# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001752724-25-182600
**Filing Date:** 2025-7
**Character Count:** 33203
**Document Hash:** 076709ae37025d1adab38c0e640925ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182600.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182600

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**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:** 251161987

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

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

## Series and Classes Contracts Data

### Easterly Global Real Estate Fund (Series ID: S000070611)

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

## Nport-Ex

TO

---

| | | |
|:---|:---|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **Australia - 8.3%** |  |
| 437301 | Goodman Group | &nbsp;&nbsp;&nbsp; $9273754 |
| 1555197 | Lifestyle Communities Ltd. | &nbsp;&nbsp;&nbsp; 6865637 |
| 696196 | NEXTDC Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5888989 |
|  |  | &nbsp;&nbsp; 22028380 |
|  | **Canada - 3.5%** |  |
| 157510 | InterRent Real Estate Investment Trust | &nbsp;&nbsp;&nbsp; 1566459 |
| 200251 | Killam Apartment Real Estate Investment Trust | &nbsp;&nbsp;&nbsp; 2839198 |
| 392370 | RioCan Real Estate Investment Trust | &nbsp;&nbsp;&nbsp; 4957047 |
|  |  | &nbsp;&nbsp; 9362704 |
|  | **Germany - 4.5%** |  |
| 1179556 | Instone Real Estate Group S.E. <sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 12038393 |
|  | **Japan - 2.5%** |  |
| 1733 | Invincible Investment Corporation | &nbsp;&nbsp;&nbsp; 737523 |
| 10942 | Japan Hotel REIT Investment Corporation | &nbsp;&nbsp;&nbsp; 5671069 |
| 354 | Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;&nbsp; 249840 |
|  |  | &nbsp;&nbsp; 6658432 |
|  | **Singapore - 1.4%** |  |
| 1805400 | CapLand Ascendas REIT | &nbsp;&nbsp;&nbsp; 3705333 |
|  | **Sweden - 3.4%** |  |
| 181416 | Catena A.B. | &nbsp;&nbsp;&nbsp; 8925441 |
|  | **United Kingdom - 16.3%** |  |
| 21457039 | Assura PLC | &nbsp;&nbsp;&nbsp; 14282143 |
| 2698734 | Empiric Student Property PLC | &nbsp;&nbsp;&nbsp; 3506900 |
| 3687666 | Grainger PLC | &nbsp;&nbsp;&nbsp; 11063037 |
| 2119878 | Primary Health Properties PLC | &nbsp;&nbsp;&nbsp; 2876973 |
| 3653047 | Tritax Big Box REIT PLC | &nbsp;&nbsp;&nbsp; 7238211 |
| 373382 | UNITE Group PLC (The) | &nbsp;&nbsp;&nbsp; 4339837 |
|  |  | &nbsp;&nbsp; 43307101 |
|  | **United States – 58.1%** |  |
| 409713 | Acadia Realty Trust | &nbsp;&nbsp;&nbsp; 7891072 |
| 157794 | Agree Realty Corporation | &nbsp;&nbsp;&nbsp; 11881888 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE FUND** | **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **United States – 58.1% (Continued)** | **United States – 58.1% (Continued)** |  |
| 202688 | American Homes 4 Rent, Class A | American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp; $7671741 |
| 80016 | American Tower Corporation, Class A | American Tower Corporation, Class A | &nbsp;&nbsp;&nbsp; 17175433 |
| 487236 | Americold Realty Trust, Inc. | Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 8073501 |
| 257085 | Brixmor Property Group, Inc. | Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp; 6532530 |
| 67628 | Digital Realty Trust, Inc. | Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 11599555 |
| 17929 | Equinix, Inc. | Equinix, Inc. | &nbsp;&nbsp;&nbsp; 15935654 |
| 114673 | Equity LifeStyle Properties, Inc. | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp; 7289763 |
| 490361 | Independence Realty Trust, Inc. | Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 9115811 |
| 98513 | Lamar Advertising Company, Class A | Lamar Advertising Company, Class A | &nbsp;&nbsp;&nbsp; 11874757 |
| 68547 | National Health Investors, Inc. | National Health Investors, Inc. | &nbsp;&nbsp;&nbsp; 4970343 |
| 63307 | Prologis, Inc. | Prologis, Inc. | &nbsp;&nbsp;&nbsp; 6875140 |
| 191815 | Ventas, Inc. | Ventas, Inc. | &nbsp;&nbsp;&nbsp; 12329868 |
| 96784 | Welltower, Inc. | Welltower, Inc. | &nbsp;&nbsp;&nbsp; 14931836 |
|  |  |  | &nbsp;&nbsp; 154148892 |
|  | **TOTAL COMMON STOCKS (Cost $288,631,140)** | **TOTAL COMMON STOCKS (Cost $288,631,140)** | &nbsp;&nbsp; 260174676 |
|  | **TOTAL INVESTMENTS – 98.0% (Cost $288,631,140)** | **TOTAL INVESTMENTS – 98.0% (Cost $288,631,140)** | &nbsp;&nbsp;&nbsp; $260174676 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%** | &nbsp;&nbsp; 5165204 |
|  | **NET ASSETS - 100.0%** |  | &nbsp;&nbsp; $265339880 |
|  | **Portfolio Composition By Industry** |  |  |
|  | Real Estate Investment Trusts | 79.8% |  |
|  | Real Estate Owners & Developers | 13.4% |  |
|  | Home Construction | 2.6% |  |
|  | Telecommunications | 2.2% |  |
|  | Other Assets In Excess of Liabilities | 2.0% |  |
|  | Net Assets | 100.0% |  |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.E. | - Societas Europeae |

---

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

<sup>(b)</sup> Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. As of May 31, 2025, the value of securities amounted to $12,038,393 or 4.5% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2025, the value of these securities amounted to $12,038,393 or 4.5% of net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 89.8%** | **EXCHANGE-TRADED FUNDS — 89.8%** | **EXCHANGE-TRADED FUNDS — 89.8%** |  |  |  |
|  | **EQUITY - 89.8%** | **EQUITY - 89.8%** | **EQUITY - 89.8%** |  |  |  |
| 372500 | SPDR S&P 500 ETF Trust ETF<sup>(a)</sup> | SPDR S&P 500 ETF Trust ETF<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $219547775 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $187,627,810)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $187,627,810)** |  |  |  |  |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **INDEX OPTIONS PURCHASED - 2.5%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 2.5%** | **PUT OPTIONS PURCHASED - 2.5%** | **PUT OPTIONS PURCHASED - 2.5%** |  |  |  |
| 810 | S&P 500 Index | PER | 06/30/2025 | $5835 | &nbsp;&nbsp;&nbsp; $478846890 | &nbsp;&nbsp;&nbsp; $6200550 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $6,530,073)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $6,530,073)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $6,530,073)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $6,530,073)** |  |  |
|  | **TOTAL INVESTMENTS – 92.3% (Cost $194,157,883)** | **TOTAL INVESTMENTS – 92.3% (Cost $194,157,883)** | **TOTAL INVESTMENTS – 92.3% (Cost $194,157,883)** |  |  | &nbsp;&nbsp;&nbsp; $225748325 |
|  | **CALL OPTIONS WRITTEN - (0.4)% (Premiums received - $1,354,262)** | **CALL OPTIONS WRITTEN - (0.4)% (Premiums received - $1,354,262)** | **CALL OPTIONS WRITTEN - (0.4)% (Premiums received - $1,354,262)** |  |  | &nbsp;&nbsp;&nbsp; (1033500) |
|  | **PUT OPTIONS WRITTEN - (0.9)% (Premiums received - $2,713,227)** | **PUT OPTIONS WRITTEN - (0.9)% (Premiums received - $2,713,227)** | **PUT OPTIONS WRITTEN - (0.9)% (Premiums received - $2,713,227)** |  |  | &nbsp;&nbsp;&nbsp; (2187000) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 9.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 9.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 9.0%** |  |  | &nbsp;&nbsp; 21924842 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $244452667 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS - (0.9)%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS WRITTEN - (0.9)%** | **PUT OPTIONS WRITTEN - (0.9)%** | **PUT OPTIONS WRITTEN - (0.9)%** |  |  |  |
| 810 | S&P 500 Index | PER | 06/30/2025 | $5540 | &nbsp;&nbsp;&nbsp; $478846890 | &nbsp;&nbsp;&nbsp; $2187000 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $2,713,227)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $2,713,227)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $2,713,227)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $2,713,227)** |  |  |
|  | **WRITTEN EQUITY OPTIONS - (0.4)%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **CALL OPTIONS WRITTEN - (0.4)%** | **CALL OPTIONS WRITTEN - (0.4)%** | **CALL OPTIONS WRITTEN - (0.4)%** |  |  |  |
| 1500 | SPDR S&P 500 ETF Trust | PER | 06/06/2025 | 590 | &nbsp;&nbsp;&nbsp; 88408500 | &nbsp;&nbsp;&nbsp; 775500 |
| 2000 | SPDR S&P 500 ETF Trust | PER | 06/30/2025 | 615 | &nbsp;&nbsp;&nbsp; 117878000 | &nbsp;&nbsp;&nbsp; 258000 |
|  | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $1,354,262)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $1,354,262)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $1,354,262)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $1,354,262)** |  | &nbsp;&nbsp; 1033500 |
|  | **TOTAL OPTIONS WRITTEN (Premiums received – 4,067,489)** | **TOTAL OPTIONS WRITTEN (Premiums received – 4,067,489)** |  |  |  | $3220500 |

---

---

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

---

<sup>(a)</sup> A portion of this security is held as collateral for written options. <br> <sup>(b)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** | **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** |  |  |  |
|  |  |  |  |  |  |  |  |  |  | **Upfront** | **Unrealized** |
|  | **Payment** |  |  |  |  |  | **Number Of** | **Maturity** | **Notional** | **<u>Payments/</u>** | **Appreciation** |
| **Description** | **Frequency** | **Long/Short** | **Currency** | **Index** | **Spread** | **Counterparty** | **Contracts** | **Date** | **Amount** | **Receipts** | **(Depreciation)** |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.55% | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 6/20/2025 | $5292840 | $- | $601060 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.55% | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82500 | 9/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42789900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834775 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 1.00% | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 11/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47700 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.95% | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17087142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594558 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 1.35% | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | 12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9038700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197850) |
|  |  |  |  |  |  |  |  |  |  |  | $6880243 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

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

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

- **a. Name of Series:** Easterly Global Real Estate Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $272621635.01

**Total Liabilities:** $7281755.20

**Net Assets:** $265339879.81

**Cash Not Reported:** $584609.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224295 | -1.61%               | 3.55%                | 3.23%                |
| Class ID C000224298 | -1.65%               | 3.63%                | 3.24%                |
| Class ID C000224297 | -1.70%               | 3.63%                | 3.15%                |
| Class ID C000224296 | -1.74%               | 3.47%                | 3.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3967691.73             | $-1206275.14                               |
| Month 2  | $-4150901.80             | $12774614.94                               |
| Month 3  | $1446804.14              | $6650063.36                                |

**Designated Index Information**

- **Index Name:** FTSE EPRA/NAREIT Developed Index Net TRI (Net)

- **Index Identifier:** RNGL

### Schedule of Portfolio Investments

| Name                                          | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prologis Inc.                                 | PROLOGIS INC              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     63307 | NS      | $6875140.20   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | CURRENCY CONTRACT - USD   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    295095 | NC      | $-163.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CURRENCY CONTRACT - CAD   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |   1066689 | NC      | $-194.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc.                     | DIGITAL REALTY            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     67628 | NS      | $11599554.56  | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                     | LAMAR ADVERTIS-A          | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     98513 | NS      | $11874757.02  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Interrent Real Estate Investment Trust        | INTERRENT REAL E          | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    157510 | NS      | $1566458.66   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                         | AMERICAN HOMES-A          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    202688 | NS      | $7671740.80   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger PLC                                  | Grainger PLC              | CUSIP: G40432117<br>LEI: 2138007CEIRKZMNI2979 | Long             | EC               | CORP              | GB        |   3687666 | NS      | $11063037.75  | 4.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Agree Realty Corp                             | AGREE REALTY              | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |    157794 | NS      | $11881888.20  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Primary Health Properties PLC                 | PRIMARY HEALTH            | CUSIP: G7240B186<br>LEI: 213800Y5CJHXOATK7X11 | Long             | EC               | CORP              | GB        |   2119878 | NS      | $2876973.20   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Hotel REIT Investment Corporation       | JAPAN HOTEL REIT          | CUSIP: J2761Q107<br>LEI: 353800L8KG849FP1JI68 | Long             | EC               | CORP              | JP        |     10942 | NS      | $5671068.28   | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Killam Apartment Real Estate Investment Trust | KILLAM APARTMENT REAL EST | CUSIP: 49410M102<br>LEI: 2549001RZSL75H60JE41 | Long             | EC               | CORP              | CA        |    200251 | NS      | $2839198.02   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors, Inc.               | NATL HEALTH INV           | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |     68547 | NS      | $4970342.97   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui Fudosan Logistics Park Inc             | MITSUI FUDOSAN L          | CUSIP: J44788107<br>LEI: 353800DN63EIYS760S59 | Long             | EC               | CORP              | JP        |       354 | NS      | $249839.96    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Tritax Big Box REIT PLC                       | TRITAX BIG BOX R          | CUSIP: G9101W101<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               | CORP              | GB        |   3653047 | NS      | $7238210.91   | 2.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Equity Lifestyle Properties Inc               | EQUITY LIFESTYLE          | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    114673 | NS      | $7289762.61   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifestyle Communities Ltd.                    | LIFESTYLE COMMUN          | CUSIP: Q5557L143<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1555197 | NS      | $6865637.46   | 2.59%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CURRENCY CONTRACT - USD   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    101156 | NC      | $-12.72       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Independence Realty Trust Inc                 | INDEPENDENCE REA          | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    490361 | NS      | $9115810.99   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Assura PLC                                    | ASSURA PLC                | CUSIP: G2386T109<br>LEI: 21380026T19N2Y52XF72 | Long             | EC               | CORP              | GB        |  21457039 | NS      | $14282142.83  | 5.38%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CURRENCY CONTRACT - USD   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    287272 | NC      | $386.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTDC Ltd.                                   | NEXTDC Ltd                | CUSIP: Q6750Y106<br>LEI: 529900RTERU3X7G3D672 | Long             | EC               | CORP              | AU        |    696196 | NS      | $5888988.52   | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Brixmor Property Group Inc                    | BRIXMOR PROPERTY          | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    257085 | NS      | $6532529.85   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                           | ACADIA REALTY             | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    409713 | NS      | $7891072.38   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                    | AMERICOLD REALTY          | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |    487236 | NS      | $8073500.52   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | CURRENCY CONTRACT - USD   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |  37689184 | NC      | $-416.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RioCan Real Estate Investment Trust           | RIOCAN REIT               | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |    392370 | NS      | $4957047.06   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                 | EQUINIX INC               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     17929 | NS      | $15935653.78  | 6.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Empiric Student Property PLC                  | EMPIRIC STUDENT           | CUSIP: G30381100<br>LEI: 213800FPF38IBPRFPU87 | Long             | EC               | CORP              | GB        |   2698734 | NS      | $3506899.74   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITE Group PLC                               | UNITE GROUP/THE           | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    373382 | NS      | $4339836.80   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Instone Real Estate Group Se                  | INSTONE REAL EST          | CUSIP: D3706C100<br>LEI: 391200DINUIRPDZQHX03 | Long             | EC               | CORP              | DE        |   1179556 | NS      | $12038393.46  | 4.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Goodman Group                                 | GOODMAN GROUP             | CUSIP: Q4229W132<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    437301 | NS      | $9273754.03   | 3.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Welltower OP LLC                              | WELLTOWER INC             | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96784 | NS      | $14931835.52  | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Invincible Investment Corporation             | INVINCIBLE INVES          | CUSIP: J2442V103<br>LEI: 353800JY6M2692VAV685 | Long             | EC               | CORP              | JP        |      1733 | NS      | $737523.49    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| BBH                                           | BBH SWEEP VEHICLE         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   5004165 | PA      | $5004164.73   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Catena AB                                     | CATENA AB                 | CUSIP: W2356E100<br>LEI: 549300EMLM7AH5LDLY65 | Long             | EC               | CORP              | SE        |    181416 | NS      | $8925441.07   | 3.36%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Ascendas REIT                      | CAPLAND ASCENDAS          | CUSIP: Y0205X103<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               | CORP              | SG        |   1805400 | NS      | $3705332.71   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventas Inc.                                   | VENTAS INC                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    191815 | NS      | $12329868.20  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                    | AMERICAN TOWER C          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     80016 | NS      | $17175434.40  | 6.47%             |  |  |  | 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