0001580642-24-002610.txt : 20240508 0001580642-24-002610.hdr.sgml : 20240508 20240508120546 ACCESSION NUMBER: 0001580642-24-002610 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20240229 FILED AS OF DATE: 20240508 DATE AS OF CHANGE: 20240508 EFFECTIVENESS DATE: 20240508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: James Alpha Funds Trust CENTRAL INDEX KEY: 0001829774 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-23611 FILM NUMBER: 24924936 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

0001829774 S000073424 Easterly Snow Long/Short Opportunity Fund

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

0001829774 S000073425 Easterly Snow Small Cap Value Fund

C000230315 Easterly Snow Small Cap Value Fund Class C

C000230316 Easterly Snow Small Cap Value Fund Class I

C000230317 Easterly Snow Small Cap Value Fund Class R6

C000230318 Easterly Snow Small Cap Value Fund Class A

N-CSR 1 easterlysnow_ncsr.htm N-CSR

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-23611

James Alpha Funds Trust

(Exact name of registrant as specified in charter)

515 Madison Avenue, 24th Floor, New York, NY 10022

(Address of principal executive offices) (Zip code)

Emile R. Molineaux

80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 623-266-4567

Date of fiscal year end: 2/28

Date of reporting period: 2/29/2024

Item 1. Reports to Stockholders.

(LOGO)

JAMES ALPHA FUNDS TRUST d/b/a EASTERLY FUNDS TRUST

CLASS A, C, I AND R6 SHARES

ANNUAL REPORT

February 29, 2024

THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS AND TO OTHERS WHO
HAVE RECEIVED A COPY OF THE PROSPECTUS.

February 29, 2024

Dear Fellow Shareholder:

We are pleased to provide you with this annual report on the economy and capital markets as well as performance of the Easterly Snow Capital Long/Short and Small Cap Value mutual funds. This report covers the annual period from February 28, 2023 through February 29, 2024. During the period, the Easterly Small Cap Value Fund (SNWIX) had a return of 16.4%, compared to a return of 5.6% for the Russell 2000 Value Index. For the same twelve-month period, the Long/Short Opportunity Fund (SNOIX) had a total return of 7.1%, compared to a return of 13.5% for the Russell 3000 Value Index. Consistent with our investment strategy, SNOIX utilized equity and ETF option contracts (derivative instruments) in an attempt to protect against investment principal and “hedge” or limit the overall equity exposure. Over the period, our use of equity options detracted 43 basis points from overall performance, while our use of ETF options reduced our total performance 104 bps. While we view this impact as material to performance, it was consistent with our investment objective for long-term capital appreciation and protection of investment principal. The use of derivatives did not cause the fund to realize higher than expected amounts of ordinary income, short-term capital gains or distributions.

Major indexes posted positive results for the period as better than expected economic data and declining inflation provided a supportive backdrop for equity performance. The outlook for economic growth has improved and with it, U.S. equity market valuations. The S&P 500 now trades at 20.4x forward earnings, above its long-term average of 16.6x. The rise in market valuations has been driven by an increased concentration of the of the largest stocks. As of 2/29/2024, the weight of the top 10 stocks in the S&P 500 increased to 33.6% of total market capitalization. Across the market cap spectrum, growth stocks significantly outpaced value stocks on relative terms. The valuation disparity between value and growth stocks widened, nearing levels last seen during the onset of the COVID Pandemic. The market’s valuation disparity continues to remain wide by historical standards.

The Federal funds rate is currently set between 5.25-5.5%, up 75 basis points from 12 months ago. The yield curve remains inverted but has narrowed over the past 12 months due to improving economic forecasts. Still, the length of the current inversion, as defined as the difference in the two-year US treasury note and 10-year bond, is the longest on record, highlighting persistent risk around recession. The Federal Reserve (Fed) has communicated that they no longer expect that a recession will be needed to bring inflation down and continue to forecast three rate reductions in 2024. With the Fed ending its sharpest tightening of monetary policy since the 1980s, many investors are now extrapolating that softening monetary policy conditions will support continued economic growth.

For now, with 2024 S&P 500 earnings estimates up 10% over the past twelve months, we expect markets to remain resilient despite contradicting signs of economic health. The Conference Board’s leading economic indicators crept up 0.1% in February, it’s the first increase since February 2022. At the same time, rising consumer debt, elevated corporate defaults and higher-for-longer interest rates are expected to weigh on US GDP growth. Against this fragmented backdrop, we think investors should avoid high growth names that are dependent on sustained earnings improvement. In our view, the direction of equity prices will be more modest than the past twelve months and driven by improving fundamentals across areas of the market that have already been in a recession.

The consistent application of our investment approach has led our Funds to outpace the broad-based indices over full market cycles. In turn, we continue to hold companies with compelling business fundamentals, skilled management teams, recurring cash flows and the flexibility to adapt to an inflationary environment. We believe the strong cash flow generation and capital flexibility of our businesses will provide meaningful protection if market fundamentals deteriorate. Thank you for your commitment and loyalty to Easterly Investment Partners.

20240328-3479084

Easterly Snow Small Cap Value Fund

PORTFOLIO REVIEW (Unaudited)

February 29, 2024

The Fund’s performance figures* for each of the periods ended February 29, 2024 compared to its benchmark:

		Annualized	Annualized	Annualized	Annualized
	1 Year Return	5 Year Return	10 Year Return	Since Inception*	Since Inception**
Class I	16.44%	11.95%	6.69%	9.95%	N/A
Class A	16.18%	11.68%	6.42%	9.68%	N/A
Class A with load	9.49%	10.36%	5.79%	9.19%	N/A
Class C	15.29%	10.85%	5.64%	8.86%	N/A
Class R6	16.46%	N/A	N/A	N/A	5.60%
Russell 2000^® Value Total Return Index^(a)	5.61%	6.62%	6.55%	8.86%	(2.94)%

Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed, may be worth more or less than their original cost. For more performance numbers current to the most recent month-end please call (833) 999-2636. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated July 1, 2023, is 2.20%, 2.45%, 3.20% and 2.20% for the I, A, C and R6 Classes, respectively.

^(a)

The Russell 2000^® Value Total Return Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 is a subset of the Russell 3000^®Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

Inception date for Class I, A and C is November 30, 2010.

Inception date for Class R6 is November 4, 2021.

A HYPOTHETICAL COMPARISON OF THE GROWTH OF $1,000,000 INVESTED IN THE
EASTERLY SNOW SMALL CAP VALUE FUND VS. BENCHMARK

(LINE GRAPH)

Top 10 Holdings by Industry	% of Net Assets
Banking		14.9	%
Insurance		12.0	%
Leisure Facilities & Services		11.1	%
Semiconductors		8.3	%
Oil & Gas Producers		8.2	%
Medical Equipment & Devices		5.2	%
Food		4.8	%
Retail - Discretionary		4.3	%
Commercial Support Services		3.5	%
Steel		3.1	%
Other/Cash & Equivalents		24.6	%
		100.0	%

Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.

Easterly Snow Long/Short Opportunity Fund

PORTFOLIO REVIEW (Unaudited)

February 29, 2024

The Fund’s performance figures* for each of the periods ended February 29, 2024, compared to its benchmarks:

		Annualized	Annualized	Annualized	Annualized
	1 Year Return	5 Year Return	10 Year Return	Since Inception*	Since Inception**
Class I	7.07%	9.09%	5.30%	6.05%	N/A
Class A	6.84%	8.83%	5.04%	5.80%	N/A
Class A with load	0.70%	7.55%	4.42%	5.44%	N/A
Class C	5.99%	8.03%	4.26%	5.03%	N/A
Class R6	7.10%	N/A	N/A	N/A	3.96%
Russell 3000^® Value Total Return Index^(a)	13.51%	9.20%	8.58%	7.31%	3.26%
70% Russell 3000^® Value Total Return/30% ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Blend Index^(b)	11.20%	7.40%	6.64%	5.80%	3.57%

Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed, may be worth more or less than their original cost. For more performance numbers current to the most recent month-end please call (833) 999-2636. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated July 1, 2023, is 1.36%, 1.61%, 2.35% and 1.36% for the I, A, C and R6 Classes, respectively.

^(a)

The Russell 3000^® Value Total Return Index measures the performance of the largest 3,000 US companies representing approximately 97% of the investable US equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

^(b)

The 70% Russell 3000^® Value Total Return/30% ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Blend Index consists of 70% Russell 3000^® Value Total Return Index and 30% ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Index. The Russell 3000^®Value Total Return Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000^® companies with lower price-to-book ratios and lower forecasted growth values. The ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

Inception date for Class I, A and C is April 28, 2006.

Inception date for Class R6 is November 4, 2021.

A HYPOTHETICAL COMPARISON OF THE GROWTH OF $1,000,000 INVESTED IN THE
EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND VS. BENCHMARKS

(LINE GRAPH)

Top 10 Holdings by Industry	% of Net Assets
Oil & Gas Producers		17.7	%
Biotech & Pharma		13.8	%
Banking		12.1	%
Insurance		7.6	%
Semiconductors		6.8	%
Technology Hardware		5.3	%
Metals & Mining		5.2	%
Steel		4.3	%
Software		3.9	%
Exchange-Traded Funds		3.8	%
Other/Cash & Equivalents		19.5	%
		100.0	%

Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.

EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS

February 29, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2%
		AEROSPACE & DEFENSE - 1.3%
	9,038	Barnes Group, Inc.	$	315,788

		APPAREL & TEXTILE PRODUCTS - 1.1%
	3,165	Carter’s, Inc.		256,207

		AUTOMOTIVE - 1.8%
	4,847	Modine Manufacturing Company^(a)		434,824

		BANKING - 14.9%
	33,576	Columbia Banking System, Inc.		607,725
	4,561	Comerica, Inc.		225,222
	32,292	First Commonwealth Financial Corporation		420,765
	40,644	FNB Corporation		542,191
	35,954	KeyCorporation		513,064
	3,813	OFG Bancorp		138,107
	42,200	Old National Bancorp		693,345
	11,907	Zions Bancorp NA		469,493
				3,609,912
		BIOTECH & PHARMA - 2.4%
	16,112	Collegium Pharmaceutical, Inc.^(a)		591,472

		CHEMICALS - 2.4%
	10,452	FMC Corporation		589,388

		COMMERCIAL SUPPORT SERVICES - 3.5%
	10,299	ABM Industries, Inc.		425,451
	3,919	AMN Healthcare Services, Inc.^(a)		220,522
	11,247	Cross Country Healthcare, Inc.^(a)		205,483
				851,456
		FOOD - 4.8%
	36,701	Pilgrim’s Pride Corporation^(a)		1,168,560

See accompanying notes to financial statements.

EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

February 29, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		HOME & OFFICE PRODUCTS - 1.0%
	41,819	ACCO Brands Corporation	$	233,350


		INDUSTRIAL SUPPORT SERVICES - 0.7%
	1,095	WESCO International, Inc.		163,692

		INSURANCE - 12.0%
	38,390	CNO Financial Group, Inc.		1,024,630
	18,343	Jackson Financial, Inc., Class A		1,009,782
	32,269	Lincoln National Corporation		888,688
				2,923,100
		LEISURE FACILITIES & SERVICES - 11.1%
	35,389	Bloomin’ Brands, Inc.		961,873
	21,344	Brinker International, Inc.^(a)		989,081
	42,500	Cinemark Holdings, Inc.^(a)		739,925
				2,690,879
		MACHINERY - 2.8%
	6,687	Astec Industries, Inc.		271,492
	4,005	Kennametal, Inc.		101,086
	5,157	Terex Corporation		295,754
				668,332
		MEDICAL EQUIPMENT & DEVICES - 5.2%
	29,079	Inmode Ltd.^(a)		639,738
	16,718	Integra LifeSciences Holdings Corporation^(a)		617,061
				1,256,799
		OIL & GAS PRODUCERS - 8.2%
	17,593	CNX Resources Corporation^(a)		368,573
	71,026	Crescent Point Energy Corporation		518,490
	33,768	Delek US Holdings, Inc.		861,422
	4,308	HF Sinclair Corporation		239,094
				1,987,579
		REITS - 2.5%
	25,310	Highwoods Properties, Inc.		618,830

See accompanying notes to financial statements.

EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

February 29, 2024

Shares			Fair Value
		COMMON STOCKS — 94.2% (Continued)
		RETAIL - DISCRETIONARY - 4.3%
	6,225	Advance Auto Parts, Inc.	$	420,437
	15,094	Urban Outfitters, Inc.^(a)		627,155
				1,047,592
		SEMICONDUCTORS - 8.3%
	1,609	Diodes, Inc.^(a)		109,380
	34,781	Photronics, Inc.^(a)		1,001,345
	12,796	Silicon Motion Technology Corporation - ADR		905,829
				2,016,554
		SOFTWARE - 0.6%
	2,100	Ziff Davis, Inc.^(a)		144,396

		STEEL - 3.1%
	14,092	Commercial Metals Company		760,968

		TECHNOLOGY HARDWARE - 2.2%
	3,956	Clearfield, Inc.^(a)		119,353
	491	Super Micro Computer, Inc.^(a)		425,264
				544,617

		TOTAL COMMON STOCKS (Cost $18,452,990)		22,874,295

		TOTAL INVESTMENTS - 94.2% (Cost $18,452,990)	$	22,874,295
		OTHER ASSETS IN EXCESS OF LIABILITIES - 5.8%		1,408,585
		NET ASSETS - 100.0%	$	24,282,880

ADR	- American Depositary Receipt

LTD	- Limited Company

REITS	- Real Estate Investment Trust

^(a)

Non-income producing security.

See accompanying notes to financial statements.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS

February 29, 2024

Shares			Fair Value
		COMMON STOCKS — 106.3%
		AEROSPACE & DEFENSE - 1.0%
	2,325	Lockheed Martin Corporation, B	$	995,658


		APPAREL & TEXTILE PRODUCTS - 3.5%
	24,627	PVH Corporation		3,365,772

		AUTOMOTIVE - 1.5%
	43,770	Phinia, Inc.		1,497,809

		BANKING - 12.1%
	29,670	Bank of America Corporation		1,024,208
	44,320	Citigroup, Inc.		2,459,317
	81,000	FNB Corporation		1,080,540
	25,315	JPMorgan Chase & Company		4,710,109
	43,583	Wells Fargo & Company		2,422,779
				11,696,953
		BIOTECH & PHARMA - 13.8%
	12,765	AbbVie, Inc.		2,247,278
	11,257	Amgen, Inc.		3,082,504
	5,204	Biogen, Inc.^(a)		1,129,216
	6,960	Johnson & Johnson		1,123,205
	454,190	Optinose, Inc.^(a)		808,458
	32,180	Pacira BioSciences, Inc.^(a)		956,390
	39,026	Pfizer, Inc.		1,036,531
	21,500	Sage Therapeutics, Inc.^(a)		461,820
	52,696	Sanofi - ADR		2,521,504
				13,366,906
		CHEMICALS - 2.1%
	10,720	FMC Corporation		604,501
	18,350	International Flavors & Fragrances, Inc.		1,385,425
				1,989,926
		DIVERSIFIED INDUSTRIALS - 1.6%
	20,350	Pentair PLC		1,583,027

See accompanying notes to financial statements.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

February 29, 2024

Shares			Fair Value
		COMMON STOCKS — 106.3% (Continued)
		ELECTRIC UTILITIES - 1.9%
	33,760	Vistra Corporation	$	1,841,270

		ENTERTAINMENT CONTENT - 1.2%
	10,500	Walt Disney Company (The)		1,171,590

		FOOD - 1.0%
	17,320	Kellogg Company		955,198

		GAS & WATER UTILITIES - 1.0%
	39,100	UGI Corporation		957,168

		HEALTH CARE FACILITIES & SERVICES - 1.5%
	18,070	Centene Corporation^(a)		1,417,230

		HOUSEHOLD PRODUCTS - 1.9%
	98,940	Kenvue, Inc.		1,879,860

		INDUSTRIAL SUPPORT SERVICES - 2.3%
	15,210	WESCO International, Inc.		2,273,742

		INSURANCE - 7.6%
	66,420	CNO Financial Group, Inc.		1,772,750
	20,480	Hartford Financial Services Group, Inc. (The)		1,962,803
	36,090	Lincoln National Corporation		993,919
	38,347	MetLife, Inc.		2,674,319
				7,403,791
		INTERNET MEDIA & SERVICES - 0.5%
	13,020	Match Group, Inc.^(a)		469,241

		LEISURE FACILITIES & SERVICES - 0.3%
	10,700	Bloomin’ Brands, Inc.		290,826

		MACHINERY - 1.6%
	18,010	Kennametal, Inc.		454,572

See accompanying notes to financial statements.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

February 29, 2024

Shares			Fair Value
		COMMON STOCKS — 106.3% (Continued)
		MACHINERY - 1.6% (Continued)
	18,804	Terex Corporation	$	1,078,410
				1,532,982
		MEDICAL EQUIPMENT & DEVICES - 2.2%
	6,570	Integra LifeSciences Holdings Corporation^(a)		242,499
	14,957	Zimmer Biomet Holdings, Inc.		1,860,052
				2,102,551
		METALS & MINING - 5.2%
	22,040	Agnico Eagle Mines Ltd.		1,059,242
	172,886	Alamos Gold, Inc., Class A		2,041,784
	830,222	B2Gold Corporation		1,992,533
				5,093,559
		OIL & GAS PRODUCERS - 17.7%
	58,952	Coterra Energy, Inc.		1,519,783
	16,900	Delek US Holdings, Inc.		431,119
	46,180	EQT Corporation		1,715,587
	8,400	Exxon Mobil Corporation		877,968
	85,561	Marathon Oil Corporation		2,074,854
	11,385	Marathon Petroleum Corporation		1,926,684
	47,370	Northern Oil and Gas, Inc.		1,692,530
	50,930	Range Resources Corporation		1,610,407
	289,170	Southwestern Energy Company^(a)		2,015,515
	96,919	Suncor Energy, Inc.		3,330,136
				17,194,583
		RETAIL - CONSUMER STAPLES - 0.5%
	6,400	BJ’s Wholesale Club Holdings, Inc.^(a)		467,456

		RETAIL - DISCRETIONARY - 0.7%
	9,800	Advance Auto Parts, Inc.		661,892

		SEMICONDUCTORS - 6.8%
	13,510	Advanced Micro Devices, Inc.^(a)		2,601,081
	35,604	Intel Corporation		1,532,752
	31,800	Photronics, Inc.^(a)		915,522

See accompanying notes to financial statements.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

February 29, 2024

Shares			Fair Value
		COMMON STOCKS — 106.3% (Continued)
		SEMICONDUCTORS - 6.8% (Continued)
	21,361	Silicon Motion Technology Corporation - ADR	$	1,512,145
				6,561,500
		SOFTWARE - 3.9%
	7,296	Check Point Software Technologies Ltd.^(a)		1,170,424
	48,561	Open Text Corporation		1,869,113
	6,890	Oracle Corporation		769,475
				3,809,012
		STEEL - 4.3%
	77,243	Commercial Metals Company		4,171,122

		TECHNOLOGY HARDWARE - 5.3%
	11,960	Cisco Systems, Inc.		578,505
	57,750	NCR Atleos Corporation^(a)		1,256,640
	82,420	NCR Voyix Corporation^(a)		1,204,156
	24,019	NetApp, Inc.		2,140,574
				5,179,875
		TRANSPORTATION & LOGISTICS - 1.7%
	38,180	Delta Air Lines, Inc.		1,613,869

		TRANSPORTATION EQUIPMENT - 1.6%
	14,000	PACCAR, Inc.		1,552,460

		TOTAL COMMON STOCKS (Cost $83,930,266)		103,096,828

		EXCHANGE-TRADED FUNDS — 3.8%
		EQUITY - 3.8%
	18,000	iShares Russell 2000 ETF		3,667,140

		TOTAL EXCHANGE-TRADED FUNDS (Cost $3,462,522)		3,667,140

See accompanying notes to financial statements.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

February 29, 2024

Principal						Coupon Rate
Amount ($)						(%)		Maturity	Fair Value
		CORPORATE BONDS — 2.7%
		OIL & GAS SERVICES & EQUIPMENT — 0.8%
	1,000,000	Transocean, Inc.				6.8000		03/15/38	$	785,200

		RETAIL - DISCRETIONARY — 0.7%
	1,000,000	Kohl’s Corporation				5.5500		07/17/45		676,265

		SPECIALTY FINANCE — 1.2%
	500,000	Ally Financial, Inc. Series B				4.7000		08/15/69		430,399
	1,000,000	Ally Financial, Inc.				4.7000		08/15/69		787,500
										1,217,899
		TOTAL CORPORATE BONDS (Cost $2,367,258)								2,679,364

Contracts^(b)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		EQUITY OPTIONS PURCHASED - 0.0% ^(c)
		PUT OPTIONS PURCHASED - 0.0%^(c)
	200	SPDR S&P 500 ETF Trust	JEF	03/15/2024	$	425	$	8,500,000	$	1,800
		TOTAL PUT OPTIONS PURCHASED (Cost - $35,545)

		TOTAL EQUITY OPTIONS PURCHASED (Cost - $35,545)								1,800

		TOTAL INVESTMENTS - 112.8% (Cost $89,795,591)							$	109,445,132
		CALL OPTIONS WRITTEN - (1.7)% (Premiums received - $746,590)								(1,671,725	)
		LIABILITIES IN EXCESS OF OTHER ASSETS - (11.1)%								(10,780,346	)
		NET ASSETS - 100.0%							$	96,993,061

Contracts^(b)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (1.7)%
		CALL OPTIONS WRITTEN - (1.7)%
	60	Advanced Micro Devices, Inc.	JEF	04/19/2024	$	140	$	840,00	$	325,800
	75	Advanced Micro Devices, Inc.	JEF	05/17/2024		190		1,425,000		149,475
	350	Alamos Gold, Inc.	JEF	03/15/2024		13		455,000		2,800
	350	Alamos Gold, Inc.	JEF	06/21/2024		15		525,000		5,950
	75	Centene Corporation	JEF	03/15/2024		80		600,000		6,900
	240	Commercial Metals Company	JEF	03/15/2024		50		1,200,000		104,400
	255	Delta Air Lines, Inc.	JEF	03/15/2024		40		1,020,000		63,750
	125	Delta Air Lines, Inc.	JEF	06/21/2024		42		525,000		41,250
	200	Intel Corporation	JEF	04/19/2024		50		1,000,000		7,000
	180	iShares Russell 2000 ETF	JEF	03/15/2024		197		3,546,000		150,480
	80	NetApp, Inc.	JEF	03/15/2024		90		720,000		26,480

See accompanying notes to financial statements.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Continued)

February 29, 2024

Contracts^(b) (continued)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (1.7)% (Continued)
		CALL OPTIONS WRITTEN - (1.7)% (Continued)
	110	Pentair PLC	JEF	05/17/2024	$	65	$	715,000	$	149,050
	90	PVH Corporation	JEF	03/15/2024		105		945,000		283,950
	120	Range Resources Corporation	JEF	03/15/2024		40		480,000		300
	40	SPDR S&P 500 ETF Trust	JEF	03/15/2024		475		1,900,000		142,840
	100	Terex Corporation	JEF	04/19/2024		60		600,000		18,500
	150	Vistra Corporation	JEF	03/15/2024		45		675,000		142,050
	50	WESCO International, Inc.	JEF	04/19/2024		155		775,000		23,000
	50	WESCO International, Inc.	JEF	05/17/2024		165		825,000		27,750
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $746,590)								1,671,725

		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $746,590)							$	1,671,725

See accompanying notes to financial statements.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF SECURITIES SOLD SHORT

February 29, 2024

Shares				Fair Value
			COMMON STOCKS — (6.9)%
			ASSET MANAGEMENT - (1.1)%
	(7,780	)	Ares Management Corporation, CLASS A	$	(1,031,861	)

			HOUSEHOLD PRODUCTS - (1.1)%
	(12,800	)	Colgate-Palmolive Company		(1,107,456	)

			INSTITUTIONAL FINANCIAL SERVICES - (1.0)%
	(2,410	)	Goldman Sachs Group, Inc. (The)		(937,610	)

			METALS & MINING - (1.4)%
	(13,150	)	Newmont Corporation		(410,938	)
	(14,700	)	Rio Tinto PLC - ADR		(948,591	)
					(1,359,529	)
			OIL & GAS PRODUCERS - (1.7)%
	(4,140	)	EOG Resources, Inc.		(473,864	)

See accompanying notes to financial statements.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF SECURITIES SOLD SHORT (Continued)

February 29, 2024

Shares				Fair Value
			COMMON STOCKS — (6.9)% (Continued)
			OIL & GAS PRODUCERS - (1.7)% (Continued)
	(14,800	)	Occidental Petroleum Corporation	$	(897,028	)
	(19,930	)	Permian Resources Corporation		(310,111	)
					(1,681,003	)
			RETAIL - DISCRETIONARY - (0.6)%
	(550	)	O’Reilly Automotive, Inc.		(598,081	)

			EXCHANGE-TRADED FUNDS — (22.1)%
			EQUITY - (22.1)%
	(16,700	)	iShares Russell 1000 Value ETF		(2,860,042	)
	(12,600	)	iShares Russell 2000 Value ETF		(1,927,800	)
	(7,980	)	iShares Russell 3000 ETF		(2,325,212	)
	(48,480	)	VanEck Gold Miners ETF		(1,277,933	)
	(28,000	)	Vanguard S&P 500 ETF		(13,074,040	)
					(21,465,027	)

			TOTAL SECURITIES SOLD SHORT - (Proceeds - $27,379,784)	$	(28,180,567	)

ADR	- American Depositary Receipt

ETF	- Exchange-Traded Fund

JEF	- 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 less than 0.1%.

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

February 29, 2024

	Easterly Snow			Easterly Snow
	Small Cap Value			Long/Short
	Fund			Opportunity Fund
Assets:
Total Investments, at cost	$	18,452,990		$	89,795,591
Total Investments, at value	$	22,874,295		$	109,445,132
Cash		1,365,113			2,016,201
Deposit at Broker		—			15,134,053
Cash Collateral Held at Custodian		—			81,124
Receivable for fund shares sold		12,771			—
Interest and dividends receivable		53,716			270,242
Receivable from manager		72			—
Prepaid expenses and other assets		29,313			39,660
Total Assets		24,335,280			126,986,412

Liabilities:
Options Written (premiums received $0 and $746,590)		—			1,671,725
Securities sold short (proceeds $0 and $27,379,784)		—			28,180,567
Administration fees payable		10,132			22,503
Payable to manager		—			50,118
Trustee fees payable		3,604			4,613
Payable for distribution (12b-1) fees		3,012			18,904
Compliance officer fees payable		1,784			1,470
Accrued expenses and other liabilities		33,868			43,451
Total Liabilities		52,400			29,993,351

Net Assets	$	24,282,880		$	96,993,061

Net Assets:
Paid in capital	$	21,873,755		$	78,730,272
Accumulated earnings		2,409,125			18,262,789
Net Assets	$	24,282,880		$	96,993,061

Net Asset Value Per Share
Class A
Net Assets	$	10,957,045		$	48,966,399
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)		199,955			1,509,121
Net asset value and redemption price per share	$	54.80		$	32.45
Offering price per share (maximum sales charge of 5.75%)	$	58.14		$	34.43

Class C
Net Assets	$	1,179,090		$	2,677,840
Shares of beneficial interest outstanding		23,878			88,428
Net asset value/offering/redemption price per share (a)	$	49.38		$	30.28

Class I
Net Assets	$	12,146,688		$	45,348,783
Shares of beneficial interest outstanding		214,902			1,382,949
Net asset value/offering/redemption price per share	$	56.52		$	32.79

Class R6
Net Assets	$	57		$	39
Shares of beneficial interest outstanding		1			1
Net asset value/offering/redemption price per share	$	56.53	(b)	$	32.80	(b)

(a)

A contingent deferred sales charge (“CDSC”) of 1.00% may be charged on shares held less than 12 months.

(b)

Doesn’t recalculate due to rounding.

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended February 29, 2024

	Easterly Snow			Easterly Snow
	Small Cap Value			Long/Short
	Fund			Opportunity Fund
Investment Income:
Dividend income	$	498,960		$	2,268,342
Interest income		54,117			873,648
Less: Foreign withholding taxes		(3,742	)		(52,346	)
Total Investment Income		549,335			3,089,644

Operating Expenses:
Management fees		219,421			758,116
Distribution (12b-1) fees
Class A Shares		24,435			119,818
Class C Shares		13,323			26,602
Dividend expenses		—			168,132
Legal fees		66,802			64,736
Shareholder servicing fees		18,554			68,979
Registration fees		57,855			50,106
Administration fees		16,787			63,873
Transfer Agent fees		27,679			28,262
Custodian fees		25,986			24,908
Trustees’ fees		20,207			18,142
Audit fees		17,007			19,050
Printing and postage expenses		1,114			8,840
Compliance officer fees		7,191			6,865
Insurance expenses		1,166			5,814
Miscellaneous expenses		3,798			3,696
Total Operating Expenses		521,325			1,435,939
Less: Fees waived		(194,993	)		—
Net Operating Expenses		326,332			1,435,939

Net Investment Income		223,003			1,653,705


Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain/(loss) from:
Investments and Foreign currency transactions		473,839			1,312,758
Short Sales		—			(1,302,373	)
Options Purchased		—			(269,312	)
Options Written		—			645,295
Net realized gain		473,839			386,368

Net change in unrealized appreciation/(depreciation) on:
Investments and Foreign currency translations		2,372,815			7,119,309
Short Sales		—			(1,752,779	)
Options Purchased		—			810
Options Written		—			(1,231,471	)
Net change in unrealized appreciation		2,372,815			4,135,869

Net Realized and Unrealized Gain on Investments:		2,846,654			4,522,237

Net Increase in Net Assets Resulting From Operations	$	3,069,657		$	6,175,942

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Easterly Snow Small Cap Value Fund						Easterly Snow Long/Short Opportunity Fund

	Year Ended			Year Ended			Year Ended			Year Ended
	February 29, 2024			February 28, 2023			February 29, 2024			February 28, 2023
Operations:
Net investment income	$	223,003		$	58,662		$	1,653,705		$	1,206,588
Net realized gain/(loss) on investments		473,839			(990,070	)		386,368			47,649
Net change in unrealized appreciation/(depreciation) on investments		2,372,815			1,066,937			4,135,869			(1,949,209	)
Net increase/(decrease) in net assets resulting from operations		3,069,657			135,529			6,175,942			(694,972	)

Distributions to Shareholders:
Total Distributions:
Class I		(29,406	)		—			(1,014,331	)		(2,963,119	)
Class A		(4,350	)		—			(990,430	)		(3,142,717	)
Class C		—			—			(41,841	)		(174,207	)
Class R6		(0	) *		—			(1	)		(2	)
Total Dividends and Distributions to Shareholders		(33,756	)		—			(2,046,603	)		(6,280,045	)

Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class I		2,370,958			6,971,333			946,681			1,034,109
Class A		109,541			97,796			748,670			2,584,159
Class C		29,061			593,628			25			1,029
Class R6		—			—			—			—
Reinvestment of dividends and distributions
Class I		17,262			—			822,234			2,432,241
Class A		874			—			273,796			923,263
Class C		—			—			39,830			165,874
Class R6		0	*		—			1			2
Cost of shares redeemed
Class I		(7,624,755	)		(1,844,443	)		(5,195,251	)		(1,614,637	)
Class A		(357,123	)		(307,902	)		(4,684,032	)		(1,523,432	)
Class C		(950,391	)		(235,843	)		(229,262	)		(344,251	)
Class R6		—			—			—			—
Net increase/(decrease) in net assets from share transactions of beneficial interest		(6,404,573	)		5,274,569			(7,277,308	)		3,658,357

Total Increase/(Decrease) in Net Assets		(3,368,672	)		5,410,098			(3,147,969	)		(3,316,660	)

Net Assets:
Beginning of year		27,651,552			22,241,454			100,141,030			103,457,690
End of year	$	24,282,880		$	27,651,552		$	96,993,061		$	100,141,030

Share Activity
Shares sold
Class I		49,446			148,132			31,284			32,738
Class A		2,151			2,259			24,492			86,074
Class C		645			14,824			1			35
Class R6		—			—			—			—
Shares Reinvested
Class I		340			—			26,507			81,021
Class A		18			—			8,915			31,065
Class C		—			—			1,387			5,960
Class R6		0	**		—			0	**		—
Shares redeemed
Class I		(164,101	)		(40,837	)		(166,908	)		(51,544	)
Class A		(7,343	)		(6,647	)		(153,820	)		(48,398	)
Class C		(22,098	)		(5,827	)		(7,852	)		(11,627	)
Class R6		—			—			—			—
Net increase/(decrease) in shares of beneficial interest		(140,942	)		111,904			(235,994	)		125,324

Less than $1.00.

Less than 1 share.

See accompanying notes to financial statements.

EASTERLY FUNDS

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Easterly Snow Small Cap Value Fund
	Class A
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	February 29,			February 28,			February 28,			February 28,			February 29,
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	47.21		$	47.22		$	44.01		$	26.39		$	31.57
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.42			0.10			(0.14	)		0.09			0.01
Net realized and unrealized gain (loss)		7.19			(0.11	)		3.36			17.53			(5.19	)
Total from investment operations		7.61			(0.01	)		3.22			17.62			(5.18	)
Dividends and Distributions:
Dividends from net investment income		(0.02	)		—			(0.01	)		—			—
Total dividends and distributions		(0.02	)		—			(0.01	)		—			—

Redemption Fees		—			—			0.00	*		—			—

Net Asset Value, End of Year	$	54.80		$	47.21		$	47.22		$	44.01		$	26.39

Total Return**		16.14	% (6)		(0.02	)% (6)		7.32	%		66.81	%		(16.41	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	10,957		$	9,683		$	9,893		$	9,223		$	10,071
Ratio of gross operating expenses to average net assets including interest expense (2,3)		2.35	%		2.45	%		2.39	%		3.82	%		2.41	%
Ratio of net operating expenses to average net assets including interest expense (2,3)		1.50	%		1.50	%		1.50	%		1.51	%		1.51	%
Ratio of net investment income (loss) before expense reimbursement to average net assets (2,5)		0.03	%		(0.71	)%		(1.18	)%		(2.00	)%		(0.90	)%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,5)		0.88	%		0.22	%		(0.30	)%		0.30	%		0.02	%
Portfolio Turnover Rate		55	%		38	%		62	%		86	%		44	%

	Easterly Snow Small Cap Value Fund
	Class C
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	February 29,			February 28,			February 28,			February 28,			February 29,
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	42.84		$	43.17		$	40.54		$	24.48		$	29.51
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.05			(0.22	)		(0.46	)		(0.10	)		(0.21	)
Net realized and unrealized gain (loss)		6.49			(0.11	)		3.09			16.16			(4.82	)
Total from investment operations		6.54			(0.33	)		2.63			16.06			(5.03	)

Redemption Fees		—			—			0.00	*		—			—

Net Asset Value, End of Year	$	49.38		$	42.84		$	43.17		$	40.54		$	24.48

Total Return**		15.27	% (6)		(0.76	)% (6)		6.49	%		65.60	%		(17.05	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	1,179		$	1,942		$	1,569		$	1,746		$	2,695
Ratio of gross operating expenses to average net assets including interest expense (2,4)		3.10	%		3.20	%		3.08	%		4.63	%		3.16	%
Ratio of net operating expenses to average net assets including interest expense (2,4)		2.25	%		2.25	%		2.25	%		2.26	%		2.26	%
Ratio of net investment income (loss) before expense reimbursement to average net assets (2,5)		(0.73	)%		(1.50	)%		(1.88	)%		(2.80	)%		(1.64	)%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,5)		0.11	%		(0.55	)%		(1.05	)%		(0.43	)%		(0.73	)%
Portfolio Turnover Rate		55	%		38	%		62	%		86	%		44	%

Less than $0.005 cent per share.

Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	2.35	%	2.45	%	2.39	%	3.80	%	2.40	%
Expenses, net waiver and reimbursement	1.50	%	1.50	%	1.50	%	1.50	%	1.50	%

(4)

Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	3.10	%	3.20	%	3.08	%	4.62	%	3.15	%
Expenses, net waiver and reimbursement	2.25	%	2.25	%	2.25	%	2.25	%	2.25	%

(5)

Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

See accompanying notes to financial statements.

EASTERLY FUNDS

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)

	Easterly Snow Small Cap Value Fund
	Class I
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	February 29,			February 28,			February 28,			February 28,			February 29,
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	48.68		$	48.57		$	45.23		$	27.05		$	32.28
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.56			0.20			(0.03	)		0.15			0.09
Net realized and unrealized gain (loss)		7.42			(0.09	)		3.45			18.03			(5.32	)
Total from investment operations		7.98			0.11			3.42			18.18			(5.23	)
Dividends and Distributions:
Dividends from net investment income		(0.14	)		—			(0.08	)		—			—
Total dividends and distributions		(0.14	)		—			(0.08	)		—			—

Redemption Fees		—			—			0.00	*		0.00	*		0.00	*

Net Asset Value, End of Year	$	56.52		$	48.68		$	48.57		$	45.23		$	27.05

Total Return**		16.42	% (8)		0.23	% (8)		7.57	%		67.21	%		(16.20	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	12,147		$	16,026		$	10,779		$	7,926		$	7,679
Ratio of gross operating expenses to average net assets including interest expense (2,3)		2.09	%		2.20	%		2.14	%		3.58	%		2.16	%
Ratio of net operating expenses to average net assets including interest expense (2,3)		1.25	%		1.25	%		1.25	%		1.26	%		1.26	%
Ratio of net investment income (loss) before expense reimbursement to average net assets (2,5)		0.29	%		(0.50	)%		(0.95	)%		(1.78	)%		(0.63	)%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,5)		1.13	%		0.45	%		(0.07	)%		0.54	%		0.27	%
Portfolio Turnover Rate		55	%		38	%		62	%		86	%		44	%

	Easterly Snow Small Cap Value Fund
	Class R6***
	For the			For the			For the
	Year Ended			Year Ended			Period Ended
	February 29,			February 28,			February 28,
	2024			2023			2022
Net Asset Value, Beginning of Year/Period	$	48.68		$	48.57		$	50.04
Income (Loss) from Investment Operations:
Net investment income (1)		0.55			0.20			—
Net realized and unrealized gain (loss)		7.44			(0.09	)		(1.39	)
Total from investment operations		7.99			0.11			(1.39	)
Dividends and Distributions:
Dividends from net investment income		(0.14	)		—			(0.08	)
Total dividends and distributions		(0.14	)		—			(0.08	)

Net Asset Value, End of Year/Period	$	56.53		$	48.68		$	48.57

Total Return**		16.44	% (8)		0.23	% (8)		(2.77	)% (6)
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	0	****	$	0	****	$	0	****
Ratio of gross operating expenses to average net assets excluding interest expense (2,4)		2.09	%		2.20	%		2.14	% (7)
Ratio of net operating expenses to average net assets including interest expense (2,4)		1.00	%		1.00	%		1.00	% (7)
Ratio of net investment income (loss) before expense reimbursement to average net assets (2,5)		2.11	%		1.65	%		1.25	% (7)
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,5)		2.14	%		0.45	%		(0.02	)% (7)
Portfolio Turnover Rate		55	%		38	%		62	% (6)

Less than $0.005 cent per share.

***

Class R6 commenced operations on November 4, 2021.

****

Less than 1,000.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	2.09	%	2.20	%	2.14	%	3.57	%	2.15	%
Expenses, net waiver and reimbursement	1.25	%	1.25	%	1.25	%	1.25	%	1.25	%

(4)

Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	2.09	%	2.20	%	2.14	% (7)
Expenses, net waiver and reimbursement	1.00	%	1.00	%	1.00	% (7)

(5)

Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

Not annualized.

(7)

Annualized for periods less than one year.

(8)

See accompanying notes to financial statements.

EASTERLY FUNDS

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Easterly Snow Long/Short Opportunity Fund
	Class A
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	February 29,			February 28,			February 28,			February 28,			February 29,
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	31.04		$	33.38		$	31.48		$	25.42		$	26.07
Income (Loss) from Investment Operations:
Net investment income (1)		0.51			0.36			0.17			0.16			0.27
Net realized and unrealized gain (loss)		1.57			(0.66	)		4.63			6.32			(0.44	)
Total from investment operations		2.08			(0.30	)		4.80			6.48			(0.17	)
Dividends and Distributions:
Dividends from net investment income		(0.62	)		(0.16	)		(0.34	)		(0.42	)		(0.48	)
Distributions from realized gains		(0.05	)		(1.88	)		(2.56	)		—			—
Total dividends and distributions		(0.67	)		(2.04	)		(2.90	)		(0.42	)		(0.48	)

Net Asset Value, End of Year	$	32.45		$	31.04		$	33.38		$	31.48		$	25.42

Total Return*		6.80	% (6)		(0.62	)% (6)		15.40	%		25.71	%		(0.85	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	48,966		$	50,585		$	52,102		$	46,551		$	51,478
Ratio of gross operating expenses to average net assets including interest expense (2,3)		1.61	%		1.61	%		1.65	%		2.04	%		1.70	%
Ratio of net operating expenses to average net assets including interest expense (2,3)		1.61	%		1.58	%		1.68	%		2.00	%		1.70	%
Ratio of net investment income before expense reimbursement to average net assets (2,5)		1.64	%		1.11	%		0.51	%		0.59	%		0.98	%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,5)		1.64	%		1.14	%		0.49	%		0.63	%		0.98	%
Portfolio Turnover Rate		73	%		58	%		51	%		74	%		54	%

	Easterly Snow Long/Short Opportunity Fund
	Class C
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	February 29,			February 28,			February 28,			February 28,			February 29,
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	29.02		$	31.41		$	29.75		$	23.85		$	24.36
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.26			0.12			(0.06	)		(0.03	)		0.07
Net realized and unrealized gain (loss)		1.46			(0.63	)		4.38			5.93			(0.44	)
Total from investment operations		1.72			(0.51	)		4.32			5.90			(0.37	)
Dividends and Distributions:
Dividends from net investment income		(0.41	)		—			(0.10	)		—			(0.14	)
Distributions from realized gains		(0.05	)		(1.88	)		(2.56	)		—			—
Total dividends and distributions		(0.46	)		(1.88	)		(2.66	)		—			(0.14	)

Net Asset Value, End of Year	$	30.28		$	29.02		$	31.41		$	29.75		$	23.85

Total Return*		5.99	%		(1.37	)%		14.64	%		24.74	%		(1.58	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	2,678		$	2,754		$	3,158		$	3,938		$	9,744
Ratio of gross operating expenses to average net assets including interest expense (2,4)		2.36	%		2.35	%		2.32	%		2.79	%		2.45	%
Ratio of net operating expenses to average net assets including interest expense (2,4)		2.36	%		2.32	%		2.35	%		2.75	%		2.45	%
Ratio of net investment income before expense reimbursement to average net assets (2,5)		0.90	%		0.36	%		(0.16	)%		(0.18	)%		0.25	%
Ratio of net investment income after expense reimbursement to average net assets (2,5)		0.90	%		0.39	%		(0.18	)%		(0.14	)%		0.25	%
Portfolio Turnover Rate		73	%		58	%		51	%		74	%		54	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	1.43	%	1.48	%	1.45	%	1.59	%	1.41	%
Expenses, net waiver and reimbursement	1.43	%	1.45	%	1.48	%	1.55	%	1.41	%

(4)

Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	2.18	%	2.22	%	2.10	%	2.34	%	2.16	%
Expenses, net waiver and reimbursement	2.18	%	2.19	%	2.13	%	2.30	%	2.16	%

(5)

Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

See accompanying notes to financial statements.

EASTERLY FUNDS

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)

	Easterly Snow Long/Short Opportunity Fund
	Class I
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	February 29,			February 28,			February 28,			February 28,			February 29,
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	31.37		$	33.71		$	31.76		$	25.68		$	26.34
Income (Loss) from Investment Operations:
Net investment income (1)		0.59			0.44			0.25			0.22			0.34
Net realized and unrealized gain (loss)		1.58			(0.66	)		4.69			6.39			(0.44	)
Total from investment operations		2.17			(0.22	)		4.94			6.61			(0.10	)
Dividends and Distributions:
Dividends from net investment income		(0.70	)		(0.24	)		(0.43	)		(0.53	)		(0.56	)
Distributions from realized gains		(0.05	)		(1.88	)		(2.56	)		—			—
Total dividends and distributions		(0.75	)		(2.12	)		(2.99	)		(0.53	)		(0.56	)

Net Asset Value, End of Year	$	32.79		$	31.37		$	33.71		$	31.76		$	25.68

Total Return*		7.03	% (8)		(0.36	)% (8)		15.69	%		26.00	%		(0.60	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	45,349		$	46,802		$	48,198		$	45,372		$	44,559
Ratio of gross operating expenses to average net assets including interest expense (2,3)		1.36	%		1.36	%		1.41	%		1.79	%		1.45	%
Ratio of net operating expenses to average net assets including interest expense (2,3)		1.36	%		1.33	%		1.44	%		1.75	%		1.45	%
Ratio of net investment income (loss) before expense reimbursement to average net assets (2,7)		1.90	%		1.36	%		0.75	%		0.79	%		1.24	%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,7)		1.90	%		1.39	%		0.72	%		0.83	%		1.24	%
Portfolio Turnover Rate		73	%		58	%		51	%		74	%		54	%

	Easterly Snow Long/Short Opportunity Fund
	Class R6**
	For the			For the			For the
	Year Ended			Year Ended			Period Ended
	February 29,			February 28,			February 28,
	2024			2023			2022
Net Asset Value, Beginning of Year/Period	$	31.37		$	33.71		$	35.83
Income (Loss) from Investment Operations:
Net investment income (1)		0.59			0.44			0.12
Net realized and unrealized gain (loss)		1.59			(0.66	)		0.75
Total from investment operations		2.18			(0.22	)		0.87
Dividends and Distributions:
Dividends from net investment income		(0.70	)		(0.24	)		(0.43	)
Distributions from realized gains		(0.05	)		(1.88	)		(2.56	)
Total dividends and distributions		(0.75	)		(2.12	)		(2.99	)

Net Asset Value, End of Year/Period	$	32.80		$	31.37		$	33.71

Total Return*		7.07	% (8)		(0.36	)% (8)		2.55	% (5)
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	0	***	$	0	***	$	0	***
Ratio of gross operating expenses to average net assets including interest expense (2,4)		1.36	%		1.36	%		1.41	% (6)
Ratio of net operating expenses to average net assets including interest expense (2,4)		1.18	%		1.13	%		1.23	% (6)
Ratio of net investment income (loss) before expense reimbursement to average net assets (2,7)		2.54	%		2.25	%		1.49	% (6)
Ratio of net investment income after expense reimbursement to average net assets (2,7)		2.54	%		1.77	%		1.05	% (6)
Portfolio Turnover Rate		73	%		58	%		51	% (5)

R6 commenced operations on November 4, 2021.

***

Less than 1,000.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	1.18	%	1.23	%	1.18	%	1.34	%	1.16	%
Expenses, net waiver and reimbursement	1.18	%	1.20	%	1.21	%	1.30	%	1.16	%

(4)

Ratios to average net assets (excluding interest expense)

Expenses, before waiver and reimbursement	1.18	%	1.23	%	1.18	% (6)
Expenses, net waiver and reimbursement	1.00	%	1.00	%	1.00	% (6)

(5)

Not annualized.

(6)

Annualized for periods less than one year.

(7)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(8)

See accompanying notes to financial statements.

EASTERLY FUNDS
NOTES TO FINANCIAL STATEMENTS
Year Ended February 29, 2024

1.	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

James Alpha Fund Trust dba Easterly Funds Trust (the “Trust”) was organized on September 21, 2020, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust currently consists of five series. These financial statements include the following two diversified series:

Fund Name	Investment Objective
Easterly Snow Small Cap Value Fund	Long Term Capital Appreciation
Easterly Snow Long/Short Opportunity Fund	Long Term Capital Appreciation and protection of investment principal

Currently, Easterly Snow Small Cap Value Fund and Easterly Snow Long/Short Opportunity Fund offers Class A, Class C, Class I and Class R6 shares. Class A shares are offered at net asset value plus a maximum sales load of 5.75%. Class C shares are offered subject to a CDSC of 1.00%. Class I and Class R6 shares are offered at net asset value. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures, ongoing services, and distribution charges. Class R6 shares are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

The following is a summary of significant accounting policies followed by the Funds in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

(a) Valuation of Investments

Investment securities listed on a national securities exchange are valued at the last reported sale price on the valuation date. NASDAQ traded securities are valued at the NASDAQ Official Closing Price (NOCP). If there are no such reported sales, the securities are valued at the mean between current bid and ask. Short-term debt securities having a remaining maturity of sixty days or less may be valued at amortized cost or amortized value, which approximates market value. Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the last bid and ask price. Options not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean of the current bid and asked prices. Debt securities may be valued at prices supplied by the Fund’s pricing services based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by the Board of Trustees (the “Board”). There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the board-appointed Valuation Designee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; and (iii) possible valuation methodologies that could be used to determine the fair value of a security.

Valuation of Fund of Funds – The Funds may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

EASTERLY FUNDS
NOTES TO FINANCIAL STATEMENTS
Year Ended February 29, 2024 (Continued)

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 29, 2024, for the Fund’ assets and liabilities measured at fair value:

Small Cap Value

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	22,874,295	$	—	$	—	$	22,874,295
Total	$	22,874,295	$	—	$	—	$	22,874,295

Long/Short Opportunity

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	103,096,828	$	—	$	—	$	103,096,828
Exchange Traded Funds		3,667,140		—		—		3,667,140
Corporate Bonds		—		2,679,364		—		2,679,364
Total	$	106,763,968	$	2,679,364	$	—	$	109,443,332
Asset Derivatives
Put Options Purchased	$	—	$	1,800	$	—	$	1,800
Total Assets	$	106,763,968	$	2,681,164	$	—	$	109,445,132
Liability Derivatives
Call Options Written	$	—	$	1,671,725	$	—	$	1,671,725
Common Stocks		6,715,540		—		—		6,715,540
Exchange Traded Funds		21,465,027		—		—		21,465,027
Total Liabilities	$	28,180,567	$	1,671,725	$	—	$	29,852,292

There were no level 3 securities held during the period.

*	Refer to the Schedules of Investments for industry or category classifications.

(b) Federal Income Tax

It is each Fund’s policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

EASTERLY FUNDS
NOTES TO FINANCIAL STATEMENTS
Year Ended February 29, 2024 (Continued)

The Funds recognize the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended February 28, 2021 through February 28, 2023 or expected to be taken in the Funds’ February 29, 2024 year-end tax returns. The Funds identify its major tax jurisdictions as U.S. Federal, New York and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended February 29, 2024, the Funds did not incur any interest or penalties.

(c) Security Transactions and Other Income

Security transactions are reflected for financial reporting purposes as of the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis including premium amortized and discount accreted. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.

(d) Dividends and Distributions

The following table summarizes each Fund’s intended dividend and capital gain declaration policy:

	Income	Capital
Fund	Dividends	Gains
Easterly Snow Small Cap Value	Annually	Annually
Easterly Snow Long/Short Opportunity	Annually	Annually

Each Fund records dividends and distributions to its shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book-tax” differences are either permanent or temporary in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the net asset accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as distributions of paid-in-surplus or tax return of capital. These reclassifications have no effect on net assets, results from operations or net asset value per share of each Fund.

(e) Allocation of Expenses

Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

(f) Indemnification

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

(g) Other

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Foreign currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that

EASTERLY FUNDS
NOTES TO FINANCIAL STATEMENTS
Year Ended February 29, 2024 (Continued)

portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the company’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

2.	MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH AFFILIATES

(a) Easterly Investment Partners LLC acts as investment manager for the Funds pursuant to the terms of a Management Agreement with the Trust, on behalf of the Funds (the “Management Agreement”). Under the terms of the Management Agreement, the Manager manages the investment operations of the Funds in accordance with each Fund’s respective investment policies and restrictions. Each investment sub-advisor is responsible for the day-to-day management of its Fund’s portfolios. Easterly Investment Partners LLC serves the Funds in a supervision capacity with responsibility to monitor the performance of the Funds’ outside service providers, assist in the review of financial statements and other regulatory filings and board meeting materials related to each Fund. The management fees are payable to Easterly Investment Partners LLC monthly by each Fund and are computed daily as shown in the table below.

(b) Pursuant to an operating expense limitation agreement between Easterly Investment Partners LLC and the Funds, Easterly Investment Partners LLC has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) do not exceed the expense limitation shown in the table below, and is based on the Funds’ average daily net assets. This operating expense limitation agreement cannot be terminated during its term. Easterly Investment Partners LLC is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years on a rolling basis in which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less. The expense limitation agreement will be in effect through June 30, 2024.

							Managament
							Fee Waived/
	Management	Expenses Limitation					Expenses Reimbursed
Fund	Agreement	Cl A	Cl C	Cl I	CL R6	Expires	YTD 2/29/2024		Recaptured
Small Cap Value	0.95%	1.50%	2.25%	1.25%	1.00%	6/30/2024	$	194,993		—
Long/Short Opportunity	0.80%	1.55%	2.30%	1.30%	1.00%	6/30/2024		—		—

The following table shows the available waived expenses and expiration date for each Fund subject to potential recovery.

Fund	2/28/2025		2/28/2026		2/28/2027
Small Cap Value	$	136,896	$	199,708	$	194,993
Long/Short Opportunity		—		—		—

EASTERLY FUNDS
NOTES TO FINANCIAL STATEMENTS
Year Ended February 29, 2024 (Continued)

(c) Effective October 2, 2023, Easterly Securities LLC (the “Distributor”) is the Trust’s Distributor and is an affiliate of the Advisor. The Trust with respect to the Funds have adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the “Plan”) with respect to the sale and distribution of Class A and C shares of the Funds. The Plan rovides that the Fund will pay the Distributor and other entities, including a broker-dealer affiliate of the Adviser, are paid pursuant to the Plans provided and the expenses borne by the distributor and others in the distribution of Fund shares a fee, which is accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of Class A shares and 1.00% of the average daily net assets of each of the Funds’ Class C shares. Prior to October 2, 2023, Ultimus Fund Distributors, LLC (“UFD”) was the Trust’s Distributor. For the year ended February 29, 2024, pursuant to the Plan, Class A and Class C shares paid the amounts of:

	Easterly Securities, LLC				Ultimus Fund Distributors, LLC
Fund	Class A		Class C		Class A		Class C
Small Cap Value	$	10,455	$	4,818	$	13,980	$	8,505
Long/Short Opportunity		49,024		10,989		70,794		15,613

For the year ended February 29, 2024, the Distributor received and retained sales charges on sales of the Funds’ Class A and Class C shares as follows:

	Easterly Securities, LLC								Ultimus Fund Distributors, LLC
	Received				Retained				Received				Retained
Fund	Class A		Class C		Class A		Class C		Class A		Class C		Class A		Class C
Small Cap Value	$	1,726	$	60	$	226	$	—	$	—	$	230	$	—	$	—
Long/Short Opportunity		23		—		3		—		381		—		50		—

(d) Ultimus Fund Solutions, LLC (“UFS”), provides administrative, fund accounting and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) a minimum annual fee or basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses.

In addition, certain affiliates of the Distributor provide services to the Trust as follows:

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Trust on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

Certain employees of UFS and NLCS are also officers of the Trust and are not paid any fees directly by the Trust for serving in such capacity.

3.	INVESTMENT TRANSACTIONS

(a) For the year ended February 29, 2024, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Funds were as follows:

Fund	Purchase		Sales
Small Cap Value	$	12,184,705	$	18,787,975
Long/Short Opportunity		82,060,867		66,130,886

(b) Other Investment Companies or Exchange Traded Funds – The Fund may invest in shares of other investment companies, including money market mutual funds, other mutual funds or exchange traded funds (“ETFs”). An ETF generally is an open-end investment company, unit investment trust or a portfolio of securities deposited with a depository in exchange for depository receipts. ETFs provide investors the opportunity to buy or sell throughout the day an entire portfolio of securities in a single security. Although index mutual funds are similar to index based ETFs, they are generally sold and redeemed only once per day at market close. The ETFs in which a Fund invests may be subject to liquidity risk. Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the sale of the security at an advantageous time or price. To the extent that the ETFs in which a Fund invests hold securities of companies with smaller market capitalizations or securities with substantial market risk, they will have a greater exposure to liquidity risk. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds that can be found in “Exchange-Traded Funds” below: (1) the market price of the ETF’s shares may trade at a discount to their net asset value; (2) an active trading market for an ETF’s shares may not develop or be maintained; or (3) trading of an ETF’s shares may be halted if the listing exchange deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Additionally, ETFs have management fees, which increase their cost. In addition to the advisory and operational fees a Portfolio bears directly in connection with its own operation, the Portfolio also bears its pro rata portion of the advisory and operational expenses incurred indirectly through investments in other investment companies.

EASTERLY FUNDS
NOTES TO FINANCIAL STATEMENTS
Year Ended February 29, 2024 (Continued)

(c) Options Contracts – Certain Funds may enter into options contracts. An option contract is a contract in which the writer of the option grants the buyer of the option the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices, will require cash settlement by the Fund if the option is exercised.

Premiums paid when put or call options are purchased by the Fund, represent investments, which are marked-to-market daily. When a purchase option expires, the Fund will realize a loss in the amount of the premium paid. When the Fund enters into a closing sales transaction, the Fund will realize a gain or loss depending on whether the proceeds from the closing sales transaction are greater or less than the premium paid for the option. When the Fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When the Fund exercises a call option, the cost of the security, which the Fund purchases upon exercise, will be increased by the premium originally paid.

Certain Funds may write covered call options. This means that the Fund will own the security subject to the option or an option to purchase the same underlying security, having an exercise price equal to or less than the exercise price of the covered option, or will establish and maintain with its custodian for the term of the option, an account consisting of cash, U.S. government securities or other liquid securities having a value equal to the fluctuating market value of the securities on which the Fund holds a covered call position.

When a Fund writes a call option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily. When a written option expires, the Fund realizes a gain equal to the amount of the premium received. When the Fund enters into a closing purchase transaction, the Fund realizes a gain or loss depending upon whether the cost of the closing transaction is greater or less than the premium originally received, without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised the proceeds of the security sold will be increased by the premium originally received.

The liability representing a Fund’s obligation under an exchange traded written option or investment in a purchased option is valued at the last sale price or, in the absence of a sale, the last available bid price.

The Funds may enter into options for hedging purposes. The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a covered call option is that the Fund gives up the opportunity to participate in any increase in the price of the underlying security beyond the exercise price.

(c) The Easterly Long/Short Opportunity Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. For financial statement purposes, an amount equal to the settlement amount is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked to market to reflect the current value of the short positions. Subsequent fluctuations in the market prices of the securities sold, but not yet purchased, may require purchasing the securities at prices which could differ from the amount reflected in the Statement of Assets and Liabilities. The Fund is liable for any dividends or interest payable on securities while those securities are in a short position. Such amounts are recorded on the ex-dividend date as dividend or interest expense. As collateral for its short positions, the Fund is required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents or liquid securities.

The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at February 29, 2024, were as follows:

			Location of derivatives on	Fair value of asset/liability
Fund	Derivative	Risk Type	Statements of Assets and Liabilities	derivatives
Long/Short Opportunity
	Put options purchased	Equity	Investments in securities, at value	$	1,800
	Call options written	Equity	Options written		(1,671,725	)
			Totals	$	(1,669,925	)

EASTERLY FUNDS
NOTES TO FINANCIAL STATEMENTS
Year Ended February 29, 2024 (Continued)

The effect of derivative instruments on the Statements of Operations for the year ended February 29, 2024, were as follows:

				Realized and unrealized gain
Portfolio Derivative		Location of gain (loss) on derivatives	Risk Type	(loss) on derivatives
Long/Short Opportunity
	Option Contracts
		Net realized loss on options purchased	Equity	$	(269,312	)
		Net realized gain on options written	Equity		645,295
		Net change in unrealized appreciation on options purchased	Equity		810
		Net change in unrealized depreciation on options written	Equity		(1,231,471	)
				$	(854,678	)

The average notional value of the derivative instruments for the Easterly Long/Short Opportunity during the year ended February 29, 2024, was as follows:

Options Purchased				Options Written
$	7,679,000			$	16,210,425

The Fund is not subject to any Master Netting Arrangements, therefore the Fund did not offset any assets or liabilities.

4.	AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

	Cost for		Gross		Gross			Tax Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Portfolio	Purposes		Appreciation		Depreciation			Appreciation/(Depreciation)
Small Cap Value	$	18,645,147	$	4,919,327	$	(690,179	)	$	4,229,148
Long/Short Opportunity		61,790,634		22,939,220		(5,137,015	)		17,802,205

5.	DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended February 29, 2024, and February 28, 2023, was as follows:

	For the year ended February 29, 2024:
	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Small Cap Value	$	33,756	$	—	$	—	$	33,756
Long/Short Opportunity		1,909,851		136,752		—		2,046,603

	For the year ended February 28, 2023:
	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Small Cap Value	$	—	$	—	$	—	$	—
Long/Short Opportunity		1,082,299		5,197,746		—		6,280,045

As of February 29, 2024, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized		Total
	Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/		Accumulated
Portfolio	Income		Capital Gains		Late Year Loss		Forwards			Differences		(Depreciation)		Earnings/(Deficits)
Small Cap Value	$	223,018	$	—	$	—	$	(2,043,032	)	$	—	$	4,229,139	$	2,409,125
Long/Short Opportunity		329,803		131,500		—		—			—		17,801,486		18,262,789

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized gains (losses), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and perpetual bonds. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $9 for the Easterly Snow Small Cap Value Fund and $719 for the Easterly Snow Long/Short Opportunity Fund.

EASTERLY FUNDS
NOTES TO FINANCIAL STATEMENTS
Year Ended February 29, 2024 (Continued)

At February 29, 2024, the Easterly Snow Small Cap Value Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

							CLCF
Portfolio	Short-Term		Long-Term		Total		Utilized
Small Cap Value	$	1,400,441	$	642,591	$	2,043,032	$	563,918
Long/Short Opportunity		—		—		—		—

During the fiscal year ended February 29, 2024, the Easterly Snow Long/Short Opportunity Fund utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the use of equalization resulted in reclassifications for the Fund for the fiscal year ended February 29, 2024, as follows:

			Accumulated
Portfolio	Paid In Capital		Earnings (Losses)
Small Cap Value	$	—	$	—
Long/Short Opportunity		89,641		(89,641	)

6.	BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of February 29, 2024, the shareholders that own 25% or more of the voting securities are as follows:

				Long/Short
Owner	Small Cap Value			Opportunity
Merrill Lynch		42.0	%		42.0	%

7.	RECENT REGULATORY UPDATES

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

8.	SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

of James Alpha Funds Trust d/b/a Easterly

Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Easterly Snow Small Cap Value Fund, and Easterly Snow Long/Short Opportunity Fund, (collectively referred to as the “Funds”), each a series of the James Alpha Funds Trust d/b/a Easterly Funds Trust, including the schedules of investments, as of February 29, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for the two years in the period then ended and the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of February 29, 2024 the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for each of the two years in the period ended February 28, 2021 have been audited by other auditors, whose report dated April 28, 2021 expressed unqualified opinions on such statement and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2011.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with custodians. We believe that our audits provide a reasonable basis for our opinion.

(SIGNATURE)

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

April 29, 2024

EASTERLY FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)

Shareholders of funds will pay ongoing expenses, such as advisory fees, distribution and services fees (12b-1 fees), and other fund expenses. The following examples are intended to help the shareholder understand the ongoing cost (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges (CDSCs) on redemptions.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2023 through February 29, 2024.

Actual Expenses: The first table provides information about actual account values and actual expenses. The shareholder may use the information in this line, together with the amount invested, to estimate the expenses that would be paid over the period. Simply divide account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid” to estimate the expenses paid on the account during the period.

	Beginning Account	Ending Account	Expense Paid	Expense Ratio
	Value - 09/01/2023	Value - 02/29/2024	09/01/2023-02/29/2024*	[Annualized]
Actual Expenses
Easterly Snow Small Cap Value - Class A	$1,000.00	$1,099.60	$7.83	1.50%
Easterly Snow Small Cap Value - Class C	1,000.00	1,095.40	11.72	2.25%
Easterly Snow Small Cap Value - Class I	1,000.00	1,100.90	6.53	1.25%
Easterly Snow Small Cap Value - Class R6	1,000.00	1,101.10	5.22	1.00%
Easterly Snow Long/Short Opportunity - Class A	1,000.00	1,056.10	8.69	1.70%
Easterly Snow Long/Short Opportunity - Class C	1,000.00	1,051.90	12.50	2.45%
Easterly Snow Long/Short Opportunity - Class I	1,000.00	1,057.20	7.42	1.45%
Easterly Snow Long/Short Opportunity - Class R6	1,000.00	1,057.50	5.12	1.00%

Hypothetical Examples for Comparison Purposes: The second table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid for the period. This information may be used to compare the ongoing costs of investing in the fund and other mutual funds. To do so, a shareholder would compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

	Beginning Account	Ending Account	Expense Paid	Expense Ratio
Hypothetical	Value - 09/01/2023	Value - 02/29/2024	09/01/2023-02/29/2024*	[Annualized]
[5% Return Before Expenses]
Easterly Snow Small Cap Value - Class A	$1,000.00	$1,017.40	$7.52	1.50%
Easterly Snow Small Cap Value - Class C	1,000.00	1,013.67	11.27	2.25%
Easterly Snow Small Cap Value - Class I	1,000.00	1,018.65	6.27	1.25%
Easterly Snow Small Cap Value - Class R6	1,000.00	1,019.89	5.02	1.00%
Easterly Snow Long/Short Opportunity - Class A	1,000.00	1,016.41	8.52	1.70%
Easterly Snow Long/Short Opportunity - Class C	1,000.00	1,012.68	12.26	2.45%
Easterly Snow Long/Short Opportunity - Class I	1,000.00	1,017.65	7.27	1.45%
Easterly Snow Long/Short Opportunity - Class R6	1,000.00	1,019.89	5.02	1.00%

*	Expenses are equal to the Funds annualized expense ratio multiplies by the number of days in the period (182) divided by the number of days in the fiscal year (366).

EASTERLY FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)

February 29, 2024

The Trustees and executive officers of the Trust, and their principal occupations during the past five years, are set forth in the table below. Darrell Crate is an “interested person” of the Trust (as that term is defined in the 1940 Act) by virtue of their position as an officer of Easterly.

Name, Year of Birth, and Address	Position(s) Held with Trust	*Term/ Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen	Other Directorships Held by Trustee During Past 5 Years
INTERESTED TRUSTEE:
Darrell Crate, Year of Birth: 1967 515 Madison Avenue 24^th Floor New York, NY 10022	President and Chairperson of the Board	Since 2021	Chief Executive Officer of Easterly Funds LLC (2020 – Present); Managing Principal of Easterly Asset Management LP (2016 – Present); Managing Partner of Easterly Capital LLC (2015 – Present)	5	Chairman of the Board and Director of Easterly Government Properties Inc. (2015 – Present).
INDEPENDENT TRUSTEES:
Neil Medugno, Year of Birth: 1957 515 Madison Avenue 24^th Floor New York, NY 10022	Trustee	Since 2021	Retired (2017 – Present)	5	Trustee of Six Circles Trust (2018 - Present)
A. Clayton Spencer, Year of Birth: 1954 515 Madison Avenue 24^th Floor New York, NY 10022	Trustee	Since 2023	President of Bates College (2012 – 2023)	5	Not Applicable

EASTERLY FUNDS

SUPPLEMENTAL INFORMATION (Unaudited)

February 29, 2024

Name, Year of Birth, and Address	Position(s) Held with Trust	*Term/ Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen	Other Directorships Held by Trustee During Past 5 Years
OFFICERS:
Michael Montague, Year of Birth: 1975 515 Madison Avenue 24^th Floor New York, NY 10022	Treasurer	Since 2021	Chief Operating Officer of Easterly Funds LLC (2010 – Present); Chief Operating Officer, James Alpha Management, LLC (2006 – Present); Chief Financial Officer, Easterly Asset Management LP (2023 – Present)	Not Applicable	Not Applicable
Emile Molineaux, Year of Birth: 1962 4221 North 203rd Street, Ste. 100 Elkhorn, NE 68022	Chief Compliance Officer	Since 2021	Senior Compliance Officer of Northern Lights Compliance Services, LLC (2011 – Present)	Not Applicable	Not Applicable
Chad Bitterman, Year of Birth: 1972 4221 North 203rd Street, Ste. 100 Elkhorn, NE 68022	Anti-Money Laundering Compliance Officer	Since 2021	Compliance Officer of Northern Lights Compliance Services, LLC (2010 – Present)	Not Applicable	Not Applicable
Amaris Miller, Year of Birth: 1992 515 Madison Avenue 24^th Floor New York, NY 10022	Secretary	Since 2021	Chief Operating Officer, Easterly Asset Management Operations LLC (2021 – Present); Senior Management Consultant, The Poirier Group (2018 – 2021)	Not Applicable	Not Applicable
Ken Juster, Year of Birth: 1976 515 Madison Avenue 24^th Floor New York, NY 10022	Chief Legal Officer	Since 2022	General Counsel of Easterly Asset Management LP (2022 – Present); Partner, Cooley LLP (2018 – 2022)	Not Applicable	Not Applicable
Erik Naviloff, Year of Birth: 1968 4221 North 203rd Street, Ste. 100 Elkhorn, NE 68022	Assistant Treasurer	Since 2021	Vice President, Ultimus Fund Solutions, LLC (2011 – present)	Not Applicable	Not Applicable
Timothy Burdick, Year of Birth: 1986 4221 North 203rd Street, Ste. 100 Elkhorn, NE 68022	Assistant Secretary	Since 2021	Vice President, Ultimus Fund Solutions, LLC (2022 – present); Assistant Vice President, Ultimus Fund Solutions, LLC (2019 – 2022); Senior Program Compliance Manager, CJ Affiliate (2016 – 2019)	Not Applicable	Not Applicable

Each Trustee will serve an indefinite term until they resign or retire and/or their successor, if any, is duly elected and qualified. Officers of the Trust serve at the pleasure of the Board.

The Funds’ SAI includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-888-814-8180.

PRIVACY NOTICE

JAMES ALPHA FUNDS TRUST dba EASTERLY FUNDS TRUST

March 2021

FACTS	WHAT DOES JAMES ALPHA FUNDS TRUST dba EASTERLY FUNDS TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depends on the product or service that you have with us. This information can include: ● Social Security number and wire transfer instructions ● account transactions and transaction history ● investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons James Alpha Funds Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:		Does James Alpha Funds Trust dba Easterly Funds Trust share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.		YES	NO
For our marketing purposes - to offer our products and services to you.		YES	YES
For joint marketing with other financial companies.		NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.		NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.		NO	We don’t share
For nonaffiliates to market to you		NO	We don’t share

QUESTIONS?	Call (888) 814-8180

What we do:
How does James Alpha Funds Trust dba Easterly Funds Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does James Alpha Funds Trust dba Easterly Funds Trust collect my personal information?	We collect your personal information, for example, when you ● open an account or deposit money ● direct us to buy securities or direct us to sell your securities ● seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ● sharing for affiliates’ everyday business purposes – information about your creditworthiness. ● affiliates from using your information to market to you. ● sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● James Alpha Funds Trust dba Easterly Funds Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● James Alpha Funds Trust dba Easterly Funds Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● James Alpha Funds Trust dba Easterly Funds Trust doesn’t jointly market.

How to Obtain Proxy Voting Information

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Portfolios use to determine how to vote proxies is available without charge, upon request, by calling 1-833-999-2636 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain 1^st and 3^rd Fiscal Quarter Portfolio Holdings

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

EASTERLYSNOW-AR24

Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1)

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2)

Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance with applicable governmental laws, rules, and regulations;

(4)

The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

Item 3. Audit Committee Financial Expert.

(a) The registrant’s board of trustees has determined that Neil Medugno is an audit committee financial expert as defined in Item 3 of Form N-CSR. Mr. Medugno is independent for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

Audit Fees The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

Registrant

(a) FYE 2/28/23 $29,000

FYE 2/29/24 $29,000

(b)

Audit-Related Fees

Registrant

FYE 2/28/23 $ 0.00

FYE 2/29/24 $ 0.00

(c)

Tax Fees

Registrant

FYE 2/28/23 $5,000

FYE 2/29/24 $5,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)

All Other Fees

Registrant

FYE 2/28/23 $ 0.00

FYE 2/29/24 $ 0.00

(e)

(1) Audit Committee’s Pre-Approval Policies

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2)

Percentages of Services Approved by the Audit Committee

Registrant

Audit-Related Fees: 100.00%

Tax Fees: 100.00%

All Other Fees: 100.00%

(f)

During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal year ended February 29, 2024, are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h)

Not applicable.

(i)

(j)

Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to

open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

(a)(2) Certification(s) required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable.

(b) Certification(s) required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The James Alpha Funds Trust

By (Signature and Title)

* /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

Date 05/06/2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

* /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

Date 05/06/2024

By (Signature and Title)

* /s/ Michael Montague

Michael Montague, Treasurer and Principal Financial Officer

Date 05/06/2024

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT 2 cert1.htm

Exhibit 99.CERT

CERTIFICATIONS

I, Darrell Crate, certify that:

1. I have reviewed this report on Form N-CSR of the Easterly Snow Small Cap Value Fund, Easterly Snow Long/Short Opportunity Fund (each a series of the James Alpha Funds Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 05/06/2024 /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

I, Michael Montague, certify that:

1. I have reviewed this report on Form N-CSR of the Easterly Snow Small Cap Value Fund, Easterly Snow Long/Short Opportunity Fund (each a series of the James Alpha Funds Trust);

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 05/06/2024 /s/ Michael Montague

Michael Montague, Treasurer and Principal Financial Officer

EX-99.906 CERT 3 cert2.htm

EX-99.906CERT

certification

Darrell Crate, Chief Executive Officer, and Michael Montague, Chief Financial Officer of the James Alpha Funds Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended February 29, 2024, (the “Form N-CSR”) fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer Principal Financial Officer

James Alpha Funds Trust James Alpha Funds Trust

/s/ Darrell Crate /s/ Michael Montague

Darrell Crate Michael Montague

Date: 05/06/2024 Date: 05/06/2024

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the James Alpha Funds Trust and will be retained by the James Alpha Funds Trust and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

EX-99.CODE ETH 4 coe.htm

CODE OF ETHICS OF

THE JAMES ALPHA FUNDS TRUST AND

JAMES ALPHA ADVISORS, LLC

Introduction

This Code of Ethics has been adopted by The James Alpha Funds Trust (the "Trust") and James Alpha Advisors, LLC (the "Advisor"), in compliance with Rule 17j-1 under the Investment Company Act of 1940 (the "Act") and with Rule 204A-1 of the Investment Adviser’s Act of 1940 (the “Adviser’s Act”) (unless specifically identified, Rule 17j-1 and Rule 204A-1 are collectively referred to as the “Rules”) to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust or any other investment company or client accounts managed and/or advised by the Advisor (referred to collectively herein as "Other Clients") may abuse their fiduciary duties to the Trust or Other Clients and to deal with other types of conflict of interest situations to which the Rules are addressed.

General Principles

The specific provisions and reporting requirements of the Rules and this Code of Ethics are concerned primarily with those investment activities of Access Persons, defined below, who are associated with the Adviser, Trust or Other Clients and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust or Other Clients. However, the Rules and this Code of Ethics apply to all affiliated persons of the Trust or Other Clients (including the Advisor) and affiliated persons of the Advisor ("Covered Persons").

The Rules make it "unlawful" for Covered Persons to engage in conduct which is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by an investment company or the Advisor. Accordingly, under the Rules and this Code of Ethics no Covered Person shall use any information concerning the investments or investment intentions of the Trust or Other Clients, or his ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Trust or Other Clients.

In addition, no Covered Person shall, directly or indirectly in connection with the purchase or sale of a "security held or to be acquired" by the Trust or Other Clients:

employ any device, scheme or artifice to defraud the Trust or Other Clients;

make to the Trust or any Other Client, or [the Advisor] any untrue statement of a material fact or omit to state to any of the foregoing a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or Other Clients; or

engage in any manipulative practice with respect to the Trust or Other Clients.

This Code of Ethics acknowledges the general principles that Covered Persons: (i) owe a fiduciary obligation to the Trust and Other Clients; (ii) have the duty at all times to place the interests of the Trust and Other Clients and their respective shareholders, if any, first; (iii) must conduct all personal securities transactions in such a manner as to avoid any actual or potential conflict of interest or abuse of an individual's position of trust and responsibility; (iv) should not take inappropriate advantage of their positions in relation to the Trust or Other Clients; (v) must comply with the federal securities laws as that term is defined in Rule 204A-1; and (vi) to safeguard nonpublic information about the Trust and Other Clients and their accounts, securities, instructions and interests.

Each person receiving a copy of this Code of Ethics must acknowledge receipt in writing on the form supplied by the Administrator of the Code annexed hereto as Exhibit 1 and must promptly return the signed form to the Administrator.

Definitions (as used herein)

1. Access Person: (i) any officer, trustee, director or employee of the Advisor, including any such person who has access to nonpublic information regarding any client’s purchase or sale of securities or nonpublic information regarding the portfolio holdings of any reportable fund, including the Trust or any affiliated mutual fund, or who is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic, or of the Trust or Other Clients; (ii) any employee of any company in a control relationship to the Advisor or the Trust or Other Clients who, in connection with his regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of securities by the Trust or Other Clients, or whose functions or duties relate to the making of any recommendations with respect to such purchases or sales; and (iii) any natural person in a control relationship to the Advisor or the Trust or Other Clients who obtains information concerning recommendations made for the purchase or sale of securities by the Trust or Other Clients. Persons meeting the criteria set forth in (ii) and (iii) of this paragraph are referred to as “Investment Persons.”

2. Affiliated Person: (i) any person directly or indirectly owning, controlling or holding with power to vote, five percent or more of the outstanding voting securities of such other person; (ii) any person five percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by such other person; (iii) any person directly or indirectly controlling, controlled by, or under common control with, such other person; (iv) any officer, trustee, director, partner, copartner, or employee of such other person; and (v) any investment adviser of the Trust or Other Clients.

3. Beneficial Interest: any interest by which an Access Person or any member of his immediate family (relative by blood or marriage living in the same household), can directly or indirectly derive a monetary benefit from the purchase, sale (or other acquisition or disposition) or ownership of a security, except such interests as the Administrator of this Code of Ethics shall

determine to be too remote for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires or disposes of a security in which he has or thereby acquires a direct or indirect Beneficial Interest will be referred to in this Code of Ethics as a "personal securities" transaction or as a transaction for the person's "own account").

4. Control: the power to exercise a controlling influence over the management or policies of a company (unless such power is solely the result of an official position with such company). Any person who owns beneficially, directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company. Natural persons shall be presumed not to be controlled persons.

5. Covered Person shall have the meaning set forth in Section 2 of this Code of Ethics.

6. Investment Person: an Access Person defined above and includes a trader, as defined below, in portfolio securities.

7. Portfolio Manager: an Access Person who is responsible for making decisions as to securities to be bought or sold for the Trust's portfolios or for Other Clients.

8. Trader: an Access Person who is responsible for effecting portfolio security transactions on behalf of the Trust or Other Clients.

9. Security includes all stock, debt obligations and other instruments comprising the investments of the Trust or Other Clients, including any warrant or option to acquire or sell a security and financial futures contracts, but excludes securities issued by the U.S. government or its agencies, bankers' acceptances, bank certificates of deposit, commercial paper and shares of a mutual fund (including money market funds). References to a "Security" in this Code of Ethics shall include any warrant for, option in, or security immediately convertible into that "Security."

A "security held or to be acquired" by the Trust or Other Clients means any Security (as defined above) which, within the most recent seven days: (i) is or has been held by the Trust or Other Clients; or (ii) is being or has been considered for purchase by the Trust or Other Clients.

A security is "being considered for purchase or sale" from the time an order is given by or on behalf of the Trust or Other Clients until all orders with respect to that security are completed or withdrawn.

Prohibited Transactions

Subject to any more limiting requirement set forth below, an Access Person may not effect a personal securities transaction if he knows or, in the ordinary course of business, should know at the time of entering into the transaction that: (i) the Trust or Other Clients have engaged in a transaction in the same security within the last seven days, or is engaging in a transaction or is going to engage in a

transaction in the same security in the next seven days; or (ii) within the last seven days a transaction in the same security for the Trust or Other Clients was considered or is being considered or within the next seven days is going to be considered, unless such Access Person obtains advance clearance of such transaction and reports to the Trust or Other Clients, as applicable, the information described in Section 7 of this Code of Ethics.

Initial Public Offerings and Private Placements. Advance clearance and approval for any acquisition of securities by an Access Person in an initial public offering or private placement must be obtained and any such acquisitions will be promptly reported to the Board of Trustees of the Trust.

Blackout Periods. An Investment Person may not effect a personal securities transaction on a day during which the Trust or Other Clients have a pending "buy" or "sell" order in that same security until that order is executed or withdrawn. In addition, a portfolio manager may not buy or sell a security for his own account within at least seven calendar days before and after a fund or account that he manages trades in that security. Any profits realized on trades within the proscribed periods will have to be disgorged.

3. Gifts. An Investment Person may not accept any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Trust or Other Clients.

Service as a Director. An Investment Person may not serve on the board of directors of any publicly traded company, without prior authorization of the Chief Executive Officer of the Advisor which is based upon a determination that the board service would not be inconsistent with the interests of the Trust and its shareholders and Other Clients and their shareholders, as applicable. If and when such board service is authorized, the Investment Person serving as a director will be isolated from other Investment Persons who make investment decisions involving that company through "Chinese Wall" or other procedures.

Advance Clearance Requirement

1. Procedures

From Whom Obtained. Advance clearance of a personal securities transaction required to be approved under this Code of Ethics must be obtained from the Administrator of this Code of Ethics.

Time of Clearance. Transaction clearances must be obtained no more than three (3) days prior to the transaction. If the trade is not made within three (3) days of the date of clearance, a new clearance must be obtained.

Form. Clearance must be obtained in writing by completing and signing a form provided for that purpose by the Trust or Other Clients, which form shall set forth the details of the proposed transaction, and obtaining the signature of the Administrator. An example of such Form is annexed hereto as Schedule A

Filing. A copy of all completed clearance forms, with all required signatures, shall be retained by the Administrator of this Code of Ethics.

Factors Considered in Clearance of Personal Transactions. The Administrator may refuse to grant clearance of a personal transaction in his sole discretion without being required to specify any reason for the refusal. Generally, the Administrator of this Code of Ethics will consider the following factors in determining whether or not to clear a proposed transaction:

(1)

Whether the amount or nature of the transaction or person making it is likely to affect the price or market for the Security;

(2)

Whether the individual making the proposed purchase or sale is likely to benefit from purchases or sales being made or being considered by the Trust or Other Clients;

(3)

Whether the Security proposed to be purchased or sold is one that would qualify for purchase or sale by the Trust or Other Clients;

(4)

Whether the transaction is nonvolitional on the part of the individual, such as receipt of a stock dividend or a sinking fund call.

Exempt Transactions

Neither the prohibitions nor the reporting requirements of this Code of Ethics apply to:

Purchase, sales, or other acquisitions or dispositions of Securities for an account over which the Covered Person or Access Person has no direct influence or control and does not exercise indirect influence or control;

Purchases, sales, or other acquisitions or dispositions of Securities which are not eligible for purchase or sale by the Trust or Other Clients;

Involuntary purchases or sales made by a Covered Person or an Access Person;

Purchases which are part of an automatic investment plan, including dividend reinvestment plans;

Purchases or other reacquisitions or dispositions resulting from the exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of Securities of such issuer and the sale of such rights;

Purchases, sales, or other acquisitions or dispositions which receive the prior approval of the Administrator upon consideration of the factors stated in paragraph e(2) above and/or because:

their potential harm to the Trust or Other Clients is remote;

they would be unlikely to affect a highly institutional market; or

they are clearly not related economically to Securities being considered for purchase or sale by the Trust or Other Clients.

Purchase or sale of securities issued by the U.S. government or its agencies, banker’s acceptances, bank certificates of deposit, commercial paper and shares of a mutual fund, provided, however, that investments in mutual funds that are advised by the Advisor or its affiliates, or for which the Advisor or its affiliates serves as principal underwriter must be reported in accordance with the terms of this Code.

Reporting Requirements

Reporting Requirements - Quarterly Transactions. Within 10 days after the end of each calendar quarter, each Access Person shall make a written report to the Administrator of this Code of Ethics of all non-exempt transactions occurring in the quarter by which they acquired or disposed of a Beneficial Interest in any Security, except if the report would duplicate information contained in broker trade confirmations or account statements held in records so long as the Administrator received such confirmations and statements no later than 30 days after the end of the applicable calendar quarter.

Such report must be dated and contain the following information with respect to each reportable transaction and/or brokerage account established by the Access Person in which he held any securities during the quarter and shall be current as of a date no more than 45 days prior to the date the person became an Access Person or the filing of the report, as the case may be: (i) date and nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (ii) title, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date (if applicable), number of share or principal amount of each Security and the price at which the transaction was effected; (iii) name of the broker, dealer or bank with or through whom the transaction was effected; and (iv) the name of the broker, dealer or bank with whom the Access Person established the account, and the date the account was established.

Such report may contain a statement that the report is not to be construed as an admission that the person making it has or had any direct or indirect Beneficial Interest in any Security to which the report relates.

Notwithstanding the quarterly reporting requirement set forth above, a Trustee of the Trust or a director of an investment company managed or advised by the Advisor who is not an "interested person" of the Trust or the investment company, respectively, as such term is defined in Section 2(a)(19) of the Act, shall not be subject to such reporting requirement except where such Trustee knew or, in the ordinary course of fulfilling his official duties as a Trustee of the Trust, should have known that during the seven day period immediately preceding or after the date of the transaction in a security by the Trustee, such security is or was purchased or sold by the Trust or such purchase or sale by the Trust is or was considered by the Trust or the Trust's Advisor or advisers.

Reporting Requirements - Initial and Annual Holdings. Each Access Person must disclose all personal holdings in securities (including any privately-placed securities) to the Administrator

of this Code of Ethics for review no later than 10 days after becoming an Access Person and annually thereafter. Each initial and annual holdings report must contain the following information: (i) the title, number of securities and principal amount of each Security in which the Access Person has any direct or indirect beneficial ownership; (ii) the name of the broker, dealer or financial institution with or through whom the Access Person maintains an account in which any securities were held for the direct or indirect benefit of the Access Person; and (iii) the date the report is submitted by the Access Person. Each report must be current as of a date no more than 45 days prior to the date the person became an access person or before the report is submitted, as the case may be.

Form of Reports. The reports may be on the form provided by the Trust or Other Clients or may consist of trade confirmations and/or broker account statements received by the Administrator of the Code in the prescribed time periods, which provide at least the same information. A copy of each of the Trust's and Advisor’s reporting forms is attached hereto as Schedule B.

Responsibility to Report. The responsibility for taking the initiative to report is imposed on each individual required to make a report. Any effort by the Trust or Other Clients to facilitate the reporting process does not change or alter that responsibility

Where to File Report. All reports must be filed with the Administrator of this Code of Ethics.

Certification of Compliance

Each Access Person must certify in writing, in the form attached hereto as Exhibit 1, within 30 days of each year that he has: (i) read this Code of Ethics, including any amendments thereto, and understood it; (ii) complied with the Code’s requirement during the past year; (iii) disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code; and (iv) reported all violations of this Code and the federal securities laws, as that term is defined in Rule 204A-1, to the Administrator.

Confidentiality of Transactions

Until disclosed in a public report to shareholders or to the SEC in the normal course, all information concerning Securities "being considered for purchase or sale" by the Trust or Other Clients shall be kept confidential by all Access Persons and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Administrator of this Code of Ethics to report any inadequacy found by him to the Board of Trustees of the Trust or the relevant parties with respect to Other Clients.

Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by the Chief Financial Officer of the Trust, or the Chief Compliance Officer of the Advisor of the Trust or Other Clients as may be deemed appropriate under the circumstances to achieve the purposes of the Rules and this Code of Ethics which may include suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Trust or Other Clients and the more advantageous price paid or received by the offending person.

Sanctions for violation of this Code of Ethics by a Trustee of the Trust will be determined by a majority vote of its Independent Trustees. Sanctions for violations of this Code of Ethics with respect to Other Clients will be determined by such parties as is determined by such Other Clients.

Administration and Construction

The administration of this Code of Ethics with respect to the Trust and the Advisor shall be the responsibility of the Chief Financial Officer of the Trust and the Advisor, as the case may be, who shall serve as the "Administrator" of this Code of Ethics. The Administrator of the Code with respect to Other Clients shall be the respective Chief Compliance Officer of such investment companies.

The duties of such Administrator shall include:

Continuous maintenance of a current list of the names of all Access Persons with an appropriate description of their title or employment;

Providing each Access Person a copy of this Code of Ethics and informing them of their duties and obligations thereunder, and assuring that Covered Persons who are not access persons are familiar with applicable requirements of this Code of Ethics;

Supervising the implementation of this Code of Ethics by the Advisor or Other Clients and the enforcement of the terms hereof by the Advisor;

Maintaining or supervising the maintenance of all records and reports required by this Code of Ethics;

Preparing listings of all transactions effected by any Access Person within seven days of the date on which the same security was held, purchased or sold by the Trust or Other Clients;

Determining whether any particular securities transaction should be exempted pursuant to the provisions of this Code of Ethics;

Issuing either personally or with the assistance of counsel as may be appropriate, any interpretation of this Code of Ethics which may appear consistent with the objectives of the Rules and this Code of Ethics;

Conducting of such inspections or investigations, including scrutiny of the listings referred to in the preceding subparagraph, as shall reasonably be required to detect and report, with his recommendations, any apparent violations of this Code of Ethics to the Board of Trustees of the Trust or the appropriate parties with respect to Other Clients;

Submitting a quarterly report to the Trustees of the Trust containing a description of any violation and the sanction imposed; transactions which suggest the possibility of a violation of interpretations issued by and any exemptions or waivers found appropriate by the Administrator; and any other significant information concerning the appropriateness of this Code of Ethics.

Required Records

The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records:

A copy of any Code of Ethics adopted pursuant to the Rule which has been in effect during the past five years;

A record of any violation of any such Code of Ethics and of any action taken as a result of such violation;

A copy of each report made by the Administrator within two years from the end of the fiscal year of the Trust or Other Client (or, in the case of a separate account, the opening of the account) in which such report or interpretation is made or issued and for an additional three years in a place which need not be easily accessible; and

A record of all written acknowledgements as required by Rule 204A-1(a)(5) of the Advisers Act and as required by this Code for each person who is currently or within the past five years, required to provide such written authorization;

A record of each report made by an Access Person as required by Rule 204A-1(b) of the Advisers Act and as required by this Code, including the following information provided in lieu of such reports as permitted by Rule 204A-1(b)(3)(iii): a transaction report if the report would duplicate information contained in broker trade confirmations or account statements that are held as records so long as they are received by the Administrator no later than 30 days after the end of the applicable calendar quarter.

A list of all persons who are, or within the past five years have been, required to make reports pursuant to the Rule and this Code of Ethics and a record of the names of persons who are currently, or within the past five years were, Access Persons of the Advisor.

The record of any decision and reasons supporting the decision to approve any acquisitions by Access Persons of private placements or Initial Public Offering securities for at least five years after the end of the fiscal year in which such approval was granted.

Amendments and Modifications

With respect to the Trust, this Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust.

With respect to the Trust, this Code of Ethics was most recently adopted by the Board of Trustees of the Trust, including a majority of its Independent Trustees, at a meeting held on [ ].

Chairman and President of the Board of Trustees of the Trust, and Chairman, President and
Chief Executive Officer of the Advisor

Exhibit 1

ACKNOWLEDGEMENT AND COMPLIANCE CERTIFICATION

I have received a copy of the current Code of Ethics. I have read and understand the terms of the above Code of Ethics. I recognize the responsibilities and obligations that I have incurred as a result of my being subject to this Code of Ethics, and hereby agree to abide by the terms of the above Code of Ethics.

Signature

Date

______________________________________

Print Name

SCHEDULE A

REQUEST FOR PERMISSION

TO ENGAGE IN PERSONAL TRANSACTION

I hereby request permission to effect a transaction in securities as indicated below for my own account or other account in which I have a beneficial interest or legal title.

(Use approximate dates and amounts of proposed transactions.)

PURCHASES AND ACQUISITIONS

__________________________________________________________________

SALES AND OTHER DISPOSITIONS

__________________________________________________________________

Signature

Date

______________________________________

Print Name

SCHEDULE B

QUARTERLY SECURITIES TRANSACTIONS
CONFIDENTIAL REPORT

The following list of transactions in securities in which I had any direct or indirect beneficial ownership and a list of accounts I established during the last calendar quarter (if no transactions took place write “None”). Sign and return to the Chief Financial Officer of the Trust or the Chief Compliance Officer or the Advisor, as applicable, no later than the 10th day of the month following the end of the quarter. Use reverse side if additional space is needed.

PURCHASES AND ACQUISITIONS

SALES AND OTHER DISPOSITIONS

Date	Nature of Transaction	# of Shares or Principal Amount	Title of Security	Exchange Symbol or CUSIP	Interest Rate	Maturity Date	Unit Price	Total Price	Broker

BROKERAGE ACCOUNTS ESTABLISHED

Name of Brokerage Account and Account Number	Broker Name and Location	Date Account Established

Signature

Date

______________________________________

Print Name

SCHEDULE B (Part 2)

SECURITIES HOLDINGS
CONFIDENTIAL REPORT

ANNUAL OR INITIAL HOLDINGS REPORT

I hereby confirm the following items represent all holding in securities in which I have direct or indirect beneficial ownership as of _(Date)_____________________________, and which must be reported pursuant to the Code of Ethics of The James Alpha Funds Trust and James Alpha Advisors, LLC:

Name of Security	No. of Shares of Principal Amount	Broker

I also hereby certify that set forth below is a listing of all brokerage accounts and other accounts holding securities maintained by me.

Name of Brokerage Account	Broker Name and Location	Account Number

Signature

Date

______________________________________

Print Name

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