# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0000910472-26-001055
**Filing Date:** 2026-1
**Character Count:** 13815
**Document Hash:** 325daf3becc4ae5736d8b180949a2917
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001055.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000910472-26-001055

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260831

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23611
- **FILM NUMBER:** 26576128

**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 High Income Municipal Bond Fund (Series ID: S000084511)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000248908 | Easterly RocMuni High Income Municipal Bond Fund - Investor Class |  |
| C000248909 | Easterly RocMuni High Income Municipal Bond Fund - Class I        |  |
| C000248910 | Easterly RocMuni High Income Municipal Bond Fund - Class A        |  |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE PREFERRED STOCKS** — **0.0%<sup>(a)</sup>** |  |  |  |
| 8 | Next Renewable Fuels - Series A<sup>(b),(e)</sup> | 6.0000 |  | &nbsp;&nbsp;&nbsp; $— |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,715,285)** |  |  |  |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 49.0%** |  |  |  |
| 5025000 | Convivial 2022 III LLC<sup>(b),(c)</sup> | 12.0000 | &nbsp;&nbsp;&nbsp;11/15/56 | 5025000 |
| 1250000 | LSC Estero Prime<sup>(b),(e)</sup> | 12.0000 | &nbsp;&nbsp;&nbsp;01/01/26 | 1250000 |
|  | **TOTAL CORPORATE BONDS (Cost $6,275,000)** |  |  | 6275000 |
|  | **MUNICIPAL BONDS — 91.0%** |  |  |  |
|  | **COLORADO — 3.7%** |  |  |  |
| 475000 | City of Colorado Springs CO Utilities System Series 2006-B<sup>(d)</sup> | 2.8700 | &nbsp;&nbsp;&nbsp;11/01/36 | 475000 |
|  | **CONNECTICUT — 7.8%** |  |  |  |
| 500000 | Connecticut Housing Finance Authority<sup>(d)</sup> | 2.8500 | &nbsp;&nbsp;&nbsp;11/15/50 | 500000 |
| 500000 | Connecticut State Health & Educational Facilities<sup>(d)</sup> | 2.5000 | &nbsp;&nbsp;&nbsp;07/01/42 | 500000 |
|  |  |  |  | 1000000 |
|  | **FLORIDA — 64.5%** |  |  |  |
| 8700000 | Capital Trust Agency, Inc. (Obligor: Voans SW Florida Healthcare)<sup>(c),(e)</sup> | 10.0000 | &nbsp;&nbsp;&nbsp;07/01/25 | 8265001 |
|  | **NEW MEXICO — 3.2%** |  |  |  |
| 8669836 | Sunland Medical Foundation<sup>(b),(c)</sup> | 12.0000 | &nbsp;&nbsp;&nbsp;04/01/26 | 411817 |
|  | **NEW YORK — 3.9%** |  |  |  |
| 500000 | New York State Housing Finance Agency<sup>(d)</sup> | 2.9200 | &nbsp;&nbsp;&nbsp;11/15/36 | 500000 |
|  | **TEXAS — 3.9%** |  |  |  |
| 500000 | State of Texas<sup>(d)</sup> | 2.9500 | &nbsp;&nbsp;&nbsp;06/01/46 | 500000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 91.0% (Continued)** |  |  |  |
|  | **VIRGINIA — 3.9%** |  |  |  |
| 500000 | Hampton Roads Sanitation District<sup>(d)</sup> | 2.8500 | &nbsp;&nbsp;&nbsp;08/01/46 | $500000 |
|  | **WISCONSIN — 0.1%** |  |  |  |
| 14213 | Public Finance Authority<sup>(c)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;07/01/62 | 14915 |
|  | **TOTAL MUNICIPAL BONDS (Cost $19,326,142)** |  |  | 11666733 |
|  | **TOTAL INVESTMENTS - 140.0% (Cost $31,316,427)** |  |  | &nbsp;&nbsp;&nbsp; $17941733 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (40.0)%** |  |  | &nbsp;&nbsp; (5126426) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $12815307 |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> The value of this security has been determined in good faith by the Adviser as the Valuation Designee pursuant to valuation procedures approved by the Board of Trustees. These securities are deemed illiquid and represent 52.2% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is 13,716,733 or 107.0% of net assets.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on November 30, 2025.

<sup>(e)</sup> Issuer in default.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** James Alpha Funds Trust

- **b. Investment Company Act file number:** 811-23611

- **c. CIK number of Registrant:** 0001829774

- **d. LEI of Registrant:** 5493007JDS1R5QEQGK05

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 515 Madison Ave

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 646-201-4042

**Item A.2. Information about the Series.**

- **a. Name of Series:** Easterly RocMuni High Income Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000084511

- **c. LEI of Series:** 2549002KA8CEO43T1P98

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $20178081.77

**Total Liabilities:** $7362774.57

**Net Assets:** $12815307.20

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 4.36086700 | **1-Year:** 0.00000000 | **5-Year:** 6.97283100 | **10-Year:** 11.26841600 | **30-Year:** 3928.04250000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248908 | 0.00%                | -0.34%               | 0.00%                |
| Class ID C000248910 | 0.00%                | -0.34%               | 0.00%                |
| Class ID C000248909 | -0.34%               | 0.00%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $21.20                                     |
| Month 2  | $14353.82                | $109.94                                    |
| Month 3  | $8477.19                 | $1.89                                      |

### Schedule of Portfolio Investments

| Name                                     | Title                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sunland Medical Foundation               | SUNLMEDFDG 12 4/30/25  | CUSIP: 866973AD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8669836 | PA      | $411817.23    | 3.21%             | 2026-04-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH    | CTSHGR 2.5 07/1/2042   | CUSIP: 20775DTU6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 3.90%             | 2042-07-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Convivial Corporate Funding 2022 III LLC | CONVCFDG 12 11/15/56   | CUSIP: 21258BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5025000 | PA      | $5025000.00   | 39.21%            | 2056-11-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                  | NYSHSG 2.77 11/15/2036 | CUSIP: 64986MJ55<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 3.90%             | 2036-11-15      | Floating      | 2.92%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH              | CTSHSG 2.77 11/15/2050 | CUSIP: 20775HDU4<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 3.90%             | 2050-11-15      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| HAMPTON ROADS SANTN DIST VA              | HMRUTL 2.75 08/1/2046  | CUSIP: 409327HZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 3.90%             | 2046-08-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| NEXT RENEWABLE FUELS SER A CONV PFD      | NEXT RENEW FUELS PFD   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         8 | NS      | $0.08         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COLORADO SPRINGS COLO                    | CSPUTL 2.77 11/1/2036  | CUSIP: 196632BH5<br>LEI: 2549003N3PXBHQH2V448 | Long             | DBT              | MUN               | US        |    475000 | PA      | $475000.00    | 3.71%             | 2036-11-01      | Floating      | 2.87%                 | No            |                  2 | On Loan: No      |
| BBH                                      | BBH SWEEP VEHICLE      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    301500 | PA      | $301500.00    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ST                                 | TXS 2.77 06/1/2046     | CUSIP: 882723YT0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 3.90%             | 2046-06-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                       | CPTGEN 10 11/1/2020    | CUSIP: 14052WCZ8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   8700000 | PA      | $8265000.00   | 64.49%            | 2025-07-01      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                      | PUBEDU 5.75 07/1/2062  | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     14213 | PA      | $14915.30     | 0.12%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LSC Estero Prime LN 2022A LLC            | LSCESTPR 12 04/30/25   | CUSIP: 54915DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1250000.00   | 9.75%             | 2026-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

**Name of Applicant:** James Alpha Funds Trust

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Asst Treasurer