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<p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Performance </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Performance </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Performance </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Performance </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Performance </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Performance </b></font></p></div>
<div> <div class="MetaData">
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="62%">
<tr bgcolor="#cceeff"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Best Quarter</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom">
<p align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">2</font><font style="font-family: ARIAL;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">nd</sup></font><font style="font-family: ARIAL;" class="_mt" size="2"> Quarter 2003</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">25.01%</font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Worst Quarter</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom">
<p align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">4</font><font style="font-family: ARIAL;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">th</sup></font><font style="font-family: ARIAL;" class="_mt" size="2"> Quarter 2008</font></p></td>
<td valign="bottom"><font class="_mt" size="1"> </font></td>
<td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">-20.84%</font></td></tr></table>
<p style="margin-top: 18px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">The Fund's year-to-date return as of September 30, 2011 was -5.60%. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"> </p>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="62%">
<tr bgcolor="#cceeff"><td valign="top">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">Best Quarter</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">3</font><font style="font-family: ARIAL;" size="1" class="_mt"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">rd</sup></font><font style="font-family: ARIAL;" size="2" class="_mt"> Quarter 2009</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom" align="center"><font style="font-family: ARIAL;" size="2" class="_mt">17.51%</font></td></tr>
<tr><td valign="top">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">Worst Quarter</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">4</font><font style="font-family: ARIAL;" size="1" class="_mt"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">th</sup></font><font style="font-family: ARIAL;" size="2" class="_mt"> Quarter 2008</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom" nowrap="nowrap" align="center"><font style="font-family: ARIAL;" size="2" class="_mt"> -22.47%</font></td></tr></table>
<p> </p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">The Fund's year-to-date return as of September 30, 2011 was -14.06% </font></p></div> </div>
<div> <div class="MetaData">
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="90%">
<tr><td width="66%"> </td>
<td valign="bottom" width="4%"> </td>
<td width="16%"> </td>
<td valign="bottom" width="9%"> </td>
<td> </td></tr>
<tr bgcolor="#cceeff"><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" size="2" class="_mt">Best Quarter</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom" align="center"><font style="font-family: ARIAL;" size="1" class="_mt"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;"> </sup></font><font style="font-family: ARIAL;" size="2" class="_mt">3</font> <font style="font-family: ARIAL;" size="1" class="_mt"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">rd</sup></font><font style="font-family: ARIAL;" size="2" class="_mt"> Quarter 2010</font></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom" align="center"><font style="font-family: ARIAL;" size="2" class="_mt">6.70%</font></td></tr>
<tr><td valign="top">
<p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" size="2" class="_mt">Worst Quarter</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom" align="center"><font style="font-family: ARIAL;" size="1" class="_mt"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;"> </sup></font><font style="font-family: ARIAL;" size="2" class="_mt">2</font> <font style="font-family: ARIAL;" size="1" class="_mt"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">nd</sup></font><font style="font-family: ARIAL;" size="2" class="_mt"> Quarter 2010</font></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom" align="center"><font style="font-family: ARIAL;" size="2" class="_mt">0.56%</font></td></tr></table>
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" size="2" class="_mt">The Fund's Institutional Class year-to-date return as of September 30, 2011 was -1.24%. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;">
</p>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="62%">
<tr bgcolor="#cceeff"><td valign="top">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">Best Quarter</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">2</font><font style="font-family: ARIAL;" size="1" class="_mt"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">nd</sup></font><font style="font-family: ARIAL;" size="2" class="_mt"> Quarter 2003</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">9.89%</font></p></td></tr>
<tr><td valign="top">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">Worst Quarter</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">1</font><font style="font-family: ARIAL;" size="1" class="_mt"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">st</sup></font><font style="font-family: ARIAL;" size="2" class="_mt"> Quarter 2009</font></p></td>
<td valign="bottom"><font size="1" class="_mt"> </font></td>
<td valign="bottom" nowrap="nowrap">
<p align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">-7.09%</font></p></td></tr></table>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" size="2" class="_mt">The Fund's Retail Class Shares year-to-date return as of September 30, 2011 was -1.40%. </font></p></div> </div>
<div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Total Returns </b>(Years ended December 31)<b>: </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Total Returns </b>(Years ended December 31)<b>: </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Total Return (Institutional Class Shares) </b>(Years ended December 31)<b>: </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Total Returns (Retail Class Shares) </b>(Years ended December 31)<b>:</b> </font></p></div>
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0.1751
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2009-09-30
2010-09-30
2003-06-30
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2010-06-30
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<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Example: </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Example: </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Example </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Example: </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Example: </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Example: </b></font></p></div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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: </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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: </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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: </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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: </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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: </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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: </font></p></div> </div>
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<div> <div style="display:none;" >~ http://www.jamesfunds.com/role/ScheduleExpenseExampleTransposedJamesBalancedGoldenRainbowFundInstitutionalClassShares row period compact * row primary compact * column dei_DocumentInformationDocumentAxis compact cik0001045487_InstitutionalClassSharesMember column dei_LegalEntityAxis compact cik0001045487_S000003560Member column rr_ProspectusShareClassAxis compact * ~</div> </div>
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153
153
178
153
90
115
474
474
551
474
281
359
818
818
818
487
622
1788
1788
1788
1083
1373
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Fees and Expenses of the Fund </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Fees and Expenses of the Fund </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Fees and Expenses of the Fund </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Fees and Expenses of the Fund </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Fees and Expenses of the Fund </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Fees and Expenses of the Fund </b></font></p></div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font></p></div> </div>
<font class="_mt">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</font>
<font style="font-family: ARIAL;" class="_mt" size="1">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</font>
<font style="font-family: ARIAL;" size="1" class="_mt">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</font>
0.0150
0.0150
0.0175
0.0150
0.0088
0.0113
Best Quarter
Best Quarter
Best Quarter
Best Quarter
Worst Quarter
Worst Quarter
Worst Quarter
Worst Quarter
0.0123
0.0115
0.0125
0.0131
0.0072
0.0072
<div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Investment Objective </b></font></p></div>
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<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Investment Objective </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Investment Objective </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" size="2" class="_mt"><b>Investment Objective </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Investment Objective </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 4px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Investment Objective </b></font></p></div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">James Small Cap Fund (the "Fund") seeks to provide long-term capital appreciation. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">James Mid Cap Fund (the "Fund") seeks to provide long-term capital appreciation. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">James Long-Short Fund (the "Fund") seeks to provide long-term capital appreciation </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" size="2" class="_mt">James Micro Cap Fund (the "Fund") seeks to provide long-term capital appreciation. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></p></div> </div>
<div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Fund Operating Expenses</b></font></p>
<p style="margin-top: 0px; text-indent: -1em; margin-bottom: 1px; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font></p></div>
<div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Fund Operating Expenses</b></font></p>
<p style="margin-top: 0px; text-indent: -1em; margin-bottom: 1px; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font></p></div>
<div class="MetaData">
<p style="margin-top: 0px; text-indent: -1em; margin-bottom: 0px; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Fund Operating Expenses</b></font></p>
<p style="margin-top: 0px; text-indent: -1em; margin-bottom: 1px; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font></p></div>
<div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Fund Operating Expenses</b></font></p>
<p style="margin-top: 0px; text-indent: -1em; margin-bottom: 1px; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font></p></div>
<div class="MetaData">
<div>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Fund Operating Expenses</b></font></p>
<p style="margin-top: 0px; margin-bottom: 1px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font></p></div></div>
<div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Annual Fund Operating Expenses</b></font></p>
<p style="margin-top: 0px; text-indent: -1em; margin-bottom: 1px; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font></p></div>
<font class="_mt">Other expenses are based on estimated amounts for the current fiscal year</font>
0.0002
0.0010
0.0015
0.0019
0.0015
0.0015
1-800-99 JAMES (1-800-995-2637)
1-800-99 JAMES (1-800-995-2637)
1-800-99 JAMES (1-800-995-2637)
1-800-99 JAMES (1-800-995-2637)
<u><font style="font-family: ARIAL;" class="_mt" color="#0000e1" size="2">www.jamesfunds.com</font><font style="font-family: ARIAL;" class="_mt" size="2"> </font></u>
<font style="font-family: ARIAL;" class="_mt" color="#0000e1" size="2"><u><a>www.jamesfunds.com</a></u></font><font style="font-family: ARIAL;" class="_mt" size="2"> </font>
<font style="font-family: ARIAL;" class="_mt" color="#0000ff" size="2">www.jamesfunds.com </font>
<u><font style="font-family: ARIAL;" class="_mt" color="#0000e1" size="2">www.jamesfunds.com</font><font style="font-family: ARIAL;" class="_mt" size="2"> </font></u>
<font style="font-family: ARIAL;" class="_mt" size="2">The bar chart and performance table below illustrate the variability of the Fund's returns, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index. </font>
<font style="font-family: ARIAL;" class="_mt" size="2">The bar chart and performance table below illustrate the variability of the Fund's returns, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index. </font>
When this information is provided, it will illustrate the variability of the Fund's returns and give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance.
When this information is provided, it will illustrate the variability of the Fund's returns and give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance.
<font style="font-family: ARIAL;" class="_mt" size="2">The bar chart and performance table below illustrate the variability of the returns of the Institutional Class shares of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class shares of the Fund from year to year and by showing how the average annual total returns of the Institutional Class shares of the Fund over time compare with the returns of a broad-based securities market index. </font>
<font style="font-family: ARIAL;" class="_mt" size="2">The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index. </font>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">The bar chart and performance table below illustrate the variability of the Fund's returns, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index. </font></font><font class="_mt">Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future. </font>Updated performance information is available at no cost by visiting <font class="_mt"><u><font style="font-family: ARIAL;" class="_mt" color="#0000e1" size="2">www.jamesfunds.com</font><font style="font-family: ARIAL;" class="_mt" size="2"> </font></u></font><font style="font-family: ARIAL;" class="_mt" size="2">or by calling <font class="_mt">1-800-99 JAMES (1-800-995-2637)</font>. </font></font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">The bar chart and performance table below illustrate the variability of the Fund's returns, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index. </font></font><font class="_mt">Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future. </font>Updated performance information is available at no cost by visiting </font><font class="_mt"><font style="font-family: ARIAL;" class="_mt" color="#0000e1" size="2"><u><a>www.jamesfunds.com</a></u></font><font style="font-family: ARIAL;" class="_mt" size="2"> </font></font><font style="font-family: ARIAL;" class="_mt" size="2">or by calling <font class="_mt">1-800-99 JAMES (1-800-995-2637)</font>. </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">Performance information is not included because the Fund has not yet completed a full calendar year of performance. </font></font><font class="_mt">When this information is provided, it will illustrate the variability of the Fund's returns and give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance.</font> </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">Performance information is not included because the Fund has not yet completed a full calendar year of performance. </font></font><font class="_mt">When this information is provided, it will illustrate the variability of the Fund's returns and give some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance.</font> </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">The bar chart and performance table below illustrate the variability of the returns of the Institutional Class shares of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class shares of the Fund from year to year and by showing how the average annual total returns of the Institutional Class shares of the Fund over time compare with the returns of a broad-based securities market index. </font></font><font class="_mt">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. </font>Updated performance information is available at no cost by visiting <font class="_mt"><font style="font-family: ARIAL;" class="_mt" color="#0000ff" size="2">www.jamesfunds.com </font></font><font style="font-family: ARIAL;" class="_mt" size="2">or by calling <font class="_mt">1-800-99 JAMES (1-800-995-2637)</font>. </font></font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index. </font></font><font class="_mt">Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future. </font>Updated performance information is available at no cost by visiting <font class="_mt"><u><font style="font-family: ARIAL;" class="_mt" color="#0000e1" size="2">www.jamesfunds.com</font><font style="font-family: ARIAL;" class="_mt" size="2"> </font></u></font><font style="font-family: ARIAL;" class="_mt" size="2">or by calling <font class="_mt">1-800-99 JAMES (1-800-995-2637)</font>. </font></font></p></div> </div>
<font style="font-family: ARIAL;" class="_mt" size="2">Performance information is not included because the Fund has not yet completed a full calendar year of performance. </font>
<font style="font-family: ARIAL;" class="_mt" size="2">Performance information is not included because the Fund has not yet completed a full calendar year of performance. </font>
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Of course, the 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.
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
When the "Return After Taxes on Distributions and Sale of Fund Shares" is higher than "Return Before Taxes", it is because of realized losses. If a capital loss occurs upon the redemption of a Fund's shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder.
When the "Return After Taxes on Distributions and Sale of Fund Shares" is higher than "Return Before Taxes", it is because of realized losses. If a capital loss occurs upon the redemption of a Fund's shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder.
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Average Annual Total Returns</b> (as of December 31, 2010) </font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Average Annual Total Returns </b>(as of December 31, 2010)<b> </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Average Annual Total Returns (Institutional Class Shares) </b>(as of December 31, 2010)<b> </b></font></p></div>
<div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Average Annual Total Returns </b>(as of December 31, 2010)<b> </b></font></p></div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></font><font class="_mt">Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. <font class="_mt">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").</font></font><font class="_mt"> </font><font class="_mt">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.</font> </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></font><font class="_mt">Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. <font class="_mt">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").</font></font><font class="_mt"> </font><font class="_mt">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. </font></font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></font><font class="_mt">Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. <font class="_mt">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").</font></font> </font></p></div> </div>
<div> <div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><font class="_mt"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></font><font class="_mt">Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. <font class="_mt">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").</font></font> </font></p></div> </div>
Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. <font class="_mt">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").</font>
Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. <font class="_mt">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").</font>
Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. <font class="_mt">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").</font>
Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. <font class="_mt">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").</font>
<div> <div style="display:none;" >~ http://www.jamesfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJamesSmallCapFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001045487_S000003563Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> </div>
<div> <div style="display:none;" >~ http://www.jamesfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJamesMidCapFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001045487_S000012708Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> </div>
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<font style="font-family: ARIAL;" class="_mt" size="2">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. </font>
<font style="font-family: ARIAL;" class="_mt" size="2">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. </font>
<font style="font-family: ARIAL;" class="_mt" size="2">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. </font>
<font style="font-family: ARIAL;" class="_mt" size="2">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. </font>
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<p style="margin-top: 18px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><i>Portfolio Turnover</i>: </font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><i>Portfolio Turnover</i>: </font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><i>Portfolio Turnover</i>: </font></p></div>
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<p style="margin-top: 24px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><i>Portfolio Turnover</i>: </font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><i>Portfolio Turnover</i>: </font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><i>Portfolio Turnover</i>: </font></p></div>
0.60
0.56
0.00
0.69
0.36
0.36
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<p style="margin-top: 18px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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 <font class="_mt">60%</font> of the average value of its portfolio. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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 <font class="_mt">56%</font> of the average value of its portfolio. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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 <font class="_mt">0%</font> of the average value of its portfolio. </font></p></div> </div>
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<p style="margin-top: 24px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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 <font class="_mt">69%</font> of the average value of its portfolio. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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 <font class="_mt">36%</font> of the average value of its portfolio. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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 <font class="_mt">36%</font> of the average value of its portfolio. </font></p></div> </div>
2011-11-01
-0.02
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<p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Risks </b></font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Risks </b></font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Risks </b></font></p></div>
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<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Risks </b></font></p></div>
<div class="MetaData"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Risks </b></font></div>
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<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Risks </b></font></p></div>
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. <font class="_mt">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. </font><font class="_mt">You may lose money by investing in the Fund. </font>Below are the main risks of investing in the Fund. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px; font-size: 1px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Equity Market Risk:</i></b><i> </i>Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Management Risk</i></b><b>:</b> The Adviser's judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Small Cap Company Risk:</i></b> Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. The prices of micro cap securities generally are more volatile and their markets less liquid relative to larger cap securities. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Foreign Investment Risk: </i></b>Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Fund's performance to fluctuate more than if it held only U.S. securities. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Sector Risk:</i></b> Equity securities within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate in a particular sector. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Exchange Traded Fund Risk:</i></b> 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 Fund's direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. <font class="_mt">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. </font><font class="_mt">You may lose money by investing in the Fund. </font>Below are the main risks of investing in the Fund. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Equity Market Risk:</i></b><i> </i>Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Management Risk</i></b><b>:</b> The Adviser's judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Mid Cap Company Risk:</i></b> Mid capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Foreign Investment Risk: </i></b>Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Fund's performance to fluctuate more than if it held only U.S. securities. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Sector Risk:</i></b> Equity securities within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate in a particular sector. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Exchange Traded Fund Risk:</i></b> 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 Fund's direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. <font class="_mt">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. </font><font class="_mt">You may lose money by investing in the Fund. </font>Below are the main risks of investing in the Fund. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Equity Market Risk:</i></b><i> </i>Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Fixed Income Risk:</i></b> 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 Fund's 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 issuer's 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. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Management Risk: </i></b>The Adviser's judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. 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. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Short Selling Risk: </i></b>The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. In addition, a lender may request that securities sold short be returned to the lender on short notice, in which case the Fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. The Fund's losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Smaller Cap Company Risk: </i></b>Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. These risks are enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. The prices of micro cap securities generally are even more volatile and their markets less liquid than other small or mid cap securities. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>REIT Risk:</i></b> To the extent that the Fund invests in companies that invest in real estate, such as REITs, the Fund may be subject to risk associated with the real estate market as a whole, such as taxation, regulations, and economic and political factors that negatively impact the real estate market, and with direct ownership of real estate, such as decreases in real estate values, overbuilding, environmental liabilities and increases in operating costs, interest rates and/or property taxes. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Exchange Traded Fund Risk:</i></b> 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 Fund's direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely. Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution on the other side of the trade will default). </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Exchange Traded Note Risk:</i></b> ETNs are synthetic securities, typically unsecured, with returns linked to the performance of a market index. An ETN does not own the underlying index it is tracking, and thus the Fund will have no claim on the index and will be totally reliant on the counterparty for payment. ETNs are subject to credit risk of the counterparty, and the value of an ETN will vary and will be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets to which its payments are linked, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events. The Fund will bear its proportionate share of any fees and expenses borne by the ETN. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Sector Risk:</i></b> Equity securities within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate in a particular sector. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>High Yield Securities Risk:</i></b> The Fund may be subject to greater levels of price volatility as a result of investing in high yield securities and unrated securities of similar credit quality (commonly known as junk bonds) than funds that do not invest in such securities. Such bonds are considered to be predominately speculative because of the issuer's lower ability to make principal and interest payments. An economic downturn, a period of rising interest rates or increased price volatility could adversely affect the market for these securities, and reduce the number of buyers should the Fund need to sell these securities (liquidity risk). Should an issuer declare bankruptcy, there may be potential for partial recovery of the value of the bonds, but the Fund could also lose its entire investment. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Municipal Securities Risk:</i></b> Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the Fund's 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 Fund's investment. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Foreign Investment Risk: </i></b>Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Fund's performance to fluctuate more than if it held only U.S. securities. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Sovereign and Supranational Debt Risk:</i></b> The Fund may invest in sovereign and supranational debt obligations. Investment in sovereign and supranational debt obligations involves special risks not present in foreign corporate debt obligations. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign and supranational debt, and the Fund's net asset value, may be more volatile than prices of U.S. debt obligations. </font></p>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Non-Diversification Risk:</i></b> 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 Fund's 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. </font></p></div>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Borrowing Risk:</i></b> Borrowing magnifies the potential for gain or loss of the Fund, and therefore increases the possibility of a fluctuation in the Fund's net asset value ("NAV"). This is the speculative factor known as leverage. Because the Fund's investments will fluctuate in value, whereas the interest obligations on borrowed funds may be fixed, during times of borrowing, the Fund's NAV may tend to increase more when its investments increase in value, and decrease more when its investments decrease in value. Unless profits on assets acquired with borrowed funds exceed the costs of borrowing, the use of borrowing will diminish the investment performance of the Fund compared with what it would have been without borrowing. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Portfolio Turnover Risk:</i></b> 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. </font></p></div> </div>
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<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. <font class="_mt">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. </font><font class="_mt">You may lose money by investing in the Fund. </font>Below are the main risks of investing in the Fund. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Equity Market Risk:</i></b><i> </i>Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Management Risk</i></b><b>:</b> The Adviser's judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Micro Cap Company Risk: </i></b>Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. These risks are enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. The prices of micro cap securities generally are even more volatile and their markets considerably less liquid than small cap and mid cap securities. In addition, as any size of trade can have a large percentage impact on the price of a micro cap stock, the Fund will be more susceptible to sudden and significant losses. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Sector Risk:</i></b> Equity securities within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate in a particular sector. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Exchange Traded Fund Risk:</i></b> 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 Fund's direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. </font></p>
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<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Non-Diversification Risk:</i></b> 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 Fund's 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. </font></p></div></div> </div>
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<p style="margin-top: 0px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. <font class="_mt">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. </font><font class="_mt">You may lose money by investing in the Fund. </font>Below are the main risks of investing in the Fund. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Equity Market Risk:</i></b><i> </i>Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Fixed Income Risk:</i></b> The Fund invests in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund's fixed income securities will generally decline, and those securities with longer terms generally will decline more. Your investment will decline in value if the value of the Fund's investments decreases. There is a risk that issuers and counterparties will not make payments on fixed income securities and repurchase agreements held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Management Risk</i></b><b>:</b> The Adviser's judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Small Cap Company Risk:</i></b> Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Foreign Investment Risk: </i></b>Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Fund's performance to fluctuate more than if it held only U.S. securities. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Municipal Securities Risk:</i></b> The power or ability of an issuer to make principal and interest payments on municipal securities may be materially adversely affected by economic conditions, litigation or other factors. The Fund's right to receive principal and interest payments may be subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, as wells as laws, if any, which may be enacted by Congress or state legislatures extending the time for payment of principal and/or interest or imposing other constraints upon the enforcement of such obligations. In addition, substantial changes in federal income tax laws could cause municipal security prices to decline because the demand for municipal securities is strongly influenced by the value of tax exempt income to investors. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Sovereign Debt Risk:</i></b> The Fund may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, may be more volatile than prices of U.S. debt obligations. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Exchange Traded Fund Risk:</i></b> 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 Fund's direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of </font><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></p></div> </div>
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<p style="margin-top: 0px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. <font class="_mt">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. </font><font class="_mt">You may lose money by investing in the Fund. </font>Below are the main risks of investing in the Fund. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Equity Market Risk:</i></b><i> </i>Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Fixed Income Risk:</i></b> The Fund invests in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund's fixed income securities generally will decline, and those securities with longer terms generally will decline more. Your investment will decline in value if the value of the Fund's investments decreases. There is a risk that issuers and counterparties will not make payments on fixed income securities and repurchase agreements held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Management Risk</i></b><b>:</b> The Adviser's judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the market. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Small Cap Company Risk:</i></b> Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and services that are still in development or have yet to be tested in the market. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Foreign Investment Risk: </i></b>Foreign investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, and potential difficulties in enforcing contractual obligations. Foreign accounting may be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Fund's performance to fluctuate more than if it held only U.S. securities. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Municipal Securities Risk:</i></b> The power or ability of an issuer to make principal and interest payments on municipal securities may be materially adversely affected by economic conditions, litigation or other factors. The Fund's right to receive principal and interest payments may be subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, as wells as laws, if any, which may be enacted by Congress or state legislatures extending the time for payment of principal and/or interest or imposing other constraints upon the enforcement of such obligations. In addition, substantial changes in federal income tax laws could cause municipal security prices to decline because the demand for municipal securities is strongly influenced by the value of tax exempt income to investors. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Sovereign Debt Risk:</i></b> The Fund may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, may be more volatile than prices of U.S. debt obligations. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Exchange Traded Fund Risk:</i></b> 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 Fund's direct fees and expenses. The Fund will also incur brokerage costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of risk arising from the investment practices of the underlying ETF. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Non-Diversification Risk:</i></b> 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 Fund's 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. </font></p></div>
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<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2"><b><i>Non-Diversification Risk:</i></b> 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 Fund's 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. </font></p></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.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
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<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="3"><b><a name="pro3246520_3"> </a>FUND SUMMARY - JAMES SMALL CAP FUND </b></font></p></div>
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<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="3"><b><a name="pro3246520_4"> </a>FUND SUMMARY - JAMES MID CAP FUND </b></font></p></div>
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<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="3"><b><a name="pro3246520_15"> </a>FUND SUMMARY - JAMES LONG SHORT FUND </b></font></p></div>
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<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" size="3" class="_mt"><b><a name="pro2246520_1"> </a>FUND SUMMARY - JAMES MICRO CAP FUND</b></font></p></div>
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<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="3"><strong>FUND SUMMARY -</strong> JAMES BALANCED: GOLDEN RAINBOW FUND</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="3">Institutional Class Shares</font></p></div>
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<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="3"><b><a name="pro3246520_1"> </a><a name="pro3246520_2"> </a>FUND SUMMARY - JAMES BALANCED: GOLDEN RAINBOW FUND (RETAIL CLASS) </b></font></p></div>
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<p style="margin-top: 6px; margin-bottom: 0px;"><strong><font size="2" class="_mt" style="font-family: Arial;">Shareholder Fees</font></strong></p>
<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2">(fees paid directly from your investment)</font></p></div>
<div> <div style="display:none;" >~ http://www.jamesfunds.com/role/ScheduleShareholderFeesJamesMicroCapFund column period compact * column dei_LegalEntityAxis compact cik0001045487_S000029269Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Investment Strategies </b></font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Investment Strategies </b></font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Investment Strategies </b></font></p></div>
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<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Investment Strategies </b></font></p></div>
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<p style="margin-top: 6px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Investment Strategies </b></font></p></div>
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<p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Principal Investment Strategies </b></font></p></div>
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<p style="padding-bottom: 0px; margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">The Fund invests primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued. Equity securities that the Fund will principally invest in are common stocks, preferred stocks and exchange traded funds ("ETFs") that invest primarily in equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes, if any) in equity securities of small capitalization companies. Shareholders of the Fund will be provided with at least 60 days' prior notice of any change in the Fund's 80% investment policy. Small capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the Russell 2000<font style="font-family: ARIAL;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">®</sup></font> Index, including ETFs that invest primarily in such securities. As of September 30, 2011, the largest market capitalization of the companies included in the Russell 2000<font style="font-family: ARIAL;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">®</sup></font> Index was $3.29 billion. Micro cap securities are considered small capitalization securities. </font></p>
<p style="padding-bottom: 0px; margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">The Fund anticipates investing across a range of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Russell 2000<font style="font-family: ARIAL;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">®</sup></font> 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. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">The Fund invests primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued. Equity securities that the Fund will principally invest in are common stocks, preferred stocks and exchange traded funds ("ETFs") that invest primarily in equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes, if any) in equity securities of mid capitalization companies. Shareholders of the Fund will be provided with at least 60 days' prior notice of any change in the Fund's 80% investment policy. Mid capitalization companies are defined as those companies with market capitalizations at the time of purchase of $1 billion to $8 billion, including ETFs that invest primarily in such securities. </font></p>
<p style="padding-bottom: 0px; margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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<font style="font-family: ARIAL;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">®</sup></font> 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. </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></p></div> </div>
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<p style="padding-bottom: 0px; margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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<font style="font-family: ARIAL;" class="_mt" size="1"><sup style="position: relative; bottom: 0.8ex; vertical-align: baseline;">®</sup></font> 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 company's financials, such as earnings or cash flow, or because of an increase in the price of a stock that would make it expensive relative to the other stocks held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment in which the company operates. </font></p></div> </div>
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<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></p>
<p style="margin-top: 6px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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 Fund's portfolio will consist primarily of issues rated "Baa2" or better by Moody's Investors Service, Inc. ("Moody's") or "BBB" or better by Standard & Poor's Ratings Group ("S&P") and unrated securities determined by the Adviser to be of equivalent quality, as well as high quality money market instruments. The Fund will attempt to provide total return in excess of the rate of inflation over the long term (3 to 5 years). </font></p></div> </div>
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<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px;" align="justify"><font style="font-family: ARIAL;" class="_mt" size="2">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 Fund's portfolio will consist primarily of issues rated "Baa2" or better by Moody's Investors Service, Inc. ("Moody's") or "BBB" or better by Standard & Poor's Ratings Group ("S&P") and unrated securities determined by the Adviser to be of equivalent quality, as well as high quality money market instruments. The Fund will attempt to provide total return in excess of the rate of inflation over the long term (3 to 5 years). </font></p></div> </div>
year-to-date return
year-to-date return
year-to-date return
year-to-date return
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Other expenses are based on estimated amounts for the current fiscal year.