JARSX - S Share | JARIX - I Shares | JAREX - A Shares | JACRX - C Shares

James Alpha Global Real Estate Investments Fund

December 31, 2019

5207-NLD-2/5/2020

Forward-Looking Statements

Must be proceeded or accompanied by a current prospectus. A registration statement relating to the securities of the Fund described herein has been filed with the Securities and Exchange Commission.

This presentation contains forward-looking statements, within the meaning of the federal securities laws, that involve risks and uncertainties. These statements describe the Fund’s plans, strategies and goals and its beliefs and assumptions concerning future economic or other conditions and the outlook for the Fund, based on currently available information. In this presentation, words such as “anticipates,” “believes,” “expects,” “objectives,” “goals,” “future,” “intends,” “seeks,” “will,” “may,” “could,” “should,” and similar expressions are used in an effort to identify forward-looking statements, although some forward-looking statements may be expressed differently.

The Fund’s actual results could differ materially from those anticipated in the forward-looking statements because of various risks and uncertainties, including the factors set forth in the section headed “Risk Factors” in the Fund’s prospectus. The forward-looking statements contained in this presentation are based on information available to the Fund as of the date of this presentation, and the Fund assumes no obligation to update any such forward-looking statements, except as required by law.

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RisksAlternative investments may not be suitable for all investors and an investment in the Fund is suitable only for investors who can bear the risks associated with the illiquidity of the Fund's shares and should be viewed as a long-term investment.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.

Options involve risk and are not suitable for all investors. Writing a covered call option allows the fund to receive a premium (income) for giving the right to a third party to purchase shares that the Fund owns in a given company at a set price for a certain period of time. There is no guarantee of success for any options strategy. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Investments in lesser-known, small and medium capitalization companies may be more vulnerable to these and other risks than larger, more established organizations.

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Agenda

• Executive Summary

• Firm Overview

• Global Real Estate

• Investment Strategy and Process

• Portfolio Positioning and Performance

• Appendix • Outlook

• Biographies

• Glossary of Terms

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Executive Summary

Executive Summary

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• James Alpha Advisors serves as the advisor and Ranger Global Real Estate Advisors serves as the subadvisor on the Fund

• Andrew Duffy, CFA ® has more than 28 years of experience and serves as the Chief Investment Officer and Senior Portfolio Manager

• Portfolio of global real estate securities that provide investors with:• A concentrated portfolio of 50 global ‘best ideas’ that collectively own more than 10,000

diverse properties around the world

• High quality, higher growth through an emphasis on owning specialty REITs

• Consistent long-term outperformance with lower risk, higher upside capture and lower downside capture than the benchmark

• Active portfolio decisions have generated 246 bps of annualized alpha vs. benchmark since portfolio inception in 20091,2

• Our defensive portfolio has outperformed peers over the past 10 years despite a REIT bull market that generally favored riskier investment strategies1,2

• Incremental income generation with a yield of ~9%-10% per annum1

1 The bulleted points above represent past performance as of 12/31/2019. Past performance does not ensure future results.2 As December 31, 2019. Annualized Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk

as measured by beta. Benchmark is the FTSE EPRA/NAREIT Developed Global Real Estate Index.

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Firm Overview

James Alpha Holdings

Who We Are - Overview

James Alpha Advisors manages approximately $1.2 billion of AUM.

▪ A single-family office that manages the wealth for Denis Nayden, former CEO of GE Capital. We believe we are a leader and pioneer in the marketplace of emerging alternative fund managers.

▪ Serves as the advisor and distribution arm for leading alternative fund managers in theJames Alpha family of mutual funds and related portfolios.

▪ Serves as the broker/dealer for James Alpha Management and James Alpha Advisors.

Firm Overview – James Alpha Advisors

Serves as the Advisor and distributor for leading alternative fund managers in the James Alpha family of mutual funds and related portfolios.

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• Specialize in identifying, seeding, and growing an innovative lineup of alternative investment solutions for

institutional and retail investors.

• Seek top performing, early-stage alternative investment managers and we make a significant investment.

• Grow the business by providing marketing, distribution, operational support, and compliance so our

managers can do what they do best – manage their portfolios.

• Ongoing and continuous risk monitoring.

• 12 alternative mutual fund offerings across credit, equity, REITs, and other specialty asset classes.

Firm Overview – Ranger Global Real Estate Advisors

Independent and SEC-registered investment advisor focused solely on liquid global real estate

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Ranger Global Real Estate Advisors was co-founded by two West Point graduates and classmates, both Army Rangers,

each with more than 28 years of institutional asset management experience.

• Sole focus on liquid global real estate

• Majority employee and veteran-owned

• Strategic partner Knights of Columbus, an insurance company and asset management firm with more than $26 billion in assets

• Firm AUM $1.12B as of December 31, 2019

• Investment team’s deep domain expertise

• Concentrated global portfolios with emphasis on high quality and growth via specialty REITs

• Attempts to provide consistent long-term outperformance with lower volatility and high active share

• Seeks to generate incremental income and deliver above-market yield

Real Estate-Focused Investment TeamDeep Domain Experience

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Andrew Duffy, CFA® CIO, Senior Portfolio Manager

▪ Citigroup; TIAA-CREF; Eagle Asset▪ MBA, Harvard Business School▪ BS, West Point (Top 1% of class)▪ 28 years

Todd Voigt, CFA®Portfolio Manager, International

▪ WMD; Cohen & Steers; Cliffwood▪ BS, Claremont McKenna▪ CFA designation▪ 22 years

Jordan ShermanPortfolio Manager, U.S.

▪ Perennial Real Estate; Satellite▪ MBA, NYU▪ BS, Binghamton▪ 27 years

Ryan MannleDirector of Trading & Operations

▪ Caxton; Fortress; Lazard Asset▪ MBA, Columbia Business School▪ BA, Colgate University▪ 17 years

Colin Trovato, CFA®Investment Analyst

▪ TIAA-CREF; Columbia▪ BS, University of Washington▪ CFA designation▪ 12 years

Ivalio PetkovInvestment Analyst

▪ Grosvenor Fund Management▪ Goldman Sachs; UBS; LaSalle▪ Majors, Finance, Ecole Supérieure de Commerce▪ 18 years

CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.

Andrew J Duffy, CFA®

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• More than 28 years of global real estate securities experience

• Senior Portfolio Manager at TIAA-CREF for seven years, responsible for managing more than $3.5 billion in global real estate securities

• Portfolio Manager at Eagle Asset Management, Hunter Global, and Citigroup

• Top 1% of class at West Point

• MBA, Harvard Business School

• CFA® charterholder

Andrew J. Duffy, CFAChief Investment Officer, Senior Portfolio Manager

CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.

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Global Real Estate

Liquid Global Real Estate Market (~$1.7T Market Cap)

• Liquid global real estate outperformed global equities and fixed income January 1993 - December 20191

• From 1998 - 2017, liquid global real estate was the best-performing asset class held by pension funds2, outperforming direct real estate while providing increased liquidity, diversification, and cost efficiencies, all with lower volatility

• Exposure to Specialty REITs

• The previously-hidden negative bet which is expected to prompt significant inflows to the generally small-and mid-cap that have historically outperformed the market3

• Liquid global real estate investment is growing

• Non-U.S. markets represent greater than 50% of the total market cap and growing3

• Only 15% of global institutional-quality real estate is securitized

• Institutional investors average exposure 0.6% vs. benchmark weight of 4.0%3

Past performance does not guarantee future success.1 As of December 31, 2019. Source: Bloomberg and Morningstar. Global REITs are represented by the FTSE EPRA Nareit Developed Index; Global stocks

are represented by the MSCI World Index; Global bonds are represented by the Barclays Capital Composite Global Bond Index. More recent performance may alter assessments or outcomes.

2 Source: October 2019 CEM Benchmarking Inc. Study. More recent performance may alter assessments or outcomes.3 Source: FTSE Russell as of December 31, 2019. Liquid global real estate market is defined as the FTSE EPRA Nareit Developed Real Estate Index.

Real Estate is No Longer an Alternative Asset Class

• David Swensen, Yale University’s Chief Investment Officer (Unconventional Success, 2005) recommended a “basic formula” for individual investors with 20% invested specifically in REITs and the rest in equities, bonds, and cash (TIPS)

• “Basically, there are only four types of investment categories that you need to consider: cash, bonds, common stocks, and real estate”

– Burton G. Malkiel (Princeton), The Random Walk Guide to Investing

• Real estate is not an alternative to stocks and bonds – it is a fundamental asset class that should be included within every diversified portfolio. Equity, fixed income, cash, and real estate…are the basic asset classes that must be held within a diversified portfolio”

– Mark J.P. Anson, Handbook of Alternative Assets

Diversification does not ensure profit or protect against loss.Source: Nareit. Equity Investing in Real Estate Through Public and Private Markets, November 16, 2016.

Stocks Bonds Alternative Investments (optional)Real Estate Cash

Diversification Box

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Investment Strategy & Process

Investment Attributes

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• Expertise acquired over 28 years of investing in global REITs

• Differentiated two-stage stock selection

• High active share: focus on Specialty REITs

• Potential income-enhancing overlay

• Consistent generated alpha and lower volatility

Past performance is no guarantee of future success. Source: Zephyr StyleAdvisor; 12/31/2019. Investors cannot directly invest in an index. Unmanaged index returns do not reflect fees, expenses, or sales charges. FTSE EPRA Nareit Developed Global REIT Index – An Index whose constituents include publicly-traded real estate investment trusts (“REITs”) located on both domestic and foreign exchanges in developed countries. The Index includes securities of companies that derived in the previous full fiscal year at least 75% of its total earnings before interest, depreciation and amortization (“EBIDA”) from the ownership, trading and development of income-producing real estate. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

Investment Philosophy and Objective

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We believe that investing opportunistically in higher growth, high-quality liquid global real estate companies across the market capitalization spectrum with more favorable supply-demand metrics will,

over the long term, generate attractive total return with below-average levels of risk.

Philosophy

ObjectiveWe seek to outperform the benchmark index over the long term by managing

concentrated portfolios of high-quality global real estate securities that generate consistent alpha with below-average volatility.

Investments in mutual funds involve risk including possible loss of principal. There is no guarantee that any investment strategy will achieve its objectives, generate profits, or avoid losses.

Global Portfolio Construction

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• Investment decisions informed by demand drivers: Country and Property Type

• Differentiated two-stage stock selection process

Source: NAREIT, UBS, Prudential Real Estate

United Kingdom (2007)

Taiwan(2003)

South Korea (2001)

Singapore(2002)

Israel(2006)

Hong Kong (2003)

France(2003)

Spain(2009)

New Zealand(2007)

Italy (2007)

Ireland(2013)

Germany(2007)

Finland(2013)

United States (1960)

Australia (1971)

Netherlands(1969)

Japan(2000)

Greece(1999)

Canada(1994)

Belgium(1995)

We invest only in developed markets

Ability to Play Both Offense and Defense

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• Cyclical vs. Secular Demand Drivers

• Average Length of Lease Term (Duration)

GDP GROWTH HIGH

HOTELS

LOW

WAREHOUSES

MALLS

OFFICE

MULTI-FAMILY

SHOPPING CENTERS

HEALTH CARE

Bottom-Up Stock Selection Process

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Stage One: Quantitative Screening

• Quantitative screening tool assesses

changes to listed real estate universe,

leading to updated Qualifying List of 100

securities

Stage Two: Qualitative Analysis

• Senior Portfolio Manager selects the best

50 companies from the ~100 Qualifying

Securities based upon qualitative metrics

not readily assessed by the model

• Major focus on quality of management

(cannot model)

Listed Real Estate Universe

~550 Stocks

Qualifying Securities

~100 Stocks

Portfolio of 50 ‘Best Ideas’

(Owning 10,000+ Diverse Properties Around the World)

SELECTION

Quantitative Screening to Monitor

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Insider Ownership1

Market Capitalization

Total Return

Management Tenure

Company Leverage

Price / AFFO2

Historical AFFO2 Growth

Projected AFFO2 Growth

Dividend Growth

Dividend Yield

~100 Qualifying Securities

+/-10% of Benchmark by

Property Type and Region

Efficiently monitors and assesses changes

• 10 input metrics identified as most highly correlated to long-term return

• Optimized to update every 6 months

• Proprietary to our Firm

• Facilitates efficient use of research time; cannot replace critical fundamental research

1 Insider ownership aligns managements’ interest with shareholders to grow the dividend and increase the stock price.

2 AFFO or Adjusted Funds from Operations is a financial performance measure primarily used in the analysis of real-estate income trusts (REITs). The AFFO of a REIT is generally equal to the trust's funds from operations (FFO) with adjustments made for recurring capital expenditures used to maintain the quality of the REIT's underlying assets. The calculation takes in the adjustment to GAAP straight-lining of rent, leasing costs and other material factors.

Input Metrics

Qualitative Analysis

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Qualitative Analysis

• In-depth fundamental research on ~100 Qualifying Securities

• Focus on factors that a model can’t assess

• Emphasis on the quality of management teamsU.S.

TeamInternational

Team

Quality Management Team

External Growth Potential

Corporate Governance

Quality / Location ofAssets

LeaseTerms

Tenant Credit Quality

Debt Structure

Financial Flexibility+/- 50%

of benchmark

GEOGRAPHY(byregion)

+/- 50%of benchmark

PROPERTY TYPE

(ex-Specialty)

Up to 4Xof benchmark

SPECIALTY

REITs

50 “Best Ideas”

Selected with Senior Portfolio Manager making the final investment decision

Senior Portfolio Manager

Portfolio Construction and Risk Management

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Target Regional Exposures +/- 50% of Benchmark

Target Property Type Exposures1 +/- 50% of Benchmark

Specialty REIT Exposure Up to 4X of Benchmark

Single non-US Country Not more than 25%

1 Excludes Specialty REITs.2 Estimated 13 basis points trading costs. Measure of how frequently assets within the Fund are bought or sold potentially contributing the income strategy

of the Fund.

Max Single Issuer Exposure Not more than 8%

Target # of Holdings 50

Cash Exposure Maximum 10%

Core Portfolio Turnover 90%-110%

60%-140%Income Enhancing Portfolio Turnover2

We construct high-conviction, risk-aware portfolios.

VIGILANT COMPLIANCE

(QUARTERLY)

ULTIMUS FUND SOLUTIONS

(DAILY)

EZE ORDER MANAGEMENT

SYSTEM

(DAILY)

RANGER GLOBAL INVESTMENT COMMITTEE

(MONTHLY)

Risk Management and Oversight

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• Pre-trade compliance

• Post-trade allocation

• Transactioncost analysis

• Trade settlement& exceptions

• Valuation

• Income and accrual calculations andposting

• Composite maintenance

• Portfolio performance reporting

• On-site quarterly reviews

• Best execution oversight

• Trading practices

• Compliance oversight

• Risk assessment matrix

• Code of ethics monitoring

• Books & recordsreview

• Monitor for insider trading & front-running

• Ensure appropriate risk profile

• Maintain proper diversification

• Ongoing review of convictionlist and best ideas

• Oversight via risk factors and scenario analysis

Multi-Stage Internal and External Risk Oversight

Potential Income-Enhancing Overlay

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Dividend Captures

• Execute only one out of every 8-10 capture opportunities evaluated

• 28 years of experience

Covered Call-Writing

• Written on up to 30% of the portfolio’s net assets

• Near-term contracts

• (30-60 days to expiration)

• Out-of-the-money strikes, at or near our 12-month price targets

Ancillary to the core investment strategy

• Implemented on core (or previous core) holdings

• Two complementary techniques, thus success not dependent on market conditions

• No leverage

• Highly selective

Flat or Down

Markets

Up Markets

There is no guarantee that this investment strategy will achieve its objectives, goals, generate positive returns, or avoid losses. Options are subject to changes in the underlying securities or index of securities on which such instruments are based which create leverage and can magnify the Fund's potential for gain or loss. Additional information and definitions about options can be found in the Glossary of Terms.

Objective: To supplement the current income generated by the portfolio’s core REIT holdings.

Dividend Capture Example

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Uniti Group Inc. (UNIT)

• Bought at 2% position on 6/27/18, one day prior to ex-div date

• Closed 6/27 at $20.40, went ex-div on 6/28, paying a $0.60 quarterly dividend

• Opened on 6/28 at $19.80; by 7/5 (T+5) had recovered back to $20.91

• Sold the shares, collecting the $0.60 dividend plus generating a $0.36 gain

Past performance does not guarantee future success. This holding illustrates an example of the strategy and should not be considered investment advice. Of course, there is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses.

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Portfolio Positioning & Performance

Portfolio Diversification – December 31, 2019

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Top Countries Portfolio Index

United States 49.7% 54.2%

Hong Kong 12.6% 6.2%

Germany 8.6% 4.5%

Australia 7.7% 3.7%

Netherlands 4.0% 1.5%

United Kingdom 2.9% 5.1%

Japan 2.7% 11.8%

Top Country ExposuresGeographic Exposures vs. Index

Diversification does not ensure profit or protect against loss. Source: Fact Set and Ranger Global Real Estate Advisors, LLC as of 12/31/2019. Data shown is for the James Alpha Global Real Estate Investments Fund (JARIX). Index refers to the FTSE EPRA/NAREIT Developed Real Estate Index as defined in the glossary. Geographic, country and sector exposures are subject to change without notice.

51.6%

25.0%23.5%

57.1%

24.9%

18.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

North America Asia Pacific Europe

Fund Index

Portfolio Diversification – December 31, 2019

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Property Type Exposures vs. Index Specialty Property Type Exposures

Diversification does not ensure profit or protect against loss. Source: Fact Set and Ranger Global Real Estate Advisors, LLC as of 12/31/2019. Data shown is for the James Alpha Global Real Estate Investments Fund (JARIX). Index refers to the FTSE EPRA/NAREIT Developed Real Estate Index as defined in the glossary. Geographic, country and sector exposures are subject to change without notice.

0.0%

10.0%

20.0%

30.0%

40.0%

Fund Index

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

20.00%

Fund Index

Top 20 Holdings – December 31, 2019

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Source: Ultimus Fund Solutions and Ranger Global Real Estate Advisors, LLC. Holdings data is for the James Alpha Global Real Estate Investments Fund (JARIX), sub-advised by Ranger Global Real Estate Advisors, LLC. Holdings subject to change without notice.

Holding % of NAV

Link Real Estate Investment Trust 5.36

American Tower Corporation 5.11

Deutsche Wohnen SE 4.84

Invitation Homes, Inc. 4.29

Americold Realty Trust 4.19

InterXion Holding N.V. 3.96

NextDC Limited 3.83

Colony Capital, Inc. 3.83

CK Asset Holdings Limited 2.97

Welltower, Inc. 2.66

Dexus 2.64

Glenveagh Properties Plc 2.62

Hong Kong Land Holdings Limited 2.60

Cellnex Telecom S.A. 2.55

Jernigan Capital, Inc. 2.13

MGM Growth Properties LLC 2.10

CatchMark Timber Trust, Inc. 2.06

LEG Immobilien AG 2.05

Ellington Financial Inc. 2.05

National Retail Properties, Inc. 1.98

TOTAL 63.81%

Bolded names are classified as “Specialty” holdings.

63.81%

OF TOTALPORTFOLIO

International

Portfolio Performance – December 31, 2019

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As of 12/31/2019 Symbol 1-Year 3-Year 5-Year 10-Year Since Inception*

JA Global Real Estate Investments Fund A Share1 JAREX 31.19% 11.78% 8.83% 9.64% 10.32%

FTSE EPRA Nareit Developed Index 23.06% 9.31% 6.53% 9.25% 9.67%

Global Real Estate Category 23.48% 9.35% 5.73% 7.62% 8.05%

JARIX % Rank in GRE Category (based on total return) 4 17 1 12 N/A

# of Funds in Category 225 200 170 111 N/A

JA Global Real Estate Investments Fund I Share1 JARIX 31.80% 12.27% 9.34% 10.23%** 9.41%

FTSE EPRA Nareit Developed Index 23.06% 9.31% 6.53% 9.25% 7.80%

Global Real Estate Category 23.48% 9.35% 5.73% 7.62% 6.44%

JARIX % Rank in GRE Category (based on total return) 2 12 1 9** N/A

# of Funds in Category 225 200 170 111 N/A

Past performance is no guarantee of future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The performance shown reflects the waivers without which the performance would have been lower. For Fund performance to most recent month-end, please contact James Alpha Advisors at 888.814.8180. The Fund’s management has contractually waived a portion of its management fees until December 31, 2020 for I Shares, A Shares, C Shares, and S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.37% for S Shares, 1.37% for I Shares, 1.62% for A Shares, and 2.37% for C Shares; total annual operating expenses after the expense reduction/ reimbursement are 0.99% for S Shares, 1.19% for I Shares, 1.62% for A Shares, and 2.37% for C Shares. Source: Morningstar.com and StyleAdvisor. Annualized returns. Returns include dividends and capital appreciation. Sales charges are not included in analysis. You can not invest directly in an index. Morningstar is an independent provider of financial information. The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. © 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.. 1 Ranger Global Real Estate Advisors acts as the sub-advisor to the James Alpha Global Real Estate Investments Fund. *Inception Date of the A Share is 10/26/2009 and the inception date of the I Share is 8/1/2011 **I Share 10-year performance and ranking shows the A Share performance until I share inception on 8/1/2011 as calculated by Morningstar.

Morningstar Rating

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Morningstar Overall Rating as of 12/31/2019 in the Global Real Estate Category, based on risk-adjusted returns of 111 funds.

Source: Morningstar 12/31/2019. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Morningstar is an independent provider of financial information. The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics© 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Rating is for the I Share class only; other classes may have different performance characteristics.

I SharesTop decile 1/5/10 Years

Top quartile 1/3/5/10 Years

Distribution History

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James Alpha Global Real Estate Investments Fund - Quarterly Distributions (I Shares)

Q1 Q2 Q3 Q4 Annual Total 12/31 NAV

2012 Distributions $ 0.3520 $ 0.3840 $ 0.5220 $ 1.1520 $ 2.4100 $22.32

2013 Distributions $ 0.4310 $ 0.4730 $ 0.6120 $ 0.9630 $ 2.4790 $20.21

2014 Distributions $ 0.4590 $ 0.4734 $ 0.4229 $ 0.7439 $ 2.0992 $20.72

2015 Distributions $ 0.4760 $ 0.4126 $ 0.3622 $ 0.8022 $ 2.0530 $18.28

2016 Distributions $ 0.3908 $ 0.3715 $ 0.3720 $ 0.6813 $ 1.8156 $18.15

2017 Distributions $ 0.4122 $ 0.4119 $ 0.4017 $ 0.7023 $ 1.9281 $19.22

2018 Distributions $ 0.3511 $ 0.3910 $ 0.3815 $ 0.4907 $ 1.6143 $15.87

2019 Distributions $ 0.4108 $ 0.4213 $ 0.4090 $ 0.9243 $ 2.1654 $18.89

Source: Ranger Global Real Estate Advisors, LLC and Morningstar.com. The Fund can provide no guarantee or assurance that its future earnings will be sufficient to enable to pay a regular quarterly distribution. The dividends which the Fund may receive from its investments in REITs may be characterized by those REITs differently than the Fund now expects. For this reason, among others, some of the distributions described in this presentation consist of long-term or short-term capital gains or a return of capital. The Fund has a goal of providing investors with incremental yield through its income-enhancing strategies. There is no guarantee the Fund will be successful at achieving this goal. For more information on the Fund, its distribution strategies or history, or the Fund’s performance, please contact James Alpha Advisors at 888.814.8180.

Distribution Rate1 30-Day SEC Yield(Subsidized)2

30-Day SEC Yield(Unsubsidized)2 Trailing 12-Month Yield3

Class S 11.37% 0.06% -1.32% 1.82%

Class I 11.46% -0.14% -0.68% 1.83%

Class A 11.66% -0.43% -0.43% 1.67%

Class C 10.92% -1.27% -1.27% 1.01%

Past performance is no guarantee of future results and current performance may be lower or higher than the performance data quoted. 1 12-Month Distribution Rate is calculated by adding each fund’s trailing 12-month income distributions, and dividing the sum by the fund’s most recent month

ended NAV. A fund may pay distributions in excess of its net investment company taxable income and, to the extent this occurs, the distribution yield quoted will include a return of capital. However, please note that distributions are subject to recharacterization for tax purposes and the final tax treatment of these distributions will be reported to shareholders after the close of each calendar year on form 1099-DIV.

2 30-Day SEC Yield does not include income that is determined to be from return of capital.3 Trailing 12-Month Yield is the percentage income the Fund returned over the past 12 months. It is calculated by the sum of the Fund’s annual dividend income

divided by the most recent month-end NAV.

DISTRIBUTION RATESEPTEMBER 30, 2019Distribution Rate – December 31, 2019

Conclusion

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Conclusion – Potential Strategic Edge

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• Risk-adjusted returns with potentially consistent alpha generation with low volatility and downside capture

• 12/31/19 annualized returns since inception of 9.41% verses the index at 7.80%

• Distribution rate 2-3 times category average achieved through conservative income-enhancing overlay

• High active share through stock-picking and a preference for owning the highest quality specialty and REITs

• Investment team with deep domain expertise

• Unique and differentiated two-stage investment process

Past performance is no guarantee for future performance or success. 12-month distribution yield will fluctuate from month-to-month and is not equivalent to the subsidized or unsubsidized 30-day SEC yield of the fund. You should consult the Fund’s prospectus for additional information about the Fund’s dividends and distributions policy. 12-month distribution yield for the Fund may vary significantly year-over-year due to tax adjustments and are subject to change from the yields quoted. No distribution is guaranteed by the Fund.

Appendix

38

Our 2020 Investment Outlook: Cautiously Bullish

39

• “Goldilocks” scenario – likely extends the real estate cycle

• Enough GDP growth to give landlords pricing power

• But not enough growth to develop new space

• Thus, virtually no new supply

• The U.S. Fed’s pivot to join accommodative central banks outside the U.S. (ECB, BoJ, PBoC, RBA) continues to provide ready access to low-cost capital – a significant tailwind for real estate and REITs

• Recent IMF and World Bank updates calling for marginally lower but still synchronized global GDP growth reinforce the “Goldilocks” scenario at least through 2020

• “Brexit” – whether soft or hard – along with political stress across the Eurozone, and U.S. -China trade tensions will likely spur central banks to be more dovish and prolong the cycle

View: Still an Attractive Entry Point

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Globally, REITs are “on sale”, trading at discounts to their NAVs in all non-U.S. markets

• Two key criteria that the recovery in commercial real estate remains intact:

• Global GDP growth stays between the “guard rails” of the Goldilocks scenario: above 2% (“escape velocity” to stay out of recession) and below 4% (development remains muted and landlords retain pricing power)

• Long-term rates stay below 4% (the level where REITs’ maturing bonds can be re-financed at lower than existing rates)

• Wild card for 2020 and beyond: New S&P GICS sector for REITs could drive significant inflows from institutions and generalists (estimated $100-$200 billion or more)

41

Appendix

Investment Team

Andrew J. Duffy, CFA®

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Managing Partner, Chief Investment Officer, Senior Portfolio Manager

Andrew J. Duffy, CFA is a Managing Partner, Chief Investment Officer and Senior Portfolio Manager of Ranger Global Real Estate Advisors. Mr. Duffy has over 28 years of experience as an investor inglobal real estate securities. From 2009 to 2016, Mr. Duffy was the President of Ascent Investment Advisors, LLC. He has been the Senior Portfolio Manager of the James Alpha Global Real EstateInvestments Fund (“JARIX”) since its inception in 2009.

Prior to 2009, Mr. Duffy was a Managing Director with Citigroup Principal Strategies, where hemanaged a long-short portfolio of global real estate securities. Previously, he was the Co-Portfolio Manager of the Hunter Global Real Estate Fund, and from 1999 until 2006, a Portfolio Manager at TIAA-CREF, where he was responsible for managing over $3 billion in global real estate equity and debt securities. Between 1993 and 1999, he was a Senior Research Analyst at Eagle AssetManagement, where he launched and managed a dedicated real estate securities investmentprogram with responsibility for fundamental analysis, securities selection and portfolioconstruction. Prior professional experience includes service as a Partner at Raymond James & Associates where, as an investment banker, he managed public offerings and advised on mergersand acquisitions.

Mr. Duffy received a Bachelor of Science degree from the United States Military Academy at West Point in 1979 as a Distinguished Graduate (top 5% of his class), and a Master of BusinessAdministration degree from the Harvard Business School in 1986. He earned the CharteredFinancial Analyst designation in 1995.

Todd A. Voight, CFA®

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Portfolio Manager – International

Todd A. Voigt, CFA is a Portfolio Manager focusing on the selection and management of international holdings at Ranger Global Real Estate Advisors. Mr. Voigt has more than 22 years of experience in the global real estate securities industry. From 2014 through 2016, he served as the Portfolio Manager for a long-short real estate fund at WMD Asset Management. Previously, he spent six years at Cohen & Steers Capital Management, where he served as a Portfolio Manager for multiple global real estate securities funds and UCITS, and eleven years at Cliffwood Partners, where his responsibilities included portfolio management and stock selection in both long-only and long-shortstrategies.

Mr. Voigt graduated from Claremont McKenna College in 1995 with dual degrees in Mathematics and Economics. He earned the Chartered Financial Analyst designation in 2005.

Jordan M. Sherman

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Portfolio Manager – Domestic

Jordan M. Sherman is a Portfolio Manager focusing on the selection and management of U.S. holdings at Ranger Global Real Estate Advisors. Mr. Sherman has more than 27 years of experience in the global real estate securities industry. From 2014 through 2016, he was a Portfolio Manager for Ascent Investment Advisors, LLC. Previously, he served for six years as a Portfolio Manager and Senior Analyst at Perennial Real Estate Investment, a $3 billion global real estate securities fund. He also spent six years at Satellite Asset Management, a $7 billion multi-strategy hedge fund, where he was an analyst covering a broad range of industries, including real estate, homebuilders and building products, and then managed a portfolio of real estate securities. He joined Satellite from Orme Capital Management, a start-up, long-short equity fund that merged into Satellite in August 2002.

Mr. Sherman previously worked on the sell-side, where he spent a total of seven years at Morgan Stanley and Goldman Sachs providing research on transportation companies, and two years at Salomon Brothers as a special situations analyst covering a diverse group of companies. He began his career as a commercial banker at the Bank of Nova Scotia in New York, analyzing credit on a broad range of transactions for Fortune 1000 companies.

Mr. Sherman received a Bachelor of Arts degree in mathematics from Binghamton University in 1984 and a Master of Business Administration in finance from New York University in 1989. Since 2010, Mr. Sherman has been an adjunct professor at New York University’s Schack Institute of Real Estate, where he teaches a course entitled REIT InvestmentAnalysis.

Glossary of Terms

45

Glossary of Terms

46

Alpha – A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha.

Barclays Capital Composite Global Bond Index – The Global Composite Index provides a broad-based measure of the global investment-grade fixed-rate debt markets. The Global Composite Index contains three major components: the U.S. Composite Index, the Pan-European Composite Index, and the Asian-Pacific Composite Index. In addition to securities from these three benchmarks (94.9% of the overall Global Aggregate market value), the Global Composite Index includes Global Treasury, Eurodollar, Euro-Yen, Canadian, and Investment-Grade 144A index-eligible securities not already in the three regional aggregate indices. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

Covered Call – An options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset. This is often employed when an investor has a short-term neutral view on the asset and for this reason hold the asset long and simultaneously have a short position via the option to generate income from the option premium.

Covered Call Writing – The selling of the right to sell your stock at any time for the market price to someone else in exchange for cash paid today

Ex-Div – A classification of trading shares when a declared dividend belongs to the seller rather than the buyer. A stock will be given ex-dividend status if a person has been confirmed by the company to receive the dividend payment. After the ex-date has been declared, the stock will usually drop in price by the amount of the expected dividend.

FTSE EPRA/NAREIT Developed Global REIT Index – An Index who’s constituents include publicly-traded real estate investment trusts (“REITs”) located on both domestic and foreign exchanges in developed countries. The Index includes securities of companies that derived in the previous full fiscal year at least 75% of its total earnings before interest, depreciation and amortization (“EBIDA”) from the ownership, trading and development of income-producing real estate. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

Glossary of Terms

47

FTSE NAREIT® Equity REIT Total Return Index – An Index is comprised of publicly-traded REIT securities in developed countries worldwide which have met certain financial criteria for inclusion in the Index. Each company must derive the bulk of its earnings through the ownership, management or development of income producing commercial real estate. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

FTSE NAREIT All Equity REITs Index – The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

Ibbotson 20-year U.S. Government Bond Index – An unweighted index which measures the performance of twenty-year maturity U.S. Treasury Bonds. Each year a one-bond portfolio containing the bond having closest to 20 years to maturity is constructed. To measure holding period returns for the one-bond portfolio, the bond is priced (with accrued coupons) over the holding period and total returns are calculated. The index includes reinvestment of income. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

Morgan Stanley Capital International (MSCI®) Europe, Australasia, and Far East (EAFE®) Index – An index created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. This international index has been in existence for more than 30 years. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

MSCI US REIT INDEX – The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on MSCI USA Investable Market Index which captures large, mid and small cap real estate securities. With 140 constituents, it represents about 99% of the US REIT universe. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

Near-Term – Contracts set to expire in the next 30 to 60 days.

Glossary of Terms

48

NPI or NCREIF Property Index – The NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

Out of The Money (OTM) – A term used to describe a call option with a strike price that is higher than the market price of the underlying asset, or a put option with a strike price that is lower than the market price of the underlying asset. An out of the money option has no intrinsic value, but only possesses extrinsic or time value.

R2 – A statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index or another outside variable. For fixed-income securities, the benchmark is typically the T-bill. For equities, the benchmark is the usually the S&P 500. Also indicative of the correlation between two variables.

Risk – Risk is measured in this presentation as an investment’s standard deviation. Standard deviation measures the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. Standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility.

MSCI US REIT Index (RMS) – A free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on. MSCI USA Investable Market Index (IMI) its parent index which captures large, mid and small caps securities.

S&P 500 Index – The S&P 500 Index is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges.

Strike Price – The price at which a specific derivative or options contract can be exercised. “Strike price” is mostly used to describe options, in which strike prices are fixed in the contract. For call options, the strike price is where the security can be bought (up to the expiration date). If the call option is exercised, the seller of the option would be forced to sell his security to the buyer of the option at the strike price.

Disclosure

49

To purchase Fund shares or obtain updated performance information and Fund literature, contact your Financial Advisor or the Fund at 888.814.8180. Additional information may be found at www.JamesAlphaAdvisors.com or www.SaratogaCap.com.

The views expressed herein are those of James Alpha professionals and may change at any time without notification.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 888.814.8180 and should be read carefully before investing.

The Saratoga Advantage Trust’s Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. 1/12 © Saratoga Capital Management, LLC; All Rights Reserved. Saratoga Capital Management, LLC, James Alpha Advisors, LLC, and Ranger Global Real EstateInvestment Advisors, LLC are not affiliated with Northern Lights Distributors, LLC. Certain associates of James Alpha Advisors, LLC are securities registered with FDX Capital, LLC, both members FINRA/SIPC.