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james:SixtyFivePercentBloombergUS3000TotalReturnIndexThirtyFivePercentBloombergUSAggregateGovernmentCreditBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2016-01-01 2025-12-31 iso4217:USD pure false 485BPOS 2026-06-30 0001045487 2023-12-31 2020-03-31 2020-12-31 2020-03-31 2023-12-31 2020-03-31 2020-12-31 2020-03-31 2024-03-31 2020-03-31 2026-10-28 N-1A James Advantage Funds 2026-11-01 2026-11-01 FUND SUMMARY - JAMES BALANCED: GOLDEN RAINBOW FUND (RETAIL CLASS) Investment Objective 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. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zjwvT2mmH7Kg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_ztHrELdZjwY8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td id="xdx_491_20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000009900Member_zVriOZPDvw0j" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zM5903X9Psp5" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; width: 85%; text-align: justify; text-indent: 0pt">Management Fee</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; width: 15%; text-align: center; text-indent: 0pt">0.74%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVriOZPDvw0j" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify; text-indent: 0pt">Distribution (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">0.25%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zM5903X9Psp5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt">0.21%</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zDhPDqbUNZ5f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Acquired Fund Fees and Expenses1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt">0.02%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zLCSCYGue1G2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt">1.22%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1</td><td style="text-align: justify">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.</td> </tr></table> 0.0074 0.0025 0.0021 0.0002 0.0122 Example: 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 periods 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsc2vpeiuFS7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zwJuU3tEa6C4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 40%; text-indent: 0pt"> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zAV2ioLX3Hri" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; width: 15%; text-align: center; text-indent: 0pt">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zgS7mH5CmGn4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; width: 15%; text-align: center; text-indent: 0pt">3 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_zUs4mI3X8im6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; width: 15%; text-align: center; text-indent: 0pt">5 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zFxRD8TXFDt6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; width: 15%; text-align: center; text-indent: 0pt">10 Years</td></tr> <tr id="xdx_411_20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000009900Member_z2CqMCqIdH7d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">James Balanced: Golden Rainbow Fund</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">$124</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">$387</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">$670</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">$1,477</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt"> </td></tr> </table> 124 387 670 1477 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year. 0.15 Principal Investment Strategies Under normal circumstances, the Fund invests primarily in equity securities of foreign and domestic companies that James Investment Research, Inc. (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. 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. The equity portion of the Fund may be invested across all market capitalizations. 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-U.S. 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 S&P Global Ratings (“S&P”) and unrated securities determined by the Adviser to be of equivalent quality, as well as high quality money market instruments. The Fund does not generally buy non-investment grade bonds. The Fund will attempt to provide total return in excess of the rate of inflation over the long term (3 to 5 years). The Adviser uses a disciplined sell strategy for the Fund. The Adviser may 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. The number of securities held by the Fund may fluctuate in an effort to seek to help increase performance and allow the sector weights to vary according to the number of highly ranked securities in that sector. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. 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 or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money. Fixed Income Risk: 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 of shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets. This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general, especially lower quality bonds. Management Risk: 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 markets. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeMediumSmallAndMicroCapitalizationCompanyRiskMember_zmpNZoPKSnl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Large, Medium, Small, and Micro Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions and could underperform returns of smaller or medium-sized companies. Smaller and medium capitalization companies may experience higher failure rates than larger capitalization companies. In addition, smaller and medium sized 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 and medium 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 smaller and medium capitalization stocks may be less liquid or illiquid. These risks may be enhanced for micro capitalization securities. Many micro capitalization 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 capitalization stocks trade in low volumes, any size trade can have a large percentage impact on the price of the stock. Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector. Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress. Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline). Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, American Depositary Receipts (“ADRs”) and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States. Sovereign Debt Risk: 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 NAV, may be more volatile. Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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). Municipal Securities Risk: 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 well 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. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund.<div id="xdx_C0D_gRBRTB-CIFJNCBG_zI32CyCmk8If"> </div> Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money.<div id="xdx_C01_gRBRTB-CIFJNCBG_zQazBOAYAGg8"> </div> Fixed Income Risk: 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 of shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets. This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general, especially lower quality bonds. Management Risk: 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 markets.<div id="xdx_C04_gRBRTB-CIFJNCBG_zzCmK5R5RFah"> </div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeMediumSmallAndMicroCapitalizationCompanyRiskMember_zmpNZoPKSnl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Large, Medium, Small, and Micro Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions and could underperform returns of smaller or medium-sized companies. Smaller and medium capitalization companies may experience higher failure rates than larger capitalization companies. In addition, smaller and medium sized 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 and medium 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 smaller and medium capitalization stocks may be less liquid or illiquid.<div id="xdx_C09_gRBRTB-CIFJNCBG_zQszmiiw5esj"> </div> <div id="xdx_C0A_gRBRTB-CIFJNCBG_zvVKikDKCKW9">These risks may be enhanced for micro capitalization securities. Many micro capitalization 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 capitalization stocks trade in low volumes, any size trade can have a large percentage impact on the price of the stock.</div> <div id="xdx_C04_gRBRTB-CIFJNCBG_zaZpos778oqd"> </div> Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector.<div id="xdx_C0D_gRBRTB-CIFJNCBG_zo10QTaceBIa"> </div> Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress.<div id="xdx_C01_gRBRTB-CIFJNCBG_zFefHv7AY6c8"> </div> Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline). Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, American Depositary Receipts (“ADRs”) and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States.<div id="xdx_C04_gRBRTB-CIFJNCBG_zKDszHd5rb4i"> </div> Sovereign Debt Risk: 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 NAV, may be more volatile.<div id="xdx_C0F_gRBRTB-CIFJNCBG_zXcCHB9qqf1c"> </div> Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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).<div id="xdx_C0B_gRBRTB-CIFJNCBG_zMrZ2qBJh9x8"> </div> Municipal Securities Risk: 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 well 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. Performance <span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_zBGjCvEgkEBd">The bar chart and performance table below illustrate the variability of the returns of the Retail 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 Retail Class shares of the Fund from year to year and by showing how the average annual total returns of the Retail Class shares of the Fund over time compare with the returns of a broad-based securities market index and an additional index that is more representative of the Fund’s strategy. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_z4TFbUjcpsC5">Of course, the past performance of the Retail Class shares of the Fund is not necessarily an indication of how the Retail Class shares of the Fund will perform in the future. Updated performance information is available at no cost by visiting <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_zKqpizfRmDuj">www.jamesinvestment.com or by calling 1-800-99-JAMES (1-800-995-2637). The bar chart and performance table below illustrate the variability of the returns of the Retail 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 Retail Class shares of the Fund from year to year and by showing how the average annual total returns of the Retail Class shares of the Fund over time compare with the returns of a broad-based securities market index and an additional index that is more representative of the Fund’s strategy. Of course, the past performance of the Retail Class shares of the Fund is not necessarily an indication of how the Retail Class shares of the Fund will perform in the future. www.jamesinvestment.com 1-800-99-JAMES (1-800-995-2637) Annual Total Returns (Retail Class Shares) (Years ended December 31): <div id="xdx_A85_eoef--BarChartTableTextBlock_zqSgkChjCB01"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zYSB3kT4bSkg" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_490_20160101__20161231_z1rCwazZlHWd" style="text-align: center; width: 9%">2016</td> <td id="xdx_49B_20170101__20171231_z0BZN4yz1TQ8" style="text-align: center; width: 9%">2017</td> <td id="xdx_49F_20180101__20181231_zo4ByqMBXj22" style="text-align: center; width: 9%">2018</td> <td id="xdx_49C_20190101__20191231_zwS6ZbcnA6X2" style="text-align: center; width: 9%">2019</td> <td id="xdx_494_20200101__20201231_zNGDPL7OkJrf" style="text-align: center; width: 9%">2020</td> <td id="xdx_492_20210101__20211231_zZxoDwDjxjM2" style="text-align: center; width: 9%">2021</td> <td id="xdx_494_20220101__20221231_z7AabA65HBQh" style="text-align: center; width: 9%">2022</td> <td id="xdx_49B_20230101__20231231_z3tJmKPXlLJh" style="text-align: center; width: 9%">2023</td> <td id="xdx_492_20240101__20241231_zinDmTKaX257" style="text-align: center; width: 9%">2024</td> <td id="xdx_495_20250101__20251231_zc3v6gEnR2Uf" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_406_eoef--AnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000009900Member_zQKFnqE7ZVz5" style="vertical-align: top; text-align: center"> <td> </td> <td>4.17%</td> <td>6.04%</td> <td>-10.52%</td> <td>12.10%</td> <td>1.54%</td> <td>12.68%</td> <td>-12.77%</td> <td>11.52%</td> <td>12.27%</td> <td>13.17%</td></tr> </table> <img alt="(BAR CHAT)" src="ja001_v1.jpg"/> 0.0417 0.0604 -0.1052 0.1210 0.0154 0.1268 -0.1277 0.1152 0.1227 0.1317 <div id="xdx_A89_eoef--BarChartClosingTextBlock_zsu2ycTlEkLk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_982_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_zYLNlwTtyli6" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; width: 30%; text-align: justify; text-indent: 0pt">Best Quarter</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_z8CCaWL77kb7" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; width: 30%; text-align: justify; text-indent: 0pt" title="::XDX::2023-12-31">4th Quarter 2023</td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_znivnsOnW0Jk" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; width: 20%; text-indent: 0pt">7.16%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_981_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_zDm6VgfVulTa" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: justify; text-indent: 0pt">Worst Quarter</td> <td id="xdx_989_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_zFu7AAlYrjZ5" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: justify; text-indent: 0pt" title="::XDX::2020-03-31">1st Quarter 2020 </td> <td id="xdx_98C_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_z7M1gL9VIBBd" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-indent: 0pt">-9.98%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: justify; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: justify; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-indent: 0pt"> </td></tr> </table> The Fund’s Retail Class year-to-date return as of September 30, 2026 was 3.46%. Best Quarter 0.0716 Worst Quarter -0.0998 The Fund’s Retail Class year-to-date return 2026-09-30 0.0346 Average Annual Total Returns (Retail Class Shares) (for the period ended December 31, 2025) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zQutEtmjC3T8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zWHi2Vbxhhyf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: top; width: 55%; text-align: justify; text-indent: 0pt"> </td> <td id="xdx_495_20250101__20251231_zcDaVoGPkmFj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center; text-indent: 0pt">One Year</td> <td id="xdx_49C_20210101__20251231_z8QwEjpqVyuj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center; text-indent: 0pt">Five Years</td> <td id="xdx_497_20160101__20251231_z4hYD7yIT506" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center; text-indent: 0pt">Ten Years</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000009900Member_zkibQcUloEK4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">James Balanced: Golden Rainbow Fund – Retail Class <span id="xdx_902_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000009900Member_zryUqbwpFCEl">Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">13.17%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">6.85%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">4.59%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000009900Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOJaJij5L0P8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">Return After Taxes on Distributions</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">11.71%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">5.67%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">3.43%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000009900Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zoEC7ViZE1hj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">8.55%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">5.14%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">3.36%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--PerformanceMeasureAxis__custom--BloombergUS3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zFmJwL5th8V4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">Bloomberg US 3000 Total Return Index* (<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_zsuV21aYwJcd">reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">17.21%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">13.09%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">14.27%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--PerformanceMeasureAxis__custom--VettaFiUSEquity3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zyy7LY7x2qY6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">VettaFi US Equity 3000 Index (<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_zf4uQRtlaEe2">reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">17.16%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">13.01%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">14.25%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--PerformanceMeasureAxis__custom--BlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z0j5V6Gio07i" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: bottom; text-indent: 0pt">Blended Index (25% Bloomberg US 1000 Total Return Index, 25% Bloomberg US 2000 Total Return Index, 50% Bloomberg Intermediate U.S. Government/Credit Bond Index)** (<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_z0Xdh7XOWvjd">reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: top; text-align: center; text-indent: 0pt">10.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: top; text-align: center; text-indent: 0pt">5.78%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: top; text-align: center; text-indent: 0pt">7.64%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Additional index.</td> </tr></table> Return Before Taxes 0.1317 0.0685 0.0459 0.1171 0.0567 0.0343 0.0855 0.0514 0.0336 reflects no deduction for fees, expenses or taxes 0.1721 0.1309 0.1427 reflects no deduction for fees, expenses or taxes 0.1716 0.1301 0.1425 reflects no deduction for fees, expenses or taxes 0.1081 0.0578 0.0764 Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. <span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--RetailClassMember__dei--LegalEntityAxis__custom--S000003560Member_zvU8gV7OT9sk">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). FUND SUMMARY - JAMES SMALL CAP FUND Investment Objective James Small Cap Fund (the “Fund”) seeks to provide long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zx7zrkrfZJZa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zymAKM72V6g4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td id="xdx_499_20261028__20261028__dei--LegalEntityAxis__custom--S000003563Member__oef--ClassAxis__custom--C000009903Member_zI3DGSqJrJx" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zCc8r5Fe6zMh" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; width: 85%; text-align: justify; text-indent: 0pt">Management Fee</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; vertical-align: bottom; width: 15%">1.21%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVm8bssdoR9g" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify; text-indent: 0pt">Distribution (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">0.25%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zRJ7NZlDvWCg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt">0.04%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zHEXZvVPSAIj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Acquired Fund Fees and Expenses1</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt">0.01%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_ztNogrqfYXeb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt">1.51%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1</td><td style="text-align: justify">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.</td> </tr></table> 0.0121 0.0025 0.0004 0.0001 0.0151 Example: 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 periods 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztaITS1cZvR7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zZFzdbWFctt8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; width: 40%; text-align: justify; text-indent: 0pt"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zr9nP0CvImTl" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; width: 15%; text-align: center; text-indent: 0pt">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zctymUIBIdij" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; width: 15%; text-align: center; text-indent: 0pt">3 Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zfQg6FS0Y8Fd" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; width: 15%; text-align: center; text-indent: 0pt">5 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zZoIN4NJpz4j" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; width: 15%; text-align: center; text-indent: 0pt">10 Years</td></tr> <tr id="xdx_413_20261028__20261028__dei--LegalEntityAxis__custom--S000003563Member__oef--ClassAxis__custom--C000009903Member_zTF3DM08G9id" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1pt; text-align: justify; text-indent: 0pt">James Small Cap Fund</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center; text-indent: 0pt">$154</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center; text-indent: 0pt">$477</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center; text-indent: 0pt">$824</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 5pt; padding-left: 5pt; text-align: center; text-indent: 0pt">$1,802</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: justify; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: center; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: center; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: center; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 5pt; text-align: center; text-indent: 0pt"> </td></tr> </table> 154 477 824 1802 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year. 0.13 Principal Investment Strategies The Fund invests primarily in equity securities of foreign and domestic companies that James Investment Research, Inc. (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 Bloomberg US 2000 Total Return Index, including ETFs that invest primarily in such securities. As of September 30, 2026, the largest market capitalization of the companies included in the Bloomberg US 2000 Total Return Index was $13.32 billion. Micro cap securities are considered small capitalization securities. The Fund anticipates investing across a range of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Bloomberg US 2000 Total Return 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. The Adviser may 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. The number of securities held by the Fund may fluctuate in an effort to seek to help increase performance and allow the sector weights to vary according to the number of highly ranked securities in that sector. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. 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 or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMicroCapitalizationCompanyRiskMember_zlLzyq67AUxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Small and Micro Capitalization Company Risk: 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. Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector. <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zIvLj0QWM9Ja"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0.25in; text-indent: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Financial Sector Risk: The Fund may, from time to time, invest a certain amount of its assets in the financial sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.</td></tr></table></div> Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress. Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline). Management Risk: 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 markets. Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, American Depositary Receipts (“ADRs”) and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States. Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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). Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund.<div id="xdx_C0A_gRBRTB-RTUI_zEFTztuQuGo"> </div> Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money.<div id="xdx_C05_gRBRTB-RTUI_zhESi4G14n7i"> </div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMicroCapitalizationCompanyRiskMember_zlLzyq67AUxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Small and Micro Capitalization Company Risk: 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. Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector.<div id="xdx_C09_gRBRTB-RTUI_zIi8zvXH71G2"> </div> <div id="xdx_C0C_gRBRTB-RTUI_zhArEerv4AJk"><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zIvLj0QWM9Ja"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0.25in; text-indent: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Financial Sector Risk: The Fund may, from time to time, invest a certain amount of its assets in the financial sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.</td></tr></table></div></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zIvLj0QWM9Ja"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0.25in; text-indent: 0pt">●</td><td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Financial Sector Risk: The Fund may, from time to time, invest a certain amount of its assets in the financial sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.</td></tr></table></div><div id="xdx_C00_gRBRTB-RTUI_z2vZrYTDuWb2"> </div> Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress.<div id="xdx_C06_gRBRTB-RTUI_zFDfZn3F33Sj"> </div> Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline).<div id="xdx_C00_gRBRTB-RTUI_za4NiPJUyQsc"> </div> Management Risk: 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 markets.<div id="xdx_C0D_gRBRTB-RTUI_zkNZTv1aBm86"> </div> Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, American Depositary Receipts (“ADRs”) and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States. Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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). Performance 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 and an additional index that is more representative of the Fund’s strategy. Of course, the Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesinvestment.com or by calling 1-800-99-JAMES (1-800-995-2637). 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 and an additional index that is more representative of the Fund’s strategy. Of course, the Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.jamesinvestment.com 1-800-99-JAMES (1-800-995-2637) Annual Total Returns (Years ended December 31): <div id="xdx_A85_eoef--BarChartTableTextBlock_zbKKCplugpRb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zqYhOt68BPGb" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_49A_20160101__20161231_zcBsYzeCOrt4" style="text-align: center; width: 9%">2016</td> <td id="xdx_49B_20170101__20171231_zGuAXyOAU5Vf" style="text-align: center; width: 9%">2017</td> <td id="xdx_49B_20180101__20181231_zPhyOv3AlrDk" style="text-align: center; width: 9%">2018</td> <td id="xdx_499_20190101__20191231_zdkytzEKSiJk" style="text-align: center; width: 9%">2019</td> <td id="xdx_494_20200101__20201231_zseuvaB0wVHd" style="text-align: center; width: 9%">2020</td> <td id="xdx_492_20210101__20211231_zYExVuhen0X6" style="text-align: center; width: 9%">2021</td> <td id="xdx_497_20220101__20221231_z73duuQ1HF6e" style="text-align: center; width: 9%">2022</td> <td id="xdx_491_20230101__20231231_z9oYUpJyAOV4" style="text-align: center; width: 9%">2023</td> <td id="xdx_49C_20240101__20241231_zAuI5kzmCXWj" style="text-align: center; width: 9%">2024</td> <td id="xdx_494_20250101__20251231_zzb8kkKVwzP9" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_409_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000003563Member__oef--ClassAxis__custom--C000009903Member_zXAbvjy4w4ng" style="vertical-align: top; text-align: center"> <td> </td> <td>15.63%</td> <td>6.57%</td> <td>-24.42%</td> <td>17.82%</td> <td>-1.11%</td> <td>38.79%</td> <td>-11.65%</td> <td>25.16%</td> <td>18.17%</td> <td>12.65%</td></tr> </table> <img alt="(BAR CHAT)" src="ja002_v1.jpg"/> 0.1563 0.0657 -0.2442 0.1782 -0.0111 0.3879 -0.1165 0.2516 0.1817 0.1265 <div id="xdx_A85_eoef--BarChartClosingTextBlock_zNmb2y83kAud"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_98D_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000003563Member_zsOnr3NmN1hc" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 30%; text-align: justify; text-indent: 0pt">Best Quarter</td> <td id="xdx_984_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20261028__20261028__dei--LegalEntityAxis__custom--S000003563Member_zjIY8RoR3r6f" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 30%; text-align: justify; text-indent: 0pt" title="::XDX::2020-12-31">4th Quarter 2020 </td> <td id="xdx_98A_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000003563Member_zBKejecLYgWb" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 20%; text-align: justify; text-indent: 0pt">26.12%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_985_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000003563Member_zaOtGRyeZWqc" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">Worst Quarter</td> <td id="xdx_989_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20261028__20261028__dei--LegalEntityAxis__custom--S000003563Member_zUd91KgtMuGb" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt" title="::XDX::2020-03-31">1st Quarter 2020 </td> <td id="xdx_989_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000003563Member_zmt6LAmPUHQ9" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt">-35.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"> </td></tr> </table> The Fund’s year-to-date return as of September 30, 2026 was 12.92%. Best Quarter 0.2612 Worst Quarter -0.3501 The Fund’s year-to-date return 2026-09-30 0.1292 Average Annual Total Returns (for the period ended December 31, 2025) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_z49adNOjLbH8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zJBUJAthP1fb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; vertical-align: top; width: 55%; text-indent: 0pt"> </td> <td id="xdx_494_20250101__20251231_zurvvRyy3sJ8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center; text-indent: 0pt">One Year</td> <td id="xdx_49B_20210101__20251231_zJrUF5CUAETh" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center; text-indent: 0pt">Five Years</td> <td id="xdx_49D_20160101__20251231_zS62i1N72aUi" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center; text-indent: 0pt">Ten Years</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000003563Member__oef--ClassAxis__custom--C000009903Member_zwsayTVxu97c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">James Small Cap Fund Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">12.65%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">15.36%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">8.29%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000003563Member__oef--ClassAxis__custom--C000009903Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zHMokBi3F4fl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">Return After Taxes on Distributions</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">11.78%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">14.48%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">7.02%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000003563Member__oef--ClassAxis__custom--C000009903Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zUAP5uyd89A8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">8.12%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">12.27%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">6.33%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000003563Member__oef--PerformanceMeasureAxis__custom--BloombergUS3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1AG120tlrTe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">Bloomberg US 3000 Total Return Index* (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">17.21%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">13.09%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">14.27%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000003563Member__oef--PerformanceMeasureAxis__custom--VettaFiUSEquity3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z9YQpkBfD2qj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">VettaFi US Equity 3000 Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">17.16%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">13.01%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">14.25%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000003563Member__oef--PerformanceMeasureAxis__custom--BloombergUS2000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zPkN7ZZlI4L4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; text-indent: 0pt">Bloomberg US 2000 Total Return Index** (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">11.06%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">6.65%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1pt 5pt; white-space: nowrap; text-align: center; text-indent: 0pt">10.00%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Additional index.</td> </tr></table> Return Before Taxes 0.1265 0.1536 0.0829 0.1178 0.1448 0.0702 0.0812 0.1227 0.0633 reflects no deduction for fees, expenses or taxes 0.1721 0.1309 0.1427 reflects no deduction for fees, expenses or taxes 0.1716 0.1301 0.1425 reflects no deduction for fees, expenses or taxes 0.1106 0.0665 0.1000 Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts. FUND SUMMARY – JAMES BALANCED: GOLDEN RAINBOW FUND (INSTITUTIONAL CLASS) Investment Objective 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. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zNJIELLWTC9a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zPYQPN7wwGX5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td id="xdx_496_20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000075008Member_z46kj5Rq2w08" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"> </td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zr5mHimY5hm1" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Management Fee</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.74%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0HH0y47pnW4" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Distribution (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z70G4XbRFRGk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.21%</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_znYFMk7OCcd4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Acquired Fund Fees and Expenses1 </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.02%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zlW7nKfiFTM2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.97%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 0.25in; text-align: left">1</td><td style="text-align: justify">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.</td> </tr></table> 0.0074 0 0.0021 0.0002 0.0097 Example: 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 periods 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zANKoEnb1aEf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zj7N88GwJndd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_zo77HCsWpu56" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zgBVLAs3fjMb" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zzGArfyKDmUj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zH3Yub2wgeKc" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">10 Years</td></tr> <tr id="xdx_418_20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000075008Member_zvhnZOQmo5ie" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">James Balanced: Golden Rainbow Fund</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$99</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$309</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$536</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$1,190</td></tr> </table> 99 309 536 1190 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year. 0.15 Principal Investment Strategies Under normal circumstances, the Fund invests primarily in equity securities of foreign and domestic companies that James Investment Research, Inc. (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. 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. The equity portion of the Fund may be invested across all market capitalizations. 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-U.S. 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 S&P Global Ratings (“S&P”) and unrated securities determined by the Adviser to be of equivalent quality, as well as high quality money market instruments. The Fund does not generally buy non-investment grade bonds. The Fund will attempt to provide total return in excess of the rate of inflation over the long term (3 to 5 years). The Adviser uses a disciplined sell strategy for the Fund. The Adviser may 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. The number of securities held by the Fund may fluctuate in an effort to seek to help increase performance and allow the sector weights to vary according to the number of highly ranked securities in that sector. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. 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 or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money. Fixed Income Risk: 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 of shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets. This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general, especially lower quality bonds. Management Risk: 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 markets. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeMediumSmallAndMicroCapitalizationCompanyRiskMember_zxuAr8BCBCef" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Large, Medium, Small, and Micro Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions and could underperform returns of smaller or medium-sized companies. Smaller and medium capitalization companies may experience higher failure rates than larger capitalization companies. In addition, smaller and medium sized 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 and medium 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 smaller and medium capitalization stocks may be less liquid or illiquid. These risks may be enhanced for micro capitalization securities. Many micro capitalization 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 capitalization stocks trade in low volumes, any size trade can have a large percentage impact on the price of the stock. Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector. Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress. Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline). Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, American Depositary Receipts (“ADRs”) and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States. Sovereign Debt Risk: 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 NAV, may be more volatile. Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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). Municipal Securities Risk: 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 well 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. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund.<div id="xdx_C08_gRBRTB-DQL_zVrMp7A40b86"> </div> Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money. Fixed Income Risk: 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 of shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets. This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general, especially lower quality bonds.<div id="xdx_C05_gRBRTB-DQL_zGlcgjeMUEMg"> </div> Management Risk: 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 markets.<div id="xdx_C0F_gRBRTB-DQL_zMvOYesNvAPd"> </div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeMediumSmallAndMicroCapitalizationCompanyRiskMember_zxuAr8BCBCef" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Large, Medium, Small, and Micro Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions and could underperform returns of smaller or medium-sized companies. Smaller and medium capitalization companies may experience higher failure rates than larger capitalization companies. In addition, smaller and medium sized 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 and medium 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 smaller and medium capitalization stocks may be less liquid or illiquid.<div id="xdx_C09_gRBRTB-DQL_zXOog4Ijamd7"> </div> <div id="xdx_C04_gRBRTB-DQL_zdj1Sgl9SaW2">These risks may be enhanced for micro capitalization securities. Many micro capitalization 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 capitalization stocks trade in low volumes, any size trade can have a large percentage impact on the price of the stock.</div> <div id="xdx_C08_gRBRTB-DQL_zRBmihgd6T03"> </div> Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector.<div id="xdx_C06_gRBRTB-DQL_zb7DSEcTLkgd"> </div> Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress.<div id="xdx_C05_gRBRTB-DQL_zg7hcbN2o9zk"> </div> Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline). Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, American Depositary Receipts (“ADRs”) and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States.<div id="xdx_C0F_gRBRTB-DQL_zdXUnvj7nNk4"> </div> Sovereign Debt Risk: 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 NAV, may be more volatile.<div id="xdx_C0E_gRBRTB-DQL_zZmjNvNzugig"> </div> Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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).<div id="xdx_C0B_gRBRTB-DQL_zkDCEfnBHkPl"> </div> Municipal Securities Risk: 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 well 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. Performance <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zzCkLsbfdlac">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 and an additional index that is more representative of the Fund’s strategy. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zVpKZiDmpEy7">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. Updated performance information is available at no cost by visiting <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zkhDxxaVBJy4">www.jamesinvestment.com or by calling 1-800-99-JAMES (1-800-995-2637). 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 and an additional index that is more representative of the Fund’s strategy. 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. www.jamesinvestment.com 1-800-99-JAMES (1-800-995-2637) Annual Total Returns (Institutional Class Shares) (Years ended December 31): <div id="xdx_A87_eoef--BarChartTableTextBlock_zFu7JadW49Wd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zxYylJB2vEu2" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_496_20160101__20161231_zXMsMIV4IC78" style="text-align: center; width: 9%">2016</td> <td id="xdx_499_20170101__20171231_z5mAlXB6n9E1" style="text-align: center; width: 9%">2017</td> <td id="xdx_49A_20180101__20181231_zxbprMqiA4Ej" style="text-align: center; width: 9%">2018</td> <td id="xdx_49C_20190101__20191231_z7FcP4h6Pmz7" style="text-align: center; width: 9%">2019</td> <td id="xdx_49D_20200101__20201231_zKISeC9mEpxj" style="text-align: center; width: 9%">2020</td> <td id="xdx_495_20210101__20211231_zoCeU9z7RWG2" style="text-align: center; width: 9%">2021</td> <td id="xdx_499_20220101__20221231_zCI4AUgdYjB3" style="text-align: center; width: 9%">2022</td> <td id="xdx_491_20230101__20231231_zEH1bUn2JCW2" style="text-align: center; width: 9%">2023</td> <td id="xdx_49A_20240101__20241231_zq2T85jz05Ad" style="text-align: center; width: 9%">2024</td> <td id="xdx_49B_20250101__20251231_zdE2IwG7ddqe" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_401_eoef--AnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000075008Member_ziiXNwStXm7c" style="vertical-align: top; text-align: center"> <td> </td> <td>4.43%</td> <td>6.30%</td> <td>-10.32%</td> <td>12.40%</td> <td>1.83%</td> <td>12.94%</td> <td>-12.54%</td> <td>11.78%</td> <td>12.57%</td> <td>13.46%</td></tr> </table> <img alt="(BAR GRAPH)" src="ja003_v1.jpg"/> 0.0443 0.0630 -0.1032 0.1240 0.0183 0.1294 -0.1254 0.1178 0.1257 0.1346 <div id="xdx_A85_eoef--BarChartClosingTextBlock_zUyjmkj0ede9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_98D_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zehOiL9LXVM" style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Best Quarter</td> <td id="xdx_98B_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zDNteJR726r5" style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify" title="::XDX::2023-12-31">4th Quarter 2023</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zSkSXEibyG9f" style="font: 10pt Times New Roman, Times, Serif; width: 60%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">7.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_983_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_znwymK6XHEuj" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Worst Quarter</td> <td id="xdx_986_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zuPC4UyH5zi3" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify" title="::XDX::2020-03-31">1st Quarter 2020 </td> <td id="xdx_988_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zPa4J5CYt858" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">-9.90%</td></tr> </table> The Fund’s Institutional Class year-to-date return as of September 30, 2026 was 3.60%. Best Quarter 0.0725 Worst Quarter -0.0990 The Fund’s Institutional Class year-to-date return 2026-09-30 0.0360 Average Annual Total Returns (Institutional Class Shares) (for the period ended December 31, 2025) <div id="xdx_A88_eoef--PerformanceTableTextBlock_zMNXXpXDgJIl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z6f8lsUkgec8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 55%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"> </td> <td id="xdx_49B_20250101__20251231_zEWMTEagLlA4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">One Year</td> <td id="xdx_493_20210101__20251231_zwUjh8nLLAbg" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">Five Years</td> <td id="xdx_497_20160101__20251231_zvDBtQ0TZq4f" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">Ten Years</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000075008Member_zTyAYDoRkVt5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">James Balanced: Golden Rainbow Fund – Institutional Class <span id="xdx_907_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000075008Member_z3ouvkyl7Qgh">Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">13.46%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">7.12%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">4.86%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000075008Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zPumMra06ZZ7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Return After Taxes on Distributions</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">11.89%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">5.83%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">3.59%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--ClassAxis__custom--C000075008Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z5uspTOapczj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">8.75%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">5.32%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">3.54%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--PerformanceMeasureAxis__custom--BloombergUS3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zApX7H08lAjh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Bloomberg US 3000 Total Return Index* (<span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zgPAFXCKZsdi">reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">17.21%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">13.09%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">14.27%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--PerformanceMeasureAxis__custom--VettaFiUSEquity3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zZguKhQiRfVl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">VettaFi US Equity 3000 Index (<span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zj9hSeGrrt67">reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">17.16%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">13.01%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">14.25%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member__oef--PerformanceMeasureAxis__custom--BlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zicZ44AeAD35" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Blended Index (25% Bloomberg US 1000 Total Return Index, 25% Bloomberg US 2000 Total Return Index, 50% Bloomberg Intermediate U.S. Government/Credit Bond Index) (<span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zGhYepM5Mowb">reflects no deduction for fees, expenses or taxes)**</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">10.81%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">5.78%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">7.64%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><span id="xdx_902_eoef--PerformanceTableMarketIndexChanged_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zwj2gDcAVeZd">Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Additional index.</td> </tr></table> Return Before Taxes 0.1346 0.0712 0.0486 0.1189 0.0583 0.0359 0.0875 0.0532 0.0354 reflects no deduction for fees, expenses or taxes 0.1721 0.1309 0.1427 reflects no deduction for fees, expenses or taxes 0.1716 0.1301 0.1425 reflects no deduction for fees, expenses or taxes 0.1081 0.0578 0.0764 Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. <span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_z42ZoVol0UF6">After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--DocumentInformationDocumentAxis__custom--InstitutionalClassMember__dei--LegalEntityAxis__custom--S000003560Member_zZmjTc0fadCh">Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). FUND SUMMARY – JAMES MICRO CAP FUND Investment Objective James Micro Cap Fund (the “Fund”) seeks to provide long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zOaVQ3t72WNh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z4T3wXFW3ig1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20261028__20261028__dei--LegalEntityAxis__custom--S000029269Member__oef--ClassAxis__custom--C000090023Member_zMGZBIidQlml" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; text-align: center"> </td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zodDuyto3c42" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; vertical-align: top; width: 85%; text-align: justify">Management Fee</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; vertical-align: bottom; width: 15%; text-align: center">1.43%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXafz6jSQ2Nk" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: justify">Distribution (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_z4KEar1aQigd" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: justify">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; vertical-align: bottom; text-align: center">0.07%</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zEMMtp85Fvq9" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: justify">Acquired Fund Fees and Expenses1</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; vertical-align: bottom; text-align: center">0.02%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zZeTrmkuqD3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; text-align: justify">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 0pt; text-align: center">1.52%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 0.25in; text-align: left">1</td><td style="text-align: justify">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.</td> </tr></table> 0.0143 0 0.0007 0.0002 0.0152 Example: 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 periods 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: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWBLidtbbfbd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zrJjAU6EatOl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear01_zsPFvpgxw8Yl" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zRBEofbrOhQ7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">3 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zVeeUXysyu3l" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zZH91BXt2wpj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20261028__20261028__dei--LegalEntityAxis__custom--S000029269Member__oef--ClassAxis__custom--C000090023Member_zdwL0h0AbHp9" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">James Micro Cap Fund</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$155</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$480</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$829</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$1,813</td></tr> </table> 155 480 829 1813 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year. 0.14 Principal Investment Strategies The Fund invests primarily in equity securities of foreign and domestic companies that James Investment Research, Inc. (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 micro 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. Micro capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the Bloomberg US Micro-Cap Total Return Index, including ETFs that invest primarily in such securities. As of September 30, 2026, the largest market capitalization of the companies included in the Bloomberg US Micro-Cap Total Return Index was $1.46 billion. The Fund anticipates investing across a range of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Bloomberg US Micro-Cap Total Return 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. The Adviser may 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. The number of securities held by the Fund may fluctuate in an effort to seek to help increase performance and allow the sector weights to vary according to the number of highly ranked securities in that sector. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. 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 or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money. Micro Cap Company Risk: 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 micro capitalization stocks may be illiquid. 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 some micro cap stocks trade in low volumes and 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. Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector. Financial Sector Risk: The Fund may, from time to time, invest a certain amount of its assets in the financial sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely. Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress. Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline). Management Risk: 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 markets. Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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). Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund.<div id="xdx_C01_gRBRTB-NGJFU_zFnSgn7cwRWc"> </div> Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money. Micro Cap Company Risk: 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 micro capitalization stocks may be illiquid. 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 some micro cap stocks trade in low volumes and 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.<div id="xdx_C03_gRBRTB-NGJFU_z3sdnzMLyVUj"> </div> Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector.<div id="xdx_C0E_gRBRTB-NGJFU_zJwLQ01SU0ib"> </div> Financial Sector Risk: The Fund may, from time to time, invest a certain amount of its assets in the financial sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.<div id="xdx_C0B_gRBRTB-NGJFU_zQxTxSFWvYW3"> </div> Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress.<div id="xdx_C0E_gRBRTB-NGJFU_z4aobHiRnJbg"> </div> Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline).<div id="xdx_C03_gRBRTB-NGJFU_zelrNNCPNXBj"> </div> Management Risk: 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 markets.<div id="xdx_C0C_gRBRTB-NGJFU_z0JjuGpXAYx6"> </div> Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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). Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States. Performance The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the average annual total returns of the Fund over time compare with the returns of a broad-based securities market index and an additional index that is more representative of the Fund’s strategy. Of course, the past performance of the Fund is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesinvestment.com or by calling 1-800-99-JAMES (1-800-995-2637). The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the average annual total returns of the Fund over time compare with the returns of a broad-based securities market index and an additional index that is more representative of the Fund’s strategy. Of course, the past performance of the Fund is not necessarily an indication of how the Fund will perform in the future. www.jamesinvestment.com 1-800-99-JAMES (1-800-995-2637) Annual Total Returns (Years ended December 31): <div id="xdx_A87_eoef--BarChartTableTextBlock_zlmtQjEKAcq9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zF7SDDhDvHhh" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_49C_20160101__20161231_z0bBVsnnVK0h" style="text-align: center; width: 9%">2016</td> <td id="xdx_49B_20170101__20171231_zGjiubXbJ9v" style="text-align: center; width: 9%">2017</td> <td id="xdx_49D_20180101__20181231_z8fuprncERJc" style="text-align: center; width: 9%">2018</td> <td id="xdx_492_20190101__20191231_zXyDDaVlaDVd" style="text-align: center; width: 9%">2019</td> <td id="xdx_49C_20200101__20201231_ziTM4LsYuUee" style="text-align: center; width: 9%">2020</td> <td id="xdx_496_20210101__20211231_zelgbKIQY6Lj" style="text-align: center; width: 9%">2021</td> <td id="xdx_49D_20220101__20221231_za5hJcKCaY4e" style="text-align: center; width: 9%">2022</td> <td id="xdx_498_20230101__20231231_z3wvjnXrrOog" style="text-align: center; width: 9%">2023</td> <td id="xdx_49F_20240101__20241231_zO5vlrvE6e14" style="text-align: center; width: 9%">2024</td> <td id="xdx_49C_20250101__20251231_zjcby1rp8nZ4" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_40F_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000029269Member__oef--ClassAxis__custom--C000090023Member_ztJp9o3fcH3d" style="vertical-align: top; text-align: center"> <td> </td> <td>19.62%</td> <td>2.92%</td> <td>-16.56%</td> <td>26.49%</td> <td>-4.20%</td> <td>36.24%</td> <td>-17.30%</td> <td>31.72%</td> <td>5.97%</td> <td>4.37%</td></tr> </table> <img alt="(BAR GRAPH)" src="ja004_v1.jpg"/> 0.1962 0.0292 -0.1656 0.2649 -0.0420 0.3624 -0.1730 0.3172 0.0597 0.0437 <div id="xdx_A89_eoef--BarChartClosingTextBlock_zWZVm0Fh13uk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_988_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000029269Member_zAODE9qj73Z" style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Best Quarter</td> <td id="xdx_98A_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20261028__20261028__dei--LegalEntityAxis__custom--S000029269Member_zyiaOnqrWpz7" style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify" title="::XDX::2020-12-31">4th Quarter 2020 </td> <td id="xdx_981_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000029269Member_z03qw9G5fz71" style="font: 10pt Times New Roman, Times, Serif; width: 60%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">22.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_98E_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000029269Member_zgIoiRwetxn9" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Worst Quarter</td> <td id="xdx_988_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20261028__20261028__dei--LegalEntityAxis__custom--S000029269Member_zLR33tYFhg55" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify" title="::XDX::2020-03-31">1st Quarter 2020 </td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000029269Member_zAQtToL55pt9" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">-37.18%</td></tr> </table> The Fund’s year-to-date return as of September 30, 2026 was 12.21%. Best Quarter 0.2292 Worst Quarter -0.3718 The Fund’s year-to-date return 2026-09-30 0.1221 Average Annual Total Returns (for the period ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zhqsA7ok5eqc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zEToycXzA11c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 55%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"> </td> <td id="xdx_49C_20250101__20251231_zzKvg0rY5eh8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">One Year</td> <td id="xdx_496_20210101__20251231_z8opJPVi1hKl" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">Five Years</td> <td id="xdx_498_20160101__20251231_zCvOMGNORKy2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">Ten Years</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000029269Member__oef--ClassAxis__custom--C000090023Member_zwGglGAPCi96" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">James Micro Cap Fund Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">4.37%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">10.42%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">7.41%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000029269Member__oef--ClassAxis__custom--C000090023Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zkj7Zj9jqReb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Return After Taxes on Distributions</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">4.12%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">9.63%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">6.59%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000029269Member__oef--ClassAxis__custom--C000090023Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zlZ9xi1kpTxg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">2.76%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">8.15%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">5.80%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000029269Member__oef--PerformanceMeasureAxis__custom--BloombergUS3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z1s6dlAyl41a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Bloomberg US 3000 Total Return Index* (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">17.21%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">13.09%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">14.27%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000029269Member__oef--PerformanceMeasureAxis__custom--VettaFiUSEquity3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z7fwYJoUVTRd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">VettaFi US Equity 3000 Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">17.16%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">13.01%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">14.25%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000029269Member__oef--PerformanceMeasureAxis__custom--BloombergUSMicroCapTotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_znC5jW7X0IO6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Bloomberg US Micro-Cap Total Return Index** (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">12.72%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">3.39%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">8.41%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Additional index.</td> </tr></table> Return Before Taxes 0.0437 0.1042 0.0741 0.0412 0.0963 0.0659 0.0276 0.0815 0.0580 reflects no deduction for fees, expenses or taxes 0.1721 0.1309 0.1427 reflects no deduction for fees, expenses or taxes 0.1716 0.1301 0.1425 reflects no deduction for fees, expenses or taxes 0.1272 0.0339 0.0841 Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts. FUND SUMMARY – JAMES AGGRESSIVE ALLOCATION FUND Investment Objective James Aggressive Allocation Fund (the “Fund”) seeks to provide total return through a combination of growth and income. Preservation of capital in declining markets is a secondary objective. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zkVcKNnnQVI8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zdMo0ypBYMbb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </td> <td id="xdx_49C_20261028__20261028__dei--LegalEntityAxis__custom--S000049901Member__oef--ClassAxis__custom--C000157576Member_zoDdjZjPe4Jb" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zO1L2qrjnoK2" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 85%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Management Fee</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.98%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFDThAo7GZ5e" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Distribution (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">None</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zSdkqQ8ZiFIa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.03%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zpYXcwUjaly9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Acquired Fund Fees and Expenses1 </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.03%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zVD86zoIfuQ1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.04%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 0.25in; text-align: left">1</td><td style="text-align: justify">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.</td> </tr></table> 0.0098 0 0.0003 0.0003 0.0104 Example: 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 periods 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbkMhLxuuYV1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zfifjN3JUevd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zXb3Gi54PC18" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zqslo9Q0cfB4" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">3 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_z0kBfWKiM2i2" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">5 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_zzxJKLlajFub" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">10 Years</td></tr> <tr id="xdx_410_20261028__20261028__dei--LegalEntityAxis__custom--S000049901Member__oef--ClassAxis__custom--C000157576Member_zlfF8hJha3Mf" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">James Aggressive Allocation Fund</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$106</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$331</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$574</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">$1,271</td></tr> </table> 106 331 574 1271 Portfolio Turnover 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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year. 0.21 Principal Investment Strategies Under normal circumstances, the Fund invests primarily in equity securities of foreign and domestic companies that James Investment Research, Inc. (the “Adviser”) believes are undervalued, and in high quality fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with typically at least 60% of its assets in equity securities and at least 15% of its assets in fixed income securities. On occasion, the Fund could hold as little as 50% in equity securities or as high as 100%. The Adviser uses a disciplined sell strategy for the Fund. The Adviser may 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. The number of securities held by the Fund may fluctuate in an effort to seek to help increase performance and allow the sector weights to vary according to the number of highly ranked securities in that sector. 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. The equity portion of the Fund may be invested across all market capitalizations. 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-U.S. 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 S&P Global Ratings (“S&P”) and unrated securities determined by the Adviser to be of equivalent quality, as well as high quality money market instruments. The Fund does not generally buy non-investment grade bonds. All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. 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 or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money. Fixed Income Risk: 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 of shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets. This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general, especially lower quality bonds. Aggressive Asset Allocation Risk: This Fund will employ an aggressive allocation strategy, which means it will generally hold a large part of its assets in equity securities and a smaller part of its assets in fixed income securities. This strategy will make the Fund more volatile than a fund that employs a more moderate allocation to equity securities. Therefore, it may increase the frequency in which the Fund could experience negative performance. Management Risk: 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 markets. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeMediumSmallAndMicroCapitalizationCompanyRiskMember_zR2ob31BhtVd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Large, Medium, Small, and Micro Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions and could underperform returns of smaller companies. 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 smaller capitalization stocks may be less liquid or illiquid. These risks may be enhanced for micro capitalization securities. Many micro capitalization 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 capitalization stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock. Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector. Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress. Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline). Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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). Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States. Sovereign Debt Risk: 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 NAV, may be more volatile. Municipal Securities Risk: 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 well 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. Market Disruptions Risk: The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund.<div id="xdx_C01_gRBRTB-XLSGLD_zqfZopCKRiKh"> </div> Equity Market Risk: Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues affect the securities markets. When the value of the Fund’s stock-based investments decreases, your investment in the Fund decreases in value and you could lose money.<div id="xdx_C06_gRBRTB-XLSGLD_zcIBia8bGwwf"> </div> Fixed Income Risk: 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 of shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets. This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general, especially lower quality bonds. Aggressive Asset Allocation Risk: This Fund will employ an aggressive allocation strategy, which means it will generally hold a large part of its assets in equity securities and a smaller part of its assets in fixed income securities. This strategy will make the Fund more volatile than a fund that employs a more moderate allocation to equity securities. Therefore, it may increase the frequency in which the Fund could experience negative performance.<div id="xdx_C02_gRBRTB-XLSGLD_zY4sm9fkCgBd"> </div> Management Risk: 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 markets.<div id="xdx_C04_gRBRTB-XLSGLD_zadoeYgs0e5d"> </div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeMediumSmallAndMicroCapitalizationCompanyRiskMember_zR2ob31BhtVd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Large, Medium, Small, and Micro Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions and could underperform returns of smaller companies. 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 smaller capitalization stocks may be less liquid or illiquid.<div id="xdx_C0A_gRBRTB-XLSGLD_zssabEDAjiTf"> </div> <div id="xdx_C0A_gRBRTB-XLSGLD_zE8LE56ZYMIa">These risks may be enhanced for micro capitalization securities. Many micro capitalization 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 capitalization stocks trade in low volumes, any size of trade can have a large percentage impact on the price of the stock.</div> <div id="xdx_C04_gRBRTB-XLSGLD_z2B1HFdwx99l"> </div> Sector Risk: Securities within the same sector 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 (“NAV”) to fluctuate more than that of a fund that does not concentrate in a particular sector.<div id="xdx_C09_gRBRTB-XLSGLD_zhynDXlZw5S1"> </div> Equity Securities Risk: The value of a company’s stock may fall as a result of factors which directly relate to that company, such as lower demand for the company’s products or services or poor management decisions. In addition, a company’s stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of the stock will usually react more strongly than bonds and other debt to actual or perceived changes in a company’s financial condition or progress. <div id="xdx_C07_gRBRTB-XLSGLD_zOHqkS0QGuM5"> </div> Inflation Risk: The Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s assets can decline). Exchange-Traded Fund Risk: An ETF may trade at a discount or premium to its NAV. 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).<div id="xdx_C0F_gRBRTB-XLSGLD_z6XNdXZ3Opta"> </div> Foreign Investment Risk: 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. This Fund may hold a significant percentage of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the United States.<div id="xdx_C0E_gRBRTB-XLSGLD_z2YWfPdOnQI4"> </div> Sovereign Debt Risk: 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 NAV, may be more volatile.<div id="xdx_C0B_gRBRTB-XLSGLD_zOeXCufWMxf3"> </div> Municipal Securities Risk: 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 well 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. Performance The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the average annual total returns of the Fund over time compare with the returns of a broad-based securities market index and an additional index that is more representative of the Fund’s strategy. Of course, the past performance of the Fund is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesinvestment.com or by calling 1-800-99-JAMES (1-800-995-2637). The bar chart and performance table below illustrate the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the average annual total returns of the Fund over time compare with the returns of a broad-based securities market index and an additional index that is more representative of the Fund’s strategy. Of course, the past performance of the Fund is not necessarily an indication of how the Fund will perform in the future. www.jamesinvestment.com 1-800-99-JAMES (1-800-995-2637) Annual Total Returns (Years ended December 31): <div id="xdx_A85_eoef--BarChartTableTextBlock_z9pnNzhBI61g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z4kx3A9QK7P5" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 10%"> </td> <td id="xdx_492_20160101__20161231_zlf5cd2kHm4l" style="text-align: center; width: 9%">2016</td> <td id="xdx_49A_20170101__20171231_zdz0eb7abtAc" style="text-align: center; width: 9%">2017</td> <td id="xdx_49B_20180101__20181231_zcosUW26MDed" style="text-align: center; width: 9%">2018</td> <td id="xdx_493_20190101__20191231_z0hg28etxXp7" style="text-align: center; width: 9%">2019</td> <td id="xdx_49F_20200101__20201231_z2JCUpWKo0pf" style="text-align: center; width: 9%">2020</td> <td id="xdx_496_20210101__20211231_zKE17fPS8vnk" style="text-align: center; width: 9%">2021</td> <td id="xdx_496_20220101__20221231_zvd6BOpqf4Rc" style="text-align: center; width: 9%">2022</td> <td id="xdx_499_20230101__20231231_zFGBIXf4d7X6" style="text-align: center; width: 9%">2023</td> <td id="xdx_491_20240101__20241231_z2DnUH0Jp8vb" style="text-align: center; width: 9%">2024</td> <td id="xdx_492_20250101__20251231_zLWi0gyMxDy1" style="text-align: center; width: 9%">2025</td></tr> <tr id="xdx_408_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000049901Member__oef--ClassAxis__custom--C000157576Member_zSlukvmr0zbc" style="vertical-align: top; text-align: center"> <td> </td> <td>9.09%</td> <td>11.45%</td> <td>-13.31%</td> <td>14.18%</td> <td>-1.43%</td> <td>16.87%</td> <td>-15.80%</td> <td>19.31%</td> <td>19.13%</td> <td>15.92%</td></tr> </table> <img alt="(BAR GRAPH)" src="ja005_v1.jpg"/> 0.0909 0.1145 -0.1331 0.1418 -0.0143 0.1687 -0.1580 0.1931 0.1913 0.1592 <div id="xdx_A84_eoef--BarChartClosingTextBlock_z0uBmJMh9m31"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_989_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000049901Member_zrTa17Zj2sa3" style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Best Quarter</td> <td id="xdx_981_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20261028__20261028__dei--LegalEntityAxis__custom--S000049901Member_zSDi3GRyxTfi" style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify" title="::XDX::2024-03-31">1st Quarter 2024 </td> <td id="xdx_980_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000049901Member_zXEkLazpwhT9" style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"> 9.88%</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000049901Member_zLqcMGkGJsQ4" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Worst Quarter</td> <td id="xdx_98C_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20261028__20261028__dei--LegalEntityAxis__custom--S000049901Member_zxYacsmNnFK5" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify" title="::XDX::2020-03-31">1st Quarter 2020 </td> <td id="xdx_983_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000049901Member_zQIx33CKvkSd" style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">-20.42%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"> </td></tr> </table> The Fund’s year-to-date return as of September 30, 2026 was 9.09%. Best Quarter 0.0988 Worst Quarter -0.2042 The Fund’s year-to-date return 2026-09-30 0.0909 Average Annual Total Returns (for the period ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_ze7X66RfxiSj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zo14z6u90ad" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 62%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"> </td> <td id="xdx_492_20250101__20251231_zRj7QgOub1i9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">One Year</td> <td id="xdx_49F_20210101__20251231_zcFNC4UzeZGc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">Five Years </td> <td id="xdx_490_20160101__20251231_zgAoNjA6bn31" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">Ten Years</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000049901Member__oef--ClassAxis__custom--C000157576Member_z7FjA891su1a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">James Aggressive Allocation Fund Return Before Taxes</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">15.92%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">10.15%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">6.76%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000049901Member__oef--ClassAxis__custom--C000157576Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zaAi559p7muf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Return After Taxes on Distributions</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">15.77%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">10.00%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">6.57%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000049901Member__oef--ClassAxis__custom--C000157576Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zPpm3LhCZ3hg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">9.53%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">8.03%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">5.42%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000049901Member__oef--PerformanceMeasureAxis__custom--BloombergUS3000TotalReturnIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zR1N51ppc0Eg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">Bloomberg US 3000 Total Return Index* (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">17.21%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">13.09%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">14.27%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000049901Member__oef--PerformanceMeasureAxis__custom--VettaFiUSEquity3000IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zrndNBPKOXih" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">VettaFi US Equity 3000 Index (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">17.16%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">13.01%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">14.25%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000049901Member__oef--PerformanceMeasureAxis__custom--SixtyFivePercentBloombergUS3000TotalReturnIndexThirtyFivePercentBloombergUSAggregateGovernmentCreditBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z4b8wbxUyz5j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">65% Bloomberg US 3000 Total Return Index, 35% Bloomberg U.S. Government/Credit Bond Index** (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">13.67%</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">8.30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">10.15%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 17.3pt; text-align: left">*</td><td style="text-align: justify">Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 17.3pt; text-align: left">**</td><td style="text-align: justify">Additional index.</td> </tr></table> 0.1592 0.1015 0.0676 0.1577 0.1000 0.0657 0.0953 0.0803 0.0542 reflects no deduction for fees, expenses or taxes 0.1721 0.1309 0.1427 reflects no deduction for fees, expenses or taxes 0.1716 0.1301 0.1425 reflects no deduction for fees, expenses or taxes 0.1367 0.0830 0.1015 Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-qualified arrangements, such as 401(k) plans or individual retirement accounts. 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. Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance. Additional index. 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. Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance. Additional index. 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. Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance. Additional index. 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. Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance. Additional index. 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. Effective March 31, 2026, the Fund changed its broad-based securities market index from the VettaFi US Equity 3000 Index to the Bloomberg US 3000 Total Return Index. The Fund changed its broad-based securities market index because the Adviser believes the new broad-based securities market index represents a better comparison against which to measure the Fund’s performance. Additional index.