# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001580642-26-000064
**Filing Date:** 2026-1
**Character Count:** 37686
**Document Hash:** d5ddf94e5f1efea083475d5098525b58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000064.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001580642-26-000064

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**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:** 26507619

**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 RocMuni Short Term Municipal Bond Fund (Series ID: S000084512)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248911 | Easterly RocMuni Short Term Municipal Bond Fund - Class I        |  |
| C000248912 | Easterly RocMuni Short Term Municipal Bond Fund - Investor Class |  |

![](image_001.jpg)

**Summary Prospectus<br> December 29, 2025**

**Easterly ROCMuni Short Term Municipal Bond Fund**

**Investor Class (RMSVX) \| Class I (RMSIX)**

*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=rocmuni-short-term-municipal-bond-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 Easterly ROCMuni Short Term Municipal Bond Fund's (the "Short Term Fund" or "Fund") primary investment objective is to provide current income exempt from regular federal income tax.

**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, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ANNUAL FUND OPERATING EXPENSES** <br> (expenses that you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;**Investor<br> Class** | &nbsp;&nbsp;**Class<br> I** |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Distribution and/or Service Rule 12b-1 Fees | &nbsp;&nbsp;0.25% |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses before Fee Waiver and/or Expense Reduction/Reimbursement | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;Fee Waiver and/or Expense Reduction/ Reimbursement | &nbsp;&nbsp;(0.32)% | &nbsp;&nbsp;(0.28)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reduction/Reimbursement<sup>1</sup> | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.70% |

---

1. 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 Investor Class and Class I do not exceed 0.95% and 0.70%, respectively. The expense limitation agreement
for Investor Class and Class I shares will be in effect through October 4, 2027. 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 expenses paid (including management fees waived and expenses paid by the investment adviser to the predecessor series, as applicable)
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 duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions, your costs, would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor Class | $97 | $338 | $634 | $1476 |
| Class I | $72 | $255 | $486 | $1149 |

---

**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 most recent fiscal year, the portfolio turnover rate of the Fund was 99% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in municipal debt securities, the income from which is exempt from federal regular individual income tax. The Fund may invest in all types of municipal bonds that are exempt from federal income tax, but may not invest more than 15% of its net assets in securities that produce income subject to the federal alternative minimum tax (the "AMT"). The Adviser's security selection process focuses primarily on tax free income-producing securities across sectors and industries.

The Fund's investments in debt securities may have fixed or variable principal payments. The Fund's investments may have varied interest rate payment and reset terms, including fixed and floating rates, contingent, deferred, payment in kind and auction rate features. These various features are evaluated in the Adviser's selection process in the context of certain factors, such as current economic conditions and the current composition of the portfolio. From time to time the Fund may focus its investments in the securities of issuers in the same economic sector, with such focus occurring when a particular sector offers the most opportunities for value. The Fund may invest in debt securities with any maturity or duration.

Under normal market conditions, the Fund seeks to maintain a dollar-weighted average effective portfolio maturity of three (3) years or less; however, it can buy securities that have short, intermediate or long maturities. A substantial percentage (i.e., as much as market opportunities will permit) of the securities the Fund buys may be "callable," meaning that the issuer can redeem them before their maturity date. Because of events affecting the bond markets and interest rate changes, the effective portfolio maturity might not meet that target for temporary periods.

The Fund will not invest more than 10% of its total assets in securities that are rated below investment grade (sometimes referred to as "junk bonds") by a nationally recognized statistical rating organization, such as S&P Global Ratings, or, if unrated, assigned a comparable rating by the Adviser. The Fund also will not invest more than 20% of its total assets in securities rated below the top three investment grade categories. For unrated securities, the Adviser may internally assign ratings to those securities in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations, after assessing their credit quality and other factors typically utilized by the nationally recognized statistical rating organizations, such as probability of default calculations. There can be no assurance, nor is it intended, that the Adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. The Fund will not invest more than 10% of its total assets in securities that are unrated by a nationally recognized statistical rating organization, which includes private placement and restricted securities that are unrated. However, this limitation does not apply to an unrated security that the Adviser, in its discretion, determines to be comparable to another security (i) that has substantially similar characteristics, (ii) that is comparable in priority and security (if applicable), (iii) that is issued by the same issuer or guaranteed by the same guarantor, and (iv) that is rated by a nationally recognized statistical rating organization.

In selecting investments for the Fund, the portfolio managers look for high current income; favorable credit characteristics (e.g., willingness and ability to make payments, credit history, etc.); a wide range of issuers including different municipalities, agencies, sectors and revenue sources (e.g., property tax receipts, sales tax receipts, etc.); unrated bonds or securities of smaller issuers that might be overlooked by other investors, which are typically bonds that are non-rated and trade on secondary markets; and special situations that may offer high current income or opportunities for value because such issuers are facing distressed financial or operating circumstances, but the bonds may additionally have specifically pledged security interest or other credit enhancements which deem them attractive to the portfolio managers. The portfolio managers may consider selling a security if any of these factors no longer apply, but are not required to do so.

In selecting securities for the Fund, the Adviser employs a bottom-up research approach with an emphasis on analyzing the stand-alone credit, including financials, bond covenants, management team, and underlying asset value. The above factors are generally applied uniformly to all bond types being evaluated, as the Fund's strategy seeks to identify the best value opportunities regardless of bond type.

The Fund is a non-diversified fund which means that it may invest more of its assets in fewer issuers than "diversified" mutual funds and, as a result, each position will have a greater impact on the Fund's returns than would be the case for a "diversified" mutual fund.

**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.

*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 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.

*Management Risk.* The Fund may not meet its investment objective or may underperform the market or other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund's investment strategies or if the Adviser makes poor strategy choices and/or individual investment decisions.

*Municipal Securities Risk.* The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Changes in a municipality's financial health may make it difficult for the municipality to make interest and principal payments when due. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. A number of municipalities have had significant financial problems recently, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic downturn. This could decrease the Fund's income or hurt the ability to preserve capital and liquidity.

*Fixed-Income Securities Risks.* Fixed-income securities are or may be subject to interest rate, credit, liquidity, prepayment and extension risks. Interest rates may go up resulting in a decrease in the value of the fixed-income securities held by the Fund. Credit risk is the risk that an issuer will not make timely payments of principal and interest. There is also the risk that an issuer may "call," or repay, its high yielding bonds before their maturity dates. Fixed-income 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<br> fixed-income securities may make it more difficult to sell or buy a security at a favorable price or time. Changes in market conditions and government policies may lead to periods of heightened volatility and reduced liquidity in the fixed-income securities market, and could result in an increase in Fund redemptions. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable.

&nbsp;&nbsp;&nbsp;&nbsp;· *Call Risk.* During periods of declining interest rates, a bond issuer may "call," or
repay, its high yielding bonds before their maturity dates. In this event the Fund would then be forced to invest the unanticipated proceeds
at lower interest rates, resulting in a decline in its income.

&nbsp;&nbsp;&nbsp;&nbsp;· *Credit Risk.* Fixed-income securities are generally subject to the risk that the issuer may be unable
or unwilling to make principal and interest payments when they are due. Lower rated fixed-income securities involve greater credit risk,
including the possibility of default or bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;· *Interest Rate Risk.* In times of rising interest rates, bond prices will generally decline. Conversely,
bond prices generally rise as interest rates fall. Generally, securities with longer maturities and funds with longer weighted average
maturities and therefore higher durations carry greater interest rate risk. For example, if interest rates increase by 1%, the market
value of a portfolio with a duration of three years would decline by approximately 3%. The Fund may be exposed to varying levels of interest
rate risk due to certain changes in general economic conditions, inflation, and monetary policy, such as interest rate changes by the
Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;· *Extension Risk.* In times of rising interest rates, prepayments will slow causing portfolio securities
considered short or intermediate term to be long-term securities, which fluctuate more widely in response to changes in interest rates
than shorter term securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Liquidity Risk.* There may be no willing buyer of the Fund's portfolio securities and the
Fund may have to sell those securities at a lower price or may not be able to sell the securities at all, each of which would have a negative
effect on performance.

&nbsp;&nbsp;&nbsp;&nbsp;· *Prepayment Risk.* In times of declining interest rates, the Fund's higher yielding securities
may be prepaid and the Fund may have to replace them with securities having a lower yield.

&nbsp;&nbsp;&nbsp;&nbsp;· *Duration Risk.* The Fund can invest in securities of any maturity or duration. Holding long duration
and long maturity investments will magnify certain risks, including interest rate risk and credit risk.

 

*High-Yield Fixed-Income Securities Risk.* High-yield fixed income securities or "junk bonds" are fixed-income securities held by the Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer or other company, political, regulatory or economic developments. Such securities are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The values of junk bonds can decline significantly over short periods of time.

*Restricted Securities Risk.* The Fund may invest in restricted securities (securities with limited transferability under the securities laws) acquired from the issuer in "private placement" transactions. Private placement securities are not registered under the Securities Act, and are subject to restrictions on resale. They are eligible for sale only to certain qualified institutional buyers, like the Fund, and are not sold on a trading market or exchange. While private placement securities offer attractive investment opportunities otherwise not available on an open market, because such securities are available to few buyers, they are often both difficult to sell and to value.

*Unrated Securities Risk.* Because the Fund purchases securities that are not rated by any nationally recognized statistical rating organization, the Adviser may internally assign ratings to those securities, after assessing their credit quality and other factors, in categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Adviser's credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. The Adviser's rating does not constitute a guarantee of the credit quality.

*Floating Rate/Variable Rate Obligations Risk.* Some municipal securities have variable or floating interest rates. Variable rates are adjustable at stated periodic intervals. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the Fund will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities.

*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. Unlike equity securities, which are valued using market quotations, the municipal bonds in which the Fund primarily invests are fixed income securities which are typically valued using evaluated prices supplied by independent pricing services. Such pricing services take into consideration a range of market-based and security specific inputs and assumptions, including price quotations from broker-dealers making markets in such instruments, transactions in comparable investments and considerations about general market conditions. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

 

*Tax Risks.* Municipal securities may decrease in value during times when federal income tax rates are falling. The Fund's investments are affected by changes in federal income tax rates applicable to, or the continuing federal tax exempt status of, interest income on municipal obligations. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal obligations, which would in turn affect the Fund's ability to acquire and dispose of municipal obligations at desirable yield and price levels. If you are subject to the federal AMT, you may have to pay federal tax on a portion of your distributions from tax exempt income. If this is the case, the Fund's net after-tax return to you may be lower. The Fund would typically not be a suitable investment for investors investing through tax exempt or tax-advantaged accounts.

*Municipal Sector Focus Risk.* The Fund will not concentrate its investments in issuers in any one industry. The Securities and Exchange Commission has taken the position that investment of more than 25% of a fund's total assets in issuers in the same industry constitutes concentration in that industry. Many types of municipal securities (such as general obligation, government appropriation, municipal leases, special assessment and special tax bonds) are not considered a part of any "industry" for purposes of this policy. Therefore, the Fund may invest more than 25% of its total assets in those types of municipal securities. General obligation bonds are generally secured by the obligor's pledge of its full faith, credit and taxing power for the payment of principal and interest. However, the taxing power of any governmental entity may be limited by provisions of state constitutions or laws and an entity's credit will depend on many factors. By contrast, revenue bonds are generally backed by and payable from the revenues derived from a specific facility or specific revenue source or sources. As a result, the revenue bonds in which the Fund invests may entail greater credit risk than the Fund's investments in general obligation bonds. Legislation that affects the financing of a particular municipal project, or economic factors that have a negative impact on a project, would be likely to affect many other similar projects.

At times, the Fund may change the relative emphasis of its investments in securities issued by certain municipalities. If the Fund has a greater emphasis on investments in one or more particular municipalities, or in one or more particular municipalities of a particular state or territory, it may be subject to greater risks from adverse events affecting such municipalities, states, or territories than a fund that invests in different municipalities, states, or territories, or that is more diversified.

*Sector Emphasis Risk.* The securities of issuers in the same or related businesses ("industry sectors"), if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors. Some industry sectors have particular risks that may not affect other sectors.

 

*Zero-Coupon Bonds Risk.* Zero-coupon bonds do not pay interest on a current basis and may be highly volatile as interest rates rise or fall. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.

 

*Risks of Shorter-Term Securities.* Normally, when interest rates change, the values of shorter-term debt securities change less than the values of securities with longer maturities. The Fund tries to reduce the volatility of its share prices by seeking to maintain a shorter average effective portfolio maturity. However, shorter-term securities may have lower yields than longer-term securities. Shorter-term securities are also subject to extension and reinvestment risk. The Fund is subject to extension risk when principal payments on a debt security occur at a slower rate than expected, potentially extending the average life of the security. For securities with a call date in the near future, there is the risk that an increase in interest rates could result in the issuer of that security choosing not to redeem the security as anticipated on the security's call date. Such a decision by the issuer may effectively change a short- or intermediate-term security into a longer term security, which could have the effect of locking in a below-market interest rate on the security, increasing the security's duration, making the security more vulnerable to interest rate risk, reducing the security's market value and increasing the Fund's average effective portfolio maturity. Under such circumstances, because the values of longer term securities generally fluctuate more widely in response to interest rate changes than shorter term securities, the Fund's volatility could increase. Reinvestment risk is the risk that if interest rates fall the Fund may need to invest the proceeds of redeemed securities in securities with lower interest rates.

 

*Rule 144A Securities Risk.* The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds.

*Liquidity Risk.* Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Liquid securities can become illiquid, particularly during periods of market stress. If a significant amount of the Fund's securities become illiquid, the Fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

*Deferred Interest and Payment In Kind Securities Risks.* Because these securities bear no interest and compound semiannually at the rate fixed at the time of issuance, their value generally is more volatile than the value of other fixed income securities. Accordingly, these securities may involve greater credit risks and their value is subject to greater fluctuation in response to changes in market interest rates than other fixed income securities.

*Auction Rate Securities Risks.* While the auction rate process is designed to permit the holder to sell the auction rate securities in an auction at par value at specified intervals, there is the risk that an auction will fail due to insufficient demand for the securities. Failed auctions may adversely impact the liquidity of auction rate securities investments. Auction rate securities may also be subject to changes in interest rates, including decreased interest rates. Although some issuers of auction rate securities are redeeming or are considering redeeming such securities, such issuers are not obligated to do so and, therefore, there is no guarantee that a liquid market will exist for the Fund's investments in auction rate securities at a time when the Fund wishes to dispose of such securities.

*Risks of Borrowing and Leverage.* The Fund can borrow up to one-third of the value of its assets (including the amount borrowed), as permitted under the Investment Company Act of 1940, as amended (the "1940 Act"). It can use those borrowings for a number of purposes, including purchasing securities, which creates "leverage." In that case, changes in the value of the Fund's investments will have a larger effect on its share price than if it did not borrow.

 

*Non-Diversified Fund Risk.* Because the Fund is "non-diversified" and may invest a greater percentage of its assets in the securities of a single issuer, a decline in the value of an investment in a single issuer could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

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 Principal Street Short Term Municipal Fund, a series of Managed Portfolio Series (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 October 4, 2024 (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 the 1 year and since inception of the Predecessor Fund compare with those of a broad-based securities market index and an additional index 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 October 4, 2024 are those of the Investor Class and Institutional Class shares of the Predecessor Fund. Investor Class and Institutional Class shares of the Predecessor Fund were reorganized into Investor Class and Class I shares of the Fund, respectively, after the close of business on October 4, 2024. Investor Class and Class I shares' returns of the Fund will be different from the returns of the Predecessor Fund as they have different expenses.

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: | December 31, 2023 | 2.69% |
| Worst Quarter: | September 30, 2023 | -0.48% |

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Class I performance year-to-date ended September 30, 2025: 3.30%

**AVERAGE ANNUAL TOTAL RETURNS**

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

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Class<br> (4/27/2022)** |
| **Class I Shares** |  |  |
| Return Before Taxes | 3.63% | 3.39% |
| Return After Taxes on Distributions | 1.94% | 2.72% |
| Return After Taxes on Distributions <br> and Sale of Fund Shares | 2.13% | 2.76% |
| **Investor Class Shares** |  |  |
| Return Before Taxes | 3.37% | 3.05% |
| **Bloomberg Municipal Bond Index** |  |  |
| (reflects no deduction for fees, expenses or taxes) | 1.05% | 2.79% |
| **Bloomberg 3 Year Municipal Bond Index** |  |  |
| (reflects no deduction for fees, expenses or taxes) | 2.04% | 2.46% |

---

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 deferred 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;Troy E. Willis, CFA | &nbsp;&nbsp;Chief Investment Officer, Municipal Bond Strategies; Portfolio Manager of the Fund since its inception in 2024 (and of the Predecessor Fund since its inception in 2022). |
| &nbsp;&nbsp;Charlie S. Pulire, CFA | &nbsp;&nbsp;Senior Portfolio Manager, Municipal Bond Strategies; Portfolio Manager of the Fund since its inception in 2024 (and of the Predecessor Fund since its inception in 2022). |

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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 Investor Class shares is $1,000 and the minimum initial purchase for Class I shares is $1 million. 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:** The Fund's distributions are primarily exempt from regular federal income tax. A portion of these distributions, however, may be subject to federal alternative minimum tax and state and local taxes. The Fund may also make distributions that are taxable to you as ordinary income or capital gains.

**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.