James Alpha Funds Trust NPORT-P Easterly Snow Long/Short Opportunity Fund (May 2024 report)

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2024
Shares		Fair Value
	COMMON STOCKS — 112.5%
	AEROSPACE & DEFENSE - 1.7%
3,435	Lockheed Martin Corporation, B	$	1,615,618
	APPAREL & TEXTILE PRODUCTS - 1.2%
9,437	PVH Corporation	1,132,534
	AUTOMOTIVE - 1.6%
34,790	Phinia, Inc.	1,557,200
	BANKING - 12.5%
29,670	Bank of America Corporation	1,186,503
38,740	Citigroup, Inc.	2,413,889
51,360	Columbia Banking System, Inc.	990,221
23,195	JPMorgan Chase & Company	4,700,004
43,583	Wells Fargo & Company	2,611,493
		11,902,110
	BIOTECH & PHARMA - 12.7%
9,304	AbbVie, Inc.	1,500,177
11,257	Amgen, Inc.	3,442,954
13,360	Johnson & Johnson	1,959,511
700,000	Optinose, Inc.(a)	756,000
51,380	Pacira BioSciences, Inc.(a)	1,558,355
21,500	Sage Therapeutics, Inc.(a)	238,865
52,696	Sanofi - ADR	2,583,685
		12,039,547
	CHEMICALS - 2.8%
15,240	FMC Corporation	928,878
18,350	International Flavors & Fragrances, Inc.	1,764,903
		2,693,781
	DIVERSIFIED INDUSTRIALS - 0.8%
9,350	Pentair PLC	760,903
	ELECTRIC UTILITIES - 1.9%
18,000	Vistra Corporation	1,783,440

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2024
Shares		Fair Value
	COMMON STOCKS — 112.5% (Continued)
	ELECTRICAL EQUIPMENT - 1.8%
41,520	Sensata Technologies Holding plc	$	1,715,606
	ENTERTAINMENT CONTENT - 1.2%
10,500	Walt Disney Company (The)	1,091,055
	FOOD - 1.1%
17,320	Kellanova	1,045,089
	GAS & WATER UTILITIES - 1.5%
55,950	UGI Corporation	1,424,487
	HOME & OFFICE PRODUCTS - 0.9%
9,010	Whirlpool Corporation	838,200
	HOUSEHOLD PRODUCTS - 2.3%
112,540	Kenvue, Inc.	2,172,022
	INDUSTRIAL SUPPORT SERVICES - 2.7%
14,360	WESCO International, Inc.	2,577,476
	INSURANCE - 6.8%
66,420	CNO Financial Group, Inc.	1,905,590
14,490	Hartford Financial Services Group, Inc. (The)	1,498,991
36,090	Lincoln National Corporation	1,190,609
26,375	MetLife, Inc.	1,908,758
		6,503,948
	INTERNET MEDIA & SERVICES - 0.8%
25,020	Match Group, Inc.(a)	766,363
	LEISURE FACILITIES & SERVICES - 0.2%
10,700	Bloomin' Brands, Inc.	233,260
	MACHINERY - 1.0%
18,010	Kennametal, Inc.	463,758

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2024
Shares		Fair Value
	COMMON STOCKS — 112.5% (Continued)
	MACHINERY - 1.0% (Continued)
8,804	Terex Corporation	$	525,334
		989,092
	MEDICAL EQUIPMENT & DEVICES - 2.4%
32,490	Integra LifeSciences Holdings Corporation(a)	1,003,941
11,057	Zimmer Biomet Holdings, Inc.	1,273,214
		2,277,155
	METALS & MINING - 6.5%
22,040	Agnico Eagle Mines Ltd.	1,503,348
137,886	Alamos Gold, Inc., Class A	2,304,075
830,222	B2Gold Corporation	2,324,622
		6,132,045
	OIL & GAS PRODUCERS - 21.3%
29,476	Coterra Energy, Inc.	840,656
16,900	Delek US Holdings, Inc.	430,274
62,900	EQT Corporation	2,584,561
8,400	Exxon Mobil Corporation	984,984
85,561	Marathon Oil Corporation	2,477,847
11,385	Marathon Petroleum Corporation	2,010,705
47,370	Northern Oil and Gas, Inc.	1,938,854
61,960	Range Resources Corporation	2,286,944
289,170	Southwestern Energy Company(a)	2,177,450
88,209	Suncor Energy, Inc.	3,600,691
109,740	Veren, Inc.	955,835
		20,288,801
	RETAIL - CONSUMER STAPLES - 0.6%
6,400	BJ's Wholesale Club Holdings, Inc.(a)	563,648
	RETAIL - DISCRETIONARY - 1.3%
16,630	Advance Auto Parts, Inc.	1,174,743
	SEMICONDUCTORS - 5.7%
13,510	Advanced Micro Devices, Inc.(a)	2,254,819
35,604	Intel Corporation	1,098,383
31,800	Photronics, Inc.(a)	869,730

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2024
Shares		Fair Value
	COMMON STOCKS — 112.5% (Continued)
	SEMICONDUCTORS - 5.7% (Continued)
14,891	Silicon Motion Technology Corporation - ADR	$	1,162,838
		5,385,770
	SOFTWARE - 4.2%
7,296	Check Point Software Technologies Ltd.(a)	1,098,048
56,751	Open Text Corporation	1,659,967
6,890	Oracle Corporation	807,439
7,570	Zoom Video Communications, Inc., Class A(a)	464,344
		4,029,798
	STEEL - 4.6%
77,243	Commercial Metals Company	4,350,326
	TECHNOLOGY HARDWARE - 6.5%
27,920	Cisco Systems, Inc.	1,298,280
57,750	NCR Atleos Corporation(a)	1,607,183
104,320	NCR Voyix Corporation(a)	1,374,938
16,019	NetApp, Inc.	1,929,167
		6,209,568
	TRANSPORTATION & LOGISTICS - 3.1%
38,180	Delta Air Lines, Inc.	1,947,944
6,760	United Parcel Service, Inc., B	939,167
		2,887,111
	TRANSPORTATION EQUIPMENT - 0.8%
7,275	PACCAR, Inc.	782,063
	TOTAL COMMON STOCKS (Cost $84,670,400)	106,922,759
	EXCHANGE-TRADED FUNDS — 2.0%
	EQUITY - 2.0%
42,300	VanEck Junior Gold Miners ETF	1,908,999
	TOTAL EXCHANGE-TRADED FUNDS (Cost $1,596,373)	1,908,999

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2024
Principal Amount ($)				Coupon Rate (%)		Maturity		Fair Value
	CORPORATE BONDS — 2.9%
	OIL & GAS SERVICES & EQUIPMENT — 0.9%
1,000,000	Transocean, Inc.			6.8000		03/15/38		$	833,052
	RETAIL - DISCRETIONARY — 0.7%
1,000,000	Kohl's Corporation			5.5500		07/17/45		641,560
	SPECIALTY FINANCE — 1.3%
500,000	Ally Financial, Inc.  Series B			4.7000		08/15/69		442,029
1,000,000	Ally Financial, Inc.			4.7000		08/15/69		801,844
								1,243,873
	TOTAL CORPORATE BONDS (Cost $2,370,730)							2,718,485
	TOTAL INVESTMENTS - 117.4% (Cost $88,637,503)							$	111,550,243
	CALL OPTIONS WRITTEN - (1.7)% (Premiums received - $824,266)							(1,571,070)
	PUT OPTIONS WRITTEN - 0.0% (Premiums received - $55,082)							(34,375)
	LIABILITIES IN EXCESS OF OTHER ASSETS - (15.7)%							(14,878,177)
	NET ASSETS - 100.0%							$	95,066,621
Contracts(b)
	WRITTEN EQUITY OPTIONS - (1.7)%	Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
	CALL OPTIONS WRITTEN- (1.7)%
60	Advanced Micro Devices, Inc.	JEF	12/20/2024	$	175	$	1,050,000	$	126,000
350	Alamos Gold, Inc.	JEF	06/21/2024	15		525,000		57,750
18	Amgen, Inc.	JEF	07/19/2024	300		540,000		24,210
25	Amgen, Inc.	JEF	01/17/2025	350		875,000		30,625
80	Citigroup, Inc.	JEF	06/21/2024	65		520,000		3,920
100	Citigroup, Inc.	JEF	11/15/2024	70		700,000		16,600
250	Commercial Metals Company	JEF	06/21/2024	55		1,375,000		70,000
250	Commercial Metals Company	JEF	09/20/2024	60		1,500,000		58,125
125	Delta Air Lines, Inc.	JEF	06/21/2024	42		525,000		116,250
40	Marathon Petroleum Corporation	JEF	09/20/2024	240		960,000		1,140
80	NetApp, Inc.	JEF	09/20/2024	110		880,000		106,400
80	NetApp, Inc.	JEF	12/20/2024	120		960,000		100,000
180	Range Resources Corporation	JEF	12/20/2024	43		774,000		38,250
250	Suncor Energy, Inc.	JEF	07/19/2024	42		1,050,000		19,000
180	Vistra Corporation	JEF	10/18/2024	65		1,170,000		613,800
80	Wells Fargo & Company	JEF	06/21/2024	60		480,000		10,160
50	WESCO International, Inc.	JEF	12/20/2024	175		875,000		120,250
42	WESCO International, Inc.	JEF	12/20/2024	200		840,000		58,590
	TOTAL CALL OPTIONS WRITTEN (Proceeds - $824,266)							1,571,070

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2024
Contracts(b) (continued)
	WRITTEN EQUITY OPTIONS - (1.7)% (Continued)	Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
	PUT OPTIONS WRITTEN - 0.0%(c)
50	PVH Corporation	JEF	06/21/2024	$	105	$	525,000	$	7,000
75	Zoom Video Communications, Inc.	JEF	09/20/2024		60		460,000	27,375
	TOTAL PUT OPTIONS WRITTEN (Proceeds - $55,082)							34,375
	TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $879,348)							$	1,605,445

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)
May 31, 2024
Shares		Fair Value
	COMMON STOCKS — (7.7)%
	ASSET MANAGEMENT - (1.1)%
(7,780)	Ares Management Corporation, CLASS A	$	(1,090,523)
	HOUSEHOLD PRODUCTS - (1.2)%
(12,800)	Colgate-Palmolive Company	(1,189,888)
	INSTITUTIONAL FINANCIAL SERVICES - (1.2)%
(2,410)	Goldman Sachs Group, Inc. (The)	(1,100,213)
	METALS & MINING - (1.7)%
(13,150)	Newmont Corporation	(551,511)
(14,700)	Rio Tinto PLC - ADR	(1,030,470)
		(1,581,981)
	OIL & GAS PRODUCERS - (1.9)%
(4,140)	EOG Resources, Inc.	(515,637)
(14,800)	Occidental Petroleum Corporation	(925,000)

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)
May 31, 2024
Shares		Fair Value
	COMMON STOCKS — (7.7)% (Continued)
	OIL & GAS PRODUCERS - (1.9)%  (Continued)
(19,930)	Permian Resources Corporation	$	(326,653)
		(1,767,290)
	RETAIL - DISCRETIONARY - (0.6)%
(550)	O'Reilly Automotive, Inc.	(529,793)
	EXCHANGE-TRADED FUNDS — (26.8)%
	COMMODITY - (0.5)%
(2,400)	SPDR Gold Shares	(516,720)
	EQUITY - (26.3)%
(16,700)	iShares Russell 1000 Value ETF	(2,958,572)
(12,600)	iShares Russell 2000 Value ETF	(1,964,088)
(7,980)	iShares Russell 3000 ETF	(2,399,027)
(75,480)	VanEck Gold Miners ETF	(2,664,444)
(31,000)	Vanguard S&P 500 ETF	(15,023,220)
		(25,009,351)
	TOTAL SECURITIES SOLD SHORT - (Proceeds - $30,105,053)	$	(32,785,759)

ADR	- American Depositary Receipt
ETF JEF	- Exchange-Traded Fund - Jefferies
LTD	- Limited Company
PLC	- Public Limited Company
SPDR	- Standard & Poor's Depositary Receipt

(a)	Non-income producing security.
(b)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(c)	Percentage rounds to greater than (0.1%).