Proxy Policy

Pursuant to rules established by the Securities and Exchange Commission, under the Investment Company Act of 1940 (the "1940 Act"), the board of trustees (the "Board of Trustees") of the James Advantage Funds (the "Trust") has adopted the following formal, written guidelines for proxy voting by the Trust. The Board of Trustees of the Trust oversees voting policies and decisions for each series of the Trust (each, a "Fund").

Each Fund exercises its proxy voting rights with regard to the companies in the Fund's investment portfolio, with the goals of maximizing the value of the Fund's investments, promoting accountability of a company's management and board of directors to its shareholders, aligning the interests of management with those of shareholders, and increasing transparency of a company's business and operations.

In general, the Board of Trustees of the Trust believes that James Investment Research, Inc. (the "Adviser"), which selects the individual companies that are part of the Fund's portfolio, is the most knowledgeable and best suited to make decisions about proxy votes for each Fund. Therefore, the Trust defers to and relies on the Adviser to make decisions on casting proxy votes for each Fund.

In some instances, the Adviser may be asked to cast a proxy vote that presents a conflict between the interests of the Fund's shareholders, and those of the Adviser or an affiliated person of the Adviser. In such a case, the Adviser is instructed to abstain from making a voting decision and to forward all necessary proxy voting materials to the Trust to enable the Board of Trustees to make a voting decision. When the Board of Trustees of the Trust is required to make a proxy voting decision, only the Trustees without a conflict of interest with regard to the security in question or the matter to be voted upon shall be permitted to participate in the decision of how the Fund's vote will be cast.

Summary Of Adviser's Proxy Voting Guidelines

The Adviser has retained Institutional Shareholder Services, Inc. ("ISS") to vote proxies on behalf of the Trust in accordance with the Trust's and the Adviser's policies. As part of this retention, the Adviser has adopted the ISS U.S. Proxy Voting Concise Guidelines, as amended from time to time (the "ISS Proxy Voting Guidelines").While these guidelines are not intended to be all-inclusive,they do provide guidance on ISS' general voting policies.

Trust Proxy Votes

Information regarding how each Fund voted proxies related to their respective portfolio securities during the most recent fiscal year is available upon request by writing Ultimus Fund Distributors, LLC (the "Transfer Agent") at PO Box 46707, Cincinnati, OH 45246, by calling 800-99 JAMES (800-995-2637), or on the Securities and Exchange Commission's website at http://www.sec.gov.