EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    MUNICIPAL BONDS — 96.9%      
    ALABAMA — 2.8%      
250,000   Alabama Public School and College Authority  Series B   5.0000 01/01/26 $ 250,963
1,000,000   Black Belt Energy Gas District No 7  Series C-1   5.2500 12/01/25   1,007,893
100,000   Houston County Health Care Authority  Series A   5.0000 10/01/30   100,493
350,000   Southeast Energy Authority Cooperative District(a)   5.0000 05/01/53   359,130
500,000   Southeast Energy Authority Cooperative District  Series A(a)   5.0000 01/01/56   504,567
              2,223,046
    ALASKA — 1.3%      
1,000,000   CIVICVentures   5.0000 09/01/29   1,001,958
               
    ARIZONA — 2.2%      
700,000   Phoenix-Mesa Gateway Airport Authority(b)   5.0000 07/01/27   700,197
300,000   Pima County Industrial Development Authority (Obligor: La Posada Park Centre)  Series B-3(c)   5.1250 11/15/29   300,159
500,000   Pima County Industrial Development Authority (Obligor: La Posada Park Centre)  Series B-3(c)   5.6250 11/15/30   502,510
250,000   Pima County Industrial Development Authority (Obligor: P.L.C. Charter Schools)(c)   5.2500 12/01/26   250,258
              1,753,124
    CALIFORNIA — 9.1%      
275,000   California Educational Facilities Authority   5.0000 10/01/26   275,016
225,000   California Health Facilities Financing Authority (Obligor: Providence St Joseph Health Obligated Group)  Series A   5.0000 10/01/26   225,299
500,000   California Public Finance Authority   5.7000 06/01/34   500,966
400,000   California School Finance Authority (Obligor: Hawking STEAM Charter Schools)(c)   5.0000 07/01/25   400,324
500,000   City of Chula Vista   5.0000 10/01/27   500,748
150,000   M-S-R Energy Authority   6.1250 11/01/29   157,545
1,000,000   San Diego County Regional Airport Authority (Obligor: San Diego County Regional Airport Authority Special Facilities Revenue)  Series A   5.0000 07/01/44   999,934
875,000   San Diego County Regional Airport Authority (Obligor: San Diego County Regional Airport Authority)  Series B(b)   5.0000 07/01/49   856,351
200,000   San Jacinto Unified School District   5.0000 08/01/27   200,582
1,045,000   Southern California Public Power Authority  Series C   5.0000 07/01/27   1,045,404
2,040,000   Sweetwater Union High School District Public   5.0000 09/01/25   2,042,915
              7,205,084
    COLORADO — 0.5%      
55,000   Denver City & County Airport Revenue  Series C(b)   6.1250 11/15/25   55,558
 
 

 

EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    MUNICIPAL BONDS — 96.9% (Continued)      
    COLORADO — 0.5% (Continued)      
300,000   Denver City & County Airport Revenue  Series A(b)   5.0000 12/01/32 $ 309,012
              364,570
    FLORIDA — 13.3%      
400,000   City of Miami Beach Stormwater Revenue   5.0000 09/01/47   403,045
200,000   City of Pembroke Pines   5.0000 10/01/32   200,253
1,025,000   County of Miami-Dade Aviation Revenue(b)   5.0000 10/01/38   1,023,330
300,000   County of Miami-Dade Rickenbacker Causeway Revenue  Series A   5.0000 10/01/34   300,176
1,210,000   Florida Higher Educational Facilities Financial (Obligor: Nova Southeastern University Inc)   5.0000 04/01/36   1,213,043
2,320,000   Greater Orlando Aviation Authority (Obligor: Greater Orlando Aviation Authority)  Series A(b)   5.0000 10/01/42   2,295,321
300,000   Miami Beach Redevelopment Agency  Series A   5.0000 02/01/31   300,978
2,365,000   Miami-Dade County Expressway Authority  Series A   5.0000 07/01/40   2,364,905
100,000   Miami-Dade County Industrial Development Authority (Obligor: Academir Charter Schools)(c)   6.7500 07/01/29   99,471
1,450,000   Mid-Bay Bridge Authority (Obligor: Mid-Bay Bridge Authority)  Series A   5.0000 10/01/35   1,450,031
250,000   Southeast Overtown Park West Community  Series A-1(c)   5.0000 03/01/30   250,281
470,000   Sumter County Industrial Development Authority (Obligor: Central Florida Health Inc Obligated Group)  Series A   5.0000 07/01/29   470,422
170,000   Viera East Community Development District   5.0000 05/01/26   170,215
              10,541,471
    GEORGIA — 2.4%      
250,000   Private Colleges & Universities Authority   5.0000 10/01/43   250,300
1,620,000   South Regional Joint Development Authority (Obligor: VSU Auxiliary Services Real Estate-Centennial Lowndes & Patterson LLC)   5.2500 08/01/25   1,623,258
              1,873,558
    ILLINOIS — 8.3%      
1,050,000   Chicago Board of Education   5.5000 12/01/26   1,064,005
150,000   Chicago Board of Education   5.0000 12/01/31   154,388
750,000   Chicago Board of Education   5.0000 12/01/36   728,447
635,000   Harvey Public Library District   7.1000 12/01/32   644,238
1,900,000   Illinois Finance Authority (Obligor: OSF Healthcare System Obligated Group)  Series A   5.0000 11/15/34   1,901,447
845,000   Illinois Finance Authority (Obligor: Southern IL Healthcare)   5.0000 03/01/32   853,052
1,150,000   Metropolitan Pier & Exposition Authority   7.0000 07/01/26   1,175,215
175,000   State of Illinois   6.0000 11/01/26   177,937
              6,698,729
 
 

 

EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    MUNICIPAL BONDS — 96.9% (Continued)      
    INDIANA — 1.4%      
495,000   Anderson Industrial Economic Development Revenue (Obligor: Anderson University Inc/Indiana)   4.7500 10/01/27 $ 433,273
765,000   Indiana Finance Authority (Obligor: Earlham College)   5.0000 10/01/32   750,360
              1,183,633
    IOWA — 1.1%      
245,000   Iowa Finance Authority (Obligor: Iowa Health System)   5.0000 02/15/30   245,472
630,000   PEFA, Inc.(a)   5.0000 09/01/49   636,976
              882,448
    KANSAS — 3.6%      
550,000   Ashland Public Building Commission   5.0000 09/01/32   552,878
2,000,000   Kansas Development Finance Authority  Series K-1   4.7000 03/01/43   1,980,916
300,000   Wyandotte County-Kansas City Unified Government (Obligor: Wyandotte County-Kansas City Unified Government Utility System Revenue)  Series A   5.0000 09/01/29   300,126
              2,833,920
    KENTUCKY — 1.5%      
1,225,000   Kenton County Airport Board (Obligor: Kenton County Airport Board)  Series A(b)   5.2500 01/01/49   1,243,095
               
    MARYLAND — 0.9%      
450,000   Maryland Health & Higher Educational Facilities (Obligor: MedStar Health Obligated Group)  Series B   5.0000 08/15/26   450,471
200,000   Maryland Health & Higher Educational Facilities Authority (Obligor: Medstar Health)   5.0000 08/15/26   200,209
              650,680
    MASSACHUSETTS — 0.9%      
150,000   Massachusetts Development Finance Agency (Obligor: Provident Commonwealth)   5.0000 10/01/29   151,573
434,000   North Adams Housing Authority   4.5000 09/01/32   419,920
120,000   North Reading   5.0000 05/15/30   120,152
              691,645
    MICHIGAN — 0.8%      
165,000   Detroit Wayne County Stadium Authority   5.0000 10/01/26   165,070
500,000   Michigan State Building Authority   5.0000 04/15/32   502,492
              667,562
 
 

 

EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    MUNICIPAL BONDS — 96.9% (Continued)      
    MINNESOTA — 0.7%      
500,000   City of St. Cloud MN (Obligor: CentraCare Health System Obligated Group)   5.0000 05/01/48 $ 489,303
100,000   Minnesota Housing Finance Agency (Obligor: State of Minnesota)  Series A   5.0000 08/01/26   100,146
              589,449
    MISSOURI — 4.4%      
500,000   County of Jackson   5.0000 12/01/28   501,396
200,000   Missouri Development Finance Board  Series A   5.0000 06/01/27   200,207
2,895,000   Monarch-Chesterfield Levee District   5.0000 03/01/40   2,895,938
              3,597,541
    NEBRASKA — 0.5%      
395,000   Madison County Hospital Authority No 1 (Obligor: Faith Regional Health Services)   5.0000 07/01/29   395,168
               
    NEW HAMPSHIRE — 2.6%      
2,000,000   New Hampshire Health and Education Facilities (Obligor: University System of New Hampshire)   5.0000 07/01/36   2,001,050
               
    NEW JERSEY — 0.4%      
350,000   New Jersey Economic Development Authority (Obligor: NY/NJ Link Borrower LLC)(b)   5.0000 01/01/31   351,142
               
    NEW YORK — 6.7%      
250,000   Albany Capital Resource Corporation (Obligor: Albany College of Pharmacy and Health Sciences)  Series A   5.0000 12/01/28   250,151
1,000,000   Metropolitan Transportation Authority  Series C-1   5.0000 11/15/30   1,022,361
925,000   Monroe County Industrial Development Corp./NY (Obligor: Nazareth Clergy of Rochester)   5.0000 10/01/31   946,773
200,000   Nassau County Local Economic Assistance (Obligor: Catholic Health Services of Long Island Obligated Group)   5.0000 07/01/34   199,997
1,275,000   New York City Industrial Development Agency (Obligor: TrIPs Obligated Group)(b)   5.0000 07/01/28   1,281,653
225,000   New York Transportation Development Corporation(b)   5.0000 07/01/30   225,045
400,000   Onondaga Civic Development Corp., (Obligor: Crouse Health)   5.0000 08/01/31   390,292
1,000,000   Westchester County Local Development Corporation (Obligor: Purchase Housing Corp II)   5.0000 06/01/42   977,332
              5,293,604
 
 

 

EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    MUNICIPAL BONDS — 96.9% (Continued)      
    NORTH CAROLINA — 1.5%      
1,095,000   City of Charlotte Airport Revenue  Series A   5.0000 07/01/30 $ 1,095,908
100,000   North Carolina Capital Facilities Finance Agency (Obligor: Arc Of North Carolina)  Series A   5.0000 10/01/27   100,704
              1,196,612
    OHIO — 2.1%      
1,000,000   County of Muskingum   5.0000 02/15/33   1,003,570
500,000   Ohio Housing Finance Agency   7.0000 03/01/49   578,373
100,000   State of Ohio(b)   5.0000 12/31/29   100,067
              1,682,010
    OKLAHOMA — 0.7%      
235,000   Norman Regional Hospital Authority (Obligor: Norman Regional Hospital Authority)   5.0000 09/01/25   234,417
330,000   Oklahoma Housing Finance Agency   5.0000 09/01/27   330,127
              564,544
    PENNSYLVANIA — 3.1%      
300,000   Butler County Hospital Authority (Obligor: Butler Health System)   5.0000 07/01/28   300,018
1,300,000   City of Philadelphia Airport Revenue (Obligor: City of Philadelphia PA Airport Revenue)  Series A(b)   5.0000 06/15/34   1,300,310
240,000   Montgomery County Higher Education and Health Authority (Obligor: Gwynedd Mercy University)  Series UU1   5.0000 05/01/29   247,401
580,000   Philadelphia Authority for Industrial Development (Obligor: Russell Byers Charter School)  Series A   5.0000 05/01/30   585,234
160,000   Philadelphia Parking Authority (The)   5.2500 02/15/29   160,268
              2,593,231
    PUERTO RICO — 2.6%      
505,000   Children's Trust Fund   5.5000 05/15/39   509,871
200,000   Puerto Rico Electric Power Authority   5.2500 07/01/26   200,105
650,000   Puerto Rico Electric Power Authority  Series UU   5.0000 07/01/26   650,026
310,000   Puerto Rico Electric Power Authority   5.0000 07/01/27   310,022
425,000   Puerto Rico Electric Power Authority  Series RR   5.0000 07/01/28   422,462
              2,092,486
    RHODE ISLAND — 0.3%      
200,000   State of Rhode Island   5.0000 08/01/26   200,313
               
 
 

 

EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    MUNICIPAL BONDS — 96.9% (Continued)      
    SOUTH CAROLINA — 0.6%      
500,000   South Carolina Jobs-Economic Development Authority (Obligor: Kiawah Life Plan VLG Inc.)   5.2500 11/15/28 $ 500,317
               
    TENNESSEE — 0.6%      
500,000   Tennessee Energy Acquisition Corporation  Series C   5.0000 02/01/27   506,858
               
    TEXAS — 11.1%      
200,000   Arlington Higher Education Finance Corporation (Obligor: Wayside Schools)  Series A   5.0000 08/15/27   202,446
1,555,000   Bexar County Hospital District (Obligor: Bexar County Hospital District)   5.0000 02/15/32   1,556,884
200,000   City of San Antonio   5.0000 02/01/28   200,288
160,000   Harris County Cultural Education Facilities Finance Corporation (Obligor: Brazos Presbyterian Obligated Group)  Series A   5.0000 01/01/33   160,066
250,000   Houston Higher Education Finance Corporation (Obligor: Harmony Public Schools)  Series A   5.0000 02/15/28   250,255
280,000   Keller Independent School District  Series A   5.0000 08/15/26   280,415
1,200,000   Kerrville Health Facilities Development (Obligor: Sid Peterson Memorial Hospital Obligated Group)   5.0000 08/15/35   1,199,904
100,000   Kountze Economic Development Corporation (Obligor: Allegiant Industrial, LLC)(c)   5.0000 11/01/27   95,000
100,000   North Harris County Regional Water Authority   5.0000 12/15/26   100,121
265,000   Port Beaumont Navigation District (Obligor: Allegiant Industrial Island)(b)   8.0000 02/01/39   238,500
140,000   San Antonio   5.0000 02/01/27   140,238
75,000   San Antonio Education Facilities Corporation (Obligor: Hallmark University, Inc.)  Series B   5.2500 10/01/28   74,623
410,000   San Juan Higher Education Finance Authority (Obligor: Idea Public Schools)   8.2500 08/15/29   418,251
2,845,000   Texas Municipal Gas Acquisition and Supply Corp I   6.2500 12/15/26   2,914,741
1,000,000   Texas Water Development Board (Obligor: State Water Implementation Revenue Fund for Texas)  Series A   5.0000 10/15/42   1,009,516
              8,841,248
    UTAH — 0.9%      
750,000   Logan City School District   5.0000 06/15/28   750,903
               
    VIRGINIA — 0.3%      
200,000   Northern Virginia Transportation Authority (Obligor: Commonwealth of Virginia)   5.0000 06/01/28   200,347
               
    WASHINGTON — 4.4%      
1,240,000   Port of Seattle (Obligor: Seatac Fuel LLC)(b)   5.0000 06/01/31   1,240,527
 
 

 

EASTERLY ROCMUNI SHORT TERM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    MUNICIPAL BONDS — 96.9% (Continued)      
    WASHINGTON — 4.4% (Continued)      
2,000,000   Skagit County Public Hospital District No 2   5.0000 12/01/33 $ 2,000,578
290,000   Washington Health Care Facilities Authority (Obligor: Providence St. Joseph)   5.0000 10/01/26   290,186
              3,531,291
    WEST VIRGINIA — 0.6%      
455,000   Monongalia County Building Commission (Obligor: Vandalia Health Obligation Group)   5.0000 07/01/28   455,213
               
    WISCONSIN — 2.7%      
825,000   Public Finance Authority (Obligor: Dreamhouse ’Ewa Beach)  Series A(c)   5.7500 08/01/25   816,749
200,000   Public Finance Authority (Obligor: Noorda College of Osteopathic)(c)   6.5000 06/01/45   170,060
405,000   Public Finance Authority (Obligor: Prime Healthcare Foundation)  Series A   5.0000 12/01/27   410,590
740,000   Wisconsin Health & Educational Facilities Authority (Obligor: Iowa Health System)   5.0000 12/01/27   741,452
              2,138,851
  TOTAL MUNICIPAL BONDS (Cost $77,380,501)    

77,296,701

               
    TOTAL INVESTMENTS - 96.9% (Cost $77,380,501)     $ 77,296,701
    OTHER ASSETS IN EXCESS OF LIABILITIES- 3.1%    

2,456,155

    NET ASSETS - 100.0%        

$ 79,752,856

           
 

 

 

 

 

(a) Variable rate security; the rate shown represents the rate on May 31, 2025.
(b) 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.
(c) 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.