Fund Facts

March 31, 2015

Fund Type:
MLP Portfolio

I-shares Symbol: JMLPX

A-shares Symbol: JAMLX

C-shares Symbol: MLPCX


Institutional Manager:
James Alpha Advisors, LLC

About James Alpha Advisors, LLC

James Alpha Advisors, LLC serves as the Advisor to the James Alpha family of mutual funds and related portfolios.  They are a related entity to James Alpha Management, a family office and diversified asset management firm specializing in identifying, seeding, and growing alternative investment strategies for institutional and individual investors.  As an expert in alternative strategies James Alpha searches out top managers in the alternatives space with deep domain expertise.  Seeking proven and repeatable investment processes, James Alpha invests a significant amount of capital in each strategy and provides the ongoing operational, management and sales support to grow assets under management and build successful partnerships.

Strategic Foundation

Invests primarily in energy-related master limited partnerships (MLPs), engaged in the transportation, storage and processing of natural resources. The Fund seeks to meet the needs of investors looking for an investment vehicle with the potential for income and capital appreciation. In identifying investment opportunities, emphasis is placed on seeking stability and growth of distributions.


Yorkville Capital Management, LLC serves as the Portfolio's sub-advisor.  Yorkville’s investment team are pioneers in researching and investing in MLPs, investing in U.S. energy infrastructure through the MLP structure since the early 1990s – virtually the inception of the asset class.

There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio investments. The Fund invests primarily in energy infrastructure companies which may be adversely affected by changes in worldwide energy prices, exploration, production spending, government regulation, changes in exchange rates, depletion of natural resources and risks that arise from extreme weather conditions. An MLP is a public limited partnership or limited liability company. MLP interests may be less liquid than conventional publicly traded securities.

Mutual Funds involve risk including the possible loss of principal. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. A change in current tax law, or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The MLPs in which the Portfolio invests are subject to risks specific to the industry they serve. To the extent the Portfolio invests a greater amount in any one sector or industry, such as energy, the Portfolio’s performance will depend to a greater extent on the overall condition of that sector or industry and there is increased risk to the Portfolio if conditions adversely affect that sector or industry.

The Portfolio is classified for federal tax purposes as a taxable regular corporation or so-called Subchapter “C” corporation. As a “C” corporation, the Portfolio is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently at a maximum rate of 35%) as well as state and local income taxes. The Portfolio will not benefit from the current favorable federal income tax rates on long-term capital gains and Portfolio income, losses and expenses will not be passed through to the Portfolio’s shareholders. An investment strategy whereby a fund is taxed as a regular corporation, or “C” corporation, rather than as a regulated investment company for U.S. federal income tax purposes involves complicated accounting, tax, net asset value (“NAV”) and share valuation aspects that may cause the Portfolio to differ significantly from most other open-end registered investment companies.

The Portfolio is subject to risks associated with investing in equity securities, including market risk, issuer risk, price volatility risks and market trends risk. Investments in small and mid-capitalization companies may be more vulnerable than larger, more established organizations. Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer. Shares of ETFs have many of the same risks as direct investments in common stocks or bonds. ETNs are subject to the credit risk of the issuer, and the value of the exchange-traded note may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or assets remaining unchanged.