# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001752724-23-013480
**Filing Date:** 2023-1
**Character Count:** 36759
**Document Hash:** c3db925538d8fd13efb07cecb90426fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-013480.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-013480

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** James Alpha Funds Trust
- **CENTRAL INDEX KEY:** 0001829774
- **IRS NUMBER:** 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:** 23553671

**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 Snow Long/Short Opportunity Fund (Series ID: S000073424)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000230311 | Easterly Snow Long/Short Opportunity Fund Class C  |  |
| C000230312 | Easterly Snow Long/Short Opportunity Fund Class I  |  |
| C000230313 | Easterly Snow Long/Short Opportunity Fund Class R6 |  |
| C000230314 | Easterly Snow Long/Short Opportunity Fund Class A  |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.5%** |  |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 2700 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp; $1310013 |
|  | **APPAREL & TEXTILE PRODUCTS - 3.5%** |  |
| 27390 | Carter's, Inc. | &nbsp;&nbsp;&nbsp; 2000566 |
| 22991 | PVH Corporation | &nbsp;&nbsp;&nbsp; 1544535 |
|  |  | &nbsp;&nbsp; 3545101 |
|  | **BANKING - 13.3%** |  |
| 54787 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 2073688 |
| 41270 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 1997881 |
| 17180 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 2373932 |
| 70950 | Old National Bancorp | &nbsp;&nbsp;&nbsp; 1355855 |
| 44360 | Regions Financial Corporation | &nbsp;&nbsp;&nbsp; 1029596 |
| 42450 | Truist Financial Corporation | &nbsp;&nbsp;&nbsp; 1987085 |
| 54855 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 2630297 |
|  |  | &nbsp;&nbsp; 13448334 |
|  | **BEVERAGES - 2.0%** |  |
| 37230 | Molson Coors Beverage Company, Class B | &nbsp;&nbsp;&nbsp; 2051745 |
|  | **BIOTECH & PHARMA - 7.1%** |  |
| 6154 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 991902 |
| 5270 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 1509328 |
| 4504 | Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1374486 |
| 35330 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 1771092 |
| 33500 | Sanofi - ADR | &nbsp;&nbsp;&nbsp; 1519225 |
|  |  | &nbsp;&nbsp; 7166033 |
|  | **CONTAINERS & PACKAGING - 1.9%** |  |
| 51120 | International Paper Company | &nbsp;&nbsp;&nbsp; 1897574 |
|  | **ENTERTAINMENT CONTENT - 1.9%** |  |
| 19630 | Walt Disney Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1921188 |
|  | **FOOD - 2.2%** |  |
| 25880 | Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp; 2248972 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.5% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.0%** |  |
| 32215 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; $2582676 |
| 28350 | Centene Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2467868 |
|  |  | &nbsp;&nbsp; 5050544 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.8%** |  |
| 14360 | WESCO International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1851291 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.3%** |  |
| 5965 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 2303385 |
|  | **INSURANCE - 8.2%** |  |
| 66007 | Argo Group International Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1794070 |
| 91590 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 2150533 |
| 29690 | Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 2267425 |
| 27885 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 2138780 |
|  |  | &nbsp;&nbsp; 8350808 |
|  | **LEISURE FACILITIES & SERVICES - 1.5%** |  |
| 14500 | Cheesecake Factory, Inc. (The) | &nbsp;&nbsp;&nbsp; 508080 |
| 63210 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1039172 |
|  |  | &nbsp;&nbsp; 1547252 |
|  | **LEISURE PRODUCTS - 1.8%** |  |
| 28830 | Hasbro, Inc. | &nbsp;&nbsp;&nbsp; 1811101 |
|  | **MACHINERY - 3.5%** |  |
| 44875 | Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp; 2243750 |
| 28920 | Terex Corporation | &nbsp;&nbsp;&nbsp; 1327717 |
|  |  | &nbsp;&nbsp; 3571467 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.1%** |  |
| 17270 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp; 2074127 |
|  | **METALS & MINING - 3.3%** |  |
| 61025 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 2428795 |
| 12770 | Rio Tinto plc - ADR | &nbsp;&nbsp;&nbsp; 876533 |
|  |  | &nbsp;&nbsp; 3305328 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.5% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 8.3%** |  |
| 61268 | BP plc - ADR | &nbsp;&nbsp;&nbsp; $2199521 |
| 59967 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; 1673679 |
| 26580 | HF Sinclair Corporation | &nbsp;&nbsp;&nbsp; 1656997 |
| 3880 | Pioneer Natural Resources Company | &nbsp;&nbsp;&nbsp; 915641 |
| 59350 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 1950835 |
|  |  | &nbsp;&nbsp; 8396673 |
|  | **RETAIL - CONSUMER STAPLES - 0.4%** |  |
| 2450 | Target Corporation | &nbsp;&nbsp;&nbsp; 409322 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 45000 | American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp; 711900 |
| 35630 | Kohl's Corporation | &nbsp;&nbsp;&nbsp; 1143010 |
|  |  | &nbsp;&nbsp; 1854910 |
|  | **SEMICONDUCTORS - 2.1%** |  |
| 31800 | Intel Corporation | &nbsp;&nbsp;&nbsp; 956226 |
| 11900 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1137878 |
|  |  | &nbsp;&nbsp; 2094104 |
|  | **SPECIALTY FINANCE - 0.7%** |  |
| 18000 | Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp; 738540 |
|  | **STEEL - 2.0%** |  |
| 41930 | Commercial Metals Company | &nbsp;&nbsp;&nbsp; 2063795 |
|  | **TECHNOLOGY HARDWARE - 2.6%** |  |
| 19120 | Lumentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1050453 |
| 64030 | NCR Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1528396 |
|  |  | &nbsp;&nbsp; 2578849 |
|  | **TRANSPORTATION & LOGISTICS - 4.0%** |  |
| 46560 | Southwest Airlines Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1858210 |
| 11370 | United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp; 2157230 |
|  |  | &nbsp;&nbsp; 4015440 |
|  | **TRANSPORTATION EQUIPMENT - 1.9%** |  |
| 18420 | PACCAR, Inc. | &nbsp;&nbsp;&nbsp; 1950862 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY 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)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
|  |  |  |  |  |  | **Fair Value** |
|  | **TOTAL COMMON STOCKS (Cost $73,165,041)** | **TOTAL COMMON STOCKS (Cost $73,165,041)** | **TOTAL COMMON STOCKS (Cost $73,165,041)** |  |  | &nbsp;&nbsp; $87556758 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **EQUITY OPTIONS PURCHASED - 0.0% <sup>(c)</sup>** | **Broker/Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** |  |  |  |
| 12 | SPDR S&P 500 ETF Trust | JEF | 06/16/2023 | $380 | &nbsp;&nbsp;&nbsp; $456000 | &nbsp;&nbsp;&nbsp; $18540 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $25,190) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $25,190) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $25,190) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $25,190) |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $25,190) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $25,190) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $25,190) |  |  | 18540 |
|  | **TOTAL INVESTMENTS – 86.5% (Cost $73,190,231)** | **TOTAL INVESTMENTS – 86.5% (Cost $73,190,231)** | **TOTAL INVESTMENTS – 86.5% (Cost $73,190,231)** |  |  | &nbsp;&nbsp;&nbsp; $87575298 |
|  | **CALL OPTIONS WRITTEN - 0.0% (Proceeds - $67,336)** | **CALL OPTIONS WRITTEN - 0.0% (Proceeds - $67,336)** | **CALL OPTIONS WRITTEN - 0.0% (Proceeds - $67,336)** |  |  | &nbsp;&nbsp;&nbsp; (22804) |
|  | **PUT OPTIONS WRITTEN - (0.1)% (Proceeds - $201,127)** | **PUT OPTIONS WRITTEN - (0.1)% (Proceeds - $201,127)** | **PUT OPTIONS WRITTEN - (0.1)% (Proceeds - $201,127)** |  |  | &nbsp;&nbsp;&nbsp; (55100) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 13.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 13.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 13.6%** |  |  | &nbsp;&nbsp; 13772365 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $101269759 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS - (0.1)%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (0.0%)<sup>(d)</sup>** | **CALL OPTIONS WRITTEN- (0.0%)<sup>(d)</sup>** | **CALL OPTIONS WRITTEN- (0.0%)<sup>(d)</sup>** |  |  |  |
| 56 | Centene Corporation | JEF | 12/16/2022 | $90 | &nbsp;&nbsp;&nbsp; $504000 | &nbsp;&nbsp;&nbsp; $5600 |
| 11 | SPDR S&P 500 ETF Trust | JEF | 06/16/2023 | 435 | &nbsp;&nbsp;&nbsp; 478500 | &nbsp;&nbsp;&nbsp; 17204 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $67,336) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $67,336) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $67,336) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $67,336) |  | &nbsp;&nbsp; 22804 |
|  | **PUT OPTIONS WRITTEN - (0.1)%** | **PUT OPTIONS WRITTEN - (0.1)%** | **PUT OPTIONS WRITTEN - (0.1)%** |  |  |  |
| 50 | Meta Platforms, Inc. | JEF | 01/20/2023 | $95 | &nbsp;&nbsp;&nbsp; $475000 | &nbsp;&nbsp;&nbsp; $6050 |
| 50 | Meta Platforms, Inc. | JEF | 02/17/2023 | 95 | &nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 17850 |
| 120 | PVH Corporation | JEF | 12/16/2022 | 65 | &nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; 31200 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $201,127) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $201,127) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $201,127) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $201,127) |  | &nbsp;&nbsp; 55100 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $268,463) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $268,463) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $268,463) |  |  | &nbsp;&nbsp; $77904 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** | **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** | **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — (7.2)%** |  |
|  | **EQUITY - (7.2)%** |  |
| (1300) | Invesco QQQ Trust Series 1 | &nbsp;&nbsp;&nbsp; $(381368) |
| (17780) | iShares Russell 1000 ETF | &nbsp;&nbsp;&nbsp; (3988232) |
| (7980) | iShares Russell 3000 ETF | &nbsp;&nbsp;&nbsp; (1878412) |
| (2540) | SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; (1035507) |
|  |  | &nbsp;&nbsp; (7283519) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $7,604,241)** | &nbsp;&nbsp; $(7283519) |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| JEF | - Jefferies |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

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

<sup>(d)</sup> Percentage rounds to greater than (0.1%).

## 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 Snow Long/Short Opportunity Fund

- **b. EDGAR series identifier (if any):** S000073424

- **c. LEI of Series:** 549300W42XF61VHPKX78

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**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:** $108757330.19

**Total Liabilities:** $7487571.14

**Net Assets:** $101269759.05

**Cash Not Reported:** $7204288.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230313 | -8.03%               | 11.64%               | 4.98%                |
| Class ID C000230311 | -8.11%               | 11.54%               | 4.90%                |
| Class ID C000230312 | -8.03%               | 11.64%               | 4.98%                |
| Class ID C000230314 | -8.06%               | 11.63%               | 4.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-244332.05              | $-7009607.23                               |
| Month 2  | $0.00                    | $9716188.82                                |
| Month 3  | $93666.20                | $4153788.37                                |

**Designated Index Information**

- **Index Name:** 70Russell3000_30ICE_ 3MonthUSTre

- **Index Identifier:** 70RUSSELL3000_30ICE_ 3MONTHUSTRE

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wesco International, Inc.                   | WESCO INTL               | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     14360 | NS      | $1851291.20   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation               | REGIONS FINANCIA         | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     44360 | NS      | $1029595.60   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Company                 | INTL PAPER CO            | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     51120 | NS      | $1897574.40   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                       | FREEPORT-MCMORAN         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     61025 | NS      | $2428795.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corporation                          | TARGET CORP              | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2450 | NS      | $409321.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                | TRUIST FINANCIAL         | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     42450 | NS      | $1987084.50   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                | METLIFE INC              | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     27885 | NS      | $2138779.50   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand, Inc.                           | HILLENBRAND INC          | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     44875 | NS      | $2243750.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Company               | MOLSON COORS-B           | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     37230 | NS      | $2051745.30   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                 | ABBVIE INC               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      6154 | NS      | $991901.72    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                | BREAD FINANCIAL          | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     18000 | NS      | $738540.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters Incorporation                       | CARTER'S INC             | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     27390 | NS      | $2000565.60   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                 | UNITED PARCEL-B          | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     11370 | NS      | $2157230.10   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Corporation                             | NCR CORP                 | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |     64030 | NS      | $1528396.10   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES RUSSELL 1000 ETF | CUSIP: 464287622<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |    -17780 | NS      | $-3988231.80  | -3.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                    | LAMB WESTON              | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     25880 | NS      | $2248972.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                         | WALT DISNEY CO           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     19630 | NS      | $1921188.10   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                  | BIOGEN INC               | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      4504 | NS      | $1374485.68   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                           | INTEL CORP               | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     31800 | NS      | $956226.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Company           | PIONEER NATURAL          | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |      3880 | NS      | $915641.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                | KOHLS CORP               | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     35630 | NS      | $1143010.40   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc.              | AMER EAGLE OUTF          | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     45000 | NS      | $711900.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | PVH US 12/16/22 P65      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -120 | NC      | $-31200.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc.                              | CITIGROUP INC            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     41270 | NS      | $1997880.70   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Qqq Trust                           | INVESCO QQQ TRUST SERIES | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |     -1300 | NS      | $-381368.00   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                 | BANK OF AMERICA          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     54787 | NS      | $2073687.95   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                 | PFIZER INC               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     35330 | NS      | $1771092.90   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc                      | CHEESECAKE FACTO         | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     14500 | NS      | $508080.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                        | OLD NATL BANCORP         | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     70950 | NS      | $1355854.50   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                 | LOCKHEED MARTIN          | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2700 | NS      | $1310013.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                       | WELLS FARGO & CO         | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     54855 | NS      | $2630297.25   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corporation                             | PVH CORP                 | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     22991 | NS      | $1544535.38   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                        | JPMORGAN CHASE           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     17180 | NS      | $2373932.40   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                      | SANOFI-ADR               | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     33500 | NS      | $1519225.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | META US 02/17/23 P95     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-17850.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Argo Group International Holdings Ltd.      | ARGO GROUP INTER         | CUSIP: G0464B107<br>LEI: 549300M4T8Y5TTWI6O03 | Long             | EC               | CORP              | BM        |     66007 | NS      | $1794070.26   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPY US 06/16/23 C435     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -11 | NC      | $-17204.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CNC US 12/16/22 C90      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -56 | NC      | $-5600.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HF Sinclair Corp.                           | HF SINCLAIR CORP         | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26580 | NS      | $1656997.20   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                                  | HASBRO INC               | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     28830 | NS      | $1811100.60   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Paccar Inc                                  | PACCAR INC               | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     18420 | NS      | $1950862.20   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES RUSSELL 3000 ETF | CUSIP: 464287689<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -7980 | NS      | $-1878412.20  | -1.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                               | RIO TINTO-ADR            | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     12770 | NS      | $876532.80    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPY US 06/16/23 P380     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        12 | NC      | $18540.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                       | CARDINAL HEALTH          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     32215 | NS      | $2582676.55   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd          | NORWEGIAN CRUISE         | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     63210 | NS      | $1039172.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corporation                         | CENTENE CORP             | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     28350 | NS      | $2467867.50   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                    | SKYWORKS SOLUTIO         | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     11900 | NS      | $1137878.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corporation                           | TEREX CORP               | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     28920 | NS      | $1327717.20   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                      | SOUTHWEST AIR            | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     46560 | NS      | $1858209.60   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                      | BP PLC-ADR               | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     61268 | NS      | $2199521.20   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Incorporation             | LUMENTUM HOL             | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     19120 | NS      | $1050452.80   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr S&P 500 Etf Trust                      | SPDR S&P 500 ETF         | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |     -2540 | NS      | $-1035507.20  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                  | AMGEN INC                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5270 | NS      | $1509328.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                          | COTERRA ENERGY I         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     59967 | NS      | $1673678.97   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                   | GOLDMAN SACHS GP         | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5965 | NS      | $2303384.75   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | META US 01/20/23 P95     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-6050.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| The Hartford Financial Services Group, Inc. | HARTFORD FINL SV         | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     29690 | NS      | $2267425.30   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company                   | COMMERCIAL METAL         | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     41930 | NS      | $2063794.60   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BBH                                         | BBH SWEEP VEHICLE        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  13610271 | PA      | $13610271.42  | 13.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                          | SUNCOR ENERGY            | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     59350 | NS      | $1950834.50   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                  | ZIMMER BIOMET HO         | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     17270 | NS      | $2074127.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                   | CNO FINANCIAL GR         | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     91590 | NS      | $2150533.20   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-28

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Asst Treasurer