# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0000910472-26-001056
**Filing Date:** 2026-1
**Character Count:** 59307
**Document Hash:** 166d83f60e096b222b368dde1dcbf281
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001056.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000910472-26-001056

**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:** 26576130

**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 Short Term Municipal Bond Fund (Series ID: S000084512)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248911 | Easterly RocMuni Short Term Municipal Bond Fund - Class I        |  |
| C000248912 | Easterly RocMuni Short Term Municipal Bond Fund - Investor Class |  |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM 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** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 96.5%** |  |  |  |
|  | **ALABAMA — 2.8%** |  |  |  |
| 250000 | Alabama Public School and College Authority Series B | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/26 | $250855 |
| 100000 | Houston County Health Care Authority Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/30 | 100343 |
| 350000 | Southeast Energy Authority Cooperative District<sup>(a)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/53 | 364149 |
| 500000 | Southeast Energy Authority Cooperative District Series A<sup>(a)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/56 | 522566 |
|  |  |  |  | 1237913 |
|  | **ARIZONA — 1.4%** |  |  |  |
| 480000 | Phoenix-Mesa Gateway Airport Authority<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/27 | 480228 |
| 100000 | Pima County Industrial Development Authority (Obligor: La Posada Park Centre) Series B-3<sup>(c)</sup> | 5.6250 | &nbsp;&nbsp;&nbsp;11/15/30 | 100092 |
|  |  |  |  | 580320 |
|  | **CALIFORNIA — 10.7%** |  |  |  |
| 275000 | California Educational Facilities Authority | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/26 | 275076 |
| 225000 | California Health Facilities Financing Authority (Obligor: Providence St. Joseph Health Obligated Group) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/26 | 225260 |
| 500000 | California Public Finance Authority | 5.7000 | &nbsp;&nbsp;&nbsp;06/01/34 | 518488 |
| 500000 | California State Public Works Board | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/26 | 501778 |
| 400000 | City & County of San Francisco, CA | 5.0000 | &nbsp;&nbsp;&nbsp;04/01/28 | 400549 |
| 130000 | M-S-R Energy Authority | 6.1250 | &nbsp;&nbsp;&nbsp;11/01/29 | 137678 |
| 195000 | Poway Unified School District Public Financing | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/38 | 195098 |
| 1000000 | San Diego County Regional Airport Authority (Obligor: San Diego County Regional Airport Authority Special Facilities Revenue) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/44 | 1000776 |
| 875000 | San Diego County Regional Airport Authority (Obligor: San Diego County Regional Airport Authority) Series B<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/49 | 886533 |
| 250000 | San Francisco City & County Public Utilities | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/28 | 250815 |
| 200000 | San Jacinto Unified School District | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/27 | 200039 |
|  |  |  |  | 4592090 |
|  | **FLORIDA — 6.5%** |  |  |  |
| 400000 | City of Miami Beach Stormwater Revenue | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/47 | 403055 |
| 200000 | City of Pembroke Pines | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/32 | 200321 |
| 1550000 | County of Miami-Dade Aviation Revenue<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/38 | 1552132 |
| 300000 | County of Miami-Dade Rickenbacker Causeway Revenue Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/34 | 300370 |
| 100000 | Miami-Dade County Industrial Development Authority (Obligor: Academir Charter Schools)<sup>(c)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;07/01/29 | 100592 |
| 170000 | Viera East Community Development District | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/26 | 170254 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM 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 — 96.5% (Continued)** |  |  |  |
|  | **FLORIDA — 6.5% (Continued)** |  |  | |
|  |  |  |  | $2726724 |
|  | **GEORGIA — 0.6%** |  |  |  |
| 250000 | Private Colleges & Universities Authority | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/43 | 250085 |
|  | **ILLINOIS — 23.7%** |  |  |  |
| 150000 | Chicago Board of Education | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/31 | 156643 |
| 750000 | Chicago Board of Education | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/36 | 747427 |
| 1300000 | Chicago Board of Education | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/42 | 1299480 |
| 760000 | Chicago Board of Education | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/42 | 759696 |
| 1000000 | Chicago O'Hare International Airport<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/37 | 1012263 |
| 635000 | Harvey Public Library District | 7.1000 | &nbsp;&nbsp;&nbsp;12/01/32 | 647579 |
| 1900000 | Illinois Finance Authority (Obligor: OSF Healthcare System Obligated Group) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;11/15/34 | 1901474 |
| 845000 | Illinois Finance Authority (Obligor: Southern IL Healthcare) | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/32 | 862165 |
| 400000 | Illinois State Toll Highway Authority | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/37 | 400426 |
| 510000 | Illinois State Toll Highway Authority | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/38 | 510498 |
| 595000 | Metropolitan Pier & Exposition Authority | 7.0000 | &nbsp;&nbsp;&nbsp;07/01/26 | 609167 |
| 85000 | State of Illinois | 6.0000 | &nbsp;&nbsp;&nbsp;11/01/26 | 86761 |
| 1250000 | Village of Manhattan, IL | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/35 | 1251168 |
|  |  |  |  | 10244747 |
|  | **INDIANA — 2.4%** |  |  |  |
| 340000 | Anderson Industrial Economic Development Revenue (Obligor: Anderson University Inc/Indiana) | 4.7500 | &nbsp;&nbsp;&nbsp;10/01/27 | 274547 |
| 765000 | Indiana Finance Authority (Obligor: Earlham College) | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/32 | 764976 |
|  |  |  |  | 1039523 |
|  | **IOWA — 0.6%** |  |  |  |
| 245000 | Iowa Finance Authority (Obligor: Iowa Health System) | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/30 | 245546 |
|  | **KANSAS — 2.0%** |  |  |  |
| 550000 | Ashland Public Building Commission | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/32 | 553103 |
| 300000 | Wyandotte County-Kansas City Unified Government (Obligor: Wyandotte County-Kansas City Unified Government Utility System Revenue) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/29 | 300412 |
|  |  |  |  | 853515 |
|  | **KENTUCKY — 3.0%** |  |  |  |
| 1225000 | Kenton County Airport Board (Obligor: Kenton County Airport Board) Series A<sup>(b)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;01/01/49 | 1273530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM 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 — 96.5% (Continued)** |  |  |  |
|  | **MARYLAND — 1.9%** |  |  |  |
| 125000 | Maryland Health & Higher Educational Facilities | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/28 | $125364 |
| 450000 | Maryland Health & Higher Educational Facilities (Obligor: MedStar Health Obligated Group) Series B | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/26 | 450535 |
| 200000 | Maryland Health & Higher Educational Facilities Authority (Obligor: Medstar Health) | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/26 | 200238 |
|  |  |  |  | 776137 |
|  | **MASSACHUSETTS — 3.1%** |  |  |  |
| 500000 | Massachusetts Development Finance Agency | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/33 | 502988 |
| 500000 | Massachusetts Development Finance Agency | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/34 | 501138 |
| 150000 | Massachusetts Development Finance Agency (Obligor: Provident Commonwealth) | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/29 | 151284 |
| 120000 | North Reading | 5.0000 | &nbsp;&nbsp;&nbsp;05/15/30 | 120236 |
|  |  |  |  | 1275646 |
|  | **MICHIGAN — 1.6%** |  |  |  |
| 85000 | Detroit Wayne County Stadium Authority | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/26 | 85055 |
| 605000 | Michigan Finance Authority | 5.5000 | &nbsp;&nbsp;&nbsp;12/01/29 | 609281 |
|  |  |  |  | 694336 |
|  | **MINNESOTA — 1.4%** |  |  |  |
| 500000 | City of St. Cloud MN (Obligor: CentraCare Health System Obligated Group) | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/48 | 508520 |
| 100000 | Minnesota Housing Finance Agency (Obligor: State of Minnesota) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/26 | 100171 |
|  |  |  |  | 608691 |
|  | **MISSOURI — 1.7%** |  |  |  |
| 500000 | County of Jackson | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/28 | 501526 |
| 200000 | Missouri Development Finance Board Series A | 5.0000 | &nbsp;&nbsp;&nbsp;06/01/27 | 200267 |
|  |  |  |  | 701793 |
|  | **NEBRASKA — 0.9%** |  |  |  |
| 395000 | Madison County Hospital Authority No. 1 (Obligor: Faith Regional Health Services) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/29 | 395175 |
|  | **NEW JERSEY — 1.8%** |  |  |  |
| 400000 | New Jersey Economic Development Authority<sup>(b)</sup> | 5.1250 | &nbsp;&nbsp;&nbsp;01/01/34 | 400676 |
| 350000 | New Jersey Economic Development Authority (Obligor: NY/NJ Link Borrower LLC)<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/31 | 350664 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM 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 — 96.5% (Continued)** |  |  |  |
|  | **NEW JERSEY — 1.8% (Continued)** |  |  | |
|  |  |  |  | $751340 |
|  | **NEW YORK — 4.9%** |  |  |  |
| 250000 | Albany Capital Resource Corporation (Obligor: Albany College of Pharmacy and Health Sciences) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/28 | 250214 |
| 1000000 | Metropolitan Transportation Authority Series C-1 | 5.0000 | &nbsp;&nbsp;&nbsp;11/15/30 | 1020287 |
| 200000 | Nassau County Local Economic Assistance (Obligor: Catholic Health Services of Long Island Obligated Group) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/34 | 200513 |
| 225000 | New York Transportation Development Corporation<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/30 | 225231 |
| 400000 | Onondaga Civic Development Corp., (Obligor: Crouse Health) | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/31 | 396617 |
|  |  |  |  | 2092862 |
|  | **NORTH CAROLINA — 0.2%** |  |  |  |
| 100000 | North Carolina Capital Facilities Finance Agency (Obligor: Arc Of North Carolina) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/27 | 100701 |
|  | **OHIO — 1.6%** |  |  |  |
| 500000 | Ohio Housing Finance Agency | 7.0000 | &nbsp;&nbsp;&nbsp;03/01/49 | 587931 |
| 100000 | State of Ohio<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;12/31/29 | 100169 |
|  |  |  |  | 688100 |
|  | **OKLAHOMA — 0.6%** |  |  |  |
| 270000 | Oklahoma Housing Finance Agency | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/27 | 270122 |
|  | **PENNSYLVANIA — 2.5%** |  |  |  |
| 300000 | Butler County Hospital Authority (Obligor: Butler Health System) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/28 | 300085 |
| 580000 | Philadelphia Authority for Industrial Development (Obligor: Russell Byers Charter School) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/30 | 587283 |
| 160000 | Philadelphia Parking Authority (The) | 5.2500 | &nbsp;&nbsp;&nbsp;02/15/29 | 160326 |
|  |  |  |  | 1047694 |
|  | **PUERTO RICO — 5.1%** |  |  |  |
| 505000 | Children's Trust Fund | 5.5000 | &nbsp;&nbsp;&nbsp;05/15/39 | 511932 |
| 200000 | Puerto Rico Electric Power Authority | 5.2500 | &nbsp;&nbsp;&nbsp;07/01/26 | 200242 |
| 725000 | Puerto Rico Electric Power Authority Series UU | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/26 | 727756 |
| 310000 | Puerto Rico Electric Power Authority | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/27 | 310005 |
| 460000 | Puerto Rico Electric Power Authority Series RR | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/28 | 460021 |
|  |  |  |  | 2209956 |
|  | **TENNESSEE — 1.2%** |  |  |  |
| 500000 | Tennessee Energy Acquisition Corporation Series C | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/27 | 506260 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM 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 — 96.5% (Continued)** |  |  |  |
|  | **TEXAS — 8.7%** |  |  |  |
| 200000 | Arlington Higher Education Finance Corporation (Obligor: Wayside Schools) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/27 | $202463 |
| 1555000 | Bexar County Hospital District (Obligor: Bexar County Hospital District) | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/32 | 1557286 |
| 255000 | City of Houston TX Combined Utility System Revenue | 5.0000 | &nbsp;&nbsp;&nbsp;11/15/36 | 255176 |
| 140000 | City of San Antonio | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/27 | 140242 |
| 200000 | City of San Antonio | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | 200345 |
| 20000 | Harris County Cultural Education Facilities Finance Corporation (Obligor: Brazos Presbyterian Obligated Group) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/33 | 20006 |
| 250000 | Houston Higher Education Finance Corporation (Obligor: Harmony Public Schools) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/28 | 250318 |
| 280000 | Keller Independent School District Series A | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/26 | 280458 |
| 100000 | Kountze Economic Development Corporation (Obligor: Allegiant Industrial, LLC)<sup>(c)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/27 | 85000 |
| 100000 | North Harris County Regional Water Authority | 5.0000 | &nbsp;&nbsp;&nbsp;12/15/26 | 100142 |
| 265000 | Port Beaumont Navigation District (Obligor: Allegiant Industrial Island)<sup>(b),(d)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;02/01/39 | 198750 |
| 50000 | San Antonio Education Facilities Corporation (Obligor: Hallmark University, Inc.) Series B | 5.2500 | &nbsp;&nbsp;&nbsp;10/01/28 | 49987 |
| 335000 | San Juan Higher Education Finance Authority (Obligor: Idea Public Schools) | 8.2500 | &nbsp;&nbsp;&nbsp;08/15/29 | 341873 |
|  |  |  |  | 3682046 |
|  | **VIRGINIA — 1.4%** |  |  |  |
| 200000 | Northern Virginia Transportation Authority (Obligor: Commonwealth of Virginia) | 5.0000 | &nbsp;&nbsp;&nbsp;06/01/28 | 200370 |
| 400000 | Riverside Regional Jail Authority | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/28 | 400667 |
|  |  |  |  | 601037 |
|  | **WASHINGTON — 0.7%** |  |  |  |
| 290000 | Washington Health Care Facilities Authority (Obligor: Providence St. Joseph) | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/26 | 290215 |
|  | **WISCONSIN — 3.5%** |  |  |  |
| 200000 | Public Finance Authority (Obligor: Noorda College of Osteopathic)<sup>(c)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;06/01/45 | 180554 |
| 405000 | Public Finance Authority (Obligor: Prime Healthcare Foundation) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/27 | 409884 |
| 150000 | Wisconsin Health & Educational Facilities | 5.0000 | &nbsp;&nbsp;&nbsp;06/01/39 | 150274 |
| 740000 | Wisconsin Health & Educational Facilities Authority (Obligor: Iowa Health System) | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/27 | 742135 |
|  |  |  |  | 1482847 |
|  | **TOTAL MUNICIPAL BONDS (Cost $41,062,888)** |  |  | 41218951 |

---

---

| | |
|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** | **November 30, 2025** |
|  | **Fair Value** |
| **TOTAL INVESTMENTS – 96.5% (Cost $41,062,888)** | &nbsp;&nbsp;&nbsp; $41218951 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5%** | &nbsp;&nbsp; 1488656 |
| **NET ASSETS - 100.0%** | &nbsp;&nbsp; $42707607 |

---

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

<sup>(b)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of November 30, 2025 the total value of securities subject to the AMT was 6,480,176 or 15.2% 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 466,238 or 1.1% of net assets.

<sup>(d)</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 Short Term Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000084512

- **c. LEI of Series:** 254900NSEH9O4PZ8SM67

**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:** $42936349.96

**Total Liabilities:** $228742.48

**Net Assets:** $42707607.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 380.71886600 | **1-Year:** 1168.81679000 | **5-Year:** 1912.73060700 | **10-Year:** 1786.07624000 | **30-Year:** 223.48424000

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

- **3-Month:** 3.92759400 | **1-Year:** 74.48603400 | **5-Year:** 379.91913200 | **10-Year:** 583.52028800 | **30-Year:** 11.42179900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248911 | 0.82%                | 0.34%                | 0.09%                |
| Class ID C000248912 | 0.81%                | 0.32%                | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $74870.41                | $209481.07                                 |
| Month 2  | $11243.69                | $-3710.45                                  |
| Month 3  | $-5286.35                | $-12054.94                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HOUSTON TEX HIGHER ED FIN CORP                      | HOUHGR 5 02/15/2028     | CUSIP: 44237HAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250317.90    | 0.59%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY                                | OKSSFM 5 09/1/2027      | CUSIP: 67886MPB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270122.31    | 0.63%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA                 | SEEPWR 5 01/1/2056      | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522567.00    | 1.22%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HSG FIN AGY                                    | OHSHSG 7 03/1/2049      | CUSIP: 67756Q7Y7<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $587931.00    | 1.38%             | 2049-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ENERGY ACQUISITION CORP                   | TNSUTL 5 02/1/2027      | CUSIP: 880443EE2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506259.55    | 1.19%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                 | WISMED 5 12/1/2027      | CUSIP: 97670FBC4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    740000 | PA      | $742135.49    | 1.74%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                | PHIDEV 5 05/1/2030      | CUSIP: 71781XGB3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    580000 | PA      | $587283.70    | 1.38%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX HIGHER ED FIN CORP                    | ARLEDU 5 08/15/2027     | CUSIP: 041806K82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202462.52    | 0.47%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON CNTY ALA HEALTH CARE AUTH                   | HOUMED 5 10/1/2030      | CUSIP: 441878BV6<br>LEI: 549300I8OJ0JNPDR4L55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100343.02    | 0.23%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUB WKS BRD                           | CASFAC 5 05/1/2026      | CUSIP: 13068LVM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501777.70    | 1.17%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY ARPT BRD                             | KENAPT 5.25 01/1/2049   | CUSIP: 491026WJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1273530.95   | 2.98%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH                                       | IASMED 5 02/15/2030     | CUSIP: 462466EX7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    245000 | PA      | $245546.18    | 0.57%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUB FIN AUTH                             | CASMED 5.7 06/1/2034    | CUSIP: 13057GAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518487.65    | 1.21%             | 2034-06-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                     | SANUTL 5 02/1/2028      | CUSIP: 796311CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200344.78    | 0.47%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                   | ILSGEN 5 11/15/2034     | CUSIP: 45203H5C2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1901472.69   | 4.45%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT/WAYNE CNTY MICH STAD AUTH                   | DETFAC 5 10/1/2026      | CUSIP: 251440BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85054.52     | 0.20%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH ALA                           | SEEPWR 5 05/1/2053      | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364148.96    | 0.85%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH           | MDSMED 5 08/15/2028     | CUSIP: 574218UV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125363.81    | 0.29%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                        | MTATRN 5 11/15/2030     | CUSIP: 59261AHB6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020286.80   | 2.39%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH HARRIS CNTY REGL WTR AUTH                     | NHSWTR 5 12/15/2026     | CUSIP: 65956NDH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100142.32    | 0.23%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH                        | PIMFAC 5.625 11/15/2030 | CUSIP: 72178AAL6<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100091.39    | 0.23%             | 2030-11-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN     | SFOUTL 5 10/1/2028      | CUSIP: 79768HCN6<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250814.58    | 0.59%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                     | SANUTL 5 02/1/2027      | CUSIP: 796311CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140241.81    | 0.33%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KOUNTZE TEX                                         | KOUDEV 15 11/1/2027     | CUSIP: 500726AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85000.00     | 0.20%             | 2027-11-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ONONDAGA N Y CIVIC DEV CORP                         | ONODEV 5 08/1/2031      | CUSIP: 682832KN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $396617.04    | 0.93%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MINN                                       | SUDMED 5 05/1/2048      | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508520.45    | 1.19%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CALIF UNI SCH DIST PUB FING AUTH              | POWEDU 5 10/1/2038      | CUSIP: 73885QCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195098.05    | 0.46%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX-MESA GATEWAY ARPT AUTH ARIZ                 | PHOAPT 5 07/1/2027      | CUSIP: 71910EAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $480227.71    | 1.12%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH READING MASS                                  | NRD 5 05/15/2030        | CUSIP: 661802WC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120236.06    | 0.28%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TEX NAV DIST                          | PTBTRN 8 02/01/2039     | CUSIP: 73360CAB0<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    265000 | PA      | $198750.00    | 0.47%             | 2039-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| BUTLER CNTY PA HOSP AUTH                            | BUTMED 5 07/1/2028      | CUSIP: 123592DM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300084.78    | 0.70%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIERA EAST CMNTY DEV DIST FLA                       | VIEDEV 5 05/1/2026      | CUSIP: 926703BR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170254.34    | 0.40%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KELLER TEX INDPT SCH DIST                           | KELSCD 5 08/15/2026     | CUSIP: 487694ML2<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280458.05    | 0.66%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARVEY ILL PUB LIBR DIST                            | HVYFAC 7.1 12/1/2032    | CUSIP: 417730AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $647579.35    | 1.52%             | 2032-12-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH                 | WASMED 5 10/1/2026      | CUSIP: 93978HFP5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290215.18    | 0.68%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                           | PRCPWR 5 07/1/2028      | CUSIP: 74526QDH2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    460000 | PA      | $460020.93    | 1.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEMBROKE PINES FLA                                  | PEMGEN 5 10/1/2032      | CUSIP: 706437HR4<br>LEI: 549300SN43D5ZR09V008 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200320.96    | 0.47%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD                             | MOSDEV 5 06/1/2027      | CUSIP: 60636SEK6<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200267.34    | 0.47%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX CULTURAL ED FACS FIN CORP           | HAREDU 5 01/1/2033      | CUSIP: 414009FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20006.30     | 0.05%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANDERSON IND                                        | ANDDEV 4.75 10/1/2027   | CUSIP: 033887CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $274547.21    | 0.64%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ASHLAND KANS PUB BLDG COMMN                         | ASLFAC 5 09/1/2032      | CUSIP: 044241AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $553103.32    | 1.30%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                           | PRCPWR 5.25 07/1/2026   | CUSIP: 74526YGS8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200241.52    | 0.47%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE VA REGL JAIL AUTH                         | RVSFAC 5 07/1/2028      | CUSIP: 769312EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400667.32    | 0.94%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH           | MDSMED 5 08/15/2026     | CUSIP: 574218NN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200237.70    | 0.47%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHILDRENS TR FD P R                                 | CHIGEN 5.5 05/15/2039   | CUSIP: 16876QBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $511931.73    | 1.20%             | 2039-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                  | CHIEDU 5 12/1/2042      | CUSIP: 167505QJ8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    760000 | PA      | $759696.38    | 1.78%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH                                   | MISFIN 5.5 12/1/2029    | CUSIP: 59447P7P0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    605000 | PA      | $609281.16    | 1.43%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                 | WISMED 5 06/1/2039      | CUSIP: 97710BW73<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150274.41    | 0.35%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA                                     | MMBUTL 5 09/1/2047      | CUSIP: 59324PEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403056.16    | 0.94%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                        | MASDEV 5 10/1/2029      | CUSIP: 57584XZR5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151283.84    | 0.35%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                           | PRCPWR 5 07/1/2026      | CUSIP: 74526QLV2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    725000 | PA      | $727756.23    | 1.70%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH                           | ILSTRN 5 01/1/2038      | CUSIP: 452252JV2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    510000 | PA      | $510498.07    | 1.20%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                         | HOUUTL 5 11/15/2036     | CUSIP: 44244CCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255175.72    | 0.60%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA INDL DEV AUTH                   | MIA 6.75 07/1/2029      | CUSIP: 59334GAP2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100592.30    | 0.24%             | 2029-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                 | PUBFIN 6.5 06/1/2045    | CUSIP: 74443DGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $180554.28    | 0.42%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDL FACS AUTH                            | CASEDU 5 10/1/2026      | CUSIP: 1301784T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275076.23    | 0.64%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH           | MDSMED 5 08/15/2026     | CUSIP: 574218NZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450534.83    | 1.05%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIVATE COLLEGES & UNIVS AUTH GA                    | PRIHGR 5 10/1/2043      | CUSIP: 74265LA57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250085.38    | 0.59%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH                 | SDGAPT 5 07/1/2049      | CUSIP: 79739GMD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $886532.76    | 2.08%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                           | PRCPWR 5 07/1/2027      | CUSIP: 74526QNT5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310004.84    | 0.73%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT                        | CHITRN 5 01/1/2037      | CUSIP: 167593YK2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012262.90   | 2.37%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH                           | ILSTRN 5 01/1/2037      | CUSIP: 452252JU4<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400426.48    | 0.94%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                        | MASDEV 5 10/1/2034      | CUSIP: 57584XPV7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501137.65    | 1.17%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                             | OHSGEN 5 12/31/2029     | CUSIP: 67759YAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100169.21    | 0.23%             | 2029-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN VA TRANSN AUTH                             | NTRTRN 5 06/1/2028      | CUSIP: 666045AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200370.18    | 0.47%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                        | NJSDEV 5.125 01/1/2034  | CUSIP: 6459182A0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400675.76    | 0.94%             | 2034-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ALBANY N Y CAP RESOURCE CORP                        | ALBRES 5 12/1/2028      | CUSIP: 012432BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250214.35    | 0.59%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA CAP FACS FIN AGY                     | NCSFAC 5 10/1/2027      | CUSIP: 65819GLR7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100701.24    | 0.24%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JACINTO CALIF UNI SCH DIST                      | SJTSCD 5 08/1/2027      | CUSIP: 797848GQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200039.12    | 0.47%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R ENERGY AUTH CALIF                             | MSRPWR 6.125 11/1/2029  | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    130000 | PA      | $137678.36    | 0.32%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP                            | NYTTRN 5 07/1/2030      | CUSIP: 650116AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225230.69    | 0.53%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FLA                                 | MDCGEN 5 10/1/2034      | CUSIP: 59335LAV7<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300369.84    | 0.70%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST PUB SCH & COLLEGE AUTH                   | ALSHGR 5 01/1/2026      | CUSIP: 010609AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250855.15    | 0.59%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ED FACS CORP                        | SANEDU 5.25 10/1/2028   | CUSIP: 796247DZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49986.52     | 0.12%             | 2028-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST                                         | ILS 6 11/1/2026         | CUSIP: 4521503D5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86760.85     | 0.20%             | 2026-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                  | CHIEDU 5 12/1/2042      | CUSIP: 167505PM2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1299480.65   | 3.04%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BBH                                                 | BBH SWEEP VEHICLE       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    995631 | PA      | $995631.39    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BEXAR CNTY TEX HOSP DIST                            | BEXMED 5 02/15/2032     | CUSIP: 088365GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1557285.69   | 3.65%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                        | NJSDEV 5 01/1/2031      | CUSIP: 645918Z97<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350663.95    | 0.82%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH                    | CASMED 5 10/1/2026      | CUSIP: 13033L3W5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225260.24    | 0.53%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANHATTAN ILL                                       | MNHGEN 5 03/1/2035      | CUSIP: 562863AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251167.75   | 2.93%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO                                     | JACOBL 5 12/1/2028      | CUSIP: 467578HV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501525.65    | 1.17%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH                 | SDGAPT 5 07/1/2044      | CUSIP: 79742GAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000775.90   | 2.34%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTY NEB HOSP AUTH                          | MADMED 5 07/1/2029      | CUSIP: 557352FJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395175.26    | 0.93%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                 | PUBGEN 5 12/1/2027      | CUSIP: 74442PFS9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    405000 | PA      | $409883.81    | 0.96%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY                     | SFOCTF 5 04/1/2028      | CUSIP: 79765DW97<br>LEI: 213800P9VO3CSYYNM193 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400548.60    | 0.94%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                        | MASDEV 5 07/1/2033      | CUSIP: 57584XVN8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502988.15    | 1.18%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                            | MNSHSG 5 08/1/2026      | CUSIP: 60416SJK7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100170.80    | 0.23%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                 | MIATRN 5 10/1/2038      | CUSIP: 59333PR75<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1552132.65   | 3.63%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                 | INSGEN 5 10/1/2032      | CUSIP: 45506DEL5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    765000 | PA      | $764974.76    | 1.79%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JUAN TEX HIGHER ED FIN AUTH                     | SJNEDU 8.25 08/15/2029  | CUSIP: 798410AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $341872.59    | 0.80%             | 2029-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL             | MPNFAC 7 07/1/2026      | CUSIP: 592249AC0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    595000 | PA      | $609166.71    | 1.43%             | 2026-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KANS                                 | WYAUTL 5 09/1/2029      | CUSIP: 982674JQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300411.90    | 0.70%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                  | CHIEDU 5 12/1/2031      | CUSIP: 167505UG9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156642.71    | 0.37%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY N Y LOC ECONOMIC ASSISTANCE & FING CORP | NASDEV 5 07/1/2034      | CUSIP: 63166LCZ2<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200513.22    | 0.47%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA PKG AUTH                            | PHITRN 5.25 02/15/2029  | CUSIP: 717842FX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160325.58    | 0.38%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                  | CHIEDU 5 12/1/2036      | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    750000 | PA      | $747426.60    | 1.75%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                   | ILSGEN 5 03/1/2032      | CUSIP: 45204EYY8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    845000 | PA      | $862164.57    | 2.02%             | 2032-03-01      | Fixed         | 5.00%                 | 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