# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001580642-25-007181
**Filing Date:** 2025-11
**Character Count:** 197293
**Document Hash:** 6f5d4c400856cfe1616fcf47d7e2db16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007181.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001580642-25-007181

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** James Alpha Funds Trust
- **CENTRAL INDEX KEY:** 0001829774

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23611
- **FILM NUMBER:** 251465202

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

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

## Series and Classes Contracts Data

### Easterly RocMuni High Income Municipal Bond Fund (Series ID: S000084511)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000248908 | Easterly RocMuni High Income Municipal Bond Fund - Investor Class |  |
| C000248909 | Easterly RocMuni High Income Municipal Bond Fund - Class I        |  |
| C000248910 | Easterly RocMuni High Income Municipal Bond Fund - Class A        |  |

### Easterly RocMuni Short Term Municipal Bond Fund (Series ID: S000084512)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000248911 | Easterly RocMuni Short Term Municipal Bond Fund - Class I        |  |
| C000248912 | Easterly RocMuni Short Term Municipal Bond Fund - Investor Class |  |

?xml version='1.0' encoding='ASCII'?

**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 <u>811-23611</u>

**James Alpha Funds Trust**

(Exact name of registrant as specified in charter)

<u>515 Madison Avenue, 24<sup>th</sup> Floor, New York, NY</u> <u>10022</u> <br> (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: <u>888-814-8180</u>

Date of fiscal year end: <u>8/31</u> <br>Date of reporting period: <u>8/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) # Easterly ROCMuni High Income Municipal Bond Fund

## Class A (RMJAX)

## Annual Shareholder Report - August 31, 2025
![Image](i44861fd6487f4675dc9d3106.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly ROCMuni High Income Municipal Bond Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at 1-833-999-2636. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $85 | 1.20% |

---

## How did the Fund perform during the reporting period?
During the period, the fund realized significant degradation to performance due to high redemptions and liquidity-driven dispersion.

#### Changes in and Disagreements with Accountants
On October 4, 2024, the Predecessor Fund was reorganized into the Fund. As a result of this reorganization, Cohen & Company, Ltd. was effectively dismissed as the Predecessor Fund's independent registered accounting firm.

Tait, Weller & Baker LLP serves as the Trust's independent registered public accounting firm for the fiscal year ended August 31, 2025.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i85011e3fae8211b35946e172.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly ROCMuni High Income Municipal Bond** | **Bloomberg High Yield Muni Bond Index** | **Bloomberg Municipal Bond Index** |
| **Feb-2022** | $9776 | $10000 | $10000 |
| **Aug-2022** | $9088 | $9274 | $9475 |
| **Aug-2023** | $8715 | $9322 | $9636 |
| **Aug-2024** | $9467 | $10476 | $10223 |
| **Aug-2025** | $4004 | $10319 | $10231 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (February 16, 2022)** |
| Easterly ROCMuni High Income Municipal Bond |  |  |
| Without Load | -57.71% | -22.31% |
| With Load | -58.67% | -22.80% |
| Bloomberg High Yield Muni Bond Index | -1.49% | 0.89% |
| Bloomberg Municipal Bond Index | 0.08% | 0.65% |

---

Load Information: 2.00% is the maximum sales charge on purchase of A Shares. Purchases of $250,000 or greater may be assessed a 1.00% Contingent Deferred Sales Charge (CDSC) if held less than 18-months.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

For the most recent month-end performance, visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ or call 888-814-8180.

The Fund has adopted the performance of the Principal Street High Income Municipal Fund, a series of the Trust for Managed Portfolio Series (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on October 4, 2024 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 4, 2024 are those of the Class A shares of the Predecessor Portfolio. Class A shares of the Predecessor Portfolio were reorganized into Class A of the Fund, respectively, after the close of business on October 4, 2024. Class A shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class A shares as they have different expenses.

Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14530369 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $687301 |
| Portfolio Turnover | 19% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i51df33641b732ce38a7ca28a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.0% |
| Corporate Bonds | 33.1% |
| Municipal Bonds | 66.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Capital Trust Agency, Inc. (Obligor: Voans SW Florida Healthcare) | 56.9% |
| Convivial 2022 III LLC | 34.6% |
| LSC Estero Prime | 8.6% |
| Public Finance Authority (Obligor: Dreamhouse 'Ewa Beach) | 6.9% |
| City of Colorado Springs CO Utilities System | 3.5% |
| Connecticut Housing Finance Authority | 3.5% |
| Connecticut State Health & Educational Facilities | 3.4% |
| Hampton Roads Sanitation District | 3.4% |
| New York State Housing Finance Agency | 3.4% |
| State of Texas | 3.4% |

---

## Material Fund Changes
The Principal Street High Income Municipal Fund (the "Existing Fund") was reorganized on October 4, 2024, from a series of The Managed Portfolio Series Trust, a Delaware statutory trust, to a series of the Trust, into the Easterly ROCMuni High Income Municipal Bond Fund (the "Survivor Fund"). As a series of the Trust, the Institutional Class, Investor Class and Class A of the Existing Fund converted to Institutional Class, Investor Class and Class A of the Surviving Fund.

# Easterly ROCMuni High Income Municipal Bond Fund - Class A (RMJAX)

## Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funds.easterlyam.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

To reduce expenses, the Fund will mail only one copy of the prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at (833) 999-2636 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty days after receiving your request.

TSR-AR 083125-RMJAX

# Easterly ROCMuni High Income Municipal Bond Fund

## Class I (RMHIX)

## Annual Shareholder Report - August 31, 2025
![Image](i44861fd6487f4675dc9d3106.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly ROCMuni High Income Municipal Bond Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at 1-833-999-2636. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $69 | 0.97% |

---

## How did the Fund perform during the reporting period?
During the period, the fund realized significant degradation to performance due to high redemptions and liquidity-driven dispersion.

#### Changes in and Disagreements with Accountants
On October 4, 2024, the Predecessor Fund was reorganized into the Fund. As a result of this reorganization, Cohen & Company, Ltd. was effectively dismissed as the Predecessor Fund's independent registered accounting firm.

Tait, Weller & Baker LLP serves as the Trust's independent registered public accounting firm for the fiscal year ended August 31, 2025.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](ifdc71e0e86769fc695d78ec7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly ROCMuni High Income Municipal Bond** | **Bloomberg High Yield Muni Bond Index** | **Bloomberg Municipal Bond Index** |
| **Sep-2017** | $1000000 | $1000000 | $1000000 |
| **Aug-2018** | $1094990 | $1063810 | $1005179 |
| **Aug-2019** | $1191076 | $1168121 | $1092831 |
| **Aug-2020** | $1110108 | $1179366 | $1128188 |
| **Aug-2021** | $1194570 | $1322947 | $1166501 |
| **Aug-2022** | $1079314 | $1189821 | $1065803 |
| **Aug-2023** | $1044925 | $1196029 | $1083967 |
| **Aug-2024** | $1127890 | $1344061 | $1149968 |
| **Aug-2025** | $479128 | $1323972 | $1150853 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 15, 2017)** |
| Easterly ROCMuni High Income Municipal Bond | -57.52% | -15.47% | -8.83% |
| Bloomberg High Yield Muni Bond Index | -1.49% | 2.34% | 3.59% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 1.78% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

For the most recent month-end performance, visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ or call 888-814-8180.

The Fund has adopted the performance of the Principal Street High Income Municipal Fund, a series of the Trust for Managed Portfolio Series (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on October 4, 2024 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 4, 2024 are those of the Institutional Class shares of the Predecessor Portfolio. Institutional Class shares of the Predecessor Portfolio were reorganized into Class I of the Fund, respectively, after the close of business on October 4, 2024. Class I shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Institutional Class shares as they have different expenses.

Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14530369 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $687301 |
| Portfolio Turnover | 19% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib790be604bc0f69b7d1b96b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.0% |
| Corporate Bonds | 33.1% |
| Municipal Bonds | 66.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Capital Trust Agency, Inc. (Obligor: Voans SW Florida Healthcare) | 56.9% |
| Convivial 2022 III LLC | 34.6% |
| LSC Estero Prime | 8.6% |
| Public Finance Authority (Obligor: Dreamhouse 'Ewa Beach) | 6.9% |
| City of Colorado Springs CO Utilities System | 3.5% |
| Connecticut Housing Finance Authority | 3.5% |
| Connecticut State Health & Educational Facilities | 3.4% |
| Hampton Roads Sanitation District | 3.4% |
| New York State Housing Finance Agency | 3.4% |
| State of Texas | 3.4% |

---

## Material Fund Changes
The Principal Street High Income Municipal Fund (the "Existing Fund") was reorganized on October 4, 2024, from a series of The Managed Portfolio Series Trust, a Delaware statutory trust, to a series of the Trust, into the Easterly ROCMuni High Income Municipal Bond Fund (the "Survivor Fund"). As a series of the Trust, the Institutional Class, Investor Class and Class A of the Existing Fund converted to Institutional Class, Investor Class and Class A of the Surviving Fund.

# Easterly ROCMuni High Income Municipal Bond Fund - Class I (RMHIX)

## Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funds.easterlyam.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

To reduce expenses, the Fund will mail only one copy of the prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at (833) 999-2636 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty days after receiving your request.

TSR-AR 083125-RMHIX

# Easterly ROCMuni High Income Municipal Bond Fund

## Investor Class (RMHVX)

## Annual Shareholder Report - August 31, 2025
![Image](i44861fd6487f4675dc9d3106.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly ROCMuni High Income Municipal Bond Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at 1-833-999-2636. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $101 | 1.42% |

---

## How did the Fund perform during the reporting period?
During the period, the fund realized significant degradation to performance due to high redemptions and liquidity-driven dispersion.

#### Changes in and Disagreements with Accountants
On October 4, 2024, the Predecessor Fund was reorganized into the Fund. As a result of this reorganization, Cohen & Company, Ltd. was effectively dismissed as the Predecessor Fund's independent registered accounting firm.

Tait, Weller & Baker LLP serves as the Trust's independent registered public accounting firm for the fiscal year ended August 31, 2025.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i06b74bd04f266e3cfa385dc7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly ROCMuni High Income Municipal Bond** | **Bloomberg High Yield Muni Bond Index** | **Bloomberg Municipal Bond Index** |
| **Mar-2020** | $10000 | $10000 | $10000 |
| **Aug-2020** | $10844 | $11845 | $11183 |
| **Aug-2021** | $11596 | $13287 | $11563 |
| **Aug-2022** | $10417 | $11950 | $10565 |
| **Aug-2023** | $10022 | $12012 | $10745 |
| **Aug-2024** | $10775 | $13499 | $11399 |
| **Aug-2025** | $4547 | $13297 | $11408 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 23, 2020)** |
| Easterly ROCMuni High Income Municipal Bond | -57.80% | -15.96% | -13.48% |
| Bloomberg High Yield Muni Bond Index | -1.49% | 2.34% | 5.38% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.45% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

For the most recent month-end performance, visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ or call 888-814-8180.

The Fund has adopted the performance of the Principal Street High Income Municipal Fund, a series of the Trust for Managed Portfolio Series (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on October 4, 2024 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 4, 2024 are those of the Investor Class shares of the Predecessor Portfolio. Investor Class shares of the Predecessor Portfolio were reorganized into the Investor Class of the Fund, respectively, after the close of business on October 4, 2024. Investor Class shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Investor Class shares as they have different expenses.

Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14530369 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $687301 |
| Portfolio Turnover | 19% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i80c814a00d086fcd0f86222c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.0% |
| Corporate Bonds | 33.1% |
| Municipal Bonds | 66.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Capital Trust Agency, Inc. (Obligor: Voans SW Florida Healthcare) | 56.9% |
| Convivial 2022 III LLC | 34.6% |
| LSC Estero Prime | 8.6% |
| Public Finance Authority (Obligor: Dreamhouse 'Ewa Beach) | 6.9% |
| City of Colorado Springs CO Utilities System | 3.5% |
| Connecticut Housing Finance Authority | 3.5% |
| Connecticut State Health & Educational Facilities | 3.4% |
| Hampton Roads Sanitation District | 3.4% |
| New York State Housing Finance Agency | 3.4% |
| State of Texas | 3.4% |

---

## Material Fund Changes
The Principal Street High Income Municipal Fund (the "Existing Fund") was reorganized on October 4, 2024, from a series of The Managed Portfolio Series Trust, a Delaware statutory trust, to a series of the Trust, into the Easterly ROCMuni High Income Municipal Bond Fund (the "Survivor Fund"). As a series of the Trust, the Institutional Class, Investor Class and Class A of the Existing Fund converted to Institutional Class, Investor Class and Class A of the Surviving Fund.

# Easterly ROCMuni High Income Municipal Bond Fund - Investor Class (RMHVX)

## Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funds.easterlyam.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

To reduce expenses, the Fund will mail only one copy of the prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at (833) 999-2636 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty days after receiving your request.

TSR-AR 083125-RMHVX

# Easterly ROCMuni Short Term Municipal Bond Fund

## Class I (RMSIX)

## Annual Shareholder Report - August 31, 2025
![Image](i44861fd6487f4675dc9d3106.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly ROCMuni Short Term Municipal Bond Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at 1-833-999-2636. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $71 | 0.70% |

---

## How did the Fund perform during the reporting period?
<u>Top contributors</u>

· Asset allocation added value through overweight positions in certain higher yielding sectors.

· Strong security selection in the Appropriation sector provided meaningful support.

<u>Top Detractors</u>

· Yield curve positioning detracted, as the portfolio's shorter duration lagged during curve shifts reversed in 2025

· Security selection hurt performance, particularly in 2025 within long-dated sectors.

#### Changes in and Disagreements with Accountants
On October 4, 2024, the Predecessor Fund was reorganized into the Fund. As a result of this reorganization, Cohen & Company, Ltd. was effectively dismissed as the Predecessor Fund's independent registered accounting firm.

Tait, Weller & Baker LLP serves as the Trust's independent registered public accounting firm for the fiscal year ended August 31, 2025.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](ibe9227317a016ade32ebf6bd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly ROCMuni Short Term Municipal Bond** | **Bloomberg 3 Year Municipal Bond Index (2-4)** | **Bloomberg Municipal Bond Index** |
| **Apr-2022** | $1000000 | $1000000 | $1000000 |
| **Aug-2022** | $1010185 | $1008259 | $1000193 |
| **Aug-2023** | $1033983 | $1019537 | $1017239 |
| **Aug-2024** | $1083871 | $1066139 | $1079177 |
| **Aug-2025** | $1120284 | $1104514 | $1080007 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 27, 2022)** |
| Easterly ROCMuni Short Term Municipal Bond | 3.36% | 3.45% |
| Bloomberg 3 Year Municipal Bond Index (2-4) | 3.60% | 3.02% |
| Bloomberg Municipal Bond Index | 0.08% | 2.33% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

For the most recent month-end performance, visit https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/ or call 888-814-8180.

The Fund has adopted the performance of the Principal Street Short Term Municipal Fund, a series of the Trust for Managed Portfolio Series (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on October 4, 2024 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 4, 2024 are those of the Institutional Class shares of the Predecessor Portfolio. Institutional Class shares of the Predecessor Portfolio were reorganized into Class I of the Fund, respectively, after the close of business on October 4, 2024. Class I shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Institutional Class shares as they have different expenses.

Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $64816066 |
| Number of Portfolio Holdings | 116 |
| Advisory Fee (net of waivers) | $107808 |
| Portfolio Turnover | 99% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if644ebe0b2c96f333c386afb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 100.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Monarch-Chesterfield Levee District | 4.5% |
| Miami-Dade County Expressway Authority | 3.6% |
| Greater Orlando Aviation Authority (Obligor: Greater Orlando Aviation Authority) | 3.6% |
| Illinois Finance Authority (Obligor: OSF Healthcare System Obligated Group) | 2.9% |
| Bexar County Hospital District (Obligor: Bexar County Hospital District) | 2.4% |
| County of Miami-Dade Aviation Revenue | 2.4% |
| Mid-Bay Bridge Authority (Obligor: Mid-Bay Bridge Authority) | 2.2% |
| Chicago Board of Education | 2.0% |
| Port of Seattle (Obligor: Seatac Fuel LLC) | 1.9% |
| Kenton County Airport Board (Obligor: Kenton County Airport Board) | 1.9% |

---

## Material Fund Changes
The Principal Street Short Term Municipal Fund (the "Existing Fund") was reorganized on October 4, 2024, from a series of The Managed Portfolio Series Trust, a Delaware statutory trust, to a series of the Trust, into the Easterly ROCMuni Short Term Municipal Bond Fund (the "Survivor Fund"). As a series of the Trust, the Institutional Class and Investor Class of the Existing Fund converted to Institutional Class and Investor Class of the Surviving Fund.

# Easterly ROCMuni Short Term Municipal Bond Fund - Class I (RMSIX)

## Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funds.easterlyam.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

To reduce expenses, the Fund will mail only one copy of the prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at (833) 999-2636 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty days after receiving your request.

TSR-AR 083125-RMSIX

# Easterly ROCMuni Short Term Municipal Bond Fund

## Investor Class (RMSVX)

## Annual Shareholder Report - August 31, 2025
![Image](i44861fd6487f4675dc9d3106.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly ROCMuni Short Term Municipal Bond Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at 1-833-999-2636. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $96 | 0.95% |

---

## How did the Fund perform during the reporting period?
<u>Top contributors</u>

· Asset allocation added value through overweight positions in certain higher yielding sectors.

· Strong security selection in the Appropriation sector provided meaningful support.

<u>Top Detractors</u>

· Yield curve positioning detracted, as the portfolio's shorter duration lagged during curve shifts reversed in 2025

· Security selection hurt performance, particularly in 2025 within long-dated sectors.

#### Changes in and Disagreements with Accountants
On October 4, 2024, the Predecessor Fund was reorganized into the Fund. As a result of this reorganization, Cohen & Company, Ltd. was effectively dismissed as the Predecessor Fund's independent registered accounting firm.

Tait, Weller & Baker LLP serves as the Trust's independent registered public accounting firm for the fiscal year ended August 31, 2025.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](ib059833e04a3bd58799be4bd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly ROCMuni Short Term Municipal Bond** | **Bloomberg 3 Year Municipal Bond Index (2-4)** | **Bloomberg Municipal Bond Index** |
| **Apr-2022** | $10000 | $10000 | $10000 |
| **Aug-2022** | $10094 | $10083 | $10002 |
| **Aug-2023** | $10282 | $10195 | $10172 |
| **Aug-2024** | $10752 | $10661 | $10792 |
| **Aug-2025** | $11028 | $11045 | $10800 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 27, 2022)** |
| Easterly ROCMuni Short Term Municipal Bond | 2.57% | 2.97% |
| Bloomberg 3 Year Municipal Bond Index (2-4) | 3.60% | 3.02% |
| Bloomberg Municipal Bond Index | 0.08% | 2.33% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

For the most recent month-end performance, visit https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/ or call 888-814-8180.

The Fund has adopted the performance of the Principal Street Short Term Municipal Fund, a series of the Trust for Managed Portfolio Series (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on October 4, 2024 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 4, 2024 are those of the Investor Class shares of the Predecessor Portfolio. Investor Class shares of the Predecessor Portfolio were reorganized into the Investor Class of the Fund, respectively, after the close of business on October 4, 2024. Investor Class shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Investor Class shares as they have different expenses.

Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $64816066 |
| Number of Portfolio Holdings | 116 |
| Advisory Fee (net of waivers) | $107808 |
| Portfolio Turnover | 99% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifa039546500bc6e7dbf14cee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 100.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Monarch-Chesterfield Levee District | 4.5% |
| Miami-Dade County Expressway Authority | 3.6% |
| Greater Orlando Aviation Authority (Obligor: Greater Orlando Aviation Authority) | 3.6% |
| Illinois Finance Authority (Obligor: OSF Healthcare System Obligated Group) | 2.9% |
| Bexar County Hospital District (Obligor: Bexar County Hospital District) | 2.4% |
| County of Miami-Dade Aviation Revenue | 2.4% |
| Mid-Bay Bridge Authority (Obligor: Mid-Bay Bridge Authority) | 2.2% |
| Chicago Board of Education | 2.0% |
| Port of Seattle (Obligor: Seatac Fuel LLC) | 1.9% |
| Kenton County Airport Board (Obligor: Kenton County Airport Board) | 1.9% |

---

## Material Fund Changes
The Principal Street Short Term Municipal Fund (the "Existing Fund") was reorganized on October 4, 2024, from a series of The Managed Portfolio Series Trust, a Delaware statutory trust, to a series of the Trust, into the Easterly ROCMuni Short Term Municipal Bond Fund (the "Survivor Fund"). As a series of the Trust, the Institutional Class and Investor Class of the Existing Fund converted to Institutional Class and Investor Class of the Surviving Fund.

# Easterly ROCMuni Short Term Municipal Bond Fund - Investor Class (RMSVX)

## Annual Shareholder Report - August 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funds.easterlyam.com/resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

To reduce expenses, the Fund will mail only one copy of the prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at (833) 999-2636 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty days after receiving your request.

TSR-AR 083125-RMSVX

(b) Not
 applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and 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) N/A

(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During the period covered by this
 report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1)(ii) 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.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

(a) 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:

---

| | |
|:---|:---|
| 2025 | $32000 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| | |
|:---|:---|
| 2025 | $6000 |

---

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. The aggregate fees billed in the last fiscal year for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item was $0 for the fiscal year ended August 31, 2025. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal year ended August 31, 2025 is 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) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.**

Not applicable

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

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

ANNUAL FINANCIAL STATEMENTS

AND ADDITIONAL INFORMATION

AUGUST 31, 2025

THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS AND TO OTHERS WHO

HAVE RECEIVED A COPY OF THE PROSPECTUS.

**EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE PREFERRED STOCKS 0.0%<sup>(a)</sup>** |  |  |  |
| 8 | Next Renewable Fuels - Series A<sup>(b)(e)</sup> | 6.0000 |  | $- |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,715,285)** |  |  | - |
| **Principal** |  |  |  |  |
| **Amount ($)** |  |  |  |  |
|  | **CORPORATE BONDS — 43.2%** |  |  |  |
| 5025000 | Convivial 2022 III LLC<sup>(b),(c)</sup> | 12.0000 | 11/15/56 | 5025000 |
| 1250000 | LSC Estero Prime<sup>(b)(e)</sup> | 12.0000 | 12/01/25 | 1250000 |
|  |  |  |  | 6275000 |
|  | **TOTAL CORPORATE BONDS (Cost $6,275,000)** |  |  | 6275000 |
|  | **MUNICIPAL BONDS — 87.2%** |  |  |  |
|  | **COLORADO — 3.5%** |  |  |  |
| 500000 | City of Colorado Springs CO Utilities System Series 2006-B<sup>(d)</sup> | 2.7700 | 11/01/36 | 500000 |
|  | **CONNECTICUT — 6.9%** |  |  |  |
| 500000 | Connecticut Housing Finance Authority<sup>(d)</sup> | 2.7700 | 11/15/50 | 500000 |
| 500000 | Connecticut State Health & Educational Facilities<sup>(d)</sup> | 3.5000 | 07/01/42 | 500000 |
|  |  |  |  | 1000000 |
|  | **FLORIDA — 56.9%** |  |  |  |
| 8700000 | Capital Trust Agency, Inc. (Obligor: Voans SW Florida Healthcare)<sup>(c),(e)</sup> | 10.0000 | 07/01/25 | 8265000 |
|  | **NEW MEXICO — 2.8%** |  |  |  |
| 8669836 | Sunland Medical Foundation<sup>(b),(c)</sup> | 12.0000 | 04/01/26 | 411817 |
|  | **NEW YORK — 3.4%** |  |  |  |
| 500000 | New York State Housing Finance Agency<sup>(d)</sup> | 2.7700 | 11/15/36 | 500000 |
|  | **TEXAS — 3.4%** |  |  |  |
| 500000 | State of Texas<sup>(d)</sup> | 2.7700 | 06/01/46 | 500000 |

---

See accompanying notes to financial statements.

**EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 87.2% (Continued)** |  |  |  |
|  | **VIRGINIA — 3.4%** |  |  |  |
| 500000 | Hampton Roads Sanitation District<sup>(d)</sup> | 2.7500 | 08/01/46 | $500000 |
|  | **WISCONSIN — 6.9%** |  |  |  |
| 458 | Public Finance Authority | 5.7500 | 07/01/62 | 455 |
| 1000000 | Public Finance Authority (Obligor: Dreamhouse 'Ewa Beach) Series A<sup>(c)</sup> | 7.5000 | 09/25/25 | 1000000 |
|  |  |  |  | 1000455 |
|  | **TOTAL MUNICIPAL BONDS (Cost $20,336,814)** |  |  | 12677272 |
|  | **TOTAL INVESTMENTS - 130.4% (Cost $32,327,099)** |  |  | $18952272 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (30.4)%** |  |  | (4421903) |
|  | **NET ASSETS - 100.0%** |  |  | $14530369 |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> The value of this security has been determined in good faith by the Adviser as the Valuation Designee pursuant to valuation procedures approved by the Board of Trustees. These securities are deemed illiquid and represent 46% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025 the total market value of 144A securities is $14,701,817 or 101.2% of net assets.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on August 31, 2025.

<sup>(e)</sup> Issuer in default.

See accompanying notes to financial statements.

**EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 97.4%** |  |  |  |
|  | **ALABAMA — 3.5%** |  |  |  |
| 250000 | Alabama Public School and College Authority Series B | 5.0000 | 01/01/26 | $250859 |
| 1000000 | Black Belt Energy Gas District No 7 Series C-1 | 5.2500 | 12/01/25 | 1005051 |
| 100000 | Houston County Health Care Authority Series A | 5.0000 | 10/01/30 | 100602 |
| 350000 | Southeast Energy Authority Cooperative District<sup>(a)</sup> | 5.0000 | 05/01/53 | 364777 |
| 500000 | Southeast Energy Authority Cooperative District Series A<sup>(a)</sup> | 5.0000 | 01/01/56 | 513952 |
|  |  |  |  | 2235241 |
|  | **ALASKA — 1.5%** |  |  |  |
| 1000000 | CIVICVentures | 5.0000 | 09/01/29 | 1000401 |
|  | **ARIZONA — 1.4%** |  |  |  |
| 480000 | Phoenix-Mesa Gateway Airport Authority<sup>(b)</sup> | 5.0000 | 07/01/27 | 480311 |
| 200000 | Pima County Industrial Development Authority (Obligor: La Posada Park Centre) Series B-3<sup>(c)</sup> | 5.6250 | 11/15/30 | 200580 |
| 250000 | Pima County Industrial Development Authority (Obligor: P.L.C. Charter Schools)<sup>(c)</sup> | 5.2500 | 12/01/26 | 250920 |
|  |  |  |  | 931811 |
|  | **CALIFORNIA — 7.4%** |  |  |  |
| 275000 | California Educational Facilities Authority | 5.0000 | 10/01/26 | 275122 |
| 225000 | California Health Facilities Financing Authority (Obligor: Providence St. Joseph Health Obligated Group) Series A | 5.0000 | 10/01/26 | 225387 |
| 500000 | California Public Finance Authority | 5.7000 | 06/01/34 | 511104 |
| 500000 | California State Public Works Board | 5.0000 | 05/01/26 | 501001 |
| 150000 | M-S-R Energy Authority | 6.1250 | 11/01/29 | 158931 |
| 195000 | Poway Unified School District Public Financing | 5.0000 | 10/01/38 | 195126 |
| 1000000 | San Diego County Regional Airport Authority (Obligor: San Diego County Regional Airport Authority Special Facilities Revenue) Series A | 5.0000 | 07/01/44 | 999958 |
| 875000 | San Diego County Regional Airport Authority (Obligor: San Diego County Regional Airport Authority) Series B<sup>(b)</sup> | 5.0000 | 07/01/49 | 864134 |
| 200000 | San Jacinto Unified School District | 5.0000 | 08/01/27 | 200649 |
| 1045000 | Southern California Public Power Authority Series C | 5.0000 | 07/01/27 | 1046523 |
|  |  |  |  | 4977935 |
|  | **COLORADO — 0.6%** |  |  |  |
| 55000 | Denver City & County Airport Revenue Series C<sup>(b)</sup> | 6.1250 | 11/15/25 | 55307 |
| 300000 | Denver City & County Airport Revenue Series A<sup>(b)</sup> | 5.0000 | 12/01/32 | 312633 |

---

See accompanying notes to financial statements.

**EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 97.4% (Continued)** |  |  |  |
|  | **COLORADO — 0.6% (Continued)** |  |  |  |
|  |  |  |  | $367940 |
|  | **FLORIDA — 16.0%** |  |  |  |
| 400000 | City of Miami Beach Stormwater Revenue | 5.0000 | 09/01/47 | 403013 |
| 200000 | City of Pembroke Pines | 5.0000 | 10/01/32 | 200273 |
| 1550000 | County of Miami-Dade Aviation Revenue<sup>(b)</sup> | 5.0000 | 10/01/38 | 1549897 |
| 300000 | County of Miami-Dade Rickenbacker Causeway Revenue Series A | 5.0000 | 10/01/34 | 300210 |
| 1210000 | Florida Higher Educational Facilities Financial (Obligor: Nova Southeastern University, Inc.) | 5.0000 | 04/01/36 | 1216718 |
| 2320000 | Greater Orlando Aviation Authority (Obligor: Greater Orlando Aviation Authority) Series A<sup>(b)</sup> | 5.0000 | 10/01/42 | 2320361 |
| 2365000 | Miami-Dade County Expressway Authority Series A | 5.0000 | 07/01/40 | 2360714 |
| 100000 | Miami-Dade County Industrial Development Authority (Obligor: Academir Charter Schools)<sup>(c)</sup> | 6.7500 | 07/01/29 | 100354 |
| 1450000 | Mid-Bay Bridge Authority (Obligor: Mid-Bay Bridge Authority) Series A | 5.0000 | 10/01/35 | 1452581 |
| 250000 | Southeast Overtown Park West Community Series A-1<sup>(c)</sup> | 5.0000 | 03/01/30 | 250419 |
| 170000 | Viera East Community Development District | 5.0000 | 05/01/26 | 170273 |
|  |  |  |  | 10324813 |
|  | **GEORGIA — 0.4%** |  |  |  |
| 250000 | Private Colleges & Universities Authority | 5.0000 | 10/01/43 | 250006 |
|  | **ILLINOIS — 14.9%** |  |  |  |
| 1085000 | Chicago Board of Education | 5.5000 | 12/01/26 | 1103650 |
| 150000 | Chicago Board of Education | 5.0000 | 12/01/31 | 156761 |
| 750000 | Chicago Board of Education | 5.0000 | 12/01/36 | 740223 |
| 1300000 | Chicago Board of Education | 5.0000 | 12/01/42 | 1263332 |
| 760000 | Chicago Board of Education | 5.0000 | 12/01/42 | 739403 |
| 1000000 | Chicago O'Hare International Airport<sup>(b)</sup> | 5.0000 | 01/01/37 | 1008090 |
| 635000 | Harvey Public Library District | 7.1000 | 12/01/32 | 644036 |
| 1900000 | Illinois Finance Authority (Obligor: OSF Healthcare System Obligated Group) Series A | 5.0000 | 11/15/34 | 1902140 |
| 845000 | Illinois Finance Authority (Obligor: Southern IL Healthcare) | 5.0000 | 03/01/32 | 860136 |
| 400000 | Illinois State Toll Highway Authority | 5.0000 | 01/01/37 | 400052 |
| 595000 | Metropolitan Pier & Exposition Authority | 7.0000 | 07/01/26 | 616209 |
| 175000 | State of Illinois | 6.0000 | 11/01/26 | 177929 |

---

See accompanying notes to financial statements.

**EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 97.4% (Continued)** |  |  |  |
|  | **ILLINOIS — 14.9% (Continued)** |  |  |  |
|  |  |  |  | $9611961 |
|  | **INDIANA — 1.9%** |  |  |  |
| 495000 | Anderson Industrial Economic Development Revenue (Obligor: Anderson University, Inc./Indiana) | 4.7500 | 10/01/27 | 429864 |
| 765000 | Indiana Finance Authority (Obligor: Earlham College) | 5.0000 | 10/01/32 | 758754 |
|  |  |  |  | 1188618 |
|  | **IOWA — 0.4%** |  |  |  |
| 245000 | Iowa Finance Authority (Obligor: Iowa Health System) | 5.0000 | 02/15/30 | 245527 |
|  | **KANSAS — 1.3%** |  |  |  |
| 550000 | Ashland Public Building Commission | 5.0000 | 09/01/32 | 552890 |
| 300000 | Wyandotte County-Kansas City Unified Government (Obligor: Wyandotte County-Kansas City Unified Government Utility System Revenue) Series A | 5.0000 | 09/01/29 | 300221 |
|  |  |  |  | 853111 |
|  | **KENTUCKY — 1.9%** |  |  |  |
| 1225000 | Kenton County Airport Board (Obligor: Kenton County Airport Board) Series A<sup>(b)</sup> | 5.2500 | 01/01/49 | 1229826 |
|  | **MARYLAND — 1.2%** |  |  |  |
| 125000 | Maryland Health & Higher Educational Facilities | 5.0000 | 08/15/28 | 125122 |
| 450000 | Maryland Health & Higher Educational Facilities (Obligor: MedStar Health Obligated Group) Series B | 5.0000 | 08/15/26 | 450555 |
| 200000 | Maryland Health & Higher Educational Facilities Authority (Obligor: Medstar Health) | 5.0000 | 08/15/26 | 200247 |
|  |  |  |  | 775924 |
|  | **MASSACHUSETTS — 2.6%** |  |  |  |
| 500000 | Massachusetts Development Finance Agency | 5.0000 | 07/01/33 | 503491 |
| 500000 | Massachusetts Development Finance Agency | 5.0000 | 10/01/34 | 497419 |
| 150000 | Massachusetts Development Finance Agency (Obligor: Provident Commonwealth) | 5.0000 | 10/01/29 | 152013 |
| 434000 | North Adams Housing Authority | 4.5000 | 09/01/32 | 425705 |
| 120000 | North Reading | 5.0000 | 05/15/30 | 120191 |
|  |  |  |  | 1698819 |
|  | **MICHIGAN — 2.0%** |  |  |  |
| 165000 | Detroit Wayne County Stadium Authority | 5.0000 | 10/01/26 | 165131 |
| 605000 | Michigan Finance Authority | 5.5000 | 12/01/29 | 607665 |
| 500000 | Michigan State Building Authority | 5.0000 | 04/15/32 | 501504 |

---

See accompanying notes to financial statements.

**EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 97.4% (Continued)** |  |  |  |
|  | **MICHIGAN — 2.0% (Continued)** |  |  |  |
|  |  |  |  | $1274300 |
|  | **MINNESOTA — 1.0%** |  |  |  |
| 500000 | City of St. Cloud MN (Obligor: CentraCare Health System Obligated Group) | 5.0000 | 05/01/48 | 489168 |
| 100000 | Minnesota Housing Finance Agency (Obligor: State of Minnesota) Series A | 5.0000 | 08/01/26 | 100181 |
|  |  |  |  | 589349 |
|  | **MISSOURI — 5.5%** |  |  |  |
| 500000 | County of Jackson | 5.0000 | 12/01/28 | 501553 |
| 200000 | Missouri Development Finance Board Series A | 5.0000 | 06/01/27 | 200296 |
| 2895000 | Monarch-Chesterfield Levee District | 5.0000 | 03/01/40 | 2897469 |
|  |  |  |  | 3599318 |
|  | **NEBRASKA — 0.6%** |  |  |  |
| 395000 | Madison County Hospital Authority No 1 (Obligor: Faith Regional Health Services) | 5.0000 | 07/01/29 | 395197 |
|  | **NEW JERSEY — 1.1%** |  |  |  |
| 400000 | New Jersey Economic Development Authority<sup>(b)</sup> | 5.1250 | 01/01/34 | 400550 |
| 350000 | New Jersey Economic Development Authority (Obligor: NY/NJ Link Borrower LLC)<sup>(b)</sup> | 5.0000 | 01/01/31 | 350625 |
|  |  |  |  | 751175 |
|  | **NEW YORK — 7.8%** |  |  |  |
| 250000 | Albany Capital Resource Corporation (Obligor: Albany College of Pharmacy and Health Sciences) Series A | 5.0000 | 12/01/28 | 250246 |
| 1000000 | Metropolitan Transportation Authority Series C-1 | 5.0000 | 11/15/30 | 1025941 |
| 925000 | Monroe County Industrial Development Corp./NY (Obligor: Nazareth Clergy of Rochester) | 5.0000 | 10/01/31 | 950647 |
| 200000 | Nassau County Local Economic Assistance (Obligor: Catholic Health Services of Long Island Obligated Group) | 5.0000 | 07/01/34 | 200062 |
| 1000000 | New York State Dormitory Authority | 5.0000 | 03/15/45 | 1010198 |
| 225000 | New York Transportation Development Corporation<sup>(b)</sup> | 5.0000 | 07/01/30 | 225222 |
| 400000 | Onondaga Civic Development Corp., (Obligor: Crouse Health) | 5.0000 | 08/01/31 | 393232 |
| 1000000 | Westchester County Local Development Corporation (Obligor: Purchase Housing Corporation II) | 5.0000 | 06/01/42 | 960461 |
|  |  |  |  | 5016009 |
|  | **NORTH CAROLINA — 0.2%** |  |  |  |
| 100000 | North Carolina Capital Facilities Finance Agency (Obligor: Arc Of North Carolina) Series A | 5.0000 | 10/01/27 | 101379 |

---

See accompanying notes to financial statements.

**EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 97.4% (Continued)** |  |  |  |
|  | **OHIO — 2.7%** |  |  |  |
| 1000000 | County of Muskingum | 5.0000 | 02/15/33 | $1003670 |
| 500000 | Ohio Housing Finance Agency | 7.0000 | 03/01/49 | 572342 |
| 100000 | State of Ohio<sup>(b)</sup> | 5.0000 | 12/31/29 | 100106 |
|  |  |  |  | 1676118 |
|  | **OKLAHOMA — 0.9%** |  |  |  |
| 235000 | Norman Regional Hospital Authority (Obligor: Norman Regional Hospital Authority) | 5.0000 | 09/01/25 | 235000 |
| 330000 | Oklahoma Housing Finance Agency | 5.0000 | 09/01/27 | 330146 |
|  |  |  |  | 565146 |
|  | **PENNSYLVANIA — 2.0%** |  |  |  |
| 300000 | Butler County Hospital Authority (Obligor: Butler Health System) | 5.0000 | 07/01/28 | 300135 |
| 240000 | Montgomery County Higher Education and Health Authority (Obligor: Gwynedd Mercy University) Series UU1 | 5.0000 | 05/01/29 | 251318 |
| 580000 | Philadelphia Authority for Industrial Development (Obligor: Russell Byers Charter School) Series A | 5.0000 | 05/01/30 | 589045 |
| 160000 | Philadelphia Parking Authority (The) | 5.2500 | 02/15/29 | 160351 |
|  |  |  |  | 1300849 |
|  | **PUERTO RICO — 3.4%** |  |  |  |
| 505000 | Children's Trust Fund | 5.5000 | 05/15/39 | 511580 |
| 200000 | Puerto Rico Electric Power Authority | 5.2500 | 07/01/26 | 200520 |
| 725000 | Puerto Rico Electric Power Authority Series UU | 5.0000 | 07/01/26 | 725027 |
| 310000 | Puerto Rico Electric Power Authority | 5.0000 | 07/01/27 | 310020 |
| 460000 | Puerto Rico Electric Power Authority Series RR | 5.0000 | 07/01/28 | 460041 |
|  |  |  |  | 2207188 |
|  | **SOUTH CAROLINA — 0.8%** |  |  |  |
| 500000 | South Carolina Jobs-Economic Development Authority (Obligor: Kiawah Life Plan VLG, Inc.) | 5.2500 | 11/15/28 | 500519 |
|  | **TENNESSEE — 0.8%** |  |  |  |
| 500000 | Tennessee Energy Acquisition Corporation Series C | 5.0000 | 02/01/27 | 510877 |
|  | **TEXAS — 5.4%** |  |  |  |
| 200000 | Arlington Higher Education Finance Corporation (Obligor: Wayside Schools) Series A | 5.0000 | 08/15/27 | 203638 |
| 1555000 | Bexar County Hospital District (Obligor: Bexar County Hospital District) | 5.0000 | 02/15/32 | 1557456 |
| 140000 | City of San Antonio | 5.0000 | 02/01/27 | 140259 |
| 200000 | City of San Antonio | 5.0000 | 02/01/28 | 200360 |

---

See accompanying notes to financial statements.

**EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 97.4% (Continued)** |  |  |  |
|  | **TEXAS — 5.4% (Continued)** |  |  |  |
| 160000 | Harris County Cultural Education Facilities Finance Corporation(Obligor: Brazos Presbyterian Obligated Group) Series A | 5.0000 | 01/01/33 | $160056 |
| 250000 | Houston Higher Education Finance Corporation (Obligor: Harmony Public Schools) Series A | 5.0000 | 02/15/28 | 250347 |
| 280000 | Keller Independent School District Series A | 5.0000 | 08/15/26 | 280512 |
| 100000 | Kountze Economic Development Corporation (Obligor: Allegiant Industrial, LLC)<sup>(c)</sup> | 15.0000 | 11/01/27 | 85000 |
| 100000 | North Harris County Regional Water Authority | 5.0000 | 12/15/26 | 100155 |
| 265000 | Port Beaumont Navigation District (Obligor: Allegiant Industrial Island)<sup>(b),(d)</sup> | 8.0000 | 02/01/39 | 198750 |
| 75000 | San Antonio Education Facilities Corporation (Obligor: Hallmark University, Inc.) Series B | 5.2500 | 10/01/28 | 75033 |
| 335000 | San Juan Higher Education Finance Authority (Obligor: Idea Public Schools) | 8.2500 | 08/15/29 | 341596 |
|  |  |  |  | 3593162 |
|  | **VIRGINIA — 0.3%** |  |  |  |
| 200000 | Northern Virginia Transportation Authority (Obligor: Commonwealth of Virginia) | 5.0000 | 06/01/28 | 200389 |
|  | **WASHINGTON — 3.9%** |  |  |  |
| 1240000 | Port of Seattle (Obligor: Seatac Fuel LLC)<sup>(b)</sup> | 5.0000 | 06/01/31 | 1240920 |
| 1000000 | Washington Health Care Facilities Authority | 5.0000 | 10/01/28 | 1003467 |
| 290000 | Washington Health Care Facilities Authority (Obligor: Providence St. Joseph) | 5.0000 | 10/01/26 | 290222 |
|  |  |  |  | 2534609 |
|  | **WEST VIRGINIA — 0.7%** |  |  |  |
| 455000 | Monongalia County Building Commission (Obligor: Vandalia Health Obligation Group) | 5.0000 | 07/01/28 | 455378 |
|  | **WISCONSIN — 3.3%** |  |  |  |
| 825000 | Public Finance Authority (Obligor: Dreamhouse 'Ewa Beach) Series A<sup>(c)</sup> | 5.7500 | 09/25/25 | 825001 |
| 200000 | Public Finance Authority (Obligor: Noorda College of Osteopathic)<sup>(c)</sup> | 6.5000 | 06/01/45 | 171956 |
| 405000 | Public Finance Authority (Obligor: Prime Healthcare Foundation) Series A | 5.0000 | 12/01/27 | 412250 |
| 740000 | Wisconsin Health & Educational Facilities Authority (Obligor: Iowa Health System) | 5.0000 | 12/01/27 | 741613 |
|  |  |  |  | 2150820 |
|  | **TOTAL MUNICIPAL BONDS (Cost $63,151,368)** |  |  | 63113715 |

---

See accompanying notes to financial statements.

**EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 97.4% (Cost $63,151,368)** | $63113715 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.6%** | 1702351 |
|  | **NET ASSETS - 100.0%** | $64816066 |

---

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on August 31, 2025.

<sup>(b)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of August 31, 2025 the total value of securities subject to the AMT was $10,336,732 or 15.9% of net assets.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025 the total market value of 144A securities is $1,884,230 or 2.9% of net assets.

<sup>(d)</sup> Issuer in default.

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Easterly ROCMuni<br> High Income Municipal<br> Bond Fund** | **Easterly ROCMuni<br> Short Term Municipal<br> Bond Fund** |
| **Assets:** |  |  |
| Total Investments, at cost | $32327099 | $63151368 |
| Total Investments, at value | 18952272 | 63113715 |
| Cash | 732484 | 1065088 |
| Interest and dividends receivable | 2049844 | 943962 |
| Receivable from manager | 219944 |  |
| Receivable for fund shares sold |  | 227878 |
| Prepaid expenses and other assets | 90791 | 18100 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **22045335** | **65368743** |
| **Liabilities:** |  |  |
| Line of Credit | 7187500 |  |
| Payable to manager |  | 57300 |
| Payable for distribution (12b-1) fees | 42520 | 5352 |
| Payable for fund shares redeemed |  | 184633 |
| Distribution payable |  | 229387 |
| Administration fees payable | 14149 | 19609 |
| Trustee fees payable | 5652 | 5516 |
| Interest expense payable | 47917 |  |
| Accrued expenses and other liabilities | 217228 | 50880 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **7514966** | **552677** |
| **Net Assets** | $**14530369** | $**64816066** |
| **Net Assets:** |  |  |
| Paid in capital | 206329981 | 65428753 |
| Accumulated loss | (191799612) | (612687) |
| **Net Assets** | $**14530369** | $**64816066** |
| **Net Asset Value Per Share** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $492920 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 168133 |  |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | $2.93 |  |
| &nbsp;&nbsp;&nbsp;Offering price per share<br> (maximum sales charge of 2.00%) | $2.99 |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $13640463 | $64805800 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 4629676 | 15372868 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $2.95 | $4.22 |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $396986 | $10266 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 134060 | 2448 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $2.96 | $4.19 |

---

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Easterly ROCMuni<br> High Income Municipal<br> Bond Fund** | **Easterly ROCMuni<br> Short Term Municipal<br> Bond Fund** |
| **Investment Income:** |  |  |
| Dividend income | $343090 | $10781 |
| Interest income | 7333286 | 3045503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **7676376** | **3056284** |
| **Operating Expenses:** |  |  |
| Management fees | 1167318 | 293017 |
| Distribution (12b-1) fees |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 40335 |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 167771 | 17574 |
| Interest Expense | 331428 | 57 |
| Audit fees | 179312 | 21442 |
| Administration fees | 173328 | 80272 |
| Shareholder servicing fees | 153226 | 72029 |
| Legal fees | 296926 | 49663 |
| Registration fees | 65680 | 31586 |
| Transfer Agent | 44215 | 33142 |
| Custodian fees | 24285 | 18739 |
| Trustees' fees | 22366 | 22035 |
| Printing and postage expense | 18700 | 6544 |
| Compliance officer fees | 11821 | 9171 |
| Insurance expense | 1963 | 575 |
| Miscellaneous expenses | 12446 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **2711120** | **659086** |
| Advisor Recoupment | 25203 |  |
| Less: Expenses waived | (505220) | (185209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **2231103** | **473877** |
| **Net Investment Income** | **5445273** | **2582407** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |
| Net realized loss from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (146031971) | (4641) |
| Net realized loss | (146031971) | (4641) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 41128318 | (419368) |
| Net change in unrealized appreciation (depreciation) | 41128318 | (419368) |
| **Net Realized and Unrealized Loss On Investments** | (104903653) | (424009) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(99458380)** | $**2158398** |

---

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Easterly ROCMuni<br> High Income Municipal<br> Bond Fund** | **Easterly ROCMuni<br> High Income Municipal<br> Bond Fund** | **Easterly ROCMuni<br> Short Term Municipal<br> Bond Fund** | **Easterly ROCMuni<br> Short Term Municipal<br> Bond Fund** |
|  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| Net investment income | $5445273 | $20388353 | $2582407 | $2099041 |
| Net realized loss on investments | (146031971) | (3719776) | (4641) | (227316) |
| Net change in unrealized appreciation (depreciation) on investments | 41128318 | 5455265 | (419368) | 431679 |
| **Net increase (decrease) in net assets resulting from operations** | **(99458380)** | **22123842** | **2158398** | **2303404** |
| **Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (518767) | (554322) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (5752265) | (15522402) | (2332523) | (1802661) |
| &nbsp;&nbsp;&nbsp;Investor Class | (1005314) | (2364322) | (260887) | (298931) |
| Return of Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (446401) |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (4110516) |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (881230) | - | - | - |
| **Total Dividends and Distributions to Shareholders** | **(12714493)** | **(18441046)** | **(2593410)** | **(2101592)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| **Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11832252 | 11837169 |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 75210234 | 153824971 | 92684858 | 23405978 |
| &nbsp;&nbsp;&nbsp;Investor Class | 7103737 | 31468675 | 8304883 | 16055002 |
| Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 762713 | 465873 |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 9569971 | 15224470 | 2309214 | 1787234 |
| &nbsp;&nbsp;&nbsp;Investor Class | 1693386 | 1458898 | 260830 | 298931 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (15289986) | (1993291) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (262365402) | (144390852) | (76759339) | (31621792) |
| &nbsp;&nbsp;&nbsp;Investor Class | (37513438) | (10654136) | (17674614) | (7339734) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(208996533)** | **57241777** | **9125832** | **2585619** |
| **Total Increase (Decrease) in Net Assets** | **(321169406)** | **60924573** | **8690820** | **2787431** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 335699775 | 274775202 | 56125246 | 53337815 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**14530369** | $**335699775** | $**64816066** | $**56125246** |
| **Share Activity** |  |  |  |  |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1700412 | 1631993 |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 10841618 | 21146437 | 21939857 | 5536438 |
| &nbsp;&nbsp;&nbsp;Investor Class | 1020288 | 4282604 | 1962838 | 3801455 |
| Shares Reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 119329 | 64998 |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1417979 | 2088543 | 546473 | 422991 |
| &nbsp;&nbsp;&nbsp;Investor Class | 256004 | 198000 | 61703 | 70747 |
| Shares Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3879327) | (276337) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (44214038) | (19981417) | (18169191) | (7517454) |
| &nbsp;&nbsp;&nbsp;Investor Class | (8154712) | (1449676) | (4185595) | (1738926) |
| **Net increase (decrease) in shares of beneficial interest** | **(40892447)** | **7705145** | **2156085** | **575251** |

---

See accompanying notes to financial statements.

***Easterly ROCMuni High Income Municipal Bond Fund***

**STATEMENT OF CASH FLOWS**

**For the Year Ended August 31, 2025**

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | $(99458380) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | $(37757381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds for sales of investments | 242318160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investments | 146031971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales of short-term investments | 2789118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization (accretion) of market premium (discount), net | (3654243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | (41128318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in Receivable for fund shares sold | 51290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Receivable from Manager | (357424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses and other assets | (42919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest and dividends | 9237283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable for securities purchased | (1732795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in Payable for fund shares redeemed | (1013992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in administration fees payable | (112463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in Payable for distribution (12b-1) fees | (29741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in Distribution payable | (60088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Trustee fees | 5652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest expense payable | 47917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued expenses and other liabilities | 122363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 215256010 |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares issued | 94146223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Shares repurchased | (315168826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan borrowings | (21152000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan repayments | 28339500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to shareholders, net of reinvested distributions | (688423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (214523526) |
| **NET INCREASE IN CASH** | 732484 |
| **CASH - BEGINNING OF YEAR** | - |
| **CASH - END OF YEAR** | $732484 |
| SUPPLEMENTAL NON-CASH DISCLOSURE INFORMATION: |  |
| Reinvestment of distributions to shareholders | $12026070 |

---

See accompanying notes to financial statements.

**Easterly ROCMuni High Income Municipal Bond Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | **Year Ended<br>August 31,<br> 2025** | **<br> Year Ended<br> August 31,<br> 2024** | **<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Period Ended<br> August 31,<br> 2022 (1)** |  |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $7.29 | $7.11 | $7.87 | $8.74 |  |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | 0.16 | 0.46 | 0.43 | 0.24 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.19 | 0.15 | (0.74) | (0.87) |  |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (4.03 | 0.61 | (0.31) | (0.63) |  |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.18) | (0.43) | (0.45) | (0.24) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | (0.15 | - | - | - |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.33 | (0.43) | (0.45) | (0.24) |  |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $2.93 | $7.29 | $7.11 | $7.87 |  |
| **Total Return\*** | **Total Return\*** | (57.71) | 8.76% | (4.02)% | (7.27)%(3) |  |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $493 | $16241 | $5739 | $375 |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (5) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (5) | 1.42 | 1.12% | 1.27% | 1.27%(4) |  |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (6) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (6) | 1.20 | 1.12% | 1.23% | 1.20%(4) |  |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | 2.36 | 6.50% | 5.52% | 5.44%(4) |  |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 19 | 24% | 21% | 53%(3) |  |
|  |  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
|  |  | **Year Ended<br>August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $7.32 | $7.21 | $7.91 | $9.27 | $9.12 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | 0.18 | 0.49 | 0.43 | 0.46 | 0.51 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.21 | 0.07 | (0.67) | (1.35) | 0.15 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (4.03 | 0.56 | (0.24) | (0.89) | 0.66 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.19) | (0.45) | (0.46) | (0.47) | (0.51) |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | (0.15 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.34 | (0.45) | (0.46) | (0.47) | (0.51) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $2.95 | $7.32 | $7.21 | $7.91 | $9.27 |
| **Total Return\*** | **Total Return\*** | (57.52) | 7.94% | (2.94)% | (9.88)% | 7.49% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $13640 | $267851 | $240235 | $272640 | $289438 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | 1.20 | 0.87% | 1.04% | 0.86% | 0.78% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | 0.97 | 0.88% | 1.00% | 0.83% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | 2.67 | 6.82% | 5.75% | 5.35% | 5.70% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 19 | 24% | 21% | 53% | 64% |
| (1) | Inception date for the A Class was February 16, 2022. | Inception date for the A Class was February 16, 2022. | Inception date for the A Class was February 16, 2022. | Inception date for the A Class was February 16, 2022. | Inception date for the A Class was February 16, 2022. | Inception date for the A Class was February 16, 2022. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| (4) | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. |
| (5) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: |
|  |  | 1.27 | 1.05% | 1.07% | 1.06% | N/A |
| (6) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class A: |
|  |  | 1.05 | 1.05% | 1.03% | 0.98% | N/A |
| (7) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: |
|  |  | 1.04 | 0.80% | 0.81% | 0.76% | 0.77% |
| (8) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Class I: |
|  |  | 0.80 | 0.80% | 0.77% | 0.73% | 0.73% |
| \* | 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. | 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. | 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. | 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. | 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. | 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. |

---

See accompanying notes to financial statements.

**Easterly ROCMuni High Income Municipal Bond Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investor** | **Investor** | **Investor** | **Investor** | **Investor** |
| | | **Year Ended<br>August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $7.36 | $7.23 | $7.96 | $9.32 | $9.18 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | 0.15 | 0.45 | 0.40 | 0.41 | 0.48 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.23 | 0.09 | (0.70) | (1.35) | 0.13 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (4.08 | 0.54 | (0.30) | (0.94) | 0.61 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.17) | (0.41) | (0.43) | (0.42) | (0.47) |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;Return of capital | (0.15 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.32 | (0.41) | (0.43) | (0.42) | (0.47) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $2.96 | $7.36 | $7.23 | $7.96 | $9.32 |
| **Total Return\*** | **Total Return\*** | (57.80) | 7.66% | (3.81)% | (10.28)% | 6.82% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $397 | $51608 | $28801 | $20740 | $12420 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (2) | 1.60 | 1.37% | 1.54% | 1.38% | 1.28% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (3) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (3) | 1.42 | 1.38% | 1.50% | 1.35% | 1.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | 2.20 | 6.30% | 5.25% | 4.89% | 5.20% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 19 | 24% | 21% | 53% | 64% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: |
|  |  | 1.43 | 1.30% | 1.31% | 1.26% | 1.27% |
| (3) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly ROCMuni High Income Municipal Bond Fund - Investor Class: |
|  |  | 1.30 | 1.30% | 1.27% | 1.23% | 1.23% |
| \* | 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. | 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. | 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. | 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. | 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. | 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. |

---

See accompanying notes to financial statements.

**Easterly ROCMuni Short Term Municipal Bond Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended<br>August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **For the<br> Period Ended<br> August 31,<br> 2022 (1)** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $4.25 | $4.22 | $4.26 | $4.25 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | 0.17 | 0.17 | 0.14 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.03 | 0.03 | (0.04) | 0.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.14 | 0.20 | 0.10 | 0.04 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.17 | (0.17) | (0.14) | (0.03 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.17 | (0.17) | (0.14) | (0.03 |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $4.22 | $4.25 | $4.22 | $4.26 |
| **Total Return\*** | **Total Return\*** | 3.36 | 4.82% | 2.36% | 1.02 |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $64806 | $46949 | $53211 | $29970 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (6) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (6) | 0.98 | 1.11% | 1.09% | 4.41 |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (7) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (7) | 0.70 | 0.72% | 0.71% | 0.70 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | 3.99 | 3.97% | 3.42% | 2.25 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 99 | 67% | 75% | 24 |
|  |  | **Investor** | **Investor** | **Investor** | **Investor** |
|  |  | **Year Ended<br>August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **For the<br> Period Ended<br> August 31,<br> 2022 (1)** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $4.24 | $4.21 | $4.26 | $4.25 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | 0.16 | 0.16 | 0.13 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.05 | 0.03 | (0.05) | 0.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.11 | 0.19 | 0.08 | 0.04 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16 | (0.16) | (0.13) | (0.03 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.16 | (0.16) | (0.13) | (0.03 |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $4.19 | $4.24 | $4.21 | $4.26 |
| **Total Return\*** | **Total Return\*** | 2.57 | 4.57% | 1.87% | 0.94 |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $10 | $9176 | $127 | $28 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (8) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (8) | 1.27 | 1.35% | 1.37% | 5.60 |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (9) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (9) | 0.95 | 0.97% | 0.95% | 0.96 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | 3.70 | 3.72% | 3.18% | 2.27 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 99 | 67% | 75% | 24 |
| (1) | Inception date for the Fund was April 27, 2022. | Inception date for the Fund was April 27, 2022. | Inception date for the Fund was April 27, 2022. | Inception date for the Fund was April 27, 2022. | Inception date for the Fund was April 27, 2022. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | The realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period. | The realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period. | The realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period. | The realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period. | The realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period. |
| (4) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| (5) | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. |
| (6) | Ratio of gross expenses to average net assets (excluding interest expenses) | Ratio of gross expenses to average net assets (excluding interest expenses) | Ratio of gross expenses to average net assets (excluding interest expenses) | Ratio of gross expenses to average net assets (excluding interest expenses) | Ratio of gross expenses to average net assets (excluding interest expenses) |
|  |  | 0.98 | 1.09% | 1.09% | 4.41 |
| (7) | Ratio of net operating expenses to average net assets (excluding interest expenses) | Ratio of net operating expenses to average net assets (excluding interest expenses) | Ratio of net operating expenses to average net assets (excluding interest expenses) | Ratio of net operating expenses to average net assets (excluding interest expenses) | Ratio of net operating expenses to average net assets (excluding interest expenses) |
|  |  | 0.70 | 0.70% | 0.70% | 0.70 |
| (8) | Ratio of gross expenses to average net assets (excluding interest expenses) | Ratio of gross expenses to average net assets (excluding interest expenses) | Ratio of gross expenses to average net assets (excluding interest expenses) | Ratio of gross expenses to average net assets (excluding interest expenses) | Ratio of gross expenses to average net assets (excluding interest expenses) |
|  |  | 1.27 | 1.33% | 1.36% | 5.59 |
| (9) | Ratio of net operating expenses to average net assets (excluding interest expenses) | Ratio of net operating expenses to average net assets (excluding interest expenses) | Ratio of net operating expenses to average net assets (excluding interest expenses) | Ratio of net operating expenses to average net assets (excluding interest expenses) | Ratio of net operating expenses to average net assets (excluding interest expenses) |
|  |  | 0.95 | 0.95% | 0.95% | 0.95 |
| \* | 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. | 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. | 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. | 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. | 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. |

---

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

Year Ended August 31, 2025

**1.** **ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

James Alpha Funds Trust (the "Trust") was organized in 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 consists of seven series. Easterly Investment Partners LLC serves as the Funds' advisor. These financial statements include the following two series:

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| | |
|:---|:---|
| **Fund** | **Primary Objective** |
| Easterly ROCMuni High Income Municipal Bond Fund ("High Income Muni") | Current income exempt from regular federal income tax. |
| Easterly ROCMuni Short Term Municipal Bond Fund ("Short Term Muni") | Current income exempt from regular federal income tax |

---

Ultimus Fund Solutions, LLC (the "Administrator"), serves the Trust as administrator, transfer agent and fund accounting agent.

High Income Muni is a diversified Fund. The Short Term Muni is a Non-diversified Fund.

The Principal Street High Income Municipal Fund and the Principal Street Short Term Municipal Fund (each an "Existing Fund") were reorganized on October 4, 2024, from a series of The Managed Portfolio Series Trust, a Delaware statutory trust, to a series of the Trust, into the Easterly ROCMuni High Income Municipal Bond Fund and the Easterly ROCMuni Short Term Municipal Bond Fund (each a "Survivor Fund"). As a series of the Trust, the Institutional Class, Investor Class and Class A for the Principal Street High Income Municipal Fund and the Institutional Class and Investor Class of the Principal Street Short Term Municipal Fund of the Existing Funds converted to Institutional Class, Investor Class and Class A of the Surviving Funds, respectively. The details of this re-organization are shown below.

At the Close of Business on October 4, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Street<br> High Income<br> Municipal Fund** | **Easterly ROCMuni<br> High Income<br> Municipal Bond Fund** | **NAVs** |
| Net Assets Institutional | 269003500 | 269003500 | 7.35 |
| Net Assets Investor | 53040426 | 53040426 | 7.39 |
| Net Assets Class A | 18811097 | 18811097 | 7.32 |
| Shares Redeemed/Received Institutional Class | 36599786 | 36599786 |  |
| Shares Redeemed/Received Investor Class | 7179114 | 7179114 |  |
| Shares Redeemed/Received Class A | 2570348 | 2570348 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Street<br> Short Term Income Municipal Fund** | **Easterly ROCMuni<br> Short Term Municipal<br> Bond Fund** | **NAVs** |
| Net Assets Institutional | 44209866 | 44209866 | 4.25 |
| Net Assets Investor | 9206959 | 9206959 | 4.24 |
| Shares Redeemed/Received Institutional Class | 10408031 | 10408031 |  |
| Shares Redeemed/Received Investor Class | 2170298 | 2170298 |  |

---

Currently, each Fund offers a Class I and an Investor Class share. RocMuni High Income also offers a Class A shares. Class A shares are offered at net asset value plus a maximum sales load of 2.00%. Class I and Investor 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 service and distribution charges. 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. Fund level income and expenses and realized and unrealized capital gains and losses are allocated to each class of shares based on their relative net assets within each Fund. Class specific expenses are allocated to that share class.

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

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

Year Ended August 31, 2025(Continued)

guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

**Operating Segments** - The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**(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. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees using methods which include current market quotations from a major market maker in the securities and trader-reviewed "matrix" prices. 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. U.S. Government Money Market values all of its securities on the basis of amortized cost, which approximates market value. 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.

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.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

Year Ended August 31, 2025(Continued)

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 August 31, 2025, for the Funds' assets and liabilities measured at fair value:

**High Income Muni**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Preferred Stocks | $- | $- | $- | $- |
| Corporate Bonds | - | - | 6275000 | 6275000 |
| Municipal Bonds | - | 12265455 | 411817 | 12677272 |
| **Total** | $- | $12265455 | $6686817 | $18952272 |

---

**Short Term Muni**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $- | $63113715 | $- | $63113715 |
| **Total** | $- | $63113715 | $- | $63113715 |

---

It is the Funds' policy to recognize transfers into and out of Levels at the end of the reporting period.

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

The following is a reconciliation of Level 3 assets in the High Income Fund for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
|  | **Investment<br> in Securities** |
| Balance as of August 31, 2024 | $17229761 |
| &nbsp;&nbsp;&nbsp;Accrued discounts/premiums |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) | (15608) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation/depreciation | (10094651) |
| &nbsp;&nbsp;&nbsp;Paid-in-kind interest | 332085 |
| &nbsp;&nbsp;&nbsp;Net purchases (sales) | (764770) |
| &nbsp;&nbsp;&nbsp;Transfers into and/or out of Level 3 | - |
| Balance as of August 31, 2025 | $6686817 |
| Change in unrealized appreciation/depreciation during the year for Level 3 investments held at August 31, 2025 | $(10094651) |

---

The Level 3 investments as of August 31, 2025 for the High Income Fund represented 46.0% of the Fund's net assets.

The following provides information regarding the valuation techniques, unobservable inputs used, and other information related to the fair value of Level 3 investments for the High Income Fund as of August 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Security Type** | **Fair Value<br> as of<br> August 31,<br> 2025** | **Valuation<br> Technique** | **Unobservable<br> Input\*** | **Range** | **Weighted<br> Average** |
| Conivival Funding 2022 III, LLC 12.00%, 11/15/2056 | Corporate Bond | $5025000 | Expected Recovery | Collateral Value | 100% | N/A |
| LSC Estro Prime 12.00%, 4/30/2025 | Corporate Bond | 1250000 | Expected Recovery | Collateral Value | 100% | N/A |
| Next Renewable Fuels Series A | Convertible Preferred Stock |  | Expected Recovery | Collateral Value | 0% | N/A |
| Sunland Medical Foundation 12.00%, 4/30/2025 | Municipal Bond | 411817 | Liquidation Approach | Recovery Rate | 4.8% | N/A |

---

Significant increases and decreases in the unobservable inputs used to determine fair value of Level 3 assets could result in significantly higher or lower fair Value measurements. An increase to the unobservable input would result in an increase to the fair value. A decrease to the unobservable input would have the opposite effect.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

Year Ended August 31, 2025(Continued)

**(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.

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 reviewed the tax positions taken on its 2022-2024 returns and expected to be taken in the Funds' 2025 returns and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Funds identify its major tax jurisdictions as U.S. Federal 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 August 31, 2025, 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. All paydown gains and losses are classified as interest income in the accompanying Statements of Operations in accordance with U.S. GAAP. Discounts and premiums on securities purchased are accreted and amortized, over the lives of the respective securities with a corresponding increase/decrease in the cost basis of that security using the yield to maturity method, or where applicable, the first call date of the security. 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:

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| | | |
|:---|:---|:---|
| **Fund** | **Income<br> Dividends** | **Capital<br> Gains** |
| High Income Muni | Daily | Annually |
| Short Term Muni | Daily | 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 incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds on an equal basis or another reasonable basis.

**(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.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

Year Ended August 31, 2025(Continued)

**(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.

*Market Disruptions Risk.* The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19), which can negatively impact the securities markets and cause the Funds to lose value.

**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. The Funds' subadvisors are paid by the manager, not the Funds. Prior to October 4, 2024 Principal Street Partners, LLC was the investment advisor for High Income Muni and Short Term Muni.

(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 Easterly Investment Partners LLC or Easterly Funds LLC (as the Funds' prior investment advisor) paid within three (3) years of the end of the fiscal year 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. Prior to October 4, 2024, Principal Street Partners, LLC contractually waived the expenses at the same rates for High Income Muni and Short Term Muni. The expense limitation agreement will be in effect through October 4, 2027.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Agreement** | **Cl A** | **Cl C** | **Investor** | **Cl I** | **CL R6** | **Expires** |
| High Income Muni | 0.55% | 1.05% | NA | 1.30% | 0.80% | NA | 10/4/2027 |
| Short Term Muni | 0.45% | NA | NA | 0.95% | 0.70% | NA | 10/4/2027 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **8/31/2026** | **8/31/2027** | **8/31/2028** |
| High Income Muni | $67301 | $10997 | $505220 |
| Short Term Muni | 198611 | 205820 | 185209 |

---

(c) Easterly Securities LLC (the "Distributor") is the Trust's Distributor and is an affiliate of the Advisor. The Trust with respect to the Fund has 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 shares, Class C shares and Investor Class of Shares of the Fund as shown in the chart below. The Plan provides 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 rates of the average daily net assets as shown in the chart below. Prior to October 4, 2024, Quasar Distributors, LLC was the distributor for High Income Muni and Short Term Muni.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

Year Ended August 31, 2025(Continued)

---

| | | |
|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Cl A** | **Investor** |
| High Income Muni | 0.25% | 0.50% |
| Short Term Muni | NA | 0.25% |

---

For the year ended, August 31, 2025, sales charges on sales of the Fund's Class A shares were as follows:

---

| | |
|:---|:---|
| **Fund** | **Sales Charges<br> Class A Easterly<br> Securities, LLC** |
| High Income Muni | $103405 |

---

For the year ended August 31, 2025 CDSC fees were as follows.

---

| | |
|:---|:---|
| **Fund** | **CDSC Fees** |
| High Income Muni | $6430 |

---

(d) Ultimus Fund Solutions, LLC ("UFS"), an affiliate of UFD 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. Prior to the closed of business on October 4, 2024 U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, acts as the Administrator, Transfer Agent, and Fund Accountant for the High Income Muni and Short Term Income Funds.

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 and the Distributor, 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. Prior to the closed of business on October 4, 2024 for the High Income Muni and Short Term Muni Funds the Chief Compliance Officer were employees of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services.

Blu Giant, LLC ("Blu Giant") – Blu Giant, an affiliate of UFS and the Distributor, 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 August 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| High Income Muni | $37757380 | $242318160 |
| Short Term Muni | 73411372 | 62353805 |

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**4.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at August 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax**<br> **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| High Income Muni | $32327099 | $598500 | $(13973327) | $(13374827) |
| Short Term Muni | 63151368 | 257010 | (294663) | (37653) |

---

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

Year Ended August 31, 2025(Continued)

**5.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of dividends paid during the periods ended August 31, 2025 and August 31, 2024 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 8/31/2025**  | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Exempt<br> Income** | **Return of<br> Capital** | **Total** |
| High Income Muni | $641455 | $– $| 6634891 | $5438147 | $12714493 |
| Short Term Muni | 89054 | – | 2504356 |  | 2593410 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 8/31/2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Exempt<br> Income** | **Return of<br> Capital** | **Total** |
| High Income Muni | $3145445 | $– $| 15295600 | $– $| 18441045 |
| Short Term Muni | 119724 | – | 1981868 | – | 2101592 |

---

As of tax year-ended August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Tax-exempt<br> Ordinary<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/<br> (Deficits)** |
| High Income Muni | $- | $– $|  | $(147070773) | $(31354012) | $- | $(13374827) | $(191799612) |
| Short Term Muni | 286830 | – |  | (5548) | (626929) | (229387) | (37653) | (612687) |

---

The difference between book basis and tax basis undistributed net investment income/(loss and other book/tax adjustments is primarily attributable to the adjustments for accrued dividends payable.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October<br> Losses** |
| High Income Muni | $147070773 |
| Short Term Muni | 5548 |

---

Non expiring capital loss carry forwards, as of each Fund's most recent tax year-ended August 31, 2025, available to offset future capital gains, and utilized capital gains, if any, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **Capital Loss Carry <br> Forward Utilized** |
| High Income Muni | $8675212 | $22678800 | $31354012 | $172532 |
| Short Term Muni | 436160 | 190769 | 626929 | 535 |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of distributions in excess, resulted in reclassifications for the Funds for the fiscal year ended August 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Accumulated<br> Earnings (Losses)** |
| High Income Muni | $2 | $(2) |
| Short Term Muni |  |  |

---

**6.** **BENEFICIAL OWNERSHIP (Unaudited)** 

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 August 31, 2025, the below entities held more than 25% of the voting securities for each of the Funds listed.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

Year Ended August 31, 2025(Continued)

---

| | | |
|:---|:---|:---|
|  | **Charles<br> Schwab** | **National<br> Financial** |
| High Income Muni | 81.29% |  |
| Short Term Muni | 39.18% | 46.59% |

---

**7.** **LINE OF CREDIT** 

The High Income Muni entered into a $20,000,000 line of credit provided by Cogent Bank (the "Bank") under an agreement (the "Line of Credit") effective December 31, 2024. The Line of Credit has an interest rate of the Prime Rate which is dependent upon the effective borrowing date ("Borrowing Date"). The Fund pays the Lender a Commitment Fee of 1.00% based upon the Committed Loan Limit.

For the year ended August 31, 2025, the Fund incurred $200,000 in commitment fees, which are included in the Interest expenses in the Statement of Operations. Any advance under the Line of Credit is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable Monthly. The interest rate during the period was 7.50% and borrowing information is below.

The High Income Muni Fund and the Short Term Muni Fund had established an unsecured line of credit ("LOC") in the amount of $30,000,000 and $10,000,000, respectively, or 15% of gross market value of the Fund, or 33.33% of the market value of the Fund's unencumbered assets, whichever is less. The LOC was closed on October 4, 2024, during the Funds conversion. This LOC is intended to provide short-term financing, if necessary, subject to certain restrictions and covenants in connection with shareholder redemptions and other short-term liquidity needs of the Fund. The interest rate during the period was 8.00% and borrowing information is below.

For the year ended, August 31, 2025, the Lines of Credit activity for the Funds was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Loan Type** | **LOC Agent** | **Average<br> Borrowings** | **Amount<br> Outstanding as of<br> August 31,<br> 2025** | **Interest<br> Expense** | **Maximum<br> Borrowing** |
| High Income Muni | Unsecured | U.S. Bank N.A. | $764333 | $– $| 1528 | $1152000 |
| High Income Muni | Secured | Cogent Bank | 8707530 | – | 150568 | 20000000 |
| Short Term Muni | Unsecured | U.S. Bank N.A. |  | – |  |  |

---

**8.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**9.** **LITIGATION DISCLOSURE** 

The Trust is a defendant in a class action lawsuit filed on July 24, 2025 by lead plaintiff Richard Fulford alleging that shares of the Easterly RocMuni High Income Municipal Bond Fund were sold based on misleading registration statements. The litigation is in its early stages. Given the inherent uncertainties of litigation, management is unable to estimate the amount or range of the potential loss.

**10.** **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.

---

| | |
|:---|:---|
| ![](img_002.jpg) | taitweller.com |

---

**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 ROCMuni High Income Municipal Bond Fund (formerly Principal Street High Income Municipal Fund), and Easterly ROCMuni Short Term Municipal Bond Fund (formerly Principal Street Stort Term Municipal Fund), 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 August 31, 2025, the related statements of operations, cash flows (as applicable), the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, 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 August 31, 2025, the results of their operations, their cash flows (as applicable), the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting<br> James Alpha Funds Trust d/b/a<br> Easterly Funds Trust** | **Statements of<br> Operations and<br> Cash Flows (as Applicable)** | **Statements of<br> Changes in Net Assets** | **Financial Highlights** |
| Easterly ROCMuni High Income Municipal Bond Fund | For the year ended August 31, 2025. | For the year ended August 31, 2025. | For the year ended August 31, 2025. |
| Easterly ROCMuni Short Term Municipal Bond Fund | For the year ended August 31, 2025. | For the year ended August 31, 2025. | For the year ended August 31, 2025. |

---

The statements of changes in net asset for the year ended August 31, 2024, and the financial highlights for each of the four years in the period ended August 31, 2024, with respect of Easterly ROCMuni Short Term Municipal Bond Fund financial highlights for each of the two years in the period ended August 31, 2024 and for the period from April 27, 2022 (commencement of operations) through August 31, 2022, have been audited by other auditors, whose report dated November 12, 2024 expressed unqualified opinion on such statements 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 Funds' financial statements based on our audits. 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 August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Emphasis of Matter**

We draw attention to Note 1(a) of the financial statements, which describes the significant concentration of the Easterly ROCMuni High Income Municipal Bond Fund's investments in Level 3 illiquid securities. As of August 31, 2025, approximately 46% of the Fund's Net Asset Value (NAV) consists of these securities. The valuation of these assets, which do not have readily observable market prices, is based on valuation models and significant unobservable inputs developed by management. The fair values of these securities could differ materially from the values that would be realized in an active market.

An increase in redemption requests, a decrease in the market's appetite for similar securities, or an adverse change in the underlying investments could significantly impair the Fund's ability to meet redemption requests and result in significant losses for investors. Our opinion is not modified with respect to this matter.

---

| | |
|:---|:---|
|  | **TAIT, WELLER & BAKER LLP** |
| **Philadelphia, Pennsylvania<br> October 30, 2025** |  |

---

**EASTERLY FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

August 31, 2025

**Changes in and Disagreements with Accountants**

Effective October 4, 2024, the Principal Street High Income Municipal Fund and the Principal Street Short Term Municipal Fund (the "Predecessor Funds") reorganized into Easterly ROCMuni High Income Municipal Bond Fund and the Easterly ROCMuni Short Term Municipal Bond Fund (the "Funds"), a newly created series of the James Alpha Funds Trust dba Easterly Funds Trust (the "Trust") (the "Reorganization"). Cohen & Company LTD ("Cohen"), served as independent registered public accounting firm to the Predecessor Funds, and prepared audit reports for the Predecessor Funds for the fiscal year ended August 31, 2025.

At a meeting of the Audit Committee and Board of Trustees of the Trust held on January 29, 2024, the Audit Committee and the Board of Trustees engaged Tait Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Funds for the Funds' first fiscal period ending August 31, 2025.

The report of Cohen on the financial statements of the Predecessor Fund for the fiscal year ended August 31, 2024, did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the Predecessor Funds' fiscal year ended August 31, 2024 and through October 4, 2024 (1) there were no disagreements with Cohen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to Cohen's satisfaction would have caused them to make reference to the subject matter of the disagreements in connection with their report on the Predecessor Funds' financial statements for such period and (2) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the Predecessor Funds' fiscal year ended August 31, 2024 and through October 4, 2024, neither the Predecessor Funds nor anyone on behalf of the Predecessor Funds consulted Tait on items that: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Predecessor Fund's; or (2) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the Statement of Operations within the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

On January 29, 2024, the Board of Trustees (the "Board") of James Alpha Funds Trust dba Easterly Funds Trust (the "Trust"), a Delaware statutory trust, met to consider, among other things, the approval of investment advisory agreements between the Trust, on behalf of each of the Easterly RocMuni High Income Municipal Bond Fund (the "High Income Muni Fund") and the Easterly RocMuni Short Term Municipal Bond Fund (the "Short Term Muni Fund") (each a "Fund" and, collectively, the "Funds"), and Easterly Investment Partners, LLC ("EIP") (each an "Investment Management Agreement" and collectively, the "Investment Management Agreements").

In the course of consideration of the approval of the Investment Management Agreements, the Independent Trustees received materials discussing the legal standards applicable to their consideration of the Investment Management Agreements. Prior to voting, the Independent Trustees met with and asked questions of representatives of EIP.

**EASTERLY FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

August 31, 2025

In considering the approval of the Investment Management Agreements and reaching their conclusion with respect to the Investment Management Agreements, the Board took note of relevant judicial precedent that set forth factors to be considered by a board when evaluating investment advisory agreements. These include, but are not limited to, the following: (i) the nature, extent, and quality of the services to be provided to the Funds; (ii) information comparing the investment performance, advisory fees and operating expense ratio of each Fund to other funds; (iii) information about profits to be realized by EIP and its affiliates from the relationship with the Funds; (iv) the extent to which economies of scale would be realized as each Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of each Fund's investors.

As part of the contract approval process, the Board reviewed and considered information provided in response to a detailed request for information submitted to management by the Independent Trustees and received a presentation from EIP. The Independent Trustees discussed the materials provided to them in connection with the approval of the Investment Management Agreements, including comparative performance and expenses. The Board, including the Independent Trustees, considered a variety of factors, including those described below. The Board also considered other factors and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Independent Trustees also had an opportunity to discuss the materials presented and any issues raised by EIP's presentation. After evaluating the factors discussed below, among others, the Board approved the Investment Management Agreements and determined that the compensation payable thereunder by each Fund to EIP is fair and reasonable.

***Nature, Extent and Quality of Services.*** In considering the approval of the Investment Management Agreements with EIP, the Board considered the nature, extent and quality of services that EIP proposed to provide to the Funds, including EIP's personnel and resources. The Board reviewed the services EIP proposed to provide in serving as investment adviser, including the backgrounds of the existing portfolio managers of the Existing Funds that were proposed to serve as portfolio managers to the Funds following the reorganization. The Board noted that each Investment Management Agreement is substantively similar to the form of investment management agreement for the other series of the Trust. The Board also noted that there were no anticipated changes to material practices, policies, or systems used for the other series of the Trust advised by EIP. The Board concluded that the services EIP proposed to provide to the Funds are satisfactory.

***Performance.*** The Board noted that each Fund would continue the historical performance of the corresponding Existing Fund following the closing of the reorganization. The Board noted that management anticipated that each Fund will be managed pursuant to substantially similar investment strategies and by the same portfolio management team as the corresponding Existing Fund. The Board reviewed performance information that EIP provided for each corresponding Existing Fund compared to its respective benchmark index and peer group for the one-, three-, and five-year periods, as applicable, and since inception period ended December 31, 2023.

<u>High Income Muni Fund</u>: The Board noted that the Existing Fund underperformed its primary benchmark and peer group. The Board further noted management's explanations that the Existing Fund's performance included time periods prior to which the current portfolio management team managed the Fund and therefore did not reflect the current portfolio management team's full ability, and considered the track record of the current portfolio management team's ability to improve performance.

<u>Short Term Muni Fund</u>: The Board noted that the Existing Fund outperformed its benchmark and peer group for the one-year period and since inception period.

**EASTERLY FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

August 31, 2025

***Advisory Fees and Fund Expenses.*** The Board reviewed each Fund's proposed contractual advisory fee and estimated net and gross expense ratio. The Board noted that EIP has contractually agreed to waive fees and/or limit expenses of the Funds for an initial term of three years from the closing date of the reorganization in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Funds. The Board noted that each Fund's proposed contractual advisory fee was equal to that of its corresponding Existing Fund. The Board discussed the level of work involved in EIP's proposed management of the Funds and the other services that the EIP would provide to the Funds. The Board also discussed EIP's plan to stimulate asset growth of the Funds which EIP anticipates would reduce expenses.

In light of the nature, quality and extent of services EIP proposes to provide, the Board concluded that each Fund's proposed advisory fee was fair and reasonable.

***Economies of Scale.*** The Board considered the extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of Fund investors. The Board noted that the Funds may benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

***Profitability.*** The Board noted that the Funds had not yet commenced operations and that it would evaluate the financial results from EIP's relationships with the Funds at the first renewal of the Investment Management Agreements.

***Fallout Benefits.*** Because of its relationship with the Funds, EIP and its affiliates may derive ancillary benefits from Fund operations, including those derived from the allocation of Fund brokerage and the use of commission dollars to pay for research and other similar services (as applicable). The Board reviewed information provided by the EIP as to any such benefits.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the compensation to be paid under the Investment Management Agreements for each Fund are fair and reasonable, and that the Investment Management Agreements be approved for an initial two-year term.

**<u>How to Obtain Proxy Voting Information</u>**

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 <u>http://www.sec.gov</u>.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

Included under Item 7

**Item 16. Controls and Procedures**

(a) The
 registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis
 of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures
 as of a date within 90 days of this report on Form N-CSR.

(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not
 applicable

(b) Not
 applicable

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers](coe.htm).

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](easterlyfunds_ex99cert.htm)

(a)(4) Not applicable

(b) Certifications
 required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](easterlyfunds_ex99-906cert.htm)

**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.

James Alpha Funds Trust

---

| | |
|:---|:---|
| By: | /s/ Darrell Crate |
|  | Darrell Crate |
|  | Principal Executive Officer |

---

Date: 11/5/2025

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: | /s/ Darrell Crate |
|  | Darrell Crate |
|  | Principal Executive Officer |

---

Date: 11/5/2025

---

| | |
|:---|:---|
| By: | /s/ Michael Montague |
|  | Michael Montague |
|  | Principal Financial Officer |

---

Date: 11/5/2025

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Darell Crate, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of James Alpha Funds Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: | 11/5/2025 | /s/ Darrell Crate |
| | | Darell Crate<br> Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Michael Montague, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of James Alpha Funds Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: | 11/5/2025 | /s/ Michael Montague |
| | | Michael Montague<br> Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION** [Exhibit 99.906CERT]

Darrell Crate, Principal Executive Officer, and Michael Montague, Principal Financial Officer of James Alpha Funds Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended August 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| Principal Executive Officer<br> James Alpha Funds Trust | Principal Financial Officer<br> James Alpha Funds Trust |
| /s/ Darrell Crate | /s/ Michael Montague |
| Darrell Crate | Michael Montague |

---

Date: <u>11/5/2025</u> Date: <u>11/5/2025</u>

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

**CODE OF ETHICS OF**

**THE JAMES ALPHA FUNDS TRUST AND**

**JAMES ALPHA ADVISORS, LLC<br>** 

<br> **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.

1. *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.

*2.* *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.

*4.* 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.* 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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c.* 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* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*e.* 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:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Whether the amount or nature of the transaction or person making it is likely
to affect the price or market for the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

1. 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;

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

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

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

5. 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;

6. 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:

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

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

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

7. 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**

*1.* 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.

*2.* 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.

*3.* 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.* 

*4.* 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* 

*5.* 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:

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

2. 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;

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

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

5. 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;

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

7. 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;

8. 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;

9. 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:

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

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

3. 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

4. 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;

5. 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.

6. 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.

7. 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 [ ].

<u> </u>

<br> Chairman and President of the Board of Trustees of the Trust, and Chairman, President and<br> 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<br> 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**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Date</u>** | &nbsp;&nbsp;**<u>Nature of Transaction</u>** | &nbsp;&nbsp;**<u># of Shares or Principal Amount</u>** | &nbsp;&nbsp;**<u>Title of Security</u>** | &nbsp;&nbsp;**<u>Exchange Symbol or CUSIP</u>** | &nbsp;&nbsp;**<u>Interest Rate</u>** | &nbsp;&nbsp;**<u>Maturity Date</u>** | &nbsp;&nbsp;**<u>Unit Price</u>** | &nbsp;&nbsp;**<u>Total Price</u>** | &nbsp;&nbsp;**<u>Broker</u>** |

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**BROKERAGE ACCOUNTS ESTABLISHED**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name of <br> Brokerage Account <br> and Account Number</u>** | &nbsp;&nbsp;**<u>Broker Name <br> and Location</u>** | &nbsp;&nbsp;**<u>Date Account Established</u>** |

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Signature Date

______________________________________

Print Name

**SCHEDULE B (Part 2)**

**SECURITIES HOLDINGS<br> 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 _<u>(Date)</u>_____________________________, and which must be reported pursuant to the Code of Ethics of The James Alpha Funds Trust and James Alpha Advisors, LLC:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of <br> <u>Security</u>** | &nbsp;&nbsp;**No. of Shares of <u>Principal Amount</u>** | &nbsp;&nbsp;**<u>Broker</u>** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of <br> <u>Brokerage Account</u>** | &nbsp;&nbsp;**Broker Name <br> <u>and Location</u>** | &nbsp;&nbsp;**<u>Account Number</u>** |

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Signature Date

______________________________________

Print Name