Prospectus by Investment Company (Form 497)

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

Supplement dated December 29, 2025 to the Prospectus, Summary Prospectus, and Statement of Additional Information ("SAI") of the Fund, each dated December 31, 2024, as supplemented to date.

This Supplement updates and supersedes any contrary information contained in the Prospectus, Summary Prospectus, and SAI.

The Board of Trustees ("Board") of the James Alpha Funds Trust d/b/a Easterly Funds Trust (the "Trust"), based on information provided by Easterly Investment Partners LLC ("Easterly"), has approved a Plan of Liquidation and Dissolution ("Plan") for the Easterly ROCMuni High Income Municipal Bond Fund, a series of the Trust.

Pursuant to the Plan, Easterly will convert the Fund's remaining assets into cash or cash equivalents and thereafter the Fund will distribute pro rata to shareholders all of its existing assets, except for cash or other assets necessary to discharge any unpaid liabilities and obligations of the Fund and provide for any contingent liabilities of the Fund that are reasonably deemed to exist (the "Liquidation").

The Fund currently holds certain illiquid investments, which Easterly will seek to dispose of in an orderly manner. Easterly cannot currently predict how long it will take to accomplish the disposition of these assets. In addition, the Fund is a named defendant in a putative class action lawsuit, creating a contingent liability of the Fund. It is not currently possible to predict when the Fund will be able to resolve or provide for this contingent liability in order to begin liquidating distributions to shareholders.

Subject to the above, the Fund may make more than one distribution to shareholders as illiquid assets are converted to cash or cash equivalents and the Fund's contingent and other liabilities are paid or provided for. Any liquidating distribution due to Fund shareholders will be sent to a Fund shareholder's address of record.

Following this announcement of the Plan, the Fund will cease operation as an investment company and deregister as an investment company under the Investment Company Act of 1940. Following deregistration, the Fund will no longer offer its shares for sale to the public and will not engage in any activity except winding up its affairs and distributing to shareholders the proceeds from the Liquidation. Easterly will continue to serve as adviser and facilitate the Liquidation but will not charge the Fund any management fees. Once deregistered as an investment company, the Fund will no longer qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code and will be taxed as a corporation. The Fund will continue to issue tax reporting on Form 1099 to the extent required with respect to any distributions made by the Fund after deregistration.

Shareholders may contact Easterly at (315) 217-6868 with questions about the status of the Liquidation. Shareholders should contact the Fund's Transfer Agent at c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246 or by calling (833) 999-2636 with any updates to their shareholder account information.

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You should read this Supplement in conjunction with the Fund's Prospectus, Summary Prospectus, and SAI. Please retain this Supplement for future reference.