James Alpha
Funds Trust d/b/a EASTERLY FUNDS TRUST
FUND |
Class A |
Class C |
Class I |
Class R6 |
Easterly Snow Small Cap Value Fund |
SNWAX |
SNWCX |
SNWIX |
SNWRX |
Easterly Snow Long/Short Opportunity Fund |
SNOAX |
SNOCX |
SNOIX |
SNORX |
(each a “Fund” and collectively the “Funds”)
Supplement dated April 1, 2024 to the Prospectus
of the Funds dated July 1, 2023
This Supplement updates and supersedes any contrary
information contained in the Prospectus, Summary Prospectuses, and Statement of Additional Information.
Reference is made
to the section entitled “APPENDIX A”,
subsection “Intermediary-Specific Sales Charge Waivers and Discounts”,
in the Prospectus. Effective immediately, the
following replaces the corresponding disclosure in this section:
Merrill Lynch,
Pierce, Fenner & Smith Incorporated (“Merrill Lynch”)
Shareholders Purchases
or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible
only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those
disclosed elsewhere in this Fund’s prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company
or through another intermediary to be eligible for waivers or discounts not listed below.
It is the client’s
responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a
waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting
of a waiver or discount on the timely receipt of such documentation.
Additional information
on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement")
and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with
their financial advisor to determine whether a transaction is eligible for a waiver or discount.
Front-end Sales Load
Waivers available at Merrill Lynch
- Shares of mutual funds
available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts)
and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the
benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs
or Keogh plans
- Shares purchased through
a Merrill investment advisory program
- Brokerage class shares
exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account
- Shares purchased through
the Merrill Edge Self-Directed platform
- Shares purchased through
the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in
the same account
- Shares exchanged from
level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement
- Shares purchased by
eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee’s Merrill
Household (as defined in the Merrill SLWD Supplement)
- Shares purchased by
eligible persons associated with the fund as defined in this prospectus (e.g. the fund’s officers or trustees)
- Shares purchased from
the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund
family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in
the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases
made after shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement
Contingent Deferred
Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill
- Shares sold due to
the client’s death or disability (as defined by Internal Revenue Code Section 22I(3))
- Shares sold pursuant
to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits as described in the Merrill SLWD Supplement
- Shares sold due to
return of excess contributions from an IRA account
- Shares sold as part
of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable
IRS regulation
- Front-end or level-load
shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs
or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual
fund Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
Front-end Sales Charge
Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent
- Breakpoint discounts,
as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end
load purchase, as described in the Merrill SLWD Supplement
- Rights of Accumulation
(ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of
mutual fund family assets held in accounts in their Merrill Household
- Letters of Intent
(LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family
at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement
***
You should read this Supplement in conjunction
with the Prospectus, Summary Prospectuses, and Statement of Additional Information, each dated July 1, 2023. Please retain this Supplement
for future reference.