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SEEING THE WORLD DIFFERENTLY

An Expert's View on Alternatives and Specialty Asset Classes

GLOBAL REAL ESTATE INVESTMENTS FUND

JARSX - S SHARES JARIX - I SHARES JAREX - A SHARES JACRX - C SHARES

With a portfolio focused on higher-growth specialty and other property types, the James Alpha Global Real Estate Investments Fund seeks to provide a high level of diversification by both property type and geography.

The fund also is nimble enough to explore Small-, Mid- and Large-cap opportunities, whereas many of the largest REIT funds focus exclusively on the U.S. market and only the largest property portfolios.

Five year Morningstar rating as of May 31, 2020. Based on total returns. Category: Global Real Estate out of 167 funds..

There is no assurance that the portfolio will achieve its investment objective. The Fund is subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment.

Risks of one’s ownership are similar to those associated with direct ownership of real estate, such as changes in real estate values, interest rates, cash flow of underlying real estate assets, supply and demand, and the creditworthiness of the issuer. International investing poses special risks, including currency fluctuations and economic and political risks not found in investments that are solely domestic.

MANAGED RISK DOMESTIC EQUITY FUND

JDSEX - S SHARES JDIEX - I SHARES JDAEX - A SHARES JDCEX - C SHARES

The James Alpha Managed Risk Domestic Equity Fund is designed to reduce the depth and duration of drawdowns and seeks to help you manage clients’ emotions and keep them invested through market volatility.

By combining a long equity strategy with two options strategies, The Fund seeks to manage risk during equity market downturns.

Three year Morningstar rating as of May 31, 2020. Based on total returns. Category: Options-based out of 117 funds.

The Portfolio will borrow money for investment purposes. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk while increasing investment opportunity. Derivatives may be volatile and some derivatives have the potential for loss that is greater than the Portfolio’s initial investment. If the Portfolio sells a put option, there is risk that the Portfolio may be required to buy the underlying investment at a disadvantageous price. If the Portfolio sells a call option, there is risk that the Portfolio may be required to sell the underlying investment at a disadvantageous price. If the Portfolio 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. The Portfolio’s ability to achieve its investment objective may be affected by the risks attendant to any investment in equity securities.

It is possible that the hedging strategy could result in losses and/or expenses that are greater than if the Portfolio did not include the hedging strategy. The use of leverage by the Fund or an Underlying Fund, such as borrowing money to purchase securities or the use of derivatives, will indirectly cause the Fund to incur additional expenses and magnify the Fund’s gains or losses. Because a large percentage of the Portfolio’s assets may be invested in a limited number of issuers, a change in the value of one or a few issuers’ securities will affect the value of the Portfolio more than would occur in a diversified fund.

STRUCTURED CREDIT VALUE FUND

JASSX - S SHARES JSVIX - I SHARES JASVX - A SHARES JSVCX - C SHARES

The James Alpha Structured Credit Value Fund is singularly focused on attempting to provide competitive yields to the HY market but with significantly lower volatility and risk. Concentrating on quality Residential Mortgage-Back Securities (RMBS), the goal is to provide consistent positive absolute returns in all market conditions.

Legacy mortgage sectors may provide attractive risk adjusted returns and some of the highest yield-to-duration ratios in the fixed income universe under current market conditions, potentially helping improve investor’s fixed income allocations.

High yield, below investment grade and unrated high risk debt securities (which also may be known as “junk bonds”) may present additional risks because these securities may be less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, present more credit risk than investment grade bonds and may be subject to greater risk of default. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. An investment in the Portfolio’s common shares is subject to investment risk, including the possible loss of the entire principal amount invested. The Portfolio concentrates its investments in mortgage- and real estate-related securities, as described in the principal investment strategies section of this prospectus, and, as a result, the Portfolio’s performance will depend on the overall condition of that group of industries and the specific underlying securities to a much greater extent than a less concentrated fund. The Portfolio may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities.

MBS and ABS have different risk characteristics than traditional debt securities. Although certain principals of the Sub-Adviser have managed U.S. registered mutual funds, the Sub-Adviser has not previously managed a U.S. registered mutual fund and has only recently registered as an investment adviser with the SEC. The Portfolio may use quantitative mathematical models that rely on patterns inferred from historical prices and other financial data in evaluating prospective investments. MBS investments are subject to real estate risk, as the underlying loans securitizing the MBS are themselves collateralized by residential or commercial real estate. Regulatory authorities in the United States or other countries may restrict the ability of the Portfolio to fully implement its strategy, either generally, or with respect to certain securities, industries, or countries. Short sales may cause the Portfolio to repurchase a security at a higher price, thereby causing the Portfolio to incur a loss. Stripped mortgage-backed securities are a type of mortgage-backed security that receive differing proportions of the interest and principal payments from the underlying assets. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. The Portfolio may buy or sell TBA securities, particularly in the case of agency MBS, for which there is an extremely active, liquid market. 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. The price or yield obtained in a when-issued transaction may be less favorable than the price or yield available in the market when the securities delivery takes place.