0001045487 jaf:S000003563Member jaf:C000009903Member 2011-11-02 2012-11-01 0001045487 jaf:S000012708Member jaf:C000034244Member 2011-11-02 2012-11-01 0001045487 jaf:S000029269Member jaf:C000090023Member 2011-11-02 2012-11-01 0001045487 jaf:S000029269Member 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:InstitutionalClassSharesMember jaf:C000075008Member 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:RetailClassSharesMember jaf:C000009900Member 2011-11-02 2012-11-01 0001045487 jaf:S000003563Member 2011-11-02 2012-11-01 0001045487 jaf:S000012708Member 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:InstitutionalClassSharesMember 2011-11-02 2012-11-01 0001045487 jaf:S000025221Member 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:RetailClassSharesMember 2011-11-02 2012-11-01 0001045487 jaf:S000025221Member jaf:C000075177Member 2011-11-02 2012-11-01 0001045487 2011-11-02 2012-11-01 0001045487 jaf:S000003563Member rr:AfterTaxesOnDistributionsMember jaf:C000009903Member 2011-11-02 2012-11-01 0001045487 jaf:S000003563Member rr:AfterTaxesOnDistributionsAndSalesMember jaf:C000009903Member 2011-11-02 2012-11-01 0001045487 jaf:S000003563Member jaf:RussellTwoThousandIndexMember 2011-11-02 2012-11-01 0001045487 jaf:S000029269Member rr:AfterTaxesOnDistributionsMember jaf:C000090023Member 2011-11-02 2012-11-01 0001045487 jaf:S000029269Member rr:AfterTaxesOnDistributionsAndSalesMember jaf:C000090023Member 2011-11-02 2012-11-01 0001045487 jaf:S000029269Member jaf:RussellMicroCapIndexMember 2011-11-02 2012-11-01 0001045487 jaf:S000012708Member rr:AfterTaxesOnDistributionsMember jaf:C000034244Member 2011-11-02 2012-11-01 0001045487 jaf:S000012708Member rr:AfterTaxesOnDistributionsAndSalesMember jaf:C000034244Member 2011-11-02 2012-11-01 0001045487 jaf:S000012708Member jaf:SAndPMidCapFourHundredIndexMember 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:InstitutionalClassSharesMember rr:AfterTaxesOnDistributionsMember jaf:C000075008Member 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:InstitutionalClassSharesMember rr:AfterTaxesOnDistributionsAndSalesMember jaf:C000075008Member 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:InstitutionalClassSharesMember jaf:BlendedMember 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:RetailClassSharesMember rr:AfterTaxesOnDistributionsMember jaf:C000009900Member 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:RetailClassSharesMember rr:AfterTaxesOnDistributionsAndSalesMember jaf:C000009900Member 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:RetailClassSharesMember jaf:SAndPFiveHundredIndexMember 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:InstitutionalClassSharesMember jaf:SAndPFiveHundredIndexMember 2011-11-02 2012-11-01 0001045487 jaf:S000003560Member jaf:RetailClassSharesMember jaf:BlendedMember 2011-11-02 2012-11-01 pure iso4217:USD 2012-09-30 2012-09-30 2012-09-30 <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleShareholderFeesJAMESMICROCAPFUND column period compact * ~</div> 2012-09-30 2012-09-30 818 823 Example: Example: Example: Example: Example Example: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Funds performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89% of the average value of its portfolio. 823 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio. www.jamesfunds.com The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 85% of the average value of its portfolio. 455 0.5364 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio. 0.0008 1345 www.jamesfunds.com www.jamesfunds.com www.jamesfunds.com 590 www.jamesfunds.com 0.1822 FUND SUMMARY - JAMES SMALL CAP FUND Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) FUND SUMMARY - JAMES MID CAP FUND Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) FUND SUMMARY - JAMES BALANCED: GOLDEN RAINBOW FUND Institutional Class Shares FUND SUMMARY - JAMES MICRO CAP FUND Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The bar chart and performance table below illustrate the variability of the Funds returns, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Funds average annual total returns over time compare with the returns of a broad-based securities market index. Shareholder Fees (fees paid directly from your investment) FUND SUMMARY - JAMES<a name="pro2429522_4"></a> LONG-SHORT FUND Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.049 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 159% of the average value of its portfolio. <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualFundOperatingExpensesJamesSmallCapFund column period compact * ~</div> 0.071 <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualFundOperatingExpensesJAMESMICROCAPFUND column period compact * ~</div> The bar chart and performance table below illustrate the variability of the of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Fund for one year and since inception and by showing how the average annual total returns of the Fund over time compare with the returns of a broad-based securities market index. 0.0715 The bar chart and performance table below illustrate the variability of the Funds returns, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Funds average annual total returns over time compare with the returns of a broad-based securities market index. When this information is provided, it will illustrate the variability of the Funds returns and give some indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year and by showing how the Funds average annual returns compare with those of a broad measure of market performance. 0.0704 FUND SUMMARY - JAMES B<a name="pro2429522_1"></a>ALANCED: GOLDEN RAINBOW FUND (RETAIL CLASS) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio. <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualFundOperatingExpensesJamesLong-ShortFund column period compact * ~</div> 0.0684 <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualFundOperatingExpensesJamesBalanced:GoldenRainbowFund column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualFundOperatingExpensesJamesMidCapFund column period compact * ~</div> The bar chart and performance table below illustrate the variability of the of the returns of the Institutional Class shares of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class shares of the Fund from year to year and by showing how the average annual total returns of the Institutional Class shares of the Fund over time compare with the returns of a broad-based securities market index. The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Funds average annual total returns over time compare with the returns of a broad-based securities market index. <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualFundOperatingExpensesJamesBalanced:GoldenRainbowFundRetailClass column period compact * ~</div> 485BPOS 153 154 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: JAMES ADVANTAGE FUNDS 2012-10-29 Principal Investment Strategies This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 2010-07-01 The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 154 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Principal Investment Strategies 1-800-99 JAMES (1-800-995-2637) The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares of the end of those periods The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 84 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Principal Investment Strategies <table cellspacing="0" cellpadding="0" width="82%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td width="32%"></td><td valign="bottom" width="1%"></td><td width="31%"></td></tr> <tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Best Quarter</div></td><td valign="bottom"> </td><td valign="bottom">2nd Quarter 2003</td><td valign="bottom"> </td><td valign="bottom">25.01%</td></tr><tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Worst Quarter</div></td><td valign="bottom"> </td><td valign="bottom">4th Quarter 2008</td><td valign="bottom"> </td><td valign="bottom" nowrap="nowrap">-20.84%</td></tr></table> The Funds year-to-date return as of September 30, 2012 was 4.90%. Average Annual Total Returns (as of December 31, 2011) After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). When the Return After Taxes on Distributions and Sale of Fund Shares is higher than Return Before Taxes, it is because of realized losses. If a capital loss occurs upon the redemption of a Funds shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder. Average Annual Total Returns (as of December 31, 2011) The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: When the Return After Taxes on Distributions and Sale of Fund Shares is higher than Return Before Taxes, it is because of realized losses. If a capital loss occurs upon the redemption of a Funds shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). When the "Return After Taxes on Distributions and Sale of Fund Shares" is higher than "Return Before Taxes", it is because of realized losses. If a capital loss occurs upon the redemption of a Fund's shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder. 256 <table cellspacing="0" cellpadding="0" width="82%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td width="32%"></td><td valign="bottom" width="1%"></td><td width="31%"></td></tr> <tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Best Quarter</div></td><td valign="bottom"> </td><td valign="bottom">3rd Quarter 2009</td><td valign="bottom"> </td><td valign="bottom">17.51%</td></tr><tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Worst Quarter</div></td><td valign="bottom"> </td><td valign="bottom">4th Quarter 2008</td><td valign="bottom"> </td><td valign="bottom" nowrap="nowrap">- 22.47%</td></tr></table> The Funds year-to-date return as of September 30, 2012 was 7.10% Principal Investment Strategies <table cellspacing="0" cellpadding="0" width="82%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td width="32%"></td><td valign="bottom" width="1%"></td><td width="31%"></td></tr> <tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Best Quarter</div></td><td valign="bottom"> </td><td valign="bottom">4th Quarter 2011</td><td valign="bottom"> </td><td valign="bottom">17.70%</td></tr><tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Worst Quarter</div></td><td valign="bottom"> </td><td valign="bottom">3rd Quarter 2011</td><td valign="bottom"> </td><td valign="bottom" nowrap="nowrap">-22.75%</td></tr></table> The Fund's year-to-date return as of September 30, 2012 was 7.15%. Average Annual Total Returns (as of December 31, 2011) <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualTotalReturnsJAMESMICROCAPFUNDBarChart column period compact * ~</div> 2006-06-30 <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualTotalReturnsJamesSmallCapFundBarChart column period compact * ~</div> Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). When the Return After Taxes on Distributions and Sale of Fund Shares is higher than Return Before Taxes, it is because of realized losses. If a capital loss occurs upon the redemption of a Funds shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder. Non-Diversification Risk: As a non-diversified fund, the Fund may invest more of its assets in the securities of issuers that each represent greater than 5% of the Funds total assets. Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. This fluctuation, if significant, may affect the performance of the Fund. 1-800-99 JAMES (1-800-995-2637) 1-800-99 JAMES (1-800-995-2637) When the "Return After Taxes on Distributions and Sale of Fund Shares" is higher than "Return Before Taxes", it is because of realized losses. If a capital loss occurs upon the redemption of a Fund's shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder. When the Return After Taxes on Distributions and Sale of Fund Shares is higher than Return Before Taxes, it is because of realized losses. If a capital loss occurs upon the redemption of a Funds shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder. Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus. Non-Diversification Risk: As a non-diversified fund, the Fund may invest more of its total assets in the securities of issuers that each represent greater than 5% of the Funds total assets. Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. This fluctuation, if significant, may affect the performance of the Fund. 1-800-99 JAMES (1-800-995-2637) <table cellspacing="0" cellpadding="0" width="82%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td width="32%"></td><td valign="bottom" width="1%"></td><td width="31%"></td></tr> <tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Best Quarter</div></td><td valign="bottom"> </td><td valign="bottom">3rd Quarter 2010</td><td valign="bottom"> </td><td valign="bottom">6.70%</td></tr><tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Worst Quarter</div></td><td valign="bottom"> </td><td valign="bottom">3rd Quarter 2011</td><td valign="bottom"> </td><td valign="bottom" nowrap="nowrap">- 4.69%</td></tr></table> The Funds Institutional Class year-to-date return as of September 30, 2012 was 7.04%. Average Annual Total Returns (Institutional Class Shares) (as of December 31, 2011) 109 2009-03-02 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). Principal Investment Strategies Average Annual Total Returns (as of December 31, 2011) <table cellspacing="0" cellpadding="0" width="82%" border="0" style="BORDER-COLLAPSE:COLLAPSE"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td width="32%"></td><td valign="bottom" width="1%"></td><td width="31%"></td></tr> <tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Best Quarter</div></td><td valign="bottom"> </td><td valign="bottom">2nd Quarter 2003</td><td valign="bottom"> </td><td valign="bottom">9.89%</td></tr><tr><td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Worst Quarter</div></td><td valign="bottom"> </td><td valign="bottom">1st Quarter 2009</td><td valign="bottom"> </td><td valign="bottom" nowrap="nowrap">- 7.09%</td></tr></table> The Funds Retail Class Shares year-to-date return as of September 30, 2012 was 6.84%. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualTotalReturnsJamesMidCapFundBarChart column period compact * ~</div> Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus. Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the Financial Highlights section of this prospectus. 1-800-99 JAMES (1-800-995-2637) <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualTotalReturnsJamesBalanced:GoldenRainbowFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAnnualTotalReturnsJamesBalanced:GoldenRainbowFundRetailClassBarChart column period compact * ~</div> 0.015 474 0.1043 0.1041 0.0681 -0.0418 0.0882 0.0865 0.0781 0.0562 0.015 Investment Objective Fees and Expenses of the Fund 477 2012-06-30 -0.0657 Portfolio Turnover: -0.0657 -0.0665 -0.0418 -0.0927 0001045487 Investment Objective The Fund invests primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued. Equity securities that the Fund will principally invest in are common stocks, preferred stocks and exchange traded funds (ETFs) that invest primarily in equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes, if any) in equity securities of small capitalization companies. Shareholders of the Fund will be provided with at least 60 days prior notice of any change in the Funds 80% investment policy. Small capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the Russell 2000® Index, including ETFs that invest primarily in such securities. As of September 30, 2012, the largest market capitalization of the companies included in the Russell 2000® Index was $4.45 billion. Micro cap securities are considered small capitalization securities.The Fund anticipates investing across a range of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Russell 2000® Index because the Adviser seeks the best investment opportunities regardless of sector. The sectors in which the Fund may be overweighted or underweighted will vary at different points in the economic cycle. Fees and Expenses of the Fund 0.0151 All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds investments goes down, your investment in the Fund decreases in value and you could lose money.Management Risk: The Advisers judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market.Small Cap Company Risk: Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. The prices of micro cap securities generally are more volatile and their markets less liquid relative to larger cap securities. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. Foreign Investment Risk: Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Funds performance to fluctuate more than if it held only U.S. securities.Sector Risk: Equity securities within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate in a particular sector.Exchange Traded Fund Risk: An ETF may trade at a discount to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged by the underlying ETFs in which the Fund invests in addition to the Funds direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. 477 Investment Objective You may lose money by investing in the Fund. Investment Objective Portfolio Turnover: Fees and Expenses of the Fund Fees and Expenses of the Fund 0.0082 The Fund invests primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued. Equity securities that the Fund will principally invest in are common stocks, preferred stocks and exchange traded funds (ETFs) that invest primarily in equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes, if any) in equity securities of mid capitalization companies. Shareholders of the Fund will be provided with at least 60 days prior notice of any change in the Funds 80% investment policy. Mid capitalization companies are defined as those companies with market capitalizations at the time of purchase of $1 billion to $8 billion, including ETFs that invest primarily in such securities.The Fund anticipates investing across a range of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the S&P 400® Index because the Adviser seeks the best investment opportunities regardless of sector. The sectors in which the Fund may be overweighted or underweighted will vary at different points in the economic cycle. Annual Total Returns (Years ended December 31): Investment Objective Portfolio Turnover: Fees and Expenses of the Fund The Fund invests primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued. Equity securities include common stocks, preferred stocks and exchange traded funds (ETFs) that invest primarily in equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes, if any) in equity securities of micro capitalization companies. Micro capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than $250 million. The Fund anticipates investing across a range of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Russell 2000® Micro Cap Index because the Adviser seeks the best investment opportunities regardless of sector. The sectors in which the Fund may be overweighted or underweighted will vary at different points in the economic cycle. The Adviser uses a disciplined sell strategy for the Fund. If the market capitalization of a stock held by the Fund increases to above $500 million, the Adviser may sell it. The Adviser may also sell securities because of a deterioration of the underlying companys financials, such as earnings or cash flow, or because of an increase in the price of a stock that would make it expensive relative to the other stocks held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment in which the company operates. 262 -0.024 -0.357 0.1043 Portfolio Turnover: 2003-06-30 0.2501 Worst Quarter 2008-12-31 0.0101 0.0014 All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds investments goes down, your investment in the Fund decreases in value and you could lose money. Management Risk: The Advisers judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market. Micro Cap Company Risk: Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. These risks are enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. The prices of micro cap securities generally are even more volatile and their markets considerably less liquid than small cap and mid cap securities. In addition, as any size of trade can have a large percentage impact on the price of a micro cap stock, the Fund will be more susceptible to sudden and significant losses. Sector Risk: Equity securities within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate in a particular sector. Exchange Traded Fund Risk: An ETF may trade at a discount to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged by the underlying ETFs in which the Fund invests in addition to the Funds direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. Non-Diversification Risk: As a non-diversified fund, the Fund may invest more of its assets in the securities of issuers that each represent greater than 5% of the Funds total assets. Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. This fluctuation, if significant, may affect the performance of the Fund. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds investments goes down, your investment in the Fund decreases in value and you could lose money.Management Risk: The Advisers judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market.Mid Cap Company Risk: Mid capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies.Foreign Investment Risk: Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Funds performance to fluctuate more than if it held only U.S. securities.Sector Risk: Equity securities within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate in a particular sector.Exchange Traded Fund Risk: An ETF may trade at a discount to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged by the underlying ETFs in which the Fund invests in addition to the Funds direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. 0.0267 Under normal circumstances, the Fund invests primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities. Equity securities that the Fund will principally invest in are common stocks, preferred stocks and exchange traded funds (ETFs) that invest primarily in equity securities. Some or all of the equity portion of the Fund may be invested in small and micro capitalization companies. Fixed income securities that the Fund will principally invest in are U.S. government securities, corporate bonds, municipal bonds and/or sovereign bonds of any maturity, as well as ETFs that invest primarily in such securities. Any non-US government securities in the Funds portfolio will consist primarily of issues rated "Baa2" or better by Moody's Investors Service, Inc. ("Moody's") or BBB or better by Standard & Poor's Ratings Group ("S&P") and unrated securities determined by the Adviser to be of equivalent quality, as well as high quality money market instruments. The Fund will attempt to provide total return in excess of the rate of inflation over the long term (3 to 5 years). After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). Annual Total Return (Years ended December 31): -0.3488 787 Portfolio Turnover: Worst Quarter The Fund invests primarily in foreign and domestic equity securities (long positions) that the Adviser believes are undervalued and more likely to appreciate, and sells short equity securities (short positions) that the Adviser believes are overvalued and more likely to depreciate. The Fund also may take long positions in domestic and foreign fixed income securities that the Adviser believes are more likely to appreciate in the interest rate and spread environment anticipated by the Adviser, and short positions in fixed income securities that the Adviser believes are more likely to depreciate in the interest rate and spread environment anticipated by the Adviser. The Fund seeks to achieve positive returns on both the long positions and short positions that it takes in various securities. At any one time, the Fund can have up to 100% of its total assets (including any borrowings) invested in long positions or short positions.Equity securities that the Fund will principally invest in are common stocks, preferred stocks and real estate investment trusts (REITs), as well as exchange traded funds (ETFs) that invest primarily in equity securities and exchange traded notes (ETNs) whose returns are linked to an equity index. Fixed income securities that the Fund will principally invest in are corporate bonds, notes, high yield bonds, municipal securities, U.S. government securities and sovereign and supranational securities, as well as ETFs that invest primarily in such securities and ETNs whose returns are linked to fixed income indexes, currencies or interest rates. The Fund may take long and short positions in fixed income securities of any maturity or credit quality. A significant portion of the Fund's long and short equity positions may be invested in smaller capitalization securities. The Fund is non-diversified, which means that it can invest a relatively high percentage of its assets in a limited number of securities.When the Adviser believes market conditions are appropriate, the Fund may borrow money from banks to make additional portfolio investments. These loans may be structured as secured or unsecured loans, and may have fixed or variable interest rates. The Fund may borrow an amount equal to as much as one-third of the value of its total assets (which includes the amount borrowed). The Fund will only engage in borrowing when the Adviser believes the return from the additional investments will be greater than the costs associated with the borrowing. 2009-09-30 0.1751 2008-12-31 Annual Total Returns (Years ended December 31): -0.0215 -0.0237 -0.0132 -0.0243 All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds investments goes down, your investment in the Fund decreases in value and you could lose money. Fixed Income Risk: The Fund invests in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Funds fixed income securities will generally decline, and those securities with longer terms generally will decline more. Your investment will decline in value if the value of the Funds investments decreases. There is a risk that issuers and counterparties will not make payments on fixed income securities and repurchase agreements held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuers financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. Management Risk: The Advisers judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market. Small Cap Company Risk: Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. Foreign Investment Risk: Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Funds performance to fluctuate more than if it held only U.S. securities. Municipal Securities Risk: The power or ability of an issuer to make principal and interest payments on municipal securities may be materially adversely affected by economic conditions, litigation or other factors. The Fund's right to receive principal and interest payments may be subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, as wells as laws, if any, which may be enacted by Congress or state legislatures extending the time for payment of principal and/or interest or imposing other constraints upon the enforcement of such obligations. In addition, substantial changes in federal income tax laws could cause municipal security prices to decline because the demand for municipal securities is strongly influenced by the value of tax exempt income to investors. Sovereign Debt Risk: The Fund may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Funds net asset value, may be more volatile than prices of U.S. debt obligations. Exchange Traded Fund Risk: An ETF may trade at a discount to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged by the underlying ETFs in which the Fund invests in addition to the Funds direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. You may lose money by investing in the Fund. You may lose money by investing in the Fund. 2011-12-31 0.177 Worst Quarter 2011-09-30 After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. You may lose money by investing in the Fund. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund.Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds investments goes down, your investment in the Fund decreases in value and you could lose money.Fixed Income Risk: Fixed income securities are subject to inherent market risks and fluctuations in value due to changes in earnings, economic conditions, quality ratings and other factors beyond the control of the Adviser. These securities are also subject to price fluctuations based on changes in interest rates. If rates increase, the value of the Funds fixed income securities generally will decline, and those securities with longer terms generally will decline more. There is a risk that issuers and counterparties will not make payments on fixed income securities held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuers financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security.Management Risk: The Advisers judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. If the Adviser does not correctly identify undervalued and overvalued equity securities, or anticipate future interest rate and spread environments, the Fund may experience losses regardless of the overall performance of the markets.Short Selling Risk: The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. In addition, a lender may request that securities sold short be returned to the lender on short notice, in which case the Fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. The Fund's losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the Advisers ability to accurately anticipate the future value of a security.Smaller Cap Company Risk: Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. These risks are enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. The prices of micro cap securities generally are even more volatile and their markets less liquid than other small or mid cap securities. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock.REIT Risk: To the extent that the Fund invests in companies that invest in real estate, such as REITs, the Fund may be subject to risk associated with the real estate market as a whole, such as taxation, regulations, and economic and political factors that negatively impact the real estate market, and with direct ownership of real estate, such as decreases in real estate values, overbuilding, environmental liabilities and increases in operating costs, interest rates and/or property taxes.Exchange Traded Fund Risk: An ETF may trade at a discount to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged by the underlying ETFs in which the Fund invests in addition to the Funds direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default).Exchange Traded Note Risk: ETNs are synthetic securities, typically unsecured, with returns linked to the performance of a market index. An ETN does not own the underlying index it is tracking, and thus the Fund will have no claim on the index and will be totally reliant on the counterparty for payment. ETNs are subject to credit risk of the counterparty, and the value of an ETN will vary and will be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets to which its payments are linked, changes in the applicable interest rates, changes in the issuers credit rating, and economic, legal, political, or geographic events. The Fund will bear its proportionate share of any fees and expenses borne by the ETN.Sector Risk: Equity securities within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate in a particular sector.High Yield Securities Risk: The Fund may be subject to greater levels of price volatility as a result of investing in high yield securities and unrated securities of similar credit quality (commonly known as junk bonds) than funds that do not invest in such securities. Such bonds are considered to be predominately speculative because of the issuers lower ability to make principal and interest payments. An economic downturn, a period of rising interest rates or increased price volatility could adversely affect the market for these securities, and reduce the number of buyers should the Fund need to sell these securities (liquidity risk). Should an issuer declare bankruptcy, there may be potential for partial recovery of the value of the bonds, but the Fund could also lose its entire investment.Municipal Securities Risk: Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the Funds investments in such securities. Changes or proposed changes in federal tax laws may also cause the prices of municipal securities to fall and adversely affect the Funds investment.Foreign Investment Risk: Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Funds performance to fluctuate more than if it held only U.S. securities.Sovereign and Supranational Debt Risk: The Fund may invest in sovereign and supranational debt obligations. Investment in sovereign and supranational debt obligations involves special risks not present in foreign corporate debt obligations. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign and supranational debt, and the Funds net asset value, may be more volatile than prices of U.S. debt obligations.Non-Diversification Risk: As a non-diversified fund, the Fund may invest more of its total assets in the securities of issuers that each represent greater than 5% of the Funds total assets. Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. This fluctuation, if significant, may affect the performance of the Fund.Borrowing Risk: Borrowing magnifies the potential for gain or loss of the Fund, and therefore increases the possibility of a fluctuation in the Funds net asset value (NAV). This is the speculative factor known as leverage. Because the Funds investments will fluctuate in value, whereas the interest obligations on borrowed funds may be fixed, during times of borrowing, the Funds NAV may tend to increase more when its investments increase in value, and decrease more when its investments decrease in value. Unless profits on assets acquired with borrowed funds exceed the costs of borrowing, the use of borrowing will diminish the investment performance of the Fund compared with what it would have been without borrowing.Portfolio Turnover Risk: The Fund will likely have a high portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs and may expose taxable shareholders to potentially larger current tax liability. Industry practice is to calculate the turnover ratio only on the Fund's long portfolio. If short positions were also included in this calculation, the Fund's turnover ratio would likely be higher. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). You may lose money by investing in the Fund. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). 2010-09-30 0.067 Worst Quarter 2011-09-30 Annual Total Returns (Institutional Class Shares) (Years ended December 31): 0.0107 0.0502 0.0443 0.0376 0.028 340 0.0477 0.043 0.0353 0.0211 0.0736 0.0656 0.0608 0.0292 0.0211 0.028 0.0526 Investment Objective Fees and Expenses of the Fund Portfolio Turnover: Annual Total Returns (Retail Class Shares) (Years ended December 31): Under normal circumstances, the Fund invests primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities. Equity securities that the Fund will principally invest in are common stocks, preferred stocks and exchange traded funds (ETFs) that invest primarily in equity securities. Some or all of the equity portion of the Fund may be invested in small and micro capitalization companies. Fixed income securities that the Fund will principally invest in are U.S. government securities, corporate bonds, municipal bonds and/or sovereign bonds of any maturity, as well as ETFs that invest primarily in such securities. Any non-US government securities in the Funds portfolio will consist primarily of issues rated Baa2 or better by Moodys Investors Service, Inc. (Moodys) or BBB or better by Standard & Poors Ratings Group (S&P) and unrated securities determined by the Adviser to be of equivalent quality, as well as high quality money market instruments. The Fund will attempt to provide total return in excess of the rate of inflation over the long term (3 to 5 years). All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Funds investments goes down, your investment in the Fund decreases in value and you could lose money. Fixed Income Risk: The Fund invests in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Funds fixed income securities generally will decline, and those securities with longer terms generally will decline more. Your investment will decline in value if the value of the Funds investments decreases. There is a risk that issuers and counterparties will not make payments on fixed income securities and repurchase agreements held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuers financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. Management Risk: The Advisers judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market. Small Cap Company Risk: Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. Foreign Investment Risk: Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Funds performance to fluctuate more than if it held only U.S. securities. Municipal Securities Risk: The power or ability of an issuer to make principal and interest payments on municipal securities may be materially adversely affected by economic conditions, litigation or other factors. The Fund's right to receive principal and interest payments may be subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, as wells as laws, if any, which may be enacted by Congress or state legislatures extending the time for payment of principal and/or interest or imposing other constraints upon the enforcement of such obligations. In addition, substantial changes in federal income tax laws could cause municipal security prices to decline because the demand for municipal securities is strongly influenced by the value of tax exempt income to investors. Sovereign Debt Risk: The Fund may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Funds net asset value, may be more volatile than prices of U.S. debt obligations. Exchange Traded Fund Risk: An ETF may trade at a discount to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged by the underlying ETFs in which the Fund invests in addition to the Funds direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. 2003-06-30 0.0989 Worst Quarter 2009-03-31 You may lose money by investing in the Fund. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholders tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). 0.0502 -0.0079 -0.0553 0.0477 -0.0215 0.0124 0.0025 0.0001 1788 0.0035 0.0031 0.0029 0.0015 0.0143 0 0.0007 James Small Cap Fund (the Fund) seeks to provide long-term capital appreciation. 1799 false 0.0544 0.0538 0.0463 0.1156 0.89 2012-10-29 2012-11-01 Principal Risks James Mid Cap Fund (the Fund) seeks to provide long-term capital appreciation. 0.012 0.0025 0.0005 0.0001 James Balanced: Golden Rainbow Fund (the Fund) seeks to provide total return through a combination of growth and income and preservation of capital in declining markets. James Micro Cap Fund (the Fund) seeks to provide long-term capital appreciation. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. 0.007 0 Performance 0.0012 0 The bar chart and performance table below illustrate the variability of the Funds returns, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Funds average annual total returns over time compare with the returns of a broad-based securities market index. Of course, the Funds past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesfunds.com or by calling 1-800-99 JAMES (1-800-995-2637). Principal Risks Of course, the Funds past performance is not necessarily an indication of how the Fund will perform in the future. James Long-Short Fund (the Fund) seeks to provide long-term capital appreciation 0.2618 0.0751 0.1249 -0.0616 1013 0.2004 Principal Risks 0.2724 year-to-date return Best Quarter 0.36 -0.2084 0.0118 0.0025 0.0123 Performance 0.0001 The bar chart and performance table below illustrate the variability of the Funds returns, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Funds average annual total returns over time compare with the returns of a broad-based securities market index. Of course, the Funds past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesfunds.com or by calling 1-800-99 JAMES (1-800-995-2637). Performance 0.0163 0.2757 Principal Risks 0.2243 2861 The bar chart and performance table below illustrate the variability of the of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Fund for one year and since inception and by showing how the average annual total returns of the Fund over time compare with the returns of a broad-based securities market index. Of course, the past performance of the Fund is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesfunds.com or by calling 1-800-99 JAMES (1-800-995-2637). Best Quarter year-to-date return Principal Risks -0.2247 <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleExpenseExampleTransposedJAMESMICROCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleExpenseExampleTransposedJamesSmallCapFund column period compact * ~</div> 0.0013 0.0023 0.0016 0.0138 0.0102 0.0255 0.0113 0.0124 <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJAMESMICROCAPFUND column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJamesSmallCapFund column period compact * ~</div> -0.02 0.85 An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. 0.36 Of course, the past performance of the Fund is not necessarily an indication of how the Fund will perform in the future. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. year-to-date return Best Quarter -0.2275 Of course, the Funds past performance is not necessarily an indication of how the Fund will perform in the future. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Performance Performance The bar chart and performance table below illustrate the variability of the of the returns of the Institutional Class shares of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class shares of the Fund from year to year and by showing how the average annual total returns of the Institutional Class shares of the Fund over time compare with the returns of a broad-based securities market index. Of course, the past performance of the Institutional Class shares of the Fund is not necessarily an indication of how the Institutional Class shares of the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesfunds.com or by calling 1-800-99 JAMES (1-800-995-2637). Performance information is not included because the Fund has not yet completed a full calendar year of performance. When this information is provided, it will illustrate the variability of the Funds returns and give some indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year and by showing how the Funds average annual returns compare with those of a broad measure of market performance. 1.59 1799 An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Performance information is not included because the Fund has not yet completed a full calendar year of performance. Of course, the past performance of the Institutional Class shares of the Fund is not necessarily an indication of how the Institutional Class shares of the Fund will perform in the future. 0.144 Best Quarter -0.0469 year-to-date return 0.007 0.0025 0.0012 0 0.1505 0.1439 0.1278 0.1717 1304 0.0561 0.05 0.0458 -0.0025 0.2554 0.0354 Principal Risks Performance James Balanced: Golden Rainbow Fund (the Fund) seeks to provide total return through a combination of growth and income and preservation of capital in declining markets. The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Funds average annual total returns over time compare with the returns of a broad-based securities market index. Of course, the Funds past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesfunds.com or by calling 1-800-99 JAMES (1-800-995-2637). year-to-date return Best Quarter -0.0709 <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleExpenseExampleTransposedJamesLong-ShortFund column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleExpenseExampleTransposedJamesBalanced:GoldenRainbowFund column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJamesBalanced:GoldenRainbowFund column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleExpenseExampleTransposedJamesMidCapFund column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJamesMidCapFund column period compact * ~</div> An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Of course, the Funds past performance is not necessarily an indication of how the Fund will perform in the future. <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJamesBalanced:GoldenRainbowFundRetailClass column period compact * ~</div> <div style="display:none">~ http://www.jamesfunds.com/role/ScheduleExpenseExampleTransposedJamesBalanced:GoldenRainbowFundRetailClass column period compact * ~</div> 0.1297 0.0837 0.079 0.0861 0.0712 0.1406 0.36 Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.