<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created by RR Donnelley IM Processor 5.0.0.0 using Fujitsu Interstage XWand-->
<schema targetNamespace="http://www.jamesfunds.com/20121121" elementFormDefault="qualified" xmlns="http://www.w3.org/2001/XMLSchema" xmlns:jaf1="http://www.jamesfunds.com/20121121" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric">
  <annotation>
    <appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="jaf1-20121121_pre.xml" xlink:title="Presentation Links, all" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="jaf1-20121121_cal.xml" xlink:title="Calculation Links, all" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="jaf1-20121121_def.xml" xlink:title="Definition Links, all" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="jaf1-20121121_lab.xml" xlink:title="Label Links, all" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://www.jamesfunds.com/role/DocumentDocumentandEntityInformation" id="DocumentDocumentandEntityInformation">
        <link:definition>000000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/DocumentRiskReturnSummaryUnlabeledJamesLong-ShortFund" id="DocumentRiskReturnSummaryUnlabeledJamesLongShortFund">
        <link:definition>000011 - Document - Risk/Return Summary {Unlabeled} - James Long-Short Fund</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/ScheduleShareholderFeesJamesLong-ShortFund" id="ScheduleShareholderFeesJamesLongShortFund">
        <link:definition>000012 - Schedule - Shareholder Fees {- James Long-Short Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/ScheduleAnnualFundOperatingExpensesJamesLong-ShortFund" id="ScheduleAnnualFundOperatingExpensesJamesLongShortFund">
        <link:definition>000013 - Schedule - Annual Fund Operating Expenses {- James Long-Short Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/ScheduleExpenseExampleTransposedJamesLong-ShortFund" id="ScheduleExpenseExampleTransposedJamesLongShortFund">
        <link:definition>000014 - Schedule - Expense Example {Transposed} {- James Long-Short Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJamesLong-ShortFund" id="ScheduleExpenseExampleNoRedemptionTransposedJamesLongShortFund">
        <link:definition>000015 - Schedule - Expense Example, No Redemption {Transposed} {- James Long-Short Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/ScheduleAnnualTotalReturnsJamesLong-ShortFundBarChart" id="ScheduleAnnualTotalReturnsJamesLongShortFundBarChart">
        <link:definition>000016 - Schedule - Annual Total Returns - James Long-Short Fund [BarChart]</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJamesLong-ShortFund" id="ScheduleAverageAnnualTotalReturnsTransposedJamesLongShortFund">
        <link:definition>000017 - Schedule - Average Annual Total Returns {Transposed} {- James Long-Short Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/DocumentRiskReturnDetailUnlabeledJamesLong-ShortFund" id="DocumentRiskReturnDetailUnlabeledJamesLongShortFund">
        <link:definition>000018 - Document - Risk/Return Detail {Unlabeled} - James Long-Short Fund</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.jamesfunds.com/role/DisclosureRiskReturnDetailDataElementsJamesLong-ShortFund" id="DisclosureRiskReturnDetailDataElementsJamesLongShortFund">
        <link:definition>000019 - Disclosure - Risk/Return Detail Data {Elements} - James Long-Short Fund</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </appinfo>
  </annotation>
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <import namespace="http://xbrl.sec.gov/dei/2012-01-31" schemaLocation="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd" />
  <import namespace="http://xbrl.sec.gov/rr/2012-01-31" schemaLocation="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd" />
  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <element name="S000025221Member" id="jaf1_S000025221Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000075177Member" id="jaf1_C000075177Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
</schema>