# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0000910472-26-001054
**Filing Date:** 2026-1
**Character Count:** 201785
**Document Hash:** f77fd669bcf8556e191c11f7c07ca4f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001054.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000910472-26-001054

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260831

**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:** 26576129

**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 Snow Long/Short Opportunity Fund (Series ID: S000073424)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000230311 | Easterly Snow Long/Short Opportunity Fund Class C  |  |
| C000230312 | Easterly Snow Long/Short Opportunity Fund Class I  |  |
| C000230313 | Easterly Snow Long/Short Opportunity Fund Class R6 |  |
| C000230314 | Easterly Snow Long/Short Opportunity Fund Class A  |  |

## Nport-Ex

---

| |
|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6%** |  |
|  | **Australia - 7.5%** |  |
| 394195 | Goodman Group | $7668209 |
| 1264492 | Lifestyle Communities Ltd.<sup>(a)</sup> | 4718344 |
| 237717 | NEXTDC Ltd.<sup>(a)</sup> | 2116960 |
| 715919 | Stockland | 2821598 |
|  |  | 17325111 |
|  | **Belgium - 0.1%** |  |
| 7230 | Warehouses De Pauw CVA | 187616 |
|  | **Bermuda - 2.5%** |  |
| 914555 | Hongkong Land Holdings Ltd. | 5807424 |
|  | **Canada - 6.0%** |  |
| 155804 | Chartwell Retirement Residences | 2249837 |
| 484726 | InterRent Real Estate Investment Trust | 4588888 |
| 100648 | Killam Apartment Real Estate Investment Trust | 1204184 |
| 528769 | Primaris REIT | 5762583 |
|  |  | 13805492 |
|  | **Germany - 4.1%** |  |
| 552174 | Instone Real Estate Group S.E.<sup>(b),(c)</sup> | 5239841 |
| 238601 | TAG Immobilien A.G. | 4067929 |
|  |  | 9307770 |
|  | **Italy - 0.9%** |  |
| 213352 | Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | 1953443 |
|  | **Spain - 5.4%** |  |
| 413885 | Cellnex Telecom S.A.<sup>(b)</sup> | 12427129 |
|  | **Sweden - 1.0%** |  |
| 41757 | Catena A.B. | 1959950 |
| 15925 | Cibus Nordic Real Estate A.B. | 276251 |
|  |  | 2236201 |
|  | **United Kingdom - 14.3%** |  |
| 1952037 | Empiric Student Property PLC | 1941957 |
| 3687666 | Grainger PLC | 9021682 |

---

---

| |
|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6% (Continued)** |  |
|  | **United Kingdom - 14.3% (Continued)** |  |
| 5478929 | Primary Health Properties PLC | $7070462 |
| 1977595 | Tritax Big Box REIT PLC | 3895128 |
| 1535241 | UNITE Group PLC (The) | 10723776 |
|  |  | 32653005 |
|  | **United States - 47.8%** |  |
| 167792 | Acadia Realty Trust | 3451481 |
| 10815 | Agree Realty Corporation | 813504 |
| 227737 | American Healthcare REIT, Inc. | 11564484 |
| 202688 | American Homes 4 Rent, Class A | 6510339 |
| 56424 | American Tower Corporation, Class A | 10227978 |
| 395925 | Americold Realty Trust, Inc. | 4287868 |
| 250835 | Brixmor Property Group, Inc. | 6556827 |
| 238329 | COPT Defense Properties | 7323850 |
| 81373 | Digital Realty Trust, Inc. | 13029445 |
| 16058 | Equinix, Inc. | 12096652 |
| 25363 | Equity LifeStyle Properties, Inc. | 1594572 |
| 264177 | Independence Realty Trust, Inc. | 4530636 |
| 16600 | Iron Mountain, Inc. | 1433410 |
| 264219 | NETSTREIT Corporation | 4843134 |
| 5400 | SBA Communications Corporation, Class A | 1049058 |
| 133555 | Starwood Property Trust, Inc. | 2449399 |
| 372035 | VICI Properties, Inc. | 10722049 |
| 35105 | Welltower, Inc. | 7309563 |
|  |  | 109794249 |
|  | **TOTAL COMMON STOCKS (Cost $245,451,865)** | 205497440 |
|  | **TOTAL INVESTMENTS - 89.6% (Cost $245,451,865)** | $205497440 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 10.4%** | 23856129 |
|  | **NET ASSETS - 100.0%** | $229353569 |

---

---

| |
|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition By Industry** |  |  |  |
| Engineering & Construction | 6.3% | REIT | 65.9% |
| Health Care Facilities & Services | 1.0% | Specialty Finance | 1.1% |
| Home Construction | 2.1% | Telecommunications | 0.9% |
| Real Estate Owners & Developers | 12.3% | Other Assets In Excess of Liabilities | 10.4% |
|  |  | Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| A.G. | - Aktiengesellschaft |
| CVA | - Commanditaire Vennootschap op Aandelen |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| S.E. | - Societas Europeae |
| SpA | - Società per Azioni |

---

<sup>(a)</sup> Non-income producing security.

<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 November 30, 2025 the total market value of 144A securities is 19,620,413 or 8.6% of net assets.

<sup>(c)</sup> Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. As of November 30, 2025, the value of securities amounted to $5,239,841 or 2.3% of net assets.

---

| |
|:---|
| **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 91.3%** | **EXCHANGE-TRADED FUNDS — 91.3%** | **EXCHANGE-TRADED FUNDS — 91.3%** |  |  |  |
|  | **EQUITY - 91.3%** |  |  |  |  |  |
| 662500 | SPDR S&P 500 ETF<sup>(a)</sup> |  |  |  |  | $452745875 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $382,574,454)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $382,574,454)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $382,574,454)** |  |  |  |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** |  |
|  | **INDEX OPTIONS PURCHASED - 1.4%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 1.4%** |  |  |  |  |  |
| 170 | S&P 500 Index | PER | 12/19/2025 | $6690 | $116434530 | $715700 |
| 570 | S&P 500 Index | PER | 12/19/2025 | 6730 | 390398130 | 2864250 |
| 475 | S&P 500 Index | PER | 12/31/2025 | 6580 | 325331775 | 1892875 |
| 210 | S&P 500 Index | PER | 12/31/2025 | 6700 | 143830890 | 1282050 |
|  | **TOTAL INDEX OPTIONS PURCHASED (Cost - $11,276,850)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $11,276,850)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $11,276,850)** |  |  | 6754875 |
|  | **TOTAL INVESTMENTS - 92.7% (Cost $393,851,304)** | **TOTAL INVESTMENTS - 92.7% (Cost $393,851,304)** | **TOTAL INVESTMENTS - 92.7% (Cost $393,851,304)** |  |  | $459500750 |
|  | **PUT OPTIONS WRITTEN - (0.4)% (Premiums received - $4,461,524)** | **PUT OPTIONS WRITTEN - (0.4)% (Premiums received - $4,461,524)** | **PUT OPTIONS WRITTEN - (0.4)% (Premiums received - $4,461,524)** |  |  | (2047350) |
|  | **CALL OPTIONS WRITTEN - (0.9)% (Premiums received - $3,180,276)** | **CALL OPTIONS WRITTEN - (0.9)% (Premiums received - $3,180,276)** | **CALL OPTIONS WRITTEN - (0.9)% (Premiums received - $3,180,276)** |  |  | (4493300) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.6%** |  |  | 43098666 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $496058766 |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN INDEX OPTIONS - (0.4)%** | **WRITTEN INDEX OPTIONS - (0.4)%** | **WRITTEN INDEX OPTIONS - (0.4)%** |  |  |  |
|  | **PUT OPTIONS WRITTEN - (0.4)%** | **PUT OPTIONS WRITTEN - (0.4)%** | **PUT OPTIONS WRITTEN - (0.4)%** |  |  |  |
| 170 | S&P 500 Index | PER | 12/19/2025 | $6350 | $116434530 | $187850 |
| 570 | S&P 500 Index | PER | 12/19/2025 | 6400 | 390398130 | 738150 |
| 475 | S&P 500 Index | PER | 12/31/2025 | 6250 | 325331775 | 688750 |
| 210 | S&P 500 Index | PER | 12/31/2025 | 6365 | 143830890 | 432600 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,461,524)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,461,524)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,461,524)** |  |  | 2047350 |
| **Contracts<sup>(a)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (0.9)%** | **WRITTEN EQUITY OPTIONS - (0.9)%** | **WRITTEN EQUITY OPTIONS - (0.9)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.9)%** | **CALL OPTIONS WRITTEN- (0.9)%** | **CALL OPTIONS WRITTEN- (0.9)%** |  |  |  |
| 800 | SPDR S&P 500 ETF Trust | PER | 12/19/2025 | $690 | $54671200 | $471200 |
| 200 | SPDR S&P 500 ETF Trust | PER | 12/19/2025 | 700 | 13667800 | 47100 |
| 500 | SPDR S&P 500 ETF Trust | PER | 12/19/2025 | 705 | 34169500 | 67000 |
| 350 | SPDR S&P 500 ETF Trust | PER | 12/31/2025 | 685 | 23918650 | 356650 |

---

---

| |
|:---|
| **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(a)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
| | **WRITTEN EQUITY OPTIONS - (0.9)% (Continued)** | **WRITTEN EQUITY OPTIONS - (0.9)% (Continued)** | **WRITTEN EQUITY OPTIONS - (0.9)% (Continued)** | | | |
|  | **CALL OPTIONS WRITTEN- (0.9)% (Continued)** | **CALL OPTIONS WRITTEN- (0.9)% (Continued)** | **CALL OPTIONS WRITTEN- (0.9)% (Continued)** |  |  |  |
| 4400 | SPDR S&P 500 ETF Trust | PER | 12/31/2025 | $690 | $300691600 | $3317600 |
| 500 | SPDR S&P 500 ETF Trust | PER | 12/31/2025 | 697 | 34169500 | 233750 |
|  | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,180,276)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,180,276)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,180,276)** |  |  | 4493300 |
|  | **TOTAL OPTIONS WRITTEN (Premiums received - $7,641,800)** | **TOTAL OPTIONS WRITTEN (Premiums received - $7,641,800)** | **TOTAL OPTIONS WRITTEN (Premiums received - $7,641,800)** |  |  | $6540650 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| PER | - Pershing |

---

<sup>(a)</sup> A portion of this security is held as collateral for written options. <br><sup>(b)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

---

| |
|:---|
| **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** |
| <br>**Description** | <br>**Payment**<br>**Frequency** | <br>**Long/**<br>**Short** | <br>**Currency** | <br>**Index** | <br>**Spread** | <br>**Counterparty** |<br>**Number Of**<br>**Contracts** | <br>**Maturity**<br>**Date** |<br>**Notional**<br>**Amount** | **Upfront**<br>**Payments/**<br>**Receipts** |<br>**Unrealized**<br>**Appreciation** |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 85000 | &nbsp;&nbsp;&nbsp;12/21/2026 | $55245200 | $— | $2842950 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 10000 | &nbsp;&nbsp;&nbsp;6/22/2026 | 5942800 |  | 891100 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 25000 | &nbsp;&nbsp;&nbsp;7/2/2026 | 15433000 |  | 1651750 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 20000 | &nbsp;&nbsp;&nbsp;8/31/2026 | 12720000 |  | 947800 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 82500 | &nbsp;&nbsp;&nbsp;9/8/2026 | 53501539 |  | 2878136 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | &nbsp;&nbsp;&nbsp;Federal Funds Rate | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;Goldman Sachs | 40000 | &nbsp;&nbsp;&nbsp;12/7/2026 | 26838800 |  | 496800 |
|  |  |  |  |  |  |  |  |  |  |  | $9708536 |

---

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4%** |  |
|  | **AUTOMOTIVE - 1.4%** |  |
| 4748 | Visteon Corporation | $490231 |
|  | **BANKING - 16.6%** |  |
| 47457 | Columbia Banking System, Inc. | 1315508 |
| 20280 | First Commonwealth Financial Corporation | 329550 |
| 29460 | Flagstar Financial, Inc. | 360590 |
| 59358 | FNB Corporation | 987717 |
| 56153 | Old National Bancorp | 1220205 |
| 25762 | Zions Bancorp NA | 1371311 |
|  |  | 5584881 |
|  | **BIOTECH & PHARMA - 1.4%** |  |
| 10467 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 488600 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 23525 | Cross Country Healthcare, Inc.<sup>(a)</sup> | 241367 |
|  | **CONSUMER SERVICES - 1.4%** |  |
| 7350 | Stride, Inc.<sup>(a)</sup> | 466946 |
|  | **ELECTRICAL EQUIPMENT - 1.6%** |  |
| 2500 | Atkore, Inc. | 167375 |
| 2241 | Modine Manufacturing Company<sup>(a)</sup> | 363333 |
|  |  | 530708 |
|  | **FOOD - 0.6%** |  |
| 5139 | Pilgrim's Pride Corporation | 195488 |
|  | **HEALTH CARE FACILITIES & SERVICES - 7.2%** |  |
| 8963 | Molina Healthcare, Inc.<sup>(a)</sup> | 1328855 |
| 42836 | Progyny, Inc.<sup>(a)</sup> | 1129585 |
|  |  | 2458440 |
|  | **HOME & OFFICE PRODUCTS - 1.1%** |  |
| 5000 | Whirlpool Corporation | 386750 |

---

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **HOME CONSTRUCTION - 0.9%** |  |
| 4000 | Meritage Homes Corporation | $292320 |
|  | **HOTEL REIT - 0.4%** |  |
| 13435 | Park Hotels & Resorts, Inc. | 145367 |
|  | **INDUSTRIAL REIT - 0.5%** |  |
| 3514 | LXP Industrial Trust | 170429 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.4%** |  |
| 3099 | WESCO International, Inc. | 828704 |
|  | **INSURANCE - 10.3%** |  |
| 23663 | CNO Financial Group, Inc. | 968527 |
| 13131 | Jackson Financial, Inc. | 1286968 |
| 30269 | Lincoln National Corporation | 1245267 |
|  |  | 3500762 |
|  | **INTERNET MEDIA & SERVICES - 2.9%** |  |
| 47384 | Lyft, Inc., Class A<sup>(a)</sup> | 996486 |
|  | **LEISURE FACILITIES & SERVICES - 4.6%** |  |
| 50059 | Bloomin' Brands, Inc. | 355419 |
| 7767 | Brinker International, Inc.<sup>(a)</sup> | 1194486 |
|  |  | 1549905 |
|  | **MACHINERY - 4.8%** |  |
| 29941 | Astec Industries, Inc. | 1325188 |
| 6657 | Terex Corporation | 307620 |
|  |  | 1632808 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.8%** |  |
| 28000 | Avanos Medical, Inc.<sup>(a)</sup> | 328720 |
| 4000 | Haemonetics Corporation<sup>(a)</sup> | 325400 |
| 19793 | Inmode Ltd.<sup>(a)</sup> | 282050 |
|  |  | 936170 |

---

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **METALS & MINING - 2.6%** |  |
| 51302 | Hudbay Minerals, Inc. | $870082 |
|  | **OIL & GAS PRODUCERS - 5.1%** |  |
| 5314 | CNX Resources Corporation<sup>(a)</sup> | 206396 |
| 22804 | Delek US Holdings, Inc. | 881831 |
| 28362 | Northern Oil & Gas, Inc. | 635025 |
|  |  | 1723252 |
|  | **REITS - 2.4%** |  |
| 29310 | Highwoods Properties, Inc. | 814818 |
|  | **RETAIL - DISCRETIONARY - 7.0%** |  |
| 13652 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 1336120 |
| 51479 | American Eagle Outfitters, Inc. | 1050172 |
|  |  | 2386292 |
|  | **RETAIL REIT - 0.4%** |  |
| 5763 | Brixmor Property Group, Inc. | 150645 |
|  | **SELF-STORAGE REIT - 1.1%** |  |
| 12032 | National Storage Affiliates Trust | 354342 |
|  | **SEMICONDUCTORS - 7.4%** |  |
| 9221 | Amkor Technology, Inc. | 335552 |
| 3500 | Diodes, Inc.<sup>(a)</sup> | 161735 |
| 53753 | Photronics, Inc.<sup>(a)</sup> | 1231482 |
| 8882 | Silicon Motion Technology Corporation - ADR | 790143 |
|  |  | 2518912 |
|  | **SOFTWARE - 3.2%** |  |
| 31966 | Open Text Corporation | 1075336 |
|  | **STEEL - 8.6%** |  |
| 119788 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1562035 |
| 21493 | Commercial Metals Company | 1370824 |
|  |  | 2932859 |

---

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL COMMON STOCKS (Cost $25,442,513)** | $33722900 |
| **TOTAL INVESTMENTS - 99.4% (Cost $25,442,513)** | $33722900 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6%** | 199182 |
| **NET ASSETS - 100.0%** | $33922082 |

---

ADR - American Depositary Receipt

LTD - Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 110.5%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 3.4%** |  |
| 39000 | Carter's, Inc. | $1244490 |
| 27217 | PVH Corporation | 2306913 |
|  |  | 3551403 |
|  | **AUTOMOTIVE - 2.0%** |  |
| 38000 | Gentex Corporation | 867540 |
| 11400 | Visteon Corporation | 1177050 |
|  |  | 2044590 |
|  | **BANKING - 12.5%** |  |
| 37070 | Bank of America Corporation | 1988806 |
| 30740 | Citigroup, Inc. | 3184664 |
| 80470 | Columbia Banking System, Inc. | 2230628 |
| 12900 | JPMorgan Chase & Company | 4038731 |
| 66700 | Old National Bancorp | 1449391 |
|  |  | 12892220 |
|  | **BEVERAGES - 1.0%** |  |
| 7400 | Constellation Brands, Inc., Class A | 1009212 |
|  | **BIOTECH & PHARMA - 12.3%** |  |
| 4200 | Amgen, Inc. | 1450932 |
| 12500 | Johnson & Johnson | 2586500 |
| 98400 | Pacira BioSciences, Inc.<sup>(a)</sup> | 2319288 |
| 81600 | Pfizer, Inc. | 2100384 |
| 1620 | Regeneron Pharmaceuticals, Inc. | 1263908 |
| 60296 | Sanofi - ADR | 3007564 |
|  |  | 12728576 |
|  | **CHEMICALS - 1.4%** |  |
| 153130 | Ecovyst, Inc.<sup>(a)</sup> | 1408796 |
|  | **ELECTRICAL EQUIPMENT - 2.4%** |  |
| 12300 | Atkore, Inc. | 823485 |
| 51320 | Sensata Technologies Holding PLC | 1645832 |
|  |  | 2469317 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 110.5% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 2.3%** |  |
| 60250 | UGI Corporation | $2382888 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.3%** |  |
| 33000 | Centene Corporation<sup>(a)</sup> | 1298220 |
| 3100 | Elevance Health, Inc. | 1048606 |
|  |  | 2346826 |
|  | **HOUSEHOLD PRODUCTS - 1.7%** |  |
| 102000 | Kenvue, Inc. | 1769700 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.4%** |  |
| 9360 | WESCO International, Inc. | 2502958 |
|  | **INSURANCE - 7.6%** |  |
| 32520 | CNO Financial Group, Inc. | 1331044 |
| 6930 | Hartford Insurance Group, Inc. (The) | 949618 |
| 15400 | Jackson Financial, Inc. | 1509354 |
| 49190 | Lincoln National Corporation | 2023676 |
| 26375 | MetLife, Inc. | 2019270 |
|  |  | 7832962 |
|  | **INTERNET MEDIA & SERVICES - 1.6%** |  |
| 2100 | Alphabet, Inc., Class C | 672252 |
| 45000 | Lyft, Inc., Class A<sup>(a)</sup> | 946350 |
|  |  | 1618602 |
|  | **LEISURE FACILITIES & SERVICES - 2.3%** |  |
| 35050 | Las Vegas Sands Corporation | 2389008 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 14400 | Haemonetics Corporation<sup>(a)</sup> | 1171440 |
|  | **METALS & MINING - 12.9%** |  |
| 20540 | Agnico Eagle Mines Ltd. | 3582792 |
| 93000 | Alamos Gold, Inc., Class A | 3487500 |
| 779832 | B2Gold Corporation | 3602824 |
| 22600 | Freeport-McMoRan, Inc. | 971348 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 110.5% (Continued)** |  |
|  | **METALS & MINING - 12.9% (Continued)** |  |
| 102800 | Hudbay Minerals, Inc. | $1743488 |
|  |  | 13387952 |
|  | **OIL & GAS PRODUCERS - 17.2%** |  |
| 37708 | ConocoPhillips | 3344323 |
| 42900 | EQT Corporation | 2610894 |
| 10795 | Marathon Petroleum Corporation | 2091315 |
| 58770 | Northern Oil & Gas, Inc. | 1315860 |
| 88680 | Range Resources Corporation | 3501974 |
| 120000 | Sable Offshore Corporation<sup>(a)</sup> | 524400 |
| 35389 | Suncor Energy, Inc. | 1584719 |
| 324817 | Whitecap Resources, Inc. | 2712222 |
|  |  | 17685707 |
|  | **RETAIL - CONSUMER STAPLES - 1.3%** |  |
| 5000 | Dollar Tree, Inc.<sup>(a)</sup> | 554050 |
| 8900 | Target Corporation | 806518 |
|  |  | 1360568 |
|  | **RETAIL - DISCRETIONARY - 3.6%** |  |
| 21000 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 2055270 |
| 40000 | American Eagle Outfitters, Inc. | 816000 |
| 4650 | Lululemon Athletica, Inc.<sup>(a)</sup> | 856437 |
|  |  | 3727707 |
|  | **SEMICONDUCTORS - 1.7%** |  |
| 1000 | ASML Holding N.V. | 1060000 |
| 31800 | Photronics, Inc.<sup>(a)</sup> | 728538 |
|  |  | 1788538 |
|  | **SOFTWARE - 4.8%** |  |
| 15500 | Akamai Technologies, Inc.<sup>(a)</sup> | 1387560 |
| 3000 | Oracle Corporation | 605850 |
| 16930 | Zoom Video Communications, Inc.<sup>(a)</sup> | 1438373 |
| 146800 | ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 1456256 |
|  |  | 4888039 |
|  | **SPECIALTY FINANCE - 1.3%** |  |
| 220700 | UWM Holdings Corporation | 1291095 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | | **Fair Value** |
|  | **COMMON STOCKS — 110.5% (Continued)** | **COMMON STOCKS — 110.5% (Continued)** | **COMMON STOCKS — 110.5% (Continued)** |  |
|  | **STEEL - 3.3%** | **STEEL - 3.3%** | **STEEL - 3.3%** |  |
| 54000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | Cleveland-Cliffs, Inc.<sup>(a)</sup> | Cleveland-Cliffs, Inc.<sup>(a)</sup> | $704160 |
| 42243 | Commercial Metals Company | Commercial Metals Company | Commercial Metals Company | 2694259 |
|  |  |  |  | 3398419 |
|  | **TECHNOLOGY HARDWARE - 4.4%** | **TECHNOLOGY HARDWARE - 4.4%** | **TECHNOLOGY HARDWARE - 4.4%** |  |
| 11000 | Dell Technologies, Inc., Class C | Dell Technologies, Inc., Class C | Dell Technologies, Inc., Class C | 1466850 |
| 70790 | NCR Atleos Corporation<sup>(a)</sup> | NCR Atleos Corporation<sup>(a)</sup> | NCR Atleos Corporation<sup>(a)</sup> | 2624185 |
| 14000 | Super Micro Computer, Inc.<sup>(a)</sup> | Super Micro Computer, Inc.<sup>(a)</sup> | Super Micro Computer, Inc.<sup>(a)</sup> | 473900 |
|  |  |  |  | 4564935 |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** | **TRANSPORTATION & LOGISTICS - 2.5%** | **TRANSPORTATION & LOGISTICS - 2.5%** |  |
| 25680 | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | 1646088 |
| 10280 | United Parcel Service, Inc., Class B | United Parcel Service, Inc., Class B | United Parcel Service, Inc., Class B | 984721 |
|  |  |  |  | 2630809 |
|  | **TRANSPORTATION EQUIPMENT - 1.2%** | **TRANSPORTATION EQUIPMENT - 1.2%** | **TRANSPORTATION EQUIPMENT - 1.2%** |  |
| 11575 | PACCAR, Inc. | PACCAR, Inc. | PACCAR, Inc. | 1220237 |
|  | **TOTAL COMMON STOCKS (Cost $84,857,578)** | **TOTAL COMMON STOCKS (Cost $84,857,578)** | **TOTAL COMMON STOCKS (Cost $84,857,578)** | 114062504 |
|  | **EXCHANGE-TRADED FUNDS — 2.1%** | **EXCHANGE-TRADED FUNDS — 2.1%** | **EXCHANGE-TRADED FUNDS — 2.1%** |  |
|  | **EQUITY - 2.1%** | **EQUITY - 2.1%** | **EQUITY - 2.1%** |  |
| 20000 | VanEck Junior Gold Miners ETF | VanEck Junior Gold Miners ETF | VanEck Junior Gold Miners ETF | 2185600 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $793,114)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $793,114)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $793,114)** | 2185600 |
| **Principal<br> Amount ($)** |  | **Coupon<br> Rate (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 4.6%** |  |  |  |
|  | **OIL & GAS PRODUCERS — 0.9%** |  |  |  |
| 1000000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | &nbsp;&nbsp;02/15/28 | 989908 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.9%** |  |  |  |
| 1000000 | Transocean, Inc. | 6.8000 | &nbsp;&nbsp;03/15/38 | 896348 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | | | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 4.6% (Continued)** | **CORPORATE BONDS — 4.6% (Continued)** | | | | |
|  | **RETAIL - DISCRETIONARY — 0.7%** | **RETAIL - DISCRETIONARY — 0.7%** |  | | |  |
| 1000000 | Kohl's Corporation | Kohl's Corporation |  | 5.5500 | &nbsp;&nbsp;07/17/45 | $721012 |
|  | **SPECIALTY FINANCE — 1.4%** | **SPECIALTY FINANCE — 1.4%** |  |  |  |  |
| 500000 | Ally Financial, Inc. Series B<sup>(b)</sup> | Ally Financial, Inc. Series B<sup>(b)</sup> | H15T5Y + 3.868% | 4.7000 | &nbsp;&nbsp;08/15/69 | 490107 |
| 1000000 | Ally Financial, Inc.<sup>(b)</sup> | Ally Financial, Inc.<sup>(b)</sup> | H15T7Y + 3.481% | 4.7000 | &nbsp;&nbsp;08/15/69 | 923664 |
|  |  |  |  |  |  | 1413771 |
|  | **STEEL — 0.7%** | **STEEL — 0.7%** |  |  |  |  |
| 800000 | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |  | 6.2500 | &nbsp;&nbsp;10/01/40 | 695624 |
|  | **TOTAL CORPORATE BONDS (Cost $3,879,611)** | **TOTAL CORPORATE BONDS (Cost $3,879,611)** |  |  |  | 4716663 |
| **Contracts<sup>(c)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
| 50 | Amgen, Inc. | JEF | 12/19/2025 | $330 | $1650000 | $85750 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $12,649) |  |  |  |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $12,649) |  |  |  |  | 85750 |
|  | **TOTAL INVESTMENTS - 117.3% (Cost $89,542,952)** |  |  |  |  | $121050517 |
|  | **CALL OPTIONS WRITTEN - (2.4)% (Premiums received - $1,118,207)** |  |  |  |  | (2196830) |
|  | **PUT OPTIONS WRITTEN - 0.0% (Premiums received - $507,685)** |  |  |  |  | (250083) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (14.9)%** |  |  |  |  | (20275531) |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $103221899 |
| **Contracts<sup>(c)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (2.4)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (2.4)%** |  |  |  |  |  |
| 50 | Abercrombie & Fitch Company | JEF | 02/20/2026 | $80 | $400000 | $104500 |
| 70 | Agnico Eagle Mines Ltd. | JEF | 01/16/2026 | 150 | 1050000 | 180250 |
| 70 | Agnico Eagle Mines Ltd. | JEF | 03/20/2026 | 160 | 1120000 | 165550 |
| 300 | Alamos Gold, Inc. | JEF | 12/19/2025 | 30 | 900000 | 219000 |
| 250 | Alamos Gold, Inc. | JEF | 03/20/2026 | 35 | 875000 | 132500 |
| 5 | ASML Holding N.V. | JEF | 03/20/2026 | 1100 | 550000 | 39000 |
| 800 | B2Gold Corporation | JEF | 01/16/2026 | 4 | 320000 | 65600 |
| 1700 | B2Gold Corporation | JEF | 01/16/2026 | 5 | 850000 | 79900 |
| 500 | B2Gold Corporation | JEF | 04/17/2026 | 6 | 300000 | 23000 |
| 200 | Bank of America Corporation | JEF | 01/16/2026 | 50 | 1000000 | 87000 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup><br> (continued)** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
| | **WRITTEN EQUITY OPTIONS - (2.4)%** |  | | | |
|  | **CALL OPTIONS WRITTEN- (2.4)% (Continued)** |  |  |  |  |
| 50 | Citigroup, Inc. JEF | 01/16/2026 | $80 | $400000 | $125000 |
| 200 | Commercial Metals Company JEF | 12/19/2025 | 58 | 1160000 | 140600 |
| 30 | Dell Technologies, Inc. JEF | 03/20/2026 | 200 | 600000 | 4020 |
| 120 | Delta Air Lines, Inc. JEF | 03/20/2026 | 70 | 840000 | 48000 |
| 50 | Dollar Tree, Inc. JEF | 12/19/2025 | 120 | 600000 | 12450 |
| 100 | EQT Corporation JEF | 12/19/2025 | 60 | 600000 | 23200 |
| 100 | EQT Corporation JEF | 12/19/2025 | 65 | 650000 | 4800 |
| 55 | JPMorgan Chase & Company JEF | 03/20/2026 | 310 | 1705000 | 110660 |
| 150 | Las Vegas Sands Corporation JEF | 01/16/2026 | 63 | 945000 | 109500 |
| 50 | Marathon Petroleum Corporation JEF | 01/16/2026 | 185 | 925000 | 73700 |
| 140 | NCR Atleos Corporation JEF | 12/19/2025 | 30 | 420000 | 101500 |
| 15 | Oracle Corporation JEF | 03/20/2026 | 400 | 600000 | 1350 |
| 285 | Range Resources Corporation JEF | 12/19/2025 | 45 | 1282500 | 5700 |
| 600 | Sable Offshore Corporation JEF | 01/16/2026 | 5 | 300000 | 51000 |
| 100 | Suncor Energy, Inc. JEF | 12/19/2025 | 45 | 450000 | 7000 |
| 40 | WESCO International, Inc. JEF | 03/20/2026 | 230 | 920000 | 185000 |
| 30 | WESCO International, Inc. JEF | 03/20/2026 | 250 | 750000 | 97050 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,118,207) |  |  |  | 2196830 |
|  | **PUT OPTIONS WRITTEN - 0.0%<sup>(d)</sup>** |  |  |  |  |
| 75 | Advanced Micro Devices, Inc. JEF | 02/20/2026 | $170 | $1275000 | $41250 |
| 100 | Akamai Technologies, Inc. JEF | 01/16/2026 | 70 | 700000 | 2250 |
| 100 | Atkore, Inc. JEF | 12/19/2025 | 55 | 550000 | 3500 |
| 30 | Boeing Company (The) JEF | 01/16/2026 | 200 | 600000 | 42450 |
| 25 | Elevance Health, Inc. JEF | 01/16/2026 | 280 | 700000 | 6875 |
| 100 | EQT Corporation JEF | 12/19/2025 | 48 | 480000 | 1000 |
| 46 | International Flavors & Fragrances, Inc. JEF | 03/20/2026 | 55 | 253000 | 3220 |
| 250 | Lyft, Inc. JEF | 01/16/2026 | 18 | 450000 | 12500 |
| 225 | Northern Oil & Gas, Inc. JEF | 01/16/2026 | 23 | 517500 | 46688 |
| 75 | NVIDIA Corporation JEF | 01/16/2026 | 160 | 1200000 | 30375 |
| 500 | PBF Energy, Inc. JEF | 12/19/2025 | 25 | 1250000 | 18750 |
| 44 | PVH Corporation JEF | 03/20/2026 | 65 | 286000 | 7700 |
| 270 | Suncor Energy, Inc. JEF | 01/16/2026 | 38 | 1026000 | 4725 |
| 80 | Target Corporation JEF | 01/16/2026 | 90 | 720000 | 28800 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $507,685) |  |  |  | 250083 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,625,892) |  |  |  | $2446913 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (5.4)%** |  |
|  | **ASSET MANAGEMENT - (1.3)%** |  |
| (25300) | Carlyle Group, Inc. (The) | $(1379609) |
|  | **HOUSEHOLD PRODUCTS - (0.8)%** |  |
| (7500) | Clorox Company (The) | (809550) |
|  | **INSTITUTIONAL FINANCIAL SERVICES - (1.5)%** |  |
| (1900) | Goldman Sachs Group, Inc. (The) | (1569476) |
|  | **METALS & MINING - (1.0)%** |  |
| (14700) | Rio Tinto PLC - ADR | (1057665) |
|  | **OIL & GAS PRODUCERS - (0.8)%** |  |
| (2600) | Chevron Corporation | (392938) |
| (3400) | Exxon Mobil Corporation | (394128) |
|  |  | (787066) |
|  | **EXCHANGE-TRADED FUNDS — (31.4)%** |  |
|  | **COMMODITY - (2.0)%** |  |
| (5400) | SPDR Gold Shares | (2094552) |
|  | **EQUITY - (29.4)%** |  |
| (6500) | iShares Russell 1000 Growth ETF | (3096925) |
| (26100) | SPDR S&P 500 ETF | (17836479) |
| (61800) | State Street SPDR Portfolio S&P 500 Value ETF | (3515184) |
| (7000) | VanEck Gold Miners ETF | (582610) |
| (10400) | Vanguard Small-Cap Value ETF | (2201368) |
| (9200) | Vanguard Total Stock Market ETF | (3094052) |
|  |  | (30326618) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $33,550,015)** | $(38024536) |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| JEF | - Jefferies |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| H15T7Y | US Treasury Yield Curve Rate T Note Constant Maturity 7 Year |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on November 30, 2025.

<sup>(c)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(d)</sup> Percentage rounds to greater than (0.1%).

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5%** | **ASSET BACKED SECURITIES — 59.5%** |  |  | |
|  | **AGENCY CMBS — 1.6%** |  |  |  |  |
| 847054 | Freddie Mac Multifamily Structured Pass Through Series K092 X3<sup>(a),(b)</sup> |  | 2.2490 | &nbsp;&nbsp;05/25/47 | $58837 |
| 2591589 | FREMF Mortgage Trust Series 2019-KF63<sup>(c),(d)</sup> | SOFR30A + 2.464% | 6.6660 | &nbsp;&nbsp;05/25/29 | 2439011 |
| 1432850 | Government National Mortgage Association Series 92 Z |  | 4.7000 | &nbsp;&nbsp;10/16/48 | 1384717 |
| 52503 | Government National Mortgage Association Series 2012-27 IO<sup>(a),(b)</sup> |  | 0.1990 | &nbsp;&nbsp;04/16/53 | 110 |
| 131893 | Government National Mortgage Association Series 90 AC |  | 2.6000 | &nbsp;&nbsp;06/16/58 | 112858 |
| 92737 | Government National Mortgage Association Series 3 IO<sup>(a),(b)</sup> |  | 0.6400 | &nbsp;&nbsp;02/16/61 | 4156 |
| 200000 | Government National Mortgage Association Series 4 B |  | 1.9000 | &nbsp;&nbsp;02/16/61 | 122338 |
| 87963 | Government National Mortgage Association Series 2012-H27 AI<sup>(a),(b)</sup> |  | 1.8090 | &nbsp;&nbsp;10/20/62 | 1303 |
| 7468245 | Government National Mortgage Association Series 55 IO<sup>(a),(b)</sup> |  | 0.5650 | &nbsp;&nbsp;01/16/63 | 300220 |
| 1820124 | Government National Mortgage Association Series 82 Z |  | 2.0000 | &nbsp;&nbsp;02/16/64 | 879978 |
| 214758 | Government National Mortgage Association Series 4 Z |  | 1.9000 | &nbsp;&nbsp;03/16/64 | 91049 |
| 900000 | Government National Mortgage Association Series 91 BW |  | 2.2500 | &nbsp;&nbsp;08/16/64 | 431634 |
| 681621 | Government National Mortgage Association Series 216 IO<sup>(a),(b)</sup> |  | 0.7500 | &nbsp;&nbsp;07/16/65 | 37571 |
| 538068 | Government National Mortgage Association Series 2016-H24 AI<sup>(a),(b)</sup> |  | 2.0300 | &nbsp;&nbsp;11/20/66 | 26878 |
| 737176 | Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10<sup>(c),(d)</sup> | SOFR30A + 3.364% | 7.4360 | &nbsp;&nbsp;10/25/49 | 749316 |
|  |  |  |  |  | 6639976 |
|  | **AUTO LOAN — 0.8%** |  |  |  |  |
| 643926 | CPS Auto Securitization Trust Series 2021-1 A<sup>(c)</sup> |  | 7.8600 | &nbsp;&nbsp;06/16/26 | 643037 |
| 100000 | SFS Auto Receivables Securitization Trust Series 2023-1A C<sup>(c)</sup> |  | 5.9700 | &nbsp;&nbsp;02/20/31 | 102946 |
| 2367265 | United Auto Credit Securitization Trust Series 2022-2 D<sup>(c)</sup> |  | 6.8400 | &nbsp;&nbsp;01/10/28 | 2373298 |
| 3500000 | US Auto Funding Series 2021-1A D<sup>(c)</sup> |  | 4.3600 | &nbsp;&nbsp;03/15/27 | 29036 |
|  |  |  |  |  | 3148317 |
|  | **CDO — 1.3%** |  |  |  |  |
| 2409910 | Galleria CDO V Ltd. Series 5A B<sup>(c),(d)</sup> | TSFR1M + 2.662% | 7.4810 | &nbsp;&nbsp;09/19/37 | 2388093 |
| 3417418 | Mid Ocean CBO Ltd. Series 2001-1X A1L<sup>(d)</sup> | TSFR3M + 0.762% | 2.3910 | &nbsp;&nbsp;11/05/36 | 334832 |
| 2718151 | TruPS Financials Note Securitization Ltd. Series 2019-2A A1<sup>(c),(d)</sup> | TSFR3M + 2.562% | 6.3840 | &nbsp;&nbsp;02/28/39 | 2738994 |
|  |  |  |  |  | 5461919 |
|  | **CLO — 0.5%** |  |  |  |  |
| 180000 | CarVal CLO XI C Ltd. Series 3A A1<sup>(c),(d)</sup> | TSFR3M + 1.390% | 5.2740 | &nbsp;&nbsp;10/20/37 | 180332 |
| 500000 | Ellington Clo III Ltd. Series 2018-3A D<sup>(c),(d)</sup> | TSFR3M + 4.002% | 7.8860 | &nbsp;&nbsp;07/20/30 | 517926 |
| 200000 | GC FTPYME Pastor FTA Series 4<sup>(d)</sup> | EUR003M + 2.400% | 4.4640 | &nbsp;&nbsp;07/15/45 | 45006 |
| 172349 | Halcyon Loan Advisors Funding Ltd. Series 2013-2A D<sup>(c),(d)</sup> | TSFR3M + 4.062% | 7.9150 | &nbsp;&nbsp;08/01/26 | 97377 |
| 500000 | Steele Creek CLO Ltd. Series 2018-2A D<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.5360 | &nbsp;&nbsp;08/18/31 | 500784 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **CLO — 0.5% (Continued)** |  |  |  |  |
| 238962 | STWD Ltd. Series 2022-FL3 A<sup>(c),(d)</sup> | SOFR30A + 1.350% | 5.4920 | &nbsp;&nbsp;11/15/38 | $239141 |
| 408500 | STWD Ltd. Series 2022-FL3 C<sup>(c),(d)</sup> | SOFR30A + 2.200% | 6.3420 | &nbsp;&nbsp;11/15/38 | 404627 |
| 120000 | Trestles CLO VII Ltd. Series 7A A1<sup>(c),(d)</sup> | TSFR3M + 1.380% | 5.2380 | &nbsp;&nbsp;10/25/37 | 120222 |
|  |  |  |  |  | 2105415 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4%** |  |  |  |  |
| 65293 | ABN Amro Mortgage Corporation Series 2003-11 A4 |  | 5.5000 | &nbsp;&nbsp;10/25/33 | 65728 |
| 106854 | Adjustable Rate Mortgage Trust Series 2005-7 2A21<sup>(b)</sup> |  | 4.7090 | &nbsp;&nbsp;10/25/35 | 93786 |
| 447362 | Adjustable Rate Mortgage Trust Series 2005-6A 2A2<sup>(d)</sup> | TSFR1M + 0.954% | 4.9090 | &nbsp;&nbsp;11/25/35 | 123148 |
| 20574 | Alternative Loan Trust Series 1998-4 IIA3<sup>(e)</sup> |  | 5.5550 | &nbsp;&nbsp;08/25/28 | 20358 |
| 18394 | Alternative Loan Trust Series 2007-9T1 |  | 5.5000 | &nbsp;&nbsp;05/25/32 | 9949 |
| 67387 | Alternative Loan Trust Series 2005-J1 3A1 |  | 6.5000 | &nbsp;&nbsp;08/25/32 | 68277 |
| 14342 | Alternative Loan Trust Series 2004-J11 3A1 |  | 7.2500 | &nbsp;&nbsp;08/25/32 | 14554 |
| 82707 | Alternative Loan Trust Series 2003-J2 A1 |  | 6.0000 | &nbsp;&nbsp;10/25/33 | 84805 |
| 73661 | Alternative Loan Trust Series 2003-J3 1A3 |  | 5.2500 | &nbsp;&nbsp;11/25/33 | 73905 |
| 39921 | Alternative Loan Trust Series 2003-22CB 1A1 |  | 5.7500 | &nbsp;&nbsp;12/25/33 | 40797 |
| 33670 | Alternative Loan Trust Series 2003-J3 2A1 |  | 6.2500 | &nbsp;&nbsp;12/25/33 | 35614 |
| 6761 | Alternative Loan Trust Series 2004-16CB 1A1 |  | 5.5000 | &nbsp;&nbsp;07/25/34 | 6732 |
| 125894 | Alternative Loan Trust Series 2004-J8 2A1 |  | 7.0000 | &nbsp;&nbsp;08/25/34 | 134778 |
| 19264 | Alternative Loan Trust Series 2004-J10 2CB1 |  | 6.0000 | &nbsp;&nbsp;09/25/34 | 19620 |
| 481344 | Alternative Loan Trust Series 2004-J10 5CB1 |  | 5.5000 | &nbsp;&nbsp;11/25/34 | 491427 |
| 246180 | Alternative Loan Trust Series 2004-27CB A1 |  | 6.0000 | &nbsp;&nbsp;12/25/34 | 222481 |
| 357429 | Alternative Loan Trust Series 2004-28CB 2A4 |  | 5.7500 | &nbsp;&nbsp;01/25/35 | 334233 |
| 68744 | Alternative Loan Trust Series 2004-28CB 3A1 |  | 6.0000 | &nbsp;&nbsp;01/25/35 | 61523 |
| 28678 | Alternative Loan Trust Series 2004-28CB 6A1 |  | 6.0000 | &nbsp;&nbsp;01/25/35 | 26963 |
| 25891 | Alternative Loan Trust Series 2005-3CB 1A9 |  | 5.0000 | &nbsp;&nbsp;03/25/35 | 21564 |
| 106190 | Alternative Loan Trust Series 2005-6CB 1A6 |  | 5.5000 | &nbsp;&nbsp;04/25/35 | 91198 |
| 46797 | Alternative Loan Trust Series 2005-14 2A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.4890 | &nbsp;&nbsp;05/25/35 | 45707 |
| 129765 | Alternative Loan Trust Series 2005-J8 1A5 |  | 5.5000 | &nbsp;&nbsp;07/25/35 | 89590 |
| 141547 | Alternative Loan Trust Series 2005-27 2A1<sup>(d)</sup> | 12MTA + 1.350% | 5.4280 | &nbsp;&nbsp;08/25/35 | 123958 |
| 35750 | Alternative Loan Trust Series 2005-J11 2A1 |  | 6.0000 | &nbsp;&nbsp;10/25/35 | 16347 |
| 27829 | Alternative Loan Trust Series 2005-54CB 1A11 |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 21472 |
| 49780 | Alternative Loan Trust Series 2005-J11 1A3 |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 26812 |
| 83344 | Alternative Loan Trust Series 2005-61 2A1<sup>(d)</sup> | TSFR1M + 0.674% | 4.6290 | &nbsp;&nbsp;12/25/35 | 79593 |
| 97119 | Alternative Loan Trust Series 2005-72 A3<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;01/25/36 | 99984 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 105105 | Alternative Loan Trust Series 2006-40T1 2A1 |  | 6.0000 | &nbsp;&nbsp;12/25/36 | $28717 |
| 29972 | Alternative Loan Trust Resecuritization Series 2005-12R A3 |  | 6.0000 | &nbsp;&nbsp;11/25/34 | 29834 |
| 738357 | Alternative Loan Trust Resecuritization Series 2005-12R A4 |  | 6.0000 | &nbsp;&nbsp;11/25/34 | 735968 |
| 367484 | Alternative Loan Trust Resecuritization Series 2008-2R 2A1<sup>(b)</sup> |  | 3.7900 | &nbsp;&nbsp;08/25/37 | 160063 |
| 74799 | American Home Mortgage Investment Trust Series 2004-1 2M1<sup>(d)</sup> | TSFR6M + 2.428% | 6.1570 | &nbsp;&nbsp;04/25/44 | 70323 |
| 131569 | Banc of America Alternative Loan Trust Series 2003-8 1CB1 |  | 5.5000 | &nbsp;&nbsp;10/25/33 | 133375 |
| 87147 | Banc of America Alternative Loan Trust Series 2004-6 3A1 |  | 6.0000 | &nbsp;&nbsp;07/25/34 | 87928 |
| 41005 | Banc of America Alternative Loan Trust Series 2007-1 1A1<sup>(b)</sup> |  | 3.7900 | &nbsp;&nbsp;02/25/57 | 37941 |
| 989637 | Banc of America Funding Trust Series 2004-B 3A2<sup>(b)</sup> |  | 4.6220 | &nbsp;&nbsp;12/20/34 | 801720 |
| 40186 | Banc of America Funding Trust Series 2005-E 8A1<sup>(d)</sup> | 12MTA + 1.430% | 5.5080 | &nbsp;&nbsp;06/20/35 | 32152 |
| 940564 | Banc of America Funding Trust Series 2010-R3 4A3<sup>(b),(c)</sup> |  | 6.0000 | &nbsp;&nbsp;06/26/36 | 814686 |
| 72610 | Banc of America Funding Trust Series 2007-2 1A8<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;03/25/37 | 13473 |
| 630086 | Banc of America Funding Trust Series 2006-I 4A1<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;10/20/46 | 529597 |
| 16352 | Banc of America Mortgage Trust Series 2002-L 1A1<sup>(b)</sup> |  | 3.1960 | &nbsp;&nbsp;12/25/32 | 13977 |
| 26396 | Banc of America Mortgage Trust Series 2003-L 2A1<sup>(b)</sup> |  | 6.6360 | &nbsp;&nbsp;01/25/34 | 26322 |
| 31063 | Banc of America Mortgage Trust Series 2005-E 2A1<sup>(b)</sup> |  | 5.3270 | &nbsp;&nbsp;06/25/35 | 28449 |
| 39909 | Banc of America Mortgage Trust Series 2005-F 3A1<sup>(b)</sup> |  | 5.4270 | &nbsp;&nbsp;07/25/35 | 33610 |
| 18622 | Banc of America Mortgage Trust Series 2005-H 2A1<sup>(b)</sup> |  | 5.1150 | &nbsp;&nbsp;09/25/35 | 16632 |
| 108355 | Banc of America Mortgage Trust Series 2005-L 2A4<sup>(b)</sup> |  | 5.6660 | &nbsp;&nbsp;01/25/36 | 98785 |
| 279129 | BCAP, LLC Series 2014-RR2 7A2<sup>(c),(d)</sup> | TSFR1M + 0.314% | 4.1920 | &nbsp;&nbsp;01/26/38 | 278802 |
| 797084 | BCAP, LLC Trust Series 2011-RR5 12A1<sup>(c),(e)</sup> |  | 4.4790 | &nbsp;&nbsp;03/26/37 | 794765 |
| 627137 | BCAP, LLC Trust Series 2011-RR10 1A2<sup>(b),(c)</sup> |  | 5.0000 | &nbsp;&nbsp;03/26/37 | 481192 |
| 3365 | Bear Stearns ALT-A Trust Series 2004-11 2A1<sup>(b)</sup> |  | 3.1040 | &nbsp;&nbsp;11/25/34 | 3157 |
| 21311 | Bear Stearns ALT-A Trust Series 2005-4 23A2<sup>(b)</sup> |  | 5.4210 | &nbsp;&nbsp;05/25/35 | 20452 |
| 576844 | Bear Stearns ARM Trust Series 2003-1 1A1<sup>(b)</sup> |  | 3.9330 | &nbsp;&nbsp;04/25/33 | 490928 |
| 54087 | Bear Stearns ARM Trust Series 2003-4 B1<sup>(b)</sup> |  | 6.1550 | &nbsp;&nbsp;07/25/33 | 49238 |
| 22065 | Bear Stearns ARM Trust Series 2003-5 1A1<sup>(b)</sup> |  | 6.6250 | &nbsp;&nbsp;08/25/33 | 21623 |
| 3655 | Bear Stearns ARM Trust Series 2003-7 6A<sup>(b)</sup> |  | 5.7470 | &nbsp;&nbsp;10/25/33 | 3551 |
| 36371 | Bear Stearns ARM Trust Series 2003-8 2A1<sup>(b)</sup> |  | 5.9180 | &nbsp;&nbsp;01/25/34 | 34825 |
| 89208 | Bear Stearns ARM Trust Series 2004-1 124M<sup>(b)</sup> |  | 2.1580 | &nbsp;&nbsp;04/25/34 | 78506 |
| 8665 | Bear Stearns ARM Trust Series 2004-1 21A1<sup>(b)</sup> |  | 6.2110 | &nbsp;&nbsp;04/25/34 | 8598 |
| 82326 | Bear Stearns ARM Trust Series 2004-5<sup>(b)</sup> |  | 4.1880 | &nbsp;&nbsp;07/25/34 | 77734 |
| 82301 | Bear Stearns ARM Trust Series 2004-6 3A<sup>(b)</sup> |  | 6.2870 | &nbsp;&nbsp;09/25/34 | 79732 |
| 809414 | Bear Stearns ARM Trust Series 2004-8 13A1<sup>(b)</sup> |  | 4.0010 | &nbsp;&nbsp;11/25/34 | 717286 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 27330 | Bear Stearns ARM Trust Series 2004-8 2A1<sup>(b)</sup> |  | 5.3880 | &nbsp;&nbsp;11/25/34 | $25441 |
| 35810 | Bear Stearns ARM Trust Series 2004-10 12A5<sup>(b)</sup> |  | 5.0360 | &nbsp;&nbsp;01/25/35 | 34648 |
| 582637 | Bear Stearns Asset Backed Securities I Trust Series 2006-AC2 21A6 |  | 6.0000 | &nbsp;&nbsp;03/25/36 | 224775 |
| 495392 | Bear Stearns Asset Backed Securities Trust Series 2003-AC7 A1<sup>(e)</sup> |  | 5.5000 | &nbsp;&nbsp;01/25/34 | 416250 |
| 119087 | Bear Stearns Structured Products, Inc. Trust Series 2007-R6 1A1<sup>(b)</sup> |  | 4.3860 | &nbsp;&nbsp;01/26/36 | 85906 |
| 16647 | Bella Vista Mortgage Trust Series 2004-1 1A<sup>(d)</sup> | TSFR1M + 0.814% | 4.7730 | &nbsp;&nbsp;11/20/34 | 16577 |
| 51115 | BlackRock Capital Finance, L.P. Series 1997-R2 1B1<sup>(b),(c)</sup> |  | 3.5020 | &nbsp;&nbsp;12/25/35 | 43703 |
| 405127 | BRAVO Residential Funding Trust Series 2023-NQM4 A1<sup>(c),(e)</sup> |  | 6.4350 | &nbsp;&nbsp;05/25/63 | 406994 |
| 61735 | CDMC Mortgage Pass-Through Certificates Series 2004-4 A8<sup>(b)</sup> |  | 5.3790 | &nbsp;&nbsp;09/25/34 | 61820 |
| 79974 | CDMC Mortgage Pass-Through Certificates Series 2005-1 A4<sup>(b)</sup> |  | 5.1050 | &nbsp;&nbsp;02/18/35 | 79825 |
| 872490 | Cendant Mortgage Capital, LLC CDMC Mortgage Pass Through Certificates Series 2004-1 A7 |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 875168 |
| 230000 | CFMT, LLC Series 2022-HB9 M3<sup>(b),(c)</sup> |  | 3.2500 | &nbsp;&nbsp;09/25/37 | 219472 |
| 85646 | Chase Home Lending Mortgage Trust Series 2019-1 B4<sup>(b),(c)</sup> |  | 3.8790 | &nbsp;&nbsp;03/25/50 | 76500 |
| 107425 | Chase Mortgage Finance Trust Series 2004-S2 2A4 |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 108296 |
| 229665 | Chase Mortgage Finance Trust Series 2006-A1 2A3<sup>(b)</sup> |  | 5.2740 | &nbsp;&nbsp;09/25/36 | 204520 |
| 469816 | Chase Mortgage Finance Trust Series 2007-S3 AP<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;05/25/37 | 3377 |
| 264259 | Chase Mortgage Finance Trust Series 2007-S3 1A17<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;05/25/37 | 73061 |
| 296788 | Chevy Chase Funding, LLC Mortgage-Backed Series 2004-3A A1<sup>(c),(d)</sup> | TSFR1M + 0.364% | 4.3190 | &nbsp;&nbsp;08/25/35 | 291222 |
| 149670 | Chevy Chase Funding, LLC Mortgage-Backed Series 2005-4A A2<sup>(c),(d)</sup> | TSFR1M + 0.364% | 4.3190 | &nbsp;&nbsp;10/25/36 | 113569 |
| 332331 | CHL Mortgage Pass-Through Trust Series 2002-19 1A1 |  | 6.2500 | &nbsp;&nbsp;11/25/32 | 283347 |
| 68870 | CHL Mortgage Pass-Through Trust Series 2002-39 A37 |  | 5.7500 | &nbsp;&nbsp;02/25/33 | 68168 |
| 95898 | CHL Mortgage Pass-Through Trust Series 2003-60 2A1<sup>(b)</sup> |  | 6.4910 | &nbsp;&nbsp;02/25/34 | 91827 |
| 21477 | CHL Mortgage Pass-Through Trust Series 2004-3 A4 |  | 5.7500 | &nbsp;&nbsp;04/25/34 | 21526 |
| 47965 | CHL Mortgage Pass-Through Trust Series 2004-5 2A9 |  | 5.2500 | &nbsp;&nbsp;05/25/34 | 47332 |
| 53765 | CHL Mortgage Pass-Through Trust Series 2004-5 2A2 |  | 5.5000 | &nbsp;&nbsp;05/25/34 | 53552 |
| 44132 | CHL Mortgage Pass-Through Trust Series 2004-6 2A1<sup>(b)</sup> |  | 5.8220 | &nbsp;&nbsp;05/25/34 | 43153 |
| 16432 | CHL Mortgage Pass-Through Trust Series 2004-HYB2 2A<sup>(b)</sup> |  | 6.9910 | &nbsp;&nbsp;07/20/34 | 15771 |
| 89288 | CHL Mortgage Pass-Through Trust Series 2004-J5 A4 |  | 5.5000 | &nbsp;&nbsp;07/25/34 | 88805 |
| 31528 | CHL Mortgage Pass-Through Trust Series 2004-14 4A1<sup>(b)</sup> |  | 5.5810 | &nbsp;&nbsp;08/25/34 | 29820 |
| 45838 | CHL Mortgage Pass-Through Trust Series 2004-J9 2A6 |  | 5.5000 | &nbsp;&nbsp;01/25/35 | 45548 |
| 39072 | CHL Mortgage Pass-Through Trust Series 2004-HYB5 6A2<sup>(b)</sup> |  | 5.1890 | &nbsp;&nbsp;04/20/35 | 36240 |
| 407029 | CHL Mortgage Pass-Through Trust Series 2005-14 A2 |  | 5.5000 | &nbsp;&nbsp;07/25/35 | 152492 |
| 2971184 | CHL Mortgage Pass-Through Trust Series 2005-14 A1 |  | 6.0000 | &nbsp;&nbsp;07/25/35 | 1144505 |
| 473384 | CHL Mortgage Pass-Through Trust Series 2005-J2 3A12 |  | 5.0000 | &nbsp;&nbsp;08/25/35 | 288113 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 118482 | CHL Mortgage Pass-Through Trust Series 2006-J1 3A1 |  | 6.0000 | &nbsp;&nbsp;02/25/36 | $38299 |
| 63106 | CHL Mortgage Pass-Through Trust Series 2007-HY1 2A1<sup>(b)</sup> |  | 4.0380 | &nbsp;&nbsp;03/25/37 | 56421 |
| 288688 | CHL Mortgage Pass-Through Trust Series 2007-15 2A2 |  | 6.5000 | &nbsp;&nbsp;09/25/37 | 103021 |
| 250000 | CHNGE Mortgage Trust Series 2023-1 M1<sup>(b),(c)</sup> |  | 8.1160 | &nbsp;&nbsp;03/25/58 | 250634 |
| 2000000 | CHNGE Mortgage Trust Series 2023-2 M1<sup>(b),(c)</sup> |  | 8.0090 | &nbsp;&nbsp;06/25/58 | 2020620 |
| 225000 | CHNGE Mortgage Trust Series 2022-2 B2<sup>(b),(c)</sup> |  | 4.5940 | &nbsp;&nbsp;03/25/67 | 170723 |
| 87535 | Citicorp Mortgage Securities REMIC Pass-Through Series 2005-4 1A5 |  | 5.5000 | &nbsp;&nbsp;07/25/35 | 87564 |
| 23572 | Citicorp Mortgage Securities Trust Series 2006-3 1A9 |  | 5.7500 | &nbsp;&nbsp;06/25/36 | 21579 |
| 34590 | Citicorp Mortgage Securities Trust Series 2006-6 A4 |  | 6.0000 | &nbsp;&nbsp;11/25/36 | 35649 |
| 65052 | Citicorp Mortgage Securities Trust Series 2007-2 APO<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;02/25/37 | 35210 |
| 169362 | Citicorp Mortgage Securities Trust Series 2007-4 1A5 |  | 6.0000 | &nbsp;&nbsp;05/25/37 | 149874 |
| 84232 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 1997-HUD2 B2<sup>(b)</sup> |  | 6.6030 | &nbsp;&nbsp;11/25/27 | 48 |
| 3452 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 2002-HYB1 B2<sup>(b)</sup> |  | 6.6070 | &nbsp;&nbsp;09/25/32 | 3235 |
| 136888 | Citigroup Mortgage Loan Trust Series 2009-10 6A2<sup>(b),(c)</sup> |  | 6.2870 | &nbsp;&nbsp;09/25/34 | 126129 |
| 118156 | Citigroup Mortgage Loan Trust Series 2009-4 7A5<sup>(b),(c)</sup> |  | 5.4970 | &nbsp;&nbsp;05/25/35 | 113037 |
| 13627 | Citigroup Mortgage Loan Trust Series 2014-10 4A1<sup>(b),(c)</sup> |  | 4.2750 | &nbsp;&nbsp;02/25/37 | 13593 |
| 34155 | Citigroup Mortgage Loan Trust Series 2015-RP2 A<sup>(c)</sup> |  | 4.2500 | &nbsp;&nbsp;01/25/53 | 33582 |
| 300000 | Citigroup Mortgage Loan Trust Series 2020-EXP1 B1<sup>(b),(c)</sup> |  | 4.4670 | &nbsp;&nbsp;05/25/60 | 261571 |
| 7836 | Citigroup Mortgage Loan Trust, Inc. Series 2003-1 3A4 |  | 5.2500 | &nbsp;&nbsp;09/25/33 | 7780 |
| 15713 | Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A6<sup>(b)</sup> |  | 6.2250 | &nbsp;&nbsp;08/25/34 | 15044 |
| 51437 | Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A4<sup>(b)</sup> |  | 6.5310 | &nbsp;&nbsp;08/25/34 | 48631 |
| 34623 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 1CB2 |  | 6.7500 | &nbsp;&nbsp;08/25/34 | 35628 |
| 31222 | Citigroup Mortgage Loan Trust, Inc. Series 2005-2 2A11 |  | 5.5000 | &nbsp;&nbsp;05/25/35 | 31390 |
| 23476 | COLT Funding, LLC Series 2021-3R A2<sup>(b),(c)</sup> |  | 1.2570 | &nbsp;&nbsp;12/25/64 | 21826 |
| 3493891 | COLT Mortgage Loan Trust Series 2022-9 A1<sup>(c),(e)</sup> |  | 6.7900 | &nbsp;&nbsp;12/25/67 | 3484547 |
| 400000 | COLT Mortgage Loan Trust Series 2023-2 B1<sup>(b),(c)</sup> |  | 7.9440 | &nbsp;&nbsp;07/25/68 | 404718 |
| 120000 | Connecticut Avenue Securities Trust Series 2022-R01 1B1<sup>(c),(d)</sup> | SOFR30A + 3.150% | 7.2220 | &nbsp;&nbsp;12/25/41 | 122471 |
| 108117 | Credit Suisse First Boston Mortgage Securities Series 2001-26 5A1<sup>(b)</sup> |  | 3.5780 | &nbsp;&nbsp;11/25/31 | 107884 |
| 216743 | Credit Suisse First Boston Mortgage Securities Series 2002-NP14 M1<sup>(c),(d)</sup> | TSFR1M + 2.302% | 5.0780 | &nbsp;&nbsp;11/25/31 | 99125 |
| 54482 | Credit Suisse First Boston Mortgage Securities Series 2003-11 1A31 |  | 5.5000 | &nbsp;&nbsp;06/25/33 | 55041 |
| 292722 | Credit Suisse First Boston Mortgage Securities Series 2003-19 1A19 |  | 5.2500 | &nbsp;&nbsp;07/25/33 | 293910 |
| 15809 | Credit Suisse First Boston Mortgage Securities Series 2003-21 1A4 |  | 5.2500 | &nbsp;&nbsp;09/25/33 | 15897 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 41776 | Credit Suisse First Boston Mortgage Securities Series 2003-25 1A8 |  | 5.5000 | &nbsp;&nbsp;10/25/33 | $41304 |
| 125329 | Credit Suisse First Boston Mortgage Securities Series 2003-25 1A11 |  | 5.5000 | &nbsp;&nbsp;10/25/33 | 124046 |
| 70693 | Credit Suisse First Boston Mortgage Securities Series 23 1A11 |  | 6.0000 | &nbsp;&nbsp;10/25/33 | 66768 |
| 129626 | Credit Suisse First Boston Mortgage Securities Series 2004-6 1A3 |  | 5.5000 | &nbsp;&nbsp;10/25/34 | 126277 |
| 100037 | Credit Suisse First Boston Mortgage Securities Series 2005-8 9A9<sup>(d)</sup> | TSFR1M + 0.764% | 4.7190 | &nbsp;&nbsp;09/25/35 | 65417 |
| 5706 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 2A1 |  | 5.2500 | &nbsp;&nbsp;01/25/26 | 1 |
| 361932 | CSFB Mortgage-Backed Pass-Through Certificates Series 2002-9 1A2 |  | 7.5000 | &nbsp;&nbsp;03/25/32 | 326149 |
| 72195 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24 3A1<sup>(b)</sup> |  | 6.1640 | &nbsp;&nbsp;10/25/33 | 70096 |
| 70084 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 4A4 |  | 5.7500 | &nbsp;&nbsp;11/25/33 | 72627 |
| 350622 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 1A5 |  | 6.0000 | &nbsp;&nbsp;08/25/34 | 357369 |
| 14683 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-3 7A5 |  | 5.7500 | &nbsp;&nbsp;07/25/35 | 14594 |
| 2157137 | CSMC Trust Series 2014-10R 1A2<sup>(b),(c)</sup> |  | 7.4090 | &nbsp;&nbsp;05/27/36 | 485930 |
| 309602 | CSMC Trust Series 2007-5R A5 |  | 6.5000 | &nbsp;&nbsp;07/26/36 | 64460 |
| 878990 | CSMC Trust Series 2015-6R 9A3<sup>(b),(c)</sup> |  | 11.5200 | &nbsp;&nbsp;11/27/36 | 895859 |
| 19585 | CSMC Trust Series 2014-2R 28A1<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;06/27/37 | 19213 |
| 29249 | CSMC Trust Series 2010-18R 4A4<sup>(b),(c)</sup> |  | 3.5000 | &nbsp;&nbsp;04/26/38 | 29079 |
| 94952 | CSMC Trust Series 2013-7 A2<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;08/25/43 | 87014 |
| 279423 | CSMC Trust Series 2021-RPL2 M3<sup>(b),(c)</sup> |  | 3.5550 | &nbsp;&nbsp;01/25/60 | 195098 |
| 417948 | Deutsche Alt-B Securities Mortgage Loan Trust Series AB1 PO<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;04/25/37 | 205365 |
| 25858 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1 1A1 |  | 5.5000 | &nbsp;&nbsp;09/25/33 | 26425 |
| 253017 | DSLA Mortgage Loan Trust Series 2004-AR4 2A1A<sup>(d)</sup> | TSFR1M + 0.834% | 4.7930 | &nbsp;&nbsp;01/19/45 | 193932 |
| 133663 | DSLA Mortgage Loan Trust Series 2005-AR5 2A1A<sup>(d)</sup> | TSFR1M + 0.774% | 4.7330 | &nbsp;&nbsp;09/19/45 | 70701 |
| 2000000 | Ellington Financial Mortgage Trust Series 2019-2 B2<sup>(b),(c)</sup> |  | 5.7290 | &nbsp;&nbsp;11/25/59 | 1967054 |
| 400000 | Ellington Financial Mortgage Trust Series 2022-1 B2<sup>(b),(c)</sup> |  | 3.8600 | &nbsp;&nbsp;01/25/67 | 291258 |
| 537497 | Fannie Mae Grantor Trust Series 2004-T5 AB1<sup>(b)</sup> |  | 4.3560 | &nbsp;&nbsp;05/28/35 | 511992 |
| 90728 | Fannie Mae REMIC Trust Series 2004-W14 3A |  | 8.0000 | &nbsp;&nbsp;07/25/44 | 94101 |
| 71667 | Fannie Mae REMICS Series 26 A1 |  | 7.0000 | &nbsp;&nbsp;01/25/48 | 74735 |
| 147398 | Fannie Mae Trust Series 2005-W3 3A<sup>(b)</sup> |  | 4.9420 | &nbsp;&nbsp;04/25/45 | 145760 |
| 41117 | Financial Asset Securities Corp AAA Trust Series 2005-2 A3<sup>(c),(d)</sup> | TSFR1M + 0.414% | 4.3480 | &nbsp;&nbsp;11/26/35 | 38348 |
| 104731 | First Horizon Alternative Mortgage Securities Series 2004-AA1 A1<sup>(b)</sup> |  | 5.8150 | &nbsp;&nbsp;06/25/34 | 104595 |
| 6596 | First Horizon Alternative Mortgage Securities Series 2004-AA3 A1<sup>(b)</sup> |  | 5.0560 | &nbsp;&nbsp;09/25/34 | 6744 |
| 15352 | First Horizon Alternative Mortgage Securities Series 2004-AA4 A1<sup>(b)</sup> |  | 5.1770 | &nbsp;&nbsp;10/25/34 | 15131 |
| 45738 | First Horizon Alternative Mortgage Securities Series AA7 2A2<sup>(b)</sup> |  | 5.6390 | &nbsp;&nbsp;02/25/35 | 42072 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 69611 | First Horizon Alternative Mortgage Securities Series 2007-FA4 1A8 |  | 6.2500 | &nbsp;&nbsp;08/25/37 | $23523 |
| 29935 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5 3A1<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;10/25/35 |  |
| 501 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5 1A1<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;11/25/35 | 3 |
| 77386 | First Horizon Mortgage Pass-Through Trust Series 2006-AR3 1A1<sup>(b)</sup> |  | 3.7310 | &nbsp;&nbsp;11/25/36 | 35148 |
| 216286 | First Horizon Mortgage Pass-Through Trust Series 2007-AR3 1A1<sup>(b)</sup> |  | 4.5320 | &nbsp;&nbsp;11/25/37 | 83021 |
| 317935 | Flagstar Mortgage Trust Series 2018-3INV B4<sup>(b),(c)</sup> |  | 4.4400 | &nbsp;&nbsp;05/25/48 | 301516 |
| 91671 | Flagstar Mortgage Trust Series 2021-13IN B5<sup>(b),(c)</sup> |  | 3.3530 | &nbsp;&nbsp;12/30/51 | 75291 |
| 46601 | Freddie Mac REMICS Series 4203 PS<sup>(a),(d)</sup> | SOFR30A + 6.136% | 1.9940 | &nbsp;&nbsp;09/15/42 | 3700 |
| 1000000 | Freddie Mac STACR Trust Series 2019-DNA3 B2<sup>(c),(d)</sup> | SOFR30A + 8.264% | 12.3360 | &nbsp;&nbsp;07/25/49 | 1124097 |
| 87835 | Freddie Mac Structured Pass-Through Certificates Series 60 2A1<sup>(b)</sup> |  | 4.3190 | &nbsp;&nbsp;03/25/44 | 82915 |
| 109923 | Freddie Mac Structured Pass-Through Certificates Series T-61 1A1<sup>(d)</sup> | 12MTA + 1.400% | 5.5090 | &nbsp;&nbsp;07/25/44 | 106885 |
| 126040 | Freddie Mac Structured Pass-Through Certificates Series T-62 1A1<sup>(d)</sup> | 12MTA + 1.200% | 5.3090 | &nbsp;&nbsp;10/25/44 | 116080 |
| 17331 | Galton Funding Mortgage Trust Series 2017-1 A22<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;07/25/56 | 15699 |
| 93496 | GCAT Trust Series 2024-INV1 1A2<sup>(b),(c)</sup> |  | 5.5000 | &nbsp;&nbsp;01/25/54 | 94153 |
| 345618 | Global Mortgage Securitization Ltd. Series 2004-A A3<sup>(b),(c)</sup> |  | 8.5640 | &nbsp;&nbsp;11/25/32 | 347834 |
| 60923 | GMACM Mortgage Loan Trust Series 2004-J2 A8 |  | 5.7500 | &nbsp;&nbsp;06/25/34 | 61288 |
| 1228765 | GMACM Mortgage Loan Trust Series 2005-AR5 4A1<sup>(b)</sup> |  | 4.8980 | &nbsp;&nbsp;09/19/35 | 1019496 |
| 97952 | GMACM Mortgage Loan Trust Series 2006-AR1 1A1<sup>(b)</sup> |  | 3.7580 | &nbsp;&nbsp;04/19/36 | 81214 |
| 102096 | GS Mortgage Securities Corporation II Series 2000-1A A<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.7890 | &nbsp;&nbsp;03/30/33 | 71543 |
| 401423 | GS Mortgage-Backed Securities Corp Trust Series 2019-PJ1 B3<sup>(b),(c)</sup> |  | 4.0150 | &nbsp;&nbsp;08/25/49 | 365341 |
| 14816 | GSMPS Mortgage Loan Trust Series 1998-1 A<sup>(b),(c)</sup> |  | 8.0000 | &nbsp;&nbsp;09/19/27 | 14526 |
| 775355 | GSMPS Mortgage Loan Trust Series 2000-1 A<sup>(b),(c)</sup> |  | 8.5000 | &nbsp;&nbsp;06/19/29 | 757656 |
| 56172 | GSMPS Mortgage Loan Trust Series 2004-2R A<sup>(b),(c)</sup> |  | 7.1390 | &nbsp;&nbsp;02/25/34 | 10041 |
| 832601 | GSMPS Mortgage Loan Trust Series 2004-4 1AF<sup>(c),(d)</sup> | TSFR1M + 0.514% | 4.4690 | &nbsp;&nbsp;06/25/34 | 752385 |
| 1346508 | GSMPS Mortgage Loan Trust Series 2004-4 1A2<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;06/25/34 | 1343406 |
| 266634 | GSMPS Mortgage Loan Trust Series 2004-4 1A3<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;06/25/34 | 264742 |
| 25713 | GSMPS Mortgage Loan Trust Series 2005-RP2 1AF<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.4190 | &nbsp;&nbsp;03/25/35 | 24241 |
| 139082 | GSMPS Mortgage Loan Trust Series 2005-RP3 1AF<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.4190 | &nbsp;&nbsp;09/25/35 | 119860 |
| 98274 | GSMPS Mortgage Loan Trust Series 2006-RP1 1A2<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;01/25/36 | 88134 |
| 782774 | GSMSC Pass-Through Trust Series 2008-2R 2A1<sup>(b),(c)</sup> |  | 7.5000 | &nbsp;&nbsp;10/25/36 | 85540 |
| 61706 | GSR Mortgage Loan Trust Series 2003-3F 1A6 |  | 6.0000 | &nbsp;&nbsp;04/25/33 | 62536 |
| 87452 | GSR Mortgage Loan Trust Series 2004-7 1A1<sup>(b)</sup> |  | 4.8400 | &nbsp;&nbsp;06/25/34 | 84373 |
| 557965 | GSR Mortgage Loan Trust Series 2004-12 1B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;12/25/34 | 111387 |
| 35831 | GSR Mortgage Loan Trust Series 2005-4F 6A1 |  | 6.5000 | &nbsp;&nbsp;02/25/35 | 35270 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 13619 | GSR Mortgage Loan Trust Series 2005-AR3 2A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.5090 | &nbsp;&nbsp;05/25/35 | $11129 |
| 18888 | GSR Mortgage Loan Trust Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.5090 | &nbsp;&nbsp;05/25/35 | 17923 |
| 2085 | GSR Mortgage Loan Trust Series 2005-6F 1A7 |  | 5.2500 | &nbsp;&nbsp;07/25/35 | 1954 |
| 527985 | GSR Mortgage Loan Trust Series 2005-AR4 2A1<sup>(b)</sup> |  | 6.2950 | &nbsp;&nbsp;07/25/35 | 268095 |
| 27458 | GSR Mortgage Loan Trust Series 2005-8F 3A4 |  | 6.0000 | &nbsp;&nbsp;11/25/35 | 9389 |
| 104852 | GSR Mortgage Loan Trust Series 2006-1F 2A16 |  | 6.0000 | &nbsp;&nbsp;02/25/36 | 43154 |
| 2336685 | GSR Mortgage Loan Trust Series 2006-10F 4A1<sup>(d)</sup> | TSFR1M + 0.464% | 4.4190 | &nbsp;&nbsp;01/25/37 | 307037 |
| 70609 | GSR Mortgage Loan Trust Series 2007-AR2 2A1<sup>(b)</sup> |  | 5.1340 | &nbsp;&nbsp;05/25/37 | 35889 |
| 132397 | HarborView Mortgage Loan Trust Series 2003-1 A<sup>(b)</sup> |  | 5.0800 | &nbsp;&nbsp;05/19/33 | 121387 |
| 881702 | HarborView Mortgage Loan Trust Series 2004-7 4A<sup>(b)</sup> |  | 5.0480 | &nbsp;&nbsp;11/19/34 | 809161 |
| 90716 | HarborView Mortgage Loan Trust Series 2005-4 3A1<sup>(b)</sup> |  | 4.7490 | &nbsp;&nbsp;07/19/35 | 67481 |
| 157333 | HSI Asset Loan Obligation Trust Series 2007-AR1 4A1<sup>(b)</sup> |  | 4.9880 | &nbsp;&nbsp;01/25/37 | 119249 |
| 192909 | HSI Asset Loan Obligation Trust Series 2007-1 2A12 |  | 6.5000 | &nbsp;&nbsp;06/25/37 | 72765 |
| 150883 | HSI Asset Loan Obligation Trust Series 2007-AR2 4A1<sup>(b)</sup> |  | 4.6480 | &nbsp;&nbsp;09/25/37 | 115651 |
| 157810 | Hundred Acre Wood Trust Series 2021-INV1 B2<sup>(b),(c)</sup> |  | 3.2330 | &nbsp;&nbsp;07/25/51 | 138479 |
| 250230 | Hundred Acre Wood Trust Series 2021-INV1 B1<sup>(b),(c)</sup> |  | 3.2330 | &nbsp;&nbsp;07/25/51 | 222278 |
| 131751 | Hundred Acre Wood Trust Series 2021-INV3 B3<sup>(b),(c)</sup> |  | 3.3150 | &nbsp;&nbsp;12/25/51 | 113720 |
| 21197 | Impac CMB Trust Series 2003-2F M2<sup>(e)</sup> |  | 6.5700 | &nbsp;&nbsp;01/25/33 | 21178 |
| 35982 | Impac CMB Trust Series 2003-4 3M2<sup>(e)</sup> |  | 5.7290 | &nbsp;&nbsp;07/25/33 | 35727 |
| 25724 | Impac CMB Trust Series 2004-10 3M2<sup>(d)</sup> | TSFR1M + 0.999% | 4.9540 | &nbsp;&nbsp;03/25/35 | 24773 |
| 26087 | Impac CMB Trust Series 2004-10 3M3<sup>(d)</sup> | TSFR1M + 1.089% | 5.0440 | &nbsp;&nbsp;03/25/35 | 24646 |
| 16899 | Impac CMB Trust Series 2005-2 2B<sup>(d)</sup> | TSFR1M + 2.589% | 6.5440 | &nbsp;&nbsp;04/25/35 | 17120 |
| 168181 | Impac CMB Trust Series 2005-4 2M1<sup>(d)</sup> | TSFR1M + 0.614% | 4.8190 | &nbsp;&nbsp;05/25/35 | 163433 |
| 427773 | Impac CMB Trust Series 2005-4 2M2<sup>(d)</sup> | TSFR1M + 0.864% | 5.1940 | &nbsp;&nbsp;05/25/35 | 429533 |
| 294626 | Impac CMB Trust Series 2005-8 2M1<sup>(d)</sup> | TSFR1M + 0.864% | 4.8190 | &nbsp;&nbsp;02/25/36 | 281238 |
| 63915 | Impac CMB Trust Series 2005-8 2M3<sup>(d)</sup> | TSFR1M + 2.364% | 6.3190 | &nbsp;&nbsp;02/25/36 | 64987 |
| 57716 | Impac CMB Trust Series 2005-8 2B<sup>(d)</sup> | TSFR1M + 2.364% | 6.3190 | &nbsp;&nbsp;02/25/36 | 57682 |
| 168888 | Impac Secured Assets CMN Owner Trust Series 2003-2 A2 |  | 6.0000 | &nbsp;&nbsp;08/25/33 | 132799 |
| 76235 | Impac Secured Assets Trust Series 2006-1 2A1<sup>(d)</sup> | TSFR1M + 0.814% | 4.7690 | &nbsp;&nbsp;05/25/36 | 74459 |
| 16995 | IndyMac INDX Mortgage Loan Trust Series 2004-AR11 2A<sup>(b)</sup> |  | 4.5780 | &nbsp;&nbsp;12/25/34 | 16075 |
| 196174 | IndyMac INDX Mortgage Loan Trust Series 2004-AR15 3A1<sup>(b)</sup> |  | 4.8910 | &nbsp;&nbsp;02/25/35 | 190217 |
| 149648 | IndyMac INDX Mortgage Loan Trust Series 2005-AR8 2A1A<sup>(d)</sup> | TSFR1M + 0.574% | 4.5290 | &nbsp;&nbsp;04/25/35 | 144018 |
| 183987 | IndyMac INDX Mortgage Loan Trust Series 2005-AR13 1A1<sup>(b)</sup> |  | 3.9760 | &nbsp;&nbsp;08/25/35 | 80545 |
| 244757 | JP Morgan Alternative Loan Trust Series 2005-S1 1A8<sup>(a),(d)</sup> | TSFR1M + 7.036% | 3.0810 | &nbsp;&nbsp;12/25/35 | 39913 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 706970 | JP Morgan Alternative Loan Trust Series A1 1A2<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;03/25/36 | $604473 |
| 904450 | JP Morgan Alternative Loan Trust Series 2008-R4 1A1<sup>(c)</sup> |  | 6.0000 | &nbsp;&nbsp;12/27/36 | 434855 |
| 100000 | JP Morgan Chase Commercial Mortgage Securities Series UES B<sup>(c)</sup> |  | 4.1420 | &nbsp;&nbsp;05/05/32 | 98768 |
| 304611 | JP Morgan MBS Series 2006-R1 6A1<sup>(b),(c)</sup> |  | 4.0540 | &nbsp;&nbsp;09/28/44 | 243993 |
| 18933 | JP Morgan Mortgage Trust Series 2006-A2 5A4<sup>(b)</sup> |  | 6.4170 | &nbsp;&nbsp;11/25/33 | 18771 |
| 1918 | JP Morgan Mortgage Trust Series 2004-A3 3A3<sup>(b)</sup> |  | 5.3200 | &nbsp;&nbsp;07/25/34 | 1892 |
| 17688 | JP Morgan Mortgage Trust Series 2004-S2 4A5 |  | 6.0000 | &nbsp;&nbsp;11/25/34 | 16304 |
| 20804 | JP Morgan Mortgage Trust Series 2005-A7 1A4<sup>(b)</sup> |  | 5.2140 | &nbsp;&nbsp;10/25/35 | 20075 |
| 187325 | JP Morgan Mortgage Trust Series 2008-R2 2A<sup>(b),(c)</sup> |  | 5.5000 | &nbsp;&nbsp;12/27/35 | 160280 |
| 818189 | JP Morgan Mortgage Trust Series 2005-S3 1A22 |  | 5.5000 | &nbsp;&nbsp;01/25/36 | 336333 |
| 12587 | JP Morgan Mortgage Trust Series 2006-A4 3A1<sup>(b)</sup> |  | 4.5320 | &nbsp;&nbsp;06/25/36 | 8223 |
| 121047 | JP Morgan Mortgage Trust Series 2006-A7 2A1R<sup>(b)</sup> |  | 4.4700 | &nbsp;&nbsp;01/25/37 | 97151 |
| 147414 | JP Morgan Mortgage Trust Series 2006-A7 2A4R<sup>(b)</sup> |  | 4.4700 | &nbsp;&nbsp;01/25/37 | 118332 |
| 16911 | JP Morgan Mortgage Trust Series 2018-8 A3<sup>(b),(c)</sup> |  | 4.0000 | &nbsp;&nbsp;01/25/49 | 15948 |
| 168289 | JP Morgan Mortgage Trust Series 2019-8 B4<sup>(b),(c)</sup> |  | 4.1430 | &nbsp;&nbsp;03/25/50 | 156808 |
| 35264 | JP Morgan Mortgage Trust Series 2020-5 A3<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;12/25/50 | 31158 |
| 100560 | JP Morgan Tax-Emept Pass-Through Trust Series 2012-3 A<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;10/27/42 | 93716 |
| 127009 | JPMorgan Chase Bank NA - CHASE Series 2020-CL1 M3<sup>(d)</sup> | TSFR1M + 3.464% | 7.4190 | &nbsp;&nbsp;10/25/57 | 136384 |
| 2277598 | La Hipotecaria Panamanian Mortgage Trust Series 2021-1 GA<sup>(c)</sup> |  | 5.1000 | &nbsp;&nbsp;07/13/52 | 2084758 |
| 115644 | Lehman Mortgage Trust Series 2006-2 2A3 |  | 5.7500 | &nbsp;&nbsp;04/25/36 | 117524 |
| 39773 | MASTR Adjustable Rate Mortgages Trust Series 2003-1 2A1<sup>(b)</sup> |  | 4.2840 | &nbsp;&nbsp;12/25/32 | 37660 |
| 16062 | MASTR Adjustable Rate Mortgages Trust Series 2003-2 4A1<sup>(b)</sup> |  | 5.3340 | &nbsp;&nbsp;07/25/33 | 15255 |
| 28116 | MASTR Adjustable Rate Mortgages Trust Series 2003-6 2A1<sup>(b)</sup> |  | 5.2710 | &nbsp;&nbsp;12/25/33 | 26200 |
| 15698 | MASTR Adjustable Rate Mortgages Trust Series 2003-6 7A1<sup>(b)</sup> |  | 6.6250 | &nbsp;&nbsp;12/25/33 | 15582 |
| 34092 | MASTR Adjustable Rate Mortgages Trust Series 2003-7 B1<sup>(b)</sup> |  | 6.8820 | &nbsp;&nbsp;01/25/34 | 33815 |
| 25723 | MASTR Adjustable Rate Mortgages Trust Series 2004-10<sup>(b)</sup> |  | 5.6080 | &nbsp;&nbsp;10/25/34 | 21975 |
| 155602 | MASTR Adjustable Rate Mortgages Trust Series 2004-15 4A1<sup>(b)</sup> |  | 4.9220 | &nbsp;&nbsp;12/25/34 | 154026 |
| 222107 | MASTR Adjustable Rate Mortgages Trust Series 2005-7 3A1<sup>(b)</sup> |  | 3.5400 | &nbsp;&nbsp;09/25/35 | 132795 |
| 90962 | MASTR Adjustable Rate Mortgages Trust Series 2006-2 5A1<sup>(b)</sup> |  | 4.4200 | &nbsp;&nbsp;05/25/36 | 27925 |
| 91217 | MASTR Alternative Loan Trust Series 2003-3 B2<sup>(b)</sup> |  | 6.1640 | &nbsp;&nbsp;05/25/33 | 85164 |
| 468398 | MASTR Alternative Loan Trust Series 2003-5 8A1 |  | 5.5000 | &nbsp;&nbsp;06/25/33 | 465710 |
| 36425 | MASTR Alternative Loan Trust Series 2003-7 6A1 |  | 6.5000 | &nbsp;&nbsp;12/25/33 | 37347 |
| 91603 | MASTR Alternative Loan Trust Series 2004-1 2A1 |  | 7.0000 | &nbsp;&nbsp;01/25/34 | 92437 |
| 111343 | MASTR Alternative Loan Trust Series 2004-1 4A1 |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 110756 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 42487 | MASTR Alternative Loan Trust Series 2004-3 2A1 |  | 6.2500 | &nbsp;&nbsp;04/25/34 | $43670 |
| 154221 | MASTR Alternative Loan Trust Series 2004-3 6A1 |  | 6.5000 | &nbsp;&nbsp;04/25/34 | 154529 |
| 19547 | MASTR Alternative Loan Trust Series 2004-4 1A1 |  | 5.5000 | &nbsp;&nbsp;05/25/34 | 19296 |
| 48893 | MASTR Alternative Loan Trust Series 2004-7 10A1 |  | 6.0000 | &nbsp;&nbsp;06/25/34 | 49493 |
| 32827 | MASTR Alternative Loan Trust Series 2004-6 10A1 |  | 6.0000 | &nbsp;&nbsp;07/25/34 | 33039 |
| 135141 | MASTR Alternative Loan Trust Series 2004-6 7A1 |  | 6.0000 | &nbsp;&nbsp;07/25/34 | 133254 |
| 571668 | MASTR Alternative Loan Trust Series 2004-6 6A1 |  | 6.5000 | &nbsp;&nbsp;07/25/34 | 577261 |
| 22151 | MASTR Alternative Loan Trust Series 2007-1 30PO<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;10/25/36 | 12083 |
| 300341 | MASTR Alternative Loan Trust Series 2005-2 6A1 |  | 5.0000 | &nbsp;&nbsp;03/25/43 | 228825 |
| 866079 | MASTR Alternative Loan Trust Series 2007-HF1 4PO<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;10/25/47 | 9 |
| 11419 | MASTR Asset Securitization Trust Series 2003-12 6A1 |  | 5.0000 | &nbsp;&nbsp;12/25/33 | 9871 |
| 42649 | MASTR Asset Securitization Trust Series 2003-11 9A6 |  | 5.2500 | &nbsp;&nbsp;12/25/33 | 43616 |
| 31721 | MASTR Asset Securitization Trust Series 2003-11 7A5 |  | 5.2500 | &nbsp;&nbsp;12/25/33 | 32246 |
| 3357 | MASTR Asset Securitization Trust Series 2003-11 2A10 |  | 5.5000 | &nbsp;&nbsp;12/25/33 | 3431 |
| 155109 | MASTR Asset Securitization Trust Series 2003-11 8A1 |  | 5.5000 | &nbsp;&nbsp;12/25/33 | 141939 |
| 6115 | MASTR Asset Securitization Trust Series 2004-1 1A12 |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 6063 |
| 2156282 | MASTR Asset Securitization Trust Series 2004-9 4A1 |  | 6.0000 | &nbsp;&nbsp;09/25/34 | 1496441 |
| 55395 | MASTR Asset Securitization Trust Series 2005-1 2A9 |  | 5.5000 | &nbsp;&nbsp;05/25/35 | 42455 |
| 4115543 | MASTR Asset Securitization Trust Series 2006-2 2A2<sup>(d)</sup> | TSFR1M + 0.614% | 4.5690 | &nbsp;&nbsp;06/25/36 | 778994 |
| 2174712 | MASTR Asset Securitization Trust Series 2006-3 2A1<sup>(d)</sup> | TSFR1M + 0.564% | 4.5190 | &nbsp;&nbsp;10/25/36 | 320382 |
| 14276 | MASTR Reperforming Loan Trust Series 2005-2 1A4<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;05/25/35 | 10091 |
| 114280 | MASTR Reperforming Loan Trust Series 2006-2 2A1<sup>(b),(c)</sup> |  | 3.8010 | &nbsp;&nbsp;05/25/36 | 105356 |
| 9309 | MASTR Seasoned Securitization Trust Series 2005-1 3A1<sup>(b)</sup> |  | 4.1120 | &nbsp;&nbsp;10/25/32 | 8633 |
| 45375 | MASTR Seasoned Securitization Trust Series 2004-1 4A1<sup>(b)</sup> |  | 6.5320 | &nbsp;&nbsp;10/25/32 | 44631 |
| 317726 | MASTR Seasoned Securitization Trust Series 2003-1 2A1 |  | 6.0000 | &nbsp;&nbsp;02/25/33 | 319607 |
| 880000 | Mello Mortgage Capital Acceptance Series 2018-MTG2 B5<sup>(b),(c)</sup> |  | 4.3620 | &nbsp;&nbsp;10/25/48 | 711610 |
| 529263 | Mello Mortgage Capital Acceptance Series 2021-MTG1 B1<sup>(b),(c)</sup> |  | 2.6510 | &nbsp;&nbsp;04/25/51 | 442657 |
| 311821 | Merrill Lynch Alternative Note Asset Trust Series Series A2 A3B<sup>(d)</sup> | TSFR1M + 0.514% | 4.4690 | &nbsp;&nbsp;03/25/37 | 73221 |
| 27128 | Merrill Lynch Mortgage Investors Trust Series 2003-A6 1A<sup>(b)</sup> |  | 6.0470 | &nbsp;&nbsp;09/25/33 | 26304 |
| 87240 | Merrill Lynch Mortgage Investors Trust MLCC Series 2004-HB1<sup>(b)</sup> |  | 3.6610 | &nbsp;&nbsp;04/25/29 | 74386 |
| 180729 | Merrill Lynch Mortgage Investors Trust MLCC Series B B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;07/25/30 | 159186 |
| 39133 | Merrill Lynch Mortgage Investors Trust MLCC Series 2007-3 2A2<sup>(b)</sup> |  | 3.9660 | &nbsp;&nbsp;09/25/37 | 29402 |
| 24581 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4 3A<sup>(b)</sup> |  | 7.0000 | &nbsp;&nbsp;05/25/33 | 24182 |
| 149559 | Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4 1A<sup>(b)</sup> |  | 5.3520 | &nbsp;&nbsp;07/25/35 | 65410 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 132680 | Merrill Lynch Mortgage Investors Trust Series Series A1 1A1<sup>(b)</sup> |  | 4.5180 | &nbsp;&nbsp;03/25/36 | $70809 |
| 40613 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1 A3<sup>(b)</sup> |  | 5.1990 | &nbsp;&nbsp;03/25/33 | 36450 |
| 9480 | Morgan Stanley Mortgage Loan Trust Series 2004-2AR 2A<sup>(b)</sup> |  | 5.7440 | &nbsp;&nbsp;02/25/34 | 9155 |
| 18035 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR 2A<sup>(b)</sup> |  | 4.3120 | &nbsp;&nbsp;10/25/34 | 16561 |
| 14293 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR 4A1<sup>(b)</sup> |  | 5.3560 | &nbsp;&nbsp;10/25/34 | 13880 |
| 9114 | Morgan Stanley Mortgage Loan Trust Series 2004-10AR 2A2<sup>(b)</sup> |  | 5.5700 | &nbsp;&nbsp;11/25/34 | 8705 |
| 494881 | Morgan Stanley Mortgage Loan Trust Series 2005-1 4A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.3690 | &nbsp;&nbsp;03/25/35 | 471288 |
| 73872 | Morgan Stanley Mortgage Loan Trust Series 2005-10 5A1 |  | 6.0000 | &nbsp;&nbsp;12/25/35 | 26658 |
| 8732 | Morgan Stanley Mortgage Loan Trust Series 2006-8AR 4A2<sup>(b)</sup> |  | 6.5000 | &nbsp;&nbsp;06/25/36 | 7817 |
| 271565 | Morgan Stanley Mortgage Loan Trust Series 2007-15AR 5A1<sup>(b)</sup> |  | 3.7730 | &nbsp;&nbsp;12/25/37 | 174077 |
| 1000000 | Morgan Stanley Residential Mortgage Loan Trust Series NQM1 B1<sup>(b),(c)</sup> |  | 7.3790 | &nbsp;&nbsp;09/25/68 | 1007932 |
| 92545 | MortgageIT Trust Series 2004-2 B2<sup>(d)</sup> | TSFR1M + 3.339% | 7.2940 | &nbsp;&nbsp;12/25/34 | 93165 |
| 56400 | MortgageIT Trust Series 2005-2 2A<sup>(d)</sup> | TSFR1M + 1.764% | 5.7490 | &nbsp;&nbsp;05/25/35 | 55336 |
| 145805 | MortgageIT Trust Series 2005-3 M2<sup>(d)</sup> | TSFR1M + 0.909% | 4.8640 | &nbsp;&nbsp;08/25/35 | 143040 |
| 73252 | MRFC Mortgage Pass-Through Trust Series 2000-TBC3 B4<sup>(b),(c)</sup> |  | 5.1970 | &nbsp;&nbsp;12/15/30 | 68976 |
| 508902 | National City Mortgage Capital Trust Series 2008-1 2A1 |  | 6.0000 | &nbsp;&nbsp;03/25/38 | 519279 |
| 24818 | National City Mortgage Capital Trust Series 2008-1 2A2 |  | 6.0000 | &nbsp;&nbsp;03/25/38 | 25296 |
| 720000 | New Residential Mortgage Loan Trust Series 2020-RPL1 B3<sup>(b),(c)</sup> |  | 3.8340 | &nbsp;&nbsp;11/25/59 | 578365 |
| 119689 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-R1 A2<sup>(c)</sup> |  | 7.5000 | &nbsp;&nbsp;03/25/34 | 113671 |
| 380675 | Nomura Asset Acceptance Corp Alternative Loan Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.634% | 4.5890 | &nbsp;&nbsp;07/25/35 | 350040 |
| 389313 | Nomura Asset Acceptance Corp Alternative Loan Series AF1 4A1<sup>(b)</sup> |  | 6.9790 | &nbsp;&nbsp;06/25/36 | 359137 |
| 64514 | Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3<sup>(e)</sup> |  | 6.4570 | &nbsp;&nbsp;03/25/47 | 61562 |
| 3401647 | Ocwen Residential MBS Corporation Series 1998-R3 AWAC<sup>(b),(c)</sup> |  | 0.0000 | &nbsp;&nbsp;09/25/38 | 85041 |
| 38543 | Ocwen Residential MBS Corporation Series 1999-R2 B2<sup>(b),(c)</sup> |  | 0.5630 | &nbsp;&nbsp;06/25/39 | 556 |
| 270000 | Onity Loan Investment Trust Series 2024-HB2 M2<sup>(b),(c)</sup> |  | 5.0000 | &nbsp;&nbsp;08/25/37 | 267301 |
| 60064 | PHH Mortgage Trust Series Series 2008-CIM1 21A1 |  | 6.0000 | &nbsp;&nbsp;05/25/38 | 60898 |
| 254705 | Prime Mortgage Trust Series 2003-3 A9 |  | 5.5000 | &nbsp;&nbsp;01/25/34 | 254287 |
| 772649 | PRKCM Trust Series 2023-AFC1 A3<sup>(c),(e)</sup> |  | 7.3040 | &nbsp;&nbsp;02/25/58 | 773568 |
| 12725 | RAAC Series Trust Series 2005-SP1 4A1 |  | 7.0000 | &nbsp;&nbsp;09/25/34 | 12811 |
| 102755 | RALI Series Trust Series 2005-QA12 CB1<sup>(b)</sup> |  | 5.7880 | &nbsp;&nbsp;12/25/35 | 37996 |
| 231695 | RAMP Series Trust Series 2002-SL1 AII4<sup>(b)</sup> |  | 4.2530 | &nbsp;&nbsp;06/25/32 | 202119 |
| 9037 | RBSGC Mortgage Loan Trust Series 2007-B 3B1<sup>(b)</sup> |  | 5.6230 | &nbsp;&nbsp;01/25/37 | 9081 |
| 257765 | RBSGC Structured Trust Series 2008-A A1<sup>(b),(c)</sup> |  | 5.5000 | &nbsp;&nbsp;11/25/35 | 216836 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 4554093 | RBSSP Resecuritization Trust Series 2013-5 2A2<sup>(c),(d)</sup> |  | 4.7200 | &nbsp;&nbsp;07/26/33 | $3976865 |
| 7660199 | RBSSP Resecuritization Trust Series 2009-12 19A2<sup>(b),(c)</sup> |  | 4.9620 | &nbsp;&nbsp;12/25/35 | 5588906 |
| 94811 | Reperforming Loan REMIC Trust Series 2003-R4 2A<sup>(b),(c)</sup> |  | 4.7580 | &nbsp;&nbsp;01/25/34 | 86867 |
| 10564 | Reperforming Loan REMIC Trust Series 2004-R1 2A<sup>(c)</sup> |  | 6.5000 | &nbsp;&nbsp;11/25/34 | 10375 |
| 2269 | Reperforming Loan REMIC Trust Series 2005-R2 2A4<sup>(c)</sup> |  | 8.5000 | &nbsp;&nbsp;06/25/35 | 2436 |
| 54016 | Reperforming Loan REMIC Trust Series 2006-R2 AF1<sup>(c),(d)</sup> | TSFR1M + 0.534% | 4.4890 | &nbsp;&nbsp;07/25/36 | 51235 |
| 1164416 | Residential Asset Securitization Trust Series 2003-A9 A3<sup>(d)</sup> | TSFR1M + 0.664% | 4.6190 | &nbsp;&nbsp;08/25/33 | 1073461 |
| 365208 | Residential Asset Securitization Trust Series 2003-A10 A5 |  | 5.2500 | &nbsp;&nbsp;09/25/33 | 363326 |
| 5210000 | RMF Buyout Issuance Trust Series 2022-HB1 M3<sup>(b),(c)</sup> |  | 4.5000 | &nbsp;&nbsp;04/25/32 | 4914810 |
| 2529000 | RMF Buyout Issuance Trust Series 2020-HB1 M4<sup>(b),(c)</sup> |  | 6.0000 | &nbsp;&nbsp;10/25/50 | 2424054 |
| 1414 | Ryland Mortgage Securities Corporation Series 1994-1 B<sup>(b)</sup> |  | 2.9400 | &nbsp;&nbsp;04/29/30 |  |
| 4349000 | SBALR Commercial Mortgage Trust Series 2020-RR1 C<sup>(b),(c)</sup> |  | 3.9790 | &nbsp;&nbsp;02/13/53 | 2562220 |
| 45784 | Seasoned Credit Risk Transfer Trust Series 2017-3 B<sup>(f)</sup> |  | 0.0000 | &nbsp;&nbsp;07/25/56 | 7560 |
| 198750 | Sequoia Mortgage Trust Series 2003-4 1A1<sup>(d)</sup> | TSFR1M + 0.734% | 4.6940 | &nbsp;&nbsp;07/20/33 | 186935 |
| 22796 | Sequoia Mortgage Trust Series 2004-10 A1A<sup>(d)</sup> | TSFR1M + 0.734% | 4.6940 | &nbsp;&nbsp;11/20/34 | 21864 |
| 33228 | Sequoia Mortgage Trust Series 2004-10 A3B<sup>(d)</sup> | TSFR6M + 1.208% | 4.9380 | &nbsp;&nbsp;11/20/34 | 31177 |
| 41932 | Sequoia Mortgage Trust Series 2005-2 A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.5140 | &nbsp;&nbsp;03/20/35 | 38985 |
| 255788 | Sequoia Mortgage Trust Series 2005-3 B1<sup>(d)</sup> | TSFR1M + 0.669% | 4.6290 | &nbsp;&nbsp;05/20/35 | 164928 |
| 257492 | Sequoia Mortgage Trust Series 2007-4 1A1<sup>(d)</sup> | TSFR1M + 0.894% | 5.6340 | &nbsp;&nbsp;01/20/36 | 196970 |
| 231314 | Sequoia Mortgage Trust Series 2007-2 1B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.6740 | &nbsp;&nbsp;06/20/36 | 204511 |
| 124934 | Sequoia Mortgage Trust Series 2007-3 1A1<sup>(d)</sup> | TSFR1M + 0.514% | 4.4740 | &nbsp;&nbsp;07/20/36 | 108721 |
| 73485 | Sequoia Mortgage Trust Series 2013-6 B1<sup>(b),(c)</sup> |  | 3.5240 | &nbsp;&nbsp;05/25/43 | 72373 |
| 10409 | Sequoia Mortgage Trust Series 2013-8 A1<sup>(b)</sup> |  | 3.0000 | &nbsp;&nbsp;06/25/43 | 9559 |
| 228378 | Sequoia Mortgage Trust Series 2014-4 A6<sup>(b),(c)</sup> |  | 3.5000 | &nbsp;&nbsp;11/25/44 | 214409 |
| 64101 | Sequoia Mortgage Trust Series 2017-1 B3<sup>(b),(c)</sup> |  | 3.6020 | &nbsp;&nbsp;02/25/47 | 53812 |
| 64677 | Shellpoint Co-Originator Trust Series 2017-1 B4<sup>(b),(c)</sup> |  | 3.5940 | &nbsp;&nbsp;04/25/47 | 46378 |
| 79131 | SoFi Personal Loan Trust Series 2024-1A A<sup>(c)</sup> |  | 6.0600 | &nbsp;&nbsp;02/12/31 | 79832 |
| 100000 | Spruce Hill Mortgage Loan Trust Series 2020-SH1 B2<sup>(b),(c)</sup> |  | 4.6760 | &nbsp;&nbsp;01/28/50 | 95912 |
| 37552 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 4A1<sup>(b)</sup> |  | 5.2380 | &nbsp;&nbsp;03/25/34 | 36098 |
| 240827 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-17 A1<sup>(b)</sup> |  | 4.1860 | &nbsp;&nbsp;11/25/34 | 214598 |
| 54915 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-18 1A3<sup>(b)</sup> |  | 4.8120 | &nbsp;&nbsp;12/25/34 | 49165 |
| 173905 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 1A1<sup>(b)</sup> |  | 4.2400 | &nbsp;&nbsp;03/25/35 | 146037 |
| 305812 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-15 1A1<sup>(b)</sup> |  | 4.1630 | &nbsp;&nbsp;07/25/35 | 154190 |
| 427846 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-1 2A2<sup>(b)</sup> |  | 4.6220 | &nbsp;&nbsp;02/25/36 | 384593 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 6116 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-8 3AF<sup>(d)</sup> | TSFR1M + 0.494% | 4.3060 | &nbsp;&nbsp;09/25/36 | $5594 |
| 411882 | Structured Adjustable Rate Mortgage Loan Trust Series 4 1A1<sup>(d)</sup> | TSFR1M + 0.594% | 4.5490 | &nbsp;&nbsp;05/25/37 | 376968 |
| 287765 | Structured Adjustable Rate Mortgage Loan Trust Series 9 2A1<sup>(b)</sup> |  | 4.2470 | &nbsp;&nbsp;10/25/47 | 180023 |
| 120206 | Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A1<sup>(b)</sup> |  | 5.1100 | &nbsp;&nbsp;01/25/34 | 116527 |
| 21213 | Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A2<sup>(b)</sup> |  | 5.1100 | &nbsp;&nbsp;01/25/34 | 20565 |
| 13189 | Structured Asset Securities Corp Mortgage Series 2000-5 B3<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;11/25/30 | 10430 |
| 666 | Structured Asset Securities Corporation Series 2003-37A B1I<sup>(d)</sup> | TSFR1M + 0.894% | 5.0290 | &nbsp;&nbsp;12/25/33 | 643 |
| 397604 | Structured Asset Securities Corporation Series 2004-4XS A3A<sup>(e)</sup> |  | 5.5000 | &nbsp;&nbsp;02/25/34 | 393571 |
| 78288 | Structured Asset Securities Corporation Series 2004-4XS 1A5<sup>(e)</sup> |  | 5.9900 | &nbsp;&nbsp;02/25/34 | 77469 |
| 391934 | Structured Asset Securities Corporation Series 2004-4XS 1M1<sup>(e)</sup> |  | 6.0500 | &nbsp;&nbsp;02/25/34 | 410970 |
| 64904 | Structured Asset Securities Corporation Series 2005-RF2 A<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.4190 | &nbsp;&nbsp;04/25/35 | 59121 |
| 68379 | Structured Asset Securities Corporation Series 2005-RF3 2A<sup>(b),(c)</sup> |  | 4.4250 | &nbsp;&nbsp;06/25/35 | 62143 |
| 46406 | Suntrust Alternative Loan Trust Series 2005-1F 1A1<sup>(d)</sup> | TSFR1M + 0.764% | 4.7190 | &nbsp;&nbsp;12/25/35 | 40511 |
| 188805 | TIAA Bank Mortgage Loan Trust Series 2018-2 B3<sup>(b),(c)</sup> |  | 3.6570 | &nbsp;&nbsp;07/25/48 | 174132 |
| 233635 | TIAA Bank Mortgage Loan Trust Series 2018-3 B4<sup>(b),(c)</sup> |  | 4.0730 | &nbsp;&nbsp;11/25/48 | 186312 |
| 500000 | Towd Point Mortgage Trust Series 2022-SJ1 B1<sup>(b),(c)</sup> |  | 5.2500 | &nbsp;&nbsp;03/25/62 | 494626 |
| 2284620 | Verus Securitization Trust Series 2023-2 A2<sup>(c),(e)</sup> |  | 6.5990 | &nbsp;&nbsp;03/25/68 | 2286890 |
| 162056 | Verus Securitization Trust Series 2023-3 A3<sup>(c),(e)</sup> |  | 6.7430 | &nbsp;&nbsp;03/25/68 | 162291 |
| 370000 | Verus Securitization Trust Series 2023-5 B1<sup>(b),(c)</sup> |  | 7.9880 | &nbsp;&nbsp;06/25/68 | 373579 |
| 1000000 | Verus Securitization Trust Series 2023-INV3 B1<sup>(b),(c)</sup> |  | 8.1760 | &nbsp;&nbsp;11/25/68 | 1014610 |
| 37578 | WaMu Mortgage Pass-Through Certificates Series 2002-AR14 B1<sup>(b)</sup> |  | 4.2950 | &nbsp;&nbsp;11/25/32 | 34462 |
| 30987 | WaMu Mortgage Pass-Through Certificates Series 2002-AR18 A<sup>(b)</sup> |  | 6.2460 | &nbsp;&nbsp;01/25/33 | 30981 |
| 68850 | WaMu Mortgage Pass-Through Certificates Series 2003-S3 1A4 |  | 5.5000 | &nbsp;&nbsp;06/25/33 | 68432 |
| 27681 | WaMu Mortgage Pass-Through Certificates Series 2003-S5 1A13 |  | 5.5000 | &nbsp;&nbsp;06/25/33 | 27945 |
| 184225 | WaMu Mortgage Pass-Through Certificates Series 2003-AR9 1A7<sup>(b)</sup> |  | 5.6730 | &nbsp;&nbsp;09/25/33 | 182778 |
| 12710 | WaMu Mortgage Pass-Through Certificates Series 2002-AR2 A<sup>(d)</sup> | ECOFC + 1.250% | 4.2060 | &nbsp;&nbsp;02/27/34 | 12431 |
| 95382 | WaMu Mortgage Pass-Through Certificates Series CB3 2A |  | 6.5000 | &nbsp;&nbsp;10/25/34 | 99231 |
| 39405 | WaMu Mortgage Pass-Through Certificates Series 2006-AR2 1A1<sup>(b)</sup> |  | 4.5730 | &nbsp;&nbsp;03/25/36 | 35731 |
| 71977 | WaMu Mortgage Pass-Through Certificates Series 2002-AR17 1A<sup>(d)</sup> | 12MTA + 1.200% | 5.3090 | &nbsp;&nbsp;11/25/42 | 69954 |
| 94296 | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A1<sup>(b)</sup> |  | 4.5350 | &nbsp;&nbsp;08/25/46 | 98770 |
| 142841 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS7 A12 |  | 5.5000 | &nbsp;&nbsp;03/25/33 | 144076 |
| 33685 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS9 2A |  | 7.5000 | &nbsp;&nbsp;04/25/33 | 34302 |
| 142283 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR3 B1<sup>(b)</sup> |  | 4.8560 | &nbsp;&nbsp;06/25/33 | 123245 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.4% (Continued)** |  |  |  |  |
| 3632 | Washington Mutual MSC Mortgage Pass-Through Series 2005-RA1 3B4<sup>(b),(c)</sup> |  | 3.8070 | &nbsp;&nbsp;01/25/35 | $2982 |
| 90010 | Washington Mutual MSC Mortgage Pass-Through Series RA3 CB1<sup>(b)</sup> |  | 5.4890 | &nbsp;&nbsp;08/25/38 | 85616 |
| 137861 | Wells Fargo Alternative Loan Trust Series 2007-PA1 A7 |  | 6.0000 | &nbsp;&nbsp;03/25/37 | 128813 |
| 41850 | Wells Fargo Mortgage Backed Securities Series 2006-AR14 2A1<sup>(b)</sup> |  | 6.5010 | &nbsp;&nbsp;10/25/36 | 38477 |
| 54932 | Wells Fargo Mortgage Backed Securities Series 2007-7 A6 |  | 6.0000 | &nbsp;&nbsp;06/25/37 | 50415 |
| 234000 | Wells Fargo Mortgage Backed Securities Series 2018-1 B4<sup>(b),(c)</sup> |  | 3.6460 | &nbsp;&nbsp;07/25/47 | 150401 |
| 51560 | Wells Fargo Mortgage Backed Securities Series 2019-4 A2<sup>(b),(c)</sup> |  | 3.0000 | &nbsp;&nbsp;09/25/49 | 45688 |
| 190075 | WinWater Mortgage Loan Trust Series 2015-1 B2<sup>(b),(c)</sup> |  | 3.8700 | &nbsp;&nbsp;01/20/45 | 179849 |
|  |  |  |  |  | 92350665 |
|  | **CREDIT CARD — 0.2%** |  |  |  |  |
| 820637 | Continental Finance Credit Card A.B.S Master Trust Series 2022-A A<sup>(c)</sup> |  | 6.1900 | &nbsp;&nbsp;10/15/30 | 822401 |
|  | **HOME EQUITY — 3.1%** |  |  |  |  |
| 53547 | ABFC Trust Series 2004-OPT2 A2<sup>(d)</sup> | TSFR1M + 0.674% | 4.6290 | &nbsp;&nbsp;10/25/33 | 53020 |
| 561164 | ACE Securities Corp Home Equity Loan Trust Series Series IN1 A1<sup>(d)</sup> | TSFR1M + 0.754% | 4.7090 | &nbsp;&nbsp;05/25/34 | 538361 |
| 1000000 | ACHM Trust Series 2023-HE1 B<sup>(b),(c)</sup> |  | 7.0000 | &nbsp;&nbsp;11/25/37 | 1074286 |
| 989603 | ACHM Trust Series 2023-HE2 A<sup>(b),(c)</sup> |  | 7.5000 | &nbsp;&nbsp;10/25/38 | 1021863 |
| 135014 | AFC Trust Series 1999-3 1A<sup>(d)</sup> | TSFR1M + 1.094% | 5.0860 | &nbsp;&nbsp;09/28/29 | 117628 |
| 2668068 | Bayview Financial Mortgage Pass-Through Trust Series 2004-B A1<sup>(c),(d)</sup> | TSFR1M + 1.114% | 5.0300 | &nbsp;&nbsp;05/28/39 | 2187057 |
| 1055697 | Bayview Financial Mortgage Pass-Through Trust Series 2005-A M1<sup>(c),(d)</sup> | TSFR1M + 1.614% | 5.5300 | &nbsp;&nbsp;02/28/40 | 1016788 |
| 641626 | Bayview Financial Mortgage Pass-Through Trust Series A B1<sup>(d)</sup> | TSFR1M + 2.139% | 6.0550 | &nbsp;&nbsp;02/28/41 | 643271 |
| 14211 | Bear Stearns Asset Backed Securities I Trust Series 2004-FR2 M4<sup>(d)</sup> | TSFR1M + 2.214% | 5.1690 | &nbsp;&nbsp;06/25/34 | 14232 |
| 90985 | Bear Stearns Home Loan Owner Trust Series 2001-A B<sup>(e)</sup> |  | 10.5000 | &nbsp;&nbsp;02/15/31 | 86648 |
| 1194986 | CDC Mortgage Capital Trust Series 2004-HE3 M3<sup>(d)</sup> | TSFR1M + 2.214% | 6.1690 | &nbsp;&nbsp;11/25/34 | 1144283 |
| 136197 | CHEC Loan Trust Series 2004-1 M2<sup>(c),(d)</sup> | TSFR1M + 1.089% | 5.0440 | &nbsp;&nbsp;07/25/34 | 135872 |
| 2297 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 2002-WMC1 M1<sup>(d)</sup> | TSFR1M + 1.464% | 5.4190 | &nbsp;&nbsp;01/25/32 | 2295 |
| 101275 | Delta Funding Home Equity Loan Trust Series 1999-3 A2F<sup>(e)</sup> |  | 8.0610 | &nbsp;&nbsp;09/15/29 | 96575 |
| 235239 | Delta Funding Home Equity Loan Trust Series 2000-1 M2<sup>(e)</sup> |  | 8.5900 | &nbsp;&nbsp;05/15/30 | 226141 |
| 69813 | Delta Funding Home Equity Loan Trust Series 1999-2 A1A<sup>(d)</sup> | TSFR1M + 0.434% | 4.7130 | &nbsp;&nbsp;08/15/30 | 69760 |
| 30409 | GE Capital Mortgage Services, Inc. Trust Series 1999-HE1 A6<sup>(b)</sup> |  | 6.7000 | &nbsp;&nbsp;04/25/29 | 30686 |
| 236013 | Home Equity Asset Trust Series 2002-2 A2<sup>(d)</sup> | TSFR1M + 0.714% | 4.6690 | &nbsp;&nbsp;06/25/32 | 234554 |
| 868775 | MASTR Asset Backed Securities Trust Series 2004-FRE1 M7<sup>(d)</sup> | TSFR1M + 2.814% | 6.7690 | &nbsp;&nbsp;07/25/34 | 828718 |
| 195121 | MASTR Asset Backed Securities Trust Series 2005-NC1 M2<sup>(d)</sup> | TSFR1M + 0.864% | 4.8190 | &nbsp;&nbsp;12/25/34 | 200055 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **HOME EQUITY — 3.1% (Continued)** |  |  |  |  |
| 252736 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2003-SD1 M2<sup>(d)</sup> | TSFR1M + 4.014% | 7.9690 | &nbsp;&nbsp;03/25/33 | $228782 |
| 21112 | New Century Home Equity Loan Trust Series 2003-5 AII<sup>(d)</sup> | TSFR1M + 0.914% | 4.8690 | &nbsp;&nbsp;11/25/33 | 13740 |
| 72631 | Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE2 M1<sup>(d)</sup> | TSFR1M + 0.609% | 4.5640 | &nbsp;&nbsp;03/25/36 | 68906 |
| 164556 | NovaStar Mortgage Funding Trust Series 2003-4 A1<sup>(d)</sup> | TSFR1M + 0.854% | 4.8090 | &nbsp;&nbsp;02/25/34 | 165903 |
| 22503 | RAAC Series Trust Series 2004-SP1 AII<sup>(d)</sup> | TSFR1M + 0.814% | 4.7690 | &nbsp;&nbsp;03/25/34 | 22471 |
| 42595 | RBSSP Resecuritization Trust Series 2010-4 6A2<sup>(c),(e)</sup> |  | 5.8250 | &nbsp;&nbsp;02/26/36 | 42154 |
| 424761 | Renaissance Home Equity Loan Trust Series 2002-3 M1<sup>(d)</sup> | TSFR1M + 1.614% | 5.5690 | &nbsp;&nbsp;12/25/32 | 401243 |
| 83936 | Renaissance Home Equity Loan Trust Series 2002-3 M2<sup>(d)</sup> | TSFR1M + 2.664% | 6.6190 | &nbsp;&nbsp;12/25/32 | 73867 |
| 15862 | Saxon Asset Securities Trust Series 2001-2 AF5<sup>(e)</sup> |  | 7.1700 | &nbsp;&nbsp;03/25/29 | 17272 |
| 30005 | Saxon Asset Securities Trust Series 2003-3 M2<sup>(d)</sup> | TSFR1M + 2.514% | 4.0090 | &nbsp;&nbsp;12/25/33 | 28023 |
| 164887 | Saxon Asset Securities Trust Series 2003-3 AF5<sup>(e)</sup> |  | 4.0450 | &nbsp;&nbsp;12/25/33 | 157068 |
| 1500000 | Security National Mortgage Loan Trust Series 2005-2A A4<sup>(b),(c)</sup> |  | 7.7160 | &nbsp;&nbsp;02/25/35 | 1535044 |
| 197145 | Security National Mortgage Loan Trust Series 2005-2A A3<sup>(b),(c)</sup> |  | 6.2130 | &nbsp;&nbsp;02/25/36 | 199226 |
| 103555 | Southern Pacific Secured Asset Corporation Series 1997-2 M1F |  | 7.3200 | &nbsp;&nbsp;05/25/27 | 151070 |
| 748646 | Structured Asset Securities Corp Pass-Through Series 2002-AL1 A3 |  | 3.4500 | &nbsp;&nbsp;02/25/32 | 141632 |
|  |  |  |  |  | 12968494 |
|  | **MANUFACTURED HOUSING — 0.3%** |  |  |  |  |
| 1500000 | Cascade MH Asset Trust Series 2019-MH1 M<sup>(b),(c)</sup> |  | 5.9850 | &nbsp;&nbsp;11/25/44 | 1348110 |
| 87573 | Conseco Finance Corporation Series 5 B1<sup>(b)</sup> |  | 8.1000 | &nbsp;&nbsp;07/15/26 | 88500 |
|  |  |  |  |  | 1436610 |
|  | **NON AGENCY CMBS — 21.7%** |  |  |  |  |
| 3204350 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B1<sup>(b),(c)</sup> |  | 3.6530 | &nbsp;&nbsp;05/25/50 | 2602198 |
| 2124264 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B2<sup>(b),(c)</sup> |  | 5.3780 | &nbsp;&nbsp;05/25/50 | 1667792 |
| 825000 | BANK Series 2017-BNK8 C<sup>(b)</sup> |  | 4.2260 | &nbsp;&nbsp;11/15/50 | 664216 |
| 1625000 | BANK Series 2019-BN19 B |  | 3.6470 | &nbsp;&nbsp;08/15/61 | 1422809 |
| 980000 | BANK Series 2019-BNK20 B<sup>(b)</sup> |  | 3.3950 | &nbsp;&nbsp;09/15/62 | 858012 |
| 474000 | BANK Series 2020-BNK27 B<sup>(b)</sup> |  | 2.9060 | &nbsp;&nbsp;04/15/63 | 416595 |
| 22011 | Bayview Commercial Asset Trust Series 2005-2A M1<sup>(c),(d)</sup> | TSFR1M + 0.759% | 4.7140 | &nbsp;&nbsp;08/25/35 | 21341 |
| 34060 | Bayview Commercial Asset Trust Series 2005-2A B1<sup>(c),(d)</sup> | TSFR1M + 1.839% | 5.7940 | &nbsp;&nbsp;08/25/35 | 36424 |
| 17458 | Bayview Commercial Asset Trust Series 2005-4A M1<sup>(c),(d)</sup> | TSFR1M + 0.789% | 4.7810 | &nbsp;&nbsp;01/25/36 | 16754 |
| 58515 | Bayview Commercial Asset Trust Series 2007-1 M2<sup>(c),(d)</sup> | TSFR1M + 0.549% | 4.5040 | &nbsp;&nbsp;03/25/37 | 55595 |
| 500000 | Bayview Commercial Asset Trust Series 2008-1 M1<sup>(c),(d)</sup> | TSFR1M + 3.264% | 7.2190 | &nbsp;&nbsp;01/25/38 | 468911 |
| 250000 | Benchmark Mortgage Trust Series 2020-IG3 A4<sup>(c)</sup> |  | 2.4370 | &nbsp;&nbsp;09/15/48 | 217027 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **NON AGENCY CMBS — 21.7% (Continued)** |  |  |  |  |
| 130000 | Benchmark Mortgage Trust Series 2019-B9 B |  | 4.4680 | &nbsp;&nbsp;03/15/52 | $121933 |
| 900000 | Benchmark Mortgage Trust Series 2020-B17 E<sup>(c)</sup> |  | 2.2500 | &nbsp;&nbsp;03/15/53 | 507545 |
| 470000 | Benchmark Mortgage Trust Series 2020-B17 C<sup>(b)</sup> |  | 3.3710 | &nbsp;&nbsp;03/15/53 | 369543 |
| 500000 | Benchmark Mortgage Trust Series 2020-B19 B |  | 2.3510 | &nbsp;&nbsp;09/15/53 | 393545 |
| 495000 | Benchmark Mortgage Trust Series 2021-B24 A2 |  | 1.9530 | &nbsp;&nbsp;03/15/54 | 485458 |
| 328000 | Benchmark Mortgage Trust Series 2021-B31 C<sup>(b)</sup> |  | 3.1950 | &nbsp;&nbsp;12/15/54 | 260721 |
| 350000 | BFLD Trust Series 2020-EYP A<sup>(c),(d)</sup> | TSFR1M + 1.264% | 5.2230 | &nbsp;&nbsp;10/15/35 | 273841 |
| 555000 | BMD2 Re-Remic Trust Series 2019-FRR1 5A1<sup>(b),(c)</sup> |  | 3.4250 | &nbsp;&nbsp;05/25/52 | 526612 |
| 4290000 | Canal Center Lease-Backed Pass-Through Trust Series 1 A<sup>(c)</sup> |  | 3.0230 | &nbsp;&nbsp;09/15/56 | 2725491 |
| 500000 | Cantor Commercial Real Estate Lending Series 2019-CF3 E<sup>(b),(c)</sup> |  | 2.5000 | &nbsp;&nbsp;01/15/53 | 321199 |
| 2768639 | Carbon Capital VI Commercial Mortgage Series 2019-FL2 B<sup>(c),(d)</sup> | TSFR1M + 2.964% | 6.9230 | &nbsp;&nbsp;10/15/35 | 1068722 |
| 1463875 | CBA Commercial Small Balance Commercial Mortgage Series 2007-1A A<sup>(c),(e)</sup> |  | 6.2600 | &nbsp;&nbsp;07/25/39 | 1356283 |
| 1400000 | CD Mortgage Trust Series 2016-CD2 B<sup>(b)</sup> |  | 3.8790 | &nbsp;&nbsp;11/10/49 | 1111276 |
| 72000 | CD Mortgage Trust Series 2017-CD3 D<sup>(c)</sup> |  | 3.2500 | &nbsp;&nbsp;02/10/50 | 2185 |
| 1000000 | CD Mortgage Trust Series 2017-CD3 AS |  | 3.8330 | &nbsp;&nbsp;02/10/50 | 940552 |
| 131402 | CFCRE Commercial Mortgage Trust Series 2011-C2 D<sup>(b),(c)</sup> |  | 5.0800 | &nbsp;&nbsp;12/15/47 | 129564 |
| 100000 | CFK Trust Series 2020-MF2 A<sup>(c)</sup> |  | 2.3870 | &nbsp;&nbsp;03/15/39 | 94805 |
| 50000 | Citigroup Commercial Mortgage Trust Series 2015-GC31 B<sup>(b)</sup> |  | 3.8130 | &nbsp;&nbsp;06/10/48 | 37838 |
| 750000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 D |  | 3.2360 | &nbsp;&nbsp;11/10/48 | 379291 |
| 900000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 C<sup>(b)</sup> |  | 4.6480 | &nbsp;&nbsp;11/10/48 | 678069 |
| 186259 | CNL Commercial Mortgage Loan Trust Series 2003-1A A1<sup>(c),(d)</sup> | TSFR1M + 0.614% | 4.5730 | &nbsp;&nbsp;05/15/31 | 184591 |
| 3285000 | COMM Mortgage Trust Series 2013-CR12 B<sup>(b)</sup> |  | 4.7620 | &nbsp;&nbsp;10/10/46 | 947773 |
| 130938 | COMM Mortgage Trust Series 2014-CCRE16 B |  | 4.5820 | &nbsp;&nbsp;04/10/47 | 127029 |
| 175500 | COMM Mortgage Trust Series 2016-COR1 C<sup>(b)</sup> |  | 4.4600 | &nbsp;&nbsp;10/10/49 | 148754 |
| 420000 | CSAIL Commercial Mortgage Trust Series 2015-C3 D<sup>(b)</sup> |  | 3.1920 | &nbsp;&nbsp;08/15/48 | 272415 |
| 190000 | CSAIL Commercial Mortgage Trust Series 2015-C3 C<sup>(b)</sup> |  | 4.1920 | &nbsp;&nbsp;08/15/48 | 162677 |
| 265000 | CSAIL Commercial Mortgage Trust Series 2018-C14 D<sup>(b),(c)</sup> |  | 5.0390 | &nbsp;&nbsp;11/15/51 | 219312 |
| 2634000 | CSAIL Commercial Mortgage Trust Series 2015-C2 C<sup>(b)</sup> |  | 4.1790 | &nbsp;&nbsp;06/15/57 | 2427755 |
| 391000 | CSAIL Commercial Mortgage Trust Series 2015-C2 D<sup>(b)</sup> |  | 4.1790 | &nbsp;&nbsp;06/15/57 | 290318 |
| 130577 | CSAIL Commercial Mortgage Trust Series 2015-C2 B<sup>(b)</sup> |  | 4.2080 | &nbsp;&nbsp;06/15/57 | 124323 |
| 1640000 | CSMC OA, LLC Series 2014-USA D<sup>(c)</sup> |  | 4.3730 | &nbsp;&nbsp;09/15/37 | 1359612 |
| 368477 | FREMF Mortgage Trust Series 2018-KF52<sup>(c),(d)</sup> | SOFR30A + 2.064% | 6.2660 | &nbsp;&nbsp;09/25/28 | 354853 |
| 120313 | FREMF Mortgage Trust Series 2020-KF76 B<sup>(c),(d)</sup> | SOFR30A + 2.864% | 7.0660 | &nbsp;&nbsp;01/25/30 | 117958 |
| 1653298 | FREMF Mortgage Trust Series 2017-KF38 B<sup>(c),(d)</sup> | SOFR30A + 2.614% | 6.8160 | &nbsp;&nbsp;09/25/34 | 1600972 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **NON AGENCY CMBS — 21.7% (Continued)** |  |  |  |  |
| 824433 | FRESB Mortgage Trust Series 2018-SB48 B<sup>(c),(d)</sup> |  | 4.3520 | &nbsp;&nbsp;02/25/38 | $494874 |
| 1470000 | GS Mortgage Securities Corp Trust Series 2021-ROSS A<sup>(c),(d)</sup> | TSFR1M + 1.414% | 5.3740 | &nbsp;&nbsp;05/15/26 | 1395616 |
| 1350000 | GS Mortgage Securities Corp Trust Series 2013-PEMB C<sup>(b),(c)</sup> |  | 3.6680 | &nbsp;&nbsp;03/05/33 | 304034 |
| 5970000 | GS Mortgage Securities Corp Trust Series 2013-PEMB A<sup>(b),(c)</sup> |  | 3.6680 | &nbsp;&nbsp;03/05/33 | 4594661 |
| 72943 | GS Mortgage Securities Trust Series 2011-GC5 AS<sup>(b),(c)</sup> |  | 5.2090 | &nbsp;&nbsp;08/10/44 | 72240 |
| 3662000 | GS Mortgage Securities Trust Series 2014-GC22 AS |  | 4.1130 | &nbsp;&nbsp;06/10/47 | 3464322 |
| 10781 | GS Mortgage Securities Trust Series GC32 D |  | 3.3450 | &nbsp;&nbsp;07/10/48 | 10448 |
| 2000000 | Harvest Commercial Capital Loan Trust Series 2020-1 M5<sup>(b),(c)</sup> |  | 5.9640 | &nbsp;&nbsp;04/25/52 | 1865152 |
| 39973 | Impac CMB Trust Series 2004-8 3B<sup>(d)</sup> | TSFR1M + 2.739% | 6.6940 | &nbsp;&nbsp;08/25/34 | 40690 |
| 387000 | JP Morgan Chase Commercial Mortgage Series MINN A<sup>(c),(d)</sup> | TSFR1M + 1.317% | 5.2760 | &nbsp;&nbsp;11/15/35 | 371590 |
| 434058 | JP Morgan Chase Commercial Mortgage Securities Series 2015-FL7 D<sup>(c),(d)</sup> | PRIME + 0.693% | 7.6930 | &nbsp;&nbsp;05/15/28 | 347066 |
| 1165069 | JP Morgan Chase Commercial Mortgage Securities Series 2012-WLDN A<sup>(c)</sup> |  | 3.9100 | &nbsp;&nbsp;05/05/30 | 1157071 |
| 1900000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A<sup>(c),(d)</sup> | TSFR1M + 1.497% | 5.5300 | &nbsp;&nbsp;04/15/31 | 911829 |
| 1453629 | JP Morgan Chase Commercial Mortgage Securities Series PHH A<sup>(c),(d)</sup> | TSFR1M + 1.257% | 5.2160 | &nbsp;&nbsp;06/15/35 | 1234705 |
| 560000 | JP Morgan Chase Commercial Mortgage Securities Series MKST A<sup>(c),(d)</sup> | TSFR1M + 1.464% | 5.4230 | &nbsp;&nbsp;12/15/36 | 276920 |
| 193000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 E<sup>(b),(c)</sup> |  | 5.7100 | &nbsp;&nbsp;02/15/46 | 137135 |
| 500000 | JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 E<sup>(b),(c)</sup> |  | 3.2500 | &nbsp;&nbsp;04/15/46 | 13174 |
| 5845049 | JP Morgan Chase Commercial Mortgage Securities Series 2007-LD11 AJ<sup>(b)</sup> |  | 6.0130 | &nbsp;&nbsp;06/15/49 | 1083295 |
| 345000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D<sup>(b)</sup> |  | 4.3640 | &nbsp;&nbsp;11/15/48 | 34432 |
| 210000 | JPMDB Commercial Mortgage Securities Trust Series 2017-C5 AS<sup>(b)</sup> |  | 3.8580 | &nbsp;&nbsp;03/15/50 | 193577 |
| 1165000 | JPMDB Commercial Mortgage Securities Trust Series 2017-C5 B<sup>(b)</sup> |  | 4.0090 | &nbsp;&nbsp;03/15/50 | 990553 |
| 165000 | JPMDB Commercial Mortgage Securities Trust Series COR7 B<sup>(b)</sup> |  | 3.2940 | &nbsp;&nbsp;05/13/53 | 117404 |
| 544000 | Lehman Brothers Small Balance Commercial Mortgage Series 3A M2<sup>(c),(d)</sup> | TSFR1M + 2.114% | 6.0690 | &nbsp;&nbsp;10/25/37 | 492810 |
| 381000 | LSTAR Commercial Mortgage Trust Series 2016-4 C<sup>(b),(c)</sup> |  | 4.8160 | &nbsp;&nbsp;03/10/49 | 373913 |
| 1000000 | LSTAR Commercial Mortgage Trust Series 2016-4 D<sup>(b),(c)</sup> |  | 4.8160 | &nbsp;&nbsp;03/10/49 | 951457 |
| 1500000 | LSTAR Commercial Mortgage Trust Series 2017-5 D<sup>(b),(c)</sup> |  | 4.8390 | &nbsp;&nbsp;03/10/50 | 1271141 |
| 3081441 | ML-CFC Commercial Mortgage Trust Series 2007-5 AJ<sup>(b)</sup> |  | 5.4500 | &nbsp;&nbsp;08/12/48 | 519348 |
| 460000 | Morgan Stanley Bank of America Merrill Lynch Trust |  | 3.5610 | &nbsp;&nbsp;04/15/48 | 443231 |
| 420000 | Morgan Stanley Capital I Trust Series 2014-150E AS<sup>(c)</sup> |  | 4.0120 | &nbsp;&nbsp;09/09/32 | 367591 |
| 172000 | Morgan Stanley Capital I Trust Series 2014-150E<sup>(c)</sup> |  | 4.2640 | &nbsp;&nbsp;09/09/32 | 144714 |
| 347000 | Morgan Stanley Capital I Trust Series 2014-150E D<sup>(b),(c)</sup> |  | 4.4380 | &nbsp;&nbsp;09/09/32 | 261743 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **NON AGENCY CMBS — 21.7% (Continued)** |  |  |  |  |
| 124657 | Morgan Stanley Capital I Trust Series 2018-BOP A<sup>(c),(d)</sup> | TSFR1M + 0.897% | 4.8560 | &nbsp;&nbsp;08/15/33 | $98943 |
| 200000 | Morgan Stanley Capital I Trust Series 2015-MS1 D<sup>(b),(c)</sup> |  | 4.2880 | &nbsp;&nbsp;05/15/48 | 163600 |
| 4236067 | Morgan Stanley Capital I Trust Series 2015-420 A<sup>(c),(e)</sup> |  | 7.9820 | &nbsp;&nbsp;10/12/50 | 4336400 |
| 15218 | Morgan Stanley Capital I Trust Series 2019-H6 A2 |  | 3.2280 | &nbsp;&nbsp;06/15/52 | 15188 |
| 210000 | MRCD Mortgage Trust Series 2019-PARK A<sup>(c)</sup> |  | 2.7180 | &nbsp;&nbsp;12/15/36 | 178842 |
| 1000000 | Natixis Commercial Mortgage Securities Trust Series 75B A<sup>(c)</sup> |  | 3.8580 | &nbsp;&nbsp;04/10/37 | 883090 |
| 1000000 | OWS Real Estate Finance, LLC Series MARG2 A<sup>(c),(d)</sup> | TSFR1M + 4.000% | 7.9590 | &nbsp;&nbsp;08/15/27 | 1001506 |
| 2250000 | Ready Capital Mortgage Trust Series 2019-5 E<sup>(b),(c)</sup> |  | 5.2350 | &nbsp;&nbsp;02/25/52 | 2062903 |
| 3000000 | ReadyCap Commercial Mortgage Trust Series 2018-4 E<sup>(b),(c)</sup> |  | 5.2520 | &nbsp;&nbsp;02/27/51 | 2885175 |
| 6075000 | SBALR Commercial Mortgage Trust Series 2020-RR1 D<sup>(b),(c)</sup> |  | 4.1740 | &nbsp;&nbsp;02/13/53 | 379688 |
| 110000 | Soho Trust Series 2021-SOHO B<sup>(b),(c)</sup> |  | 2.7860 | &nbsp;&nbsp;08/10/38 | 86504 |
| 31669 | Sutherland Commercial Mortgage Trust Series 2019-SBC8 A<sup>(b),(c)</sup> |  | 2.8600 | &nbsp;&nbsp;04/25/41 | 30395 |
| 351445 | Sutherland Commercial Mortgage Trust Series 2021-SB10 C<sup>(b),(c)</sup> |  | 2.6400 | &nbsp;&nbsp;12/25/41 | 325832 |
| 2000000 | TPG Trust Series 2024-WLSC A<sup>(c),(d)</sup> | TSFR1M + 2.133% | 6.0910 | &nbsp;&nbsp;11/15/29 | 2006254 |
| 251000 | UBS Commercial Mortgage Trust Series 2019-C16 C<sup>(b)</sup> |  | 4.9230 | &nbsp;&nbsp;04/15/52 | 229067 |
| 1197397 | VCC Trust Series 2025-MC1 A1<sup>(c),(e)</sup> |  | 8.1630 | &nbsp;&nbsp;05/25/55 | 1216046 |
| 1588789 | Velocity Commercial Capital Loan Trust Series 2017-2 M5<sup>(b),(c)</sup> |  | 6.4200 | &nbsp;&nbsp;11/25/47 | 1417233 |
| 1539808 | Velocity Commercial Capital Loan Trust Series 2017-2 M6<sup>(b),(c)</sup> |  | 7.7500 | &nbsp;&nbsp;11/25/47 | 1358458 |
| 807590 | Velocity Commercial Capital Loan Trust Series 2018-1 M6<sup>(c)</sup> |  | 7.2600 | &nbsp;&nbsp;04/25/48 | 736074 |
| 1014516 | Velocity Commercial Capital Loan Trust Series 2018-2 M6<sup>(b),(c)</sup> |  | 7.0500 | &nbsp;&nbsp;10/26/48 | 896373 |
| 362642 | Velocity Commercial Capital Loan Trust Series 2019-1 M5<sup>(b),(c)</sup> |  | 5.7000 | &nbsp;&nbsp;03/25/49 | 329459 |
| 875096 | Velocity Commercial Capital Loan Trust Series 2019-1 M6<sup>(b),(c)</sup> |  | 6.7900 | &nbsp;&nbsp;03/25/49 | 777784 |
| 1232726 | Velocity Commercial Capital Loan Trust Series 2019-2 M6<sup>(b),(c)</sup> |  | 6.3000 | &nbsp;&nbsp;07/25/49 | 938924 |
| 416848 | Velocity Commercial Capital Loan Trust Series 2019-3 M3<sup>(b),(c)</sup> |  | 3.3800 | &nbsp;&nbsp;10/25/49 | 383004 |
| 373028 | Velocity Commercial Capital Loan Trust Series 2019-3 M6<sup>(b),(c)</sup> |  | 6.0300 | &nbsp;&nbsp;10/25/49 | 318299 |
| 58934 | Velocity Commercial Capital Loan Trust Series 2020-1 M2<sup>(b),(c)</sup> |  | 2.9800 | &nbsp;&nbsp;02/25/50 | 47414 |
| 158936 | Velocity Commercial Capital Loan Trust Series 2020-1 M5<sup>(b),(c)</sup> |  | 4.2900 | &nbsp;&nbsp;02/25/50 | 124696 |
| 1618033 | Velocity Commercial Capital Loan Trust Series 2021-2 M1<sup>(b),(c)</sup> |  | 1.8200 | &nbsp;&nbsp;08/25/51 | 1217188 |
| 396889 | Velocity Commercial Capital Loan Trust Series 2021-2 M4<sup>(b),(c)</sup> |  | 3.0800 | &nbsp;&nbsp;08/25/51 | 308590 |
| 1371697 | Velocity Commercial Capital Loan Trust Series 2021-3 M6<sup>(b),(c)</sup> |  | 5.0300 | &nbsp;&nbsp;10/25/51 | 1079157 |
| 1962190 | Velocity Commercial Capital Loan Trust Series 2021-4 M5<sup>(b),(c)</sup> |  | 5.6800 | &nbsp;&nbsp;12/26/51 | 1584685 |
| 1703968 | Velocity Commercial Capital Loan Trust Series 2022-1 M5<sup>(b),(c)</sup> |  | 5.8550 | &nbsp;&nbsp;02/25/52 | 1267719 |
| 2570353 | Velocity Commercial Capital Loan Trust Series 2022-2 M5<sup>(b),(c)</sup> |  | 5.7410 | &nbsp;&nbsp;04/25/52 | 2195337 |
| 664271 | Velocity Commercial Capital Loan Trust Series 2022-4 M4<sup>(b),(c)</sup> |  | 7.5310 | &nbsp;&nbsp;08/25/52 | 648718 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **NON AGENCY CMBS — 21.7% (Continued)** |  |  |  |  |
| 374846 | Velocity Commercial Capital Loan Trust Series 2023-1 M1<sup>(b),(c)</sup> |  | 7.1500 | &nbsp;&nbsp;01/25/53 | $373971 |
| 1028993 | Velocity Commercial Capital Loan Trust Series 2023-2 M4<sup>(b),(c)</sup> |  | 10.4260 | &nbsp;&nbsp;05/25/53 | 1054702 |
| 820491 | Velocity Commercial Capital Loan Trust Series 2023-3 M3<sup>(b),(c)</sup> |  | 9.3200 | &nbsp;&nbsp;08/25/53 | 845309 |
| 212158 | Velocity Commercial Capital Loan Trust Series 2024-1 M2<sup>(b),(c)</sup> |  | 7.2300 | &nbsp;&nbsp;01/25/54 | 213374 |
| 176348 | Wachovia Bank Commercial Mortgage Trust Series 2004-C12 IO<sup>(a),(b),(c)</sup> |  | 1.0890 | &nbsp;&nbsp;07/15/41 | 1873 |
| 24144 | Waterfall Commercial Mortgage Trust Series 2015-SBC5 A<sup>(b),(c)</sup> |  | 4.1040 | &nbsp;&nbsp;12/14/32 | 23884 |
| 28646 | Wells Fargo Commercial Mortgage Trust Series 2013-LC12 B<sup>(b)</sup> |  | 3.9120 | &nbsp;&nbsp;07/15/46 | 28088 |
| 250000 | Wells Fargo Commercial Mortgage Trust Series 2016-C34 C<sup>(b)</sup> |  | 5.2230 | &nbsp;&nbsp;06/15/49 | 233508 |
| 505000 | Wells Fargo Commercial Mortgage Trust Series 2016-C36 C<sup>(b)</sup> |  | 4.2480 | &nbsp;&nbsp;11/15/59 | 448630 |
| 195348 | WFRBS Commercial Mortgage Trust Series 2011-C4 D<sup>(b),(c)</sup> |  | 5.1500 | &nbsp;&nbsp;06/15/44 | 189652 |
| 890000 | WFRBS Commercial Mortgage Trust Series 2012-C10 C<sup>(b)</sup> |  | 4.4560 | &nbsp;&nbsp;12/15/45 | 768986 |
| 455000 | WFRBS Commercial Mortgage Trust Series 2013-C15 C<sup>(b)</sup> |  | 4.2840 | &nbsp;&nbsp;08/15/46 | 410789 |
| 137723 | WFRBS Commercial Mortgage Trust Series 2014-C20 B |  | 4.3780 | &nbsp;&nbsp;05/15/47 | 115785 |
| 900000 | Worldwide Plaza Trust Series 2017-WWP A<sup>(c)</sup> |  | 3.5260 | &nbsp;&nbsp;11/10/36 | 732298 |
|  |  |  |  |  | 89476619 |
|  | **OTHER ABS — 3.8%** |  |  |  |  |
| 51784 | AASET Trust Series 2020-1A A<sup>(c)</sup> |  | 3.3510 | &nbsp;&nbsp;01/16/40 | 51260 |
| 1819738 | Corevest American Finance Trust Series 2019-3 XA<sup>(a),(b),(c)</sup> |  | 2.1520 | &nbsp;&nbsp;10/15/52 | 1095 |
| 414102 | E3 Series 2019-1 A<sup>(c)</sup> |  | 3.1000 | &nbsp;&nbsp;09/20/55 | 365561 |
| 839090 | EverBright Solar Trust Series 2024-A A<sup>(c)</sup> |  | 6.4300 | &nbsp;&nbsp;06/22/54 | 808121 |
| 110481 | FNA VII, LLC Series 1A A1<sup>(c)</sup> |  | 6.9000 | &nbsp;&nbsp;04/15/38 | 111053 |
| 451489 | FortiFi Series 2023-1A A<sup>(c)</sup> |  | 6.2300 | &nbsp;&nbsp;09/20/59 | 455510 |
| 331612 | Goldman Home Improvement Trust Issuer Series 2022-GRN1 D<sup>(c)</sup> |  | 7.3000 | &nbsp;&nbsp;06/25/52 | 337523 |
| 1504827 | Goodgreen Trust Series 2021-1A C<sup>(c)</sup> |  | 5.7400 | &nbsp;&nbsp;10/15/56 | 1103520 |
| 42659 | HERO Funding Trust Series 2015-2A A<sup>(c)</sup> |  | 3.9900 | &nbsp;&nbsp;09/20/40 | 41574 |
| 177411 | HERO Funding Trust Series 2021-1A B<sup>(c)</sup> |  | 4.0000 | &nbsp;&nbsp;09/20/51 | 168527 |
| 139255 | Home Partners of America Trust Series 2020-2 F<sup>(c)</sup> |  | 4.0550 | &nbsp;&nbsp;01/17/41 | 130311 |
| 46336 | JG Wentworth XLII, LLC Series 2A B<sup>(c)</sup> |  | 4.7000 | &nbsp;&nbsp;10/15/77 | 42609 |
| 421019 | Mill City Solar Loan Ltd. Series 2019-1A A<sup>(c)</sup> |  | 4.3400 | &nbsp;&nbsp;03/20/43 | 398405 |
| 94188 | Mosaic Solar Loan Trust Series 2018-1A B<sup>(c)</sup> |  | 2.0000 | &nbsp;&nbsp;06/22/43 | 78458 |
| 400000 | Mosaic Solar Loan Trust Series 2024-1A C<sup>(c)</sup> |  | 9.0000 | &nbsp;&nbsp;09/20/49 | 219565 |
| 67210 | Mosaic Solar Loan Trust Series 2024-2A A<sup>(c)</sup> |  | 5.6000 | &nbsp;&nbsp;04/22/52 | 65449 |
| 435000 | Mosaic Solar Loan Trust Series 2023-4A C<sup>(c)</sup> |  | 8.8000 | &nbsp;&nbsp;05/20/53 | 182903 |
| 250000 | New Economy Assets Phase 1 Sponsor, LLC Series 1 B1<sup>(c)</sup> |  | 2.4100 | &nbsp;&nbsp;10/20/61 | 170639 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **OTHER ABS — 3.8% (Continued)** |  |  |  |  |
| 79362 | NP SPE II, LLC Series 2017-1A A1<sup>(c)</sup> |  | 3.3720 | &nbsp;&nbsp;10/21/47 | $76728 |
| 3198000 | NP SPE II, LLC Series 1A A2<sup>(c)</sup> |  | 4.2190 | &nbsp;&nbsp;10/21/47 | 2760214 |
| 1500000 | NP SPE II, LLC Series 1A B1<sup>(c)</sup> |  | 5.6070 | &nbsp;&nbsp;10/21/47 | 1272819 |
| 541992 | NP SPE X, L.P. Series 2A A2<sup>(c)</sup> |  | 3.0980 | &nbsp;&nbsp;11/19/49 | 478125 |
| 3988830 | NP SPE X, L.P. Series 1A A1<sup>(c)</sup> |  | 2.2300 | &nbsp;&nbsp;03/19/51 | 3477653 |
| 422744 | Sunnova Helios IX Issuer, LLC Series B A<sup>(c)</sup> |  | 5.0000 | &nbsp;&nbsp;08/20/49 | 381166 |
| 487737 | Sunnova Helios X Issuer, LLC Series C A<sup>(c)</sup> |  | 5.3000 | &nbsp;&nbsp;11/22/49 | 458049 |
| 145465 | Sunnova Helios X Issuer, LLC Series C C<sup>(c)</sup> |  | 6.0000 | &nbsp;&nbsp;11/22/49 | 57018 |
| 118623 | Sunrun Demeter Issuer, LLC Series 2021-2A A<sup>(c)</sup> |  | 2.2700 | &nbsp;&nbsp;01/30/57 | 108086 |
| 379528 | Sunrun Vulcan Issuer, LLC Series 2021-1A A<sup>(c)</sup> |  | 2.4600 | &nbsp;&nbsp;01/30/52 | 351019 |
| 233349 | USQ Rail III, LLC Series 1A A<sup>(c)</sup> |  | 4.9900 | &nbsp;&nbsp;09/28/54 | 235012 |
| 104223 | Vivint Solar Financing VII, LLC Series 1A A<sup>(c)</sup> |  | 2.2100 | &nbsp;&nbsp;07/31/51 | 97504 |
| 1013796 | Willis Engine Structured Trust VII Series A A<sup>(c)</sup> |  | 8.0000 | &nbsp;&nbsp;10/15/48 | 1042318 |
|  |  |  |  |  | 15527794 |
|  | **RESIDENTIAL MORTGAGE — 1.9%** |  |  |  |  |
| 388011 | Amresco Residential Securities Corp Mort Loan Series 1999-1 A<sup>(d)</sup> | TSFR1M + 0.584% | 5.0090 | &nbsp;&nbsp;06/25/29 | 405531 |
| 7187676 | Belvedere SPV Srl Series 1 A<sup>(d)</sup> | EUR006M + 3.250% | 5.2870 | &nbsp;&nbsp;12/31/38 | 947089 |
| 231263 | CFMT, LLC Series 2023-HB11 A<sup>(b),(c)</sup> |  | 4.0000 | &nbsp;&nbsp;02/25/37 | 231094 |
| 4476 | Chase Funding Trust Series 2002-4 2A1<sup>(d)</sup> | TSFR1M + 0.854% | 4.8090 | &nbsp;&nbsp;10/25/32 | 4496 |
| 26477 | Chase Funding Trust Series 2004-1 1A7<sup>(e)</sup> |  | 4.9850 | &nbsp;&nbsp;11/25/33 | 26268 |
| 513640 | Credit-Based Asset Servicing and Securitization, LLC Series 2002-CB3 B2<sup>(d)</sup> | TSFR1M + 3.489% | 7.4440 | &nbsp;&nbsp;06/25/32 | 511904 |
| 44202 | Credit-Based Asset Servicing and Securitization, LLC Series 2003-CB1 M1<sup>(d)</sup> | TSFR1M + 1.539% | 4.7930 | &nbsp;&nbsp;01/25/33 | 44107 |
| 87027 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-CB3 B1<sup>(d)</sup> | TSFR1M + 2.889% | 2.9490 | &nbsp;&nbsp;03/25/34 | 116168 |
| 1360918 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-RP1<sup>(c),(d)</sup> | TSFR1M + 3.864% | 7.8190 | &nbsp;&nbsp;05/25/50 | 1359142 |
| 79468 | CWABS Asset-Backed Certificates Trust Series 2005-13 AF4<sup>(b)</sup> |  | 5.8050 | &nbsp;&nbsp;04/25/36 | 74628 |
| 11961 | CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6 2A3<sup>(d)</sup> | TSFR1M + 1.314% | 5.2690 | &nbsp;&nbsp;11/25/34 | 12035 |
| 109307 | Equity One Mortgage Pass-Through Trust Series 2004-3 M1<sup>(e)</sup> |  | 3.7520 | &nbsp;&nbsp;07/25/34 | 102288 |
| 170531 | Fannie Mae Grantor Trust Series 2003-T4 1A<sup>(d)</sup> | TSFR1M + 0.334% | 2.8020 | &nbsp;&nbsp;09/26/33 | 169425 |
| 362293 | First Franklin Mortgage Loan Trust Series 2002-FF1 M2<sup>(d)</sup> | TSFR1M + 1.914% | 5.8690 | &nbsp;&nbsp;04/25/32 | 365688 |
| 87045 | GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2 M1<sup>(d)</sup> | TSFR1M + 0.774% | 4.7290 | &nbsp;&nbsp;12/25/35 | 70868 |
| 302356 | Legacy Mortgage Asset Trust Series 2019-SL2 A<sup>(b),(c)</sup> |  | 3.3750 | &nbsp;&nbsp;02/25/59 | 293717 |
| 579757 | Lehman A.B.S Mortgage Loan Trust Series 2007-1 2A2<sup>(c),(d)</sup> | TSFR1M + 0.314% | 4.2690 | &nbsp;&nbsp;06/25/37 | 373410 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **RESIDENTIAL MORTGAGE — 1.9% (Continued)** |  |  |  |  |
| 53147 | Long Beach Mortgage Loan Trust Series 2003-2 M2<sup>(d)</sup> | TSFR1M + 2.964% | 6.9190 | &nbsp;&nbsp;06/25/33 | $61429 |
| 49720 | MASTR Specialized Loan Trust Series 2005-3 M1<sup>(c),(d)</sup> | TSFR1M + 1.239% | 5.1940 | &nbsp;&nbsp;11/25/35 | 48084 |
| 430989 | RAAC Series Trust Series 2007-RP3 A<sup>(c),(d)</sup> | TSFR1M + 0.494% | 4.8290 | &nbsp;&nbsp;10/25/46 | 425942 |
| 1350000 | RMF Buyout Issuance Trust Series 2022-HB1 M4<sup>(b),(c)</sup> |  | 4.5000 | &nbsp;&nbsp;04/25/32 | 1187942 |
| 527273 | Structured Asset Investment Loan Trust Series 2003-BC9 M3<sup>(d)</sup> | TSFR1M + 3.264% | 7.2190 | &nbsp;&nbsp;08/25/33 | 501970 |
| 145141 | Structured Asset Securities Corp Mortgage Loan Series 2005-WF2 M7<sup>(d)</sup> | TSFR1M + 1.764% | 5.7190 | &nbsp;&nbsp;05/25/35 | 144837 |
| 246391 | Structured Asset Securities Corp Mortgage Loan Series WF1 A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.4890 | &nbsp;&nbsp;02/25/37 | 244603 |
|  |  |  |  |  | 7722665 |
|  | **STUDENT LOANS — 1.2%** |  |  |  |  |
| 25249 | AccessLex Institute Series 2004-2 B<sup>(d)</sup> | SOFR90A + 0.962% | 5.2750 | &nbsp;&nbsp;01/25/43 | 23092 |
| 311560 | Brazos Education Loan Authority, Inc. Series 2 A1A |  | 2.0600 | &nbsp;&nbsp;01/25/72 | 273832 |
| 59437 | College Ave Student Loans, LLC Series 2019-A A1<sup>(c),(d)</sup> | TSFR1M + 1.514% | 5.4690 | &nbsp;&nbsp;12/28/48 | 59686 |
| 45571 | College Ave Student Loans, LLC Series 2021-A D<sup>(c)</sup> |  | 4.1200 | &nbsp;&nbsp;07/25/51 | 43881 |
| 252612 | College Ave Student Loans, LLC Series 2023-A A1<sup>(c),(d)</sup> | SOFR30A + 1.900% | 5.9720 | &nbsp;&nbsp;05/25/55 | 257166 |
| 104597 | Commonbond Student Loan Trust Series 2021-B-GS A<sup>(c)</sup> |  | 1.1700 | &nbsp;&nbsp;09/25/51 | 92684 |
| 887636 | Commonbond Student Loan Trust Series 2021-BGS B<sup>(c)</sup> |  | 1.6400 | &nbsp;&nbsp;09/25/51 | 733502 |
| 53455 | EDvestinU Private Education Loan Issue No. 3, LLC Series A A<sup>(c)</sup> |  | 1.8000 | &nbsp;&nbsp;11/25/45 | 50193 |
| 137775 | ELFI Graduate Loan Program, LLC Series 2020-A A<sup>(c)</sup> |  | 1.7300 | &nbsp;&nbsp;08/25/45 | 127071 |
| 235548 | Navient Private Education Refi Loan Trust Series 2021-D-DA A<sup>(c),(d)</sup> | PRIME - 1.990% | 5.0100 | &nbsp;&nbsp;04/15/60 | 231321 |
| 225000 | Navient Private Education Refi Loan Trust Series 2019-FA B<sup>(c)</sup> |  | 3.1200 | &nbsp;&nbsp;08/15/68 | 202602 |
| 122719 | Navient Private Education Refi Loan Trust Series 2020-H-IA A1B<sup>(c),(d)</sup> | TSFR1M + 1.114% | 5.0730 | &nbsp;&nbsp;04/15/69 | 122084 |
| 165000 | Navient Private Education Refi Loan Trust Series 2020-FA B<sup>(c)</sup> |  | 2.6900 | &nbsp;&nbsp;07/15/69 | 146104 |
| 235000 | Navient Private Education Refi Loan Trust Series 2021-FA B<sup>(c)</sup> |  | 2.1200 | &nbsp;&nbsp;02/18/70 | 173284 |
| 102687 | Navient Student Loan Trust Series BA A1B<sup>(c),(d)</sup> | SOFR30A + 1.700% | 5.8420 | &nbsp;&nbsp;03/15/72 | 103666 |
| 251818 | SLM Private Credit Student Loan Trust Series 2004-B A4<sup>(d)</sup> | TSFR3M + 0.692% | 4.7290 | &nbsp;&nbsp;09/15/33 | 249116 |
| 51668 | SLM Private Credit Student Loan Trust Series 2006-B A5<sup>(d)</sup> | TSFR3M + 0.532% | 4.5690 | &nbsp;&nbsp;12/15/39 | 50546 |
| 337025 | SLM Private Education Loan Trust Series 2010-C<sup>(c),(d)</sup> | TSFR1M + 4.864% | 8.8230 | &nbsp;&nbsp;10/15/41 | 354625 |
| 289465 | SLM Student Loan Trust Series 2012-1 A3<sup>(d)</sup> | SOFR30A + 1.064% | 5.1360 | &nbsp;&nbsp;09/25/28 | 283316 |
| 11472 | SLM Student Loan Trust Series 2005-5 B<sup>(d)</sup> | SOFR90A + 0.512% | 4.8250 | &nbsp;&nbsp;10/25/40 | 10916 |
| 53254 | SLM Student Loan Trust Series 2005-8 B<sup>(d)</sup> | SOFR90A + 0.572% | 4.8850 | &nbsp;&nbsp;01/25/55 | 51187 |
| 262000 | SLM Student Loan Trust Series 2008-4 B<sup>(d)</sup> | SOFR90A + 2.112% | 6.4250 | &nbsp;&nbsp;04/25/73 | 273973 |
| 375000 | SLM Student Loan Trust Series 2008-5 B<sup>(d)</sup> | SOFR90A + 2.112% | 6.4250 | &nbsp;&nbsp;07/25/73 | 394542 |
| 375000 | SLM Student Loan Trust Series 2008-2 B<sup>(d)</sup> | SOFR90A + 1.462% | 5.7750 | &nbsp;&nbsp;01/25/83 | 393859 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 59.5% (Continued)** | **ASSET BACKED SECURITIES — 59.5% (Continued)** |  |  | |
|  | **STUDENT LOANS — 1.2% (Continued)** |  |  |  |  |
| 375000 | SLM Student Loan Trust Series 2008-3 B<sup>(d)</sup> | SOFR90A + 1.462% | 5.7750 | &nbsp;&nbsp;04/26/83 | $386330 |
|  |  |  |  |  | 5088578 |
|  | **WHOLE BUSINESS — 0.7%** |  |  |  |  |
| 1811597 | Harvest SBA Loan Trust Series 2023-1 C<sup>(c),(d)</sup> | SOFR30A + 8.500% | 12.6060 | &nbsp;&nbsp;10/25/50 | 1943018 |
| 1316671 | KGS-Alpha SBA COOF Trust Series 2015-1 A<sup>(a),(b),(c)</sup> |  | 1.3670 | &nbsp;&nbsp;10/25/35 | 35934 |
| 1000141 | KGS-Alpha SBA COOF Trust Series 2014-5 A<sup>(a),(b),(c)</sup> |  | 1.8990 | &nbsp;&nbsp;10/25/40 | 28943 |
| 24148 | Newtek Small Business Loan Trust Series 2021-1 A<sup>(c),(d)</sup> | PRIME - 0.250% | 6.7500 | &nbsp;&nbsp;12/25/48 | 24138 |
| 30643 | Newtek Small Business Loan Trust Series 2021-1 A<sup>(c),(d)</sup> | PRIME - 0.700% | 6.3000 | &nbsp;&nbsp;10/25/49 | 30849 |
| 288006 | Newtek Small Business Loan Trust Series 2023-1 A<sup>(c),(d)</sup> | PRIME - 0.500% | 6.5000 | &nbsp;&nbsp;07/25/50 | 290541 |
| 98229 | ReadyCap Lending Small Business Loan Trust Series 2019-2 A<sup>(c),(d)</sup> | PRIME - 0.500% | 6.5000 | &nbsp;&nbsp;12/27/44 | 98078 |
| 361604 | ReadyCap Lending Small Business Loan Trust Series 2023-3 A<sup>(c),(d)</sup> | PRIME + 0.070% | 7.0700 | &nbsp;&nbsp;04/25/48 | 366365 |
|  |  |  |  |  | 2817866 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $253,684,047)** | **TOTAL ASSET BACKED SECURITIES (Cost $253,684,047)** |  |  | 245567319 |
|  | **CORPORATE BONDS — 15.0%** | **CORPORATE BONDS — 15.0%** |  |  |  |
|  | **ASSET MANAGEMENT — 0.2%** | **ASSET MANAGEMENT — 0.2%** |  |  |  |
| 70000 | Morgan Stanley & Company, LLC<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;01/21/26 | 69650 |
| 274000 | Nomura America Finance, LLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;12/31/33 | 192485 |
| 65000 | Nomura America Finance, LLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;02/28/34 | 51898 |
| 890000 | Nomura America Finance, LLC<sup>(b)</sup> | 4\*(USISOA30 - USISOA02)-1.00% | 0.0000 | &nbsp;&nbsp;07/29/34 | 620775 |
|  |  |  |  |  | 934808 |
|  | **BANKING — 2.6%** |  |  |  |  |
| 190000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02-0.75%) | 0.0000 | &nbsp;&nbsp;06/27/33 | 126588 |
| 120000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-0.738% | 1.6710 | &nbsp;&nbsp;01/30/34 | 83400 |
| 100000 | Bank of Nova Scotia (The)<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.738% | 0.0000 | &nbsp;&nbsp;08/28/34 | 68375 |
| 525000 | Barclays Bank PLC<sup>(b)</sup> | 4.250\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;09/13/28 | 455438 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **BANKING — 2.6% (Continued)** |  |  |  |  |
| 50000 | Barclays Bank PLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;10/18/28 | $43000 |
| 75000 | Barclays Bank PLC<sup>(b)</sup> | 4\*(USISOA10-USISOA02)-1.00% | 0.0000 | &nbsp;&nbsp;08/15/33 | 51938 |
| 58000 | Barclays Bank PLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-2.00% | 0.0000 | &nbsp;&nbsp;04/25/34 | 39658 |
| 70000 | Barclays Bank PLC<sup>(b)</sup> | 8\*(USISOA30 - USISOA05)-2.00% | 4.1380 | &nbsp;&nbsp;07/31/34 | 50663 |
| 177000 | BNP Paribas S.A.<sup>(b)</sup> | 4\*(CMS30-CMS5) | 0.0000 | &nbsp;&nbsp;04/30/33 | 126776 |
| 1037000 | Citigroup, Inc.<sup>(b)</sup> | 4.5\*(USISOA30-USISOA05) | 0.0000 | &nbsp;&nbsp;11/26/33 | 790712 |
| 150000 | Citigroup, Inc.<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 2.2620 | &nbsp;&nbsp;10/31/34 | 116591 |
| 507000 | Citigroup, Inc.<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.00% - 1.000% | 0.0000 | &nbsp;&nbsp;12/29/34 | 382785 |
| 55000 | Citigroup, Inc.<sup>(b)</sup> | 20\*(USISOA30-USISOA02)-17.5% | 0.0000 | &nbsp;&nbsp;08/31/35 | 39738 |
| 500000 | Credit Agricole Corporate & Investment Bank S.A.<sup>(b)</sup> | 9.75\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;04/22/36 | 398750 |
| 1500000 | Credit Agricole Corporate & Investment Bank S.A.<sup>(b)</sup> | 7.75\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;05/24/36 | 1121249 |
| 1079000 | Credit Suisse A.G.<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;10/31/31 | 936032 |
| 120000 | Deutsche Bank A.G.<sup>(b)</sup> | 4\*(USISOA30-USISOA05)-2.20% | 0.0000 | &nbsp;&nbsp;01/31/33 | 84300 |
| 245000 | Deutsche Bank A.G.<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.60% | 0.0000 | &nbsp;&nbsp;06/30/34 | 167825 |
| 1257000 | Deutsche Bank A.G.<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-2.000% | 0.0000 | &nbsp;&nbsp;08/28/34 | 883042 |
| 961000 | Deutsche Bank A.G.<sup>(b)</sup> | 4\*(USISOA30 - USISOA02)-1.00% | 0.0000 | &nbsp;&nbsp;11/26/34 | 700328 |
| 738000 | Deutsche Bank A.G.<sup>(b)</sup> | 10\*(USISOA30-USISOA02)-8.750% | 0.0000 | &nbsp;&nbsp;03/27/35 | 581175 |
| 75000 | Deutsche Bank A.G.<sup>(b)</sup> | 15\*(USISOA30 - USISOA02)-13.125% | 0.0000 | &nbsp;&nbsp;12/23/35 | 54188 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **BANKING — 2.6% (Continued)** |  |  |  |  |
| 100000 | HSBC USA, Inc.<sup>(b)</sup> | 6.250\*(USISOA30-USISOA05) | 3.9120 | &nbsp;&nbsp;05/21/29 | $87000 |
| 136000 | Lloyds Bank plc<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 1.4100 | &nbsp;&nbsp;10/25/33 | 97580 |
| 655000 | Lloyds Bank plc<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-1.400% | 0.0000 | &nbsp;&nbsp;11/27/33 | 440144 |
| 282000 | Natixis US Medium-Term Note Program, LLC<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 4.3600 | &nbsp;&nbsp;04/30/34 | 200220 |
| 1414000 | Natixis US Medium-Term Note Program, LLC<sup>(b)</sup> | 7.5\*(USISOA30-USISOA05)-1.875% | 0.0000 | &nbsp;&nbsp;07/31/34 | 995102 |
| 125000 | NatWest Markets plc<sup>(b)</sup> | 4\*(USISOA30-USISOA02)-0.25% | 0.0000 | &nbsp;&nbsp;08/18/31 | 99063 |
| 100000 | NatWest Markets plc<sup>(b)</sup> | 4\*(USISOA30 - USISOA02)-0.50% | 0.0000 | &nbsp;&nbsp;08/26/31 | 75500 |
| 202000 | SG Structured Products, Inc.<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;03/31/26 | 196698 |
| 185000 | SG Structured Products, Inc.<sup>(b)</sup> | 4\*(USISOA30 - USISOA02)-2.00% | 0.0000 | &nbsp;&nbsp;07/29/31 | 151006 |
| 744000 | Societe Generale S.A.<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;10/29/32 | 663090 |
| 203000 | Societe Generale S.A.<sup>(b)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;01/31/35 | 194880 |
| 135000 | STRATS, LLC<sup>(d)</sup> | TSFR1M + 1.428% | 5.9990 | &nbsp;&nbsp;02/15/34 | 107255 |
|  |  |  |  |  | 10610089 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0%** |  |  |  |  |
| 41000 | Citigroup Global Markets Holdings, Inc.<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;04/25/32 | 39466 |
| 35000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 9.5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;11/22/32 | 30625 |
| 200000 | Citigroup Global Markets Holdings, Inc. | 30\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/29/34 | 189500 |
| 60000 | Citigroup Global Markets Holdings, Inc.<sup>(b)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/29/34 | 58275 |
| 1350000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;01/22/35 | 1299374 |
| 553000 | Citigroup Global Markets Holdings, Inc.<sup>(b)</sup> | 30\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;04/01/41 | 488714 |
| 1700000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 25\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;09/03/41 | 1491749 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)** |  |  |  |  |
| 95000 | Credit Suisse A.G.<sup>(b)</sup> | 8\*(USISOA30 - USISOA02) | 4.5400 | &nbsp;&nbsp;10/30/30 | $78138 |
| 500000 | GS Finance Corporation<sup>(b)</sup> | 7\*(USISOA30-USISOA05)-1.75% | 0.0000 | &nbsp;&nbsp;03/24/31 | 381250 |
| 30000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 10\*(USISOA10-USISOA02) | 3.1730 | &nbsp;&nbsp;06/30/37 | 22763 |
| 1000000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 5.9670 | &nbsp;&nbsp;07/31/37 | 799999 |
| 1071000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 9\*(USISOA10-USISOA02) | 2.8560 | &nbsp;&nbsp;08/31/37 | 820653 |
| 150000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 10\*(USISOA10-USISOA02) | 3.1730 | &nbsp;&nbsp;08/31/37 | 113813 |
| 248000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 8\*(USISOA10-USISOA02) | 2.5390 | &nbsp;&nbsp;09/30/37 | 184760 |
| 240000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 10\*(USISOA10-USISOA02) | 3.1730 | &nbsp;&nbsp;10/31/37 | 183900 |
| 2250000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 8.5\*(USISOA30-USISOA02) | 5.6360 | &nbsp;&nbsp;10/31/37 | 1754999 |
| 110000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 5.3040 | &nbsp;&nbsp;01/31/38 | 84150 |
| 762000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | USISOA30 + 0.750% | 4.9880 | &nbsp;&nbsp;02/28/38 | 634365 |
| 280000 | Jefferies Financial Group, Inc.<sup>(b)</sup> | TSFR3M + 4.262% | 8.2650 | &nbsp;&nbsp;03/20/40 | 279848 |
| 1000000 | JPMorgan Chase Financial Company, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.2340 | &nbsp;&nbsp;10/21/36 | 797500 |
| 125000 | Morgan Stanley<sup>(b)</sup> | 6\*(USISOA30-USISOA02) | 3.9780 | &nbsp;&nbsp;08/31/26 | 119688 |
| 138000 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 3.5580 | &nbsp;&nbsp;12/27/26 | 131445 |
| 115000 | Morgan Stanley<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;03/21/27 | 113275 |
| 56000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA05) | 0.0000 | &nbsp;&nbsp;06/28/28 | 49140 |
| 100000 | Morgan Stanley<sup>(b)</sup> | 4.5\*(USISOA30-USISOA05) | 2.9300 | &nbsp;&nbsp;07/31/28 | 84916 |
| 1015000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA05) | 0.0000 | &nbsp;&nbsp;09/27/28 | 888124 |
| 772000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.9660 | &nbsp;&nbsp;10/15/28 | 661025 |
| 125000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 2.6420 | &nbsp;&nbsp;12/03/28 | 110625 |
| 100000 | Morgan Stanley<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;06/29/29 | 97500 |
| 4385000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;04/30/30 | 3836874 |
| 1628000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.7790 | &nbsp;&nbsp;05/29/30 | 1424499 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)** |  |  |  |  |
| 508000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 5.8840 | &nbsp;&nbsp;06/30/30 | $443230 |
| 221000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 5.1610 | &nbsp;&nbsp;07/31/30 | 190060 |
| 390000 | Morgan Stanley<sup>(b)</sup> | 8.5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;08/19/30 | 331988 |
| 216000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;08/31/30 | 185760 |
| 428000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 5.8840 | &nbsp;&nbsp;09/30/30 | 374500 |
| 171000 | Morgan Stanley Series 10<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.0280 | &nbsp;&nbsp;10/30/30 | 117868 |
| 151000 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 4.5160 | &nbsp;&nbsp;10/30/30 | 125519 |
| 50000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.0280 | &nbsp;&nbsp;11/30/30 | 40313 |
| 66000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.4510 | &nbsp;&nbsp;11/30/30 | 57585 |
| 70000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.6300 | &nbsp;&nbsp;01/29/31 | 61075 |
| 20000 | Morgan Stanley<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;03/31/31 | 17150 |
| 167000 | Morgan Stanley<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/31/31 | 157815 |
| 89000 | Morgan Stanley<sup>(b)</sup> |  | 0.0000 | &nbsp;&nbsp;05/31/31 | 83438 |
| 125000 | Morgan Stanley<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;06/30/31 | 118438 |
| 114000 | Morgan Stanley<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;07/29/31 | 106875 |
| 268200 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;09/16/31 | 215231 |
| 231000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA05) | 2.8710 | &nbsp;&nbsp;02/15/33 | 159101 |
| 247000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 4.5400 | &nbsp;&nbsp;01/30/34 | 177531 |
| 130000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 2.5800 | &nbsp;&nbsp;02/28/34 | 93275 |
| 345000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 2.7950 | &nbsp;&nbsp;02/28/34 | 238913 |
| 209000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/31/34 | 143949 |
| 287000 | Morgan Stanley<sup>(b)</sup> | 4\*(USISOA30-USISOA02) | 1.6110 | &nbsp;&nbsp;05/30/34 | 197671 |
| 485000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.0160 | &nbsp;&nbsp;06/30/34 | 340623 |
| 133000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.3150 | &nbsp;&nbsp;08/29/34 | 93599 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)** |  |  |  |  |
| 450000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;08/29/34 | $316125 |
| 160000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.8370 | &nbsp;&nbsp;09/30/34 | 112600 |
| 231000 | Morgan Stanley<sup>(b)</sup> | 6\*(USISOA30-USISOA02) | 4.6410 | &nbsp;&nbsp;09/30/34 | 156011 |
| 279000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 2.9660 | &nbsp;&nbsp;10/08/34 | 196346 |
| 295000 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;10/31/34 | 219038 |
| 169000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.3150 | &nbsp;&nbsp;10/31/34 | 118934 |
| 279000 | Morgan Stanley<sup>(b)</sup> |  | 7.2500 | &nbsp;&nbsp;10/31/34 | 223200 |
| 185000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.2260 | &nbsp;&nbsp;11/28/34 | 130194 |
| 60000 | Morgan Stanley<sup>(b)</sup> | 7\*(USISOA30-USISOA02) | 4.5160 | &nbsp;&nbsp;11/28/34 | 44400 |
| 230000 | Morgan Stanley<sup>(b)</sup> | 4.5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;12/31/34 | 159275 |
| 567000 | Morgan Stanley<sup>(b)</sup> | 8\*(USISOA30-USISOA02) | 3.1590 | &nbsp;&nbsp;01/30/35 | 426668 |
| 450000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.3150 | &nbsp;&nbsp;01/30/35 | 316688 |
| 40000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 3.2260 | &nbsp;&nbsp;02/27/35 | 28150 |
| 888000 | Morgan Stanley<sup>(b)</sup> | 6\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/31/35 | 643800 |
| 346000 | Morgan Stanley<sup>(b)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;03/31/35 | 243498 |
| 921000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 0.0000 | &nbsp;&nbsp;04/30/35 | 854227 |
| 100000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 9.0000 | &nbsp;&nbsp;05/29/35 | 92500 |
| 366000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 7.3970 | &nbsp;&nbsp;06/30/35 | 339465 |
| 458000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 0.0000 | &nbsp;&nbsp;07/31/35 | 423650 |
| 287000 | Morgan Stanley<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 7.3930 | &nbsp;&nbsp;09/30/35 | 265475 |
| 176000 | Morgan Stanley<sup>(b)</sup> | 9\*(USISOA30-USISOA02) | 7.3970 | &nbsp;&nbsp;11/30/35 | 162800 |
| 241000 | Morgan Stanley<sup>(b)</sup> | 9\*(CMS30-CMS2) | 0.0000 | &nbsp;&nbsp;12/23/35 | 223528 |
| 909000 | Morgan Stanley<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;02/29/36 | 720383 |
| 70000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;08/31/36 | 61775 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)** |  |  |  |  |
| 75000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | (USISOA30-USISOA02) | 5.7530 | &nbsp;&nbsp;09/30/36 | $62531 |
| 1215000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 11\*(USISOA30-USISOA02) | 7.7310 | &nbsp;&nbsp;05/26/37 | 908212 |
| 333000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;06/30/37 | 282218 |
| 869000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 9.9450 | &nbsp;&nbsp;08/31/37 | 736478 |
| 422000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 8.0000 | &nbsp;&nbsp;11/22/37 | 336545 |
| 300000 | UBS A.G.<sup>(b)</sup> | 7.5\*(USISOA30-USISOA02) | 3.0410 | &nbsp;&nbsp;09/30/30 | 248250 |
| 627000 | UBS A.G.<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 4.0050 | &nbsp;&nbsp;09/30/30 | 538436 |
| 1220000 | UBS A.G.<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;01/29/31 | 1046149 |
| 791000 | UBS A.G.<sup>(b)</sup> | 12\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;04/29/31 | 678283 |
|  |  |  |  |  | 32638291 |
|  | **LEISURE FACILITIES & SERVICES — 0.1%** |  |  |  |  |
| 550141 | Times Square Hotel Trust<sup>(c)</sup> |  | 8.5280 | &nbsp;&nbsp;08/01/26 | 551690 |
|  | **OIL & GAS PRODUCERS — 0.1%** |  |  |  |  |
| 250000 | Petroleos Mexicanos<sup>(c)</sup> |  | 10.0000 | &nbsp;&nbsp;02/07/33 | 288790 |
|  | **SPECIALTY FINANCE — 4.0%** |  |  |  |  |
| 178502 | Fort Knox Military Housing Privatization Project<sup>(d)</sup> | TSFR1M + 0.454% | 4.4130 | &nbsp;&nbsp;02/15/52 | 141495 |
| 2538949 | MM Community Funding III Ltd. / MM Community Funding III Corporation<sup>(c),(d)</sup> | TSFR6M + 2.478% | 6.2070 | &nbsp;&nbsp;05/01/32 | 2478983 |
| 737000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15(USISOA30-USISOA02) | 15.2050 | &nbsp;&nbsp;04/30/33 | 649481 |
| 541000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 4.0550 | &nbsp;&nbsp;06/30/36 | 429419 |
| 242000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 9.6770 | &nbsp;&nbsp;07/29/36 | 202675 |
| 3863000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;08/31/36 | 3409097 |
| 1143000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;09/30/36 | 1007269 |
| 3883000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;11/29/36 | 3426747 |
| 40000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 10.0000 | &nbsp;&nbsp;12/30/36 | 35300 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  | |
|  | **SPECIALTY FINANCE — 4.0% (Continued)** |  |  |  |  |
| 1707000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;01/31/37 | $1506428 |
| 100000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;03/31/37 | 83125 |
| 767000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | &nbsp;&nbsp;04/28/37 | 675919 |
| 290000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | &nbsp;&nbsp;07/31/37 | 255563 |
| 168000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 8.0000 | &nbsp;&nbsp;09/29/37 | 148050 |
| 2014000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 16.0000 | &nbsp;&nbsp;09/29/37 | 1601130 |
| 25433 | Preferred Term Securities X Ltd. / Preferred Term Securities X, Inc.<sup>(c),(d)</sup> | TSFR3M + 1.122% | 5.1200 | &nbsp;&nbsp;07/03/33 | 25094 |
| 634876 | Select Notes Trust LT |  | 5.9100 | &nbsp;&nbsp;02/22/33 | 592146 |
|  |  |  |  |  | 16667921 |
|  | **TOTAL CORPORATE BONDS (Cost $64,110,634)** | **TOTAL CORPORATE BONDS (Cost $64,110,634)** |  |  | 61691589 |
|  | **U.S. GOVERNMENT & AGENCIES — 15.7%** | **U.S. GOVERNMENT & AGENCIES — 15.7%** |  |  |  |
|  | **AGENCY FIXED RATE** — **0.0%<sup>(g)</sup>** |  |  |  |  |
| 63697 | Ginnie Mae II Pool 786928 |  | 6.5000 | &nbsp;&nbsp;09/20/53 | 66696 |
|  | **AGENCY MBS OTHER** — **0.0%<sup>(g)</sup>** |  |  |  |  |
| 31716 | Fannie Mae Pool 257064 |  | 4.5000 | &nbsp;&nbsp;11/01/37 | 31756 |
| 2088 | Ginnie Mae II Pool BU6365<sup>(b)</sup> |  | 4.6760 | &nbsp;&nbsp;04/20/70 | 2090 |
|  |  |  |  |  | 33846 |
|  |  |  | **Discount Rate (%)** |  |  |
|  | **U.S. TREASURY BILLS — 15.7%** |  |  |  |  |
| 10000000 | U.S. Treasury Bill<sup>(f)</sup> |  | 2.8175 | &nbsp;&nbsp;12/04/25 | 9996870 |
| 10000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.6390 | &nbsp;&nbsp;12/16/25 | 9983827 |
| 10000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.6724 | &nbsp;&nbsp;12/18/25 | 9981638 |
| 5000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.7143 | &nbsp;&nbsp;12/23/25 | 4988135 |
| 10010000 | United States Treasury Bill<sup>(f)</sup> |  | 3.7357 | &nbsp;&nbsp;12/30/25 | 9978838 |
| 15000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.7229 | &nbsp;&nbsp;01/20/26 | 14920889 |
| 5000000 | United States Treasury Bill<sup>(f)</sup> |  | 3.7368 | &nbsp;&nbsp;01/27/26 | 4969898 |

---

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 15.7% (Continued)** |  |
| **U.S. TREASURY BILLS — 15.7% (Continued)** |  |
|  | $64820095 |
| **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $64,914,719)** | 64920637 |
| **TOTAL INVESTMENTS - 90.2% (Cost $382,709,400)** | $372179545 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 9.8%** | 40425014 |
| **NET ASSETS - 100.0%** | $412604559 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(h)</sup>** | **Value and <br> Unrealized <br> Appreciation<br> (Depreciation)** |
| 220 | CBOT 10 Year US Treasury Note Future | 03/23/2026 | $24935625 | $2487 |
| 100 | CBOT 3 Year US Treasury Note Future | 04/01/2026 | 21363281 | (136) |
| 70 | CBOT 5 Year US Treasury Note Future | 04/01/2026 | 7683594 | (292) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $2059 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| <br>**Description** | <br>**Counterparty** | <br>**Fixed Deal**<br>**(Pay) Rate** | <br>**Maturity Date** |<br>**Notional Value (1)** |<br>**Fair Value** | **Amortized**<br>**Upfront Payments**<br>**Paid/ (Received)** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| CDX.NA.HY Series 43 Annual<sup>(2)</sup> | GS | 5.00% | 12/20/2029 | $55000000 | $(4694966) | $(3435367) | $(1259599) |
| CDX.NA.HY Series 44 Annual<sup>(3)</sup> | GS | (5.00%) | 6/20/2030 | (5000000) | 438144 | 111325 | 326819 |
| **TOTAL** |  |  |  |  | $**(4256822)** | $**(3324042)** | $**(932780)** |

---

<sup>(1)</sup> The maximum potential amount the Fund may pay or receive should a credit event take place as defined under the terms of the contract.

<sup>(2)</sup> Buy Protection

<sup>(3)</sup> Sell Protection

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025 (Unaudited)** |

---

---

| | |
|:---|:---|
| GS | - Goldman Sachs |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| S.A. | - Société Anonyme |
| 12MTA | Federal Reserve US 12 Month Cumulative Avg 1 Year Constant Maturity Treasury |
| CMS2 | 2 Year Constant Maturity Swap Rate |
| CMS5 | 5 Year Constant Maturity Swap Rate |
| CMS30 | 30 Year Constant Maturity Swap Rate |
| ECOFC | Enterprise 11<sup>th</sup> District Cost of Funds Index |
| EUR003M | Euribor 3 Month |
| EUR006M | Euribor 6 Month |
| PRIME | Prime Rate by U.S. |
| SOFR30A | United States 30 Day Average Secured Overnight Financing Rate |
| SOFR90A | United States 90 Day Average Secured Overnight Financing Rate |
| TSFR1M | Secured Overnight Financing Rate 1 Month |
| TSFR3M | Secured Overnight Financing Rate 3 Month |
| TSFR6M | Secured Overnight Financing Rate 6 Month |
| USISOA02 | USD SOFR Spread-Adj. ICE Swap Rate 2Y |
| USISOA05 | USD SOFR Spread-Adj. ICE Swap Rate 5Y |
| USISOA10 | USD SOFR Spread-Adj. ICE Swap Rate 10Y |
| USISOA30 | USD SOFR Spread-Adj. ICE Swap Rate 30Y |

---

<sup>(a)</sup> Interest only securities.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on November 30, 2025.

<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 November 30, 2025 the total market value of 144A securities is $172,960,902 or 41.9% of net assets.

<sup>(d)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at November 30, 2025.

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

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

<sup>(h)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

## 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 Snow Long/Short Opportunity Fund

- **b. EDGAR series identifier (if any):** S000073424

- **c. LEI of Series:** 549300W42XF61VHPKX78

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $143848617.43

**Total Liabilities:** $40626718.59

**Net Assets:** $103221898.84

**Cash Not Reported:** $20009413.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230313 | 1.23%                | -1.67%               | 6.24%                |
| Class ID C000230311 | 1.16%                | -1.79%               | 6.19%                |
| Class ID C000230312 | 1.23%                | -1.67%               | 6.24%                |
| Class ID C000230314 | 1.21%                | -1.72%               | 6.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $513049.94               | $917945.50                                 |
| Month 2  | $1350645.25              | $-2750130.21                               |
| Month 3  | $1923608.32              | $3490118.59                                |

**Designated Index Information**

- **Index Name:** 70Russell3000_30ICE_ 3MonthUSTre

- **Index Identifier:** 70RUSSELL3000_30ICE_ 3MONTHUSTRE

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                           | SU US 12/19/25 C45     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-7000.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Wesco International, Inc.                     | WESCO INTL             | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      9360 | NS      | $2502957.60   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                               | EQT CORP               | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     42900 | NS      | $2610894.00   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                         | FREEPORT-MCMORAN       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     22600 | NS      | $971348.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                  | TARGET CORP            | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      8900 | NS      | $806518.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc                        | WHITECAP RESOURC       | CUSIP: 96467A200<br>LEI: 5493004AMPGZA0JO5Q37 | Long             | EC               | CORP              | CA        |    324817 | NS      | $2712221.95   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                               | DOLLAR TREE INC        | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      5000 | NS      | $554050.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                 | RIO TINTO-ADR          | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Short            | EC               | CORP              | GB        |    -14700 | NS      | $-1057665.00  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | ORCL US 03/20/26 C400  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-1350.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MetLife Inc.                                  | METLIFE INC            | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     26375 | NS      | $2019270.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | EQT US 12/19/25 C65    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-4800.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | AMGN US 12/19/25 C330  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        50 | NC      | $85750.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | ASML US 03/20/26 C1100 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-39000.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | C US 01/16/26 C80      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-125000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Zoom Communications Inc.                      | ZOOM COMMUNICATI       | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     16930 | NS      | $1438372.80   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc.                     | SUPER MICRO COMP       | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     14000 | NS      | $473900.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                               | PHOTRONICS INC         | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     31800 | NS      | $728538.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                        | LINCOLN NATL CRP       | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     49190 | NS      | $2023676.60   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                          | DELTA AIR LI           | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     25680 | NS      | $1646088.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters Inc.                                  | CARTER'S INC           | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     39000 | NS      | $1244490.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                   | UNITED PARCEL-B        | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     10280 | NS      | $984721.20    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | SOC US 01/16/26 C5     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -600 | NC      | $-51000.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | LVS US 01/16/26 C62.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-109500.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                 | ALPHABET INC-C         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2100 | NS      | $672252.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BTG US 04/17/26 C5.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -500 | NC      | $-23000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ConocoPhillips                                | CONOCOPHILLIPS         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     37708 | NS      | $3344322.52   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | RRC US 12/19/25 C45    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -285 | NC      | $-5700.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Index Funds                          | VANGUARD TL SK E       | CUSIP: 922908769<br>LEI: 549300G6KNDK44WUN559 | Short            | EC               | RF                | US        |     -9200 | NS      | $-3094052.00  | -3.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Gold Trust                               | SPDR GOLD SHARES       | CUSIP: 78463V107<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -5400 | NS      | $-2094552.00  | -2.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | MPC US 01/16/26 C185   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-73700.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | SU US 01/16/26 P38     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -270 | NC      | $-4725.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Haemonetics Corp                              | HAEMONETICS CORP       | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |     14400 | NS      | $1171440.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                 | CHEVRON CORP           | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2600 | NS      | $-392938.00   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | EQT US 12/19/25 C60    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-23200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                             | JOHNSON&JOHNSON        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     12500 | NS      | $2586500.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BTG US 01/16/26 C4.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |     -1700 | NC      | $-79900.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | PVH US 03/20/26 P65    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -44 | NC      | $-7700.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| B2Gold Corp.                                  | B2GOLD CORP            | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    779832 | NS      | $3602823.84   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                          | CLF 6 1/4 10/01/40     | CUSIP: 18683KAC5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    800000 | PA      | $695624.24    | 0.67%             | 2040-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                           | DLTR US 12/19/25 C120  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-12450.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | AGI US 12/19/25 C30    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -300 | NC      | $-219000.00   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | DAL US 03/20/26 C70    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -120 | NC      | $-48000.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | EQT US 12/19/25 P48    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-1000.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lyft Inc                                      | LYFT INC-A             | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     45000 | NS      | $946350.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp.                              | NCR ATLEOS CORP        | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |     70790 | NS      | $2624185.30   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc.                | AMER EAGLE OUTF        | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     40000 | NS      | $816000.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                 | ISHARES RUSSELL        | CUSIP: 464287614<br>LEI: 5493000860OXIC4B5K91 | Short            | EC               | RF                | US        |     -6500 | NS      | $-3096925.00  | -3.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                | CITIGROUP INC          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     30740 | NS      | $3184664.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | AMD US 02/20/26 P170   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-41250.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                          | LAS VEGAS SANDS        | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     35050 | NS      | $2389008.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                         | BANK OF AMERICA        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     37070 | NS      | $1988805.50   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BTG US 01/16/26 C4     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -800 | NC      | $-65600.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                   | PFIZER INC             | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     81600 | NS      | $2100384.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                          | OLD NATL BANCORP       | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     66700 | NS      | $1449391.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corporation                           | VISTEON CORP           | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     11400 | NS      | $1177050.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                    | ATKORE INC             | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |     12300 | NS      | $823485.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                           | HUDBAY MINERALS INC    | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |    102800 | NS      | $1743488.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                          | CLEVELAND-CLIFFS       | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     54000 | NS      | $704160.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                          | VANGUARD S/C V E       | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Short            | EC               | RF                | US        |    -10400 | NS      | $-2201368.00  | -2.13%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                             | SS SPDR P SP500V       | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Short            | EC               | RF                | US        |    -61800 | NS      | $-3515184.00  | -3.41%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | ANF US 02/20/26 C80    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-104500.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Sensata Technologies Holding PLC              | SENSATA TECHNOLO       | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |     51320 | NS      | $1645832.40   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sable Offshore Corp                           | SABLE OFFSHORE C       | CUSIP: 78574H104<br>LEI: 254900IMMKZUOZF7V487 | Long             | EC               | CORP              | US        |    120000 | NS      | $524400.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | IFF US 03/20/26 P55    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -46 | NC      | $-3220.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PVH Corp.                                     | PVH CORP               | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     27217 | NS      | $2306912.92   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp. | PBFENE 6 02/15/28      | CUSIP: 69318FAJ7<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989907.80    | 0.96%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Columbia Banking System Inc.                  | COLUMBIA BANKING       | CUSIP: 197236102<br>LEI: 254900CTRJTQZ3BJ2V17 | Long             | EC               | CORP              | US        |     80470 | NS      | $2230628.40   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                    | CONSTELLATION-A        | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      7400 | NS      | $1009212.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BA US 01/16/26 P200    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-42450.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                          | JPMORGAN CHASE         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12900 | NS      | $4038732.00   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                             | CARLYLE GROUP IN       | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Short            | EC               | CORP              | US        |    -25300 | NS      | $-1379609.00  | -1.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                     | SANOFI-ADR             | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     60296 | NS      | $3007564.48   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                        | AGNICO EAGLE MIN       | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     20540 | NS      | $3582792.20   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                     | GOLDMAN SACHS GP       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Short            | EC               | CORP              | US        |     -1900 | NS      | $-1569476.00  | -1.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                  | KSS 5.55 07/17/45      | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $721011.70    | 0.70%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                    | NORTHERN OIL AND       | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     58770 | NS      | $1315860.30   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.                      | MARATHON PETROLE       | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     10795 | NS      | $2091315.35   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | AEM US 03/20/26 C160   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -70 | NC      | $-165550.00   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | PBF US 12/19/25 P25    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -500 | NC      | $-18750.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Paccar Inc                                    | PACCAR INC             | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     11575 | NS      | $1220236.50   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                         | DELL TECHN-C           | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     11000 | NS      | $1466850.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                              | V/E JR GLD MINER       | CUSIP: 92189F791<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     20000 | NS      | $2185600.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | AEM US 01/16/26 C150   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -70 | NC      | $-180250.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | JPM US 03/20/26 C310   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -55 | NC      | $-110660.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                   | KENVUE INC             | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    102000 | NS      | $1769700.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                        | ABERCROMBIE & FI       | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     21000 | NS      | $2055270.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | DELL US 03/20/26 C200  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-4020.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                                  | ORACLE CORP            | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3000 | NS      | $605850.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.               | REGENERON PHARM        | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1620 | NS      | $1263907.80   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                             | EXXON MOBIL CORP       | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Short            | EC               | CORP              | US        |     -3400 | NS      | $-394128.00   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                 | CENTENE CORP           | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     33000 | NS      | $1298220.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                   | GENTEX CORP            | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     38000 | NS      | $867540.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                           | ALLY 4.7 PERP          | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490106.50    | 0.47%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| N/A                                           | ATKR US 12/19/25 P55   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-3500.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | TGT US 01/16/26 P90    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -80 | NC      | $-28800.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Range Resources Corp.                         | RANGE RESOURCES        | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     88680 | NS      | $3501973.20   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | AGI US 03/20/26 C35    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -250 | NC      | $-132500.00   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| The Clorox Company                            | CLOROX CO              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |     -7500 | NS      | $-809550.00   | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                             | UWM HOLDINGS COR       | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220700 | NS      | $1291095.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | AKAM US 01/16/26 P70   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-2250.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Akamai Technologies, Inc.                     | AKAMAI TECHNOLOG       | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     15500 | NS      | $1387560.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                          | ELEVANCE HEALTH        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      3100 | NS      | $1048606.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean International Ltd.                 | RIG 6.8 03/15/38       | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $896348.00    | 0.87%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| N/A                                           | LYFT US 01/16/26 P18   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -250 | NC      | $-12500.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Spdr S&P 500 Etf Trust                        | SPDR S&P 500 ETF       | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |    -26100 | NS      | $-17836479.00 | -17.28%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | WCC US 03/20/26 C230   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -40 | NC      | $-185000.00   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| VanEck ETF Trust                              | VANECK GOLD MINE       | CUSIP: 92189F106<br>LEI: 549300ZLFKNTXC51ZN76 | Short            | EC               | RF                | US        |     -7000 | NS      | $-582610.00   | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                    | AMGEN INC              | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      4200 | NS      | $1450932.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                      | UGI CORP               | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     60250 | NS      | $2382887.50   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                           | ALLY 4.7 PERP          | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $923664.70    | 0.89%             | 2169-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| N/A                                           | NVDA US 01/16/26 P160  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-30375.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | WCC US 03/20/26 C250   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-97050.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Zoominfo Technologies Inc                     | ZOOMINFO TECH          | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |    146800 | NS      | $1456256.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira Biosciences Inc                        | PACIRA BIOSCIENC       | CUSIP: 695127100<br>LEI: 549300P56LERYBDHCF69 | Long             | EC               | CORP              | US        |     98400 | NS      | $2319288.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | CMC US 12/19/25 C57.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-140600.00   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Lululemon Athletica Inc.                      | LULULEMON ATH          | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      4650 | NS      | $856437.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | NOG US 01/16/26 P23    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -225 | NC      | $-46687.50    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | NATL US 12/19/25 C30   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -140 | NC      | $-101500.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Alamos Gold Inc.                              | ALAMOS GOLD INC        | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |     93000 | NS      | $3487500.00   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.             | HARTFORD INSURAN       | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      6930 | NS      | $949617.90    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | ELV US 01/16/26 P280   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-6875.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Commercial Metals Company                     | COMMERCIAL METAL       | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     42243 | NS      | $2694258.54   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                                   | ECOVYST INC            | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153130 | NS      | $1408796.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BBH                                           | BBH SWEEP VEHICLE      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2370232 | PA      | $2370231.87   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                           | BAC US 01/16/26 C50    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-87000.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy Inc.                            | SUNCOR ENERGY          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     35389 | NS      | $1584719.42   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                             | ASML HOLDING-NY        | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1000 | NS      | $1060000.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                         | JACKSON FI-A           | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     15400 | NS      | $1509354.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                     | CNO FINANCIAL GR       | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     32520 | NS      | $1331043.60   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Asst Treasurer