# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001752724-23-017655
**Filing Date:** 2023-1
**Character Count:** 24036
**Document Hash:** 0ae8fb5d4ec82e4cbf83d670e6bd6742
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-017655.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001752724-23-017655

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**PERIOD START**: 20230831

**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:** 23566223

**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 Hedged Equity Fund (Series ID: S000070614)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000224305 | Easterly Hedged Equity Fund Class A  | JDAEX           |
| C000224306 | Easterly Hedged Equity Fund Class C  | JDCEX           |
| C000224307 | Easterly Hedged Equity Fund Class I  | JDIEX           |
| C000224308 | Easterly Hedged Equity Fund Class R6 | JDSEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE 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 — 98.3%** |  |
|  | **Australia - 2.3%** |  |
| 2199642 | NEXTDC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $15093059 |
|  | **Bermuda - 2.0%** |  |
| 3335447 | Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp; 13375142 |
|  | **Canada - 1.8%** |  |
| 336942 | Canadian Apartment Properties REIT | &nbsp;&nbsp;&nbsp; 10946181 |
| 129374 | Dream Industrial Real Estate Investment Trust | &nbsp;&nbsp;&nbsp; 1162785 |
|  |  | &nbsp;&nbsp; 12108966 |
|  | **Cayman Islands - 3.1%** |  |
| 656386 | CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp; 3928890 |
| 2564694 | ESR Group Ltd. | &nbsp;&nbsp;&nbsp; 5821735 |
| 487957 | GDS Holdings Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7758516 |
| 568505 | Wharf Real Estate Investment Company Ltd. | &nbsp;&nbsp;&nbsp; 2638299 |
|  |  | &nbsp;&nbsp; 20147440 |
|  | **France - 0.8%** |  |
| 229632 | Klepierre S.A. | &nbsp;&nbsp;&nbsp; 5327655 |
|  | **Germany - 7.4%** |  |
| 864650 | Deutsche Wohnen S.E. | &nbsp;&nbsp;&nbsp; 18754001 |
| 1379456 | Instone Real Estate Group A.G. | &nbsp;&nbsp;&nbsp; 12327970 |
| 950506 | TAG Immobilien A.G. | &nbsp;&nbsp;&nbsp; 5739497 |
| 489472 | Vonovia S.E. | &nbsp;&nbsp;&nbsp; 12172955 |
|  |  | &nbsp;&nbsp; 48994423 |
|  | **Guernsey - 0.5%** |  |
| 3376570 | Sirius Real Estate Ltd. | &nbsp;&nbsp;&nbsp; 3356619 |
|  | **Hong Kong - 5.2%** |  |
| 5130009 | Link REIT | &nbsp;&nbsp;&nbsp; 34653026 |
|  | **Italy - 0.3%** |  |
| 175554 | Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;&nbsp; 1753096 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE 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 — 98.3% (Continued)** |  |
|  | **Japan - 10.2%** |  |
| 32030 | Japan Hotel REIT Investment Corporation | &nbsp;&nbsp;&nbsp; $17465688 |
| 2961184 | Mitsubishi Estate Company Ltd. | &nbsp;&nbsp;&nbsp; 41815402 |
| 2368 | Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;&nbsp; 8598314 |
|  |  | &nbsp;&nbsp; 67879404 |
|  | **Singapore - 2.9%** |  |
| 6822712 | Keppel DC REIT | &nbsp;&nbsp;&nbsp; 9329628 |
| 7752572 | Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp;&nbsp; 9809213 |
|  |  | &nbsp;&nbsp; 19138841 |
|  | **Spain - 5.0%** |  |
| 961734 | Cellnex Telecom S.A. | &nbsp;&nbsp;&nbsp; 33113435 |
|  | **United Kingdom - 6.7%** |  |
| 15982849 | Assura PLC | &nbsp;&nbsp;&nbsp; 10376703 |
| 5065725 | Empiric Student Property PLC | &nbsp;&nbsp;&nbsp; 5281205 |
| 3271203 | Grainger PLC | &nbsp;&nbsp;&nbsp; 9643516 |
| 411379 | Great Portland Estates PLC | &nbsp;&nbsp;&nbsp; 2483154 |
| 605512 | Segro PLC | &nbsp;&nbsp;&nbsp; 5861388 |
| 954848 | UNITE Group PLC (The) | &nbsp;&nbsp;&nbsp; 10696139 |
|  |  | &nbsp;&nbsp; 44342105 |
|  | **United States - 50.1%** |  |
| 969085 | Acadia Realty Trust | &nbsp;&nbsp;&nbsp; 14904527 |
| 139338 | Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp; 21682386 |
| 421224 | American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp; 13929878 |
| 556460 | Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 16610331 |
| 610318 | Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp; 10357096 |
| 81796 | Camden Property Trust | &nbsp;&nbsp;&nbsp; 9842513 |
| 311821 | CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24820952 |
| 463810 | CoreCivic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6159397 |
| 130442 | CubeSmart | &nbsp;&nbsp;&nbsp; 5398994 |
| 1105624 | DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp; 15954154 |
| 368532 | Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp; 5837547 |
| 1069204 | Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp; 14583943 |
| 223790 | Elme Communities | &nbsp;&nbsp;&nbsp; 4422090 |
| 859032 | GEO Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10153758 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE 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 — 98.3% (Continued)** |  |
|  | **United States - 50.1% (Continued)** |  |
| 1023472 | Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; $18545313 |
| 213704 | Kilroy Realty Corporation | &nbsp;&nbsp;&nbsp; 9236287 |
| 173910 | Prologis, Inc. | &nbsp;&nbsp;&nbsp; 20484859 |
| 788182 | Retail Opportunity Investments Corporation | &nbsp;&nbsp;&nbsp; 12019776 |
| 106763 | Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp; 5902926 |
| 236185 | Sun Communities, Inc. | &nbsp;&nbsp;&nbsp; 34695577 |
| 560566 | UDR, Inc. | &nbsp;&nbsp;&nbsp; 23246672 |
| 365612 | Ventas, Inc. | &nbsp;&nbsp;&nbsp; 17011926 |
| 209134 | Welltower, Inc. | &nbsp;&nbsp;&nbsp; 14854788 |
|  |  | &nbsp;&nbsp; 330655690 |
|  | **TOTAL COMMON STOCKS (Cost $1,024,917,120)** | &nbsp;&nbsp; 649938901 |
|  | **TOTAL INVESTMENTS - 98.3% (Cost $1,025,020,486)** | &nbsp;&nbsp;&nbsp; $649938901 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.7%** | &nbsp;&nbsp; 11119522 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $661058423 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.5%** | **EXCHANGE-TRADED FUNDS — 88.5%** | **EXCHANGE-TRADED FUNDS — 88.5%** |  |  |  |
|  | **EQUITY - 88.5%** | **EQUITY - 88.5%** | **EQUITY - 88.5%** |  |  |  |
| 187500 | SPDR S&P 500 ETF Trust **<sup>(a)</sup>** | SPDR S&P 500 ETF Trust **<sup>(a)</sup>** |  |  |  | &nbsp;&nbsp;&nbsp; $76440000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $69,386,924)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $69,386,924)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $69,386,924)** |  |  | &nbsp;&nbsp; 76440000 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **INDEX OPTIONS PURCHASED - 1.1%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 1.1%** | **PUT OPTIONS PURCHASED - 1.1%** | **PUT OPTIONS PURCHASED - 1.1%** |  |  |  |
| 170 | S&P 500 INDEX | PER | 12/16/2022 | $3900 | &nbsp;&nbsp;&nbsp; $69361870 | &nbsp;&nbsp;&nbsp; $302600 |
| 245 | S&P 500 INDEX | PER | 12/30/2022 | 3900 | &nbsp;&nbsp;&nbsp; 99962695 | &nbsp;&nbsp;&nbsp; 706825 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,607) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,607) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,607) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $2,918,607) |  | &nbsp;&nbsp; 1009425 |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $2,918,607) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $2,918,607) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $2,918,607) |  |  | 1009425 |
|  | **EQUITY OPTIONS PURCHASED - 0.0% <sup>(c)</sup>** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** |  |  |  |
| 750 | SPDR S&P 500 ETF Trust | PER | 11/30/2022 | $400 | &nbsp;&nbsp;&nbsp; $30576000 | &nbsp;&nbsp;&nbsp; 375 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,680) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,680) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,680) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,680) |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $1,680) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $1,680) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $1,680) |  |  | 375 |
|  | **TOTAL INVESTMENTS – 89.6% (Cost $72,307,211)** | **TOTAL INVESTMENTS – 89.6% (Cost $72,307,211)** | **TOTAL INVESTMENTS – 89.6% (Cost $72,307,211)** |  |  | &nbsp;&nbsp;&nbsp; $77449800 |
|  | **CALL OPTIONS WRITTEN - (1.8)% (Proceeds - $1,271,060)** | **CALL OPTIONS WRITTEN - (1.8)% (Proceeds - $1,271,060)** | **CALL OPTIONS WRITTEN - (1.8)% (Proceeds - $1,271,060)** |  |  | &nbsp;&nbsp;&nbsp; (1531550) |
|  | **PUT OPTIONS WRITTEN - (0.2)% (Proceeds - $875,001)** | **PUT OPTIONS WRITTEN - (0.2)% (Proceeds - $875,001)** | **PUT OPTIONS WRITTEN - (0.2)% (Proceeds - $875,001)** |  |  | &nbsp;&nbsp;&nbsp; (209400) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 12.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 12.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 12.4%** |  |  | &nbsp;&nbsp; 10678921 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $86387771 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS - (0.2)%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS WRITTEN - (0.2)%** | **PUT OPTIONS WRITTEN - (0.2)%** | **PUT OPTIONS WRITTEN - (0.2)%** |  |  |  |
| 295 | S&P 500 INDEX | PER | 12/16/2022 | $3700 | &nbsp;&nbsp;&nbsp; $120363245 | &nbsp;&nbsp;&nbsp; $106200 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY 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** |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS - (0.2)%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **PUT OPTIONS WRITTEN - (0.2)% (Continued)** | **PUT OPTIONS WRITTEN - (0.2)% (Continued)** | **PUT OPTIONS WRITTEN - (0.2)% (Continued)** |  |  |  |
| 120 | S&P 500 INDEX | PER | 12/30/2022 | $3700 | &nbsp;&nbsp;&nbsp; $48961320 | &nbsp;&nbsp;&nbsp; $103200 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $875,001) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $875,001) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $875,001) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $875,001) |  | &nbsp;&nbsp; 209400 |
|  | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $875,001) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $875,001) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $875,001) |  |  | &nbsp;&nbsp; $209400 |
|  | **WRITTEN EQUITY OPTIONS - (1.8)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (1.8)%** | **CALL OPTIONS WRITTEN- (1.8)%** | **CALL OPTIONS WRITTEN- (1.8)%** |  |  |  |
| 850 | SPDR S&P 500 ETF Trust | PER | 12/16/2022 | $402 | &nbsp;&nbsp;&nbsp; $34652800 | &nbsp;&nbsp;&nbsp; $886550 |
| 1200 | SPDR S&P 500 ETF Trust | PER | 12/30/2022 | 415 | &nbsp;&nbsp;&nbsp; 48921600 | &nbsp;&nbsp;&nbsp; 645000 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,271,060) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,271,060) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,271,060) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,271,060) |  | &nbsp;&nbsp; 1531550 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,271,060) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,271,060) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,271,060) |  |  | &nbsp;&nbsp; $1531550 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| PER | - Pershing |

---

<sup>(a)</sup> A portion of this security is held as collateral for written options.

<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%.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY 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)** | **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** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **TOTAL RETURN SWAP** |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | **Upfront** | **Unrealized** |
|  | **Payment** |  |  |  |  |  | **Number Of** | **Maturity** | **Notional** | **<u>Payments/</u>** | **Appreciation/** |
| **Description** | **Frequency** | **Long/Short** | **Currency** | **Index** | **Spread** | **Counterparty** | **Contracts** | **Date** | **Amount** | **Receipts** | **(Depreciation)** |
| SPDR S&P 500 ETF Trust | Monthly | Long | USD | Federal Funds Rate | 0.55% | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67500 | 7/21/2023 | $29898898 | $- | $(2380498) |
| SPDR S&P 500 ETF Trust | Monthly | Long | USD | Federal Funds Rate | 0.55% | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | 10/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6004950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110250 |
|  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2270248) |

---

## 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 Hedged Equity Fund

- **b. EDGAR series identifier (if any):** S000070614

- **c. LEI of Series:** 549300WGEYPL9X2TRF41

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

- **a. Date of fiscal year-end:** 2023-08-31

- **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:** $127036627.03

**Total Liabilities:** $40648856.17

**Net Assets:** $86387770.86

**Cash Not Reported:** $9240759.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224306 | -4.28%               | 5.11%                | 3.04%                |
| Class ID C000224308 | -4.13%               | 5.22%                | 3.05%                |
| Class ID C000224305 | -4.30%               | 5.23%                | 3.08%                |
| Class ID C000224307 | -4.24%               | 5.26%                | 3.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $232107.76               | $-6921272.92                               |
| Month 2  | $23928.44                | $5419632.45                                |
| Month 3  | $0.00                    | $4025625.00                                |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BBH                    | BBH SWEEP VEHICLE      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   4235214 | PA      | $4235213.88   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                    | SPY US 12/16/22 C402   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -850 | NC      | $-886550.00   | -1.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                    | SPY US 11/30/22 P400   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |       750 | NC      | $375.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                    | SPY US 12/30/22 C415   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |     -1200 | NC      | $-645000.00   | -0.75%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                    | SPXW US 12/30/22 P3700 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -120 | NC      | $-103200.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                    | SPY BULLET SWAP        | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |     67500 | NS      | $-2380498.00  | -2.76%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                    | SPXW US 12/30/22 P3900 | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |       245 | NC      | $706825.00    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Spdr S&P 500 Etf Trust | SPDR S&P 500 ETF       | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |    187500 | NS      | $76440000.00  | 88.48%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                    | SPXW US 12/16/22 P3900 | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |       170 | NC      | $302600.00    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                    | SPXW US 12/16/22 P3700 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -295 | NC      | $-106200.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                    | SPY BULLET SWAP A      | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |     15000 | NS      | $110250.00    | 0.13%             |  |  |  | No            |                  2 | 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