# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001752724-23-017656
**Filing Date:** 2023-1
**Character Count:** 38084
**Document Hash:** 136ba03de3a322371fe90bd2495858ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-017656.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001752724-23-017656

**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:** 23566224

**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 Global Real Estate Fund (Series ID: S000070611)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000224295 | Easterly Global Real Estate Fund Class I  | JARIX           |
| C000224296 | Easterly Global Real Estate Fund Class C  | JACRX           |
| C000224297 | Easterly Global Real Estate Fund Class A  | JAREX           |
| C000224298 | Easterly Global Real Estate Fund Class R6 | JARSX           |

## 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 Global Real Estate Fund

- **b. EDGAR series identifier (if any):** S000070611

- **c. LEI of Series:** 549300XBPXRSR5SS4I27

**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:** $661858911.77

**Total Liabilities:** $800488.46

**Net Assets:** $661058423.31

**Cash Not Reported:** $68104.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224295 | -13.52%              | -0.38%               | 10.73%               |
| Class ID C000224298 | -13.46%              | -0.38%               | 10.72%               |
| Class ID C000224297 | -13.54%              | -0.40%               | 10.74%               |
| Class ID C000224296 | -13.56%              | -0.48%               | 10.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1280345.05             | $-104508156.53                             |
| Month 2  | $-4047964.74             | $1658745.08                                |
| Month 3  | $-3626277.37             | $68801584.03                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prologis Inc.                                              | PROLOGIS INC              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    173910 | NS      | $20484858.90  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                    | UDR INC                   | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    560566 | NS      | $23246672.02  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Corecivic Inc                                              | CORECIVIC INC             | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |    463810 | NS      | $6159396.80   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc                                    | ELLINGTON FINANC          | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |   1069204 | NS      | $14583942.56  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mapletree Panasia Commercial Trust                         | MAPLETREE PAN AS          | CUSIP: Y5759T101<br>LEI: 549300BF18K4IC5LZ208 | Long             | EC               | CORP              | SG        |   7752572 | NS      | $9809213.81   | 1.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ESR Group Limited                                          | ESR GROUP LTD             | CUSIP: G31989109<br>LEI: 549300C81AR42BZUFZ09 | Long             | EC               | CORP              | KY        |   2564694 | NS      | $5821735.14   | 0.88%             |  |  |  | Yes           |                  2 | On Loan: No      |
| American Homes 4 Rent                                      | AMERICAN HOMES-A          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    421224 | NS      | $13929877.68  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                                      | SUN COMMUNITIES           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |    236185 | NS      | $34695576.50  | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Wohnen SE                                         | DEUTSCHE WOHNEN           | CUSIP: D2046U176<br>LEI: 529900QE24Q67I3FWZ10 | Long             | EC               | CORP              | DE        |    864650 | NS      | $18753999.95  | 2.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Grainger PLC                                               | Grainger PLC              | CUSIP: G40432117<br>LEI: 2138007CEIRKZMNI2979 | Long             | EC               | CORP              | GB        |   3271203 | NS      | $9643516.06   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group                                                 | CBRE GROUP INC-A          | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    311821 | NS      | $24820951.60  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd                        | WHARF REAL ESTAT          | CUSIP: G9593A104<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | HK        |    568505 | NS      | $2638298.71   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Hotel REIT Investment Corporation                    | JAPAN HOTEL REIT          | CUSIP: J2761Q107<br>LEI: 353800L8KG849FP1JI68 | Long             | EC               | CORP              | JP        |     32030 | NS      | $17465688.44  | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                      | ALEXANDRIA REAL           | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |    139338 | NS      | $21682386.18  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                                    | DIGITALBRIDGE GR          | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |   1105624 | NS      | $15954154.32  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom S.A.U                                      | CELLNEX TELECOM SA        | CUSIP: E2R41M104<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |    961734 | NS      | $33113434.50  | 5.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CK Asset Holdings Ltd.                                     | CK ASSET HOLDING          | CUSIP: G2177B101<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |    656386 | NS      | $3928890.42   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Link Real Estate Investment Trust                          | LINK REIT                 | CUSIP: Y5281M111<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |   5130009 | NS      | $34653026.37  | 5.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Logistics Park Inc                          | MITSUI FUDOSAN L          | CUSIP: J44788107<br>LEI: 353800DN63EIYS760S59 | Long             | EC               | CORP              | JP        |      2368 | NS      | $8598313.55   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                                  | Segro PLC                 | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    605512 | NS      | $5861387.84   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadstone Net Lease Inc                                   | BROADSTONE NET-A          | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |    610318 | NS      | $10357096.46  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc                                              | GEO GROUP INC/TH          | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |    859032 | NS      | $10153758.24  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                       | INFRASTRUTTURE W          | CUSIP: T6032P102<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |    175554 | NS      | $1753096.00   | 0.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Independence Realty Trust Inc                              | INDEPENDENCE REA          | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |   1023472 | NS      | $18545312.64  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Apartment Properties Real Estate Investment Trust | CAN APARTMENT PROP REAL E | CUSIP: 134921105<br>LEI: 549300B1MYVTQEB2DI90 | Long             | EC               | CORP              | CA        |    336942 | NS      | $10946181.42  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Assura PLC                                                 | ASSURA PLC                | CUSIP: G2386T109<br>LEI: 21380026T19N2Y52XF72 | Long             | EC               | CORP              | GB        |  15982849 | NS      | $10376702.91  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd.                                | HONGKONG LAND             | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | SG        |   3335447 | NS      | $13375142.47  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                      | CAMDEN PROP TR            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     81796 | NS      | $9842512.68   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTDC Ltd.                                                | NEXTDC Ltd                | CUSIP: Q6750Y106<br>LEI: 529900RTERU3X7G3D672 | Long             | EC               | CORP              | AU        |   2199642 | NS      | $15093058.89  | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CubeSmart L.P.                                             | CUBESMART                 | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130442 | NS      | $5398994.38   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation                                  | KILROY REALTY             | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    213704 | NS      | $9236286.88   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                         | EASTERLY GOVERNM          | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |    368532 | NS      | $5837546.88   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                                                 | VONOVIA SE                | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |    489472 | NS      | $12172954.96  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Retail Opportunity Investments Corp                        | RETAIL OPPORTUNI          | CUSIP: 76131N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    788182 | NS      | $12019775.50  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                                        | ACADIA REALTY             | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    969085 | NS      | $14904527.30  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Industrial Real Estate Investment Trust              | DREAM INDUSTRIAL REAL EST | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |    129374 | NS      | $1162784.84   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                                 | AMERICOLD REALTY          | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |    556460 | NS      | $16610331.00  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TAG Immobilien AG                                          | TAG IMMOBILIEN AG         | CUSIP: D8283Q174<br>LEI: 529900TAE68USJNXLR59 | Long             | EC               | CORP              | DE        |    950506 | NS      | $5739497.48   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Sirius Real Estate Ltd.                                    | SIRIUS REAL ESTA          | CUSIP: G8187C104<br>LEI: 213800NURUF5W8QSK566 | Long             | EC               | CORP              | GB        |   3376570 | NS      | $3356619.23   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| GDS Holdings Ltd.                                          | GDS HLDGS - ADR           | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    487957 | NS      | $7758516.30   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                           | ELME COMMUNITIES          | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |    223790 | NS      | $4422090.40   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Portland Estates PLC                                 | GREAT PORT EST            | CUSIP: G40712211<br>LEI: 213800JMEDD2Q4N1MC42 | Long             | EC               | CORP              | GB        |    411379 | NS      | $2483153.62   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Empiric Student Property PLC                               | EMPIRIC STUDENT           | CUSIP: G30381100<br>LEI: 213800FPF38IBPRFPU87 | Long             | EC               | CORP              | GB        |   5065725 | NS      | $5281204.73   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Keppel DC REIT                                             | KEPPEL DC REIT            | CUSIP: Y47230100<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |   6822712 | NS      | $9329627.59   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITE Group PLC                                            | UNITE GROUP/THE           | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    954848 | NS      | $10696139.45  | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Instone Real Estate Group Se                               | INSTONE REAL EST          | CUSIP: D3706C100<br>LEI: 391200DINUIRPDZQHX03 | Long             | EC               | CORP              | DE        |   1379456 | NS      | $12327970.33  | 1.86%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Klepierre S.A.                                             | KLEPIERRE                 | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |    229632 | NS      | $5327654.76   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                           | WELLTOWER INC             | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209134 | NS      | $14854788.02  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BBH                                                        | BBH SWEEP VEHICLE         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    103366 | PA      | $103365.69    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Co Ltd                                   | MITSUBISHI ESTAT          | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |   2961184 | NS      | $41815402.22  | 6.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty Inc.                             | REXFORD INDUSTRI          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    106763 | NS      | $5902926.27   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                                | VENTAS INC                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    365612 | NS      | $17011926.36  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Asst Treasurer