrator and transfer agent and is located at 1290 Broadway, Suite 1100, Denver, Colorado, 80203.~~

~~Principal Underwriter/Distributor~~~~. ALPS Distributors, Inc. is the Funds’ principal underwriter/distributor and is located at 1290 Broadway, Suite 1100, Denver, Colorado, 80203.~~

~~Security Ownership of Certain Beneficial Owners~~~~. As of the Record Date, the following shareholders were known to own more than 5% of the outstanding securities of the Trust:~~

*May be deemed to control the Fund because it owned of record, for the benefit of others, more than 25% of the outstanding voting shares as of September 15, 2014.

**The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund under § 2(a)(9) of the Investment Company Act of 1940. F.E. James, Ph.D., Barry R. James and Ann M. Shaw are co-trustees of the James Investment Research Profit Sharing Plan (the “Plan”), and Thomas L. Mangan serves as lead portfolio manager for the Plan. As a result, Dr. James, Mr. James, Ms. Shaw and Mr. Mangan may each be deemed to beneficially own the shares owned by that Plan. Shares indicated as owned by F.E. James, Ph.D. include shares in his account of the Plan, but do not include any other shares of the Plan. F.E. James, Ph.D. may also be deemed to beneficially own shares owned by James Investment Research, Inc. and the Iris R. James Trust, which are also included in the shares indicated as being owned by F.E. James, Ph.D. As a result of his ownership of shares, F.E. James, Ph.D. may have the ability to control the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund’s fundamental policies or the terms of the Management Agreement with the Fund’s Adviser.

~~As of September 15, 2014, the officers and Trustees of the Trust as a group owned less than 1% of the outstanding shares of~~Although the James Balanced: Golden Rainbow Fund’s Current Agreement states that the Fund ~~less~~will be responsible for the expenses of shareholders’ meetings and proxy solicitations, JIR has agreed, in this case, to pay for these expenses.

In certain circumstances, only one copy of this Proxy Statement may be mailed to each household, even if more than 1%one person in the household is a Fund Shareholder, unless the Funds has received contrary instructions from one or more of the ~~then-outstanding shares~~household’s Shareholders. If a Shareholder needs an additional copy of the Small Cap Fund, 4.37% of the then-outstanding shares of the Mid Cap Fund, 6.82% of the then-outstanding shares of the James Micro-Cap Fund, and 4.34% of the then-outstanding shares of the Long-Short Fund.

~~For the Trust, each share is entitled to case one vote, and fractional shares are entitled to a proportionate fractional vote.~~

this Proxy Statement, ~~Costs~~would like to receive separate copies in the future, or would like to request delivery of a single copy to Shareholders sharing an address, please contact Okapi Partners LLC, our proxy solicitation firm, toll-free at 855-208-8903.

The ~~cost~~Board of ~~preparing, printing and mailing~~Trustees does not intend to bring any matters before the ~~proxy card, notice of meeting and~~Meeting other than the Proposal described in this Proxy Statement, and ~~all~~the Board of Trustees is not aware of any other ~~costs incurred with~~matters to be brought before the Meeting by others. Because matters not known at the time of the solicitation ~~of proxies will be paid (i) by~~may come before the ~~Adviser with respect to~~Meeting, the ~~James Small Cap Fund, the James Mid Cap Fund, the James Micro Cap Fund and the James Long Short Fund and (ii) by the James Balanced: Global Rainbow Fund~~proxy as solicited confers discretionary authority with respect to such ~~Fund.~~

~~Officers~~matters as properly come before the Meeting, including any adjournment(s) or postponement(s) thereof, and it is the intention of the ~~Trust and employees of certain of the Trust’s service providers, without extra compensation, may conduct solicitations personally, by mail, by telephone or by any other electronic means available.~~

Brokers, banks and other fiduciaries may be required to forward soliciting material to their principals on behalf of the Funds and to obtain authorization for the execution of proxies. For those services, they may be reimbursed (i) by the Adviser with respect to the

James Small Cap Fund, the James Mid Cap Fund, the James Micro Cap Fund and the James Long Short Fund and (ii) by the James Balanced: Global Rainbow Fund with respect to such Fund, to the extent the Adviser or the James Balanced: Global Rainbow Fund,persons named as ~~applicable, would have directly borne those expenses.~~

~~Should a shareholder require additional information regarding~~attorneys-in-fact in the proxy card or a replacement proxy card, they may contact us toll-free at 1-800-995-2637. Any proxy given by a shareholder, whether in writing, by telephone or by the internet, is revocable as described below under the section titled “~~Revoking a Proxy~~.”

~~Please take a few moments~~(or their substitutes) to ~~complete your proxy card promptly. You may~~ vote ~~your shares by completing and signing the enclosed proxy card and mailing~~ the proxy card in the postage paid envelope provided. You also may vote your shares by telephone or by the internet by following the instructions on the enclosed proxy card and accompanying materials. You also may cast your vote by attending the Meeting in person if you are a record owner as of the Record Date.

The Trust has arranged to have votes recorded by telephone. Please have the proxy card in hand and call the number on the enclosed materials and follow the instructions. After a shareholder provides his or her voting instructions, those instructions are read back to the shareholder and the shareholder must confirm his or her voting instructions before disconnecting the telephone call. The voting procedures used in connection with telephone voting are designed to reasonably authenticate the identity of shareholders, to permit shareholders to authorize the voting of their shares in accordance with their ~~instructions and to confirm that their instructions have been properly recorded.~~

~~You may also vote over the Internet by following the instructions in the enclosed materials. You will be prompted to enter the control number~~judgment on the enclosed proxy card. Follow the instructions on the screen, using your proxy ballot as a guide. The voting procedures used in connection with internet voting are designed to reasonably authenticate the identity of shareholders, to permit shareholders to authorize the voting of their shares in accordance with their instructions and to confirm that their instructions have been properly recorded.

Shares owned of record by a broker-dealer for the benefit of its customers (“street shares”) will be voted by the broker-dealer based on instructions received from its customers. If no instructions are received, the broker-dealer may (if permitted by applicable stock exchange rules) give or authorize the giving of a proxy, as record holder of such ~~shares, to vote such shares in connection with the Proposal. Beneficial owners of street account shares cannot vote at the Meeting. Only record owners as of the Record Date may vote at the Meeting.~~

A “broker non-vote” is deemed to exist when a proxy received from a broker indicates that the broker does not have discretionary authority to vote the shares on that matter. Abstentions (but no broker non-votes) will have the same effect as a vote against the Proposal.

If you properly execute and return a proxy card but fail to indicate how the votes should be cast, the proxy ballot will be voted in favor of the election of each of the Nominees named in this Proxy Statement for Trustee.

Any shareholder giving a proxy has the power to revoke it by mail (addressed to the Secretary at the principal executive office of the Trust at the address for the Trust shown at the beginning of this Proxy Statement), by executing a proxy bearing a later date, or by attending and voting at the meeting. All properly executed proxies received in time for each Meeting will be voted as specified in the proxy or, if no specification is made, in favor of the Proposal referred to in the Proxy Statement.

The Trust is generally not required to hold annual meetings of shareholders, and the Trust generally does not ~~intend~~hold a meeting of shareholders in any year, unless certain specified shareholder actions, such as the election of directors or the approval of a new advisory agreement, are required to ~~holder~~be taken under state law or the 1940 Act. By observing this policy, the Trust seeks to avoid the expenses customarily incurred in the preparation of proxy materials and the holding of shareholders’ meetings, as well as the related expenditure of staff time.

A shareholder ~~meetings on a regular basis. Shareholders wishing~~desiring to submit ~~proposals for consideration for inclusion in~~ a ~~proxy statement for~~proposal intended to be presented at any meeting of shareholders of a ~~subsequent shareholder meeting~~series of the Trust ~~(if any)~~hereafter called should send ~~their written proposals~~the proposal to the Secretary of the Trust at the ~~address set forth on the cover of this Proxy Statement. Proposals must be received~~Trust’s principal offices within a reasonable time before the ~~date of a meeting of shareholders in order~~Fund begins to ~~be considered for inclusion in the proxy materials for that meeting. Timely~~print and send its proxy. The mere submission of a proposal by a shareholder does not ~~however, necessarily~~guarantee that such proposal will be included in the proxy statement because certain rules under the federal securities laws must be complied with before inclusion of the proposal is required. Also, the submission does not mean that the proposal will be ~~included. A shareholder who wishes to make a proposal~~presented at the next meeting of shareholders without including the proposal in the Trust’s proxy statement must notify the Secretary of the Trust in writing of such proposal within a reasonable time prior to the date of the meeting. IfFor a shareholder ~~fails~~proposal to ~~give timely notice, then the persons named as proxies in the proxies solicited by the Board~~be considered at a shareholders’ meeting, it must be a proper matter for ~~the next meeting of shareholders may exercise discretionary voting power with respect to any such proposal.~~

Shareholders may address correspondence that relates to the Trust to the Board as a whole or to individual Trustees and send such correspondence to the Board or to the Trustee, c/o The James Advantage Funds, Attn: Secretary, 1349 Fairground Road, Xenia, Ohio, 45385. Upon receipt, all such shareholder correspondence will be directed to the attention of the addressee.

The Annual Report to Shareholders of the Funds ~~for the fiscal year ended June 30, 2014, which includes~~(if available), including financial statements of the Funds, have previously ~~were~~been sent to Fund shareholders. ~~Copies of the Funds’~~Upon request, each Fund’s most recent annual and subsequent semi-annual ~~report~~reports (when available) can be obtained at no ~~cost on~~cost.To request a report for the ~~Funds’ website at www.jamesfunds.com. Reports are also available upon request, without charge, by writing~~Funds, please call 1-800-99JAMES (1-800-995-2637), write to ~~the Trust at~~ALPS Fund Services, Inc., P.O. Box 786, Denver, COColorado 80201, or visit www.jamesfunds.com.

Only Shareholders of record of a Fund on the Record Date may vote. Shareholders of record on the Record Date are entitled to be present and to vote at the Meeting. Each share or fractional share is entitled to one vote or fraction thereof.

Each proxy solicited by ~~calling 1-800-995-2637.~~the Board of Trustees which is properly executed and returned in time to be voted at the Meeting will be voted at the Meeting in accordance with the instructions on the proxy. Any proxy may be revoked at any time prior to its use by written notification received by the Trust’s Secretary, by the execution and delivery of a later-dated proxy, or by attending the Meeting and voting in person. Any letter of revocation or later-dated proxy must be received by the Funds prior to the Meeting and must indicate your name and account number to be effective. Proxies voted by telephone or Internet may be revoked at any time before they are voted at the Meeting in the same manner that proxies voted by mail may be revoked.

For the Proposal, the Funds understand that the New York Stock Exchange (the “NYSE”) has taken the position that broker-dealers that are members of ~~materials~~the NYSE and that have not received instructions from a customer prior to ~~households,~~ the ~~Trust mails only one copy~~date specified in the broker-dealer firms’ request for voting instructions may not vote such customer's shares on a new investment advisory contract. Therefore, NYSE broker-dealers that have not received customer instructions may not be permitted to vote customer shares with respect to the Proposal. A signed proxy card or other authorization by a beneficial owner of each ~~report to shareholders having~~Fund’s shares that does not specify how the same last name and address on the Trust’s records, unless the Trust has received contrary instructions from shareholders. The consolidation of these mailings, called householding, benefits the Fund through reduced mailing expenses.

~~If you want to receive copies of these materials or request householding in the future, you may call the transfer agent at 1-800-995-2637 or write to the Trust at P.O. Box 786, Denver, CO 80201.~~

~~The Trustees do not intend to bring any matters before the Meeting other than the Proposal described in this Proxy Statement, and the Trustees~~beneficial owner’s shares are ~~not aware of any other matters~~ to be ~~brought before~~voted on a proposal may be deemed to be an instruction to vote such shares in favor of the ~~Meeting~~Proposal.

Abstentions and broker non-votes will be counted as present for purposes of determining whether a quorum is present. “Broker non-votes” occur where: (i) shares are held by ~~others. Should any other matters requiring a vote of shareholders arise,~~brokers or nominees, typically in “street name”; (ii) instructions have not been received from the ~~proxy in the accompanying form will confer upon the person~~beneficial owners or persons entitled to vote the shares; and (iii) the broker or nominee does not have discretionary voting power on a matter. Abstentions and broker non-votes will be disregarded in determining the “votes cast” on the Proposal, and therefore, will have the effect of a vote against the Proposal.

The presence at the Meeting of holders of a majority of the outstanding shares ~~represented by such proxy the discretionary authority~~of a Fund entitled to vote at the ~~shares~~Meeting (in person or by proxy) constitutes a quorum for that Fund.

If the necessary quorum to transact business or the vote required to approve the Proposal is not obtained at the Special Meeting, or if a quorum is obtained but sufficient votes required to approve the Proposal, the persons named as proxies on the enclosed proxy card may propose one or more adjournments of the Meeting to ~~any such other matters~~permit, in accordance with ~~their judgment~~applicable law, further solicitation of proxies with respect to the Proposal. Whether or not a quorum is present, any such adjournment as to a matter will require the affirmative vote of the holders of a majority of the shares represented at that meeting, either in person or by proxy. The meeting may be held as adjourned within a reasonable time after the date set for the original meeting without further notice. In the event of an adjournment, no notice is required other than an announcement at the meeting at which adjournment is taken.

The presence of a quorum alone, however, is not sufficient to approve the Proposal (see “Vote Required” below).

Approval of the Proposal will require the affirmative vote of a “majority of the outstanding voting securities” of the Funds as defined in the 1940 Act. This means the lesser of (1) 67% or more of the shares of the Funds present at the Meeting if more than 50% of the outstanding shares of the Funds are present in person or represented by proxy, or (2) more than 50% of the outstanding shares of the Funds. The vote for the Proposal will be at the Fund level, meaning that the Shareholders of all share classes of a Fund will vote together, and each Fund will vote separately.

To assure the presence of a quorum at the Meeting (which will allow for the transaction of business), and to help assure that your vote is noted, please promptly execute and return the enclosed proxy. A self-addressed, postage-paid envelope is enclosed for your convenience. Alternatively, you may vote by telephone or through the Internet at the number or website address printed on the enclosed proxy card(s).

Should shareholders require additional information regarding the proxy or replacement proxy cards, they may call Okapi Partners, our proxy solicitation firm toll free at 855-208-8903. Representatives are available Monday through Friday, 9:00 a.m. Eastern time to 10:00 p.m. Eastern time.

The Trust has been organized to engage in the business of an investment company. The Trust currently offers several series of shares to investors, one of which is the Fund (the “Fund”).

You have been selected to act as the sole investment adviser of the Fund and to provide certain other services, as more fully set forth below, and you are willing to act as such investment adviser and to perform such services under the terms and conditions hereinafter set forth. Accordingly, the Trust agrees with you as follows upon the date of execution of this Agreement.

You will regularly provide the Fund with such investment advice as you in your discretion deem advisable and will furnish a continuous investment program for the Fund consistent with the Fund’s investment objectives and policies. You will determine the securities to be purchased for the Fund, the portfolio securities to be held or sold by the Fund and the portion of the Fund’s assets to be held uninvested, subject always to the fund’s investment objectives, policies and restrictions, as each of the same shall be from time to time in effect, and subject further to such policies and instructions as the Board of Trustees (the “Board”) may from time to time establish. You will advise and assist the officers of the Trust in taking such steps as are necessary or appropriate to carry out the decisions of the Board and the appropriate committees of the Board regarding the conduct of the business of the Fund.

You will pay all organizational, offering and operating expenses (other than expenses specifically assumed by the Fund) of the Fund, including the compensation and expenses of any employees of the Fund and of any other persons rendering any services to the Fund; clerical and shareholder service staff salaries; office space and other office expenses; fees and expenses incurred by the Fund in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws; insurance expenses; fees and expenses of the custodian, transfer agent, dividend and dispersing agent, shareholder service agent, plan agent, administrator, accounting and pricing services agent and underwriter of the Fund; expenses, including clerical expenses, of issue, sale redemption or repurchase of shares of the Fund; the cost of preparing and distributing reports and notices to shareholders, the cost of printing or preparing prospectuses and statements of additional information for delivery to the Fund’s current shareholders; the cost of printing or preparing stock certificates or any other documents, statements or reports to shareholders; expenses of shareholders’ meetings and proxy solicitations; and all other operating expenses not specifically assumed by the Fund.

The Fund will pay the brokerage fees and commissions, taxes, interest, fees and expenses of the non-interested person trustees and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust’s trustees and officers with respect thereto. The Fund will pay all expenses, if any, which may be incurred pursuant to the Fund’s Rule 12b-1 Distribution Plan (the “12b-1 Expenses”). You may obtain reimbursement from the Fund, at such time or times as you may determine in your sole discretion, for any of the expenses advanced by you, which the Fund is obligated to pay, and such reimbursement shall not be considered to be part of your compensation pursuant to this Agreement.

The average value of the daily net assets of the Fund shall be determined pursuant to the applicable provisions of the Declaration of Trust or a resolution of the Board, if required. If, pursuant to such provisions, the determination of net asset value of the Fund is suspended for any particular business day, then for the purpose of this paragraph, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund’s net assets may lawfully be determined, on that day. If the determination of the net asset value of the Fund has been suspended for a period including such month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last determined (whether during or prior to such month).

In connection with purchases or sales of portfolio securities for the account of the Fund, it is understood that you will arrange for the placing of all orders for the purchase and sale of portfolio securities for the account with brokers or dealers selected by you, subject to review of this selection by the Board from time to time. You will be responsible for the negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, you are directed at all times to seek for the Fund the best ~~interest~~qualitative execution, taking into account such factors as prices (including the applicable brokerage commission or dealer spread) the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer.

You should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking the best qualified execution, you are authorized to select brokers or dealers who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to the Fund and/or the other accounts over which you exercise investment discretion. You are authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a Fund portfolio transaction which is in excess of the amount of the commission another broker or dealer would have charged for effecting that transaction if you determine in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or your overall responsibilities with respect to the Fund and acknowledge that, although the information may be useful to the Fund and you, it is not possible to place a dollar value on such information. The Board shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund.

Subject to the provisions of the Investment Company Act of 1940, as amended (The “Act”) and other applicable law, you, any of you affiliates or affiliates of your affiliates may retain compensation in connection with effecting the Fund’s portfolio transactions, including transactions effected through others. If any occasions should arise in which you give any advice to clients of yours concerning the shares of the fund, you will act solely as investment counsel for such client and not in any way on behalf of the Fund. Your services to the Fund, pursuant to the Agreement are not to be deemed to be exclusive and it is understood that you may render investment advice, management and other services to others, including other registered investment companies.

You may rely on information reasonably believed by you to be accurate and reliable. Except as otherwise may be required by the Act or the rules thereunder, neither you nor your officers, directors, employees, agents control persons or affiliates of any thereof shall be subject to any liability, for any damages, expenses or losses incurred by the Trust in connection with, any error of judgment, mistake of law, any act or omission connected with or arising out of and services rendered under, or payments made pursuant to, this Agreement or any other matter to which the Agreement relates, except by reason of willful misfeasance, bad faith or gross negligence on the part of any such persons in the performance of your duties under this Agreement, or by reason of reckless disregard by any of such persons of your obligations and duties under this Agreement.

Any person, even though also a director, officer, employee or agent of you, who may be or may become an officer, director, trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with you duties hereunder), to be rendering such services to or acting solely for the Trust and not as a director, officer, employees or agent of you, or one under your control or direction, even though paid by you.

This Agreement shall take effect on the date of its execution by you, and shall remain in force for a period of two (2) years from the date of its execution, and from year to year thereafter, subject to annual approval by (i) the Board or (ii) a vote of a majority (as defined in the Act) of the outstanding voting securities of the Fund, provided that in either event continuance is also approved by a majority of trustees who are not “interested persons” as defined in the Act, of you or the Trust, by a vote cast in person at a meeting called for the purpose of voting such approval.

If the shareholders of the Fund fail to approve the Agreement in the manner set forth above, upon request of the Board, you will continue to serve or act in such capacity for the Fund to the period of time pending required approval of the Agreement, of a new agreement with you or a different adviser or other definitive action; provided that the compensation to be paid by the Fund to you for your services to and payments on behalf of the Fund will be equal to the lesser of your actual costs incurred in furnishing such services and payments or the amounts you would have received under this Agreement for furnishing services and payments.

This Agreement may, on sixty (60) days written notice, be terminated with respect to the Fund, at any time without the payment of any penalty, by the Board, by a vote of a majority of the outstanding voting securities of the Fund, or by you. The Agreement shall automatically terminate in the event of its assignment.

The Trust and you acknowledge that all rights to the name “James [ ] Fund” or any variation thereof, belongs to you, and that the Trust is being granted a limited license to use such words in its Fund name or in any class name. In the event you cease to be the adviser to the Fund, the Trust’s right to use the name “James [ ] Fund” or any variation thereof, shall automatically cease on the ninetieth (90^th) day following the termination of the Agreement. The right to the name may also be withdrawn by you during the term of this Agreement upon ninety (90) days written notice by you to the Trust. Nothing contained herein shall impair or diminish in any respect, your right to use the name “James [ ] Fund”, or any variation thereof, in the name of, or in connection with, any other business enterprise with which you are or may become associated. There is no charge to the Trust for the right to use these names.

No provision of the Agreement may be changed, waived, discharges or terminated orally, and no amendment of the Agreement shall be effective until approved by the Board, including a majority of the Trustees who are not interested persons of you or of the Trust, cast in person at a meeting called for the purpose of voting on such approval, and (if required under interpretations of the Act by the Securities and Exchange Commission) by a vote of the holders of a majority of the outstanding voting securities of the series to which the amendment relates.

The term “James Advantage Funds” means and refers to the Trustees from time to time serving under the Trust’s Declaration of Trust as the same may subsequently thereto have been, or subsequently hereto be, amended. It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust personally, but bind only the Trust property of the Trust, as provided in the Declaration of the Trust. The execution and delivery of this Agreement have been authorized by the Trustees and shareholders of the Trust and signed by officers of the ~~Funds.~~Trust, acting as such, and neither such authorization by such Trustees and shareholders nor such execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the Trust property of the Trust as provided by the Declaration of Trust. A copy of the Agreement and Declaration of Trust of the Trusts is on file with the Secretary of the State of Ohio.

In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —

~~DETACH AND RETURN THIS PORTION ONLY~~This Agreement shall be governed by the laws of the State of Ohio

Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that the address of the Trust is 1290 Broadway, Suite 1100, Denver, CO. 80203, and your address for this purpose shall be P.O. Box 8, Alpha, Ohio 45301.

This Agreement shall be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Each of the undersigned expressly warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated, and that his signature will operate to bind the party indicated to the foregoing terms.

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

If you are in agreement with the foregoing, please sign the form of acceptance on the accompanying counterpart of this letter and return such counterpart to the Trust, whereupon this letter shall become a binding contract upon the date thereof.

— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —Alpha, Ohio 45301

This Management Agreement (this “Agreement”), dated as of [ ], 2019, is by and between the James Advantage Funds (the “Trust”), on behalf of the Golden Rainbow Fund (the “Fund”) and James Investment Research, Inc. (the “Adviser”) (each a “Party” and collectively, the “Parties”).

In consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Adviser and the Trust agree as follows:

The James Advantage Funds (the “Trust”) herewith confirms our agreement with you.

The Trust has been organized to engage in the business of an investment company. The Trust currently offers several series of shares to investors, of which one is the Golden Rainbow Fund (the “Fund.”).

You will regularly provide the Fund with such investment advice as you in your discretion deem advisable and will furnish a continuous investment program for the Fund consistent with the Fund’s investment objectives and policies. You will determine the securities to be purchased for the Fund, the portfolio securities to be held or sold by the Fund and the portion of the Fund’s assets to be held uninvested, subject always to the Fund’s investment objectives, policies and restrictions, as each of the same shall be from time to time in effect, and subject further to such policies and instructions as the Board of Trustees of the Trust (the “Board”) may from time to time establish. You will advise and assist the officers of the Trust in taking such steps as are necessary or appropriate to carry out the decisions of the Board and the appropriate committees of the Board regarding the conduct of the business of the Fund.

You will pay the compensation and expenses of any persons rendering any services to the Fund who are officers, directors, stockholders or employees of your corporation and will make available, without expense to the Fund, the services of such of your employees as may duly be elected officers or trustees of the Trust, subject to their individual consent to serve and to any limitations imposed by law. The compensation and expenses of any officers, trustees and employees of the Trust who are not officers, directors, employees or stockholders of your corporation will be paid by the Fund. You will pay all advertising and promotion expenses incurred in connection with the sale or distribution of the Fund’s shares to the extent such expenses are not permitted to be paid by the Fund under any distribution expense plan or any other permissible arrangement which may be adopted in the future;provided however, that neither the cost of prospectuses or periodic reports provided to shareholders, nor expenses incurred in complying with laws regulating the issue or sale of securities shall be deemed expenses incurred in connection with the sale or distribution of the Fund‘s shares. You may obtain reimbursement from the Fund, at such time or times as you may determine in your sole discretion, for any of the expenses advanced by you, which the Fund is obligated to pay, and such reimbursement shall not be considered to be part of your compensation pursuant to this Agreement.

The Fund will pay all operating expenses of the Fund, including brokerage fees and commissions; taxes or governmental fees; interest; fees and expenses of the non-interested person trustees; clerical and shareholder service staff salaries; office space and other office expenses; fees and expenses incurred by the Fund in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws; insurance expenses; fees and expenses of the custodian, transfer agent, dividend disbursing agent, shareholder service agent, administrator, accounting and pricing services agent and underwriter of the Fund; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Fund; the cost of preparing and distributing reports and notices to shareholders, the cost of printing or preparing prospectuses and statements of additional information for delivery to the Fund’s shareholders; expenses of shareholders’ meetings and proxy solicitations; and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust’s trustees and officers with ·respect thereto.

For all of the services to be rendered and payments to be made as provided in this Agreement, as of the last business day of each month, the Fund will pay you a fee: (a) at the annual rate of 0.74% of the average value of its daily net assets for assets up to and including $500 million, (b) at the annual rate of 0.70% of the average value of its daily net assets for assets from $500 million up to and including $1 billion, (c) at the annual rate of 0.65% of the average value of its daily net assets for assets from $1 billion up to and including $2 billion, and (d) at the annual rate of 0.60% of the average value of its daily net assets for assets over $2 billion.

The average value of the daily net assets of the Fund shall be determined pursuant to the applicable provisions of the Declaration of Trust of the Trust or a resolution of the Board, if required. If, pursuant to such provisions, the determination of net asset value of the Fund is suspended for any particular business day, then for the purposes of this paragraph, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund’s net assets may lawfully be determined, on that day. If the determination of the net asset value of the Fund has been suspended for a period including such month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last determined (whether during or prior to such month).

In connection with purchases or sales of portfolio securities for the account of the Fund, it is understood that you will arrange for the placing of all orders for the purchase and sale of portfolio securities for the account with brokers or dealers selected by you, subject to review of this selection by the Board from time to time. You will be responsible for the negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, you are directed at all times to seek for the Fund the best qualitative execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer.

You should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking best qualitative execution, you are authorized to select brokers or dealers who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to the Fund and/or the other accounts over which you exercise investment discretion. You are authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a Fund portfolio transaction which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if you determine in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or your overall responsibilities with respect to the Fund and to accounts over which you exercise investment discretion. The Fund and you understand and acknowledge that, although the information may be useful to the Fund and you, it is not possible to place a dollar value on such information. The Board shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund.

Subject to the provisions of the Investment Company Act of 1940, as amended, and other applicable law, you, any of your affiliates or any affiliates of your affiliates may retain compensation in connection with effecting the Fund’s portfolio transactions, including transactions effected through others. If any occasion should arise in which you give any advice to clients of yours concerning the shares of the Fund, you will act solely as investment counsel for such client and not in any way on behalf of the Fund. Your services to the Fund pursuant to this Agreement are not to be deemed to be exclusive and it is understood that you may render investment advice, management and other services to others, including other registered investment companies.

You may rely on information reasonably believed by you to be accurate and reliable. Except as may otherwise be required by the Investment Company Act of 1940 or the rules thereunder, neither you nor your officers, directors, employees, agents, control persons or affiliates of any thereof shall be subject to any liability for, or any damages, expenses or losses incurred by the Trust in connection with, any error of judgment, mistake of law, any act or omission connected with or arising out of any services rendered under, or payments made pursuant to, this Agreement or any other matter to which this Agreement relates, except by reason of willful misfeasance, bad faith or gross negligence on the part of any such persons in the performance of your duties under this Agreement, or by reason of reckless disregard by any of such persons of your obligations and duties under this Agreement.

Any person, even though also a director, officer, employee or agent of you, who may be or become an officer, director, trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with your duties hereunder), to be rendering such services to or acting solely for the Trust and not as a director, officer, employee or agent of you, or one under your control or direction, even though paid by you.

This Agreement shall take effect on the date of its execution by you, and shall remain in force for a period of two (2) years from the date of its execution, and from year to year thereafter, subject to annual approval by (i) the Board or (ii) a vote of a majority (as defined in the Investment Company Act of 1940) of the outstanding voting securities of the Fund, provided that in either event continuance is also approved by a majority of the trustees who are not “interested persons,” as defined in the Investment Company Act of 1940, of you or the Trust, by a vote cast in person at a meeting called for the purpose of voting such approval.

If the shareholders of the Fund fail to approve the Agreement in the manner set forth above, upon request of the Board, you will continue to serve or act in such capacity for the Fund for the period of time pending required approval of the Agreement, of a new agreement with you or a different adviser or other definitive action;provided that the compensation to be paid by the Fund to you for your services to and payments on behalf of the Fund will be equal to the lesser of your actual costs incurred in furnishing such services and payments or the amount you would have received under this Agreement for furnishing such services and payments.

This Agreement may, on sixty days written notice, be terminated with respect to the Fund, at any time without the payment of any penalty, by the Board, by a vote of a majority of the outstanding voting securities of the Fund, or by you. This Agreement shall automatically terminate in the event of its assignment.

The Trust and you acknowledge that all rights to the names “Golden Rainbow,” “James Advantage,” or any variation thereof, belongs to you, and that the Trust is being granted a limited license to use such words in its Fund name or in any class name. In the event you cease to be the adviser to the Fund, the Trust’s right to the use of the names “Golden Rainbow,” “James Advantage,” or any variation thereof, shall automatically cease on the ninetieth day following the termination of this Agreement. The right to the name may also be withdrawn by you during the term of this Agreement upon ninety (90) days’ written notice by you to the Trust. Nothing contained herein shall impair or diminish in any respect, your right to use the names “Golden Rainbow,” “James Advantage,” or any variation thereof, in the name of, or in connection with, any other business enterprises with which you are or may become associated. There is no charge to the Trust for the right to use these names.

No provision of this Agreement may be changed, waived, discharged or terminated orally, and no amendment of this Agreement shall be effective until approved by the Board, including a majority of the trustees who are not interested persons of you or of the Trust, cast in person at a meeting called for the purpose of voting on such approval, and (if required under current interpretations of the Act by the Securities and Exchange Commission) by vote of the holders of a majority of the outstanding voting securities of the series to which the amendment relates.

The term “The James Advantage Funds” means and refers to the Trustees from time to time serving under the Trust’s Declaration of Trust as the same may subsequently thereto have been, or subsequently hereto be, amended. It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of the Trust personally, but bind only the trust property of the Trust, as provided in the Declaration of Trust of the Trust. The execution and delivery of this Agreement have been authorized by the trustees and shareholders of the Trust and signed by officers of the Trust, acting as such, and neither such authorization by such trustees and shareholders nor such execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Trust as provided in its Declaration of Trust. A copy of the Agreement and Declaration of Trust of the Trust is on file with the Secretary of the State of Ohio.

In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that the address of the Trust is 1290 Broadway, Suite 1100, Denver, CO 80203, and your address for this purpose shall be P.O. Box 8, Alpha, Ohio 45301.

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

The management fee payable to JIR under each New Advisory Agreements will be the same as under each respective Current Advisory Agreement.

Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ]	Preliminary Proxy Statement
[ ]	Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
[X]	Definitive Proxy Statement
[ ]	Definitive Additional Materials
[ ]	Soliciting Material under Rule 14a-12


1.	~~By Telephone:~~	Please call the toll-free number listed on the upper portion of your proxy ballot and follow the instructions. Please have your proxy card available. Votes submitted by telephone must be received by 11:59 p.m., Eastern Standard Time, on November 9, 2014.

2.	~~By Internet:~~	Visit www.proxyvote.com and follow the online directions. Please have your proxy card available. Votes submitted via the Internet must be received by 11:59 p.m., Eastern Standard Time, on November 9, 2014.

3.	~~By Mail:~~	Return your signed and dated proxy in the enclosed postage-paid envelope. Proxy cards submitted by mail must be received by the tabulator prior to the closing of the polls at the Meeting in order for the votes to be recorded.

Registration	Valid Signature
Corporate Accounts
(1) ABC Corp.	ABC Corp.
(2) ABC Corp.	John Doe, Treasurer
(3) ABC Corp. c/o John Doe, Treasurer	John Doe
(4) ABC Corp. Profit Sharing Plan	John Doe, Trustee
Trust Accounts
(1) ABC Trust	Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee u/t/d 12/28/78	Jane B. Doe
Custodial or Estate Accounts
(1) John B. Smith, Cust. f/b/o John B. Smith, Jr. UGMA	John B. Smith
(2) Estate of John B. Smith	John B. Smith, Jr., Executor

	Page
General Overview
Evaluation by the Board
Information about Other Service Providers
General Information
Voting Information
Exhibit A: Forms of New Advisory Agreements
Exhibit B: Data Regarding Current and New Advisory Agreement


~~INDEPENDENT TRUSTEES~~
~~Name/Address*/Age~~	~~Position(s)~~ ~~Held With~~ ~~Funds/Term~~ ~~of Office/~~ ~~Length of~~ ~~Time~~ ~~Served~~	~~Principal Occupation(s) During Past 5 Years~~	~~Number of~~ ~~Portfolios~~ ~~in Fund~~ ~~Complex~~ ~~Overseen~~ by ~~Trustee/~~ ~~Nominee~~	~~Other~~ ~~Directorships~~ ~~Held by Trustee/~~ ~~Nominee During~~ ~~the Past 5 Years~~
~~Leslie L. Brandon~~ ~~Age: 72~~	~~Trustee since~~ ~~2003~~	~~Retired Partner,~~ ~~Ernst & Young LLP,~~ ~~Columbus, Ohio~~ ~~(1966 - 2000)~~	5	~~None~~
~~Anthony P. D’Angelo~~ ~~Age: 84~~	~~Trustee since~~ ~~1997~~	~~Retired, Professor~~ ~~Emeritus,~~ ~~Graduate School of~~ ~~Logistics and Acquisitions Management, Air Force~~ ~~Institute of Technology,~~ ~~Wright-Patterson AFB,~~ ~~Ohio (Retired since 1999)~~	5	~~None~~
~~Richard C. Russell~~ ~~Age: 67~~	~~Trustee since~~ ~~2003~~	~~Consultant, Danis~~ ~~Companies~~ ~~(construction and~~ ~~real estate~~ ~~development firm),~~ ~~(2002 - present)~~	5	~~Director,~~ ~~Excellence in~~ ~~Motivation~~ ~~(1994 - present);~~ ~~Director, DRT Manufacturing, Co.~~ ~~(1999 - present)~~
~~Ronald D. Brown~~ ~~Age: 61~~	~~Service on~~ ~~Board~~ ~~contingent~~ ~~upon~~ ~~requested shareholder approval~~	~~Chief Operating Officer,~~ ~~The Armor Group~~ ~~(2013-Present);~~ ~~Chief Financial Officer,~~ ~~Makino Inc.~~ ~~(2010 - 2013);~~ ~~Managing Director, Taft Business Consulting~~ ~~LLC. (2009 - 2013);~~ ~~Chairman & Chief Executive Officer,~~ ~~Milacron Inc.~~ ~~(Retired since 2008)~~	5	~~Director of AO~~ ~~Smith~~ ~~Corporation~~ ~~(2001 - present);~~ ~~Board Trustee of~~ ~~University of Cincinnati (2013 -~~ ~~present);~~ ~~Director of~~ ~~Makino Inc.~~ ~~(2010 - 2013)~~

[ ]	Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
	1)(1)	Amount Previously Paid:

Fund	Number of Shares Issued and Outstanding
James Aggressive Allocation Fund	1,255,295.700
James Balanced: Golden Rainbow Fund	56,370,773.550
James Micro Cap Fund	1,632,177.932
James Small Cap Fund	1,731,329.900

Fund	Fee Rates (annualized rate)
James Aggressive Allocation Fund	(a) at the annual rate of 0.98% of the average value of its net daily assets for assets up to and including $500 million, (b) at an annual rate of 0.95% of the average value of its daily net assets over $500 million up to and including $1 billion, (c) at an annual rate of 0.90% of the average daily net assets over $1 billion up to and including $2 billion, and (d) at an annual rate of 0.85% of the average value of its daily net assets over $2 billion.
James Balanced: Golden Rainbow Fund	(a) at the annual rate of 0.74% of the average value of its daily net assets for assets up to and including $500 million, (b) at the annual rate of 0.70% of the average value of its daily net assets for assets over $500 million up to and including $1 billion, (c) at the annual rate of 0.65% of the average value of its daily net assets for assets over $1 billion up to and including $2 billion, and (d) at the annual rate of 0.60% of the average value of its daily net assets for assets over $2 billion.
James Micro Cap Fund	(a) (i) at the annual rate of 1.50% of the average value of its daily net assets for assets up to and including $500 million, and (ii) at the annual rate of 1.45% of the average value of its daily net assets for assets over $500 million; minus (b) the fees and expenses of the non-interested person trustees incurred by the Fund.
James Small Cap Fund	(a) (i) at the annual rate of 1.25% of the average value of its daily net assets for assets up to and including $500 million, (ii) at the annual rate of 1.20% of the average value of its daily net assets for assets over $500 million up to and including $1 billion, (iii) at the annual rate of 1.15% of the average value of its daily net assets for assets over $1 billion up to and including $2 billion, and (iv) at the annual rate of 1.10% of the average value of its daily net assets for assets over $2 billion; minus (b) the fees and expenses of the non-interested person trustees incurred by the Fund.


~~INTERESTED TRUSTEE~~
~~Name/Address*/Age~~	~~Position(s)~~ ~~With~~ ~~Fund/Time Served/~~ ~~During Past~~ ~~5 years~~	~~Principal~~ ~~Occupation~~ ~~by Nominee~~	~~Number of Portfolios in Fund Complex Overseen~~	~~Other~~ ~~Directorships~~ ~~Held by Trustee~~ ~~During the Past~~ ~~Five Years~~
~~Barry R. James~~²~~, CFA~~ ~~Age: 57~~	~~President &~~ ~~Trustee~~ ~~since 1997~~	~~President and CEO,~~ ~~James Investment~~ ~~Research~~ ~~(2005 - present),~~ ~~Executive Vice~~ ~~President, James~~ ~~Investment Research~~ ~~(2000 - 2006), CEO~~ ~~and Director,~~ ~~James Capital~~ ~~Alliance (1992 -~~ ~~present)~~	5	~~Director, Heart to Honduras (2006 – present)~~ ~~Director, FAIR Foundation~~ ~~(2010 - present)~~

Name and Address*	Principal Occupation (all at JIR)	Position(s) with the Funds (if any)
Barry James	President, Chief Executive Officer, Chairman of the Board	Chairman of the Board, President
David James	Director of Research	N/A
Ann Shaw-Kremer	Chief Operating Officer	N/A
Lesley Ott	Chief Compliance Officer, Deputy Operating Officer	Chief Compliance Officer
John Finlay	Director	N/A
Martin Clark	Director	N/A

Fund		Number of Shares Issued and Outstanding
~~Trustee~~James Aggressive Allocation Fund	1,255,295.700
James Balanced: Golden Rainbow Fund	56,370,773.550
James Micro Cap Fund	1,632,177.932
James Small Cap Fund	1,731,329.900

Title of class	Name and address of beneficial owner	Amount and nature of beneficial ownership	Percent of class
N/A	James Investment Research PO Box 8 Alpha OH 45301-0008	241,707.848 Direct Ownership	19.26%
N/A	Frank E James, Jr. Trust P.O. Box 8 Alpha, OH 45301-0008	184,825.619 Direct Ownership	14.72%
N/A	James Investment Research Inc Pension And Profit Sharing Plan P.O. Box 8 Alpha, OH 45301-0008	165,538.389 Direct Ownership	13.19%
N/A	Dayton Foundation Donor Advised Fund 40 N Main St Suite 500 Dayton OH 45423-1038	82,684.825 Direct Ownership	6.59%

Title of Class	Name and Address of Beneficial Owner**	Number of Shares	Percent of Class
N/A	Barry R. James	59,001.16	4.70%
N/A	Anthony P. D'Angelo	2,201.70	*
N/A	Richard C. Russell	22,245.32	1.77%
N/A	Brian P. Shepardson	21,164.31	1.69%
N/A	Amy K. Broerman	6,091.81	*
N/A	Lesley Ott	1,312.91	*
N/A	Richard B. Culpepper	6,687.75	*


Name of the Trustee/Nominee	Aggregate Compensation from the Trust	Pension or Retirement Benefits Accrued as Part of Fund Expenses	Estimated Annual Benefits Upon Retirement	Aggregate Compensation From the Trust Paid to Trustees*
Barry R. James	$0	$0	$0	$0
Leslie L. Brandon	$26,000	$0	$0	$26,000
Anthony P. D’Angelo	$24,000	$0	$0	$24,000
Richard C. Russell	$24,000	$0	$0	$24,000
Ronald D. Brown	$0	$0	$0	$0
Robert F. Chelle	$0	$0	$0	$0


~~OFFICERS~~
~~Name/Address/Age~~	~~Positions Held With Fund/~~ ~~Date Service Began~~	~~Principal Occupation by Officer~~
~~Thomas L. Mangan~~ ~~James Investment~~ ~~Research, Inc.~~ ~~1349 Fairground Road~~ ~~Xenia, OH 45385~~ ~~Age: 64~~	~~Vice President, Secretary and~~ ~~Chief Financial Officer~~ ~~since 1997~~	~~Senior Vice President,~~ ~~James Investment Research, Inc.~~
~~Lesley Ott~~ ~~James Investment~~ ~~Research, Inc.~~ ~~1349 Fairground Road~~ ~~Xenia, OH 45385~~ ~~Age: 31~~	~~Chief Compliance Officer since 2012~~	~~Chief Compliance Officer, James Investment Research, Inc. and James Capital Alliance, Inc. (since 2012)~~
~~Richard Brian Culpepper~~ ~~James Investment~~ ~~Research, Inc.~~ ~~1349 Fairground Road~~ ~~Xenia, OH 45385~~ ~~Age: 42~~	~~Assistant Secretary since 2011~~	~~Vice President, James Investment Research, Inc.~~
~~JoEllen L. Legg,~~ ~~c/o ALPS Fund Services, Inc.~~ ~~1290 Broadway,~~ ~~Ste. 1100~~ ~~Denver, CO 80203~~ ~~Age: 52~~	~~Assistant Secretary since 2010~~	Vice President and Assistant General Counsel of ALPS Fund Services, Inc., ALPS Advisors Inc., ALPS Distributors Inc. and ALPS Portfolio Solutions Distributor, Inc. Ms. Legg is also the Assistant Secretary of the Griffin Institutional Access Real Estate Fund, Stone Harbor Investment Funds, Stone Harbor Emerging Markets Income Fund, Stone Harbor Emerging Markets Total Income Fund and WesMark Funds.


~~Fund~~	~~Class~~	~~Number of~~ ~~Shares~~ ~~Outstanding~~
~~James Balanced: Golden Rainbow Fund~~	~~Institutional~~		~~34,481,859.945~~
	~~Retail~~		~~103,349,186.826~~
~~James Small Cap Fund~~	~~Retail~~		~~4,693,901.765~~
~~James Mid Cap Fund~~	~~Retail~~		~~1,078,065.751~~
~~James Micro Cap Fund~~	~~Institutional~~		~~882,495.330~~
~~James Long-Short Fund~~	~~Retail~~		~~1,844,073.358~~


~~Name/Address~~	~~Percentage Owned~~	~~Beneficial or Record~~

~~James Balanced: Golden Rainbow Fund - Retail Class~~

National Financial Services LLC * ~~FBO its Customers~~ ~~200 Liberty Street One~~ ~~New York, NY 10281~~	~~43.48%~~	~~Record~~

Charles Schwab & Co. Inc. * ~~Special Custody Account FBO its Customers~~ ~~101 Montgomery Street~~ ~~San Francisco, CA 94104~~	~~26.80%~~	~~Record~~

~~James Balanced: Golden Rainbow Fund - Institutional Class~~

Merrill Lynch, Pierce, Fenner & Smith, Inc. * ~~FBO its Customers~~ ~~4800 Deer Lake Dr. East, 2~~^nd ~~Fl.~~ ~~Jacksonville, FL 32246~~	~~30.53%~~	~~Record~~
~~National Financial Services LLC~~ ~~FBO its Customers~~ ~~200 Liberty Street One~~ ~~New York, NY 10281~~	~~12.79%~~	~~Record~~
~~Morgan Stanley & Co., Inc.~~ ~~One New York Plaza, 12~~^th ~~Fl.~~ ~~New York, NY 10004~~	~~5.59%~~	~~Record~~



~~James Small Cap Fund~~
Charles Schwab & Co. Inc.* ~~Special Custody Account FBO its Customers~~ ~~101 Montgomery Street~~ ~~San Francisco, CA 94104~~	~~27.08%~~	~~Record~~
~~Merrill Lynch, Pierce, Fenner & Smith, Inc.~~ ~~FBO its Customers~~ ~~4800 Deer Lake Dr. East~~ ~~Jacksonville, FL 32246~~	~~19.65%~~	~~Record~~
~~National Financial Services LLC~~ ~~FBO its Customers~~ ~~200 Liberty Street~~ ~~Manhattan, NY 10281~~	~~15.39%~~	~~Record~~

~~James Mid Cap Fund~~
F.E. James, Ph.D.** ~~P.O. Box 8~~ ~~Alpha, OH 45301~~	~~31.67%~~	~~Record~~

James Investment Research Profit Sharing Plan** ~~P.O. Box 8~~ ~~Alpha, OH 45301~~	~~8.21%~~	~~Record~~

~~Merrill Lynch, Pierce, Fenner & Smith, Inc.~~ ~~FBO its Customers~~ ~~4800 Deer Lake Dr. East~~ ~~Jacksonville, FL 32246~~	~~6.11%~~	~~Record~~



~~James Long-Short Fund~~
F.E. James, Ph.D.** ~~P.O. Box 8~~ ~~Alpha, OH 45301-0008~~	~~27.73%~~	~~Record~~
~~National Financial Services LLC~~ ~~FBO its Customers~~ ~~200 Liberty Street~~ ~~Manhattan, NY 10281~~	~~12.25%~~	~~Record~~
~~David W. James, CFA~~ ~~P.O. Box 8~~ ~~Alpha, OH 45301~~	~~10.13%~~	~~Record~~
James Investment Research Profit Sharing Plan** ~~P.O. Box 8~~ ~~Alpha, OH 45301~~	~~7.45%~~	~~Record~~
~~Charles Schwab & Co. Inc.~~ ~~Special Custody Account FBO its Customers~~ ~~101 Montgomery Street~~ ~~San Francisco, CA 94104~~	~~6.54%~~	~~Record~~

~~James Micro-Cap Fund~~
F.E. James, Ph.D.** ~~P.O. Box 8~~ ~~Alpha, OH 45301~~	~~35.17%~~	~~Record~~
James Investment Research Profit Sharing Plan** ~~P.O. Box 8~~ ~~Alpha, OH 45301~~	~~9.64%~~	~~Record~~
~~Charles Schwab & Co. Inc.~~ ~~Special Custody Account FBO its Customers~~ ~~101 Montgomery Street~~ ~~San Francisco, CA 94104~~	~~9.81%~~	~~Record~~
~~National Financial Services LLC~~ ~~FBO its Customers~~ ~~200 Liberty Street, One Manhattan, NY 10281~~	~~6.81%~~	~~Record~~

EXHIBIT A:	Forms of New Advisory Agreements
EXHIBIT B:	Data Regarding Current Advisory Agreement and New Advisory Agreements

Yours very truly,

The James Advantage Funds		~~THE JAMES ADVANTAGE FUNDS~~ ~~THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES~~

	The undersigned shareholder of The James Advantage Funds, an Ohio business trust (the “Trust”), hereby appoints Thomas L. Mangan and Lesley Ott, or either of them, as proxies for the undersigned, with full power of substitution in each of them, to attend the Special Meeting of the Shareholders (the “Special Meeting”) of the Trust, to be held at the offices of the Trust, 1349 Fairground Road, Xenia, Ohio 45385 on November 10, 2014, at 8:00 a.m., local time, and any adjournment or postponement thereof, to cast on behalf of the undersigned all votes that the undersigned is entitled to cast at the Special Meeting and otherwise to represent the undersigned at the Special Meeting with all powers possessed by the undersigned if personally present at the Special Meeting. The undersigned hereby acknowledges receipt of the Notice of the Special Meeting and of the accompanying Proxy Statement and revokes any proxy heretofore given with respect to the Special Meeting. The votes entitled to be cast by the undersigned will be cast as instructed on the reverse. If this Proxy is executed but no instruction is given, the votes entitled to be cast by the undersigned will be cast FOR the nominees for trustee and, in any event, in the discretion of the Proxy holder on any other matter that may properly come before the meeting or any adjournment or postponement thereof. By:

Current Agreement	Last approved by Board on	Last approved by Shareholders on
James Aggressive Allocation Fund	February 20, 2019	July 1, 2015
James Balanced: Golden Rainbow Fund	February 20, 2019	May 4, 1998
James Micro Cap Fund	February 20, 2019	July 1, 2010
James Small Cap Fund	February 20, 2019	October 1, 1998

Aggregate Advisory Fees Paid by the Fund to JIR for Fiscal Year Ended June 30, 2018	Aggregate Other Payments by the Fund to JIR for Fiscal Year Ended June 30, 2018	Aggregate Other Payments by the Fund to Affiliates of JIR or Affiliates of Such Affiliates for Fiscal Year Ended June 30, 2018
$20,399,985	$609,197	$0