# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001752724-25-180928
**Filing Date:** 2025-7
**Character Count:** 67181
**Document Hash:** e54aa0c3734ba58d449db5dcc821b087
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180928.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180928

**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:** 251156693

**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        |  |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME 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** |
| **Shares** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE PREFERRED STOCKS** — **3.2%** |  |  |  |
| 8 | Next Renewable Fuels - Series A<sup>(a)</sup> | 6.0000 |  | &nbsp;&nbsp;&nbsp; $5713500 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,715,285)** |  |  | 5713500 |
| **Principal Amount ($)** |  |  |  |  |
|  | **CORPORATE BONDS — 7.9%** |  |  |  |
| 4070000 | 9595 SPV1, LLC<sup>(a),(b)</sup> | 12.0000 | &nbsp;&nbsp;&nbsp;09/01/25 | 4070000 |
| 2500000 | CalPlant I, LLC<sup>(a),(b),(c)</sup> | 9.5000 | &nbsp;&nbsp;&nbsp;08/31/23 | 2325000 |
| 1290000 | CalPlant I, LLC<sup>(a),(b)</sup> | 15.0000 | &nbsp;&nbsp;&nbsp;07/01/25 | 1290000 |
| 5025000 | Convivial 2022 III LLC<sup>(a),(b)</sup> | 12.0000 | &nbsp;&nbsp;&nbsp;11/15/56 | 5273738 |
| 1250000 | LSC Estero Prime<sup>(a)</sup> | 12.0000 | &nbsp;&nbsp;&nbsp;12/01/25 | 1250000 |
|  |  |  |  | 14208738 |
|  | **TOTAL CORPORATE BONDS (Cost $14,135,000)** |  |  | 14208738 |
|  | **MUNICIPAL BONDS — 78.8%** |  |  |  |
|  | **ARIZONA — 1.3%** |  |  |  |
| 1600000 | Arizona Industrial Development Authority (Obligor: Legacy Cares, Inc,) Series A<sup>(b),(c)</sup> | 7.7500 | &nbsp;&nbsp;&nbsp;07/01/50 | 48000 |
| 2000000 | Arizona Industrial Development Authority (Obligor: Legacy Cares, Inc.) Series C<sup>(b),(c)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;07/01/30 | 60000 |
| 540000 | Arizona Industrial Development Authority (Obligor: Legacy Cares, Inc.) Series A<sup>(b),(c)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;07/01/51 | 16200 |
| 1535000 | La Paz County Industrial Development Authority (Obligor: Imperial Valley Gateway Center) | 7.0000 | &nbsp;&nbsp;&nbsp;12/01/40 | 1065261 |
| 1500000 | Sierra Vista Industrial Development Authority (Obligor: Georgetown Community Development Authority) Series B<sup>(b)</sup> | 6.2500 | &nbsp;&nbsp;&nbsp;10/01/36 | 1256541 |
|  |  |  |  | 2446002 |
|  | **CALIFORNIA — 1.9%** |  |  |  |
| 1000000 | California Pollution Control Financing Authority (Obligor: CalPlant I)<sup>(b),(c),(d)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;07/01/22 | 10 |
| 5065000 | California Pollution Control Financing Authority (Obligor: CalPlant I)<sup>(c),(d)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;07/01/32 | 51 |
| 3845000 | California Pollution Control Financing Authority (Obligor: CalPlant I)<sup>(c),(d)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;07/01/39 | 38 |
| 2500000 | California Pollution Control Financing Authority (Obligor: CalPlant I)<sup>(c),(d)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;12/01/39 | 25 |
| 3675000 | California Public Finance Authority | 6.3750 | &nbsp;&nbsp;&nbsp;06/01/59 | 3350641 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME 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 — 78..8% (Continued)** |  |  |  |
|  | **CALIFORNIA — 1.9% (Continued)** |  |  | |
|  |  |  |  | 3350765 |
|  | **COLORADO — 6.0%** |  |  |  |
| 2000000 | Canyon Pines Metropolitan District No 8 Series A-1 | 5.2500 | &nbsp;&nbsp;&nbsp;12/01/51 | $1688755 |
| 1000000 | Cascade Ridge Metropolitan District | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/51 | 808896 |
| 750000 | Cottonwood Hollow Residential Metropolitan District | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/51 | 607470 |
| 1500000 | Grandview Reserve Metropolitan District No 3 Series A | 6.2500 | &nbsp;&nbsp;&nbsp;12/01/52 | 1416678 |
| 1000000 | Grandview Reserve Metropolitan District No 3 Series B | 9.0000 | &nbsp;&nbsp;&nbsp;12/15/52 | 1003944 |
| 2000000 | Legato Community Authority Series B | 8.2500 | &nbsp;&nbsp;&nbsp;12/15/51 | 1970407 |
| 1500000 | Peak Metropolitan District No 3 Series A-1 | 7.5000 | &nbsp;&nbsp;&nbsp;12/01/52 | 1487142 |
| 1000000 | Sterling Ranch Community Authority Board | 8.7500 | &nbsp;&nbsp;&nbsp;12/15/54 | 1006705 |
| 1000000 | Waters' Edge Metropolitan District No 2 | 5.0000 | &nbsp;&nbsp;&nbsp;12/01/51 | 845132 |
|  |  |  |  | 10835129 |
|  | **FLORIDA — 9.3%** |  |  |  |
| 150000 | Capital Trust Agency, Inc. (Obligor: Tallahassee NHHI) Series A<sup>(b),(c)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;12/01/45 | 22500 |
| 2000000 | Capital Trust Agency, Inc. (Obligor: Tallahassee NHHI) Series A<sup>(b),(c)</sup> | 7.1250 | &nbsp;&nbsp;&nbsp;12/01/50 | 300000 |
| 2200000 | Capital Trust Agency, Inc. (Obligor: Tapestry Senior Housing Walden) Series A<sup>(b),(c)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;07/01/52 | 29964 |
| 1090000 | Capital Trust Agency, Inc. (Obligor: Tuscan Gardens of Palm Coast Obligated Group) Series A<sup>(b),(c)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;10/01/32 | 490500 |
| 1290000 | Capital Trust Agency, Inc. (Obligor: Tuscan Gardens of Palm Coast Obligated Group) Series A<sup>(b),(c)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;10/01/37 | 580500 |
| 1525000 | Capital Trust Agency, Inc. (Obligor: Tuscan Gardens of Palm Coast Obligated Group) Series A<sup>(b),(c)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;10/01/40 | 686250 |
| 1700000 | Capital Trust Agency, Inc. (Obligor: Tuscan Gardens of Palm Coast Obligated Group) Series A<sup>(b),(c)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;10/01/49 | 765000 |
| 8700000 | Capital Trust Agency, Inc. (Obligor: Voans SW Florida Healthcare)<sup>(b),(c)</sup> | 10.0000 | &nbsp;&nbsp;&nbsp;07/01/25 | 8265000 |
| 1250000 | County of Lee FL Airport Revenue<sup>(d)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;10/01/49 | 1265060 |
| 5800000 | Lake Country (Obligor: Village Veranda at Lady Lake Obligated Group)<sup>(b),(c)</sup> | 7.1250 | &nbsp;&nbsp;&nbsp;01/01/52 | 3654000 |
| 780377 | William G King<sup>(a),(b)</sup> | 12.0000 | &nbsp;&nbsp;&nbsp;10/12/26 | 780377 |
|  |  |  |  | 16839151 |
|  | **ILLINOIS — 1.2%** |  |  |  |
| 3000000 | Illinois Finance Authority (Obligor: Aim Art in Motion) Series A<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/51 | 2157817 |
|  | **INDIANA — 1.6%** |  |  |  |
| 1500000 | Anderson Industrial Economic Development Revenue (Obligor: Anderson University, Inc.) | 6.0000 | &nbsp;&nbsp;&nbsp;10/01/42 | 1028011 |
| 7860000 | Indiana Finance Authority (Obligor: Brightmark Plastics Renewal)<sup>(b),(d)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;03/01/39 | 1210809 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME 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 — 78.8% (Continued)** |  |  |  |
|  | **INDIANA — 1.6% (Continued)** |  |  |  |
| 500000 | Indiana Housing & Community Development Authority (Obligor: Vita of New Whiteland, LLC) | 6.7500 | &nbsp;&nbsp;&nbsp;01/01/43 | $483513 |
|  |  |  |  | 2722333 |
|  | **KENTUCKY — 3.5%** |  |  |  |
| 8875000 | Falmouth Solid Waste Disposal Facilities Revenue (Obligor: Texas Bluegrass Biofuels, LLC)<sup>(b)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;06/01/40 | 6212501 |
|  | **LOUISIANA — 0.4%** |  |  |  |
| 770000 | Louisiana Public Facilities Authority (Obligor: Grambling High Foundation) Series A<sup>(b)</sup> | 6.3750 | &nbsp;&nbsp;&nbsp;06/01/52 | 713841 |
|  | **MAINE — 0.3%** |  |  |  |
| 5500000 | Maine Finance Authority (Obligor: Go Lab Madison, LLC)<sup>(b),(d)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;12/01/51 | 550000 |
|  | **MICHIGAN — 0.4%** |  |  |  |
| 25000000 | Michigan Tobacco Settlement Finance Authority<sup>(e)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;06/01/58 | 729480 |
|  | **MINNESOTA — 0.6%** |  |  |  |
| 1405000 | City of Minneapolis (Obligor: Northeast College Prep) | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/55 | 1050894 |
|  | **MISSOURI — 0.3%** |  |  |  |
| 625000 | Parkville Industrial Development Authority (Obligor: Park University) | 3.2000 | &nbsp;&nbsp;&nbsp;02/01/30 | 549295 |
|  | **NEW JERSEY — 0.2%** |  |  |  |
| 395000 | New Jersey Economic Development Authority (Obligor: Kintock Obligated Group)<sup>(b)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;09/01/47 | 397275 |
|  | **NEW MEXICO — 1.4%** |  |  |  |
| 8669836 | Sunland Medical Foundation<sup>(a),(b)</sup> | 12.0000 | &nbsp;&nbsp;&nbsp;04/01/26 | 2539395 |
|  | **NEW YORK — 7.0%** |  |  |  |
| 1815000 | Build NYC Resource Corporation (Obligor: Voices of Community Activists) Series A-1 | 7.6250 | &nbsp;&nbsp;&nbsp;02/01/53 | 1763588 |
| 6000000 | Erie Tobacco Asset Securitization Corporation<sup>(e)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;06/01/55 | 450536 |
| 115000000 | Erie Tobacco Asset Securitization Corporation<sup>(b),(e)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;06/01/60 | 5419433 |
| 50000000 | New York Counties Tobacco Trust IV Series F<sup>(e)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;06/01/60 | 2816795 |
| 2000000 | New York Transportation Development Corporation (Obligor: JFK NTO LLC)<sup>(d)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;06/30/54 | 2017789 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME 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 — 78.8% (Continued)** |  |  |  |
|  | **NEW YORK — 7.0% (Continued)** |  |  | |
|  |  |  |  | 12468141 |
|  | **OHIO — 1.5%** |  |  |  |
| 2600000 | Southern Ohio Port Authority (Obligor: PureCycle Ohio) Series A<sup>(b),(d)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;12/01/42 | $2730000 |
|  | **OKLAHOMA — 3.4%** |  |  |  |
| 6900000 | Atoka Industrial Development Authority (Obligor: Gladieux Metals Recycling)<sup>(b),(c),(d)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;08/01/39 | 5520000 |
| 750000 | Atoka Industrial Development Authority (Obligor: Gladieux Metals Recycling) Series A<sup>(b),(c)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;08/01/39 | 600000 |
|  |  |  |  | 6120000 |
|  | **OREGON — 0.8%** |  |  |  |
| 1500000 | Oregon State Facilities Authority (Obligor: Portland Vlg School)<sup>(b)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;12/15/60 | 1406644 |
|  | **PENNSYLVANIA — 1.1%** |  |  |  |
| 330000 | Cheltenham Township Industrial Development (Obligor: Arcadia University) | 5.7500 | &nbsp;&nbsp;&nbsp;04/01/54 | 307956 |
| 2950000 | Pennsylvania Economic Development Financing (Obligor: Tapestry Moon) Series A<sup>(b),(c)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;12/01/38 | 885000 |
| 2650000 | Pennsylvania Economic Development Financing (Obligor: Tapestry Moon) Series A<sup>(b),(c)</sup> | 6.7500 | &nbsp;&nbsp;&nbsp;12/01/53 | 795000 |
|  |  |  |  | 1987956 |
|  | **PUERTO RICO — 5.2%** |  |  |  |
| 42000000 | Children's Trust Fund<sup>(c),(e)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;05/15/57 | 2521226 |
| 120000000 | Children's Trust Fund Series B<sup>(c),(e)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;05/15/57 | 6776388 |
|  |  |  |  | 9297614 |
|  | **SOUTH CAROLINA — 6.1%** |  |  |  |
| 200000 | City of Hardeeville<sup>(b)</sup> | 4.0000 | &nbsp;&nbsp;&nbsp;05/01/52 | 126570 |
| 3500000 | South Carolina Jobs-Economic Development Authority (Obligor: AAC East) Series A<sup>(b),(d)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;05/01/39 | 2882492 |
| 6150000 | South Carolina Jobs-Economic Development Authority (Obligor: CR River Park) Series A | 7.7500 | &nbsp;&nbsp;&nbsp;10/01/57 | 6366891 |
| 1000000 | South Carolina Jobs-Economic Development Authority (Obligor: GMCK12 LLC)<sup>(b)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;06/15/59 | 956129 |
| 1500000 | South Carolina Jobs-Economic Development Authority (Obligor: Jasper Pellets) Series A<sup>(b),(c),(d)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;11/01/38 | 354000 |
| 2000000 | South Carolina Jobs-Economic Development Authority (Obligor: Last Step Recycling, LLC) Series A<sup>(b),(c),(d)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;06/01/51 | 300000 |
| 1000000 | South Carolina Jobs-Economic Development Authority (Obligor: Repower S. Berkeley)<sup>(b),(c),(d)</sup> | 6.0000 | &nbsp;&nbsp;&nbsp;02/01/35 | 90000 |
| 25000 | South Carolina Jobs-Economic Development Authority (Obligor: Upstate Senior Living Obligated Group) | 4.0000 | &nbsp;&nbsp;&nbsp;11/15/27 | 24712 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME 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 — 78.8% (Continued)** |  |  |  |
|  | **SOUTH CAROLINA — 6.1% (Continued)** |  |  | |
|  |  |  |  | 11100794 |
|  | **TENNESSEE — 1.7%** |  |  |  |
| 1000000 | Knox County Industrial Development Board (Obligor: TomPaul Knoxville, LLC)<sup>(b),(d)</sup> | 9.5000 | &nbsp;&nbsp;&nbsp;11/01/52 | $995631 |
| 1140000 | Metropolitan Government Nashville & Davidson (Obligor: Trousdale Foundation Obligated Group) Series B-1<sup>(b),(c)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;04/01/49 | 114 |
| 3000000 | Shelby County Health Educational & Housing (Obligor: Luke Obligated Group) Series A | 5.7500 | &nbsp;&nbsp;&nbsp;10/01/59 | 1991884 |
|  |  |  |  | 2987629 |
|  | **TEXAS — 14.9%** |  |  |  |
| 11900000 | Angelina & Neches River Authority (Obligor: Jefferson Enterprises Energy)<sup>(d)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;12/01/45 | 3944979 |
| 1000000 | Arlington Higher Education Finance Corporation (Obligor: Odyssey 2020 Academy)<sup>(b)</sup> | 6.1250 | &nbsp;&nbsp;&nbsp;02/15/53 | 982615 |
| 4115000 | Brazoria County Industrial Development Corporation (Obligor: Gladieux Metals Recycling)<sup>(b),(d)</sup> | 9.0000 | &nbsp;&nbsp;&nbsp;03/01/39 | 3292000 |
| 3215000 | Brazoria County Industrial Development Corporation (Obligor: Gladieux Metals Recycling) Series A<sup>(b),(d)</sup> | 9.0000 | &nbsp;&nbsp;&nbsp;03/01/39 | 2572000 |
| 1210000 | Brazoria County Industrial Development Corporation (Obligor: Gladieux Metals Recycling) Series B<sup>(d)</sup> | 7.0000 | &nbsp;&nbsp;&nbsp;03/01/39 | 968000 |
| 1000000 | Calhoun County Navigation Industrial Development (Obligor: Max Midstream Texas, LLC) Series B<sup>(b)</sup> | 6.5000 | &nbsp;&nbsp;&nbsp;07/01/26 | 983044 |
| 900000 | Jefferson County Industrial Development (Obligor: TRP Crude Marketing)<sup>(b),(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;04/01/39 | 765000 |
| 4350000 | Kountze Economic Development Corporation (Obligor: Allegiant Industrial)<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;&nbsp;11/01/27 | 4132500 |
| 2437112 | New Hope Cultural Education Facilities Finance (Obligor: Buckingham Senior Living Obligated Group) Series B<sup>(f)</sup> | 2.0000 | &nbsp;&nbsp;&nbsp;11/15/61 | 852432 |
| 1575000 | New Hope Cultural Education Facilities Finance (Obligor: Sanctuary LTC, LLC) Series A-2 | 6.5000 | &nbsp;&nbsp;&nbsp;01/01/31 | 1547737 |
| 7010000 | Port Beaumont Navigation District (Obligor: Allegiant Industrial Island)<sup>(c),(d)</sup> | 8.0000 | &nbsp;&nbsp;&nbsp;02/01/39 | 6309000 |
| 225000 | San Antonio Education Facilities Corporation (Obligor: Hallmark University) Series B | 5.2500 | &nbsp;&nbsp;&nbsp;10/01/28 | 223869 |
| 250000 | San Antonio Education Facilities Corporation (Obligor: Hallmark University) Series A | 5.0000 | &nbsp;&nbsp;&nbsp;10/01/51 | 185445 |
| 550000 | Tarrant County Cultural Education Facilities (Obligor: CC Young Memorial Home) Series B<sup>(c)</sup> | 6.3750 | &nbsp;&nbsp;&nbsp;02/15/41 | 357500 |
|  |  |  |  | 27116121 |
|  | **UTAH — 2.3%** |  |  |  |
| 2000000 | City of Salt Lake City UT Airport Revenue<sup>(d)</sup> | 5.2500 | &nbsp;&nbsp;&nbsp;07/01/53 | 2023489 |
| 905000 | Utah Charter School Finance Authority (Obligor: Rockwell Charter High School) Series A<sup>(b)</sup> | 5.3750 | &nbsp;&nbsp;&nbsp;07/15/42 | 756933 |
| 300000 | Utah Charter School Finance Authority (Obligor: Rockwell Charter High School) Series B<sup>(b)</sup> | 6.6250 | &nbsp;&nbsp;&nbsp;07/15/47 | 253970 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME MUNICIPAL BOND FUND** | **EASTERLY ROCMUNI HIGH INCOME 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 — 78.8% (Continued)** |  |  |  |
|  | **UTAH — 2.3% (Continued)** |  |  |  |
| 1460000 | Utah Charter School Finance Authority (Obligor: Rockwell Charter High School) Series A<sup>(b)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;07/15/47 | $1197033 |
|  |  |  |  | 4231425 |
|  | **WEST VIRGINIA — 3.1%** |  |  |  |
| 6400000 | West Virginia Economic Development Authority (Obligor: Empire Trimodal Terminal)<sup>(b)</sup> | 7.6250 | &nbsp;&nbsp;&nbsp;12/01/40 | 4954472 |
| 1000000 | West Virginia Economic Development Authority (Obligor: Entsorga West Virginia)<sup>(b),(c),(d)</sup> | 8.7500 | &nbsp;&nbsp;&nbsp;02/01/36 | 800000 |
|  |  |  |  | 5754472 |
|  | **WISCONSIN — 3.3%** |  |  |  |
| 285521 | Public Finance Authority | 5.7500 | &nbsp;&nbsp;&nbsp;07/01/62 | 286206 |
| 3900000 | Public Finance Authority (Obligor: Cedars Obligated Group) | 5.7500 | &nbsp;&nbsp;&nbsp;05/01/54 | 2844818 |
| 900000 | Public Finance Authority (Obligor: Discovery Charter School) Series A<sup>(b)</sup> | 6.6250 | &nbsp;&nbsp;&nbsp;06/01/52 | 855272 |
| 1000000 | Public Finance Authority (Obligor: Dreamhouse 'Ewa Beach) Series A<sup>(b)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;06/01/25 | 990000 |
| 400000 | Public Finance Authority (Obligor: Proton International Alabama LLC) Series A<sup>(b),(c)</sup> | 6.8500 | &nbsp;&nbsp;&nbsp;10/01/47 | 40000 |
| 900000 | Public Finance Authority (Obligor: Shining Rock Classical) Series A | 6.0000 | &nbsp;&nbsp;&nbsp;06/15/52 | 833441 |
|  |  |  |  | 5849737 |
|  | **TOTAL MUNICIPAL BONDS (Cost $222,461,326)** |  |  | 142144411 |
|  | **TOTAL INVESTMENTS – 89.9% (Cost $242,311,611)** |  |  | &nbsp;&nbsp;&nbsp; $162066649 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 10.1%** |  |  | &nbsp;&nbsp; 18249733 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $180316382 |

---

<sup>(a)</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.

<sup>(b)</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 89,331,070 or 49.5% of net assets.

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

<sup>(d)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of May 31, 2025 the total value of securities subject to the AMT was 37,825,373 or 21.0% of net assets.

<sup>(e)</sup> Zero coupon bond.

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

## 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 High Income Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000084511

- **c. LEI of Series:** 2549002KA8CEO43T1P98

**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:** $181376331.33

**Total Liabilities:** $1059949.72

**Net Assets:** $180316381.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 112.42193500 | **1-Year:** 17.18502900 | **5-Year:** 2153.14313200 | **10-Year:** 4605.62024900 | **30-Year:** 4549.13190000

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

- **3-Month:** 0.00000000 | **1-Year:** 568.89311300 | **5-Year:** 994.43256600 | **10-Year:** 13670.90151400 | **30-Year:** 88157.03815800

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248908 | -2.66%               | -1.72%               | -1.32%               |
| Class ID C000248910 | -2.67%               | -1.57%               | -1.31%               |
| Class ID C000248909 | -2.78%               | -1.55%               | -1.28%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-63559.22               | $-7579429.80                               |
| Month 2  | $-1436488.07             | $-2857759.45                               |
| Month 3  | $-2508195.58             | $-193272.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                                   | SCSPOL 6.5 06/1/2051    | CUSIP: 83704DAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $300000.00    | 0.17%             | 2051-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                      | CASPOL 7.5 07/01/2032   | CUSIP: 130536RM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5065000 | PA      | $50.65        | 0.00%             | 2032-07-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BRAZORIA CNTY TEX INDL DEV CORP                                                         | BZIFAC 7 03/1/2039      | CUSIP: 10604PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $968000.00    | 0.54%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH                                                                   | AZSDEV 7.75 07/1/2050   | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $48000.00     | 0.03%             | 2050-07-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Sunland Medical Foundation                                                              | SUNLMEDFDG 12 4/30/25   | CUSIP: 866973AD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8669836 | PA      | $2539395.08   | 1.41%             | 2026-04-01      | Variable      | 12.00%                | Yes           |                  3 | On Loan: No      |
| SAN ANTONIO TEX ED FACS CORP                                                            | SANEDU 5 10/01/2051     | CUSIP: 796247DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $185445.25    | 0.10%             | 2051-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                                   | SCSDEV 7.75 10/1/2057   | CUSIP: 837031WQ2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   6150000 | PA      | $6366890.21   | 3.53%             | 2057-10-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PARKVILLE MO INDL DEV AUTH                                                              | PKVDEV 3.2 02/1/2030    | CUSIP: 701533AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $549294.69    | 0.30%             | 2030-02-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH                                                            | UTSEDU 5.5 07/15/2047   | CUSIP: 91754TVD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1197032.98   | 0.66%             | 2047-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PORT BEAUMONT TEX NAV DIST                                                              | PTBTRN 8 02/01/2039     | CUSIP: 73360CAB0<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   7010000 | PA      | $6309000.00   | 3.50%             | 2039-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                     | PUBEDU 7.5 06/1/2025    | CUSIP: 74442EJV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990000.00    | 0.55%             | 2025-08-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| MAINE FIN AUTH                                                                          | MESGEN 8 12/1/2051      | CUSIP: 56042BBU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $550000.00    | 0.31%             | 2051-12-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CHELTENHAM TWP PA INDL DEV AUTH                                                         | CHDDEV 5.75 04/1/2054   | CUSIP: 163492AC5<br>LEI: 549300AIDF4SAIJXD324 | Long             | DBT              | MUN               | US        |    330000 | PA      | $307955.87    | 0.17%             | 2054-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUTH                                                         | INSMFH 6.75 01/1/2043   | CUSIP: 45506CBH9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $483513.45    | 0.27%             | 2043-01-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH                                                            | UTSEDU 5.375 07/15/2042 | CUSIP: 91754TVC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $756933.13    | 0.42%             | 2042-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| JEFFERSON CNTY TEX INDL DEV CORP                                                        | JEFDEV 7.75 04/1/2039   | CUSIP: 47353PAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $765000.00    | 0.42%             | 2039-04-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| OREGON ST FACS AUTH                                                                     | ORSFAC 7 12/15/2060     | CUSIP: 68607AAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1406643.60   | 0.78%             | 2060-12-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Convivial Corporate Funding 2022 III LLC                                                | CONVCFDG 12 11/15/56    | CUSIP: 21258BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5025000 | PA      | $5273737.50   | 2.92%             | 2056-11-15      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| CANYON PINES MET DIST COLO                                                              | CYNFAC 5.25 12/1/2051   | CUSIP: 138867AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1688755.00   | 0.94%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                                       | ILSEDU 5 07/1/2051      | CUSIP: 452022BU9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2157816.60   | 1.20%             | 2051-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| COTTONWOOD HOLLOW RESIDENTIAL MET DIST COLO                                             | CTDFAC 5 12/1/2051      | CUSIP: 221866AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $607469.70    | 0.34%             | 2051-12-01      | 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        |    225000 | PA      | $223869.02    | 0.12%             | 2028-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                                                                      | CPTGEN 7 12/1/2045      | CUSIP: 14052WCH8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    150000 | PA      | $22500.00     | 0.01%             | 2045-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| WEST VA ECONOMIC DEV AUTH                                                               | WVSTRN 7.625 12/1/2040  | CUSIP: 95649CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $4954472.32   | 2.75%             | 2040-12-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                                                        | MINEDU 5 07/1/2055      | CUSIP: 60375CBD5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1050894.06   | 0.58%             | 2055-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GRANDVIEW RESV MET DIST NO 3 COLO                                                       | GDRDEV 9 12/15/2052     | CUSIP: 386810AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003943.70   | 0.56%             | 2052-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ATOKA OKLA INDL DEV AUTH                                                                | ATODEV 8 08/1/2039      | CUSIP: 049610AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $600000.00    | 0.33%             | 2039-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Calplant I Llc                                                                          | CAPLNT 9 1/2 08/31/23   | CUSIP: 13136CAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2325000.00   | 1.29%             | 2023-08-31      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| NEXT RENEWABLE FUELS SER A CONV PFD                                                     | NEXT RENEW FUELS PFD    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         8 | NS      | $5713500.00   | 3.17%             |  |  |  | No            |                  3 | On Loan: No      |
| WATERS EDGE MET DIST NO 2 COLO                                                          | WTEGEN 5 12/1/2051      | CUSIP: 94184VAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $845131.50    | 0.47%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP                                                      | NHPFAC 6.5 01/1/2031    | CUSIP: 64542PGD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1547737.38   | 0.86%             | 2031-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                                   | SCSDEV 7 05/1/2039      | CUSIP: 837031YR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2882492.20   | 1.60%             | 2039-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                                                            | NJSDEV 7 09/1/2047      | CUSIP: 64577HSU6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    395000 | PA      | $397274.57    | 0.22%             | 2047-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                                                                      | CPTGEN 7 07/1/2052      | CUSIP: 14052WCV7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $29964.00     | 0.02%             | 2052-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP N Y                                                             | BUIGEN 7.625 02/1/2053  | CUSIP: 12008EUC8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1763588.85   | 0.98%             | 2053-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| SIERRA VISTA ARIZ INDL DEV AUTH                                                         | SIEDEV 6.25 10/1/2036   | CUSIP: 82652PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1256541.00   | 0.70%             | 2036-10-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Calplant I Llc                                                                          | CAPLNT 15 07/01/25      | CUSIP: 13136CAN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1290000.00   | 0.72%             | 2025-07-01      | Fixed         | 15.00%                | Yes           |                  3 | On Loan: No      |
| LOUISIANA PUB FACS AUTH                                                                 | LASFAC 6.375 06/1/2052  | CUSIP: 546399PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $713841.21    | 0.40%             | 2052-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| 9595 SPV1 LLC                                                                           | SPVLL 12 09/01/25       | CUSIP: 65444JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4070000 | PA      | $4070000.00   | 2.26%             | 2025-09-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                      | CASPOL 8 07/01/2039     | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3845000 | PA      | $38.45        | 0.00%             | 2039-07-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH                                                                   | AZSDEV 6 07/1/2051      | CUSIP: 040523AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $16200.00     | 0.01%             | 2051-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                                   | SCSEDU 6.5 06/15/2059   | CUSIP: 83704MER3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956128.60    | 0.53%             | 2059-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SALT LAKE CITY UTAH                                                                     | SALAPT 5.25 07/1/2053   | CUSIP: 795576MD6<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023488.60   | 1.12%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS TOB TR IV                                                                | NYSGEN 0 06/1/2060      | CUSIP: 62947YAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  50000000 | PA      | $2816795.00   | 1.56%             | 2060-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUB FIN AUTH                                                                 | CASMED 6.375 06/1/2059  | CUSIP: 13057GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3350641.19   | 1.86%             | 2059-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FALMOUTH KY                                                                             | FALPOL 8.5 06/1/2040    | CUSIP: 306767AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8875000 | PA      | $6212500.00   | 3.45%             | 2040-06-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                                                                      | CPTGEN 7 10/1/2040      | CUSIP: 14052WCP0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $686250.00    | 0.38%             | 2040-10-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| KNOX CNTY TENN INDL DEV BRD                                                             | KNOPOL 9.5 11/1/2052    | CUSIP: 499534AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995631.40    | 0.55%             | 2052-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| BBH                                                                                     | BBH SWEEP VEHICLE       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   8847249 | PA      | $8847249.18   | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK TRANSN DEV CORP                                                                | NYTTRN 5.5 06/30/2054   | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017789.40   | 1.12%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                                                                      | CPTGEN 6.75 10/1/2037   | CUSIP: 14052WCN5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $580500.00    | 0.32%             | 2037-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| LEGATO CMNTY AUTH COLO                                                                  | LEGDEV 8.25 12/15/2051  | CUSIP: 52473TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1970407.60   | 1.09%             | 2051-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHARTER SCH FIN AUTH                                                            | UTSEDU 6.625 07/15/2047 | CUSIP: 91754TVE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $253970.31    | 0.14%             | 2047-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                                                     | PASDEV 6.5 12/1/2038    | CUSIP: 70869PLY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $885000.00    | 0.49%             | 2038-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SOUTHERN OHIO PORT AUTH                                                                 | SHNTRN 7 12/1/2042      | CUSIP: 84355AAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2730000.00   | 1.51%             | 2042-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA                                                                            | LEEAPT 5.25 10/1/2049   | CUSIP: 523470HW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1265060.13   | 0.70%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                                                                      | CPTGEN 7 10/1/2049      | CUSIP: 14052WCT2<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $765000.00    | 0.42%             | 2049-10-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                     | PUBFIN 5.75 05/01/2054  | CUSIP: 74446GAC5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $2844817.56   | 1.58%             | 2054-05-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                                   | SCSPOL 7 11/1/2038      | CUSIP: 83704DAF3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $354000.00    | 0.20%             | 2038-11-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GRANDVIEW RESV MET DIST NO 3 COLO                                                       | GDRDEV 6.25 12/1/2052   | CUSIP: 386810AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1416678.30   | 0.79%             | 2052-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                                                                      | CPTGEN 6.5 10/1/2032    | CUSIP: 14052WCM7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $490500.00    | 0.27%             | 2032-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CALHOUN CNTY TEX NAV INDL DEV AUTH                                                      | CLHDEV 6.5 07/1/2026    | CUSIP: 129729AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983044.30    | 0.55%             | 2026-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHILDRENS TR FD P R                                                                     | CHIGEN 0 05/15/2057     | CUSIP: 16876QBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 120000000 | PA      | $6776388.00   | 3.76%             | 2057-05-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA                                                                           | LAKFAC 7.125 01/1/2052  | CUSIP: 50832PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $3654000.00   | 2.03%             | 2052-01-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD COLO                                                      | STRDEV 8.75 12/15/2054  | CUSIP: 85950NAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006704.50   | 0.56%             | 2054-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TEX INDL DEV CORP                                                         | BZIFAC 9 03/1/2039      | CUSIP: 10604PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3215000 | PA      | $2572000.00   | 1.43%             | 2039-03-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ARLINGTON TEX HIGHER ED FIN CORP                                                        | ARLEDU 6.125 02/15/2053 | CUSIP: 041807DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982614.50    | 0.54%             | 2053-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| CHILDRENS TR FD P R                                                                     | CHIGEN 0 05/15/2057     | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  42000000 | PA      | $2521226.40   | 1.40%             | 2057-05-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEV AUTH                                                         | WVSDEV 8.75 02/1/2036   | CUSIP: 95648VBD0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $800000.00    | 0.44%             | 2036-02-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                                                     | PASDEV 6.75 12/1/2053   | CUSIP: 70869PLZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $795000.00    | 0.44%             | 2053-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                      | CALIFORNIA ST POLL CO   | CUSIP: 130536RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $25.00        | 0.00%             | 2039-12-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH                                                                   | AZSDEV 6.75 07/1/2030   | CUSIP: 040523AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $60000.00     | 0.03%             | 2030-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS CHARTER SCH                                                         | PUBEDU 6.625 06/1/2052  | CUSIP: 744396HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $855272.07    | 0.47%             | 2052-06-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BRAZORIA CNTY TEX INDL DEV CORP                                                         | BZIFAC 9 03/1/2039      | CUSIP: 10604PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4115000 | PA      | $3292000.00   | 1.83%             | 2039-03-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD                                              | SHEMED 5.75 10/1/2059   | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1991883.90   | 1.10%             | 2059-10-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                                                                      | CPTGEN 10 11/1/2020     | CUSIP: 14052WCZ8<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   8700000 | PA      | $8265000.00   | 4.58%             | 2025-07-01      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| KOUNTZE TEX                                                                             | KOUDEV 15 11/1/2027     | CUSIP: 500726AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4132500.00   | 2.29%             | 2027-11-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CASCADE RIDGE MET DIST COLO                                                             | CRDDEV 5 12/1/2051      | CUSIP: 147351AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $808896.20    | 0.45%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA POLLUTION CTL FING AUTH                                                      | CASPOL 7 07/1/2022      | CUSIP: 130536QY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $10.00        | 0.00%             | 2022-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN CORP                                                      | NHPFAC N.A. 11/15/2061  | CUSIP: 64542UFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2412982 | PA      | $843992.09    | 0.47%             | 2061-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY N Y TOB ASSET SECURITIZATION CORP                                             | ERIGEN 0 06/1/2055      | CUSIP: 295095BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $450536.40    | 0.25%             | 2055-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                                   | SCSDEV 4 11/15/2027     | CUSIP: 837031WH2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24711.63     | 0.01%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                     | PUBEDU 6 06/15/2052     | CUSIP: 74442EJX9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $833441.13    | 0.46%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PEAK MET DIST NO 3 COLO                                                                 | PEAGEN 7.5 12/1/2052    | CUSIP: 70467CAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1487142.00   | 0.82%             | 2052-12-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ANGELINA & NECHES RIV AUTH TEX INDL DEV CORP                                            | ANGDEV 7.5 12/1/2045    | CUSIP: 03469KAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11900000 | PA      | $3944978.52   | 2.19%             | 2045-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                     | PUBEDU 5.75 07/1/2062   | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285521 | PA      | $286206.23    | 0.16%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LA PAZ CNTY ARIZ INDL DEV AUTH                                                          | LAPDEV 7 12/1/2040      | CUSIP: 50375EBC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1065260.99   | 0.59%             | 2040-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                                              | TAREDU 6.375 02/15/2041 | CUSIP: 87638RHR1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    550000 | PA      | $357500.00    | 0.20%             | 2041-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| William G King In His Capacity As Receiver For Tuscan Gardens Of Palm Coast (Pptys LLC) | WGKING 12 10/1/24       | CUSIP: 96927QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780377 | PA      | $780377.36    | 0.43%             | 2026-10-12      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                                                   | SCSPOL 6 02/1/2035      | CUSIP: 83704DAB2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $90000.00     | 0.05%             | 2035-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN HEALTH & EDL FACS BRD                  | METMED 7.5 04/1/2049    | CUSIP: 59212TAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $114.00       | 0.00%             | 2049-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ANDERSON IND                                                                            | ANDDEV 6 10/01/2042     | CUSIP: 033887CW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1028011.50   | 0.57%             | 2042-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY N Y TOB ASSET SECURITIZATION CORP                                             | ERIGEN 0 06/1/2060      | CUSIP: 295095BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 115000000 | PA      | $5419432.50   | 3.01%             | 2060-06-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ATOKA OKLA INDL DEV AUTH                                                                | ATODEV 8 08/1/2039      | CUSIP: 049610AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6900000 | PA      | $5520000.00   | 3.06%             | 2039-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| LSC Estero Prime LN 2022A LLC                                                           | LSCESTPR 12 04/30/25    | CUSIP: 54915DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1250000.00   | 0.69%             | 2025-12-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| HARDEEVILLE S C ASSMT                                                                   | HRDGEN 4 05/1/2052      | CUSIP: 411716AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $126570.20    | 0.07%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN TOB SETTLEMENT FIN AUTH                                                        | MISGEN 0 06/1/2058      | CUSIP: 594751AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $729480.00    | 0.40%             | 2058-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH                                                                        | INSGEN 7 03/1/2039      | CUSIP: 45470DAA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7860000 | PA      | $1210808.63   | 0.67%             | 2039-03-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL TR AGY FLA                                                                      | CPTGEN 7.125 12/1/2050  | CUSIP: 14052WCJ4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $300000.00    | 0.17%             | 2050-12-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                     | PUBGEN 6.85 10/1/2047   | CUSIP: 74442PEV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $40000.00     | 0.02%             | 2047-10-01      | Fixed         | 6.85%                 | Yes           |                  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