# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001752724-25-180929
**Filing Date:** 2025-7
**Character Count:** 54300
**Document Hash:** 43dff02d8790aec57dcbdd80d46d81e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180929.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180929

**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:** 251156694

**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  |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY 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 — 108.8%** |  |
|  | **AEROSPACE & DEFENSE - 1.5%** |  |
| 2810 | Lockheed Martin Corporation, B | &nbsp;&nbsp;&nbsp; $1355488 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.8%** |  |
| 7200 | Carter's, Inc. | &nbsp;&nbsp;&nbsp; 225864 |
| 27217 | PVH Corporation | &nbsp;&nbsp;&nbsp; 2279968 |
|  |  | &nbsp;&nbsp; 2505832 |
|  | **AUTOMOTIVE - 2.0%** |  |
| 38000 | Gentex Corporation | &nbsp;&nbsp;&nbsp; 819660 |
| 11400 | Visteon Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 962445 |
|  |  | &nbsp;&nbsp; 1782105 |
|  | **BANKING - 10.7%** |  |
| 29670 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 1309337 |
| 35740 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 2691937 |
| 80470 | Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp; 1881389 |
| 13900 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 3669599 |
|  |  | &nbsp;&nbsp; 9552262 |
|  | **BIOTECH & PHARMA - 11.7%** |  |
| 8400 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 2420712 |
| 16830 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 2612184 |
| 62900 | Pacira BioSciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1625336 |
| 51000 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 1197990 |
| 52696 | Sanofi - ADR | &nbsp;&nbsp;&nbsp; 2601602 |
|  |  | &nbsp;&nbsp; 10457824 |
|  | **CHEMICALS - 1.3%** |  |
| 153130 | Ecovyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1140819 |
|  | **ELECTRICAL EQUIPMENT - 2.9%** |  |
| 14300 | Atkore, Inc. | &nbsp;&nbsp;&nbsp; 930930 |
| 65220 | Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp; 1699634 |
|  |  | &nbsp;&nbsp; 2630564 |
|  | **GAS & WATER UTILITIES - 2.6%** |  |
| 63950 | UGI Corporation | &nbsp;&nbsp;&nbsp; 2306037 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY 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 — 108.8% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.4%** |  |
| 22400 | Centene Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1264256 |
|  | **HOME & OFFICE PRODUCTS - 0.4%** |  |
| 4460 | Whirlpool Corporation | &nbsp;&nbsp;&nbsp; 348281 |
|  | **HOUSEHOLD PRODUCTS - 2.1%** |  |
| 80500 | Kenvue, Inc. | &nbsp;&nbsp;&nbsp; 1921535 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.8%** |  |
| 9360 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp; 1571450 |
|  | **INSURANCE - 8.8%** |  |
| 42520 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1614059 |
| 9930 | Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1289311 |
| 15400 | Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 1261414 |
| 49190 | Lincoln National Corporation | &nbsp;&nbsp;&nbsp; 1630157 |
| 26375 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 2072548 |
|  |  | &nbsp;&nbsp; 7867489 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 4100 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp; 708685 |
|  | **LEISURE FACILITIES & SERVICES - 1.6%** |  |
| 35050 | Las Vegas Sands Corporation | &nbsp;&nbsp;&nbsp; 1442658 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 14400 | Haemonetics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 975024 |
|  | **METALS & MINING - 11.3%** |  |
| 22040 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp; 2600500 |
| 102886 | Alamos Gold, Inc., Class A | &nbsp;&nbsp;&nbsp; 2663719 |
| 829832 | B2Gold Corporation | &nbsp;&nbsp;&nbsp; 2796533 |
| 54000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 314820 |
| 22600 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 869648 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY 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 — 108.8% (Continued)** |  |
|  | **METALS & MINING - 11.3% (Continued)** |  |
| 102800 | Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp; $916976 |
|  |  | &nbsp;&nbsp; 10162196 |
|  | **OIL & GAS PRODUCERS - 20.0%** |  |
| 27708 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 2364878 |
| 53776 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; 1307295 |
| 42900 | EQT Corporation | &nbsp;&nbsp;&nbsp; 2365077 |
| 13185 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 2119357 |
| 47370 | Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp; 1259095 |
| 88680 | Range Resources Corporation | &nbsp;&nbsp;&nbsp; 3373386 |
| 88209 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 3135829 |
| 324818 | Whitecap Resources, Inc. | &nbsp;&nbsp;&nbsp; 2025776 |
|  |  | &nbsp;&nbsp; 17950693 |
|  | **RETAIL - CONSUMER STAPLES - 1.8%** |  |
| 10900 | Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 983834 |
| 6400 | Target Corporation | &nbsp;&nbsp;&nbsp; 601664 |
|  |  | &nbsp;&nbsp; 1585498 |
|  | **RETAIL - DISCRETIONARY - 1.7%** |  |
| 11000 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 863390 |
| 2150 | Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 680841 |
|  |  | &nbsp;&nbsp; 1544231 |
|  | **SEMICONDUCTORS - 2.2%** |  |
| 6510 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 720852 |
| 1000 | ASML Holding N.V. - ADR | &nbsp;&nbsp;&nbsp; 736770 |
| 31800 | Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 531378 |
|  |  | &nbsp;&nbsp; 1989000 |
|  | **SOFTWARE - 4.5%** |  |
| 34190 | Open Text Corporation | &nbsp;&nbsp;&nbsp; 967919 |
| 3390 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 561147 |
| 16930 | Zoom Video Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1375562 |
| 120800 | ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1153640 |
|  |  | &nbsp;&nbsp; 4058268 |
|  | **SPECIALTY FINANCE - 0.7%** |  |
| 155700 | UWM Holdings Corporation | &nbsp;&nbsp;&nbsp; 669510 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 108.8% (Continued)** |  |  |  |
|  | **STEEL - 4.0%** |  |  |  |
| 77243 | Commercial Metals Company |  |  | &nbsp;&nbsp;&nbsp; $3598751 |
|  | **TECHNOLOGY HARDWARE - 5.5%** |  |  |  |
| 15960 | Cisco Systems, Inc. |  |  | &nbsp;&nbsp;&nbsp; 1006118 |
| 22000 | Dell Technologies, Inc., Class C |  |  | &nbsp;&nbsp;&nbsp; 2447941 |
| 56790 | NCR Atleos Corporation<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; 1505503 |
|  |  |  |  | &nbsp;&nbsp; 4959562 |
|  | **TRANSPORTATION & LOGISTICS - 1.9%** |  |  |  |
| 25680 | Delta Air Lines, Inc. |  |  | &nbsp;&nbsp;&nbsp; 1242655 |
| 4280 | United Parcel Service, Inc., Class B |  |  | &nbsp;&nbsp;&nbsp; 417471 |
|  |  |  |  | &nbsp;&nbsp; 1660126 |
|  | **TRANSPORTATION EQUIPMENT - 1.7%** |  |  |  |
| 1400 | Cummins, Inc. |  |  | &nbsp;&nbsp;&nbsp; 450072 |
| 11575 | PACCAR, Inc. |  |  | &nbsp;&nbsp;&nbsp; 1086314 |
|  |  |  |  | &nbsp;&nbsp; 1536386 |
|  | **TOTAL COMMON STOCKS (Cost $82,083,006)** |  |  | &nbsp;&nbsp; 97544530 |
|  | **EXCHANGE-TRADED FUNDS — 3.1%** |  |  |  |
|  | **EQUITY - 3.1%** |  |  |  |
| 42300 | VanEck Junior Gold Miners ETF |  |  | &nbsp;&nbsp;&nbsp; 2763036 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,596,373)** |  |  | &nbsp;&nbsp; 2763036 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **CONVERTIBLE BONDS — 0.5%** |  |  |  |
|  | **BIOTECH & PHARMA** — **0.5%** |  |  |  |
| 400000 | Pacira BioSciences, Inc. | 2.1250 | &nbsp;&nbsp;&nbsp;05/15/29 | 403951 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $311,473)** |  |  | 403951 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 4.5%** | **CORPORATE BONDS — 4.5%** |  |  |  |
|  | **OIL & GAS PRODUCERS** — **1.1%** | **OIL & GAS PRODUCERS** — **1.1%** |  |  |  |
| 1000000 | PBF Holding Company, LLC / PBF Finance Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;02/15/28 | $932154 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.8%** | **OIL & GAS SERVICES & EQUIPMENT** — **0.8%** |  |  |  |
| 1000000 | Transocean, Inc. |  | 6.8000 | &nbsp;&nbsp;&nbsp;03/15/38 | 682589 |
|  | **RETAIL - DISCRETIONARY** — **0.5%** | **RETAIL - DISCRETIONARY** — **0.5%** |  |  |  |
| 1000000 | Kohl's Corporation |  | 5.5500 | &nbsp;&nbsp;&nbsp;07/17/45 | 492026 |
|  | **SPECIALTY FINANCE** — **1.5%** | **SPECIALTY FINANCE** — **1.5%** |  |  |  |
| 500000 | Ally Financial, Inc. Series B |  | 4.7000 | &nbsp;&nbsp;&nbsp;08/15/69 | 473035 |
| 1000000 | Ally Financial, Inc. |  | 4.7000 | &nbsp;&nbsp;&nbsp;08/15/69 | 875850 |
|  |  |  |  |  | 1348885 |
|  | **STEEL** — **0.6%** | **STEEL** — **0.6%** |  |  |  |
| 800000 | Cleveland-Cliffs, Inc. |  | 6.2500 | &nbsp;&nbsp;&nbsp;10/01/40 | 581715 |
|  | **TOTAL CORPORATE BONDS (Cost $3,846,723)** | **TOTAL CORPORATE BONDS (Cost $3,846,723)** |  |  | 4037369 |
|  | **TOTAL INVESTMENTS - 116.9% (Cost $87,837,575)** | **TOTAL INVESTMENTS - 116.9% (Cost $87,837,575)** |  |  | &nbsp;&nbsp;&nbsp; $104748886 |
|  | **CALL OPTIONS WRITTEN - (0.8)% (Premiums received - $433,743)** | **CALL OPTIONS WRITTEN - (0.8)% (Premiums received - $433,743)** |  |  | &nbsp;&nbsp;&nbsp; (727100) |
|  | **PUT OPTIONS WRITTEN - (0.2)% (Premiums received - $431,104)** | **PUT OPTIONS WRITTEN - (0.2)% (Premiums received - $431,104)** |  |  | &nbsp;&nbsp;&nbsp; (144135) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (15.9)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (15.9)%** |  |  | &nbsp;&nbsp; (14225340) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $89652311 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS - (1.0)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (0.8)%** | **CALL OPTIONS WRITTEN- (0.8)%** |  |  |  |
| 100 | Citigroup, Inc. | 06/20/2025 | $75 | &nbsp;&nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp; $21700 |
| 200 | Commercial Metals Company | 06/20/2025 | 55 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 13000 |
| 110 | Dell Technologies, Inc. | 09/19/2025 | 105 | &nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp; 167200 |
| 125 | Delta Air Lines, Inc. | 06/20/2025 | 55 | &nbsp;&nbsp;&nbsp; 687500 | &nbsp;&nbsp;&nbsp; 3000 |
| 100 | EQT Corporation | 12/19/2025 | 60 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 45000 |
| 120 | Sensata Technologies Holding plc | 06/20/2025 | 30 | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 1200 |
| 100 | SPDR S&P 500 ETF Trust | 06/20/2025 | 545 | &nbsp;&nbsp;&nbsp; 5450000 | &nbsp;&nbsp;&nbsp; 476000 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $433,743) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $433,743) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $433,743) |  | &nbsp;&nbsp; 727100 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Contracts<sup>(b)</sup> (continued)** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS - (1.0)% (Continued)** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **PUT OPTIONS WRITTEN - (0.2)%** | **PUT OPTIONS WRITTEN - (0.2)%** |  |  |  |
| 60 | Alphabet, Inc. JEF | 06/20/2025 | $140 | &nbsp;&nbsp;&nbsp; $840000 | &nbsp;&nbsp;&nbsp; $1560 |
| 12 | ASML Holding N.V. JEF | 06/20/2025 | 700 | &nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; 11400 |
| 150 | Centene Corporation JEF | 06/20/2025 | 55 | &nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 16200 |
| 30 | Cummins, Inc. JEF | 06/20/2025 | 270 | &nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; 750 |
| 350 | Las Vegas Sands Corporation JEF | 06/20/2025 | 30 | &nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 2625 |
| 25 | Lululemon Athletica, Inc. JEF | 07/18/2025 | 240 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 6550 |
| 150 | PVH Corporation JEF | 06/20/2025 | 60 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 2250 |
| 80 | Target Corporation JEF | 10/17/2025 | 90 | &nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 54000 |
| 30 | UnitedHealth Group, Inc. JEF | 09/19/2025 | 270 | &nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; 47700 |
| 100 | Zoom Communications, Inc. JEF | 06/20/2025 | 70 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 1100 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $431,104) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $431,104) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $431,104) |  | &nbsp;&nbsp; 144135 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $864,847) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $864,847) |  |  | &nbsp;&nbsp; $871235 |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** | **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** | **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (5.4)%** |  |
|  | **ASSET MANAGEMENT - (1.3)%** |  |
| (25300) | Carlyle Group, Inc. (The) | &nbsp;&nbsp;&nbsp; $(1143560) |
|  | **HOUSEHOLD PRODUCTS - (1.1)%** |  |
| (7500) | Clorox Company (The) | &nbsp;&nbsp;&nbsp; (989100) |
|  | **INSTITUTIONAL FINANCIAL SERVICES - (1.2)%** |  |
| (1900) | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; (1140855) |
|  | **METALS & MINING - (1.0)%** |  |
| (14700) | Rio Tinto PLC - ADR | &nbsp;&nbsp;&nbsp; (873621) |
|  | **OIL & GAS PRODUCERS - (0.8)%** |  |
| (2600) | Chevron Corporation | &nbsp;&nbsp;&nbsp; (355420) |

---

---

| | | |
|:---|:---|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** | **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (5.4)% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - (0.8)% (Continued)** |  |
| (3400) | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; $(347820) |
|  |  | &nbsp;&nbsp; (703240) |
|  | **EXCHANGE-TRADED FUNDS — (28.8)%** |  |
|  | **EQUITY - (28.8)%** |  |
| (61800) | SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; (3132024) |
| (25100) | SPDR S&P 500 ETF Trust ETF | &nbsp;&nbsp;&nbsp; (14793689) |
| (64000) | VanEck Gold Miners ETF | &nbsp;&nbsp;&nbsp; (3241600) |
| (10400) | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; (1965392) |
| (9200) | Vanguard Total Stock Market ETF | &nbsp;&nbsp;&nbsp; (2666896) |
|  |  | &nbsp;&nbsp; (25799601) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $31,017,113)** | &nbsp;&nbsp; $(30649977) |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| JEF | - Jefferies |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying 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 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:** 2025-05-31

**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:** $121337373.78

**Total Liabilities:** $31685062.65

**Net Assets:** $89652311.13

**Cash Not Reported:** $15496504.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230313 | -0.75%               | -3.63%               | 3.86%                |
| Class ID C000230311 | -0.84%               | -3.72%               | 3.80%                |
| Class ID C000230312 | -0.75%               | -3.63%               | 3.86%                |
| Class ID C000230314 | -0.78%               | -3.65%               | 3.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2269980.00              | $-3320223.26                               |
| Month 2  | $-337358.57              | $-3151312.85                               |
| Month 3  | $142769.86               | $3060058.66                                |

**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      | $720852.30    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                     | WESCO INTL            | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      9360 | NS      | $1571450.40   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                               | EQT CORP              | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     42900 | NS      | $2365077.00   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                         | FREEPORT-MCMORAN      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     22600 | NS      | $869648.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                  | TARGET CORP           | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      6400 | NS      | $601664.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                               | DOLLAR TREE INC       | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     10900 | NS      | $983834.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                 | RIO TINTO-ADR         | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Short            | EC               | CORP              | GB        |    -14700 | NS      | $-873621.00   | -0.97%            |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                  | METLIFE INC           | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     26375 | NS      | $2072547.50   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc.                      | ZOOM COMMUNICATI      | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     16930 | NS      | $1375562.50   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                               | PHOTRONICS INC        | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     31800 | NS      | $531378.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                        | LINCOLN NATL CRP      | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     49190 | NS      | $1630156.60   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                           | CISCO SYSTEMS         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     15960 | NS      | $1006118.40   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                          | DELTA AIR LI          | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     25680 | NS      | $1242655.20   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters Inc.                                  | CARTER'S INC          | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |      7200 | NS      | $225864.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                   | UNITED PARCEL-B       | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      4280 | NS      | $417471.20    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira Biosciences Inc                        | PCRX 2 1/8 05/15/29   | CUSIP: 695127AJ9<br>LEI: 549300P56LERYBDHCF69 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403951.44    | 0.45%             | 2029-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                 | ALPHABET INC-C        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4100 | NS      | $708685.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | GOOG US 06/20/25 P140 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-1560.00     | -0.00%            |  |  |  | No            |                  2 | 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      | $-167200.00   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                               | WHIRLPOOL CORP        | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |      4460 | NS      | $348281.40    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                | CONOCOPHILLIPS        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     27708 | NS      | $2364877.80   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | CMC US 06/20/25 C55   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-13000.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | SPY US 06/20/25 C545  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-476000.00   | -0.53%            |  |  |  | No            |                  2 | On Loan: No      |
| Whitecap Resources Inc                        | WHITECAP RESOURC      | CUSIP: 96467A200<br>LEI: 5493004AMPGZA0JO5Q37 | Long             | EC               | CORP              | CA        |    324818 | NS      | $2025775.61   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                          | VANGUARD TL SK E      | CUSIP: 922908769<br>LEI: 549300G6KNDK44WUN559 | Short            | EC               | RF                | US        |     -9200 | NS      | $-2666896.00  | -2.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                              | HAEMONETICS CORP      | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |     14400 | NS      | $975024.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                 | CHEVRON CORP          | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2600 | NS      | $-355420.00   | -0.40%            |  |  |  | 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      | $-45000.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                             | JOHNSON&JOHNSON       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     16830 | NS      | $2612184.30   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp.                                  | B2GOLD CORP           | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    829832 | NS      | $2796533.84   | 3.12%             |  |  |  | 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      | $581714.88    | 0.65%             | 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      | $-47700.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | ST US 06/20/25 C30    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -120 | NC      | $-1200.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                              | NCR ATLEOS CORP       | CUSIP: 63001N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56790 | NS      | $1505502.90   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                | CITIGROUP INC         | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     35740 | NS      | $2691936.80   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                          | LAS VEGAS SANDS       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     35050 | NS      | $1442658.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                         | BANK OF AMERICA       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     29670 | NS      | $1309337.10   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                   | PFIZER INC            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     51000 | NS      | $1197990.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                  | CUMMINS INC           | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      1400 | NS      | $450072.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corporation                           | VISTEON CORP          | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     11400 | NS      | $962445.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                    | ATKORE INC            | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |     14300 | NS      | $930930.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                   | LOCKHEED MARTIN       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2810 | NS      | $1355487.80   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                           | HUDBAY MINERALS INC   | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |    102800 | NS      | $916976.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                          | CLEVELAND-CLIFFS      | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     54000 | NS      | $314820.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                          | VANGUARD S/C V E      | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Short            | EC               | RF                | US        |    -10400 | NS      | $-1965392.00  | -2.19%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                             | SPD-POR S&P500 V      | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Short            | EC               | RF                | US        |    -61800 | NS      | $-3132024.00  | -3.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC              | SENSATA TECHNOLO      | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     65220 | NS      | $1699633.20   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp.                                     | PVH CORP              | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     27217 | NS      | $2279968.09   | 2.54%             |  |  |  | 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      | $932153.60    | 1.04%             | 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      | $1881388.60   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                          | JPMORGAN CHASE        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13900 | NS      | $3669600.00   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                             | CARLYLE GROUP IN      | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Short            | EC               | CORP              | US        |    -25300 | NS      | $-1143560.00  | -1.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                     | SANOFI-ADR            | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     52696 | NS      | $2601601.52   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                        | AGNICO EAGLE MIN      | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     22040 | NS      | $2600499.60   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                     | GOLDMAN SACHS GP      | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Short            | EC               | CORP              | US        |     -1900 | NS      | $-1140855.00  | -1.27%            |  |  |  | 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      | $492026.40    | 0.55%             | 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      | $1259094.60   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | C US 06/20/25 C75     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-21700.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp.                      | MARATHON PETROLE      | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     13185 | NS      | $2119356.90   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Paccar Inc                                    | PACCAR INC            | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     11575 | NS      | $1086313.75   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                         | DELL TECHN-C          | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     22000 | NS      | $2447940.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                              | V/E JR GLD MINER      | CUSIP: 92189F791<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     42300 | NS      | $2763036.00   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | CNC US 06/20/25 P55   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-16200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                   | KENVUE INC            | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     80500 | NS      | $1921535.00   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                        | ABERCROMBIE & FI      | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     11000 | NS      | $863390.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                  | ORACLE CORP           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3390 | NS      | $561146.70    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                             | EXXON MOBIL CORP      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Short            | EC               | CORP              | US        |     -3400 | NS      | $-347820.00   | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                 | CENTENE CORP          | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     22400 | NS      | $1264256.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                   | GENTEX CORP           | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     38000 | NS      | $819660.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                           | ALLY 4.7 PERP         | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473034.70    | 0.53%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| N/A                                           | PVH US 06/20/25 P60   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-2250.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CMI US 06/20/25 P270  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-750.00      | -0.00%            |  |  |  | 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      | $-54000.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Range Resources Corp.                         | RANGE RESOURCES       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     88680 | NS      | $3373387.20   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| The Clorox Company                            | CLOROX CO             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |     -7500 | NS      | $-989100.00   | -1.10%            |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                             | UWM HOLDINGS COR      | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155700 | NS      | $669510.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | DAL US 06/20/25 C55   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -125 | NC      | $-3000.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Transocean Inc.                               | RIG 6.8 03/15/38      | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $682589.20    | 0.76%             | 2038-03-15      | Fixed         | 6.80%                 | 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        |    -25100 | NS      | $-14793689.00 | -16.50%           |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                              | VANECK GOLD MINE      | CUSIP: 92189F106<br>LEI: 549300ZLFKNTXC51ZN76 | Short            | EC               | RF                | US        |    -64000 | NS      | $-3241600.00  | -3.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                    | AMGEN INC             | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      8400 | NS      | $2420712.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                      | UGI CORP              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     63950 | NS      | $2306037.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                           | ALLY 4.7 PERP         | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $875849.80    | 0.98%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Open Text Corp                                | OPEN TEXT CORP        | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     34190 | NS      | $967918.90    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | LVS US 06/20/25 P30   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -350 | NC      | $-2625.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                            | COTERRA ENERGY I      | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     53776 | NS      | $1307294.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc                     | ZOOMINFO TECH         | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |    120800 | NS      | $1153640.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira Biosciences Inc                        | PACIRA BIOSCIENC      | CUSIP: 695127100<br>LEI: 549300P56LERYBDHCF69 | Long             | EC               | CORP              | US        |     62900 | NS      | $1625336.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                      | LULULEMON ATH         | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      2150 | NS      | $680840.50    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | ASML US 06/20/25 P700 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -12 | NC      | $-11400.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Alamos Gold Inc.                              | ALAMOS GOLD INC       | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    102886 | NS      | $2663718.54   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.             | HARTFORD INSURAN      | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      9930 | NS      | $1289311.20   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | ZM US 06/20/25 P70    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-1100.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Commercial Metals Company                     | COMMERCIAL METAL      | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     77243 | NS      | $3598751.37   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                                   | ECOVYST INC           | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153130 | NS      | $1140818.50   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                            | SUNCOR ENERGY         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     88209 | NS      | $3135829.95   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                             | ASML HOLDING-NY       | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1000 | NS      | $736770.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | LULU US 07/18/25 P240 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-6550.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Jackson Financial Inc                         | JACKSON FI-A          | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     15400 | NS      | $1261414.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                     | CNO FINANCIAL GR      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     42520 | NS      | $1614059.20   | 1.80%             |  |  |  | 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