# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0000910472-25-002895
**Filing Date:** 2025-10
**Character Count:** 47817
**Document Hash:** 97e2c87a915a5f3e965c01c2060c637b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002895.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000910472-25-002895

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**PERIOD START**: 20250831

**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:** 251434496

**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 |  |

## 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:** 2025-08-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $65140864.19

**Total Liabilities:** $368043.67

**Net Assets:** $64772820.52

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1117.99102300 | **1-Year:** 1824.41758100 | **5-Year:** 2185.49098200 | **10-Year:** 6491.17818000 | **30-Year:** 2319.87275900

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

- **3-Month:** 16.47088300 | **1-Year:** 90.30171600 | **5-Year:** 384.69310200 | **10-Year:** 711.50713500 | **30-Year:** 12.46132900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248911 | 0.58%                | 0.10%                | 0.59%                |
| Class ID C000248912 | 0.03%                | 0.09%                | 0.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-29849.75               | $71486.65                                  |
| Month 2  | $-9169.39                | $-125669.46                                |
| Month 3  | $773.57                  | $100330.78                                 |

### 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      | $250347.08    | 0.39%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                      | FLSTRN 5 10/1/2035      | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1452580.57   | 2.24%             | 2035-10-01      | 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        |    330000 | PA      | $330145.89    | 0.51%             | 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      | $513952.25    | 0.79%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP                       | MONDEV 5 10/1/2031      | CUSIP: 61075TTR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $950646.74    | 1.47%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUSKINGUM CNTY OHIO                                 | MUSMED 5 02/15/2033     | CUSIP: 628077CJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003670.30   | 1.55%             | 2033-02-15      | Fixed         | 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      | $572341.75    | 0.88%             | 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      | $510876.85    | 0.79%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH                         | STNPWR 5 07/1/2027      | CUSIP: 842477UA7<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1046523.19   | 1.62%             | 2027-07-01      | 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      | $741612.53    | 1.14%             | 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      | $589044.81    | 0.91%             | 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      | $203638.10    | 0.31%             | 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: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100601.73    | 0.16%             | 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      | $501001.05    | 0.77%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONARCH-CHESTERFIELD LEVEE DIST MO                  | MNCWTR 5 03/1/2040      | CUSIP: 609040FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2897469.44   | 4.47%             | 2040-03-01      | 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      | $1229826.01   | 1.90%             | 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      | $245527.36    | 0.38%             | 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      | $511103.70    | 0.79%             | 2034-06-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| MONONGALIA CNTY W VA                                | MONFAC 5 07/1/2028      | CUSIP: 610218BK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $455377.88    | 0.70%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                     | SANUTL 5 02/1/2028      | CUSIP: 796311CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200360.34    | 0.31%             | 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      | $1902139.78   | 2.94%             | 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        |    165000 | PA      | $165131.19    | 0.25%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA                      | BBEUTL 5.25 12/1/2025   | CUSIP: 09182TBP1<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005049.80   | 1.55%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                             | DENAPT 6.125 11/15/2025 | CUSIP: 249181TK4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55307.01     | 0.09%             | 2025-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH                        | PIMDEV 5.25 12/1/2026   | CUSIP: 72177MRL3<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250920.35    | 0.39%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH ALA                           | SEEPWR 5 05/1/2053      | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364777.49    | 0.56%             | 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      | $125122.45    | 0.19%             | 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      | $1025941.40   | 1.58%             | 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      | $100155.23    | 0.15%             | 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        |    200000 | PA      | $200579.78    | 0.31%             | 2030-11-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                     | SANUTL 5 02/1/2027      | CUSIP: 796311CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140258.72    | 0.22%             | 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     | 0.13%             | 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      | $393231.96    | 0.61%             | 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      | $489167.65    | 0.76%             | 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      | $195126.09    | 0.30%             | 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      | $480310.56    | 0.74%             | 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      | $120191.02    | 0.19%             | 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    | 0.31%             | 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      | $300134.52    | 0.46%             | 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      | $170272.65    | 0.26%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH                               | MISFAC 5 04/15/2032     | CUSIP: 594615JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501503.70    | 0.77%             | 2032-04-15      | 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      | $280512.18    | 0.43%             | 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      | $644035.67    | 0.99%             | 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      | $290221.50    | 0.45%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVIC VENTURES ALASKA                               | CIV 5 09/1/2029         | CUSIP: 178860BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000401.40   | 1.54%             | 2029-09-01      | 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      | $460040.53    | 0.71%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH                      | MIATRN 5 07/1/2040      | CUSIP: 59334KFW3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2360715.33   | 3.64%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                               | NYSHGR 5 03/15/45       | CUSIP: 64990FLC6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010197.90   | 1.56%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                             | DENAPT 5 12/1/2032      | CUSIP: 249182LF1<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $312632.55    | 0.48%             | 2032-12-01      | 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      | $200273.16    | 0.31%             | 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      | $200295.50    | 0.31%             | 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        |    160000 | PA      | $160055.94    | 0.25%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTH ORLANDO FLA           | GREAPT 5 10/1/2042      | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2320361.22   | 3.58%             | 2042-10-01      | 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        |    495000 | PA      | $429863.79    | 0.66%             | 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      | $552890.31    | 0.85%             | 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      | $200520.34    | 0.31%             | 2026-07-01      | Fixed         | 5.25%                 | 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      | $200246.60    | 0.31%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                 | PUBEDU 5.75 06/1/2025   | CUSIP: 74442EJU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $825000.00    | 1.27%             | 2025-09-25      | Fixed         | 5.75%                 | Yes           |                  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      | $511579.70    | 0.79%             | 2039-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH               | SCSDEV 5.25 11/15/2028  | CUSIP: 83704EAF1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500519.50    | 0.77%             | 2028-11-15      | Fixed         | 5.25%                 | 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      | $739403.01    | 1.14%             | 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      | $607665.39    | 0.94%             | 2029-12-01      | Fixed         | 5.50%                 | 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      | $403012.56    | 0.62%             | 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      | $152013.24    | 0.23%             | 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      | $725026.75    | 1.12%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WASH                                   | PTSFAC 5 06/1/2031      | CUSIP: 735397CS8<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1240920.82   | 1.92%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH                 | WASMED 5 10/1/2028      | CUSIP: 93978HFR1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003467.30   | 1.55%             | 2028-10-01      | 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      | $100354.47    | 0.15%             | 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      | $171956.10    | 0.27%             | 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      | $275121.99    | 0.42%             | 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      | $450554.85    | 0.70%             | 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      | $250006.40    | 0.39%             | 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      | $864134.08    | 1.33%             | 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      | $310020.18    | 0.48%             | 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      | $1008089.80   | 1.56%             | 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      | $400051.80    | 0.62%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH ADAMS MASS HSG AUTH                           | NADHSG 4.5 09/1/2032    | CUSIP: 65661PAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    434000 | PA      | $425705.35    | 0.66%             | 2032-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y LOC DEV CORP                   | WSTDEV 5 06/1/2042      | CUSIP: 95737TDU7<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960461.40    | 1.48%             | 2042-06-01      | 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      | $497418.65    | 0.77%             | 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      | $100105.94    | 0.15%             | 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      | $200389.44    | 0.31%             | 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      | $400549.60    | 0.62%             | 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      | $250246.28    | 0.39%             | 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      | $101378.89    | 0.16%             | 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      | $200649.40    | 0.31%             | 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        |    150000 | PA      | $158931.21    | 0.25%             | 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      | $225222.46    | 0.35%             | 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      | $300209.61    | 0.46%             | 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      | $250859.48    | 0.39%             | 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        |     75000 | PA      | $75032.58     | 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        |    175000 | PA      | $177928.98    | 0.27%             | 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      | $1263330.90   | 1.95%             | 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        |   1065088 | PA      | $1065087.53   | 1.64%             |  |  |  | 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      | $1557456.43   | 2.40%             | 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      | $350624.79    | 0.54%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORMAN OKLA REGL HOSP AUTH                          | NORMED 5 09/1/2025      | CUSIP: 656178DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235000.00    | 0.36%             | 2025-09-01      | 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      | $225387.18    | 0.35%             | 2026-10-01      | 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      | $501552.65    | 0.77%             | 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      | $999957.70    | 1.54%             | 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      | $395197.26    | 0.61%             | 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      | $412250.27    | 0.64%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH                   | FLSHGR 5 04/1/2036      | CUSIP: 34073TGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1216718.04   | 1.88%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST OVERTOWN PK WEST CMNTY REDEV AGY FLA      | SEODEV 5 03/1/2030      | CUSIP: 841466AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250418.68    | 0.39%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  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      | $503491.60    | 0.78%             | 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      | $100180.94    | 0.15%             | 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      | $1549897.24   | 2.39%             | 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      | $758753.55    | 1.17%             | 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      | $341596.15    | 0.53%             | 2029-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH          | MONHGR 5 05/1/2029      | CUSIP: 613603H93<br>LEI: 549300JDNXRJYDNERR70 | Long             | DBT              | MUN               | US        |    240000 | PA      | $251318.42    | 0.39%             | 2029-05-01      | Fixed         | 5.00%                 | 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      | $616208.72    | 0.95%             | 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      | $300221.31    | 0.46%             | 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      | $156760.89    | 0.24%             | 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      | $200061.86    | 0.31%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                  | CHIEDU 5.5 12/1/2026    | CUSIP: 167501WF8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1103650.39   | 1.70%             | 2026-12-01      | Fixed         | 5.50%                 | 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      | $160351.02    | 0.25%             | 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      | $740222.78    | 1.14%             | 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      | $860136.40    | 1.33%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Asst Treasurer