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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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SIGNATURE TINA D. HOSKING
TITLE ASSISTANT SECRETARY
To the Board of Trustees
The James Advantage Funds:
In planning and performing our audits of the financial statements of The James
Advantage Funds, including The Golden Rainbow Fund, James Small Cap Fund and
James Market Neutral Fund (the "Funds"), for the period ended June 30, 1999 (on
which we have issued our report dated July 30, 1999), we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the Funds' internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projection of any evaluation
of internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the Funds' internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Funds' internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
DELOITTE & TOUCHE LLP
Dayton, Ohio
July 30, 1999
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<NAME> THE JAMES ADVANTAGE FUNDS
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<NAME> THE JAMES SMALL CAP FUND
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<NAME> THE JAMES ADVANTAGE FUNDS
<SERIES>
<NUMBER> 3
<NAME> THE JAMES MARKET NEUTRAL FUND
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