Securities Act File No. 333-37277

Investment Company Act File No. 811-8411

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	[  ]
Pre-Effective Amendment No.	[  ]
Post-Effective Amendment No. 49	[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	[  ]
Amendment No. 50	[X]

The James Advantage Funds

1290 Broadway, Suite 1100

Denver, Colorado 80203

(Address of Principal Executive Office)

Registrant's Telephone Number, including Area Code: (937) 426-7640

Barry R. James, P.O. Box 8, Alpha, Ohio 45301

(Name and Address of Agent for Service)

With copy to:

Peter H. Schwartz, Esq., Davis Graham & Stubbs LLP

1550 17^th Street, Suite 500, Denver, Colorado 80202

Approximate Date of Proposed Public Offering:

It is proposed that this filing will become effective:

[X] immediately upon filing pursuant to paragraph (b)

[  ] on (date) pursuant to paragraph (b)

[  ] 60 days after filing pursuant to paragraph (a)(1)

[  ] on (date) pursuant to paragraph (a)(1)

[  ] 75 days after filing pursuant to paragraph (a)(2)

[  ] on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

[  ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cincinnati and the State of Ohio on the 19th day of November, 2018.

THE JAMES ADVANTAGE FUNDS
By:	/s/ Barry R. James
	Barry R. James
	President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

Signature	Title	Date
/s/ Barry R. James	Trustee and President	November 19, 2018
Barry R. James	(principal executive officer)
/s/ Amy K. Broerman	Chief Financial Officer	November 19, 2018
Amy K. Broerman	(principal financial and accounting officer)
Leslie L. Brandon*	Trustee	November 19, 2018
Anthony P. D’Angelo*	Trustee	November 19, 2018
Richard C. Russell*	Trustee	November 19, 2018
Ronald D. Brown*	Trustee	November 19, 2018
Robert F. Chelle*	Trustee	November 19, 2018

* Signature affixed by Amy K. Broerman pursuant to power of attorney dated October 29, 2018.

EXHIBIT INDEX

Index No.	Description of Exhibit
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase