# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001752724-25-180925
**Filing Date:** 2025-7
**Character Count:** 73930
**Document Hash:** b99cdb1e0d60b99a667f873f7d01487e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180925.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180925

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23611
- **FILM NUMBER:** 251156691

**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 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 |  |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 96.9%** |  |  |  |
|  | **ALABAMA — 2.8%** |  |  |  |
| 250000 | Alabama Public School and College Authority Series B | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/26 | $250963 |
| 1000000 | Black Belt Energy Gas District No 7 Series C-1 | 5.2500 | &nbsp;&nbsp;&nbsp;12/01/25 | 1007893 |
| 100000 | Houston County Health Care Authority Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/30 | 100493 |
| 350000 | Southeast Energy Authority Cooperative District<sup>(a)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/53 | 359130 |
| 500000 | Southeast Energy Authority Cooperative District Series A<sup>(a)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/56 | 504567 |
|  |  |  |  | 2223046 |
|  | **ALASKA — 1.3%** |  |  |  |
| 1000000 | CIVICVentures | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/29 | 1001958 |
|  | **ARIZONA — 2.2%** |  |  |  |
| 700000 | Phoenix-Mesa Gateway Airport Authority<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/27 | 700197 |
| 300000 | Pima County Industrial Development Authority (Obligor: La Posada Park Centre) Series B-3<sup>(c)</sup> | 5.1250 | &nbsp;&nbsp;&nbsp;11/15/29 | 300159 |
| 500000 | Pima County Industrial Development Authority (Obligor: La Posada Park Centre) Series B-3<sup>(c)</sup> | 5.6250 | &nbsp;&nbsp;&nbsp;11/15/30 | 502510 |
| 250000 | Pima County Industrial Development Authority (Obligor: P.L.C. Charter Schools)<sup>(c)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;12/01/26 | 250258 |
|  |  |  |  | 1753124 |
|  | **CALIFORNIA — 9.1%** |  |  |  |
| 275000 | California Educational Facilities Authority | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/26 | 275016 |
| 225000 | California Health Facilities Financing Authority (Obligor: Providence St Joseph Health Obligated Group) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/26 | 225299 |
| 500000 | California Public Finance Authority | 5.7000 | &nbsp;&nbsp;&nbsp;06/01/34 | 500966 |
| 400000 | California School Finance Authority (Obligor: Hawking STEAM Charter Schools)<sup>(c)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/25 | 400324 |
| 500000 | City of Chula Vista | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/27 | 500748 |
| 150000 | M-S-R Energy Authority | 6.1250 | &nbsp;&nbsp;&nbsp;11/01/29 | 157545 |
| 1000000 | San Diego County Regional Airport Authority (Obligor: San Diego County Regional Airport Authority Special Facilities Revenue) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/44 | 999934 |
| 875000 | San Diego County Regional Airport Authority (Obligor: San Diego County Regional Airport Authority) Series B<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/49 | 856351 |
| 200000 | San Jacinto Unified School District | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/27 | 200582 |
| 1045000 | Southern California Public Power Authority Series C | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/27 | 1045404 |
| 2040000 | Sweetwater Union High School District Public | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/25 | 2042915 |
|  |  |  |  | 7205084 |
|  | **COLORADO — 0.5%** |  |  |  |
| 55000 | Denver City & County Airport Revenue Series C<sup>(b)</sup> | 6.1250 | &nbsp;&nbsp;&nbsp;11/15/25 | 55558 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 96.9% (Continued)** |  |  |  |
|  | **COLORADO — 0.5% (Continued)** |  |  |  |
| 300000 | Denver City & County Airport Revenue Series A<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/32 | $309012 |
|  |  |  |  | 364570 |
|  | **FLORIDA — 13.3%** |  |  |  |
| 400000 | City of Miami Beach Stormwater Revenue | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/47 | 403045 |
| 200000 | City of Pembroke Pines | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/32 | 200253 |
| 1025000 | County of Miami-Dade Aviation Revenue<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/38 | 1023330 |
| 300000 | County of Miami-Dade Rickenbacker Causeway Revenue Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/34 | 300176 |
| 1210000 | Florida Higher Educational Facilities Financial (Obligor: Nova Southeastern University Inc) | 5.0000 | &nbsp;&nbsp;&nbsp;04/01/36 | 1213043 |
| 2320000 | Greater Orlando Aviation Authority (Obligor: Greater Orlando Aviation Authority) Series A<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/42 | 2295321 |
| 300000 | Miami Beach Redevelopment Agency Series A | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/31 | 300978 |
| 2365000 | Miami-Dade County Expressway Authority Series A | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/40 | 2364905 |
| 100000 | Miami-Dade County Industrial Development Authority (Obligor: Academir Charter Schools)<sup>(c)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;07/01/29 | 99471 |
| 1450000 | Mid-Bay Bridge Authority (Obligor: Mid-Bay Bridge Authority) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/35 | 1450031 |
| 250000 | Southeast Overtown Park West Community Series A-1<sup>(c)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/30 | 250281 |
| 470000 | Sumter County Industrial Development Authority (Obligor: Central Florida Health Inc Obligated Group) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/29 | 470422 |
| 170000 | Viera East Community Development District | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/26 | 170215 |
|  |  |  |  | 10541471 |
|  | **GEORGIA — 2.4%** |  |  |  |
| 250000 | Private Colleges & Universities Authority | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/43 | 250300 |
| 1620000 | South Regional Joint Development Authority (Obligor: VSU Auxiliary Services Real Estate-Centennial Lowndes & Patterson LLC) | 5.2500 | &nbsp;&nbsp;&nbsp;08/01/25 | 1623258 |
|  |  |  |  | 1873558 |
|  | **ILLINOIS — 8.3%** |  |  |  |
| 1050000 | Chicago Board of Education | 5.5000 | &nbsp;&nbsp;&nbsp;12/01/26 | 1064005 |
| 150000 | Chicago Board of Education | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/31 | 154388 |
| 750000 | Chicago Board of Education | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/36 | 728447 |
| 635000 | Harvey Public Library District | 7.1000 | &nbsp;&nbsp;&nbsp;12/01/32 | 644238 |
| 1900000 | Illinois Finance Authority (Obligor: OSF Healthcare System Obligated Group) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;11/15/34 | 1901447 |
| 845000 | Illinois Finance Authority (Obligor: Southern IL Healthcare) | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/32 | 853052 |
| 1150000 | Metropolitan Pier & Exposition Authority | 7.0000 | &nbsp;&nbsp;&nbsp;07/01/26 | 1175215 |
| 175000 | State of Illinois | 6.0000 | &nbsp;&nbsp;&nbsp;11/01/26 | 177937 |
|  |  |  |  | 6698729 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 96.9% (Continued)** |  |  |  |
|  | **INDIANA — 1.4%** |  |  |  |
| 495000 | Anderson Industrial Economic Development Revenue (Obligor: Anderson University Inc/Indiana) | 4.7500 | &nbsp;&nbsp;&nbsp;10/01/27 | $433273 |
| 765000 | Indiana Finance Authority (Obligor: Earlham College) | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/32 | 750360 |
|  |  |  |  | 1183633 |
|  | **IOWA — 1.1%** |  |  |  |
| 245000 | Iowa Finance Authority (Obligor: Iowa Health System) | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/30 | 245472 |
| 630000 | PEFA, Inc.<sup>(a)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/49 | 636976 |
|  |  |  |  | 882448 |
|  | **KANSAS — 3.6%** |  |  |  |
| 550000 | Ashland Public Building Commission | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/32 | 552878 |
| 2000000 | Kansas Development Finance Authority Series K-1 | 4.7000 | &nbsp;&nbsp;&nbsp;03/01/43 | 1980916 |
| 300000 | Wyandotte County-Kansas City Unified Government (Obligor: Wyandotte County-Kansas City Unified Government Utility System Revenue) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/29 | 300126 |
|  |  |  |  | 2833920 |
|  | **KENTUCKY — 1.5%** |  |  |  |
| 1225000 | Kenton County Airport Board (Obligor: Kenton County Airport Board) Series A<sup>(b)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;01/01/49 | 1243095 |
|  | **MARYLAND — 0.9%** |  |  |  |
| 450000 | Maryland Health & Higher Educational Facilities (Obligor: MedStar Health Obligated Group) Series B | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/26 | 450471 |
| 200000 | Maryland Health & Higher Educational Facilities Authority (Obligor: Medstar Health) | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/26 | 200209 |
|  |  |  |  | 650680 |
|  | **MASSACHUSETTS — 0.9%** |  |  |  |
| 150000 | Massachusetts Development Finance Agency (Obligor: Provident Commonwealth) | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/29 | 151573 |
| 434000 | North Adams Housing Authority | 4.5000 | &nbsp;&nbsp;&nbsp;09/01/32 | 419920 |
| 120000 | North Reading | 5.0000 | &nbsp;&nbsp;&nbsp;05/15/30 | 120152 |
|  |  |  |  | 691645 |
|  | **MICHIGAN — 0.8%** |  |  |  |
| 165000 | Detroit Wayne County Stadium Authority | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/26 | 165070 |
| 500000 | Michigan State Building Authority | 5.0000 | &nbsp;&nbsp;&nbsp;04/15/32 | 502492 |
|  |  |  |  | 667562 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 96.9% (Continued)** |  |  |  |
|  | **MINNESOTA — 0.7%** |  |  |  |
| 500000 | City of St. Cloud MN (Obligor: CentraCare Health System Obligated Group) | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/48 | $489303 |
| 100000 | Minnesota Housing Finance Agency (Obligor: State of Minnesota) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/26 | 100146 |
|  |  |  |  | 589449 |
|  | **MISSOURI — 4.4%** |  |  |  |
| 500000 | County of Jackson | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/28 | 501396 |
| 200000 | Missouri Development Finance Board Series A | 5.0000 | &nbsp;&nbsp;&nbsp;06/01/27 | 200207 |
| 2895000 | Monarch-Chesterfield Levee District | 5.0000 | &nbsp;&nbsp;&nbsp;03/01/40 | 2895938 |
|  |  |  |  | 3597541 |
|  | **NEBRASKA — 0.5%** |  |  |  |
| 395000 | Madison County Hospital Authority No 1 (Obligor: Faith Regional Health Services) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/29 | 395168 |
|  | **NEW HAMPSHIRE — 2.6%** |  |  |  |
| 2000000 | New Hampshire Health and Education Facilities (Obligor: University System of New Hampshire) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/36 | 2001050 |
|  | **NEW JERSEY — 0.4%** |  |  |  |
| 350000 | New Jersey Economic Development Authority (Obligor: NY/NJ Link Borrower LLC)<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/31 | 351142 |
|  | **NEW YORK — 6.7%** |  |  |  |
| 250000 | Albany Capital Resource Corporation (Obligor: Albany College of Pharmacy and Health Sciences) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/28 | 250151 |
| 1000000 | Metropolitan Transportation Authority Series C-1 | 5.0000 | &nbsp;&nbsp;&nbsp;11/15/30 | 1022361 |
| 925000 | Monroe County Industrial Development Corp./NY (Obligor: Nazareth Clergy of Rochester) | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/31 | 946773 |
| 200000 | Nassau County Local Economic Assistance (Obligor: Catholic Health Services of Long Island Obligated Group) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/34 | 199997 |
| 1275000 | New York City Industrial Development Agency (Obligor: TrIPs Obligated Group)<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/28 | 1281653 |
| 225000 | New York Transportation Development Corporation<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/30 | 225045 |
| 400000 | Onondaga Civic Development Corp., (Obligor: Crouse Health) | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/31 | 390292 |
| 1000000 | Westchester County Local Development Corporation (Obligor: Purchase Housing Corp II) | 5.0000 | &nbsp;&nbsp;&nbsp;06/01/42 | 977332 |
|  |  |  |  | 5293604 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 96.9% (Continued)** |  |  |  |
|  | **NORTH CAROLINA — 1.5%** |  |  |  |
| 1095000 | City of Charlotte Airport Revenue Series A | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/30 | $1095908 |
| 100000 | North Carolina Capital Facilities Finance Agency (Obligor: Arc Of North Carolina) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/27 | 100704 |
|  |  |  |  | 1196612 |
|  | **OHIO — 2.1%** |  |  |  |
| 1000000 | County of Muskingum | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/33 | 1003570 |
| 500000 | Ohio Housing Finance Agency | 7.0000 | &nbsp;&nbsp;&nbsp;03/01/49 | 578373 |
| 100000 | State of Ohio<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;12/31/29 | 100067 |
|  |  |  |  | 1682010 |
|  | **OKLAHOMA — 0.7%** |  |  |  |
| 235000 | Norman Regional Hospital Authority (Obligor: Norman Regional Hospital Authority) | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/25 | 234417 |
| 330000 | Oklahoma Housing Finance Agency | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/27 | 330127 |
|  |  |  |  | 564544 |
|  | **PENNSYLVANIA — 3.1%** |  |  |  |
| 300000 | Butler County Hospital Authority (Obligor: Butler Health System) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/28 | 300018 |
| 1300000 | City of Philadelphia Airport Revenue (Obligor: City of Philadelphia PA Airport Revenue) Series A<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;06/15/34 | 1300310 |
| 240000 | Montgomery County Higher Education and Health Authority (Obligor: Gwynedd Mercy University) Series UU1 | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/29 | 247401 |
| 580000 | Philadelphia Authority for Industrial Development (Obligor: Russell Byers Charter School) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/30 | 585234 |
| 160000 | Philadelphia Parking Authority (The) | 5.2500 | &nbsp;&nbsp;&nbsp;02/15/29 | 160268 |
|  |  |  |  | 2593231 |
|  | **PUERTO RICO — 2.6%** |  |  |  |
| 505000 | Children's Trust Fund | 5.5000 | &nbsp;&nbsp;&nbsp;05/15/39 | 509871 |
| 200000 | Puerto Rico Electric Power Authority | 5.2500 | &nbsp;&nbsp;&nbsp;07/01/26 | 200105 |
| 650000 | Puerto Rico Electric Power Authority Series UU | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/26 | 650026 |
| 310000 | Puerto Rico Electric Power Authority | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/27 | 310022 |
| 425000 | Puerto Rico Electric Power Authority Series RR | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/28 | 422462 |
|  |  |  |  | 2092486 |
|  | **RHODE ISLAND — 0.3%** |  |  |  |
| 200000 | State of Rhode Island | 5.0000 | &nbsp;&nbsp;&nbsp;08/01/26 | 200313 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 96.9% (Continued)** |  |  |  |
|  | **SOUTH CAROLINA — 0.6%** |  |  |  |
| 500000 | South Carolina Jobs-Economic Development Authority (Obligor: Kiawah Life Plan VLG Inc.) | 5.2500 | &nbsp;&nbsp;&nbsp;11/15/28 | $500317 |
|  | **TENNESSEE — 0.6%** |  |  |  |
| 500000 | Tennessee Energy Acquisition Corporation Series C | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/27 | 506858 |
|  | **TEXAS — 11.1%** |  |  |  |
| 200000 | Arlington Higher Education Finance Corporation (Obligor: Wayside Schools) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/27 | 202446 |
| 1555000 | Bexar County Hospital District (Obligor: Bexar County Hospital District) | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/32 | 1556884 |
| 200000 | City of San Antonio | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | 200288 |
| 160000 | Harris County Cultural Education Facilities Finance Corporation (Obligor: Brazos Presbyterian Obligated Group) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;01/01/33 | 160066 |
| 250000 | Houston Higher Education Finance Corporation (Obligor: Harmony Public Schools) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/28 | 250255 |
| 280000 | Keller Independent School District Series A | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/26 | 280415 |
| 1200000 | Kerrville Health Facilities Development (Obligor: Sid Peterson Memorial Hospital Obligated Group) | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/35 | 1199904 |
| 100000 | Kountze Economic Development Corporation (Obligor: Allegiant Industrial, LLC)<sup>(c)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/27 | 95000 |
| 100000 | North Harris County Regional Water Authority | 5.0000 | &nbsp;&nbsp;&nbsp;12/15/26 | 100121 |
| 265000 | Port Beaumont Navigation District (Obligor: Allegiant Industrial Island)<sup>(b)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;02/01/39 | 238500 |
| 140000 | San Antonio | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/27 | 140238 |
| 75000 | San Antonio Education Facilities Corporation (Obligor: Hallmark University, Inc.) Series B | 5.2500 | &nbsp;&nbsp;&nbsp;10/01/28 | 74623 |
| 410000 | San Juan Higher Education Finance Authority (Obligor: Idea Public Schools) | 8.2500 | &nbsp;&nbsp;&nbsp;08/15/29 | 418251 |
| 2845000 | Texas Municipal Gas Acquisition and Supply Corp I | 6.2500 | &nbsp;&nbsp;&nbsp;12/15/26 | 2914741 |
| 1000000 | Texas Water Development Board (Obligor: State Water Implementation Revenue Fund for Texas) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/15/42 | 1009516 |
|  |  |  |  | 8841248 |
|  | **UTAH — 0.9%** |  |  |  |
| 750000 | Logan City School District | 5.0000 | &nbsp;&nbsp;&nbsp;06/15/28 | 750903 |
|  | **VIRGINIA — 0.3%** |  |  |  |
| 200000 | Northern Virginia Transportation Authority (Obligor: Commonwealth of Virginia) | 5.0000 | &nbsp;&nbsp;&nbsp;06/01/28 | 200347 |
|  | **WASHINGTON — 4.4%** |  |  |  |
| 1240000 | Port of Seattle (Obligor: Seatac Fuel LLC)<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;06/01/31 | 1240527 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **MUNICIPAL BONDS — 96.9% (Continued)** |  |  |  |
|  | **WASHINGTON — 4.4% (Continued)** |  |  |  |
| 2000000 | Skagit County Public Hospital District No 2 | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/33 | $2000578 |
| 290000 | Washington Health Care Facilities Authority (Obligor: Providence St. Joseph) | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/26 | 290186 |
|  |  |  |  | 3531291 |
|  | **WEST VIRGINIA — 0.6%** |  |  |  |
| 455000 | Monongalia County Building Commission (Obligor: Vandalia Health Obligation Group) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/28 | 455213 |
|  | **WISCONSIN — 2.7%** |  |  |  |
| 825000 | Public Finance Authority (Obligor: Dreamhouse 'Ewa Beach) Series A<sup>(c)</sup> | 5.7500 | &nbsp;&nbsp;&nbsp;08/01/25 | 816749 |
| 200000 | Public Finance Authority (Obligor: Noorda College of Osteopathic)<sup>(c)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;06/01/45 | 170060 |
| 405000 | Public Finance Authority (Obligor: Prime Healthcare Foundation) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/27 | 410590 |
| 740000 | Wisconsin Health & Educational Facilities Authority (Obligor: Iowa Health System) | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/27 | 741452 |
|  |  |  |  | 2138851 |
|  | **TOTAL MUNICIPAL BONDS (Cost $77,380,501)** |  |  | 77296701 |
|  | **TOTAL INVESTMENTS - 96.9% (Cost $77,380,501)** |  |  | &nbsp;&nbsp;&nbsp; $77296701 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.1%** |  |  | &nbsp;&nbsp; 2456155 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $79752856 |

---

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

<sup>(b)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of May 31, 2025 the total value of securities subject to the AMT was 11,220,108 or 14.1% 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 May 31, 2025 the total market value of 144A securities is 2,884,812 or 3.6% of net assets.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

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

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

- **a. Name of Series:** Easterly RocMuni Short Term Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000084512

- **c. LEI of Series:** 254900NSEH9O4PZ8SM67

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $80215323.50

**Total Liabilities:** $462467.24

**Net Assets:** $79752856.26

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1341.35226400 | **1-Year:** 2309.62920300 | **5-Year:** 1806.38695100 | **10-Year:** 6267.36167500 | **30-Year:** 2400.14261400

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 25.88454600 | **1-Year:** 100.88671700 | **5-Year:** 354.40524100 | **10-Year:** 759.93963100 | **30-Year:** 13.85495900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248911 | -0.13%               | 0.34%                | 0.10%                |
| Class ID C000248912 | -0.15%               | 0.08%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $35371.86                | $-289073.49                                |
| Month 2  | $-21252.20               | $-61803.29                                 |
| Month 3  | $-250.77                 | $-89204.25                                 |

### Schedule of Portfolio Investments

| Name                                                 | Title                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HOUSTON TEX HIGHER ED FIN CORP                       | HOUHGR 5 02/15/2028     | CUSIP: 44237HAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250255.25    | 0.31%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                       | FLSTRN 5 10/1/2035      | CUSIP: 342814DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1450030.60   | 1.82%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY                                 | OKSSFM 5 09/1/2027      | CUSIP: 67886MPB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330127.08    | 0.41%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KERRVILLE TEX HEALTH FACS DEV CORP HOSP              | KRVMED 5 08/15/2035     | CUSIP: 492436AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1199903.76   | 1.50%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA                  | SEEPWR 5 01/1/2056      | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504567.35    | 0.63%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP                        | MONDEV 5 10/1/2031      | CUSIP: 61075TTR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $946773.48    | 1.19%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUSKINGUM CNTY OHIO                                  | MUSMED 5 02/15/2033     | CUSIP: 628077CJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003570.40   | 1.26%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HSG FIN AGY                                     | OHSHSG 7 03/1/2049      | CUSIP: 67756Q7Y7<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $578373.15    | 0.73%             | 2049-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ENERGY ACQUISITION CORP                    | TNSUTL 5 02/1/2027      | CUSIP: 880443EE2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506857.55    | 0.64%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH                          | STNPWR 5 07/1/2027      | CUSIP: 842477UA7<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1045404.62   | 1.31%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                  | WISMED 5 12/1/2027      | CUSIP: 97670FBC4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    740000 | PA      | $741452.03    | 0.93%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                 | PHIDEV 5 05/1/2030      | CUSIP: 71781XGB3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    580000 | PA      | $585234.15    | 0.73%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA REDEV AGY                            | MMBDEV 5 02/1/2031      | CUSIP: 593237FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300978.45    | 0.38%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX HIGHER ED FIN CORP                     | ARLEDU 5 08/15/2027     | CUSIP: 041806K82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202445.60    | 0.25%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH                              | CASSCD 5 07/1/2025      | CUSIP: 13058TQT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400323.60    | 0.50%             | 2025-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HOUSTON CNTY ALA HEALTH CARE AUTH                    | HOUMED 5 10/1/2030      | CUSIP: 441878BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100492.69    | 0.13%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALTH & ED FACS AUTH                  | NHSMED 5 07/1/2036      | CUSIP: 6446143A5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001048.80   | 2.51%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONARCH-CHESTERFIELD LEVEE DIST MO                   | MNCWTR 5 03/1/2040      | CUSIP: 609040FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2895937.40   | 3.63%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY ARPT BRD                              | KENAPT 5.25 01/1/2049   | CUSIP: 491026WJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1243095.33   | 1.56%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUMTER CNTY FLA INDL DEV AUTH                        | SUMDEV 5 07/1/2029      | CUSIP: 86652QAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $470422.25    | 0.59%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH                                        | IASMED 5 02/15/2030     | CUSIP: 462466EX7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    245000 | PA      | $245471.55    | 0.31%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUB FIN AUTH                              | CASMED 5.7 06/1/2034    | CUSIP: 13057GAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500966.20    | 0.63%             | 2034-06-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| MONONGALIA CNTY W VA                                 | MONFAC 5 07/1/2028      | CUSIP: 610218BK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $455213.17    | 0.57%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                      | SANUTL 5 02/1/2028      | CUSIP: 796311CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200288.26    | 0.25%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                    | ILSGEN 5 11/15/2034     | CUSIP: 45203H5C2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1901446.66   | 2.38%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT/WAYNE CNTY MICH STAD AUTH                    | DETFAC 5 10/1/2026      | CUSIP: 251440BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165069.94    | 0.21%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA                       | BBEUTL 5.25 12/1/2025   | CUSIP: 09182TBP1<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007893.20   | 1.26%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                              | DENAPT 6.125 11/15/2025 | CUSIP: 249181TK4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55558.22     | 0.07%             | 2025-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH                         | PIMDEV 5.25 12/1/2026   | CUSIP: 72177MRL3<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250257.78    | 0.31%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH ALA                            | SEEPWR 5 05/1/2053      | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    350000 | PA      | $359130.35    | 0.45%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                         | MTATRN 5 11/15/2030     | CUSIP: 59261AHB6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022360.60   | 1.28%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH HARRIS CNTY REGL WTR AUTH                      | NHSWTR 5 12/15/2026     | CUSIP: 65956NDH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100121.33    | 0.13%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH                         | PIMFAC 5.625 11/15/2030 | CUSIP: 72178AAL6<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502509.95    | 0.63%             | 2030-11-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                      | SANUTL 5 02/1/2027      | CUSIP: 796311CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140237.61    | 0.18%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KOUNTZE TEX                                          | KOUDEV 15 11/1/2027     | CUSIP: 500726AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95000.00     | 0.12%             | 2027-11-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ONONDAGA N Y CIVIC DEV CORP                          | ONODEV 5 08/1/2031      | CUSIP: 682832KN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $390292.48    | 0.49%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOGAN CITY UTAH SCH DIST                             | LOGSCD 5 06/15/2028     | CUSIP: 540567JJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750902.55    | 0.94%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MINN                                        | SUDMED 5 05/1/2048      | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489302.75    | 0.61%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX-MESA GATEWAY ARPT AUTH ARIZ                  | PHOAPT 5 07/1/2027      | CUSIP: 71910EAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700197.05    | 0.88%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH READING MASS                                   | NRD 5 05/15/2030        | CUSIP: 661802WC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120152.45    | 0.15%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TEX NAV DIST                           | PTBTRN 8 02/01/2039     | CUSIP: 73360CAB0<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    265000 | PA      | $238500.00    | 0.30%             | 2039-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY | TXSUTL 6.25 12/15/2026  | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   2845000 | PA      | $2914741.19   | 3.65%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY PA HOSP AUTH                             | BUTMED 5 07/1/2028      | CUSIP: 123592DM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300017.61    | 0.38%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY INDL DEV AGY                       | NYCDEV 5 07/1/2028      | CUSIP: 64972PAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1281652.31   | 1.61%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIERA EAST CMNTY DEV DIST FLA                        | VIEDEV 5 05/1/2026      | CUSIP: 926703BR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170215.15    | 0.21%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH                                | MISFAC 5 04/15/2032     | CUSIP: 594615JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502492.25    | 0.63%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KELLER TEX INDPT SCH DIST                            | KELSCD 5 08/15/2026     | CUSIP: 487694ML2<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |    280000 | PA      | $280414.68    | 0.35%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WASH PUB HOSP DIST NO 2                  | SKAMED 5 12/1/2033      | CUSIP: 830235GX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000577.80   | 2.51%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                        | CHAAPT 5 07/1/2030      | CUSIP: 161036KZ0<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1095907.76   | 1.37%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARVEY ILL PUB LIBR DIST                             | HVYFAC 7.1 12/1/2032    | CUSIP: 417730AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $644238.17    | 0.81%             | 2032-12-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH                  | WASMED 5 10/1/2026      | CUSIP: 93978HFP5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290185.75    | 0.36%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIVIC VENTURES ALASKA                                | CIV 5 09/1/2029         | CUSIP: 178860BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001958.00   | 1.26%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                            | PRCPWR 5 07/1/2028      | CUSIP: 74526QDH2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    425000 | PA      | $422461.73    | 0.53%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH                       | MIATRN 5 07/1/2040      | CUSIP: 59334KFW3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2364904.93   | 2.97%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                              | DENAPT 5 12/1/2032      | CUSIP: 249182LF1<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309011.73    | 0.39%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEMBROKE PINES FLA                                   | PEMGEN 5 10/1/2032      | CUSIP: 706437HR4<br>LEI: 549300SN43D5ZR09V008 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200253.20    | 0.25%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD                              | MOSDEV 5 06/1/2027      | CUSIP: 60636SEK6<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200207.10    | 0.25%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX CULTURAL ED FACS FIN CORP            | HAREDU 5 01/1/2033      | CUSIP: 414009FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160066.26    | 0.20%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTH ORLANDO FLA            | GREAPT 5 10/1/2042      | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2295322.16   | 2.88%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANDERSON IND                                         | ANDDEV 4.75 10/1/2027   | CUSIP: 033887CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $433273.40    | 0.54%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ASHLAND KANS PUB BLDG COMMN                          | ASLFAC 5 09/1/2032      | CUSIP: 044241AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $552878.15    | 0.69%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                            | PRCPWR 5.25 07/1/2026   | CUSIP: 74526YGS8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200105.02    | 0.25%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH            | MDSMED 5 08/15/2026     | CUSIP: 574218NN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200209.20    | 0.25%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                  | PUBEDU 5.75 06/1/2025   | CUSIP: 74442EJU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $816750.00    | 1.02%             | 2025-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CHILDRENS TR FD P R                                  | CHIGEN 5.5 05/15/2039   | CUSIP: 16876QBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $509871.48    | 0.64%             | 2039-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                | SCSDEV 5.25 11/15/2028  | CUSIP: 83704EAF1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500316.75    | 0.63%             | 2028-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA                                      | MMBUTL 5 09/1/2047      | CUSIP: 59324PEC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403044.60    | 0.51%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                      | PHIAPT 5 06/15/2034     | CUSIP: 717817SP6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300310.57   | 1.63%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MASDEV 5 10/1/2029      | CUSIP: 57584XZR5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151572.93    | 0.19%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                            | PRCPWR 5 07/1/2026      | CUSIP: 74526QLV2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    650000 | PA      | $650026.52    | 0.82%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WASH                                    | PTSFAC 5 06/1/2031      | CUSIP: 735397CS8<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1240526.75   | 1.56%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA INDL DEV AUTH                    | MIA 6.75 07/1/2029      | CUSIP: 59334GAP2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99470.82     | 0.12%             | 2029-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                  | PUBFIN 6.5 06/1/2045    | CUSIP: 74443DGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $170059.62    | 0.21%             | 2045-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                  | TXSWTR 5 10/15/2042     | CUSIP: 882854B50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009515.80   | 1.27%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDL FACS AUTH                             | CASEDU 5 10/1/2026      | CUSIP: 1301784T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275016.42    | 0.34%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH            | MDSMED 5 08/15/2026     | CUSIP: 574218NZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450470.70    | 0.56%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIVATE COLLEGES & UNIVS AUTH GA                     | PRIHGR 5 10/1/2043      | CUSIP: 74265LA57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250299.55    | 0.31%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH                  | SDGAPT 5 07/1/2049      | CUSIP: 79739GMD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $856350.51    | 1.07%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH                            | PRCPWR 5 07/1/2027      | CUSIP: 74526QNT5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310021.98    | 0.39%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH ADAMS MASS HSG AUTH                            | NADHSG 4.5 09/1/2032    | CUSIP: 65661PAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    434000 | PA      | $419919.56    | 0.53%             | 2032-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY N Y LOC DEV CORP                    | WSTDEV 5 06/1/2042      | CUSIP: 95737TDU7<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977332.30    | 1.23%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                              | OHSGEN 5 12/31/2029     | CUSIP: 67759YAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100067.23    | 0.13%             | 2029-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN VA TRANSN AUTH                              | NTRTRN 5 06/1/2028      | CUSIP: 666045AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200347.00    | 0.25%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY N Y CAP RESOURCE CORP                         | ALBRES 5 12/1/2028      | CUSIP: 012432BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250151.43    | 0.31%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA CAP FACS FIN AGY                      | NCSFAC 5 10/1/2027      | CUSIP: 65819GLR7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100703.59    | 0.13%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JACINTO CALIF UNI SCH DIST                       | SJTSCD 5 08/1/2027      | CUSIP: 797848GQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200582.26    | 0.25%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R ENERGY AUTH CALIF                              | MSRPWR 6.125 11/1/2029  | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157544.96    | 0.20%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP                             | NYTTRN 5 07/1/2030      | CUSIP: 650116AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225044.80    | 0.28%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FLA                                  | MDCGEN 5 10/1/2034      | CUSIP: 59335LAV7<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300176.07    | 0.38%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST PUB SCH & COLLEGE AUTH                    | ALSHGR 5 01/1/2026      | CUSIP: 010609AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250962.90    | 0.31%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ED FACS CORP                         | SANEDU 5.25 10/1/2028   | CUSIP: 796247DZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $74623.01     | 0.09%             | 2028-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ILLINOIS ST                                          | ILS 6 11/1/2026         | CUSIP: 4521503D5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177936.94    | 0.22%             | 2026-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH                               | KSSMFH 4.7 03/1/2043    | CUSIP: 48542TBL3<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1980915.80   | 2.48%             | 2043-03-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BBH                                                  | BBH SWEEP VEHICLE       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1561192 | PA      | $1561192.30   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BEXAR CNTY TEX HOSP DIST                             | BEXMED 5 02/15/2032     | CUSIP: 088365GJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1556883.57   | 1.95%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                         | NJSDEV 5 01/1/2031      | CUSIP: 645918Z97<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351142.44    | 0.44%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORMAN OKLA REGL HOSP AUTH                           | NORMED 5 09/1/2025      | CUSIP: 656178DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $234417.04    | 0.29%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH                     | CASMED 5 10/1/2026      | CUSIP: 13033L3W5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225298.67    | 0.28%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWEETWATER CALIF UN HIGH SCH DIST PUB FING AUTH      | SFASCD 5 09/1/2025      | CUSIP: 870474AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2042915.16   | 2.56%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO                                      | JACOBL 5 12/1/2028      | CUSIP: 467578HV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501395.95    | 0.63%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CALIF REGL ARPT AUTH                  | SDGAPT 5 07/1/2044      | CUSIP: 79742GAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999933.90    | 1.25%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTY NEB HOSP AUTH                           | MADMED 5 07/1/2029      | CUSIP: 557352FJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395168.15    | 0.50%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                  | PUBGEN 5 12/1/2027      | CUSIP: 74442PFS9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    405000 | PA      | $410590.22    | 0.51%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HIGHER EDL FACS FING AUTH                    | FLSHGR 5 04/1/2036      | CUSIP: 34073TGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1213043.15   | 1.52%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST OVERTOWN PK WEST CMNTY REDEV AGY FLA       | SEODEV 5 03/1/2030      | CUSIP: 841466AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250280.53    | 0.31%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CHULA VISTA CALIF                                    | CHUCTF 5 10/1/2027      | CUSIP: 171294HM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500748.45    | 0.63%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                             | MNSHSG 5 08/1/2026      | CUSIP: 60416SJK7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100145.71    | 0.13%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                  | MIATRN 5 10/1/2038      | CUSIP: 59333PR75<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1023329.76   | 1.28%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                  | INSGEN 5 10/1/2032      | CUSIP: 45506DEL5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    765000 | PA      | $750360.04    | 0.94%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JUAN TEX HIGHER ED FIN AUTH                      | SJNEDU 8.25 08/15/2029  | CUSIP: 798410AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $418250.59    | 0.52%             | 2029-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED & HEALTH AUTH           | MONHGR 5 05/1/2029      | CUSIP: 613603H93<br>LEI: 549300JDNXRJYDNERR70 | Long             | DBT              | MUN               | US        |    240000 | PA      | $247401.29    | 0.31%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL              | MPNFAC 7 07/1/2026      | CUSIP: 592249AC0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1175214.90   | 1.47%             | 2026-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KANS                                  | WYAUTL 5 09/1/2029      | CUSIP: 982674JQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300125.91    | 0.38%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                   | CHIEDU 5 12/1/2031      | CUSIP: 167505UG9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154387.98    | 0.19%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH REGL JT DEV AUTH GA                            | SRGDEV 5.25 08/1/2025   | CUSIP: 839636CH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1623257.98   | 2.04%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY N Y LOC ECONOMIC ASSISTANCE & FING CORP  | NASDEV 5 07/1/2034      | CUSIP: 63166LCZ2<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199997.48    | 0.25%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                   | CHIEDU 5.5 12/1/2026    | CUSIP: 167501WF8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1064005.32   | 1.33%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH                         | PIMFAC 5.125 11/15/2029 | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300159.21    | 0.38%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| RHODE ISLAND ST                                      | RISGEN 5 08/1/2026      | CUSIP: 76222RRT1<br>LEI: 5493001B4TX233UP4J06 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200312.60    | 0.25%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA PKG AUTH                             | PHITRN 5.25 02/15/2029  | CUSIP: 717842FX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160267.60    | 0.20%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                   | CHIEDU 5 12/1/2036      | CUSIP: 167505TJ5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    750000 | PA      | $728447.48    | 0.91%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC IOWA                                        | PEFUTL 5 09/1/2049      | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |    630000 | PA      | $636975.74    | 0.80%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                    | ILSGEN 5 03/1/2032      | CUSIP: 45204EYY8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    845000 | PA      | $853051.92    | 1.07%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

**Name of Applicant:** James Alpha Funds Trust

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Asst Treasurer