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James Advantage Funds
1.800.99.JAMES (1-800-995-2637)

Market Views - Economic Outlook 2019

Outlook 2019

Bonds

Corporate bond yields are less attractive than those of U.S. Treasury bonds. Corporate debt is near all-time highs. We would take a smaller allocation to this sector until the risk-return profile improves.

Recently, U.S. Treasury yields were the highest in the developed world. This may draw international investors.

Municipal bonds are attractive for taxable investors. While the yields available are not as high as they were a few years ago, the tax benefits are still substantial.

We believe short term bonds should continue to do better than longer term bonds as long as the economy remains in the early fall season. However, we believe the economy will gradually shift to late fall or even winter, which our research indicates is a better time for longer term Treasury bonds.

Positives Negatives
Positive Favorable risk/return profile for short term U.S. Treasury bonds Negative Corporate bonds are relatively unattractive today
Positive Municipal bond yields attractive Negative Low quality bonds at default risk
Positive U.S. Treasury yields appealing versus other countries
Positive Worldwide demand strong
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Disclosure

This information is of a general nature and does not constitute financial advice. It does not take into account your individual financial situation, objectives or needs, and should not be relied upon as a substitute for financial or other professional advice to assess, among other things, whether any such information is appropriate for you and/or applicable to your particular circumstances. In addition, this does not constitute an offer to sell, or the solicitation of an offer to buy, any financial product, service or program. The information contained herein is based on public information we believe to be reliable, but its accuracy is not guaranteed.

Investing involves risks, including loss of principal.

Past performance is no guarantee of future results.

ALPS Distributors, Inc. 1290 Broadway, Ste. 1100, Denver, CO 80203 (Member FINRA). ALPS is not affiliated with James Investment Research, Inc.

*Quantitative Easing is a course of action undertaken by the Federal Reserve to increase the money supply by flooding financial institutions with capital in an effort to promote increased lending and liquidity. **Yield Curve is a line that plots interest rates, at a set point in time, of bonds having equal credit quality but differing maturity dates. ***Shiller Price/Earnings is a valuation measure applied to the U.S. S&P 500 equity market. *G4 nations comprise of Brazil, Germany, Indian and Japan. ****Quantitative Tightening is a contractionary monetary policy applied by a central bank to decrease amount of liquidity within the economy.

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You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus by calling 1-800-995-2637 or click here to view or download a prospectus online.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The average annual total returns assume reinvestment of income, dividends, and capital gains distributions and reflect changes in net asset value. You should note that the James Advantage Funds are professionally managed mutual funds while the indices are unmanaged, do not incur expenses, and are not available for investment.

Mid, Small and Micro Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat. Fund holdings and sector weightings are subject to change without notice. Past performance is no guarantee of future results.
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