# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0000910472-25-002896
**Filing Date:** 2025-10
**Character Count:** 43089
**Document Hash:** 39c0709ae4f22c43ce39e52c1497aebb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002896.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000910472-25-002896

**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:** 251434497

**BUSINESS ADDRESS:**
- **STREET 1:** 515 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 888-814-8180

**MAIL ADDRESS:**
- **STREET 1:** 515 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** James Alpha Funds Trust

- **b. Investment Company Act file number:** 811-23611

- **c. CIK number of Registrant:** 0001829774

- **d. LEI of Registrant:** 5493007JDS1R5QEQGK05

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 515 Madison Ave

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 646-201-4042

**Item A.2. Information about the Series.**

- **a. Name of Series:** Easterly Snow Long/Short Opportunity Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $138691507.27

**Total Liabilities:** $40804101.78

**Net Assets:** $97887405.49

**Cash Not Reported:** $21724359.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230313 | 3.12%                | 0.20%                | 6.59%                |
| Class ID C000230311 | 3.04%                | 0.13%                | 6.49%                |
| Class ID C000230312 | 3.12%                | 0.20%                | 6.59%                |
| Class ID C000230314 | 3.13%                | 0.18%                | 6.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $244636.98               | $2119120.55                                |
| Month 2  | $-140018.16              | $353311.72                                 |
| Month 3  | $304346.18               | $5551130.82                                |

**Designated Index Information**

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

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

### Schedule of Portfolio Investments

| Name                                          | Title                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Micro Devices Inc.                   | ADV MICRO DEVICE      | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      6510 | NS      | $1058721.30   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                     | WESCO INTL            | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      9360 | NS      | $2057702.40   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                               | EQT CORP              | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     42900 | NS      | $2223936.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                         | FREEPORT-MCMORAN      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     22600 | NS      | $1003440.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                  | TARGET CORP           | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      8900 | NS      | $854222.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc                        | WHITECAP RESOURC      | CUSIP: 96467A200<br>LEI: 5493004AMPGZA0JO5Q37 | Long             | EC               | CORP              | CA        |    324817 | NS      | $2445872.01   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                               | DOLLAR TREE INC       | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      5000 | NS      | $545850.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                 | RIO TINTO-ADR         | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Short            | EC               | CORP              | GB        |    -14700 | NS      | $-921984.00   | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                  | METLIFE INC           | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     26375 | NS      | $2145870.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | EQT US 12/19/25 C65   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-7000.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | COP US 11/21/25 P90   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-20300.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | C US 01/16/26 C80     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-96500.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Zoom Communications Inc.                      | ZOOM COMMUNICATI      | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     16930 | NS      | $1378440.60   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                               | PHOTRONICS INC        | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     31800 | NS      | $720906.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                        | LINCOLN NATL CRP      | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     49190 | NS      | $2111726.70   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                           | CISCO SYSTEMS         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      6060 | NS      | $418685.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                          | DELTA AIR LI          | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     25680 | NS      | $1586510.40   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters Inc.                                  | CARTER'S INC          | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     17200 | NS      | $491232.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                   | UNITED PARCEL-B       | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     10280 | NS      | $898883.20    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                 | ALPHABET INC-C        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4100 | NS      | $875473.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | DELL US 09/19/25 C105 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -110 | NC      | $-192720.00   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| ConocoPhillips                                | CONOCOPHILLIPS        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     27708 | NS      | $2742260.76   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | RRC US 12/19/25 C45   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -285 | NC      | $-8550.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Index Funds                          | VANGUARD TL SK E      | CUSIP: 922908769<br>LEI: 549300G6KNDK44WUN559 | Short            | EC               | RF                | US        |     -9200 | NS      | $-2927440.00  | -2.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Gold Trust                               | SPDR GOLD SHARES      | CUSIP: 78463V107<br>LEI: 549300MQIQW9W2UPJ106 | Short            | EC               | RF                | US        |     -5400 | NS      | $-1717578.00  | -1.75%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | PVH US 09/19/25 P60   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-750.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | MPC US 01/16/26 C185  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-52750.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Haemonetics Corp                              | HAEMONETICS CORP      | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |     14400 | NS      | $785376.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                 | CHEVRON CORP          | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2600 | NS      | $-417560.00   | -0.43%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | EQT US 12/19/25 C60   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-13500.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                             | JOHNSON&JOHNSON       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     12500 | NS      | $2214625.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | DAL US 09/19/25 P45   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -140 | NC      | $-1960.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| B2Gold Corp.                                  | B2GOLD CORP           | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    829832 | NS      | $3427206.16   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                          | CLF 6 1/4 10/01/40    | CUSIP: 18683KAC5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    800000 | PA      | $664771.04    | 0.68%             | 2040-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                           | UNH US 09/19/25 P270  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-3540.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | GOOG US 11/21/25 C220 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-21540.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | XOP US 11/21/25 C140  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -80 | NC      | $-29360.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | LYFT US 11/21/25 P14  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -500 | NC      | $-38500.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | DLTR US 12/19/25 C120 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-26500.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | AGI US 12/19/25 C30   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -300 | NC      | $-85500.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | EQT US 12/19/25 P48   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-19900.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Lyft Inc                                      | LYFT INC-A            | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     45000 | NS      | $729900.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp.                              | NCR ATLEOS CORP       | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |     70790 | NS      | $2804699.80   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc.                | AMER EAGLE OUTF       | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     40000 | NS      | $517600.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                | CITIGROUP INC         | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     30740 | NS      | $2968561.80   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                          | LAS VEGAS SANDS       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     35050 | NS      | $2019931.50   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                         | BANK OF AMERICA       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     29670 | NS      | $1505455.80   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BTG US 01/16/26 C4    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -800 | NC      | $-41600.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                   | PFIZER INC            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     69600 | NS      | $1723296.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                          | OLD NATL BANCORP      | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     25000 | NS      | $572250.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | REGN US 11/21/25 P540 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-30450.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | JPM US 11/21/25 C300  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -55 | NC      | $-81510.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Cummins Inc.                                  | CUMMINS INC           | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      2800 | NS      | $1115632.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corporation                           | VISTEON CORP          | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     11400 | NS      | $1413144.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                    | ATKORE INC            | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      8000 | NS      | $465520.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                   | LOCKHEED MARTIN       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2810 | NS      | $1280320.30   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                           | HUDBAY MINERALS INC   | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |    102800 | NS      | $1233600.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                          | CLEVELAND-CLIFFS      | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     54000 | NS      | $580500.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                          | VANGUARD S/C V E      | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Short            | EC               | RF                | US        |    -10400 | NS      | $-2171520.00  | -2.22%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                             | SPD-POR S&P500 V      | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Short            | EC               | RF                | US        |    -61800 | NS      | $-3376752.00  | -3.45%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | LULU US 09/19/25 C250 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -12 | NC      | $-2784.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sensata Technologies Holding PLC              | SENSATA TECHNOLO      | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     51320 | NS      | $1669952.80   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp.                                     | PVH CORP              | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     27217 | NS      | $2294937.44   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp. | PBFENE 6 02/15/28     | CUSIP: 69318FAJ7<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983128.20    | 1.00%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Columbia Banking System Inc.                  | COLUMBIA BANKING      | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80470 | NS      | $2154181.90   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                    | CONSTELLATION-A       | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      5400 | NS      | $874476.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                          | JPMORGAN CHASE        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12900 | NS      | $3888318.00   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                             | CARLYLE GROUP IN      | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Short            | EC               | CORP              | US        |    -25300 | NS      | $-1633368.00  | -1.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                     | SANOFI-ADR            | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     60296 | NS      | $2983446.08   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                        | AGNICO EAGLE MIN      | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     22040 | NS      | $3177506.80   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                     | GOLDMAN SACHS GP      | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Short            | EC               | CORP              | US        |     -1900 | NS      | $-1415975.00  | -1.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                  | KSS 5.55 07/17/45     | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $618393.30    | 0.63%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                    | NORTHERN OIL AND      | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     47370 | NS      | $1239199.20   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.                      | MARATHON PETROLE      | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     10795 | NS      | $1939969.45   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | AEM US 03/20/26 C160  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -70 | NC      | $-67550.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Paccar Inc                                    | PACCAR INC            | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     11575 | NS      | $1157268.50   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | SMCI US 11/21/25 P42  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -140 | NC      | $-70000.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                         | DELL TECHN-C          | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     22000 | NS      | $2687300.00   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                              | V/E JR GLD MINER      | CUSIP: 92189F791<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     22300 | NS      | $1785115.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | AEM US 01/16/26 C150  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -70 | NC      | $-73500.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                   | KENVUE INC            | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     80500 | NS      | $1667155.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | LULU US 09/19/25 C400 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-55.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CMC US 11/21/25 C57.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-63000.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Abercrombie & Fitch Co                        | ABERCROMBIE & FI      | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     11000 | NS      | $1028830.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                  | ORACLE CORP           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3390 | NS      | $766580.70    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.               | REGENERON PHARM       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1120 | NS      | $650384.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                             | EXXON MOBIL CORP      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Short            | EC               | CORP              | US        |     -3400 | NS      | $-388586.00   | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                 | CENTENE CORP          | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     33000 | NS      | $958320.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                   | GENTEX CORP           | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     38000 | NS      | $1064380.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                           | ALLY 4.7 PERP         | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $487468.15    | 0.50%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| N/A                                           | TGT US 10/17/25 P90   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -80 | NC      | $-13120.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Range Resources Corp.                         | RANGE RESOURCES       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     88680 | NS      | $3039063.60   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | CNC US 09/19/25 C57.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-375.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| The Clorox Company                            | CLOROX CO             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |     -7500 | NS      | $-886500.00   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                             | UWM HOLDINGS COR      | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220700 | NS      | $1257990.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                     | AKAMAI TECHNOLOG      | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      9300 | NS      | $735909.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Inc.                               | RIG 6.8 03/15/38      | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $787447.50    | 0.80%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| N/A                                           | SU US 11/21/25 C42    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-29000.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | AMD US 11/21/25 C180  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -65 | NC      | $-53625.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Spdr S&P 500 Etf Trust                        | SPDR S&P 500 ETF      | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |    -35100 | NS      | $-22641255.00 | -23.13%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | WCC US 03/20/26 C230  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -40 | NC      | $-83800.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| VanEck ETF Trust                              | VANECK GOLD MINE      | CUSIP: 92189F106<br>LEI: 549300ZLFKNTXC51ZN76 | Short            | EC               | RF                | US        |     -7000 | NS      | $-442190.00   | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                    | AMGEN INC             | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      6937 | NS      | $1995844.27   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                      | UGI CORP              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     51250 | NS      | $1775300.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                           | ALLY 4.7 PERP         | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $914439.40    | 0.93%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| N/A                                           | UPS US 09/19/25 C90   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -42 | NC      | $-4788.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Zoominfo Technologies Inc                     | ZOOMINFO TECH         | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |    120800 | NS      | $1316720.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira Biosciences Inc                        | PACIRA BIOSCIENC      | CUSIP: 695127100<br>LEI: 549300P56LERYBDHCF69 | Long             | EC               | CORP              | US        |     98400 | NS      | $2624328.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | CMC US 11/21/25 C55   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-114000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CMC US 12/19/25 C57.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-92000.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Lululemon Athletica Inc.                      | LULULEMON ATH         | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      4650 | NS      | $940230.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | NATL US 12/19/25 C30  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -140 | NC      | $-147700.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Alamos Gold Inc.                              | ALAMOS GOLD INC       | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    102886 | NS      | $3132878.70   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.             | HARTFORD INSURAN      | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      6930 | NS      | $916908.30    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company                     | COMMERCIAL METAL      | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     77243 | NS      | $4454603.81   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                                   | ECOVYST INC           | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153130 | NS      | $1391951.70   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BBH                                           | BBH SWEEP VEHICLE     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    680041 | PA      | $680041.27    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BAC US 01/16/26 C50   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-73800.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                            | SUNCOR ENERGY         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     82389 | NS      | $3402665.70   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                             | ASML HOLDING-NY       | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1000 | NS      | $742620.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                         | JACKSON FI-A          | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     15400 | NS      | $1521520.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                     | CNO FINANCIAL GR      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     32520 | NS      | $1283564.40   | 1.31%             |  |  |  | No            |                  1 | 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