# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001580642-26-000362
**Filing Date:** 2026-1
**Character Count:** 45387
**Document Hash:** 75c4bda2740a987e674ab97813404be6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000362.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001580642-26-000362

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** James Alpha Funds Trust
- **CENTRAL INDEX KEY:** 0001829774

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-249652
- **FILM NUMBER:** 26552528

**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 Snow Long/Short Opportunity Fund (Series ID: S000073424)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000230311 | Easterly Snow Long/Short Opportunity Fund Class C  |  |
| C000230312 | Easterly Snow Long/Short Opportunity Fund Class I  |  |
| C000230313 | Easterly Snow Long/Short Opportunity Fund Class R6 |  |
| C000230314 | Easterly Snow Long/Short Opportunity Fund Class A  |  |

![](image_002.jpg)

**Summary Prospectus<br> December 29, 2025, as amended January 22, 2026** 

**Easterly Snow Long/Short Opportunity Fund** 

**Class A (SNOAX) \| Class C (SNOCX) \| Class I (SNOIX) \| Class R6 (SNORX)**

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated December 29, 2025, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at https://funds.easterlyam.com/resources/?fund=snow-long-short-opportunity-fund. You can also obtain these documents at no cost by calling (toll free) (833) 999-2636, emailing info@EasterlyFunds.com or by asking any financial advisor, bank or broker-dealer that offers shares of the Fund.*

**Investment Objective:** The investment objective of the Easterly Snow Long/Short Opportunity Fund (the "Long/Short Opportunity Fund" or the "Fund") is long-term capital appreciation and protection of investment principal.

**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, 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 series of 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 64 of the Prospectus. In addition, Appendix A attached to this Prospectus contains information regarding financial intermediary-specific sales charge waivers and discounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on <br> Purchases as a % of offering price | &nbsp;&nbsp;5.75% |  |  |  |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on <br> Reinvested Dividends as a % of offering price |  |  |  |  |
| &nbsp;&nbsp;Maximum Contingent Deferred Sales Charge (Load) <br> as a % of offering price | &nbsp;&nbsp;NONE<sup>(1)</sup> | &nbsp;&nbsp;1.00% |  |  |
| &nbsp;&nbsp;Redemption Fee |  |  |  |  |
| &nbsp;&nbsp;**ANNUAL FUND OPERATING EXPENSES** <br> (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**ANNUAL FUND OPERATING EXPENSES** <br> (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**ANNUAL FUND OPERATING EXPENSES** <br> (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**ANNUAL FUND OPERATING EXPENSES** <br> (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**ANNUAL FUND OPERATING EXPENSES** <br> (expenses that you pay each year as a percentage of the value of your investment) |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Distribution and/or Service Rule 12b-1 Fees | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% |  |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses (excluding interest/dividend expense) | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest/Dividend Expense | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(2)</sup> | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses before <br> Fee Waiver and/or Expense Reduction/Reimbursement | &nbsp;&nbsp;2.10% | &nbsp;&nbsp;2.84% | &nbsp;&nbsp;1.85% | &nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;Fee Waiver and/or Expense Reduction/ Reimbursement | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.21)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses after <br> Fee Waiver and/or Expense Reduction/Reimbursement<sup>(3)</sup> | &nbsp;&nbsp;2.10% | &nbsp;&nbsp;2.84% | &nbsp;&nbsp;1.85% | &nbsp;&nbsp;1.64% |

---

(1) A contingent deferred sales charge may apply in some cases. See "Choosing
a Share Class - Class A Shares."

(2) Acquired Fund Fees and Expenses are the indirect costs of investing in other
investment companies. These Acquired Fund Fees and Expenses are not considered in the calculation of the expense cap. The Total Annual
Fund Operating Expenses in the above fee table will not correlate to the expense ratio in the Fund's financial statements (or the
financial highlights in this Prospectus) because the financial statements will include only the direct operating expenses incurred by
the Fund, not the indirect costs of investing in Acquired Funds.

(3) Pursuant to an operating expense limitation agreement between Easterly Investment Partners 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 1.55%, 2.30%, 1.30%, and 1.00%, respectively. The expense
limitation agreement will be in effect through December 31, 2026. 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 from the date on 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.

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. It also shows costs if you sold your shares at the end of the period or continued to hold them. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver/expense reimbursement arrangement for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs, would be:

**If the shares are redeemed at the end of each period:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$776 | &nbsp;&nbsp;$1195 | &nbsp;&nbsp;$1639 | &nbsp;&nbsp;$2866 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$387 | &nbsp;&nbsp;$880 | &nbsp;&nbsp;$1499 | &nbsp;&nbsp;$3166 |
| &nbsp;&nbsp;Class I | &nbsp;&nbsp;$188 | &nbsp;&nbsp;$582 | &nbsp;&nbsp;$1001 | &nbsp;&nbsp;$2169 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$167 | &nbsp;&nbsp;$561 | &nbsp;&nbsp;$981 | &nbsp;&nbsp;$2152 |

---

**If the shares are not redeemed:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$776 | &nbsp;&nbsp;$1195 | &nbsp;&nbsp;$1639 | &nbsp;&nbsp;$2866 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$287 | &nbsp;&nbsp;$880 | &nbsp;&nbsp;$1499 | &nbsp;&nbsp;$3166 |
| &nbsp;&nbsp;Class I | &nbsp;&nbsp;$188 | &nbsp;&nbsp;$582 | &nbsp;&nbsp;$1001 | &nbsp;&nbsp;$2169 |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$167 | &nbsp;&nbsp;$561 | &nbsp;&nbsp;$981 | &nbsp;&nbsp;$2152 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal period ended August 31, 2025, the portfolio turnover rate of the Fund was 24% of the average value of its portfolio.

**Principal Investment Strategies:** To achieve its investment objective, the Long/Short Opportunity Fund will invest primarily in equity securities that Easterly Investment Partners LLC ("Easterly" or the "Adviser"), the Fund's investment adviser, believes are undervalued, selling short equity securities the Adviser believes are overvalued and selling short equity securities to hedge market risk. The Fund may also invest in options, futures contracts and options on futures contracts (collectively, "Derivative Instruments") as a substitute for a comparable market position in the underlying equity security or to attempt to "hedge" or limit the exposure of the Fund's position in an equity security. Long and short investments can include common and preferred stocks, convertible securities, shares of other investment companies and exchange-traded funds ("ETFs") that invest in equity securities. With a long position, the Fund purchases a security outright, while with a short position, the Fund sells a security that it has borrowed. When the Fund sells a security short, it borrows the security from a third party and sells it at the then-current market price. The Fund is then obligated to buy the security on a later date so that it can return the security to the lender. The Fund may invest in securities of companies of any size and is not managed toward sector or industry weights. In addition to domestic securities, the Fund may have up to 25% of its net assets invested directly or indirectly in foreign securities.

In addition to equity securities, the Fund may invest up to 50% of its net assets in debt securities of varying maturities and durations, including securities issued or guaranteed as to principal and interest by the U.S. Government or its agencies, instrumentalities or sponsored entities, and including debt securities that have been rated below investment grade by a nationally recognized statistical ratings organization ("NRSRO"), commonly referred to as "junk bonds" or "high yield bonds." However, the Fund will not purchase debt securities rated as in default by an NRSRO. The Fund invests in debt securities when it anticipates that such securities will increase in value. The Fund's mix of long positions, including debt securities, and short positions will change over time based on the Adviser's assessment of market conditions. In addition to direct investments in debt securities, the Fund may invest in other investment companies and ETFs that invest in debt securities.

The Adviser selects investments for the Fund using a bottom-up approach that seeks to identify companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion that leads to higher stock price valuations. The Adviser generally attempts to purchase equity securities for the Fund's portfolio after an event in which the company's equity valuation has fallen and business conditions are unfavorable, if not at or near a cyclical bottom. This is done in conjunction with extensive research to confirm the Adviser's opinion that a company can survive the near-term problems. While the Adviser's analysis does not eliminate the occurrence of short-term equity valuation volatility, the Adviser believes that this process provides for a reasonable level of capital protection. The Fund's portfolio typically consists of 30 to 60 long equity securities that are weighted according to the Adviser's projected return expectations.

In general, the Adviser may sell an investment when it reaches its target price, when the position grows too large, when the company's financial position or outlook deteriorates, when an anticipated business catalyst for the investment does not materialize as expected, or to make room in the Fund for a more attractive investment.

**Principal Risks:** There is no assurance that the Fund will achieve its investment objective. The Fund share price will fluctuate with changes in the market value of its portfolio investments. When you sell your Fund shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Fund.

*Management Risk -* The Adviser's investment strategies for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

*Investment and Market Risk -* An investment in the Fund's common shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund's common shares represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange or in the over-the-counter ("OTC") markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Social, political, economic and other conditions and events (such as war, natural disasters, epidemics and pandemics, terrorism, supply chain disruptions, trade, disputes, economic sanctions, imposition of tariffs, elevated levels of government debt, recessions, a government shutdown, conflicts and social unrest) could have significant impacts on issuers, industries, governments and other systems, including the financial markets. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Investors will be negatively impacted if the value of their portfolio holdings decreases as a result of such events, if these events adversely impact the operations and effectiveness of the Adviser or key service providers or if these events disrupt systems and processes necessary or beneficial to the management of accounts. These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, increase the Fund's volatility and exacerbate pre-existing risks to the Fund. The Fund's common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

 

*Equity Securities Risk -* The Fund is subject to risks associated with investing in equity securities, including market risk, issuer risk, price volatility risks and market trends risk. The prices of equity securities generally fluctuate in value more than fixed-income investments, may rise or fall rapidly or unpredictably and may reflect real or perceived changes in the issuing company's financial condition and changes in the overall market or economy. The Fund's ability to achieve its investment objective may be affected by the risks attendant to any investment in equity securities. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole.

 

*Value Style Investing Risk -* Value investing strategies involve obtaining exposure to individual investments or market sectors that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Because different types of investments go out of favor with investors depending on market and economic conditions, the Fund's return may be adversely affected during market downturns and when value investment strategies are out of favor.

 

*Short Sales Risk -* Short sales involve selling a security the Fund does not own in anticipation that the security's price will decline*.* Short sales may cause the Fund to repurchase a security at a higher price, thereby causing the Fund to incur a loss. A short position in a security poses more risk than holding a long position in the same security. As there is no limit on how much the price of the security can increase, the Fund's exposure is theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot decrease below zero. In order to establish a short position in a security, the Fund must borrow the security from a broker. The Fund may not always be able to borrow a security the Fund seeks to sell short at a particular time or at an acceptable price. The Fund also may not always be able to close out the short position by replacing the borrowed securities at a particular time or at an acceptable price. The Fund will incur increased transaction costs when selling securities short. In addition, taking short positions in securities results in a form of leverage which may increase the volatility of the Fund. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund's long positions.

*Risk of Investing in Other Investment Companies -* Investing in other investment companies involves substantially the same risks as investing directly in the underlying securities, but may involve additional expenses at the investment company level. To the extent the Fund invests in other investment companies, such as mutual funds, ETFs and closed-end funds, the Fund's shareholders will incur certain duplicative fees and expenses, including investment advisory fees as a result of the Fund's investments in other investment companies. The return on such investments will be reduced by the operating expenses, including investment advisory and administration fees, of such investment funds, and will be further reduced by Fund expenses, including management fees. In addition, investments in an ETF are subject to, among other risks, the risk that the ETF's shares may trade at a discount or premium relative to the net asset value ("NAV") of the shares and the listing exchange may halt trading of the ETF's shares.

If all or a portion of an ETF's underlying securities trade in a foreign market that is closed during the time the domestic market in which the ETF's shares are listed and traded is open, there may be changes between the last quote from the closed foreign market and the value of such underlying security during the ETF's trading day. ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities.

*Investment Focus Risk -* To the extent the Fund invests a greater amount in any one sector or industry, such as the materials, energy sector or financials sector, the Fund's performance will depend to a greater extent on the overall condition of that sector or industry and there is increased risk to the Fund if conditions adversely affect that sector or industry. Companies in the materials sector may be adversely affected by the level and volatility of commodity prices, exchange rates, import controls. increased competition, environmental policies, consumer demand, legislative or regulatory changes and events occurring in nature. The financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, credit rating downgrades and the availability and cost of capital, among other factors. Companies operating in the energy sector are subject to risks including, but not limited to, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing the specific utility services, the cost assumed in complying with environmental safety regulations, demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations and other factors that they cannot control.

*Convertible Securities Risk -* The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.

*Large-Cap Company Risk -* Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

 

*Medium and Small Capitalization Company Risk -* Investing in medium and small capitalization companies may involve more risk than is usually associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Fund to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices.

*Foreign Securities Risk -* The Fund's foreign investments will be affected by changes in the foreign country's exchange rates; political and social instability; changes in economic or taxation policies; difficulties when enforcing obligations; decreased liquidity; less stringent investor protections and disclosure standards; differing auditing, accounting and legal standards; and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. These risks are magnified for investments in developing or emerging countries, which may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities.

*Credit Risk -* The issuer of fixed income instruments in which the Fund invests may experience financial difficulty and be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating. Credit ratings may not be an accurate assessment of liquidity or credit risk. Although credit quality may not accurately reflect the true credit risk of an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse effect on the instrument's liquidity and make it more difficult for the Fund to sell at an advantageous price or time.

 

*Debt Securities Risk -* Interest rates may go up resulting in a decrease in the value of the debt securities held by the Fund. Certain changes in general economic conditions, inflation, and monetary policy, such as interest rate changes by the Federal Reserve, may subject the Fund to a heightened level of interest rate risk. Securities with longer maturities or durations or lower coupons or that make little (or no) interest payments before maturity tend to be more sensitive to interest rate changes. Investments in debt securities include credit risk, which is the risk that an issuer will not make timely payments of principal and interest. There is also the risk that a bond issuer may "call," or repay, its high yielding bonds before their maturity dates. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.

 

 

*High Yield Bond (Junk Bond) Risk -* High yield, below investment grade and unrated high risk debt securities (which also may be known as "junk bonds") present additional risks as compared to investment grade securities because high yield securities are generally less liquid, and more difficult to value and to sell at an advantageous price or time (particularly on short notice). High yield securities are considered speculative with respect to the issuer's capacity to pay interest and repay principal, and are subject to greater credit risk and greater risk of default. The values of junk bonds tend to fluctuate more than those of high quality bonds in response to company, political, regulatory or economic developments and their values can decline significantly over short periods of time.

*Preferred Stock Risk -* Preferred stocks involve credit risk and certain other risks. Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of "non-cumulative" preferred stocks) or defer distributions (in the case of "cumulative" preferred stocks). If the Fund owns a preferred stock on which distributions are deferred, the Fund may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. Preferred stocks are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments.

 

*Government Securities Risk -* The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to investment and market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future.

 

*Derivatives Risk -* A derivative is an investment whose value depends on (or is derived from) the value of an underlying asset (including an underlying security), reference rate or index. Derivatives may be volatile and some derivatives have the potential for loss that is greater than the Fund's initial investment. OTC derivatives, which are those not cleared and settled through a central exchange, may be more difficult to purchase, sell or value than more traditional investments, such as stocks or bonds, because there may be fewer purchasers or sellers of the derivative instrument or the derivative instrument may require participants entering into offsetting transactions rather than making or taking delivery. The Fund may also lose money on a derivative if the counterparty (issuer) fails to pay the amount due. If a counterparty were to default on its obligations, the Fund's contractual remedies against such counterparty may be subject to bankruptcy and insolvency laws, which could affect the Fund's rights as a creditor (e.g., the Fund may not receive the amount of payments that it is contractually entitled to receive). The Fund may also lose money on a derivative if the underlying asset on which the derivative is based, or the derivative itself, does not perform as the Adviser anticipated. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance. Compared to other types of investments, derivatives may be less tax efficient. The use of certain derivatives may cause the Fund to realize higher amounts of ordinary income or short-term capital gains, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund's taxable income or gains, and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Fund to change its investment strategy. The Fund's use of derivatives also may be limited by the requirements for taxation of the Fund as a regulated investment company.

 

*Special Risks of Futures -* Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. The liquidity of the futures market generally depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent that participants decide to make or take delivery of the underlying investments, liquidity in this market could be reduced. Futures contracts can be purchased with relatively small amounts of initial margin compared to the cash value of the contracts. This economic leverage can increase the volatility of the Fund. Further, exchanges can limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund's strategies. Even a well-conceived futures transaction may be unsuccessful due to market events.

*Special Risks of Options -* If the Fund sells (writes) a put option, there is risk that the Fund may be required to buy the underlying investment at a disadvantageous price. If the Fund sells (writes) a call option, there is risk that the Fund may be required to sell the underlying investment at a disadvantageous price. If the Fund purchases a put option or call option, there is risk that the price of the underlying investment will move in a direction that causes the option to expire worthless.

 

*Valuation Risk* - The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

 

*Tax Risk -* Certain of the Fund's investment strategies, including transactions in options and futures contracts, may subject the Fund to special tax rules, the effect of which may have adverse tax consequences for the Fund, which in turn may result in adverse tax consequences for the Fund's shareholders.

 

*Shares of the Fund are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.*

 

**Performance:** The Fund has adopted the performance of the Snow Capital Long/Short Opportunity Fund, a series of the Trust for Professional Managers (the "Predecessor Fund") as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on November 5, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations.

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Class I shares from year-to-year and by showing how the average annual returns for 1 year, 5 years, 10 years and since inception of the Predecessor Fund compare with those of a broad-based securities market index and additional indices with characteristics relevant to the Fund. The past performance of the Fund and Predecessor Fund (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

The returns shown for the periods ending on or prior to November 5, 2021 are those of the Class A, Class C, and Institutional Class shares of the Predecessor Fund. Class A, Class C, and Institutional Class shares of the Predecessor Fund were reorganized into Class A, Class C, and Class I shares of the Fund, respectively, after the close of business on November 5, 2021. Class A, Class C, and Class I shares' returns of the Fund will be different from the returns of the Predecessor Fund as they have different expenses. Performance for Class A Shares has been restated to reflect the Fund's applicable sales charge.

You may obtain the Fund's updated performance information by calling toll free (833) 999-2636 or by visiting https://funds.easterlyam.com/

**CLASS I ANNUAL TOTAL RETURNS – CALENDAR YEARS** 

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| | | |
|:---|:---|:---|
| Best Quarter: | Q4 2020 | 22.20% |
| Worst Quarter: | Q1 2020 | -25.94% |

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Class I performance year-to-date ended September 30, 2025: 14.06%

**AVERAGE ANNUAL TOTAL RETURNS** 

**(for the periods ended December 31, 2024)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** | **Life of Class** |
| **Class I Shares** |  |  |  |  |
| Return Before Taxes | 5.15% | 7.64% | 5.04% |  |
| Return After Taxes on Distributions | 3.72% | 6.31% | 4.02% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.68% | 5.80% | 3.77% |  |
| **Class A Shares** |  |  |  |  |
| Return Before Taxes | -1.11% | 6.10% | 4.16% |  |
| **Class C Shares** |  |  |  |  |
| Return Before Taxes | 3.13% | 6.58% | 4.00% |  |
| **Class R6 Shares** |  |  |  |  |
| Return Before Taxes | 5.15% |  |  | 4.24%<sup>(1)</sup> |
|  **Bloomberg US 3000 Index**<sup>(2)</sup><br> (reflects no deduction for fees, expenses or taxes) |  |  |  |  |
|  | 23.58% | 13.84% | 12.53% | \* |
|  **Russell 3000® Index**<sup>(2)</sup><br> (reflects no deduction for fees, expenses or taxes) |  |  |  |  |
|  | 23.81% | 13.86% | 12.55% | \* |
| **Bloomberg US 3000 Value Index**<sup>(3)</sup><br> (reflects no deduction for fees, expenses or taxes) |  |  |  |  |
|  | 13.08% | 9.28% | 8.86% | \* |
| **70% Bloomberg US 3000 Value Index/30% ICE BofA 3 Month U.S. Treasury Bill Blend Index**<sup>(3)(4)</sup> <br> (reflects no deduction for fees, expenses or taxes) |  |  |  |  |
|  | 10.90% | 7.68% | 7.02% | \* |
|  **Russell 3000® Value Index<sup>(3)</sup>**<br> **(reflects no deduction for fees, expenses or taxes)** |  |  |  |  |
|  | 13.98% | 8.60% | 8.40% | \* |
| **70% Russell 3000<sup>®</sup> Value Total Return/30% ICE BofA 3 Month U.S. Treasury Bill Blend Index<sup>(3)</sup>**<br> (reflects no deduction for fees, expenses or taxes) |  |  |  |  |
|  | 11.52% | 7.15% | 6.66% | \* |

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\* The Bloomberg US 3000 Index, Russell 3000® Index, Bloomberg US 3000 Value Index, 70% Bloomberg US 3000 Value Index/30% ICE BofA 3 Month U.S. Treasury Bill Blend Index, Russell 3000® Value Index, and 70% Russell 3000® Value Total Return/30% ICE BofA 3 Month U.S. Treasury Bill Blend Index performance for the life of Class R6 shares is 7.54%, 7.78%, 6.74%, 6.00%, 5.56%, and 5.33%, respectively.

(1) Class R6 of the Fund commenced operations on November 4, 2021.

(2) Effective January 1, 2026, following a review of the benchmarks used within
the fund complex, the Fund's broad-based securities market index will change from the Russell 3000® Index to the Bloomberg US
3000 Index. The new benchmark reflects the overall applicable securities market.

(3) Effective January 1, 2026, following a review of the benchmarks used within
the fund complex, the Fund's style-specific indices will change from the Russell 3000® Value Index and the 70% Russell 3000®
Value Total Return/30% ICE BofA 3 Month U.S. Treasury Bill Blend Index to the Bloomberg US 3000 Value Index and the 70% Bloomberg US 3000
Value Index/30% ICE BofA 3 Month U.S. Treasury Bill Blend Index. The new indices reflect characteristics relevant to the Fund.

(4) The 70% Bloomberg US 3000 Value Index/30% ICE BofA
3 Month U.S. Treasury Bill Blend Index consists of 70% Bloomberg US 3000 Value Index and 30% ICE BofA 3 Month U.S. Treasury Bill Index.
The Bloomberg US 3000 Value Index tracks the performance of the broad value segment of Bloomberg US 3000 Index. It includes those Bloomberg
US 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The ICE BofA 3 Month U.S. Treasury Bill Index
is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods. After-tax returns are shown for Class I shares only and after-tax returns for other classes will vary.

**Management**

 

*Investment Adviser:* Easterly Investment Partners LLC

*Portfolio Managers:*

 

The following individuals serve as the Fund's day-to-day portfolio managers:

 

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| | |
|:---|:---|
| &nbsp;&nbsp;Richard Snow | &nbsp;&nbsp;Senior Portfolio Manager of the Adviser; Portfolio Manager of the Fund since 2023. |
| &nbsp;&nbsp;Joseph Artuso, CFA | &nbsp;&nbsp;Portfolio Manager of the Adviser; Portfolio Manager of the Fund since 2023. |
| &nbsp;&nbsp;Martin Snow, CFA, CPA | &nbsp;&nbsp;Portfolio Manager and Research Analyst of the Adviser; Portfolio Manager of the Fund since January 2026. |

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**Purchase and Sale of Fund Shares:** In general, you may purchase, exchange, or redeem shares of the Fund on any day the New York Stock Exchange is open for business. Redemption requests may be made in writing, by telephone, or through a financial intermediary and will be paid by check or wire transfer. Generally, the minimum initial purchase for Class A and Class C shares is $2,500 and the minimum initial purchase for Class I shares is $100,000. Class R6 shares are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor, as described under Choosing a Share Class in the Fund's prospectus. The minimum subsequent investment in the Trust is $100, except for employee benefit plans, mutual fund platform programs, supermarket programs, associations and individual retirement accounts, which have no minimum subsequent investment requirements. There is no minimum subsequent investment for the Fund.

**Tax Information:** Distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-free plan, in which case your distributions may be taxed when withdrawn from the tax-advantaged account. The Fund's investment techniques may cause more of the Fund's income dividends and capital gains distributions to be taxable at ordinary income tax rates than it would if it did not engage in such techniques.

**Financial Intermediary Compensation:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.