Form 497 James Alpha Funds Trust
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E-mailJames Alpha Funds Trust
| FUND | Class A | Class C | Class I | Class R6 |
| James Alpha Global Real Estate Investments Fund | JAREX | JACRX | JARIX | JARSX |
| James Alpha Hedged High Income Fund | INCAX | INCCX | INCIX | INCSX |
| James Alpha Macro Fund | N/A | N/A | GRRIX | GRRSX |
| James Alpha Managed Risk Domestic Equity Fund | JDAEX | JDCEX | JDIEX | JDSEX |
| James Alpha Managed Risk Emerging Markets Equity Fund | JEAMX | JECMX | JEIMX | JESMX |
| James Alpha Multi Strategy Alternative Income Fund | JAAMX | JACMX | JAIMX | JASMX |
(each a “Fund” and collectively the “Funds”)
Supplement dated May 12, 2021 to the Prospectus,
Summary Prospectuses, and
Statement of Additional Information of the Funds, each dated March 22, 2021
This Supplement updates and supersedes any contrary information contained in the Prospectus, Summary Prospectuses, and Statement of Additional Information.
Effective on or about July 30, 2021, the name of each Fund will change as set forth below.
| Current Fund Name | New Fund Name |
| James Alpha Global Real Estate Investments Fund | Easterly Global Real Estate Investments Fund |
| James Alpha Hedged High Income Fund | Easterly Hedged High Income Fund |
| James Alpha Macro Fund | Easterly Global Macro Fund |
| James Alpha Managed Risk Domestic Equity Fund | Easterly Hedged Equity Fund |
| James Alpha Managed Risk Emerging Markets Equity Fund | Easterly Managed Risk Emerging Markets Equity Fund |
| James Alpha Multi Strategy Alternative Income Fund | Easterly Multi Strategy Alternative Income Fund |
***
You should read this Supplement in conjunction with the Prospectus, Summary Prospectuses, and Statement of Additional Information, each dated March 22, 2021. Please retain this Supplement for future reference.
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