# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001580642-23-001123
**Filing Date:** 2023-3
**Character Count:** 5668
**Document Hash:** d7472a5b08131bd53749049eca57d82b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001123.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001580642-23-001123

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** James Alpha Funds Trust
- **CENTRAL INDEX KEY:** 0001829774
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-249652
- **FILM NUMBER:** 23690673

**BUSINESS ADDRESS:**
- **STREET 1:** 515 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 888-814-8180

**MAIL ADDRESS:**
- **STREET 1:** 515 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Easterly Global Real Estate Fund (Series ID: S000070611)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                | Ticker Symbol | Class ID   |
| Easterly Global Real Estate Fund Class I  | JARIX         | C000224295 |
| Easterly Global Real Estate Fund Class C  | JACRX         | C000224296 |
| Easterly Global Real Estate Fund Class A  | JAREX         | C000224297 |
| Easterly Global Real Estate Fund Class R6 | JARSX         | C000224298 |

---

### Easterly Hedged Equity Fund (Series ID: S000070614)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| Easterly Hedged Equity Fund Class A  | JDAEX         | C000224305 |
| Easterly Hedged Equity Fund Class C  | JDCEX         | C000224306 |
| Easterly Hedged Equity Fund Class I  | JDIEX         | C000224307 |
| Easterly Hedged Equity Fund Class R6 | JDSEX         | C000224308 |

---

## Series and Classes Contracts Data

### Easterly Global Real Estate Fund (Series ID: S000070611)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000224295 | Easterly Global Real Estate Fund Class I  | JARIX           |
| C000224296 | Easterly Global Real Estate Fund Class C  | JACRX           |
| C000224297 | Easterly Global Real Estate Fund Class A  | JAREX           |
| C000224298 | Easterly Global Real Estate Fund Class R6 | JARSX           |

### Easterly Hedged Equity Fund (Series ID: S000070614)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000224305 | Easterly Hedged Equity Fund Class A  | JDAEX           |
| C000224306 | Easterly Hedged Equity Fund Class C  | JDCEX           |
| C000224307 | Easterly Hedged Equity Fund Class I  | JDIEX           |
| C000224308 | Easterly Hedged Equity Fund Class R6 | JDSEX           |

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **Class A** | **Class C** | **Class I** | **Class R6** |
| Easterly Global Real Estate Fund | &nbsp;&nbsp;JAREX | &nbsp;&nbsp;JACRX | &nbsp;&nbsp;JARIX | &nbsp;&nbsp;JARSX |
| Easterly Hedged Equity Fund | &nbsp;&nbsp;JDAEX | &nbsp;&nbsp;JDCEX | &nbsp;&nbsp;JDIEX | &nbsp;&nbsp;JDSEX |

---

(each a "Fund" and collectively the "Funds")

**Supplement dated March 1, 2023 to the Prospectus of the Funds dated December 31, 2022**

**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. The following is added to this section:

**Morgan Stanley Smith Barney LLC ("Morgan Stanley")**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management brokerage account will be

eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from

and may be more limited than those disclosed elsewhere in this Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management**

&nbsp;&nbsp;&nbsp;&nbsp;· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored
403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

&nbsp;&nbsp;&nbsp;&nbsp;· Morgan Stanley employee and employee-related accounts according to Morgan Stanley's
account linking rules

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased through reinvestment of dividends and capital gains distributions
when purchasing shares of the same fund

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased through a Morgan Stanley self-directed brokerage account

&nbsp;&nbsp;&nbsp;&nbsp;· Class C (i.e., level-load) shares that are no longer subject to a contingent deferred
sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion
program

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased from the proceeds of redemptions within
the same fund family, provided (i) the repurchase occurs within 90 days' following the redemption, (ii) the redemption and purchase
occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

\*\*\*

***You should read this Supplement in conjunction with the Prospectus, Summary Prospectuses, and Statement of Additional Information, each dated December 31, 2022. Please retain this Supplement for future reference.***