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James Alpha Funds Trust d/b/a EASTERLY FUNDS TRUST

 

FUND Class A Class C Class I Class R6
Easterly Income Opportunities Fund JASVX JSVCX JSVIX JASSX

 

Supplement dated November 6, 2023 to the Prospectus, Summary Prospectus, and Statement of Additional Information of the Easterly Income Opportunities Fund dated April 1, 2023

 

This Supplement updates and supersedes any contrary information contained in the Prospectus, Summary Prospectus, and Statement of Additional Information.

 

Effective November 6, 2023, the section titled “Fees and Expenses of the Fund:” beginning on page 11 of the Prospectus is deleted in its entirety and replaced with the following:

 

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 other fees, such as brokerage commissions and other fees to financial intermediaries, for transactions in Class I and Class R6 shares, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Easterly Funds. More information about these and other discounts is available from your financial professional and in the Choosing a Share Class section on page 39 of this Prospectus. In addition, Appendix A attached to this Prospectus contains information regarding financial intermediary-specific sales charge waivers and discounts.

 
Shareholder Fees

Class

A

Class

C

Class

I

Class

R6

Maximum Sales Charge (Load) Imposed on Purchases as a % of offering price 2.00% None None None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends as a
% of offering price		 None None None None
Maximum Contingent Deferred Sales Charge (Load) as a % of offering price None 1 1.00% None None
Redemption Fee None None None None
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
 

Class

A

Class

C

Class

I

Class

R6

Management Fees 1.20% 1.20% 1.20% 1.20%
Distribution and/or Service Rule 12b-1 Fees 0.25% 1.00% None None
Other Expenses 0.34% 0.34% 0.34% 0.34%
Interest/Dividend Expense 0.07% 0.07% 0.07% 0.07%
Total Annual Fund Operating Expenses before Fee Waiver and/or Expense Reduction/Reimbursement 1.86% 2.61% 1.61% 1.61%
Fee Waiver and/or Expense Reduction/ Reimbursement (0.06)% (0.06)% (0.06)% (0.65)%
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reduction/Reimbursement(2) 1.80% 2.55% 1.55% 0.96%
(1)A contingent deferred sales charge may apply in some cases. See “Choosing a Share Class - Class A Shares.”
(2)Pursuant to an operating expense limitation agreement between Easterly Funds LLC, the Fund’s investment manager (“Easterly” or the “Adviser”), and the Fund, Easterly has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for Class A, Class C, Class I and Class R6 do not exceed 1.73%, 2.48%, 1.48%, and 0.89%, respectively. The expense limitation agreement for Class A, Class C, Class I, and Class R6 shares will be in effect through March 31, 2024. This operating expense limitation agreement cannot be terminated during its term. Easterly is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years of the end of the fiscal year in which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

 

 

 
 

 

Effective November 6, 2023, the corresponding table in the section titled “Investment Adviser” beginning on page 35 of the Prospectus and in the section titled “Advisory Agreements” beginning on page 47 of the Statement of Additional Information is deleted in its entirety and replaced with the following:

Fund Name Class A Class C Class I Class R6
Easterly Income Opportunities Fund 1.73% 2.48% 1.48% 0.89%

 

 

***

 

You should read this Supplement in conjunction with the Prospectus, Summary Prospectus, and
Statement of Additional Information, each dated April 1, 2023.


Please retain this Supplement for future reference.