# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001752724-25-180927
**Filing Date:** 2025-7
**Character Count:** 23745
**Document Hash:** 7b8bb17a786c44ae6eb9105444184ffe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180927.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180927

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**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:** 251156692

**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 Small Cap Value Fund (Series ID: S000073425)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000230315 | Easterly Snow Small Cap Value Fund Class C  |  |
| C000230316 | Easterly Snow Small Cap Value Fund Class I  |  |
| C000230317 | Easterly Snow Small Cap Value Fund Class R6 |  |
| C000230318 | Easterly Snow Small Cap Value Fund Class A  |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** | **EASTERLY SNOW SMALL CAP VALUE FUND** | **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5%** |  |
|  | **AUTOMOTIVE - 3.0%** |  |
| 3873 | Modine Manufacturing Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $351668 |
| 5248 | Visteon Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 443063 |
|  |  | &nbsp;&nbsp; 794731 |
|  | **BANKING - 21.6%** |  |
| 44457 | Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp; 1039405 |
| 15974 | Comerica, Inc. | &nbsp;&nbsp;&nbsp; 911956 |
| 32292 | First Commonwealth Financial Corporation | &nbsp;&nbsp;&nbsp; 504401 |
| 26460 | Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp; 304819 |
| 59358 | FNB Corporation | &nbsp;&nbsp;&nbsp; 823295 |
| 3813 | OFG Bancorp | &nbsp;&nbsp;&nbsp; 156867 |
| 53153 | Old National Bancorp | &nbsp;&nbsp;&nbsp; 1108772 |
| 17426 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp; 825295 |
|  |  | &nbsp;&nbsp; 5674810 |
|  | **BIOTECH & PHARMA - 1.8%** |  |
| 16112 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 469504 |
|  | **CHEMICALS - 3.6%** |  |
| 23237 | FMC Corporation | &nbsp;&nbsp;&nbsp; 942493 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.9%** |  |
| 18525 | Cross Country Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 244160 |
|  | **ELECTRICAL EQUIPMENT - 1.6%** |  |
| 6667 | Atkore, Inc. | &nbsp;&nbsp;&nbsp; 434022 |
|  | **FOOD - 0.9%** |  |
| 4700 | Pilgrim's Pride Corporation | &nbsp;&nbsp;&nbsp; 231052 |
|  | **HOME & OFFICE PRODUCTS - 2.5%** |  |
| 8365 | Whirlpool Corporation | &nbsp;&nbsp;&nbsp; 653223 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.1%** |  |
| 3299 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp; 553869 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** | **EASTERLY SNOW SMALL CAP VALUE FUND** | **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5% (Continued)** |  |
|  | **INSURANCE - 12.4%** |  |
| 29550 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp; $1121718 |
| 13131 | Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 1075560 |
| 32269 | Lincoln National Corporation | &nbsp;&nbsp;&nbsp; 1069395 |
|  |  | &nbsp;&nbsp; 3266673 |
|  | **LEISURE FACILITIES & SERVICES - 5.1%** |  |
| 67751 | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp; 516940 |
| 9983 | Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp; 337126 |
| 21948 | Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 481978 |
|  |  | &nbsp;&nbsp; 1336044 |
|  | **MACHINERY - 5.0%** |  |
| 26819 | Astec Industries, Inc. | &nbsp;&nbsp;&nbsp; 1053718 |
| 5657 | Terex Corporation | &nbsp;&nbsp;&nbsp; 254621 |
|  |  | &nbsp;&nbsp; 1308339 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.9%** |  |
| 17543 | Avanos Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 220516 |
| 4168 | Haemonetics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 282215 |
| 17793 | Inmode Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 260845 |
|  |  | &nbsp;&nbsp; 763576 |
|  | **METALS & MINING - 4.0%** |  |
| 119788 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 698363 |
| 38417 | Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp; 342680 |
|  |  | &nbsp;&nbsp; 1041043 |
|  | **OIL & GAS PRODUCERS - 7.0%** |  |
| 17593 | CNX Resources Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 567902 |
| 56089 | Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1079713 |
| 7534 | Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp; 200254 |
|  |  | &nbsp;&nbsp; 1847869 |
|  | **REITS - 3.2%** |  |
| 28310 | Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp; 840807 |
|  | **RETAIL - DISCRETIONARY - 6.2%** |  |
| 3285 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 257840 |
| 66220 | American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp; 725771 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** | **EASTERLY SNOW SMALL CAP VALUE FUND** | **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 6.2% (Continued)** |  |
| 9529 | Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $666077 |
|  |  | &nbsp;&nbsp; 1649688 |
|  | **SEMICONDUCTORS - 6.6%** |  |
| 3109 | Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 138040 |
| 51576 | Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 861835 |
| 12554 | Silicon Motion Technology Corporation - ADR | &nbsp;&nbsp;&nbsp; 768305 |
|  |  | &nbsp;&nbsp; 1768180 |
|  | **SOFTWARE - 2.0%** |  |
| 18166 | Open Text Corporation | &nbsp;&nbsp;&nbsp; 514279 |
|  | **STEEL - 3.5%** |  |
| 19993 | Commercial Metals Company | &nbsp;&nbsp;&nbsp; 931474 |
|  | **TECHNOLOGY HARDWARE - 0.6%** |  |
| 3956 | Clearfield, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 146807 |
|  | **TOTAL COMMON STOCKS (Cost $23,049,426)** | &nbsp;&nbsp; 25412643 |
|  | **TOTAL INVESTMENTS - 96.5% (Cost $23,049,426)** | &nbsp;&nbsp;&nbsp; $25412643 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5%** | &nbsp;&nbsp; 923496 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $26336139 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

## 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000073425

- **c. LEI of Series:** 549300IUIY6R0DB0YU35

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $26407798.63

**Total Liabilities:** $71659.80

**Net Assets:** $26336138.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230318 | -5.45%               | -4.17%               | 5.31%                |
| Class ID C000230315 | -5.50%               | -4.24%               | 5.24%                |
| Class ID C000230317 | -5.42%               | -4.16%               | 5.34%                |
| Class ID C000230316 | -5.42%               | -4.16%               | 5.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $518037.94               | $-2091903.32                               |
| Month 2  | $-329541.32              | $-825646.60                                |
| Month 3  | $140.55                  | $1250262.09                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Jackson Financial Inc                      | JACKSON FI-A        | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     13131 | NS      | $1075560.21   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc.              | COLLEGIUM PHARMA    | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     16112 | NS      | $469503.68    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                  | WESCO INTL          | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      3299 | NS      | $553869.11    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                  | CNX RESOURCES CO    | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     17593 | NS      | $567902.04    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc.                            | CLEARFIELD INC      | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |      3956 | NS      | $146807.16    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp.                            | WHIRLPOOL CORP      | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |      8365 | NS      | $653222.85    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co.                   | MODINE MFG CO       | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      3873 | NS      | $351668.40    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                     | LINCOLN NATL CRP    | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     32269 | NS      | $1069394.66   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                 | HIGHWOODS PROP      | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     28310 | NS      | $840807.00    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc.               | COLUMBIA BANKING    | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44457 | NS      | $1039404.66   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc.                      | ASTEC INDUSTRIES    | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |     26819 | NS      | $1053718.51   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.                 | NORTHERN OIL AND    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      7534 | NS      | $200253.72    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                | OFG BANCORP         | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      3813 | NS      | $156866.82    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                      | URBAN OUTFITTER     | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      9529 | NS      | $666077.10    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc.             | AMER EAGLE OUTF     | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     66220 | NS      | $725771.20    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                           | HAEMONETICS CORP    | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      4168 | NS      | $282215.28    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                     | ABERCROMBIE & FI    | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      3285 | NS      | $257839.65    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corporation                        | VISTEON CORP        | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      5248 | NS      | $443062.40    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc.                     | CINEMARK HOLDING    | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |      9983 | NS      | $337125.91    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrims Pride Corporation                 | PILGRIM'S PRIDE     | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |      4700 | NS      | $231052.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company                  | COMMERCIAL METAL    | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     19993 | NS      | $931473.87    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                        | HUDBAY MINERALS INC | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |     38417 | NS      | $342679.64    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BBH                                        | BBH SWEEP VEHICLE   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    884684 | PA      | $884683.65    | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc.              | CROSS COUNTRY HE    | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |     18525 | NS      | $244159.50    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corporation                          | TEREX CORP          | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |      5657 | NS      | $254621.57    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin Brands Inc                         | BLOOMIN' BRANDS     | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |     67751 | NS      | $516940.13    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                  | FNB CORP            | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     59358 | NS      | $823295.46    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial, Inc.                   | FLAGSTAR FINANCI    | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     26460 | NS      | $304819.20    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                      | COMERICA INC        | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     15974 | NS      | $911955.66    | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                         | AVANOS MEDICAL I    | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     17543 | NS      | $220515.51    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Limited                             | INMODE LTD          | CUSIP: M5425M103<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |     17793 | NS      | $260845.38    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                  | FMC CORP            | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     23237 | NS      | $942492.72    | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                  | CNO FINANCIAL GR    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     29550 | NS      | $1121718.00   | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank | ZIONS BANCORP NA    | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     17426 | NS      | $825295.36    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                       | OLD NATL BANCORP    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     53153 | NS      | $1108771.58   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Incorporated                        | DIODES INC          | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      3109 | NS      | $138039.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                 | ATKORE INC          | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      6667 | NS      | $434021.70    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                       | CLEVELAND-CLIFFS    | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    119788 | NS      | $698364.04    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp  PA      | FIRST COMMON FIN    | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |     32292 | NS      | $504401.04    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc.                     | DELEK US HOLDING    | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |     56089 | NS      | $1079713.25   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave & Buster's Entertainment Inc          | DAVE & BUSTER'S     | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     21948 | NS      | $481978.08    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                            | PHOTRONICS INC      | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     51576 | NS      | $861834.96    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp.            | SILICON MOTI-ADR    | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |     12554 | NS      | $768304.80    | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                             | OPEN TEXT CORP      | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     18166 | NS      | $514279.46    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Asst Treasurer