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Historical Performance of the Adviser's Private Accounts

Fund by showing changes in the composite's performance from year-to-year and by showing how the composite's average annual total returns over time compare with the returns of a broad-based securities market index, the Russell MicroCap® Index. Of course, the composite's performance is not necessarily an indication of how the Fund will perform.

The Adviser provided the information used in making the performance calculations. The composite's rate of return is asset weighted, reflecting the relative size of each eligible account, at the beginning of the relevant period. The rate of return is also time-weighted and includes realized and unrealized gains plus income, including any accrued income. Returns from cash and cash equivalents in the accounts are included in the performance calculations, and the cash and cash equivalents are included in the total assets on which performance is calculated. The accounts are valued at least quarterly, and periodic returns are geometrically linked. The performance is net of the actual management fees charged to the accounts, and all other expenses, including transaction costs and commissions (i.e., it includes the impact of account fees and expenses). The performance may have been lower if the Fund's management fees had been used instead of the actual management fees charged to the accounts. Results reflect the reinvestment of dividends and capital gains. There were no redemption fees or other fees included, although those fees may be imposed on transactions by shareholders of the Micro Cap Fund. Those fees, if included, would lower performance. The performance was calculated by the Adviser following Global Investment Performance Standards (GIPS), using methods that differ from the methods of mutual fund performance calculation of the Securities and Exchange Commission ("SEC").

Updated performance information is available at no cost by visiting www.jamesfunds.com or by calling 1-800-99 JAMES (1-800-995-2637).

Annual Total Return

Net of Adviser's FeesYears ended December 31

2002*	7.50%
2003	76.67%
2004	33.08%
2005	13.86%
2006	36.67%
2007	15.65%
2008	-33.19%
2009	28.72%
* Inception March 31, 2002; return not annualized.

 

Average Annual Total Returns  (Net of Adviser's Fees)  (as of December 31, 2009)

	One Year	Five Years	Since Inception (March 31, 2002)
James Micro Cap Composite (Return Before Taxes)	28.72%	9.13%	19.25%
Russell MicroCap® Index* (reflects no deduction for fees, expenses or taxes)	27.48%	-3.33%	3.38%
* The Russell MicroCap® Index measures performance of the micro cap segment of the U.S. equity market, which comprises less than 3% of the U.S. equity market. It includes 2,000 of the smallest securities in the Russell 2000 Index based on a combination of their market cap and current index membership. The Index reflects the total returns of the securities comprising the Index, including changes in market prices as well as accrued investment income, which is presumed to be reinvested. Performance figures for the Index do not reflect deduction of transaction costs or expenses, including management fees. The performance of the accounts managed by the Adviser does not represent the historical performance of the Fund and should not be considered indicative of future performance of the Fund. The Fund's returns may be lower because of, among other things, differences in brokerage commissions, account expenses, including management fees, the size of the positions taken in relation to account size and diversification of securities, timing of purchases and sales, and availability of cash for additional purchases as well as market opportunities and new federal regulations regarding mutual funds. In addition, the Fund's returns may be lower because the managed accounts that comprise the composite are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the Investment Company Act of 1940 (the "1940 Act") and the Internal Revenue Code which, if applicable, may have adversely affected the performance results of the composite. The results for different periods may vary.