# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001580642-25-007171
**Filing Date:** 2025-11
**Character Count:** 646214
**Document Hash:** 313acc5607e6fada0bc54c1be9d5b47b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007171.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001580642-25-007171

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23611
- **FILM NUMBER:** 251464991

**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 Income Opportunities Fund (Series ID: S000070607)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000224285 | Easterly Income Opportunities Fund Class A  | JASVX           |
| C000224286 | Easterly Income Opportunities Fund Class C  | JSVCX           |
| C000224287 | Easterly Income Opportunities Fund Class R6 | JASSX           |
| C000224288 | Easterly Income Opportunities Fund Class I  | JSVIX           |

### Easterly Global Real Estate Fund (Series ID: S000070611)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000224295 | Easterly Global Real Estate Fund Class I  | JARIX           |
| C000224296 | Easterly Global Real Estate Fund Class C  | JACRX           |
| C000224297 | Easterly Global Real Estate Fund Class A  | JAREX           |
| C000224298 | Easterly Global Real Estate Fund Class R6 | JARSX           |

### Easterly Hedged Equity Fund (Series ID: S000070614)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000224305 | Easterly Hedged Equity Fund Class A  | JDAEX           |
| C000224306 | Easterly Hedged Equity Fund Class C  | JDCEX           |
| C000224307 | Easterly Hedged Equity Fund Class I  | JDIEX           |
| C000224308 | Easterly Hedged Equity Fund Class R6 | JDSEX           |

### 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  |  |

### Easterly Snow Small Cap Value Fund (Series ID: S000073425)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000230315 | Easterly Snow Small Cap Value Fund Class C  |  |
| C000230316 | Easterly Snow Small Cap Value Fund Class I  |  |
| C000230317 | Easterly Snow Small Cap Value Fund Class R6 |  |
| C000230318 | Easterly Snow Small Cap Value Fund Class A  |  |

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

**united states securities and exchange commission**

**WASHINGTON, D.C. 20549**

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-23611</u>

**James Alpha Funds Trust**

(Exact name of registrant as specified in charter)

<u>515 Madison Avenue, 24<sup>th</sup> Floor, New York, NY</u> <u>10022</u> <br> (Address of principal executive offices) (Zip code)

Emile R. Molineaux

80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>888-814-8180</u>

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

**Item 1. Reports to Stockholders.** 

(a) # Easterly Global Real Estate Fund

## Class A (JAREX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at (833) 999-2636.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $150 | 1.50% |

---

## How did the Fund perform during the reporting period?
Global REITs posted modest gains for the 12-month period ended August 31, 2025, with the benchmark index up 1.78%. The Fund trailed the index slightly amid mixed results across regions and property sectors.

Investor sentiment was tempered by shifting central bank policies, trade tensions linked to U.S. tariffs, and ongoing geopolitical uncertainty. At the same time, higher construction and materials costs curtailed new supply, giving landlords incremental pricing power. Real estate fundamentals generally improved, supporting steady—though modest—returns.

An overweight to Europe detracted from relative results, as European markets softened, while an underweight to Asia proved costly given strong performance in Japan and Hong Kong. A modest underweight in North America helped relative performance, as those markets lagged the index.

Stock selection in the United States contributed positively—particularly in data centers, senior housing, and outdoor advertising—though positions in cold storage and manufactured home communities were headwinds. In Asia, J-REIT holdings performed well, while in Europe, Pan-European cell tower stocks weighed on results.

Throughout the period, the Fund maintained its disciplined, bottom-up investment process, emphasizing management quality, balance-sheet strength, and sustainable growth in earnings.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](ied0cc889996847e65dba393d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Global Real Estate Fund - with load** | **FTSE EPRA Nareit Developed Net Index** | **MSCI World Index** |
| **Aug-2015** | $9424 | $10000 | $10000 |
| **Aug-2016** | $10547 | $11733 | $10668 |
| **Aug-2017** | $11631 | $11720 | $12395 |
| **Aug-2018** | $12648 | $12364 | $14019 |
| **Aug-2019** | $13239 | $13368 | $14056 |
| **Aug-2020** | $12984 | $11540 | $16415 |
| **Aug-2021** | $17330 | $15387 | $21301 |
| **Aug-2022** | $14552 | $12783 | $18090 |
| **Aug-2023** | $13525 | $12119 | $20913 |
| **Aug-2024** | $15631 | $14234 | $26023 |
| **Aug-2025** | $15698 | $14488 | $30103 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Easterly Global Real Estate Fund |  |  |  |
| Without Load | 0.43% | 3.87% | 5.24% |
| With Load | -5.36% | 2.65% | 4.61% |
| FTSE EPRA Nareit Developed Net Index | 1.78% | 4.66% | 3.78% |
| MSCI World Index | 15.68% | 12.89% | 11.65% |

---

Load Information: 5.75% is the maximum sales charge on purchase of Class A Shares. *The Fund's past performance is not a good predictor of how the Fund will perform in the future.*The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month end performance visit funds.easterlyam.com/global-real-estate-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Global Real Estate Investments Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class A shares of the Predecessor Portfolio. Class A shares of the Predecessor Portfolio were reorganized into Class A of the Fund, respectively, after the close of business on March 19, 2021. Class A shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class A shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $250569735 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee (net of waivers) | $2052142 |
| Portfolio Turnover | 186% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i48cc69712e7902fea3fe0f48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](ibf87f25cf29c1ea605bce233.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.3% |
| Sweden | 1.2% |
| Australia | 2.7% |
| Germany | 3.3% |
| Spain | 5.9% |
| Canada | 8.1% |
| United Kingdom | 22.3% |
| United States | 45.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Primary Health Properties PLC | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Cellnex Telecom S.A. | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;UNITE Group PLC (The) | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Lamar Advertising Company, Class A | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Grainger PLC | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Tritax Big Box REIT PLC | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;3.5% |

---

## How Has The Fund Changed?
No material changes occurred during the year ended August 31, 2025.

# Easterly Global Real Estate Fund - Class A (JAREX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JAREX

# Easterly Global Real Estate Fund

## Class C (JACRX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at (833) 999-2636.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $225 | 2.25% |

---

## How did the Fund perform during the reporting period?
Global REITs posted modest gains for the 12-month period ended August 31, 2025, with the benchmark index up 1.78%. The Fund trailed the index slightly amid mixed results across regions and property sectors.

Investor sentiment was tempered by shifting central bank policies, trade tensions linked to U.S. tariffs, and ongoing geopolitical uncertainty. At the same time, higher construction and materials costs curtailed new supply, giving landlords incremental pricing power. Real estate fundamentals generally improved, supporting steady—though modest—returns.

An overweight to Europe detracted from relative results, as European markets softened, while an underweight to Asia proved costly given strong performance in Japan and Hong Kong. A modest underweight in North America helped relative performance, as those markets lagged the index.

Stock selection in the United States contributed positively—particularly in data centers, senior housing, and outdoor advertising—though positions in cold storage and manufactured home communities were headwinds. In Asia, J-REIT holdings performed well, while in Europe, Pan-European cell tower stocks weighed on results.

Throughout the period, the Fund maintained its disciplined, bottom-up investment process, emphasizing management quality, balance-sheet strength, and sustainable growth in earnings.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](ia8c1f804498c58ec37d6d460.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Global Real Estate Fund** | **FTSE EPRA Nareit Developed Net Index** | **MSCI World Index** |
| **Aug-2015** | $10000 | $10000 | $10000 |
| **Aug-2016** | $11119 | $11733 | $10668 |
| **Aug-2017** | $12178 | $11720 | $12395 |
| **Aug-2018** | $13141 | $12364 | $14019 |
| **Aug-2019** | $13657 | $13368 | $14056 |
| **Aug-2020** | $13284 | $11540 | $16415 |
| **Aug-2021** | $17602 | $15387 | $21301 |
| **Aug-2022** | $14672 | $12783 | $18090 |
| **Aug-2023** | $13528 | $12119 | $20913 |
| **Aug-2024** | $15518 | $14234 | $26023 |
| **Aug-2025** | $15470 | $14488 | $30103 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Easterly Global Real Estate Fund |  |  |  |
| Without Load | -0.30% | 3.09% | 4.46% |
| With Load | -1.29% | 3.09% | 4.46% |
| FTSE EPRA Nareit Developed Net Index | 1.78% | 4.66% | 3.78% |
| MSCI World Index | 15.68% | 12.89% | 11.65% |

---

Load Information: Class C charges a maximum contingent deferred sales charge of 1.00% if you redeem Class C shares within 12-months after purchase. *The Fund's past performance is not a good predictor of how the Fund will perform in the future.*The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month end performance visit funds.easterlyam.com/global-real-estate-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Global Real Estate Investments Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class C shares of the Predecessor Portfolio. Class C shares of the Predecessor Portfolio were reorganized into Class C of the Fund, respectively, after the close of business on March 19, 2021. Class C shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class C shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $250569735 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee (net of waivers) | $2052142 |
| Portfolio Turnover | 186% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i372390599fcfc16b23faeec8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](i99d16a31db9fc937c212d647.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.3% |
| Sweden | 1.2% |
| Australia | 2.7% |
| Germany | 3.3% |
| Spain | 5.9% |
| Canada | 8.1% |
| United Kingdom | 22.3% |
| United States | 45.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Primary Health Properties PLC | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Cellnex Telecom S.A. | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;UNITE Group PLC (The) | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Lamar Advertising Company, Class A | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Grainger PLC | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Tritax Big Box REIT PLC | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;3.5% |

---

## How Has The Fund Changed?
No material changes occurred during the year ended August 31, 2025.

# Easterly Global Real Estate Fund - Class C (JACRX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JACRX

# Easterly Global Real Estate Fund

## Class I (JARIX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at (833) 999-2636.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $105 | 1.05% |

---

## How did the Fund perform during the reporting period?
Global REITs posted modest gains for the 12-month period ended August 31, 2025, with the benchmark index up 1.78%. The Fund trailed the index slightly amid mixed results across regions and property sectors.

Investor sentiment was tempered by shifting central bank policies, trade tensions linked to U.S. tariffs, and ongoing geopolitical uncertainty. At the same time, higher construction and materials costs curtailed new supply, giving landlords incremental pricing power. Real estate fundamentals generally improved, supporting steady—though modest—returns.

An overweight to Europe detracted from relative results, as European markets softened, while an underweight to Asia proved costly given strong performance in Japan and Hong Kong. A modest underweight in North America helped relative performance, as those markets lagged the index.

Stock selection in the United States contributed positively—particularly in data centers, senior housing, and outdoor advertising—though positions in cold storage and manufactured home communities were headwinds. In Asia, J-REIT holdings performed well, while in Europe, Pan-European cell tower stocks weighed on results.

Throughout the period, the Fund maintained its disciplined, bottom-up investment process, emphasizing management quality, balance-sheet strength, and sustainable growth in earnings.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](i9f312b7b690dd955c41a4f95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Global Real Estate Fund** | **FTSE EPRA Nareit Developed Net Index** | **MSCI World Index** |
| **Aug-2015** | $1000000 | $1000000 | $1000000 |
| **Aug-2016** | $1124997 | $1173254 | $1066837 |
| **Aug-2017** | $1246707 | $1172036 | $1239508 |
| **Aug-2018** | $1361699 | $1236375 | $1401940 |
| **Aug-2019** | $1430552 | $1336826 | $1405596 |
| **Aug-2020** | $1408989 | $1153961 | $1641536 |
| **Aug-2021** | $1888909 | $1538675 | $2130133 |
| **Aug-2022** | $1591664 | $1278250 | $1809011 |
| **Aug-2023** | $1483803 | $1211891 | $2091292 |
| **Aug-2024** | $1722033 | $1423390 | $2602298 |
| **Aug-2025** | $1738130 | $1448789 | $3010253 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Easterly Global Real Estate Fund | 0.93% | 4.29% | 5.68% |
| FTSE EPRA Nareit Developed Net Index | 1.78% | 4.66% | 3.78% |
| MSCI World Index | 15.68% | 12.89% | 11.65% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future.*The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month end performance visit funds.easterlyam.com/global-real-estate-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Global Real Estate Investments Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class I shares of the Predecessor Portfolio. Class I shares of the Predecessor Portfolio were reorganized into Class I of the Fund, respectively, after the close of business on March 19, 2021. Class I shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class I shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $250569735 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee (net of waivers) | $2052142 |
| Portfolio Turnover | 186% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic1472f08da9142b62dda2440.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](iaf377aa878c3fc98e470a6aa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.3% |
| Sweden | 1.2% |
| Australia | 2.7% |
| Germany | 3.3% |
| Spain | 5.9% |
| Canada | 8.1% |
| United Kingdom | 22.3% |
| United States | 45.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Primary Health Properties PLC | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Cellnex Telecom S.A. | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;UNITE Group PLC (The) | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Lamar Advertising Company, Class A | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Grainger PLC | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Tritax Big Box REIT PLC | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;3.5% |

---

## How Has The Fund Changed?
No material changes occurred during the year ended August 31, 2025.

# Easterly Global Real Estate Fund - Class I (JARIX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JARIX

# Easterly Global Real Estate Fund

## Class R6 (JARSX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at (833) 999-2636.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $95 | 0.95% |

---

## How did the Fund perform during the reporting period?
Global REITs posted modest gains for the 12-month period ended August 31, 2025, with the benchmark index up 1.78%. The Fund trailed the index slightly amid mixed results across regions and property sectors.

Investor sentiment was tempered by shifting central bank policies, trade tensions linked to U.S. tariffs, and ongoing geopolitical uncertainty. At the same time, higher construction and materials costs curtailed new supply, giving landlords incremental pricing power. Real estate fundamentals generally improved, supporting steady—though modest—returns.

An overweight to Europe detracted from relative results, as European markets softened, while an underweight to Asia proved costly given strong performance in Japan and Hong Kong. A modest underweight in North America helped relative performance, as those markets lagged the index.

Stock selection in the United States contributed positively—particularly in data centers, senior housing, and outdoor advertising—though positions in cold storage and manufactured home communities were headwinds. In Asia, J-REIT holdings performed well, while in Europe, Pan-European cell tower stocks weighed on results.

Throughout the period, the Fund maintained its disciplined, bottom-up investment process, emphasizing management quality, balance-sheet strength, and sustainable growth in earnings.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i75d08ef3e0686c2127f80e95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Global Real Estate Fund** | **FTSE EPRA Nareit Developed Net Index** | **MSCI World Index** |
| **Aug-2017** | $10000 | $10000 | $10000 |
| **Aug-2017** | $10083 | $10079 | $10127 |
| **Aug-2018** | $11045 | $10632 | $11454 |
| **Aug-2019** | $11646 | $11496 | $11484 |
| **Aug-2020** | $11492 | $9923 | $13411 |
| **Aug-2021** | $15432 | $13232 | $17403 |
| **Aug-2022** | $13011 | $10992 | $14780 |
| **Aug-2023** | $12151 | $10422 | $17086 |
| **Aug-2024** | $14113 | $12240 | $21261 |
| **Aug-2025** | $14252 | $12459 | $24594 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 17, 2017)** |
| Easterly Global Real Estate Fund | 0.98% | 4.40% | 4.51% |
| FTSE EPRA Nareit Developed Net Index | 1.78% | 4.66% | 2.77% |
| MSCI World Index | 15.68% | 12.89% | 11.85% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month end performance visit funds.easterlyam.com/global-real-estate-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Global Real Estate Investments Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class S shares of the Predecessor Portfolio. Class S shares of the Predecessor Portfolio were reorganized into Class R6 of the Fund, respectively, after the close of business on March 19, 2021. Class R6 shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class S shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $250569735 |
| Number of Portfolio Holdings | 32 |
| Advisory Fee (net of waivers) | $2052142 |
| Portfolio Turnover | 186% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i14823778d7fd8feaf131f008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](ibcd488d5f04beda318f46d2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.3% |
| Sweden | 1.2% |
| Australia | 2.7% |
| Germany | 3.3% |
| Spain | 5.9% |
| Canada | 8.1% |
| United Kingdom | 22.3% |
| United States | 45.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Primary Health Properties PLC | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Cellnex Telecom S.A. | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;UNITE Group PLC (The) | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Lamar Advertising Company, Class A | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Grainger PLC | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Tritax Big Box REIT PLC | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;3.5% |

---

## How Has The Fund Changed?
No material changes occurred during the year ended August 31, 2025.

# Easterly Global Real Estate Fund - Class R6 (JARSX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JARSX

# Easterly Hedged Equity Fund

## Class A (JDAEX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at (833) 999-2636.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $166 | 1.57% |

---

## How did the Fund perform during the reporting period?
Through late 2024 and early 2025, equity volatility generally dropped from the low 20 range into the 18 range, allowing the Fund to maintain lower hedging costs while participating in market strength. Conditions changed abruptly after President Trump's April 2 "Liberation Day" tariff announcement, which imposed reciprocal tariffs on roughly sixty countries. The resulting sell-off drove the S&P 500 down nearly 19% from its February highs and pushed the VIX momentarily above 60—the highest since 2020.

The Fund's dynamic collar strategy, which systematically rolls at-the-money protective puts and writes covered calls, proved effective in that environment. By maintaining disciplined hedging exposure, the Fund limited its (2/19/25-4/8/25) maximum drawdown to –10.66%, versus –18.75% for the S&P 500. As markets recovered through mid-2025, the leveraged equity sleeve captured a substantial portion of the rebound while option income from further out of the money "rich calls" helped offset protection costs.

Because the Fund's investment base is the S&P 500 itself, the index's continued concentration in a few large technology and communication services stocks benefited overall results as those names led the recovery. For the twelve months ended August 31, 2025, the Fund delivered superior risk adjusted returns and notably smoother performance because of its reduced level of volatility relative to peers, demonstrating the value of systematic active volatility management during a year dominated by tariff-driven uncertainty.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i58e8408b42fbb85803bd274f.jpg)

---

| | | |
|:---|:---|:---|
| | **Easterly Hedged Equity Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $9429 | $10000 |
| **Aug-2016** | $9815 | $11255 |
| **Aug-2017** | $10200 | $13082 |
| **Aug-2018** | $10904 | $15655 |
| **Aug-2019** | $11586 | $16112 |
| **Aug-2020** | $12347 | $19647 |
| **Aug-2021** | $13664 | $25770 |
| **Aug-2022** | $13505 | $22876 |
| **Aug-2023** | $14916 | $26524 |
| **Aug-2024** | $17673 | $33721 |
| **Aug-2025** | $19630 | $39076 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Easterly Hedged Equity Fund |  |  |  |
| Without Load | 11.08% | 9.72% | 7.61% |
| With Load | 4.66% | 8.43% | 6.98% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |

---

Load Information: 5.75% is the maximum sales charge on purchase of Class A Shares. *The Fund's past performance is not a good predictor of how the Fund will perform in the future.*The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month end performance visit funds.easterlyam.com/hedged-equity-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Managed Risk Domestic Equity Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class A shares of the Predecessor Portfolio. Class A shares of the Predecessor Portfolio were reorganized into Class A of the Fund, respectively, after the close of business on March 19, 2021. Class A shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class A shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $331702927 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $2117979 |
| Portfolio Turnover | 38% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib577411b288f2df3a561faba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.2% |
| Purchased Options | 1.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id39d6a9124526b9821d0b560.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 10.4% |
| Equity Option | -0.5% |
| Index Option | 1.1% |
| Equity | 89.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;89.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2025 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;S&P 500 Index, 09/30/25 6355.0 Put | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 12/4/2025 | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 11/18/2025 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 12/29/2025 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust, 10/17/25 670.0 Call | &nbsp;&nbsp;-0.1% |

---

## How Has The Fund Changed?
No material changes occurred during the year ended August 31, 2025.

# Easterly Hedged Equity Fund - Class A (JDAEX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JDAEX

# Easterly Hedged Equity Fund

## Class C (JDCEX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at (833) 999-2636.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $244 | 2.32% |

---

## How did the Fund perform during the reporting period?
Through late 2024 and early 2025, equity volatility generally dropped from the low 20 range into the 18 range, allowing the Fund to maintain lower hedging costs while participating in market strength. Conditions changed abruptly after President Trump's April 2 "Liberation Day" tariff announcement, which imposed reciprocal tariffs on roughly sixty countries. The resulting sell-off drove the S&P 500 down nearly 19% from its February highs and pushed the VIX momentarily above 60—the highest since 2020.

The Fund's dynamic collar strategy, which systematically rolls at-the-money protective puts and writes covered calls, proved effective in that environment. By maintaining disciplined hedging exposure, the Fund limited its (2/19/25-4/8/25) maximum drawdown to –10.66%, versus –18.75% for the S&P 500. As markets recovered through mid-2025, the leveraged equity sleeve captured a substantial portion of the rebound while option income from further out of the money "rich calls" helped offset protection costs.

Because the Fund's investment base is the S&P 500 itself, the index's continued concentration in a few large technology and communication services stocks benefited overall results as those names led the recovery. For the twelve months ended August 31, 2025, the Fund delivered superior risk adjusted returns and notably smoother performance because of its reduced level of volatility relative to peers, demonstrating the value of systematic active volatility management during a year dominated by tariff-driven uncertainty.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](ifdcd054dae67a9c8d422d9ba.jpg)

---

| | | |
|:---|:---|:---|
| | **Easterly Hedged Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Aug-2016** | $10320 | $11255 |
| **Aug-2017** | $10654 | $13082 |
| **Aug-2018** | $11305 | $15655 |
| **Aug-2019** | $11916 | $16112 |
| **Aug-2020** | $12580 | $19647 |
| **Aug-2021** | $13809 | $25770 |
| **Aug-2022** | $13540 | $22876 |
| **Aug-2023** | $14853 | $26524 |
| **Aug-2024** | $17454 | $33721 |
| **Aug-2025** | $19239 | $39076 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Easterly Hedged Equity Fund |  |  |  |
| Without Load | 10.23% | 8.87% | 6.76% |
| With Load | 9.23% | 8.87% | 6.76% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |

---

Load Information: Class C charges a maximum contingent deferred sales charge of 1.00% if you redeem Class C shares within 12-months after purchase. *The Fund's past performance is not a good predictor of how the Fund will perform in the future.*The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month end performance visit funds.easterlyam.com/hedged-equity-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Managed Risk Domestic Equity Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class C shares of the Predecessor Portfolio. Class C shares of the Predecessor Portfolio were reorganized into Class C of the Fund, respectively, after the close of business on March 19, 2021. Class C shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class C shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $331702927 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $2117979 |
| Portfolio Turnover | 38% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iface53a96fcb08ffdbc1de24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.2% |
| Purchased Options | 1.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie6a641d006dfc4909bdcbb26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 10.4% |
| Equity Option | -0.5% |
| Index Option | 1.1% |
| Equity | 89.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;89.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2025 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;S&P 500 Index, 09/30/25 6355.0 Put | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 12/4/2025 | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 11/18/2025 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 12/29/2025 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust, 10/17/25 670.0 Call | &nbsp;&nbsp;-0.1% |

---

## How Has The Fund Changed?
No material changes occurred during the year ended August 31, 2025.

# Easterly Hedged Equity Fund - Class C (JDCEX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JDCEX

# Easterly Hedged Equity Fund

## Class I (JDIEX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at (833) 999-2636.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $139 | 1.32% |

---

## How did the Fund perform during the reporting period?
Through late 2024 and early 2025, equity volatility generally dropped from the low 20 range into the 18 range, allowing the Fund to maintain lower hedging costs while participating in market strength. Conditions changed abruptly after President Trump's April 2 "Liberation Day" tariff announcement, which imposed reciprocal tariffs on roughly sixty countries. The resulting sell-off drove the S&P 500 down nearly 19% from its February highs and pushed the VIX momentarily above 60—the highest since 2020.

The Fund's dynamic collar strategy, which systematically rolls at-the-money protective puts and writes covered calls, proved effective in that environment. By maintaining disciplined hedging exposure, the Fund limited its (2/19/25-4/8/25) maximum drawdown to –10.66%, versus –18.75% for the S&P 500. As markets recovered through mid-2025, the leveraged equity sleeve captured a substantial portion of the rebound while option income from further out of the money "rich calls" helped offset protection costs.

Because the Fund's investment base is the S&P 500 itself, the index's continued concentration in a few large technology and communication services stocks benefited overall results as those names led the recovery. For the twelve months ended August 31, 2025, the Fund delivered superior risk adjusted returns and notably smoother performance because of its reduced level of volatility relative to peers, demonstrating the value of systematic active volatility management during a year dominated by tariff-driven uncertainty.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](i3465165fb24aa50aab06a16e.jpg)

---

| | | |
|:---|:---|:---|
| | **Easterly Hedged Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $1000000 | $1000000 |
| **Aug-2016** | $1044789 | $1125530 |
| **Aug-2017** | $1090991 | $1308249 |
| **Aug-2018** | $1171770 | $1565472 |
| **Aug-2019** | $1248898 | $1611208 |
| **Aug-2020** | $1333685 | $1964654 |
| **Aug-2021** | $1479220 | $2576953 |
| **Aug-2022** | $1464668 | $2287622 |
| **Aug-2023** | $1622923 | $2652373 |
| **Aug-2024** | $1926538 | $3372104 |
| **Aug-2025** | $2143739 | $3907580 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Easterly Hedged Equity Fund | 11.27% | 9.96% | 7.92% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future.*The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares*.* For the most recent month end performance visit funds.easterlyam.com/hedged-equity-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Managed Risk Domestic Equity Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class I shares of the Predecessor Portfolio. Class I shares of the Predecessor Portfolio were reorganized into Class I of the Fund, respectively, after the close of business on March 19, 2021. Class I shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class I shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $331702927 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $2117979 |
| Portfolio Turnover | 38% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia575c31b8aef77de453c3e52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.2% |
| Purchased Options | 1.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i12dd3aaa6c1d298c55cfbd36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 10.4% |
| Equity Option | -0.5% |
| Index Option | 1.1% |
| Equity | 89.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;89.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2025 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;S&P 500 Index, 09/30/25 6355.0 Put | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 12/4/2025 | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 11/18/2025 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 12/29/2025 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust, 10/17/25 670.0 Call | &nbsp;&nbsp;-0.1% |

---

## How Has The Fund Changed?
No material changes occurred during the year ended August 31, 2025.

# Easterly Hedged Equity Fund - Class I (JDIEX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JDIEX

# Easterly Hedged Equity Fund

## Class R6 (JDSEX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

## Fund Overview
This annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **https://funds.easterlyam.com/resources/**. You can also request this information by contacting us at (833) 999-2636.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $112 | 1.06% |

---

## How did the Fund perform during the reporting period?
Through late 2024 and early 2025, equity volatility generally dropped from the low 20 range into the 18 range, allowing the Fund to maintain lower hedging costs while participating in market strength. Conditions changed abruptly after President Trump's April 2 "Liberation Day" tariff announcement, which imposed reciprocal tariffs on roughly sixty countries. The resulting sell-off drove the S&P 500 down nearly 19% from its February highs and pushed the VIX momentarily above 60—the highest since 2020.

The Fund's dynamic collar strategy, which systematically rolls at-the-money protective puts and writes covered calls, proved effective in that environment. By maintaining disciplined hedging exposure, the Fund limited its (2/19/25-4/8/25) maximum drawdown to –10.66%, versus –18.75% for the S&P 500. As markets recovered through mid-2025, the leveraged equity sleeve captured a substantial portion of the rebound while option income from further out of the money "rich calls" helped offset protection costs.

Because the Fund's investment base is the S&P 500 itself, the index's continued concentration in a few large technology and communication services stocks benefited overall results as those names led the recovery. For the twelve months ended August 31, 2025, the Fund delivered superior risk adjusted returns and notably smoother performance because of its reduced level of volatility relative to peers, demonstrating the value of systematic active volatility management during a year dominated by tariff-driven uncertainty.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i12bf2c218bbfa015729bb997.jpg)

---

| | | |
|:---|:---|:---|
| | **Easterly Hedged Equity Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2017** | $10000 | $10000 |
| **Aug-2017** | $10078 | $10179 |
| **Aug-2018** | $10905 | $12181 |
| **Aug-2019** | $11694 | $12537 |
| **Aug-2020** | $12535 | $15287 |
| **Aug-2021** | $13975 | $20051 |
| **Aug-2022** | $13867 | $17800 |
| **Aug-2023** | $15407 | $20638 |
| **Aug-2024** | $18328 | $26238 |
| **Aug-2025** | $20466 | $30405 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 17, 2017)** |
| Easterly Hedged Equity Fund | 11.67% | 10.30% | 9.32% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.84% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month end performance visit funds.easterlyam.com/hedged-equity-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Managed Risk Domestic Equity Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class S shares of the Predecessor Portfolio. Class S shares of the Predecessor Portfolio were reorganized into Class R6 of the Fund, respectively, after the close of business on March 19, 2021. Class R6 shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class S shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $331702927 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $2117979 |
| Portfolio Turnover | 38% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7f647947b4ff599e2eebf3f8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.2% |
| Purchased Options | 1.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i07d8a322b10b042daa1b85b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 10.4% |
| Equity Option | -0.5% |
| Index Option | 1.1% |
| Equity | 89.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust | &nbsp;&nbsp;89.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2025 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;S&P 500 Index, 09/30/25 6355.0 Put | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 12/4/2025 | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 11/18/2025 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 12/29/2025 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;SPDR S&P 500 ETF Trust, 10/17/25 670.0 Call | &nbsp;&nbsp;-0.1% |

---

## How Has The Fund Changed?
No material changes occurred during the year ended August 31, 2025.

# Easterly Hedged Equity Fund - Class R6 (JDSEX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JDSEX

# Easterly Income Opportunities Fund

## Class A (JASVX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $143 | 1.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
All securitized credit sectors generated positive absolute and excess returns relative to Treasuries over the 12 months ending August 31, 2025. Persistent inflows into fixed income supported strong demand for structured products. Meanwhile, a global equity bull market and tightening corporate credit spreads sustained investor appetite for securitized credit, where spreads remained appealing compared with other fixed income sectors.

Volatility spiked after the Trump administration's tariff announcements, which triggered the third-highest VIX reading of the century and temporarily widened structured credit spreads. Markets rebounded quickly and by August, spreads had retraced all their widening and reached near year-to-date tights.

Investment-grade corporate spreads reached a record low of 71bp over Treasuries, while high-yield spreads fell to mid-1990s levels. The Treasury curve steepened meaningfully as the Fed maintained its easing bias despite inflation remaining above target. This curve steepening benefited Corporate Structured Notes, which were the best performers, driven by higher 30s/2s CMS spreads.

CMBS performed well amid steady spread tightening and pull-to-par in seasoned mezzanine tranches. Strong demand in the Small Balance Commercial subsector, where we have sizeable exposure, also boosted returns. While office and legacy retail fundamentals remain pressured, the portfolio avoided most credit losses by focusing on senior tranches.

ABS performance was mixed: subprime auto ABS faced rising delinquencies and losses approaching GFC-era levels, though spreads held firm outside of a few weak issuers. In contrast, unsecured consumer and marketplace lending ABS improved, supported by low unemployment and resilient prime borrower credit quality.

Residential credit remained fundamentally sound despite modest home price declines. Non-QM, CRT, and Prime 2.0 spreads tightened to post-crisis lows, while new products such as closed-end second liens (CES/HELOCs) and private reverse mortgages attracted strong investor demand, with AAA tranches trading between 140–170bp.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i670cc717d6e86a478070159a.jpg)

---

| | | |
|:---|:---|:---|
| | **Easterly Income Opportunities Fund - with load** | **Bloomberg U.S. Aggregate Bond Index** |
| **Aug-2018** | $9425 | $10000 |
| **Aug-2018** | $9444 | $9996 |
| **Aug-2019** | $10308 | $11013 |
| **Aug-2020** | $11405 | $11726 |
| **Aug-2021** | $12417 | $11716 |
| **Aug-2022** | $11879 | $10367 |
| **Aug-2023** | $12017 | $10243 |
| **Aug-2024** | $12968 | $10991 |
| **Aug-2025** | $13988 | $11335 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **9 months** | **1 Year** | **5 Years** | **Since Inception (August 21, 2018)** |
| Easterly Income Opportunities Fund |  |  |  |  |
| Without Load | 5.65% | 7.86% | 4.17% | 5.78% |
| With Load | 3.50% | 5.76% | 2.93% | 4.89% |
| Bloomberg U.S. Aggregate Bond Index | 3.27% | 3.14% | -0.68% | 1.80% |

---

Load Information: 2% is the maximum sales charge on purchase of A Shares. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit funds.easterlyam.com/income-opportunities-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Structured Credit Value Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class A shares of the Predecessor Portfolio. Class A shares of the Predecessor Portfolio were reorganized into Class A of the Fund, respectively, after the close of business on March 19, 2021. Class A shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class A shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $413851468 |
| Number of Portfolio Holdings | 855 |
| Advisory Fee (net of waivers) | $2937775 |
| Portfolio Turnover | 32% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4eac83c8bac9f4e776ce6416.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 70.2% |
| Corporate Bonds | 16.5% |
| Non U.S. Government & Agencies | 0.0% |
| U.S. Government & Agencies | 13.3% |

---

## What did the Fund invest in?

## Industry Weighting (% of net assets)
![Group By Sector Chart](idc318fcc7b5e5ffd329f6005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 13.3% |
| Other Industries | 2.6% |
| Agency Fixed Rate | 0.8% |
| Auto Loan | 1.0% |
| Student Loans | 1.1% |
| Agency CMBS | 1.8% |
| Residential Mortgage | 2.0% |
| Other ABS | 2.3% |
| Banking | 2.7% |
| CDO | 2.4% |
| Home Equity | 3.4% |
| Specialty Finance | 3.9% |
| Institutional Financial Services | 7.0% |
| U.S. Treasury Bills | 10.8% |
| CMO | 22.0% |
| Non Agency CMBS | 22.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, , 3.955%, 11/13/25 | 2.4% |
| United States Treasury Bill, , 3.940%, 12/16/25 | 2.4% |
| United States Treasury Bill, , 3.932%, 12/18/25 | 2.4% |
| United States Treasury Bill, , 3.944%, 12/30/25 | 2.4% |
| RBSSP Resecuritization Trust, 2009-12, 4.827%, 12/25/35 | 1.3% |
| United States Treasury Bill, , 3.945%, 12/23/25 | 1.2% |
| RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32 | 1.2% |
| Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50 | 1.1% |
| GS Mortgage Securities Corp Trust, 2013-PEMB, 3.668%, 03/5/33 | 1.1% |
| Soloso CDO Ltd., 2007-1A, 4.807%, 10/7/37 | 1.0% |

---

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from November 30 to August 31.

# Easterly Income Opportunities Fund - Class A (JASVX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JASVX

# Easterly Income Opportunities Fund

## Class C (JSVCX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $200 | 2.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
All securitized credit sectors generated positive absolute and excess returns relative to Treasuries over the 12 months ending August 31, 2025. Persistent inflows into fixed income supported strong demand for structured products. Meanwhile, a global equity bull market and tightening corporate credit spreads sustained investor appetite for securitized credit, where spreads remained appealing compared with other fixed income sectors.

Volatility spiked after the Trump administration's tariff announcements, which triggered the third-highest VIX reading of the century and temporarily widened structured credit spreads. Markets rebounded quickly and by August, spreads had retraced all their widening and reached near year-to-date tights.

Investment-grade corporate spreads reached a record low of 71bp over Treasuries, while high-yield spreads fell to mid-1990s levels. The Treasury curve steepened meaningfully as the Fed maintained its easing bias despite inflation remaining above target. This curve steepening benefited Corporate Structured Notes, which were the best performers, driven by higher 30s/2s CMS spreads.

CMBS performed well amid steady spread tightening and pull-to-par in seasoned mezzanine tranches. Strong demand in the Small Balance Commercial subsector, where we have sizeable exposure, also boosted returns. While office and legacy retail fundamentals remain pressured, the portfolio avoided most credit losses by focusing on senior tranches.

ABS performance was mixed: subprime auto ABS faced rising delinquencies and losses approaching GFC-era levels, though spreads held firm outside of a few weak issuers. In contrast, unsecured consumer and marketplace lending ABS improved, supported by low unemployment and resilient prime borrower credit quality.

Residential credit remained fundamentally sound despite modest home price declines. Non-QM, CRT, and Prime 2.0 spreads tightened to post-crisis lows, while new products such as closed-end second liens (CES/HELOCs) and private reverse mortgages attracted strong investor demand, with AAA tranches trading between 140–170bp.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3079657e98362274b45305f7.jpg)

---

| | | |
|:---|:---|:---|
| | **Easterly Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Aug-2018** | $10000 | $10000 |
| **Aug-2018** | $10020 | $9996 |
| **Aug-2019** | $10721 | $11013 |
| **Aug-2020** | $11773 | $11726 |
| **Aug-2021** | $12714 | $11716 |
| **Aug-2022** | $12073 | $10367 |
| **Aug-2023** | $12138 | $10243 |
| **Aug-2024** | $13002 | $10991 |
| **Aug-2025** | $13908 | $11335 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **9 months** | **1 Year** | **5 Years** | **Since Inception (August 21, 2018)** |
| Easterly Income Opportunities Fund |  |  |  |  |
| Without Load | 5.01% | 6.97% | 3.39% | 4.81% |
| With Load | 4.01% | 5.97% | 3.39% | 4.81% |
| Bloomberg U.S. Aggregate Bond Index | 3.27% | 3.14% | -0.68% | 1.80% |

---

Class C charges a maximum contingent deferred sales charge of 1.00% if you redeem Class C shares within one year after purchase.*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit funds.easterlyam.com/income-opportunities-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Structured Credit Value Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class C shares of the Predecessor Portfolio. Class C shares of the Predecessor Portfolio were reorganized into Class C of the Fund, respectively, after the close of business on March 19, 2021. Class C shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class C shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $413851468 |
| Number of Portfolio Holdings | 855 |
| Advisory Fee (net of waivers) | $2937775 |
| Portfolio Turnover | 32% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i75343cf777e6b66e14909a87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 70.2% |
| Corporate Bonds | 16.5% |
| Non U.S. Government & Agencies | 0.0% |
| U.S. Government & Agencies | 13.3% |

---

## What did the Fund invest in?

## Industry Weighting (% of net assets)
![Group By Sector Chart](ice11cfd264d8de9a0edc5c44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 13.3% |
| Other Industries | 2.6% |
| Agency Fixed Rate | 0.8% |
| Auto Loan | 1.0% |
| Student Loans | 1.1% |
| Agency CMBS | 1.8% |
| Residential Mortgage | 2.0% |
| Other ABS | 2.3% |
| Banking | 2.7% |
| CDO | 2.4% |
| Home Equity | 3.4% |
| Specialty Finance | 3.9% |
| Institutional Financial Services | 7.0% |
| U.S. Treasury Bills | 10.8% |
| CMO | 22.0% |
| Non Agency CMBS | 22.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, , 3.955%, 11/13/25 | 2.4% |
| United States Treasury Bill, , 3.940%, 12/16/25 | 2.4% |
| United States Treasury Bill, , 3.932%, 12/18/25 | 2.4% |
| United States Treasury Bill, , 3.944%, 12/30/25 | 2.4% |
| RBSSP Resecuritization Trust, 2009-12, 4.827%, 12/25/35 | 1.3% |
| United States Treasury Bill, , 3.945%, 12/23/25 | 1.2% |
| RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32 | 1.2% |
| Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50 | 1.1% |
| GS Mortgage Securities Corp Trust, 2013-PEMB, 3.668%, 03/5/33 | 1.1% |
| Soloso CDO Ltd., 2007-1A, 4.807%, 10/7/37 | 1.0% |

---

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from November 30 to August 31.

# Easterly Income Opportunities Fund - Class C (JSVCX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JSVCX

# Easterly Income Opportunities Fund

## Class I (JSVIX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $124 | 1.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
All securitized credit sectors generated positive absolute and excess returns relative to Treasuries over the 12 months ending August 31, 2025. Persistent inflows into fixed income supported strong demand for structured products. Meanwhile, a global equity bull market and tightening corporate credit spreads sustained investor appetite for securitized credit, where spreads remained appealing compared with other fixed income sectors.

Volatility spiked after the Trump administration's tariff announcements, which triggered the third-highest VIX reading of the century and temporarily widened structured credit spreads. Markets rebounded quickly and by August, spreads had retraced all their widening and reached near year-to-date tights.

Investment-grade corporate spreads reached a record low of 71bp over Treasuries, while high-yield spreads fell to mid-1990s levels. The Treasury curve steepened meaningfully as the Fed maintained its easing bias despite inflation remaining above target. This curve steepening benefited Corporate Structured Notes, which were the best performers, driven by higher 30s/2s CMS spreads.

CMBS performed well amid steady spread tightening and pull-to-par in seasoned mezzanine tranches. Strong demand in the Small Balance Commercial subsector, where we have sizeable exposure, also boosted returns. While office and legacy retail fundamentals remain pressured, the portfolio avoided most credit losses by focusing on senior tranches.

ABS performance was mixed: subprime auto ABS faced rising delinquencies and losses approaching GFC-era levels, though spreads held firm outside of a few weak issuers. In contrast, unsecured consumer and marketplace lending ABS improved, supported by low unemployment and resilient prime borrower credit quality.

Residential credit remained fundamentally sound despite modest home price declines. Non-QM, CRT, and Prime 2.0 spreads tightened to post-crisis lows, while new products such as closed-end second liens (CES/HELOCs) and private reverse mortgages attracted strong investor demand, with AAA tranches trading between 140–170bp.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $1,000,000 Investment
![Chart showing performance over last 10 years or since inception](i633d15106b4b0c73f09805e0.jpg)

---

| | | |
|:---|:---|:---|
| | **Easterly Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Aug-2018** | $1000000 | $1000000 |
| **Aug-2018** | $1002000 | $999620 |
| **Aug-2019** | $1075677 | $1101308 |
| **Aug-2020** | $1193286 | $1172598 |
| **Aug-2021** | $1301273 | $1171611 |
| **Aug-2022** | $1247959 | $1036691 |
| **Aug-2023** | $1267419 | $1024321 |
| **Aug-2024** | $1371307 | $1099058 |
| **Aug-2025** | $1480192 | $1133530 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **9 months** | **1 Year** | **5 Years** | **Since Inception (August 21, 2018)** |
| Easterly Income Opportunities Fund | 5.71% | 7.94% | 4.40% | 5.74% |
| Bloomberg U.S. Aggregate Bond Index | 3.27% | 3.14% | -0.68% | 1.80% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit funds.easterlyam.com/income-opportunities-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Structured Credit Value Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class I shares of the Predecessor Portfolio. Class I shares of the Predecessor Portfolio were reorganized into Class I of the Fund, respectively, after the close of business on March 19, 2021. Class I shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class I shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $413851468 |
| Number of Portfolio Holdings | 855 |
| Advisory Fee (net of waivers) | $2937775 |
| Portfolio Turnover | 32% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i296a562f97311256794d28ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 70.2% |
| Corporate Bonds | 16.5% |
| Non U.S. Government & Agencies | 0.0% |
| U.S. Government & Agencies | 13.3% |

---

## What did the Fund invest in?

## Industry Weighting (% of net assets)
![Group By Sector Chart](ie3ab70a1efe4fda422dcf551.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 13.3% |
| Other Industries | 2.6% |
| Agency Fixed Rate | 0.8% |
| Auto Loan | 1.0% |
| Student Loans | 1.1% |
| Agency CMBS | 1.8% |
| Residential Mortgage | 2.0% |
| Other ABS | 2.3% |
| Banking | 2.7% |
| CDO | 2.4% |
| Home Equity | 3.4% |
| Specialty Finance | 3.9% |
| Institutional Financial Services | 7.0% |
| U.S. Treasury Bills | 10.8% |
| CMO | 22.0% |
| Non Agency CMBS | 22.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, , 3.955%, 11/13/25 | 2.4% |
| United States Treasury Bill, , 3.940%, 12/16/25 | 2.4% |
| United States Treasury Bill, , 3.932%, 12/18/25 | 2.4% |
| United States Treasury Bill, , 3.944%, 12/30/25 | 2.4% |
| RBSSP Resecuritization Trust, 2009-12, 4.827%, 12/25/35 | 1.3% |
| United States Treasury Bill, , 3.945%, 12/23/25 | 1.2% |
| RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32 | 1.2% |
| Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50 | 1.1% |
| GS Mortgage Securities Corp Trust, 2013-PEMB, 3.668%, 03/5/33 | 1.1% |
| Soloso CDO Ltd., 2007-1A, 4.807%, 10/7/37 | 1.0% |

---

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from November 30 to August 31.

# Easterly Income Opportunities Fund - Class I (JSVIX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JSVIX

# Easterly Income Opportunities Fund

## Class R6 (JASSX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $78 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
All securitized credit sectors generated positive absolute and excess returns relative to Treasuries over the 12 months ending August 31, 2025. Persistent inflows into fixed income supported strong demand for structured products. Meanwhile, a global equity bull market and tightening corporate credit spreads sustained investor appetite for securitized credit, where spreads remained appealing compared with other fixed income sectors.

Volatility spiked after the Trump administration's tariff announcements, which triggered the third-highest VIX reading of the century and temporarily widened structured credit spreads. Markets rebounded quickly and by August, spreads had retraced all their widening and reached near year-to-date tights.

Investment-grade corporate spreads reached a record low of 71bp over Treasuries, while high-yield spreads fell to mid-1990s levels. The Treasury curve steepened meaningfully as the Fed maintained its easing bias despite inflation remaining above target. This curve steepening benefited Corporate Structured Notes, which were the best performers, driven by higher 30s/2s CMS spreads.

CMBS performed well amid steady spread tightening and pull-to-par in seasoned mezzanine tranches. Strong demand in the Small Balance Commercial subsector, where we have sizeable exposure, also boosted returns. While office and legacy retail fundamentals remain pressured, the portfolio avoided most credit losses by focusing on senior tranches.

ABS performance was mixed: subprime auto ABS faced rising delinquencies and losses approaching GFC-era levels, though spreads held firm outside of a few weak issuers. In contrast, unsecured consumer and marketplace lending ABS improved, supported by low unemployment and resilient prime borrower credit quality.

Residential credit remained fundamentally sound despite modest home price declines. Non-QM, CRT, and Prime 2.0 spreads tightened to post-crisis lows, while new products such as closed-end second liens (CES/HELOCs) and private reverse mortgages attracted strong investor demand, with AAA tranches trading between 140–170bp.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i21d4eaf81d92e0ba33191df1.jpg)

---

| | | |
|:---|:---|:---|
| | **Easterly Income Opportunities Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Aug-2018** | $10000 | $10000 |
| **Aug-2018** | $10020 | $9996 |
| **Aug-2019** | $10797 | $11013 |
| **Aug-2020** | $12016 | $11726 |
| **Aug-2021** | $13152 | $11716 |
| **Aug-2022** | $12668 | $10367 |
| **Aug-2023** | $12913 | $10243 |
| **Aug-2024** | $14043 | $10991 |
| **Aug-2025** | $15255 | $11335 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **9 months** | **1 Year** | **5 Years** | **Since Inception (August 21, 2018)** |
| Easterly Income Opportunities Fund | 6.24% | 8.63% | 4.89% | 6.19% |
| Bloomberg U.S. Aggregate Bond Index | 3.27% | 3.14% | -0.68% | 1.80% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit funds.easterlyam.com/income-opportunities-fund/ or call 888-814-8180. The Fund has adopted the performance of the James Alpha Structured Credit Value Portfolio, a series of The Saratoga Advantage Trust (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class S shares of the Predecessor Portfolio. Class S shares of the Predecessor Portfolio were reorganized into Class R6 of the Fund, respectively, after the close of business on March 19, 2021. Class R6 shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class S shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $413851468 |
| Number of Portfolio Holdings | 855 |
| Advisory Fee (net of waivers) | $2937775 |
| Portfolio Turnover | 32% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iee985cb0cbb70c73d496071d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 70.2% |
| Corporate Bonds | 16.5% |
| Non U.S. Government & Agencies | 0.0% |
| U.S. Government & Agencies | 13.3% |

---

## What did the Fund invest in?

## Industry Weighting (% of net assets)
![Group By Sector Chart](i38f302847412c5288d168a0d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 13.3% |
| Other Industries | 2.6% |
| Agency Fixed Rate | 0.8% |
| Auto Loan | 1.0% |
| Student Loans | 1.1% |
| Agency CMBS | 1.8% |
| Residential Mortgage | 2.0% |
| Other ABS | 2.3% |
| Banking | 2.7% |
| CDO | 2.4% |
| Home Equity | 3.4% |
| Specialty Finance | 3.9% |
| Institutional Financial Services | 7.0% |
| U.S. Treasury Bills | 10.8% |
| CMO | 22.0% |
| Non Agency CMBS | 22.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, , 3.955%, 11/13/25 | 2.4% |
| United States Treasury Bill, , 3.940%, 12/16/25 | 2.4% |
| United States Treasury Bill, , 3.932%, 12/18/25 | 2.4% |
| United States Treasury Bill, , 3.944%, 12/30/25 | 2.4% |
| RBSSP Resecuritization Trust, 2009-12, 4.827%, 12/25/35 | 1.3% |
| United States Treasury Bill, , 3.945%, 12/23/25 | 1.2% |
| RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32 | 1.2% |
| Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50 | 1.1% |
| GS Mortgage Securities Corp Trust, 2013-PEMB, 3.668%, 03/5/33 | 1.1% |
| Soloso CDO Ltd., 2007-1A, 4.807%, 10/7/37 | 1.0% |

---

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from November 30 to August 31.

# Easterly Income Opportunities Fund - Class R6 (JASSX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-JASSX

#### Easterly Snow Long/Short Opportunity Fund

## Class A (SNOAX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $110 | 2.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
During the period, the Easterly Long Short Opportunity Fund had a total return of 9.25%, compared to a return of 4.89% for the Russell 3000 Value Index. Consistent with our investment strategy, the fund utilized short positions in index-based ETFs, equity options and ETF option contracts, to protect investment principal and "hedge" or limit the overall equity exposure. Our use of short positions in index-based ETFs, equity options and ETF options reduced our total return by 604bps, 40bps and 34bps, respectively. While we view this impact as material to performance, it is consistent with our investment objective.

Major indexes posted positive results for the period as better than expected economic data and decelerating inflation provided a supportive backdrop for equity performance. Due to strong performance, the S&P 500 now trades at 22.1x forward earnings, above its 30-year average of 17.0x. Elevated market valuations continue to be driven by higher index concentration of the largest stocks. Over the period, growth stocks significantly outpaced value stocks on relative terms. The valuation disparity between value and growth stocks widened, nearing historic levels.

The Federal funds rate is currently set between 4.25-4.50%, down 100 basis points from 12 months ago. The yield curve (spread between the 2-year and 10-year treasury note) steepened over the past 12 months as economic growth has proved resilient despite ongoing geopolitical risks and evolving domestic economic policy. Markets are now extrapolating that more accommodative monetary policy will be needed to offset weaker US employment, which may help sustain the economic expansion.

Currently, value stocks (Russell 3000 Value) trade at about 17.4x forward earnings. This compares favorably to the broad market, as well as growth indices (Russell 3000 Growth – 29.4x), highlighting the historically low relative valuation levels. Over the medium-term, improved earnings momentum relative to the broad market, provides an attractive catalyst for investors within the value-style of US equity markets.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3263691ef7a3563100769eee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Snow Long/Short Opportunity Fund - with load** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **Aug-2015** | $9424 | $10000 | $10000 |
| **Aug-2016** | $9362 | $11144 | $11298 |
| **Aug-2017** | $10346 | $12934 | $12622 |
| **Aug-2018** | $11300 | $15553 | $14268 |
| **Aug-2019** | $10595 | $15757 | $14188 |
| **Aug-2020** | $10286 | $19135 | $14243 |
| **Aug-2021** | $14793 | $25458 | $19623 |
| **Aug-2022** | $14422 | $22076 | $18350 |
| **Aug-2023** | $15719 | $25334 | $19857 |
| **Aug-2024** | $17292 | $31958 | $24031 |
| **Aug-2025** | $19415 | $37020 | $26224 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Easterly Snow Long/Short Opportunity Fund |  |  |  |  |
| Without Load | 9.25% | 12.27% | 13.55% | 7.50% |
| With Load | 2.98% | 5.82% | 12.21% | 6.86% |
| Russell 3000<sup>®</sup> Index | 9.29% | 15.84% | 14.11% | 13.98% |
| Russell 3000<sup>®</sup> Value Index | 4.89% | 9.12% | 12.98% | 10.12% |

---

The Fund added the Russell 3000 Index as a broad-based index to comply with new requirements. Load Information: 5.75% is the maximum sales charge on purchase of A Shares. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit https://funds.easterlyam.com/snow-long-short-opportunity-fund/ or call 888-814-8180. The Fund has adopted the performance of the Snow Capital Long/Short Opportunity Fund, a series of the Trust for Professional Managers (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on November 5, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to November 5, 2021 are those of the Class A shares of the Predecessor Portfolio. Class A shares of the Predecessor Portfolio were reorganized into Class A of the Fund, respectively, after the close of business on November 5, 2021. Class A shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class A shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $97887355 |
| Number of Portfolio Holdings | 121 |
| Advisory Fee | $365596 |
| Portfolio Turnover | 24% |

---

## What did the Fund invest in?

# **Long Sector Weighting (% of net assets)**![Group By Sector Chart](i2a0a7cf01932969f41e3301a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -18.4% |
| Communications | 1.6% |
| Utilities | 1.8% |
| Equity | 1.8% |
| Consumer Staples | 4.0% |
| Industrials | 10.5% |
| Consumer Discretionary | 10.6% |
| Technology | 12.9% |
| Health Care | 14.2% |
| Energy | 19.2% |
| Materials | 19.5% |
| Financials | 22.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Commercial Metals Company | 4.6% |
| JPMorgan Chase & Company | 4.0% |
| B2Gold Corporation | 3.5% |
| Suncor Energy, Inc. | 3.5% |
| Agnico Eagle Mines Ltd. | 3.2% |
| Alamos Gold, Inc. | 3.2% |
| Range Resources Corporation | 3.1% |
| Sanofi - ADR | 3.0% |
| Citigroup, Inc. | 3.0% |
| NCR Atleos Corporation | 2.9% |

---

# **Short Sector Weighting (% of net assets)**![Group By Industry Chart](i024a4d3caa9e2afc9b465bca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | -0.9% |
| Consumer Staples | -0.9% |
| Materials | -0.9% |
| Call Options Written | -1.7% |
| Commodity | -1.8% |
| Financials | -3.1% |
| Equity | -32.2% |

---

May represent asset weighting given the Fund's investment approach/investments in other investment companies.

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from February 28 to August 31.

# Easterly Snow Long/Short Opportunity Fund - Class A (SNOAX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-SNOAX

#### Easterly Snow Long/Short Opportunity Fund

## Class C (SNOCX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $149 | 2.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
During the period, the Easterly Long Short Opportunity Fund had a total return of 8.84%, compared to a return of 4.89% for the Russell 3000 Value Index. Consistent with our investment strategy, the fund utilized short positions in index-based ETFs, equity options and ETF option contracts, to protect investment principal and "hedge" or limit the overall equity exposure. Our use of short positions in index-based ETFs, equity options and ETF options reduced our total return by 604bps, 40bps and 34bps, respectively. While we view this impact as material to performance, it is consistent with our investment objective.

Major indexes posted positive results for the period as better than expected economic data and decelerating inflation provided a supportive backdrop for equity performance. Due to strong performance, the S&P 500 now trades at 22.1x forward earnings, above its 30-year average of 17.0x. Elevated market valuations continue to be driven by higher index concentration of the largest stocks. Over the period, growth stocks significantly outpaced value stocks on relative terms. The valuation disparity between value and growth stocks widened, nearing historic levels.

The Federal funds rate is currently set between 4.25-4.50%, down 100 basis points from 12 months ago. The yield curve (spread between the 2-year and 10-year treasury note) steepened over the past 12 months as economic growth has proved resilient despite ongoing geopolitical risks and evolving domestic economic policy. Markets are now extrapolating that more accommodative monetary policy will be needed to offset weaker US employment, which may help sustain the economic expansion.

Currently, value stocks (Russell 3000 Value) trade at about 17.4x forward earnings. This compares favorably to the broad market, as well as growth indices (Russell 3000 Growth – 29.4x), highlighting the historically low relative valuation levels. Over the medium-term, improved earnings momentum relative to the broad market, provides an attractive catalyst for investors within the value-style of US equity markets.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibf553d1d387a5ad6d0ad8254.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Snow Long/Short Opportunity Fund** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **Aug-2015** | $10000 | $10000 | $10000 |
| **Aug-2016** | $9855 | $11144 | $11298 |
| **Aug-2017** | $10809 | $12934 | $12622 |
| **Aug-2018** | $11724 | $15553 | $14268 |
| **Aug-2019** | $10908 | $15757 | $14188 |
| **Aug-2020** | $10511 | $19135 | $14243 |
| **Aug-2021** | $15008 | $25458 | $19623 |
| **Aug-2022** | $14525 | $22076 | $18350 |
| **Aug-2023** | $15716 | $25334 | $19857 |
| **Aug-2024** | $17154 | $31958 | $24031 |
| **Aug-2025** | $19119 | $37020 | $26224 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Easterly Snow Long/Short Opportunity Fund |  |  |  |  |
| Without Load | 8.84% | 11.45% | 12.71% | 6.70% |
| With Load | 7.84% | 10.45% | 12.71% | 6.70% |
| Russell 3000<sup>®</sup> Index | 9.29% | 15.84% | 14.11% | 13.98% |
| Russell 3000<sup>®</sup> Value Index | 4.89% | 9.12% | 12.98% | 10.12% |

---

The Fund added the Russell 3000 Index as a broad-based index to comply with new requirements. Load Information: Class C charges a maximum contingent deferred sales charge of 1.00% if you redeem Class C shares within one year after purchase. Class C shares convert to Class A shares after 8 years from the last day of the month in which the shares were purchased. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit https://funds.easterlyam.com/snow-long-short-opportunity-fund/ or call 888-814-8180. The Fund has adopted the performance of the Snow Capital Long/Short Opportunity Fund, a series of the Trust for Professional Managers (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on November 5, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to November 5, 2021 are those of the Class C shares of the Predecessor Portfolio. Class C shares of the Predecessor Portfolio were reorganized into Class C of the Fund, respectively, after the close of business on November 5, 2021. Class C shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class C shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $97887355 |
| Number of Portfolio Holdings | 121 |
| Advisory Fee | $365596 |
| Portfolio Turnover | 24% |

---

## What did the Fund invest in?

# **Long Sector Weighting (% of net assets)**![Group By Sector Chart](ic361e2503b45960ecd1ebeb8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -18.4% |
| Communications | 1.6% |
| Utilities | 1.8% |
| Equity | 1.8% |
| Consumer Staples | 4.0% |
| Industrials | 10.5% |
| Consumer Discretionary | 10.6% |
| Technology | 12.9% |
| Health Care | 14.2% |
| Energy | 19.2% |
| Materials | 19.5% |
| Financials | 22.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Commercial Metals Company | 4.6% |
| JPMorgan Chase & Company | 4.0% |
| B2Gold Corporation | 3.5% |
| Suncor Energy, Inc. | 3.5% |
| Agnico Eagle Mines Ltd. | 3.2% |
| Alamos Gold, Inc. | 3.2% |
| Range Resources Corporation | 3.1% |
| Sanofi - ADR | 3.0% |
| Citigroup, Inc. | 3.0% |
| NCR Atleos Corporation | 2.9% |

---

# **Short Sector Weighting (% of net assets)**![Group By Industry Chart](i0a46c0e9e633e1fdf4f41919.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | -0.9% |
| Consumer Staples | -0.9% |
| Materials | -0.9% |
| Call Options Written | -1.7% |
| Commodity | -1.8% |
| Financials | -3.1% |
| Equity | -32.2% |

---

May represent asset weighting given the Fund's investment approach/investments in other investment companies.

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from February 28 to August 31.

# Easterly Snow Long/Short Opportunity Fund - Class C (SNOCX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-SNOCX

#### Easterly Snow Long/Short Opportunity Fund

## Class I (SNOIX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $97 | 1.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
During the period, the Easterly Long Short Opportunity Fund had a total return of 9.39%, compared to a return of 4.89% for the Russell 3000 Value Index. Consistent with our investment strategy, the fund utilized short positions in index-based ETFs, equity options and ETF option contracts, to protect investment principal and "hedge" or limit the overall equity exposure. Our use of short positions in index-based ETFs, equity options and ETF options reduced our total return by 604bps, 40bps and 34bps, respectively. While we view this impact as material to performance, it is consistent with our investment objective.

Major indexes posted positive results for the period as better than expected economic data and decelerating inflation provided a supportive backdrop for equity performance. Due to strong performance, the S&P 500 now trades at 22.1x forward earnings, above its 30-year average of 17.0x. Elevated market valuations continue to be driven by higher index concentration of the largest stocks. Over the period, growth stocks significantly outpaced value stocks on relative terms. The valuation disparity between value and growth stocks widened, nearing historic levels.

The Federal funds rate is currently set between 4.25-4.50%, down 100 basis points from 12 months ago. The yield curve (spread between the 2-year and 10-year treasury note) steepened over the past 12 months as economic growth has proved resilient despite ongoing geopolitical risks and evolving domestic economic policy. Markets are now extrapolating that more accommodative monetary policy will be needed to offset weaker US employment, which may help sustain the economic expansion.

Currently, value stocks (Russell 3000 Value) trade at about 17.4x forward earnings. This compares favorably to the broad market, as well as growth indices (Russell 3000 Growth – 29.4x), highlighting the historically low relative valuation levels. Over the medium-term, improved earnings momentum relative to the broad market, provides an attractive catalyst for investors within the value-style of US equity markets.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $100,000 Investment
![Chart showing performance over last 10 years or since inception](ie28347b1efafffbe8a33b95c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Snow Long/Short Opportunity Fund** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **Aug-2015** | $100000 | $100000 | $100000 |
| **Aug-2016** | $99548 | $111439 | $112975 |
| **Aug-2017** | $110276 | $129339 | $126223 |
| **Aug-2018** | $120774 | $155528 | $142677 |
| **Aug-2019** | $113556 | $157565 | $141883 |
| **Aug-2020** | $110505 | $191350 | $142429 |
| **Aug-2021** | $159300 | $254577 | $196232 |
| **Aug-2022** | $155677 | $220764 | $183499 |
| **Aug-2023** | $170120 | $253343 | $198568 |
| **Aug-2024** | $187585 | $319578 | $240313 |
| **Aug-2025** | $211152 | $370199 | $262242 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Easterly Snow Long/Short Opportunity Fund | 9.39% | 12.56% | 13.83% | 7.76% |
| Russell 3000<sup>®</sup> Index | 9.29% | 15.84% | 14.11% | 13.98% |
| Russell 3000<sup>®</sup> Value Index | 4.89% | 9.12% | 12.98% | 10.12% |

---

The Fund added the Russell 3000 Index as a broad-based index to comply with new requirements. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit https://funds.easterlyam.com/snow-long-short-opportunity-fund/ or call 888-814-8180. The Fund has adopted the performance of the Snow Capital Long/Short Opportunity Fund, a series of the Trust for Professional Managers (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on November 5, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to November 5, 2021 are those of the Institutional Class shares of the Predecessor Portfolio. Institutional Class shares of the Predecessor Portfolio were reorganized into Class I of the Fund, respectively, after the close of business on November 5, 2021. Class I shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Institutional Class shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $97887355 |
| Number of Portfolio Holdings | 121 |
| Advisory Fee | $365596 |
| Portfolio Turnover | 24% |

---

## What did the Fund invest in?

# **Long Sector Weighting (% of net assets)**![Group By Sector Chart](i3be2bdb65204d51457df5a5d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -18.4% |
| Communications | 1.6% |
| Utilities | 1.8% |
| Equity | 1.8% |
| Consumer Staples | 4.0% |
| Industrials | 10.5% |
| Consumer Discretionary | 10.6% |
| Technology | 12.9% |
| Health Care | 14.2% |
| Energy | 19.2% |
| Materials | 19.5% |
| Financials | 22.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Commercial Metals Company | 4.6% |
| JPMorgan Chase & Company | 4.0% |
| B2Gold Corporation | 3.5% |
| Suncor Energy, Inc. | 3.5% |
| Agnico Eagle Mines Ltd. | 3.2% |
| Alamos Gold, Inc. | 3.2% |
| Range Resources Corporation | 3.1% |
| Sanofi - ADR | 3.0% |
| Citigroup, Inc. | 3.0% |
| NCR Atleos Corporation | 2.9% |

---

# **Short Sector Weighting (% of net assets)**![Group By Industry Chart](ife988cb471a0148bd8ca043f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | -0.9% |
| Consumer Staples | -0.9% |
| Materials | -0.9% |
| Call Options Written | -1.7% |
| Commodity | -1.8% |
| Financials | -3.1% |
| Equity | -32.2% |

---

May represent asset weighting given the Fund's investment approach/investments in other investment companies.

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from February 28 to August 31.

# Easterly Snow Long/Short Opportunity Fund - Class I (SNOIX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-SNOIX

#### Easterly Snow Long/Short Opportunity Fund

## Class R6 (SNORX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $86 | 1.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
During the period, the Easterly Long Short Opportunity Fund had a total return of 9.42%, compared to a return of 4.89% for the Russell 3000 Value Index. Consistent with our investment strategy, the fund utilized short positions in index-based ETFs, equity options and ETF option contracts, to protect investment principal and "hedge" or limit the overall equity exposure. Our use of short positions in index-based ETFs, equity options and ETF options reduced our total return by 604bps, 40bps and 34bps, respectively. While we view this impact as material to performance, it is consistent with our investment objective.

Major indexes posted positive results for the period as better than expected economic data and decelerating inflation provided a supportive backdrop for equity performance. Due to strong performance, the S&P 500 now trades at 22.1x forward earnings, above its 30-year average of 17.0x. Elevated market valuations continue to be driven by higher index concentration of the largest stocks. Over the period, growth stocks significantly outpaced value stocks on relative terms. The valuation disparity between value and growth stocks widened, nearing historic levels.

The Federal funds rate is currently set between 4.25-4.50%, down 100 basis points from 12 months ago. The yield curve (spread between the 2-year and 10-year treasury note) steepened over the past 12 months as economic growth has proved resilient despite ongoing geopolitical risks and evolving domestic economic policy. Markets are now extrapolating that more accommodative monetary policy will be needed to offset weaker US employment, which may help sustain the economic expansion.

Currently, value stocks (Russell 3000 Value) trade at about 17.4x forward earnings. This compares favorably to the broad market, as well as growth indices (Russell 3000 Growth – 29.4x), highlighting the historically low relative valuation levels. Over the medium-term, improved earnings momentum relative to the broad market, provides an attractive catalyst for investors within the value-style of US equity markets.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i2065e4779d61c3d2e79cb204.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Snow Long/Short Opportunity Fund** | **Russell 3000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Value Index** |
| **Nov-2021** | $10000 | $10000 | $10000 |
| **Aug-2022** | $9467 | $8353 | $9117 |
| **Aug-2023** | $10346 | $9585 | $9866 |
| **Aug-2024** | $11408 | $12091 | $11940 |
| **Aug-2025** | $12844 | $14007 | $13030 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (November 4, 2021)** |
| Easterly Snow Long/Short Opportunity Fund | 9.42% | 12.59% | 6.77% |
| Russell 3000<sup>®</sup> Index | 9.29% | 15.84% | 9.22% |
| Russell 3000<sup>®</sup> Value Index | 4.89% | 9.12% | 7.17% |

---

The Fund added the Russell 3000 Index as a broad-based index to comply with new requirements. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit https://funds.easterlyam.com/snow-long-short-opportunity-fund/ or call 888-814-8180. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $97887355 |
| Number of Portfolio Holdings | 121 |
| Advisory Fee | $365596 |
| Portfolio Turnover | 24% |

---

## What did the Fund invest in?

# **Long Sector Weighting (% of net assets)**![Group By Sector Chart](ia3e13460608e3b68aae8997d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -18.4% |
| Communications | 1.6% |
| Utilities | 1.8% |
| Equity | 1.8% |
| Consumer Staples | 4.0% |
| Industrials | 10.5% |
| Consumer Discretionary | 10.6% |
| Technology | 12.9% |
| Health Care | 14.2% |
| Energy | 19.2% |
| Materials | 19.5% |
| Financials | 22.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Commercial Metals Company | 4.6% |
| JPMorgan Chase & Company | 4.0% |
| B2Gold Corporation | 3.5% |
| Suncor Energy, Inc. | 3.5% |
| Agnico Eagle Mines Ltd. | 3.2% |
| Alamos Gold, Inc. | 3.2% |
| Range Resources Corporation | 3.1% |
| Sanofi - ADR | 3.0% |
| Citigroup, Inc. | 3.0% |
| NCR Atleos Corporation | 2.9% |

---

# **Short Sector Weighting (% of net assets)**![Group By Industry Chart](i357582f048d2f2fe62d05def.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | -0.9% |
| Consumer Staples | -0.9% |
| Materials | -0.9% |
| Call Options Written | -1.7% |
| Commodity | -1.8% |
| Financials | -3.1% |
| Equity | -32.2% |

---

May represent asset weighting given the Fund's investment approach/investments in other investment companies.

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from February 28 to August 31.

# Easterly Snow Long/Short Opportunity Fund - Class R6 (SNORX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-SNORX

# Easterly Snow Small Cap Value Fund

## Class A (SNWAX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $65 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
During the period, the Easterly Small Cap Value Fund returned 14.40%, compared to a return of 8.91% for the Russell 2000 Value Index. This was a period full of market moving items including a US Presidential election, shifting monetary policy, an announced tariff framework, updated tax policy, and continued global geopolitical uncertainty. President Trump's "Liberation Day" announcement of reciprocal tariffs sent equity markets lower in April 2025, offering patient and tactical investors attractive entry points and enabling the Fund to enact portfolio changes with high conviction leading to positive results. With inflation easing and labor markets weakening, expectations for interest rate cuts in the second half of 2025 gained momentum. For small caps, which are more sensitive to financing conditions, this shift was beneficial. The yield curve steepened throughout the period, which has positive ramifications for small-cap value stocks. This remains a tailwind for both the Fund and the asset class as the Fed continues its rate-cutting cycle. With S&P 500 trading at 23x forward earnings and the largest 10 stocks trading at 30x earnings, there is a significant valuation dispersion between market capitalization ranges. Small caps with positive earnings represented by the S&P 600 trade at nearly a 35% discount on a P/E basis, compared to their large cap peers, a discount last seen in the late 1990s. The top 10% of US stocks now reflect 78% of total market cap for the US stock market, a record high. The top-heavy concentration is partly a function of the ongoing AI frenzy, where the perceived beneficiaries of AI are rewarded through elevated valuation multiples. With the market's top-heavy concentration and elevated valuation levels, we feel the equities that should see the highest returns are those with improving fundamentals and low valuations, as investors become more discerning over the earnings multiples they are paying. Our portfolio is populated with attractively valued stocks, each with fundamental catalysts that should expand earnings multiples over time.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie1c7b7daf76653acb00df0ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Snow Small Cap Value Fund - with load** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Aug-2015** | $9425 | $10000 | $10000 |
| **Aug-2016** | $9648 | $11144 | $11380 |
| **Aug-2017** | $9743 | $12934 | $12912 |
| **Aug-2018** | $12195 | $15553 | $15501 |
| **Aug-2019** | $9296 | $15757 | $13193 |
| **Aug-2020** | $9405 | $19135 | $12382 |
| **Aug-2021** | $16218 | $25458 | $19749 |
| **Aug-2022** | $14541 | $22076 | $17738 |
| **Aug-2023** | $17031 | $25334 | $18123 |
| **Aug-2024** | $20876 | $31958 | $21611 |
| **Aug-2025** | $23047 | $37020 | $22871 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Easterly Snow Small Cap Value Fund |  |  |  |  |
| Without Load | 14.40% | 10.40% | 19.63% | 9.35% |
| With Load | 7.82% | 4.05% | 18.22% | 8.71% |
| Russell 3000<sup>®</sup> Index | 9.29% | 15.84% | 14.11% | 13.98% |
| Russell 2000<sup>®</sup> Value Index | 8.91% | 5.83% | 13.06% | 8.62% |

---

The Fund added the Russell 3000 Index as a broad-based index to comply with new requirements. Load Information: 5.75% is the maximum sales charge on purchase of A Shares. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit https://funds.easterlyam.com/snow-small-cap-value-fund/ or call 888-814-8180. The Fund has adopted the performance of the Snow Capital Small Cap Value Fund, a series of the Trust for Professional Managers (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on November 5, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to November 5, 2021 are those of the Class A shares of the Predecessor Portfolio. Class A shares of the Predecessor Portfolio were reorganized into Class A of the Fund, respectively, after the close of business on November 5, 2021. Class A shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class A shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $31487490 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 20% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i53d44b8a21828255a9e5bca3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](icb371182d8606f7d51ff20ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.0% |
| Consumer Staples | 0.4% |
| Communications | 2.1% |
| Real Estate | 2.8% |
| Health Care | 6.7% |
| Energy | 7.3% |
| Industrials | 8.4% |
| Technology | 9.8% |
| Materials | 12.7% |
| Consumer Discretionary | 13.5% |
| Financials | 33.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Delek US Holdings, Inc. | 4.9% |
| Lincoln National Corporation | 4.4% |
| Jackson Financial, Inc., Class A | 4.2% |
| Cleveland-Cliffs, Inc. | 4.1% |
| Astec Industries, Inc. | 3.9% |
| Old National Bancorp | 3.9% |
| Columbia Banking System, Inc. | 3.8% |
| Photronics, Inc. | 3.7% |
| CNO Financial Group, Inc. | 3.7% |
| Commercial Metals Company | 3.7% |

---

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from February 28 to August 31.

# Easterly Snow Small Cap Value Fund - Class A (SNWAX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-SNWAX

# Easterly Snow Small Cap Value Fund

## Class C (SNWCX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $105 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
During the period, the Easterly Small Cap Value Fund returned 13.97%, compared to a return of 8.91% for the Russell 2000 Value Index. This was a period full of market moving items including a US Presidential election, shifting monetary policy, an announced tariff framework, updated tax policy, and continued global geopolitical uncertainty. President Trump's "Liberation Day" announcement of reciprocal tariffs sent equity markets lower in April 2025, offering patient and tactical investors attractive entry points and enabling the Fund to enact portfolio changes with high conviction leading to positive results. With inflation easing and labor markets weakening, expectations for interest rate cuts in the second half of 2025 gained momentum. For small caps, which are more sensitive to financing conditions, this shift was beneficial. The yield curve steepened throughout the period, which has positive ramifications for small-cap value stocks. This remains a tailwind for both the Fund and the asset class as the Fed continues its rate-cutting cycle. With S&P 500 trading at 23x forward earnings and the largest 10 stocks trading at 30x earnings, there is a significant valuation dispersion between market capitalization ranges. Small caps with positive earnings represented by the S&P 600 trade at nearly a 35% discount on a P/E basis, compared to their large cap peers, a discount last seen in the late 1990s. The top 10% of US stocks now reflect 78% of total market cap for the US stock market, a record high. The top-heavy concentration is partly a function of the ongoing AI frenzy, where the perceived beneficiaries of AI are rewarded through elevated valuation multiples. With the market's top-heavy concentration and elevated valuation levels, we feel the equities that should see the highest returns are those with improving fundamentals and low valuations, as investors become more discerning over the earnings multiples they are paying. Our portfolio is populated with attractively valued stocks, each with fundamental catalysts that should expand earnings multiples over time.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i25239853a62b3a3191915f43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Snow Small Cap Value Fund** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 | $10000 |
| **Aug-2016** | $10159 | $11380 | $11144 |
| **Aug-2017** | $10182 | $12912 | $12934 |
| **Aug-2018** | $12651 | $15501 | $15553 |
| **Aug-2019** | $9570 | $13193 | $15757 |
| **Aug-2020** | $9612 | $12382 | $19135 |
| **Aug-2021** | $16449 | $19749 | $25458 |
| **Aug-2022** | $14640 | $17738 | $22076 |
| **Aug-2023** | $17019 | $18123 | $25334 |
| **Aug-2024** | $20703 | $21611 | $31958 |
| **Aug-2025** | $22686 | $22871 | $37020 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Years** | **10 Years** |
| Easterly Snow Small Cap Value Fund |  |  |  |  |
| Without Load | 13.97% | 9.58% | 18.74% | 8.54% |
| With Load | 12.97% | 8.58% | 18.74% | 8.54% |
| Russell 3000<sup>®</sup> Index | 9.29% | 15.84% | 14.11% | 13.98% |
| Russell 2000<sup>®</sup> Value Index | 8.91% | 5.83% | 13.06% | 8.62% |

---

The Fund added the Russell 3000 Index as a broad-based index to comply with new requirements. Load Information: Class C charges a maximum contingent deferred sales charge of 1.00% if you redeem Class C shares within one year after purchase. Class C shares convert to Class A shares after 8 years from the last day of the month in which the shares were purchased. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit https://funds.easterlyam.com/snow-small-cap-value-fund/ or call 888-814-8180. The Fund has adopted the performance of the Snow Capital Small Cap Value Fund, a series of the Trust for Professional Managers (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on November 5, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to November 5, 2021 are those of the Class C shares of the Predecessor Portfolio. Class C shares of the Predecessor Portfolio were reorganized into Class C of the Fund, respectively, after the close of business on November 5, 2021. Class C shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class C shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $31487490 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 20% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib68446d3ddecf9df2fd90654.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id1dbfed7082ea7c0c2333430.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.0% |
| Consumer Staples | 0.4% |
| Communications | 2.1% |
| Real Estate | 2.8% |
| Health Care | 6.7% |
| Energy | 7.3% |
| Industrials | 8.4% |
| Technology | 9.8% |
| Materials | 12.7% |
| Consumer Discretionary | 13.5% |
| Financials | 33.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Delek US Holdings, Inc. | 4.9% |
| Lincoln National Corporation | 4.4% |
| Jackson Financial, Inc., Class A | 4.2% |
| Cleveland-Cliffs, Inc. | 4.1% |
| Astec Industries, Inc. | 3.9% |
| Old National Bancorp | 3.9% |
| Columbia Banking System, Inc. | 3.8% |
| Photronics, Inc. | 3.7% |
| CNO Financial Group, Inc. | 3.7% |
| Commercial Metals Company | 3.7% |

---

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from February 28 to August 31.

# Easterly Snow Small Cap Value Fund - Class C (SNWCX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-SNWCX

# Easterly Snow Small Cap Value Fund

## Class I (SNWIX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $51 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
During the period, the Easterly Small Cap Value Fund returned 14.53%, compared to a return of 8.91% for the Russell 2000 Value Index. This was a period full of market moving items including a US Presidential election, shifting monetary policy, an announced tariff framework, updated tax policy, and continued global geopolitical uncertainty. President Trump's "Liberation Day" announcement of reciprocal tariffs sent equity markets lower in April 2025, offering patient and tactical investors attractive entry points and enabling the Fund to enact portfolio changes with high conviction leading to positive results. With inflation easing and labor markets weakening, expectations for interest rate cuts in the second half of 2025 gained momentum. For small caps, which are more sensitive to financing conditions, this shift was beneficial. The yield curve steepened throughout the period, which has positive ramifications for small-cap value stocks. This remains a tailwind for both the Fund and the asset class as the Fed continues its rate-cutting cycle. With S&P 500 trading at 23x forward earnings and the largest 10 stocks trading at 30x earnings, there is a significant valuation dispersion between market capitalization ranges. Small caps with positive earnings represented by the S&P 600 trade at nearly a 35% discount on a P/E basis, compared to their large cap peers, a discount last seen in the late 1990s. The top 10% of US stocks now reflect 78% of total market cap for the US stock market, a record high. The top-heavy concentration is partly a function of the ongoing AI frenzy, where the perceived beneficiaries of AI are rewarded through elevated valuation multiples. With the market's top-heavy concentration and elevated valuation levels, we feel the equities that should see the highest returns are those with improving fundamentals and low valuations, as investors become more discerning over the earnings multiples they are paying. Our portfolio is populated with attractively valued stocks, each with fundamental catalysts that should expand earnings multiples over time.

## How has the Fund performed over the last ten years?

### Total Return Based on a Hypothetical $100,000 Investment
![Chart showing performance over last 10 years or since inception](i2325da82c2faa0c5ecb3212b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Snow Small Cap Value Fund** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Aug-2015** | $100000 | $100000 | $100000 |
| **Aug-2016** | $102614 | $113799 | $111439 |
| **Aug-2017** | $103901 | $129122 | $129339 |
| **Aug-2018** | $130395 | $155008 | $155528 |
| **Aug-2019** | $99611 | $131925 | $157565 |
| **Aug-2020** | $101077 | $123822 | $191350 |
| **Aug-2021** | $174694 | $197486 | $254577 |
| **Aug-2022** | $157048 | $177377 | $220764 |
| **Aug-2023** | $184375 | $181234 | $253343 |
| **Aug-2024** | $226602 | $216114 | $319578 |
| **Aug-2025** | $250943 | $228706 | $370199 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Easterly Snow Small Cap Value Fund | 14.53% | 10.74% | 19.95% | 9.64% |
| Russell 2000<sup>®</sup> Value Index | 8.91% | 5.83% | 13.06% | 8.62% |
| Russell 3000<sup>®</sup> Index | 9.29% | 15.84% | 14.11% | 13.98% |

---

The Fund added the Russell 3000 Index as a broad-based index to comply with new requirements. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit https://funds.easterlyam.com/snow-small-cap-value-fund/ or call 888-814-8180. The Fund has adopted the performance of the Snow Capital Small Cap Value Fund, a series of the Trust for Professional Managers (the "Predecessor Portfolio") as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on November 5, 2021 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to November 5, 2021 are those of the Institutional Class shares of the Predecessor Portfolio. Institutional Class shares of the Predecessor Portfolio were reorganized into Class I of the Fund, respectively, after the close of business on November 5, 2021. Class I shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Institutional Class shares as they have different expenses. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $31487490 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 20% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i34a3fe34122d3d877a21ede3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](icd81cb898883d3d271c835f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.0% |
| Consumer Staples | 0.4% |
| Communications | 2.1% |
| Real Estate | 2.8% |
| Health Care | 6.7% |
| Energy | 7.3% |
| Industrials | 8.4% |
| Technology | 9.8% |
| Materials | 12.7% |
| Consumer Discretionary | 13.5% |
| Financials | 33.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Delek US Holdings, Inc. | 4.9% |
| Lincoln National Corporation | 4.4% |
| Jackson Financial, Inc., Class A | 4.2% |
| Cleveland-Cliffs, Inc. | 4.1% |
| Astec Industries, Inc. | 3.9% |
| Old National Bancorp | 3.9% |
| Columbia Banking System, Inc. | 3.8% |
| Photronics, Inc. | 3.7% |
| CNO Financial Group, Inc. | 3.7% |
| Commercial Metals Company | 3.7% |

---

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from February 28 to August 31.

# Easterly Snow Small Cap Value Fund - Class I (SNWIX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-SNWIX

# Easterly Snow Small Cap Value Fund

## Class R6 (SNWRX)

## Annual Shareholder Report - August 31, 2025
![Image](i3bfd3d99cb956887c6cc93bc.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $46 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
During the period, the Easterly Small Cap Value Fund returned 14.55%, compared to a return of 8.91% for the Russell 2000 Value Index. This was a period full of market moving items including a US Presidential election, shifting monetary policy, an announced tariff framework, updated tax policy, and continued global geopolitical uncertainty. President Trump's "Liberation Day" announcement of reciprocal tariffs sent equity markets lower in April 2025, offering patient and tactical investors attractive entry points and enabling the Fund to enact portfolio changes with high conviction leading to positive results. With inflation easing and labor markets weakening, expectations for interest rate cuts in the second half of 2025 gained momentum. For small caps, which are more sensitive to financing conditions, this shift was beneficial. The yield curve steepened throughout the period, which has positive ramifications for small-cap value stocks. This remains a tailwind for both the Fund and the asset class as the Fed continues its rate-cutting cycle. With S&P 500 trading at 23x forward earnings and the largest 10 stocks trading at 30x earnings, there is a significant valuation dispersion between market capitalization ranges. Small caps with positive earnings represented by the S&P 600 trade at nearly a 35% discount on a P/E basis, compared to their large cap peers, a discount last seen in the late 1990s. The top 10% of US stocks now reflect 78% of total market cap for the US stock market, a record high. The top-heavy concentration is partly a function of the ongoing AI frenzy, where the perceived beneficiaries of AI are rewarded through elevated valuation multiples. With the market's top-heavy concentration and elevated valuation levels, we feel the equities that should see the highest returns are those with improving fundamentals and low valuations, as investors become more discerning over the earnings multiples they are paying. Our portfolio is populated with attractively valued stocks, each with fundamental catalysts that should expand earnings multiples over time.

## How has the Fund performed since inception?

### Total Return Based on a Hypothetical $10,000 Investment
![Chart showing performance over last 10 years or since inception](i972315f4f06f269aebc50b32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Easterly Snow Small Cap Value Fund** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **Nov-2021** | $10000 | $10000 | $10000 |
| **Aug-2022** | $8778 | $8479 | $8353 |
| **Aug-2023** | $10305 | $8663 | $9585 |
| **Aug-2024** | $12665 | $10331 | $12091 |
| **Aug-2025** | $14028 | $10933 | $14007 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (November 4, 2021)** |
| Easterly Snow Small Cap Value Fund | 14.55% | 10.76% | 9.26% |
| Russell 2000<sup>®</sup> Value Index | 8.91% | 5.83% | 2.36% |
| Russell 3000<sup>®</sup> Index | 9.29% | 15.84% | 9.22% |

---

The Fund added the Russell 3000 Index as a broad-based index to comply with new requirements. *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For the most recent month-end performance, visit https://funds.easterlyam.com/snow-small-cap-value-fund/ or call 888-814-8180. Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund's performance.

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $31487490 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 20% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2313103b4516d06e51e9be4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i99e372758bf96914b4caebfd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.0% |
| Consumer Staples | 0.4% |
| Communications | 2.1% |
| Real Estate | 2.8% |
| Health Care | 6.7% |
| Energy | 7.3% |
| Industrials | 8.4% |
| Technology | 9.8% |
| Materials | 12.7% |
| Consumer Discretionary | 13.5% |
| Financials | 33.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Delek US Holdings, Inc. | 4.9% |
| Lincoln National Corporation | 4.4% |
| Jackson Financial, Inc., Class A | 4.2% |
| Cleveland-Cliffs, Inc. | 4.1% |
| Astec Industries, Inc. | 3.9% |
| Old National Bancorp | 3.9% |
| Columbia Banking System, Inc. | 3.8% |
| Photronics, Inc. | 3.7% |
| CNO Financial Group, Inc. | 3.7% |
| Commercial Metals Company | 3.7% |

---

## How Has The Fund Changed?
The Board of Trustees of the Trust, upon a recommendation from Easterly Investment Partners LLC, the Funds' investment adviser have approved a change in fiscal and tax-year end of the Fund from February 28 to August 31.

# Easterly Snow Small Cap Value Fund - Class R6 (SNWRX)

## Annual Shareholder Report - August 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-AR 083125-SNWRX

(b) Not
 applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

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

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

(e) N/A

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

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

(a)(1)ii The Registrant's board of trustees has determined that Neil Medugno is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Medugno is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| August 31, 2025 | $106250 |
| August 31, 2024 | $55500 |
| February 28, 2025 | $29750 |
| November 30, 2024 | $21000 |

---

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

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

---

| | |
|:---|:---|
| August 31, 2025 | $13750 |
| August 31, 2024 | $6000 |
| February 28, 2025 | $5000 |
| November 30, 2024 | $2750 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0, $0, $0 and $0 for the fiscal years ended August 31, 2025, August 31, 2024, February 28, 2025 and November 30, 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended August 31, 2025, August 31, 2024, February 28, 2025 and November 30, 2025 respectively are disclosed in (b)-(d) above. There were no audit or non- audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

Not applicable

**Item 6. Investments.** 

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

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

(a) ![](img_001.jpg)

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

ANNUAL FINANCIAL STATEMENTS

AND ADDITIONAL INFORMATION

AUGUST 31, 2025

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

HAVE RECEIVED A COPY OF THE PROSPECTUS.

**EASTERLY GLOBAL REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 88.7%** |  |
|  | **Australia - 2.7%** |  |
| 1264492 | Lifestyle Communities Ltd. | $4686416 |
| 204017 | NEXTDC Ltd.<sup>(a)</sup> | 2191957 |
|  |  | 6878373 |
|  | **Canada - 8.1%** |  |
| 247464 | Chartwell Retirement Residences | 3337120 |
| 892462 | InterRent Real Estate Investment Trust | 8694900 |
| 100648 | Killam Apartment Real Estate Investment Trust | 1316958 |
| 533691 | Primaris REIT | 5836851 |
| 71907 | RioCan Real Estate Investment Trust | 967591 |
|  |  | 20153420 |
|  | **Germany - 3.3%** |  |
| 552174 | Instone Real Estate Group S.E.<sup>(b),(c)</sup> | 5977866 |
| 124781 | TAG Immobilien A.G. | 2235245 |
|  |  | 8213111 |
|  | **Spain - 5.9%** |  |
| 413885 | Cellnex Telecom S.A.<sup>(b)</sup> | 14730938 |
|  | **Sweden - 1.2%** |  |
| 60641 | Catena A.B. | 2786530 |
| 15925 | Cibus Nordic Real Estate A.B. | 286789 |
|  |  | 3073319 |
|  | **United Kingdom - 22.3%** |  |
| 1952037 | Empiric Student Property PLC | 2385104 |
| 3687666 | Grainger PLC | 9695952 |
| 17178938 | Primary Health Properties PLC | 21374511 |
| 4742595 | Tritax Big Box REIT PLC | 8906569 |
| 1439041 | UNITE Group PLC (The) | 13582089 |
|  |  | 55944225 |
|  | **United States - 45.2%** |  |
| 358213 | Acadia Realty Trust | 7167842 |
| 106386 | Agree Realty Corporation | 7738518 |
| 202688 | American Homes 4 Rent, Class A | 7260284 |
| 60266 | American Tower Corporation | 12285225 |
| 570736 | Americold Realty Trust, Inc. | 8241428 |

---

See accompanying notes to financial statements.

**EASTERLY GLOBAL REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 88.7% (Continued)** |  |
|  | **United States - 45.2% (Continued)** |  |
| 257085 | Brixmor Property Group, Inc. | $7195809 |
| 69123 | Digital Realty Trust, Inc. | 11587780 |
| 15543 | Equinix, Inc. | 12219751 |
| 119923 | Equity LifeStyle Properties, Inc. | 7230158 |
| 490361 | Independence Realty Trust, Inc. | 8880438 |
| 81617 | Lamar Advertising Company, Class A | 10385763 |
| 30412 | National Health Investors, Inc. | 2380956 |
| 19000 | Prologis, Inc. | 2161820 |
| 288582 | Starwood Property Trust, Inc. | 5849557 |
| 15355 | Welltower, Inc. | 2583939 |
|  |  | 113169268 |
|  | **TOTAL COMMON STOCKS (Cost $252,613,620)** | 222162654 |
|  | **TOTAL INVESTMENTS - 88.7% (Cost $252,613,620)** | $222162654 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 11.3%** | 28407081 |
|  | **NET ASSETS - 100.0%** | $250569735 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition By Industry - Unaudited** | | | |
| Engineering & Construction | 5.9% | REIT | 67.0% |
| Health Care Facilities & Services | 1.3% | Specialty Finance | 2.3% |
| Home Construction | 1.9% | Telecommunications | 1.0% |
| Real Estate Owners & Developers | 9.3% | Other Assets In Excess of Liabilities | 11.3% |
|  |  | Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| A.G. | - Aktiengesellschaft |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| S.E. | - Societas Europeae |

---

<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 August 31, 2025 the total market value of 144A securities is 20,708,804 or 8.3% 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 August 31, 2025, the value of securities amounted to $5,977,866 or 2.4% of net assets.

See accompanying notes to financial statements.

**EASTERLY HEDGED EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 89.0%** |  |
|  | **EQUITY - 89.0%** |  |
| 457500 | SPDR S&P 500 ETF Trust ETF**<sup>(a)</sup>** | $295110375 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $240,752,589)** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **INDEX OPTIONS PURCHASED — 1.6%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 1.6%** |  |  |  |  |  |
| 1000 | S&P 500 INDEX | PER | 09/30/2025 | $6355 | $646026000 | $5390000 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $4,997,932)** |  |  |  |  |  |
|  | **TOTAL INVESTMENTS - 90.6% (Cost $245,750,521)** |  |  |  |  | $300500375 |
|  | **CALL OPTIONS WRITTEN - (0.5)% (Premiums received - $1,724,380)** |  |  |  |  | (1498000) |
|  | **PUT OPTIONS WRITTEN - (0.5)% (Premiums received - $1,431,812)** |  |  |  |  | (1505000) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 10.4%** |  |  |  |  | 34205552 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $331702927 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **WRITTEN INDEX OPTIONS — (0.5)%** |  |  |  |  |  |
|  | **PUT OPTIONS WRITTEN - (0.5)%** |  |  |  |  |  |
| 1000 | S&P 500 INDEX | PER | 09/30/2025 | $5970 | $646026000 | $1505000 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $1,431,812)** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS — (0.5)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (0.5)%** |  |  |  |  |  |
| 3400 | SPDR S&P 500 ETF Trust | PER | 10/17/2025 | 665 | 219317000 | 1217200 |
| 1200 | SPDR S&P 500 ETF Trust | PER | 10/17/2025 | 670 | 77406000 | 280800 |
|  | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $1,724,380)** |  |  |  |  | 1498000 |
|  | **TOTAL OPTIONS WRITTEN (Premiums received - $3,156,192)** |  |  |  |  | $3003000 |

---

ETF - Exchange-Traded Fund <br> SPDR - Standard & Poor's Depositary Receipt <br> 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.

See accompanying notes to financial statements.

**EASTERLY HEDGED EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

**TOTAL RETURN SWAP**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Payment**<br> **Frequency** | **Long/Short** | **Currency** | **Index** | **Spread** | **Counterparty** | **Number Of**<br> **Contracts** | **Maturity**<br> **Date** | **Notional**<br> **Amount** | **Upfront<br> Payments/<br> Receipts** | **Unrealized**<br> **Appreciation** |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.55% | Goldman Sachs | 82500 | 9/8/2025 | $42789900 | $- | $8633924 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 1.00% | Goldman Sachs | 10000 | 11/18/2025 | 5846200 |  | 381807 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.95% | Goldman Sachs | 30000 | 12/4/2025 | 17087142 |  | 1663386 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 1.35% | Goldman Sachs | 15000 | 12/29/2025 | 9038700 |  | 329040 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.55% | Goldman Sachs | 10000 | 6/22/2026 | 5942800 |  | 450799 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.70% | Goldman Sachs | 25000 | 7/2/2026 | 15433000 |  | 563371 |
| SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.65% | Goldman Sachs | 20000 | 8/31/2026 | 12720000 |  | 124555 |
|  |  |  |  |  |  |  |  |  |  |  | $12146882 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.5%** |  |
| 5741 | Carter's, Inc. | $163963 |
|  | **AUTOMOTIVE - 3.7%** |  |
| 3873 | Modine Manufacturing Company<sup>(a)</sup> | 527231 |
| 5248 | Visteon Corporation | 650543 |
|  |  | 1177774 |
|  | **BANKING - 21.1%** |  |
| 44457 | Columbia Banking System, Inc. | 1190114 |
| 15974 | Comerica, Inc. | 1127445 |
| 32292 | First Commonwealth Financial Corporation | 573183 |
| 26460 | Flagstar Financial, Inc. | 339217 |
| 59358 | FNB Corporation | 990685 |
| 3813 | OFG Bancorp | 170632 |
| 53153 | Old National Bancorp | 1216672 |
| 17426 | Zions Bancorp NA | 1010882 |
|  |  | 6618830 |
|  | **BIOTECH & PHARMA - 2.0%** |  |
| 16112 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 625146 |
|  | **CHEMICALS - 2.9%** |  |
| 23237 | FMC Corporation | 908567 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.8%** |  |
| 18525 | Cross Country Healthcare, Inc.<sup>(a)</sup> | 247864 |
|  | **ELECTRICAL EQUIPMENT - 0.5%** |  |
| 2593 | Atkore, Inc. | 150887 |
|  | **FOOD - 0.4%** |  |
| 3139 | Pilgrim's Pride Corporation | 139528 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.5%** |  |
| 3433 | Molina Healthcare, Inc.<sup>(a)</sup> | 620788 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.5% (Continued)** |  |
| 6365 | Progyny, Inc.<sup>(a)</sup> | $150660 |
|  |  | 771448 |
|  | **HOME & OFFICE PRODUCTS - 2.5%** |  |
| 8365 | Whirlpool Corporation | 779200 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.3%** |  |
| 3299 | WESCO International, Inc. | 725252 |
|  | **INSURANCE - 12.2%** |  |
| 29550 | CNO Financial Group, Inc. | 1166339 |
| 13131 | Jackson Financial, Inc., Class A | 1297343 |
| 32269 | Lincoln National Corporation | 1385307 |
|  |  | 3848989 |
|  | **INTERNET MEDIA & SERVICES - 2.1%** |  |
| 40384 | Lyft, Inc., Class A<sup>(a)</sup> | 655028 |
|  | **LEISURE FACILITIES & SERVICES - 1.6%** |  |
| 67751 | Bloomin' Brands, Inc. | 497970 |
|  | **MACHINERY - 4.8%** |  |
| 26819 | Astec Industries, Inc. | 1241451 |
| 5657 | Terex Corporation | 282511 |
|  |  | 1523962 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.2%** |  |
| 17543 | Avanos Medical, Inc.<sup>(a)</sup> | 209463 |
| 4168 | Haemonetics Corporation<sup>(a)</sup> | 227323 |
| 17793 | Inmode Ltd.<sup>(a)</sup> | 265828 |
|  |  | 702614 |
|  | **METALS & MINING - 6.1%** |  |
| 119788 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1287721 |
| 54302 | Hudbay Minerals, Inc. | 651624 |
|  |  | 1939345 |
|  | **OIL & GAS PRODUCERS - 7.3%** |  |
| 5314 | CNX Resources Corporation<sup>(a)</sup> | 155169 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW SMALL CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 7.3% (Continued)** |  |
| 56089 | Delek US Holdings, Inc. | $1554226 |
| 22392 | Northern Oil & Gas, Inc. | 585775 |
|  |  | 2295170 |
|  | **REITS - 2.8%** |  |
| 28310 | Highwoods Properties, Inc. | 892614 |
|  | **RETAIL - DISCRETIONARY - 5.2%** |  |
| 7022 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 656768 |
| 66220 | American Eagle Outfitters, Inc. | 856886 |
| 1962 | Urban Outfitters, Inc.<sup>(a)</sup> | 131611 |
|  |  | 1645265 |
|  | **SEMICONDUCTORS - 7.9%** |  |
| 6221 | Amkor Technology, Inc. | 150486 |
| 3109 | Diodes, Inc.<sup>(a)</sup> | 169238 |
| 51576 | Photronics, Inc.<sup>(a)</sup> | 1169228 |
| 12554 | Silicon Motion Technology Corporation - ADR | 1000303 |
|  |  | 2489255 |
|  | **SOFTWARE - 1.9%** |  |
| 18166 | Open Text Corporation | 600750 |
|  | **STEEL - 3.7%** |  |
| 19993 | Commercial Metals Company | 1152996 |
|  | **TOTAL COMMON STOCKS (Cost $23,811,430)** | 30552417 |
|  | **TOTAL INVESTMENTS - 97.0% (Cost $23,811,430)** | $30552417 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.0%** | 935073 |
|  | **NET ASSETS - 100.0%** | $31487490 |

---

ADR - American Depositary Receipt <br> LTD - Limited Company <br> REIT - Real Estate Investment Trust

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

See accompanying notes to financial statements.

**EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 112.0%** |  |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 2810 | Lockheed Martin Corporation, Class B | $1280320 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.9%** |  |
| 17200 | Carter's, Inc. | 491232 |
| 27217 | PVH Corporation | 2294937 |
|  |  | 2786169 |
|  | **AUTOMOTIVE - 2.5%** |  |
| 38000 | Gentex Corporation | 1064380 |
| 11400 | Visteon Corporation | 1413144 |
|  |  | 2477524 |
|  | **BANKING - 11.3%** |  |
| 29670 | Bank of America Corporation | 1505456 |
| 30740 | Citigroup, Inc. | 2968562 |
| 80470 | Columbia Banking System, Inc. | 2154182 |
| 12900 | JPMorgan Chase & Company | 3888318 |
| 25000 | Old National Bancorp | 572250 |
|  |  | 11088768 |
|  | **BEVERAGES - 0.9%** |  |
| 5400 | Constellation Brands, Inc., Class A | 874476 |
|  | **BIOTECH & PHARMA - 12.4%** |  |
| 6937 | Amgen, Inc. | 1995844 |
| 12500 | Johnson & Johnson | 2214625 |
| 98400 | Pacira BioSciences, Inc.<sup>(a)</sup> | 2624328 |
| 69600 | Pfizer, Inc. | 1723296 |
| 1120 | Regeneron Pharmaceuticals, Inc. | 650384 |
| 60296 | Sanofi - ADR - ADR | 2983446 |
|  |  | 12191923 |
|  | **CHEMICALS - 1.4%** |  |
| 153130 | Ecovyst, Inc.<sup>(a)</sup> | 1391952 |
|  | **ELECTRICAL EQUIPMENT - 2.2%** |  |
| 8000 | Atkore, Inc. | 465520 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 112.0% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 2.2% (Continued)** |  |
| 51320 | Sensata Technologies Holding PLC | $1669953 |
|  |  | 2135473 |
|  | **GAS & WATER UTILITIES - 1.8%** |  |
| 51250 | UGI Corporation | 1775300 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.0%** |  |
| 33000 | Centene Corporation<sup>(a)</sup> | 958320 |
|  | **HOUSEHOLD PRODUCTS - 1.7%** |  |
| 80500 | Kenvue, Inc. | 1667155 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.1%** |  |
| 9360 | WESCO International, Inc. | 2057702 |
|  | **INSURANCE - 8.2%** |  |
| 32520 | CNO Financial Group, Inc. | 1283564 |
| 6930 | Hartford Insurance Group, Inc. (The) | 916908 |
| 15400 | Jackson Financial, Inc., Class A | 1521520 |
| 49190 | Lincoln National Corporation | 2111727 |
| 26375 | MetLife, Inc. | 2145870 |
|  |  | 7979589 |
|  | **INTERNET MEDIA & SERVICES - 1.6%** |  |
| 4100 | Alphabet, Inc., Class C | 875473 |
| 45000 | Lyft, Inc., Class A<sup>(a)</sup> | 729900 |
|  |  | 1605373 |
|  | **LEISURE FACILITIES & SERVICES - 2.1%** |  |
| 35050 | Las Vegas Sands Corporation | 2019932 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.8%** |  |
| 14400 | Haemonetics Corporation<sup>(a)</sup> | 785376 |
|  | **METALS & MINING - 12.8%** |  |
| 22040 | Agnico Eagle Mines Ltd. | 3177507 |
| 102886 | Alamos Gold, Inc., Class A | 3132879 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 112.0% (Continued)** |  |
|  | **METALS & MINING - 12.8% (Continued)** |  |
| 829832 | B2Gold Corporation | $3427205 |
| 54000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 580500 |
| 22600 | Freeport-McMoRan, Inc. | 1003440 |
| 102800 | Hudbay Minerals, Inc. | 1233600 |
|  |  | 12555131 |
|  | **OIL & GAS PRODUCERS - 17.4%** |  |
| 27708 | ConocoPhillips | 2742261 |
| 42900 | EQT Corporation | 2223936 |
| 10795 | Marathon Petroleum Corporation | 1939969 |
| 47370 | Northern Oil & Gas, Inc. | 1239199 |
| 88680 | Range Resources Corporation | 3039064 |
| 82389 | Suncor Energy, Inc. | 3402666 |
| 324817 | Whitecap Resources, Inc. | 2445872 |
|  |  | 17032967 |
|  | **RETAIL - CONSUMER STAPLES - 1.4%** |  |
| 5000 | Dollar Tree, Inc.<sup>(a)</sup> | 545850 |
| 8900 | Target Corporation | 854222 |
|  |  | 1400072 |
|  | **RETAIL - DISCRETIONARY - 2.5%** |  |
| 11000 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 1028830 |
| 40000 | American Eagle Outfitters, Inc. | 517600 |
| 4650 | Lululemon Athletica, Inc.<sup>(a)</sup> | 940230 |
|  |  | 2486660 |
|  | **SEMICONDUCTORS - 2.6%** |  |
| 6510 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 1058721 |
| 1000 | ASML Holding N.V. | 742620 |
| 31800 | Photronics, Inc.<sup>(a)</sup> | 720906 |
|  |  | 2522247 |
|  | **SOFTWARE - 4.3%** |  |
| 9300 | Akamai Technologies, Inc.<sup>(a)</sup> | 735909 |
| 3390 | Oracle Corporation | 766581 |
| 16930 | Zoom Video Communications, Inc.<sup>(a)</sup> | 1378440 |
| 120800 | ZoomInfo Technologies, Inc., CLASS A<sup>(a)</sup> | 1316720 |
|  |  | 4197650 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 112.0% (Continued)** |  |
|  | **SPECIALTY FINANCE - 1.3%** |  |
| 220700 | UWM Holdings Corporation | $1257990 |
|  | **STEEL - 4.6%** |  |
| 77243 | Commercial Metals Company | 4454603 |
|  | **TECHNOLOGY HARDWARE - 6.0%** |  |
| 6060 | Cisco Systems, Inc. | 418685 |
| 22000 | Dell Technologies, Inc., Class C | 2687300 |
| 70790 | NCR Atleos Corporation<sup>(a)</sup> | 2804701 |
|  |  | 5910686 |
|  | **TRANSPORTATION & LOGISTICS - 2.6%** |  |
| 25680 | Delta Air Lines, Inc. | 1586511 |
| 10280 | United Parcel Service, Inc., Class B | 898883 |
|  |  | 2485394 |
|  | **TRANSPORTATION EQUIPMENT - 2.3%** |  |
| 2800 | Cummins, Inc. | 1115632 |
| 11575 | PACCAR, Inc. | 1157269 |
|  |  | 2272901 |
|  | **TOTAL COMMON STOCKS (Cost $82,848,172)** | 109651653 |
|  | **EXCHANGE-TRADED FUNDS — 1.8%** |  |
|  | **EQUITY - 1.8%** |  |
| 22300 | VanEck Junior Gold Miners ETF | 1785115 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $875,961)** | 1785115 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | |
|  | **CORPORATE BONDS — 4.6%** |  |  |  |
|  | **OIL & GAS PRODUCERS - 1.1%** |  |  |  |
| 1000000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | 02/15/28 | 983128 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 4.6% (Continued)** |  |  |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.8%** |  |  |  |
| 1000000 | Transocean, Inc. | 6.8000 | 03/15/38 | $787448 |
|  | **RETAIL - DISCRETIONARY - 0.6%** |  |  |  |
| 1000000 | Kohl's Corporation | 5.5500 | 07/17/45 | 618393 |
|  | **SPECIALTY FINANCE - 1.4%** |  |  |  |
| 500000 | Ally Financial, Inc. Series B | 4.7000 | 08/15/69 | 487468 |
| 1000000 | Ally Financial, Inc. | 4.7000 | 08/15/69 | 914440 |
|  |  |  |  | 1401908 |
|  | **STEEL - 0.7%** |  |  |  |
| 800000 | Cleveland-Cliffs, Inc. | 6.2500 | 10/01/40 | 664771 |
|  | **TOTAL CORPORATE BONDS (Cost $3,863,092)** |  |  | 4455648 |
|  | **TOTAL INVESTMENTS - 118.4% (Cost $87,587,225)** |  |  | $115892416 |
|  | **CALL OPTIONS WRITTEN - (1.5)% (Premiums received - $1,084,721)** |  |  | (1463007) |
|  | **PUT OPTIONS WRITTEN - (0.2)% (Premiums received - $462,556)** |  |  | (198520) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (16.7)%** |  |  | (16343534) |
|  | **NET ASSETS - 100.0%** |  |  | $97887355 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS — (1.7)%** |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (1.5)%** |  |  |  |  |
| 65 | Advanced Micro Devices, Inc. JEF | 11/21/2025 | $180 | $1170000 | $53625 |
| 70 | Agnico Eagle Mines Ltd. JEF | 01/16/2026 | 150 | 1050000 | 73500 |
| 70 | Agnico Eagle Mines Ltd. JEF | 03/20/2026 | 160 | 1120000 | 67550 |
| 300 | Alamos Gold, Inc. JEF | 12/19/2025 | 30 | 900000 | 85500 |
| 20 | Alphabet, Inc. JEF | 11/21/2025 | 220 | 440000 | 21540 |
| 800 | B2Gold Corporation JEF | 01/16/2026 | 4 | 320000 | 41600 |
| 200 | Bank of America Corporation JEF | 01/16/2026 | 50 | 1000000 | 73800 |
| 150 | Centene Corporation JEF | 09/19/2025 | 58 | 870000 | 375 |
| 50 | Citigroup, Inc. JEF | 01/16/2026 | 80 | 400000 | 96500 |
| 200 | Commercial Metals Company JEF | 11/21/2025 | 55 | 1100000 | 114000 |
| 150 | Commercial Metals Company JEF | 11/21/2025 | 58 | 870000 | 63000 |
| 200 | Commercial Metals Company JEF | 12/19/2025 | 58 | 1160000 | 92000 |
| 110 | Dell Technologies, Inc. JEF | 09/19/2025 | 105 | 1155000 | 192720 |
| 50 | Dollar Tree, Inc. JEF | 12/19/2025 | 120 | 600000 | 26500 |
| 100 | EQT Corporation JEF | 12/19/2025 | 60 | 600000 | 13500 |
| 100 | EQT Corporation JEF | 12/19/2025 | 65 | 650000 | 7000 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS — (1.7)% (Continued)** |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (1.5)% (Continued)** |  |  |  |  |
| 55 | JPMorgan Chase & Company JEF | 11/21/2025 | $300 | $1650000 | $81510 |
| 12 | Lululemon Athletica, Inc. JEF | 09/19/2025 | 250 | 300000 | 2784 |
| 10 | Lululemon Athletica, Inc. JEF | 09/19/2025 | 400 | 400000 | 55 |
| 50 | Marathon Petroleum Corporation JEF | 01/16/2026 | 185 | 925000 | 52750 |
| 140 | NCR Atleos Corporation JEF | 12/19/2025 | 30 | 420000 | 147700 |
| 285 | Range Resources Corporation JEF | 12/19/2025 | 45 | 1282500 | 8550 |
| 80 | SPDR S&P Oil & Gas Exploration & Production ETF JEF | 11/21/2025 | 140 | 1120000 | 29360 |
| 200 | Suncor Energy, Inc. JEF | 11/21/2025 | 42 | 840000 | 29000 |
| 42 | United Parcel Service, Inc. JEF | 09/19/2025 | 90 | 378000 | 4788 |
| 40 | WESCO International, Inc. JEF | 03/20/2026 | 230 | 920000 | 83800 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,084,721) |  |  |  | 1463007 |
|  | **PUT OPTIONS WRITTEN - (0.2)%** |  |  |  |  |
| 100 | ConocoPhillips JEF | 11/21/2025 | $90 | $900000 | $20300 |
| 140 | Delta Air Lines, Inc. JEF | 09/19/2025 | 45 | 630000 | 1960 |
| 100 | EQT Corporation JEF | 12/19/2025 | 48 | 480000 | 19900 |
| 500 | Lyft, Inc. JEF | 11/21/2025 | 14 | 700000 | 38500 |
| 150 | PVH Corporation JEF | 09/19/2025 | 60 | 900000 | 750 |
| 15 | Regeneron Pharmaceuticals, Inc. JEF | 11/21/2025 | 540 | 810000 | 30450 |
| 140 | Super Micro Computer, Inc. JEF | 11/21/2025 | 42 | 588000 | 70000 |
| 80 | Target Corporation JEF | 10/17/2025 | 90 | 720000 | 13120 |
| 30 | UnitedHealth Group, Inc. JEF | 09/19/2025 | 270 | 810000 | 3540 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $462,556) |  |  |  | 198520 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,547,277) |  |  |  | $1661527 |

---

See accompanying notes to financial statements.

**EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND**

**SCHEDULE OF SECURITIES SOLD SHORT** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (5.8)%** |  |
|  | **ASSET MANAGEMENT - (1.7)%** |  |
| (25300) | Carlyle Group, Inc. (The) | $(1633368) |
|  | **HOUSEHOLD PRODUCTS - (0.9)%** |  |
| (7500) | Clorox Company (The) | (886500) |
|  | **INSTITUTIONAL FINANCIAL SERVICES - (1.5)%** |  |
| (1900) | Goldman Sachs Group, Inc. (The) | (1415975) |
|  | **METALS & MINING - (0.9)%** |  |
| (14700) | Rio Tinto PLC - ADR | (921984) |
|  | **OIL & GAS PRODUCERS - (0.8)%** |  |
| (2600) | Chevron Corporation | (417560) |
| (3400) | Exxon Mobil Corporation | (388586) |
|  |  | (806146) |
|  | **EXCHANGE-TRADED FUNDS - (34.0)%** |  |
|  | **COMMODITY - (1.8)%** |  |
| (5400) | SPDR Gold Shares | (1717578) |
|  | **EQUITY - (32.2)%** |  |
| (61800) | SPDR Portfolio S&P 500 Value ETF | (3376752) |
| (35100) | SPDR S&P 500 ETF Trust ETF | (22641255) |
| (7000) | VanEck Gold Miners ETF | (442190) |
| (10400) | Vanguard Small-Cap Value ETF | (2171520) |
| (9200) | Vanguard Total Stock Market ETF | (2927440) |
|  |  | (31559157) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $35,937,527)** | $(38940708) |

---

See accompanying notes to financial statements.

**EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND**

**SCHEDULE OF SECURITIES SOLD SHORT (Continued)**

**August 31, 2025**

---

| | |
|:---|:---|
| 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 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9%** |  |  |  |  |
|  | **AGENCY CMBS - 1.8%** |  |  |  |  |
| 847054 | Freddie Mac Multifamily Structured Pass Through Series K092 X3<sup>(a),(b)</sup> |  | 2.2480 | 05/25/47 | $62353 |
| 2598439 | FREMF Mortgage Trust Series 2019-KF63<sup>(c),(d)</sup> | SOFR30A + 2.464% | 6.8050 | 05/25/29 | 2358115 |
| 1394175 | Government National Mortgage Association Series 92 Z |  | 4.7000 | 10/16/48 | 1337519 |
| 52932 | Government National Mortgage Association Series 2012-27 IO<sup>(a),(b)</sup> |  | 0.2030 | 04/16/53 | 113 |
| 132777 | Government National Mortgage Association Series 90 AC |  | 2.6000 | 06/16/58 | 108969 |
| 93233 | Government National Mortgage Association Series 3 IO<sup>(a),(b)</sup> |  | 0.6400 | 02/16/61 | 4076 |
| 100000 | Government National Mortgage Association Series 3 B |  | 1.8500 | 02/16/61 | 45023 |
| 200000 | Government National Mortgage Association Series 4 B |  | 1.9000 | 02/16/61 | 109073 |
| 1267791 | Government National Mortgage Association Series 113 Z |  | 2.0000 | 09/16/61 | 613493 |
| 105328 | Government National Mortgage Association Series 2012-H27 AI<sup>(a),(b)</sup> |  | 1.7900 | 10/20/62 | 1896 |
| 7506205 | Government National Mortgage Association Series 55 IO<sup>(a),(b)</sup> |  | 0.5650 | 01/16/63 | 305528 |
| 1800090 | Government National Mortgage Association Series 82 Z |  | 2.0000 | 02/16/64 | 830969 |
| 213066 | Government National Mortgage Association Series 4 Z |  | 1.9000 | 03/16/64 | 83005 |
| 900000 | Government National Mortgage Association Series 91 BW |  | 2.2500 | 08/16/64 | 406829 |
| 140000 | Government National Mortgage Association Series 220 E<sup>(b)</sup> |  | 3.0000 | 10/16/64 | 88381 |
| 365000 | Government National Mortgage Association Series 196 BE<sup>(b)</sup> |  | 3.0000 | 10/16/64 | 246012 |
| 683622 | Government National Mortgage Association Series 216 IO<sup>(a),(b)</sup> |  | 0.7500 | 07/16/65 | 36537 |
| 623915 | Government National Mortgage Association Series 2016-H24 AI<sup>(a),(b)</sup> |  | 2.2820 | 11/20/66 | 30643 |
| 799186 | Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10<sup>(c),(d)</sup> | SOFR30A + 3.364% | 7.7130 | 10/25/49 | 812662 |
|  |  |  |  |  | 7481196 |
|  | **AUTO LOAN - 1.0%** |  |  |  |  |
| 763120 | CPS Auto Securitization Trust Series 2021-1 A<sup>(c)</sup> |  | 7.8600 | 06/16/26 | 761103 |
| 100000 | SFS Auto Receivables Securitization Trust Series 2023-1A C<sup>(c)</sup> |  | 5.9700 | 02/20/31 | 103095 |
| 3362263 | United Auto Credit Securitization Trust Series 2022-2 D<sup>(c)</sup> |  | 6.8400 | 01/10/28 | 3371968 |
| 3500000 | US Auto Funding Series 2021-1A D<sup>(c)</sup> |  | 4.3600 | 03/15/27 | 69754 |
| 970 | US Auto Funding Trust Series 2022-1A A<sup>(c)</sup> |  | 3.9800 | 04/15/25 | 968 |
|  |  |  |  |  | 4306888 |
|  | **CDO - 2.4%** |  |  |  |  |
| 2657673 | Galleria CDO V Ltd. Series 5A B<sup>(c),(d)</sup> | TSFR1M + 2.662% | 7.4810 | 09/19/37 | 2626106 |
| 3417418 | Mid Ocean CBO Ltd. Series 2001-1X A1L<sup>(d)</sup> | TSFR3M + 0.762% | 2.3910 | 11/05/36 | 228051 |
| 4687034 | Soloso CDO Ltd. Series 2007-1A A1LA<sup>(c),(d)</sup> | TSFR3M + 0.522% | 4.8070 | 10/07/37 | 4310459 |
| 2718151 | TruPS Financials Note Securitization Ltd. Series 2019-2A A1<sup>(c),(d)</sup> | TSFR3M + 2.562% | 6.7670 | 02/28/39 | 2720323 |
|  |  |  |  |  | 9884939 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **CLO - 0.6%** |  |  |  |  |
| 180000 | CarVal CLO XI C Ltd. Series 3A A1<sup>(c),(d)</sup> | TSFR3M + 1.390% | 5.7150 | 10/20/37 | $175881 |
| 500000 | Ellington Clo III Ltd. Series 2018-3A D<sup>(c),(d)</sup> | TSFR3M + 4.002% | 8.3270 | 07/20/30 | 514211 |
| 200000 | GC FTPYME Pastor FTA Series 4<sup>(d)</sup> | EUR003M + 2.400% | 4.4360 | 07/15/45 | 48089 |
| 172349 | Halcyon Loan Advisors Funding Ltd. Series 2013-2A D<sup>(c),(d)</sup> | TSFR3M + 4.062% | 8.3580 | 08/01/26 | 97377 |
| 250000 | Nassau Ltd. Series 2018-IA E<sup>(c),(d)</sup> | TSFR3M + 6.112% | 10.4290 | 07/15/31 | 212891 |
| 500000 | Steele Creek Clo Ltd. Series 2018-2A D<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.8470 | 08/18/31 | 500845 |
| 333686 | STWD Ltd. Series 2022-FL3 A<sup>(c),(d)</sup> | SOFR30A + 1.350% | 5.6930 | 11/15/38 | 333537 |
| 408500 | STWD Ltd. Series 2022-FL3 C<sup>(c),(d)</sup> | SOFR30A + 2.200% | 6.5430 | 11/15/38 | 382284 |
| 120000 | Trestles CLO VII Ltd. Series 7A A1<sup>(c),(d)</sup> | TSFR3M + 1.380% | 5.6980 | 10/25/37 | 120287 |
|  |  |  |  |  | 2385402 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0%** |  |  |  |  |
| 67472 | ABN Amro Mortgage Corporation Series 2003-11 A4 |  | 5.5000 | 10/25/33 | 67750 |
| 115902 | Adjustable Rate Mortgage Trust Series 2005-7 2A21<sup>(b)</sup> |  | 4.7140 | 10/25/35 | 102595 |
| 447362 | Adjustable Rate Mortgage Trust Series 2005-6A 2A2<sup>(d)</sup> | TSFR1M + 0.954% | 5.2770 | 11/25/35 | 123856 |
| 21207 | Alternative Loan Trust Series 1998-4 IIA3<sup>(e)</sup> |  | 5.2440 | 08/25/28 | 20968 |
| 18394 | Alternative Loan Trust Series 2007-9T1 |  | 5.5000 | 05/25/32 | 9704 |
| 71139 | Alternative Loan Trust Series 2005-J1 3A1 |  | 6.5000 | 08/25/32 | 70505 |
| 17001 | Alternative Loan Trust Series 2004-J11 3A1 |  | 7.2500 | 08/25/32 | 17611 |
| 84686 | Alternative Loan Trust Series 2003-J2 A1 |  | 6.0000 | 10/25/33 | 86693 |
| 76446 | Alternative Loan Trust Series 2003-J3 1A3 |  | 5.2500 | 11/25/33 | 76368 |
| 41443 | Alternative Loan Trust Series 2003-22CB 1A1 |  | 5.7500 | 12/25/33 | 42249 |
| 33670 | Alternative Loan Trust Series 2003-J3 2A1 |  | 6.2500 | 12/25/33 | 36326 |
| 7183 | Alternative Loan Trust Series 2004-16CB 1A1 |  | 5.5000 | 07/25/34 | 7320 |
| 126698 | Alternative Loan Trust Series 2004-J8 2A1 |  | 7.0000 | 08/25/34 | 133032 |
| 1943 | Alternative Loan Trust Series 2004-15 1A2<sup>(b)</sup> |  | 0.0000 | 09/25/34 | 1932 |
| 20358 | Alternative Loan Trust Series 2004-J10 2CB1 |  | 6.0000 | 09/25/34 | 20707 |
| 489741 | Alternative Loan Trust Series 2004-J10 5CB1 |  | 5.5000 | 11/25/34 | 497906 |
| 250671 | Alternative Loan Trust Series 2004-27CB A1 |  | 6.0000 | 12/25/34 | 225672 |
| 366133 | Alternative Loan Trust Series 2004-28CB 2A4 |  | 5.7500 | 01/25/35 | 340236 |
| 29846 | Alternative Loan Trust Series 2004-28CB 6A1 |  | 6.0000 | 01/25/35 | 27996 |
| 70476 | Alternative Loan Trust Series 2004-28CB 3A1 |  | 6.0000 | 01/25/35 | 62811 |
| 26356 | Alternative Loan Trust Series 2005-3CB 1A9 |  | 5.0000 | 03/25/35 | 21864 |
| 108920 | Alternative Loan Trust Series 2005-6CB 1A6 |  | 5.5000 | 04/25/35 | 93100 |
| 51109 | Alternative Loan Trust Series 2005-14 2A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.8570 | 05/25/35 | 46279 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 131267 | Alternative Loan Trust Series 2005-J8 1A5 |  | 5.5000 | 07/25/35 | $90353 |
| 144693 | Alternative Loan Trust Series 2005-27 2A1<sup>(d)</sup> | Cms2 + 1.350% | 5.5720 | 08/25/35 | 125078 |
| 36796 | Alternative Loan Trust Series 2005-J11 2A1 |  | 6.0000 | 10/25/35 | 17178 |
| 28045 | Alternative Loan Trust Series 2005-54CB 1A11 |  | 5.5000 | 11/25/35 | 21561 |
| 50365 | Alternative Loan Trust Series 2005-J11 1A3 |  | 5.5000 | 11/25/35 | 27357 |
| 83547 | Alternative Loan Trust Series 2005-61 2A1<sup>(d)</sup> | TSFR1M + 0.674% | 4.9970 | 12/25/35 | 78123 |
| 98239 | Alternative Loan Trust Series 2005-72 A3<sup>(d)</sup> | TSFR1M + 0.714% | 5.0370 | 01/25/36 | 100068 |
| 104771 | Alternative Loan Trust Series 2006-40T1 2A1 |  | 6.0000 | 12/25/36 | 28264 |
| 29972 | Alternative Loan Trust Resecuritization Series 2005-12R A3 |  | 6.0000 | 11/25/34 | 29667 |
| 738357 | Alternative Loan Trust Resecuritization Series 2005-12R A4 |  | 6.0000 | 11/25/34 | 730849 |
| 367240 | Alternative Loan Trust Resecuritization Series 2008-2R 2A1<sup>(b)</sup> |  | 4.0610 | 08/25/37 | 143812 |
| 75091 | American Home Mortgage Investment Trust Series 2004-1 2M1<sup>(d)</sup> | TSFR6M + 2.428% | 6.6100 | 04/25/44 | 69141 |
| 140626 | Banc of America Alternative Loan Trust Series 2003-8 1CB1 |  | 5.5000 | 10/25/33 | 142138 |
| 89224 | Banc of America Alternative Loan Trust Series 2004-6 3A1 |  | 6.0000 | 07/25/34 | 89702 |
| 54697 | Banc of America Alternative Loan Trust Series 2007-1 1A1<sup>(b)</sup> |  | 3.9890 | 02/25/57 | 48441 |
| 1001498 | Banc of America Funding Trust Series 2004-B 3A2<sup>(b)</sup> |  | 4.7070 | 12/20/34 | 822854 |
| 40460 | Banc of America Funding Trust Series 2005-E 8A1<sup>(d)</sup> | 12MTA + 1.430% | 5.6520 | 06/20/35 | 31493 |
| 971307 | Banc of America Funding Trust Series 2010-R3 4A3<sup>(b),(c)</sup> |  | 6.0000 | 06/26/36 | 834033 |
| 74419 | Banc of America Funding Trust Series 2007-2 1A8<sup>(a)</sup> |  | 6.0000 | 03/25/37 | 13519 |
| 172001 | Banc of America Funding Trust Series 2006-H 2A2<sup>(b)</sup> |  | 4.8980 | 09/20/46 | 143803 |
| 633280 | Banc of America Funding Trust Series 2006-I 4A1<sup>(b)</sup> |  | 4.3770 | 10/20/46 | 531829 |
| 16352 | Banc of America Mortgage Trust Series 2002-L 1A1<sup>(b)</sup> |  | 3.1980 | 12/25/32 | 13901 |
| 27042 | Banc of America Mortgage Trust Series 2003-L 2A1<sup>(b)</sup> |  | 6.6360 | 01/25/34 | 25776 |
| 31538 | Banc of America Mortgage Trust Series 2005-E 2A1<sup>(b)</sup> |  | 5.4370 | 06/25/35 | 28864 |
| 40438 | Banc of America Mortgage Trust Series 2005-F 3A1<sup>(b)</sup> |  | 5.4370 | 07/25/35 | 33636 |
| 19299 | Banc of America Mortgage Trust Series 2005-H 2A1<sup>(b)</sup> |  | 5.6070 | 09/25/35 | 16507 |
| 109930 | Banc of America Mortgage Trust Series 2005-L 2A4<sup>(b)</sup> |  | 5.6760 | 01/25/36 | 91430 |
| 376526 | BCAP, LLC Series 2014-RR2 7A2<sup>(c),(d)</sup> | TSFR1M + 0.314% | 3.9070 | 01/26/38 | 373963 |
| 908952 | BCAP, LLC Trust Series 2011-RR5 12A1<sup>(c),(e)</sup> |  | 4.4670 | 03/26/37 | 904310 |
| 636160 | BCAP, LLC Trust Series 2011-RR10 1A2<sup>(b),(c)</sup> |  | 5.0000 | 03/26/37 | 488654 |
| 3393 | Bear Stearns ALT-A Trust Series 2004-11 2A1<sup>(b)</sup> |  | 3.1320 | 11/25/34 | 3182 |
| 22440 | Bear Stearns ALT-A Trust Series 2005-4 23A2<sup>(b)</sup> |  | 5.4580 | 05/25/35 | 19304 |
| 591859 | Bear Stearns ARM Trust Series 2003-1 1A1<sup>(b)</sup> |  | 3.9370 | 04/25/33 | 499125 |
| 57585 | Bear Stearns ARM Trust Series 2003-4 B1<sup>(b)</sup> |  | 6.1620 | 07/25/33 | 52624 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 22615 | Bear Stearns ARM Trust Series 2003-5 1A1<sup>(b)</sup> |  | 6.6250 | 08/25/33 | $21988 |
| 3756 | Bear Stearns ARM Trust Series 2003-7 6A<sup>(b)</sup> |  | 6.1300 | 10/25/33 | 3338 |
| 37266 | Bear Stearns ARM Trust Series 2003-8 2A1<sup>(b)</sup> |  | 5.9340 | 01/25/34 | 34742 |
| 90663 | Bear Stearns ARM Trust Series 2004-1 124M<sup>(b)</sup> |  | 5.3320 | 04/25/34 | 79935 |
| 8853 | Bear Stearns ARM Trust Series 2004-1 21A1<sup>(b)</sup> |  | 6.2130 | 04/25/34 | 8238 |
| 82326 | Bear Stearns ARM Trust Series 2004-5<sup>(b)</sup> |  | 4.1940 | 07/25/34 | 70154 |
| 84101 | Bear Stearns ARM Trust Series 2004-6 3A<sup>(b)</sup> |  | 7.1450 | 09/25/34 | 80796 |
| 817140 | Bear Stearns ARM Trust Series 2004-8 13A1<sup>(b)</sup> |  | 4.2470 | 11/25/34 | 726570 |
| 29642 | Bear Stearns ARM Trust Series 2004-8 2A1<sup>(b)</sup> |  | 5.9210 | 11/25/34 | 26281 |
| 36238 | Bear Stearns ARM Trust Series 2004-10 12A5<sup>(b)</sup> |  | 5.1130 | 01/25/35 | 35101 |
| 1133372 | Bear Stearns ARM Trust Series 2007-3 2A1<sup>(b)</sup> |  | 4.2020 | 05/25/47 | 979638 |
| 582640 | Bear Stearns Asset Backed Securities I Trust Series 2006-AC2 21A6 |  | 6.0000 | 03/25/36 | 223543 |
| 502039 | Bear Stearns Asset Backed Securities Trust Series 2003-AC7 A1<sup>(e)</sup> |  | 5.5000 | 01/25/34 | 417636 |
| 121492 | Bear Stearns Structured Products Inc Trust Series 2007-R6 1A1<sup>(b)</sup> |  | 4.9640 | 01/26/36 | 90970 |
| 17073 | Bella Vista Mortgage Trust Series 2004-1 1A<sup>(d)</sup> | TSFR1M + 0.814% | 5.1680 | 11/20/34 | 16898 |
| 53422 | BlackRock Capital Finance, L.P. Series 1997-R2 1B1<sup>(b),(c)</sup> |  | 3.5020 | 12/25/35 | 45675 |
| 63098 | CDMC Mortgage Pass-Through Certificates Series 2004-4 A8<sup>(b)</sup> |  | 5.3880 | 09/25/34 | 63027 |
| 80286 | CDMC Mortgage Pass-Through Certificates Series 2005-1 A4<sup>(b)</sup> |  | 5.1050 | 02/18/35 | 79827 |
| 872490 | Cendant Mortgage Capital, LLC CDMC Mort Pas Thr Ce Series 2004-1 A7 |  | 5.5000 | 02/25/34 | 879491 |
| 230000 | CFMT, LLC Series 2022-HB9 M3<sup>(b),(c)</sup> |  | 3.2500 | 09/25/37 | 217919 |
| 87056 | Chase Home Lending Mortgage Trust Series 2019-1 B4<sup>(b),(c)</sup> |  | 3.8840 | 03/25/50 | 76756 |
| 109319 | Chase Mortgage Finance Trust Series 2004-S2 2A4 |  | 5.5000 | 02/25/34 | 109887 |
| 237690 | Chase Mortgage Finance Trust Series 2006-A1 2A3<sup>(b)</sup> |  | 5.5290 | 09/25/36 | 200854 |
| 473618 | Chase Mortgage Finance Trust Series 2007-S3 AP<sup>(f)</sup> |  | 0.0000 | 05/25/37 | 5086 |
| 265283 | Chase Mortgage Finance Trust Series 2007-S3 1A17<sup>(a)</sup> |  | 4.0000 | 05/25/37 | 59482 |
| 303556 | Chevy Chase Funding, LLC Mortgage-Backed Series 2004-3A A1<sup>(c),(d)</sup> | TSFR1M + 0.364% | 4.6870 | 08/25/35 | 293845 |
| 152548 | Chevy Chase Funding, LLC Mortgage-Backed Series 2005-4A A2<sup>(c),(d)</sup> | TSFR1M + 0.364% | 4.6870 | 10/25/36 | 113311 |
| 336301 | CHL Mortgage Pass-Through Trust Series 2002-19 1A1 |  | 6.2500 | 11/25/32 | 286054 |
| 71306 | CHL Mortgage Pass-Through Trust Series 2002-39 A37 |  | 5.7500 | 02/25/33 | 68158 |
| 98128 | CHL Mortgage Pass-Through Trust Series 2003-60 2A1<sup>(b)</sup> |  | 6.4910 | 02/25/34 | 85728 |
| 22024 | CHL Mortgage Pass-Through Trust Series 2004-3 A4 |  | 5.7500 | 04/25/34 | 22007 |
| 48883 | CHL Mortgage Pass-Through Trust Series 2004-5 2A9 |  | 5.2500 | 05/25/34 | 48074 |
| 54794 | CHL Mortgage Pass-Through Trust Series 2004-5 2A2 |  | 5.5000 | 05/25/34 | 54399 |
| 44868 | CHL Mortgage Pass-Through Trust Series 2004-6 2A1<sup>(b)</sup> |  | 5.8330 | 05/25/34 | 43918 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 16788 | CHL Mortgage Pass-Through Trust Series 2004-HYB2 2A<sup>(b)</sup> |  | 6.9910 | 07/20/34 | $15973 |
| 92332 | CHL Mortgage Pass-Through Trust Series 2004-J5 A4 |  | 5.5000 | 07/25/34 | 92911 |
| 35197 | CHL Mortgage Pass-Through Trust Series 2004-14 4A1<sup>(b)</sup> |  | 5.5860 | 08/25/34 | 33075 |
| 46715 | CHL Mortgage Pass-Through Trust Series 2004-J9 2A6 |  | 5.5000 | 01/25/35 | 45997 |
| 39809 | CHL Mortgage Pass-Through Trust Series 2004-HYB5 6A2<sup>(b)</sup> |  | 5.5420 | 04/20/35 | 36557 |
| 407029 | CHL Mortgage Pass-Through Trust Series 2005-14 A2 |  | 5.5000 | 07/25/35 | 150792 |
| 2971184 | CHL Mortgage Pass-Through Trust Series 2005-14 A1 |  | 6.0000 | 07/25/35 | 1260127 |
| 477693 | CHL Mortgage Pass-Through Trust Series 2005-J2 3A12 |  | 5.0000 | 08/25/35 | 290359 |
| 118483 | CHL Mortgage Pass-Through Trust Series 2006-J1 3A1 |  | 6.0000 | 02/25/36 | 38441 |
| 63800 | CHL Mortgage Pass-Through Trust Series 2007-HY1 2A1<sup>(b)</sup> |  | 4.3740 | 03/25/37 | 56840 |
| 288688 | CHL Mortgage Pass-Through Trust Series 2007-15 2A2 |  | 6.5000 | 09/25/37 | 103490 |
| 250000 | CHNGE Mortgage Trust Series 2023-1 M1<sup>(b),(c)</sup> |  | 8.1570 | 03/25/58 | 252544 |
| 225000 | CHNGE Mortgage Trust Series 2022-2 B2<sup>(b),(c)</sup> |  | 4.6010 | 03/25/67 | 150863 |
| 96121 | Citicorp Mortgage Securities REMIC Pass-Through Series 2005-4 1A5 |  | 5.5000 | 07/25/35 | 94976 |
| 23809 | Citicorp Mortgage Securities Trust Series 2006-3 1A9 |  | 5.7500 | 06/25/36 | 19444 |
| 34927 | Citicorp Mortgage Securities Trust Series 2006-6 A4 |  | 6.0000 | 11/25/36 | 35719 |
| 66273 | Citicorp Mortgage Securities Trust Series 2007-2 APO<sup>(f)</sup> |  | 0.0000 | 02/25/37 | 35417 |
| 167229 | Citicorp Mortgage Securities Trust Series 2007-4 1A5 |  | 6.0000 | 05/25/37 | 147266 |
| 84232 | Citigroup Global Markets Mortgage Securities VII, Series 1997-HUD2 B2<sup>(b)</sup> |  | 6.6220 | 11/25/27 | 48 |
| 3484 | Citigroup Global Markets Mortgage Securities VII, Series 2002-HYB1 B2<sup>(b)</sup> |  | 7.7320 | 09/25/32 | 3208 |
| 139883 | Citigroup Mortgage Loan Trust Series 2009-10 6A2<sup>(b),(c)</sup> |  | 7.1450 | 09/25/34 | 127714 |
| 128616 | Citigroup Mortgage Loan Trust Series 2009-4 7A5<sup>(b),(c)</sup> |  | 5.4970 | 05/25/35 | 122432 |
| 18479 | Citigroup Mortgage Loan Trust Series 2014-10 4A1<sup>(b),(c)</sup> |  | 4.6360 | 02/25/37 | 18419 |
| 1 | Citigroup Mortgage Loan Trust Series 2010-9 5A3<sup>(c),(e)</sup> |  | 5.7020 | 03/25/37 | 1 |
| 34912 | Citigroup Mortgage Loan Trust Series 2015-RP2 A<sup>(c)</sup> |  | 4.2500 | 01/25/53 | 33106 |
| 300000 | Citigroup Mortgage Loan Trust Series 2020-EXP1 B1<sup>(b),(c)</sup> |  | 4.4670 | 05/25/60 | 256107 |
| 1230745 | Citigroup Mortgage Loan Trust Inc Mortgage Series 7 2A2A<sup>(b)</sup> |  | 6.9140 | 09/25/35 | 928885 |
| 8029 | Citigroup Mortgage Loan Trust, Inc. Series 2003-1 3A4 |  | 5.2500 | 09/25/33 | 7620 |
| 16354 | Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A6<sup>(b)</sup> |  | 6.2250 | 08/25/34 | 14702 |
| 52378 | Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A4<sup>(b)</sup> |  | 6.5300 | 08/25/34 | 47075 |
| 35339 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 1CB2 |  | 6.7500 | 08/25/34 | 36305 |
| 31991 | Citigroup Mortgage Loan Trust, Inc. Series 2005-2 2A11 |  | 5.5000 | 05/25/35 | 32068 |
| 24413 | COLT Funding, LLC Series 2021-3R A2<sup>(b),(c)</sup> |  | 1.2570 | 12/25/64 | 21564 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 422000 | COLT Mortgage Loan Trust Series 2020-2 M1<sup>(b),(c)</sup> |  | 5.2500 | 03/25/65 | $425405 |
| 3923894 | COLT Mortgage Loan Trust Series 2022-9 A1<sup>(c),(e)</sup> |  | 6.7900 | 12/25/67 | 3928420 |
| 120000 | Connecticut Avenue Securities Trust Series 2022-R01 1B1<sup>(c),(d)</sup> | SOFR30A + 3.150% | 7.4980 | 12/25/41 | 123011 |
| 108792 | Credit Suisse First Boston Mortgage Securities Series 2001-26 5A1<sup>(b)</sup> |  | 3.5990 | 11/25/31 | 108541 |
| 216908 | Credit Suisse First Boston Mortgage Securities Series 2002-NP14 M1<sup>(c),(d)</sup> | TSFR1M + 2.302% | 4.8730 | 11/25/31 | 99367 |
| 56289 | Credit Suisse First Boston Mortgage Securities Series 2003-11 1A31 |  | 5.5000 | 06/25/33 | 56749 |
| 292722 | Credit Suisse First Boston Mortgage Securities Series 2003-19 1A19 |  | 5.2500 | 07/25/33 | 295344 |
| 16156 | Credit Suisse First Boston Mortgage Securities Series 2003-21 1A4 |  | 5.2500 | 09/25/33 | 15785 |
| 42614 | Credit Suisse First Boston Mortgage Securities Series 2003-25 1A8 |  | 5.5000 | 10/25/33 | 41983 |
| 127842 | Credit Suisse First Boston Mortgage Securities Series 2003-25 1A11 |  | 5.5000 | 10/25/33 | 126088 |
| 132172 | Credit Suisse First Boston Mortgage Securities Series 2004-6 1A3 |  | 5.5000 | 10/25/34 | 127989 |
| 102623 | Credit Suisse First Boston Mortgage Securities Series 2005-8 9A9<sup>(d)</sup> | TSFR1M + 0.764% | 5.0870 | 09/25/35 | 67913 |
| 5706 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 2A1 |  | 5.2500 | 01/01/25 |  |
| 366989 | CSFB Mortgage-Backed Pass-Through Certificates Series 2002-9 1A2 |  | 7.5000 | 03/25/32 | 330701 |
| 74330 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24 3A1<sup>(b)</sup> |  | 6.2200 | 10/25/33 | 71547 |
| 73085 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 4A4 |  | 5.7500 | 11/25/33 | 72504 |
| 355004 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 1A5 |  | 6.0000 | 08/25/34 | 343330 |
| 14772 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-3 7A5 |  | 5.7500 | 07/25/35 | 15035 |
| 2121316 | CSMC Trust Series 2014-10R 1A2<sup>(b),(c)</sup> |  | 7.5110 | 05/27/36 | 479497 |
| 309602 | CSMC Trust Series 2007-5R A5 |  | 6.5000 | 07/26/36 | 64860 |
| 878990 | CSMC Trust Series 2015-6R 9A3<sup>(b),(c)</sup> |  | 11.7140 | 11/27/36 | 868110 |
| 20681 | CSMC Trust Series 2014-2R 28A1<sup>(b),(c)</sup> |  | 3.0000 | 06/27/37 | 19301 |
| 31433 | CSMC Trust Series 2010-18R 4A4<sup>(b),(c)</sup> |  | 3.5000 | 04/26/38 | 31156 |
| 98876 | CSMC Trust Series 2013-7 A2<sup>(b),(c)</sup> |  | 3.0000 | 08/25/43 | 85396 |
| 279423 | CSMC Trust Series 2021-RPL2 M3<sup>(b),(c)</sup> |  | 3.5890 | 01/25/60 | 189647 |
| 419445 | Deutsche Alt-B Securities Mortgage Loan Trust Series AB1 PO<sup>(f)</sup> |  | 0.0000 | 04/25/37 | 205063 |
| 26640 | Deutsche Mortgage Sec Inc Mort Loan Tr Series 2004-1 1A1 |  | 5.5000 | 09/25/33 | 27160 |
| 264322 | DSLA Mortgage Loan Trust Series 2004-AR4 2A1A<sup>(d)</sup> | TSFR1M + 0.834% | 5.1880 | 01/19/45 | 199865 |
| 135280 | DSLA Mortgage Loan Trust Series 2005-AR5 2A1A<sup>(d)</sup> | TSFR1M + 0.774% | 5.1280 | 09/19/45 | 68987 |
| 400000 | Ellington Financial Mortgage Trust Series 2022-1 B2<sup>(b),(c)</sup> |  | 3.8650 | 01/25/67 | 275958 |
| 555228 | Fannie Mae Grantor Trust Series 2004-T5 AB1<sup>(b)</sup> |  | 4.6510 | 05/28/35 | 526603 |
| 96888 | Fannie Mae REMIC Trust Series 2004-W14 3A |  | 8.0000 | 07/25/44 | 100291 |
| 73239 | Fannie Mae REMICS Series 26 A1 |  | 7.0000 | 01/25/48 | 74102 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 150814 | Fannie Mae Trust Series 2005-W3 3A<sup>(b)</sup> |  | 4.9020 | 04/25/45 | $148714 |
| 41117 | Financial Asset Securities Corp AAA Trust Series 2005-2 A3<sup>(c),(d)</sup> | TSFR1M + 0.414% | 4.7460 | 11/26/35 | 34546 |
| 107426 | First Horizon Alternative Mortgage Securities Series 2004-AA1 A1<sup>(b)</sup> |  | 5.8690 | 06/25/34 | 107526 |
| 6728 | First Horizon Alternative Mortgage Securities Series 2004-AA3 A1<sup>(b)</sup> |  | 5.0970 | 09/25/34 | 6881 |
| 16162 | First Horizon Alternative Mortgage Securities<sup>(b)</sup> |  | 5.2170 | 10/25/34 | 15291 |
| 46591 | First Horizon Alternative Mortgage Securities Series AA7 2A2<sup>(b)</sup> |  | 5.6450 | 02/25/35 | 40921 |
| 69611 | First Horizon Alternative Mortgage Securities Series 2007-FA4 1A8 |  | 6.2500 | 08/25/37 | 23648 |
| 29935 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5 3A1<sup>(b)</sup> |  | 0.0000 | 10/25/35 |  |
| 501 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5 1A1<sup>(b)</sup> |  | 0.0000 | 11/25/35 | 3 |
| 77563 | First Horizon Mortgage Pass-Through Trust Series 2006-AR3 1A1<sup>(b)</sup> |  | 4.0700 | 11/25/36 | 38716 |
| 216287 | First Horizon Mortgage Pass-Through Trust Series 2007-AR3 1A1<sup>(b)</sup> |  | 4.8910 | 11/25/37 | 80193 |
| 323465 | Flagstar Mortgage Trust Series 2018-3INV B4<sup>(b),(c)</sup> |  | 4.4430 | 05/25/48 | 286671 |
| 259927 | Flagstar Mortgage Trust Series 2019-2 B3<sup>(b),(c)</sup> |  | 4.0010 | 12/25/49 | 216587 |
| 92231 | Flagstar Mortgage Trust Series 2021-13IN B5<sup>(b),(c)</sup> |  | 3.3530 | 12/30/51 | 62725 |
| 49609 | Freddie Mac REMICS Series 4203 PS<sup>(a),(d)</sup> | -1(SOFR30A + 0.114%) + 6.250% | 1.7930 | 09/15/42 | 3796 |
| 1000000 | Freddie Mac STACR Trust Series 2019-DNA3 B2<sup>(c),(d)</sup> | SOFR30A + 8.264% | 12.6130 | 07/25/49 | 1135872 |
| 90181 | Freddie Mac Structured Pass-Through Certificates Series 60 2A1<sup>(b)</sup> |  | 4.2960 | 03/25/44 | 83742 |
| 112024 | Freddie Mac Structured Pass-Through Certificates Series T-61 1A1<sup>(d)</sup> | 12MTA + 1.400% | 5.6220 | 07/25/44 | 108507 |
| 130995 | Freddie Mac Structured Pass-Through Certificates Series T-62 1A1<sup>(d)</sup> | 12MTA + 1.200% | 5.4220 | 10/25/44 | 120249 |
| 18264 | Galton Funding Mortgage Trust Series 2017-1 A22<sup>(b),(c)</sup> |  | 3.0000 | 07/25/56 | 15422 |
| 96152 | GCAT Trust Series 2024-INV1 1A2<sup>(b),(c)</sup> |  | 5.5000 | 01/25/54 | 96449 |
| 416306 | Global Mortgage Securitization Ltd. Series 2004-A A3<sup>(c),(d)</sup> |  | 8.2840 | 11/25/32 | 419105 |
| 62555 | GMACM Mortgage Loan Trust Series 2004-J2 A8 |  | 5.7500 | 06/25/34 | 62850 |
| 1448425 | GMACM Mortgage Loan Trust Series 2005-AR5 4A1<sup>(b)</sup> |  | 4.7530 | 09/19/35 | 1265844 |
| 100265 | GMACM Mortgage Loan Trust Series 2006-AR1 1A1<sup>(b)</sup> |  | 3.7960 | 04/19/36 | 79698 |
| 102096 | GS Mortgage Securities Corporation II Series 2000-1A A<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.7890 | 03/30/33 | 71507 |
| 401423 | GS Mortgage-Backed Securities Corp Trust Series 2019-PJ1 B3<sup>(b),(c)</sup> |  | 4.0180 | 08/25/49 | 331256 |
| 14822 | GSMPS Mortgage Loan Trust Series 1998-1 A<sup>(b),(c)</sup> |  | 8.0000 | 09/19/27 | 13031 |
| 799649 | GSMPS Mortgage Loan Trust Series 2000-1 A<sup>(b),(c)</sup> |  | 8.5000 | 06/19/29 | 777466 |
| 66615 | GSMPS Mortgage Loan Trust Series 2004-2R A<sup>(b),(c)</sup> |  | 7.1390 | 02/25/34 | 11907 |
| 855344 | GSMPS Mortgage Loan Trust Series 2004-4 1AF<sup>(c),(d)</sup> | TSFR1M + 0.514% | 4.8370 | 06/25/34 | 768965 |
| 1414220 | GSMPS Mortgage Loan Trust Series 2004-4 1A2<sup>(c)</sup> |  | 7.5000 | 06/25/34 | 1408718 |
| 277052 | GSMPS Mortgage Loan Trust Series 2004-4 1A3<sup>(c)</sup> |  | 8.0000 | 06/25/34 | 256879 |
| 26586 | GSMPS Mortgage Loan Trust Series 2005-RP2 1AF<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.7870 | 03/25/35 | 24986 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 142163 | GSMPS Mortgage Loan Trust Series 2005-RP3 1AF<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.7870 | 09/25/35 | $117205 |
| 100215 | GSMPS Mortgage Loan Trust Series 2006-RP1 1A2<sup>(c)</sup> |  | 7.5000 | 01/25/36 | 89844 |
| 782774 | GSMSC Pass-Through Trust Series 2008-2R 2A1<sup>(b),(c)</sup> |  | 7.5000 | 10/25/36 | 79219 |
| 63392 | GSR Mortgage Loan Trust Series 2003-3F 1A6 |  | 6.0000 | 04/25/33 | 64113 |
| 106923 | GSR Mortgage Loan Trust Series 2004-7 1A1<sup>(b)</sup> |  | 4.8530 | 06/25/34 | 96227 |
| 557965 | GSR Mortgage Loan Trust Series 2004-12 1B1<sup>(d)</sup> | TSFR1M + 0.714% | 5.0370 | 12/25/34 | 111647 |
| 36751 | GSR Mortgage Loan Trust Series 2005-4F 6A1 |  | 6.5000 | 02/25/35 | 36065 |
| 13700 | GSR Mortgage Loan Trust Series 2005-AR3 2A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.8770 | 05/25/35 | 10759 |
| 21761 | GSR Mortgage Loan Trust Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.8770 | 05/25/35 | 19292 |
| 2440 | GSR Mortgage Loan Trust Series 2005-6F 1A7 |  | 5.2500 | 07/25/35 | 2269 |
| 527985 | GSR Mortgage Loan Trust Series 2005-AR4 2A1<sup>(b)</sup> |  | 6.3020 | 07/25/35 | 271319 |
| 27458 | GSR Mortgage Loan Trust Series 2005-8F 3A4 |  | 6.0000 | 11/25/35 | 9334 |
| 104982 | GSR Mortgage Loan Trust Series 2006-1F 2A16 |  | 6.0000 | 02/25/36 | 43124 |
| 2335857 | GSR Mortgage Loan Trust Series 2006-10F 4A1<sup>(d)</sup> | TSFR1M + 0.464% | 4.7870 | 01/25/37 | 323315 |
| 70956 | GSR Mortgage Loan Trust Series 2007-AR2 2A1<sup>(b)</sup> |  | 5.2520 | 05/25/37 | 36912 |
| 134487 | HarborView Mortgage Loan Trust Series 2003-1 A<sup>(b)</sup> |  | 5.2090 | 05/19/33 | 116088 |
| 937453 | HarborView Mortgage Loan Trust Series 2004-7 4A<sup>(b)</sup> |  | 5.4930 | 11/19/34 | 858605 |
| 93835 | HarborView Mortgage Loan Trust Series 2005-4 3A1<sup>(b)</sup> |  | 4.8180 | 07/19/35 | 66077 |
| 160236 | HSI Asset Loan Obligation Trust Series 2007-AR1 4A1<sup>(b)</sup> |  | 4.9930 | 01/25/37 | 122433 |
| 202111 | HSI Asset Loan Obligation Trust Series 2007-1 2A12 |  | 6.5000 | 06/25/37 | 76633 |
| 152234 | HSI Asset Loan Obligation Trust Series 2007-AR2 4A1<sup>(b)</sup> |  | 4.6580 | 09/25/37 | 114356 |
| 252432 | Hundred Acre Wood Trust Series 2021-INV1 B1<sup>(b),(c)</sup> |  | 3.2350 | 07/25/51 | 221328 |
| 159200 | Hundred Acre Wood Trust Series 2021-INV1 B2<sup>(b),(c)</sup> |  | 3.2350 | 07/25/51 | 132647 |
| 132849 | Hundred Acre Wood Trust Series 2021-INV3 B3<sup>(b),(c)</sup> |  | 3.3190 | 12/25/51 | 104552 |
| 22716 | Impac CMB Trust Series 2003-2F M2<sup>(e)</sup> |  | 6.5700 | 01/25/33 | 22670 |
| 38543 | Impac CMB Trust Series 2003-4 3M2<sup>(e)</sup> |  | 5.7290 | 07/25/33 | 38231 |
| 17724 | Impac CMB Trust Series 2004-7 M4<sup>(d)</sup> | TSFR1M + 1.914% | 6.2370 | 11/25/34 | 17936 |
| 26073 | Impac CMB Trust Series 2004-10 3M2<sup>(d)</sup> | TSFR1M + 0.999% | 5.3220 | 03/25/35 | 23484 |
| 26441 | Impac CMB Trust Series 2004-10 3M3<sup>(d)</sup> | TSFR1M + 1.089% | 5.4120 | 03/25/35 | 24911 |
| 17461 | Impac CMB Trust Series 2005-2 2B<sup>(d)</sup> | TSFR1M + 2.589% | 6.9120 | 04/25/35 | 17601 |
| 170078 | Impac CMB Trust Series 2005-4 2M1<sup>(d)</sup> | TSFR1M + 0.614% | 5.1870 | 05/25/35 | 163511 |
| 432597 | Impac CMB Trust Series 2005-4 2M2<sup>(d)</sup> | TSFR1M + 0.864% | 5.5620 | 05/25/35 | 428907 |
| 402388 | Impac CMB Trust Series 2005-8 2M1<sup>(d)</sup> | TSFR1M + 0.864% | 5.1870 | 02/25/36 | 378497 |
| 87293 | Impac CMB Trust Series 2005-8 2M3<sup>(d)</sup> | TSFR1M + 2.364% | 6.6870 | 02/25/36 | 86747 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 78825 | Impac CMB Trust Series 2005-8 2B<sup>(d)</sup> | TSFR1M + 2.364% | 6.6870 | 02/25/36 | $77057 |
| 170930 | Impac Secured Assets CMN Owner Trust Series 2003-2 A2 |  | 6.0000 | 08/25/33 | 134671 |
| 77521 | Impac Secured Assets Trust Series 2006-1 2A1<sup>(d)</sup> | TSFR1M + 0.814% | 5.1370 | 05/25/36 | 75272 |
| 857462 | IndyMac INDA Mortgage Loan Trust Series 2006-AR1 A2<sup>(d)</sup> | TSFR1M + 0.714% | 5.0370 | 08/25/36 | 640487 |
| 17241 | IndyMac INDX Mortgage Loan Trust Series 2004-AR11 2A<sup>(b)</sup> |  | 4.5850 | 12/25/34 | 15314 |
| 202273 | IndyMac INDX Mortgage Loan Trust Series 2004-AR15 3A1<sup>(b)</sup> |  | 4.9460 | 02/25/35 | 182253 |
| 187094 | IndyMac INDX Mortgage Loan Trust Series 2005-AR8 2A1A<sup>(d)</sup> | TSFR1M + 0.574% | 4.8970 | 04/25/35 | 162500 |
| 184632 | IndyMac INDX Mortgage Loan Trust Series 2005-AR13 1A1<sup>(b)</sup> |  | 4.0060 | 08/25/35 | 77681 |
| 244755 | JP Morgan Alternative Loan Trust Series 2005-S1 1A8<sup>(a),(d)</sup> | -1(TSFR1M + 0.114%) + 7.150% | 2.6800 | 12/25/35 | 27587 |
| 749394 | JP Morgan Alternative Loan Trust Series A1 1A2<sup>(d)</sup> | TSFR1M + 0.714% | 5.0370 | 03/25/36 | 601324 |
| 914156 | JP Morgan Alternative Loan Trust Series 2008-R4 1A1<sup>(c)</sup> |  | 6.0000 | 12/27/36 | 442749 |
| 100000 | JP Morgan Chase Commercial Mortgage Securities Series UES B<sup>(c)</sup> |  | 4.1420 | 05/05/32 | 90257 |
| 308891 | JP Morgan MBS Series 2006-R1 6A1<sup>(b),(c)</sup> |  | 4.6030 | 09/28/44 | 247614 |
| 19269 | JP Morgan Mortgage Trust Series 2006-A2 5A4<sup>(b)</sup> |  | 7.0490 | 11/25/33 | 17943 |
| 1962 | JP Morgan Mortgage Trust Series 2004-A3 3A3<sup>(b)</sup> |  | 5.3160 | 07/25/34 | 1869 |
| 19557 | JP Morgan Mortgage Trust Series 2004-S2 4A5 |  | 6.0000 | 11/25/34 | 18102 |
| 22080 | JP Morgan Mortgage Trust Series 2005-A7 1A4<sup>(b)</sup> |  | 5.9770 | 10/25/35 | 21408 |
| 188980 | JP Morgan Mortgage Trust Series 2008-R2 2A<sup>(b),(c)</sup> |  | 5.5000 | 12/27/35 | 159753 |
| 821851 | JP Morgan Mortgage Trust Series 2005-S3 1A22 |  | 5.5000 | 01/25/36 | 345047 |
| 12801 | JP Morgan Mortgage Trust Series 2006-A4 3A1<sup>(b)</sup> |  | 4.5320 | 06/25/36 | 8452 |
| 121747 | JP Morgan Mortgage Trust Series 2006-A7 2A1R<sup>(b)</sup> |  | 4.5530 | 01/25/37 | 92345 |
| 148266 | JP Morgan Mortgage Trust Series 2006-A7 2A4R<sup>(b)</sup> |  | 4.5530 | 01/25/37 | 114849 |
| 17443 | JP Morgan Mortgage Trust Series 2018-8 A3<sup>(b),(c)</sup> |  | 4.0000 | 01/25/49 | 15850 |
| 171711 | JP Morgan Mortgage Trust Series 2019-8 B4<sup>(b),(c)</sup> |  | 4.1440 | 03/25/50 | 151077 |
| 101411 | JP Morgan Tax-Emept Pass-Through Trust Series 2012-3 A<sup>(b),(c)</sup> |  | 3.0000 | 10/27/42 | 93538 |
| 131135 | JPMorgan Chase Bank NA - CHASE Series 2020-CL1 M3<sup>(c),(d)</sup> | TSFR1M + 3.464% | 7.7870 | 10/25/57 | 140853 |
| 2404278 | La Hipotecaria Panamanian Mortgage Trust Series 2021-1 GA<sup>(c)</sup> |  | 4.3500 | 07/13/52 | 2195671 |
| 117343 | Lehman Mortgage Trust Series 2006-2 2A3 |  | 5.7500 | 04/25/36 | 118160 |
| 39773 | MASTR Adjustable Rate Mortgages Trust Series 2003-1 2A1<sup>(b)</sup> |  | 4.6500 | 12/25/32 | 37255 |
| 16102 | MASTR Adjustable Rate Mortgages Trust Series 2003-2 4A1<sup>(b)</sup> |  | 5.3380 | 07/25/33 | 15066 |
| 29307 | MASTR Adjustable Rate Mortgages Trust Series 2003-6 2A1<sup>(b)</sup> |  | 5.3370 | 12/25/33 | 27184 |
| 16063 | MASTR Adjustable Rate Mortgages Trust Series 2003-6 7A1<sup>(b)</sup> |  | 6.6250 | 12/25/33 | 15951 |
| 34092 | MASTR Adjustable Rate Mortgages Trust Series 2003-7 B1<sup>(b)</sup> |  | 7.3190 | 01/25/34 | 33457 |
| 58 | MASTR Adjustable Rate Mortgages Trust Series 2004-4 1A1<sup>(b)</sup> |  | 7.3750 | 04/25/34 | 54 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 26214 | MASTR Adjustable Rate Mortgages Trust Series 2004-10<sup>(b)</sup> |  | 5.8320 | 10/25/34 | $21437 |
| 157773 | MASTR Adjustable Rate Mortgages Trust Series 2004-15 4A1<sup>(b)</sup> |  | 4.9410 | 12/25/34 | 156524 |
| 222135 | MASTR Adjustable Rate Mortgages Trust Series 2005-7 3A1<sup>(b)</sup> |  | 3.5490 | 09/25/35 | 133764 |
| 90962 | MASTR Adjustable Rate Mortgages Trust Series 2006-2 5A1<sup>(b)</sup> |  | 4.4450 | 05/25/36 | 25818 |
| 91843 | MASTR Alternative Loan Trust Series 2003-3 B2<sup>(b)</sup> |  | 6.1640 | 05/25/33 | 85324 |
| 475578 | MASTR Alternative Loan Trust Series 2003-5 8A1 |  | 5.5000 | 06/25/33 | 471209 |
| 39537 | MASTR Alternative Loan Trust Series 2003-7 6A1 |  | 6.5000 | 12/25/33 | 40175 |
| 92619 | MASTR Alternative Loan Trust Series 2004-1 2A1 |  | 7.0000 | 01/25/34 | 91873 |
| 112286 | MASTR Alternative Loan Trust Series 2004-1 4A1 |  | 5.5000 | 02/25/34 | 111327 |
| 43971 | MASTR Alternative Loan Trust Series 2004-3 2A1 |  | 6.2500 | 04/25/34 | 45643 |
| 157849 | MASTR Alternative Loan Trust Series 2004-3 6A1 |  | 6.5000 | 04/25/34 | 157716 |
| 19710 | MASTR Alternative Loan Trust Series 2004-4 1A1 |  | 5.5000 | 05/25/34 | 19406 |
| 49231 | MASTR Alternative Loan Trust Series 2004-7 10A1 |  | 6.0000 | 06/25/34 | 49050 |
| 34396 | MASTR Alternative Loan Trust Series 2004-6 10A1 |  | 6.0000 | 07/25/34 | 33709 |
| 143450 | MASTR Alternative Loan Trust Series 2004-6 7A1 |  | 6.0000 | 07/25/34 | 141356 |
| 579935 | MASTR Alternative Loan Trust Series 2004-6 6A1 |  | 6.5000 | 07/25/34 | 594723 |
| 22545 | MASTR Alternative Loan Trust Series 2007-1 30PO<sup>(f)</sup> |  | 0.0000 | 10/25/36 | 12365 |
| 300341 | MASTR Alternative Loan Trust Series 2005-2 6A1 |  | 5.0000 | 03/25/43 | 222452 |
| 866079 | MASTR Alternative Loan Trust Series 2007-HF1 4PO<sup>(f)</sup> |  | 0.0000 | 10/25/47 | 9 |
| 11547 | MASTR Asset Securitization Trust Series 2003-12 6A1 |  | 5.0000 | 12/25/33 | 10147 |
| 43154 | MASTR Asset Securitization Trust Series 2003-11 9A6 |  | 5.2500 | 12/25/33 | 43764 |
| 32618 | MASTR Asset Securitization Trust Series 2003-11 7A5 |  | 5.2500 | 12/25/33 | 32352 |
| 3381 | MASTR Asset Securitization Trust Series 2003-11 2A10 |  | 5.5000 | 12/25/33 | 3410 |
| 159036 | MASTR Asset Securitization Trust Series 2003-11 8A1 |  | 5.5000 | 12/25/33 | 142863 |
| 6292 | MASTR Asset Securitization Trust Series 2004-1 1A12 |  | 5.5000 | 02/25/34 | 6222 |
| 2156282 | MASTR Asset Securitization Trust Series 2004-9 4A1 |  | 6.0000 | 09/25/34 | 1511200 |
| 56079 | MASTR Asset Securitization Trust Series 2005-1 2A9 |  | 5.5000 | 05/25/35 | 42861 |
| 4115543 | MASTR Asset Securitization Trust Series 2006-2 2A2<sup>(d)</sup> | TSFR1M + 0.614% | 4.9370 | 06/25/36 | 802026 |
| 2174712 | MASTR Asset Securitization Trust Series 2006-3 2A1<sup>(d)</sup> | TSFR1M + 0.564% | 4.8870 | 10/25/36 | 324891 |
| 14461 | MASTR Reperforming Loan Trust Series 2005-2 1A4<sup>(c)</sup> |  | 8.0000 | 05/25/35 | 10198 |
| 117290 | MASTR Reperforming Loan Trust Series 2006-2 2A1<sup>(b),(c)</sup> |  | 3.7930 | 05/25/36 | 108301 |
| 9547 | MASTR Seasoned Securitization Trust Series 2005-1 3A1<sup>(b)</sup> |  | 4.8840 | 10/25/32 | 8000 |
| 46939 | MASTR Seasoned Securitization Trust Series 2004-1 4A1<sup>(b)</sup> |  | 6.7210 | 10/25/32 | 43277 |
| 322397 | MASTR Seasoned Securitization Trust Series 2003-1 2A1 |  | 6.0000 | 02/25/33 | 323525 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 880000 | Mello Mortgage Capital Acceptance Series 2018-MTG2 B5<sup>(b),(c)</sup> |  | 4.3130 | 10/25/48 | $661500 |
| 533319 | Mello Mortgage Capital Acceptance Series 2021-MTG1 B1<sup>(b),(c)</sup> |  | 2.6420 | 04/25/51 | 438232 |
| 313341 | Merrill Lynch Alternative Note Asset Trust Series Series A2 A3B<sup>(d)</sup> | TSFR1M + 0.514% | 4.8370 | 03/25/37 | 69703 |
| 27780 | Merrill Lynch Mortgage Investors Trust Series 2003-A6 1A<sup>(b)</sup> |  | 6.6410 | 09/25/33 | 26697 |
| 93568 | Merrill Lynch Mortgage Investors Trust MLCC Series 2004-HB1<sup>(b)</sup> |  | 3.8380 | 04/25/29 | 80606 |
| 182140 | Merrill Lynch Mortgage Investors Trust MLCC Series B B1<sup>(d)</sup> | TSFR1M + 0.714% | 5.0370 | 07/25/30 | 159989 |
| 39615 | Merrill Lynch Mortgage Investors Trust MLCC Series 2007-3 2A2<sup>(b)</sup> |  | 3.9730 | 09/25/37 | 29903 |
| 25159 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4 3A<sup>(b)</sup> |  | 7.0000 | 05/25/33 | 23664 |
| 149775 | Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4 1A<sup>(b)</sup> |  | 5.3630 | 07/25/35 | 55925 |
| 136542 | Merrill Lynch Mortgage Investors Trust Series Series A1 1A1<sup>(b)</sup> |  | 4.6140 | 03/25/36 | 75281 |
| 41406 | Morgan Stanley Dean Witter Capital I Inc Trust Series 2003-HYB1 A3<sup>(b)</sup> |  | 5.2340 | 03/25/33 | 37329 |
| 22816 | Morgan Stanley Mortgage Loan Trust Series 2006-7 1A |  | 5.0000 | 04/24/26 | 18943 |
| 9737 | Morgan Stanley Mortgage Loan Trust Series 2004-2AR 2A<sup>(b)</sup> |  | 5.7760 | 02/25/34 | 9367 |
| 18350 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR 2A<sup>(b)</sup> |  | 4.3570 | 10/25/34 | 16744 |
| 14898 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR 4A1<sup>(b)</sup> |  | 5.5800 | 10/25/34 | 13223 |
| 9290 | Morgan Stanley Mortgage Loan Trust Series 2004-10AR 2A2<sup>(b)</sup> |  | 5.5970 | 11/25/34 | 8807 |
| 572394 | Morgan Stanley Mortgage Loan Trust Series 2005-1 4A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.7370 | 03/25/35 | 542836 |
| 73877 | Morgan Stanley Mortgage Loan Trust Series 2005-10 5A1 |  | 6.0000 | 12/25/35 | 26557 |
| 9222 | Morgan Stanley Mortgage Loan Trust Series 2006-8AR 4A2<sup>(b)</sup> |  | 6.6250 | 06/25/36 | 8179 |
| 1000000 | Morgan Stanley Residential Mortgage Loan Trust Series NQM1 B1<sup>(b),(c)</sup> |  | 7.3890 | 09/25/68 | 1008372 |
| 95226 | MortgageIT Trust Series 2004-2 B2<sup>(d)</sup> | TSFR1M + 3.339% | 7.6620 | 12/25/34 | 95186 |
| 58119 | MortgageIT Trust Series 2005-2 2A<sup>(d)</sup> | TSFR1M + 1.764% | 6.1180 | 05/25/35 | 56196 |
| 155595 | MortgageIT Trust Series 2005-3 M2<sup>(d)</sup> | TSFR1M + 0.909% | 5.2320 | 08/25/35 | 150939 |
| 77866 | MRFC Mortgage Pass-Through Trust Series 2000-TBC3 B4<sup>(b),(c)</sup> |  | 5.3230 | 12/15/30 | 72827 |
| 516920 | National City Mortgage Capital Trust Series 2008-1 2A1 |  | 6.0000 | 03/25/38 | 525522 |
| 25209 | National City Mortgage Capital Trust Series 2008-1 2A2 |  | 6.0000 | 03/25/38 | 25626 |
| 720000 | New Residential Mortgage Loan Trust Series 2020-RPL1 B3<sup>(b),(c)</sup> |  | 3.8450 | 11/25/59 | 549271 |
| 122413 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-R1 A2<sup>(c)</sup> |  | 7.5000 | 03/25/34 | 115345 |
| 399967 | Nomura Asset Acceptance Corp Alternative Loan Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.634% | 4.9570 | 07/25/35 | 323581 |
| 389313 | Nomura Asset Acceptance Corp Alternative Loan Series AF1 4A1<sup>(b)</sup> |  | 6.9780 | 06/25/36 | 356649 |
| 66670 | Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3<sup>(e)</sup> |  | 6.4570 | 03/25/47 | 63112 |
| 3401647 | Ocwen Residential MBS Corporation Series 1998-R3 AWAC<sup>(b),(c)</sup> |  | 0.0000 | 09/25/38 | 93545 |
| 43422 | Ocwen Residential MBS Corporation Series 1999-R2 B2<sup>(b),(c)</sup> |  | 0.4990 | 06/25/39 | 1640 |
| 270000 | Onity Loan Investment Trust Series 2024-HB2 M2<sup>(b),(c)</sup> |  | 5.0000 | 08/25/37 | 261082 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 308036 | PHHMC Series Trust Series 2005-4 A8<sup>(b)</sup> |  | 5.8510 | 07/18/35 | $303046 |
| 303713 | Prime Mortgage Trust Series 2003-3 A9 |  | 5.5000 | 01/25/34 | 302420 |
| 12766 | RAAC Series Trust Series 2005-SP1 4A1 |  | 7.0000 | 09/25/34 | 12823 |
| 103538 | RALI Series Trust Series 2005-QA12 CB1<sup>(b)</sup> |  | 5.7490 | 12/25/35 | 39840 |
| 245058 | RAMP Series Trust Series 2002-SL1 AII4<sup>(b)</sup> |  | 4.4000 | 06/25/32 | 218878 |
| 9212 | RBSGC Mortgage Loan Trust Series 2007-B 3B1<sup>(b)</sup> |  | 5.6230 | 01/25/37 | 9221 |
| 261884 | RBSGC Structured Trust Series 2008-A A1<sup>(b),(c)</sup> |  | 5.5000 | 11/25/35 | 219296 |
| 4669483 | RBSSP Resecuritization Trust Series 2013-5 2A2<sup>(c),(d)</sup> |  | 5.0570 | 07/26/33 | 4034259 |
| 7709604 | RBSSP Resecuritization Trust Series 2009-12 19A2<sup>(b),(c)</sup> |  | 4.8270 | 12/25/35 | 5381965 |
| 96154 | Reperforming Loan REMIC Trust Series 2003-R4 2A<sup>(b),(c)</sup> |  | 4.7620 | 01/25/34 | 83125 |
| 11327 | Reperforming Loan REMIC Trust Series 2004-R1 2A<sup>(c)</sup> |  | 6.5000 | 11/25/34 | 11052 |
| 5774 | Reperforming Loan REMIC Trust Series 2005-R2 2A4<sup>(c)</sup> |  | 8.5000 | 06/25/35 | 5796 |
| 57457 | Reperforming Loan REMIC Trust Series 2006-R2 AF1<sup>(c),(d)</sup> | TSFR1M + 0.534% | 4.8570 | 07/25/36 | 52062 |
| 110318 | Resecuritization Pass-Through Trust Series 2005-8R A5 |  | 6.0000 | 10/25/34 | 110569 |
| 1164416 | Residential Asset Securitization Trust Series 2003-A9 A3<sup>(d)</sup> | TSFR1M + 0.664% | 4.9870 | 08/25/33 | 1081075 |
| 376661 | Residential Asset Securitization Trust Series 2003-A10 A5 |  | 5.2500 | 09/25/33 | 362338 |
| 5210000 | RMF Buyout Issuance Trust Series 2022-HB1 M3<sup>(b),(c)</sup> |  | 4.5000 | 04/25/32 | 4886816 |
| 2529000 | RMF Buyout Issuance Trust Series 2020-HB1 M4<sup>(b),(c)</sup> |  | 6.0000 | 10/25/50 | 2387831 |
| 1414 | Ryland Mortgage Securities Corporation Series 1994-1 B<sup>(b)</sup> |  | 0.0000 | 04/29/30 |  |
| 4349000 | SBALR Commercial Mortgage Trust Series 2020-RR1 C<sup>(b),(c)</sup> |  | 3.9790 | 02/13/53 | 2431167 |
| 45784 | Seasoned Credit Risk Transfer Trust Series 2017-3 B<sup>(c),(f)</sup> |  | 0.0000 | 07/25/56 | 6391 |
| 229090 | Sequoia Mortgage Trust Series 2003-4 1A1<sup>(d)</sup> | TSFR1M + 0.734% | 5.0750 | 07/20/33 | 202086 |
| 23496 | Sequoia Mortgage Trust Series 2004-10 A1A<sup>(d)</sup> | TSFR1M + 0.734% | 5.0750 | 11/20/34 | 22163 |
| 33228 | Sequoia Mortgage Trust Series 2004-10 A3B<sup>(d)</sup> | TSFR6M + 1.208% | 5.3360 | 11/20/34 | 27914 |
| 43443 | Sequoia Mortgage Trust Series 2005-2 A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.8950 | 03/20/35 | 38834 |
| 268661 | Sequoia Mortgage Trust Series 2005-3 B1<sup>(d)</sup> | TSFR1M + 0.669% | 5.0100 | 05/20/35 | 172054 |
| 274143 | Sequoia Mortgage Trust Series 2007-4 1A1<sup>(d)</sup> | TSFR1M + 0.894% | 5.2350 | 01/20/36 | 185901 |
| 243773 | Sequoia Mortgage Trust Series 2007-2 1B1<sup>(d)</sup> | TSFR1M + 0.714% | 5.0550 | 06/20/36 | 198788 |
| 130695 | Sequoia Mortgage Trust Series 2007-3 1A1<sup>(d)</sup> | TSFR1M + 0.514% | 4.8550 | 07/20/36 | 112957 |
| 84502 | Sequoia Mortgage Trust Series 2013-6 B1<sup>(b)</sup> |  | 3.5260 | 05/25/43 | 82928 |
| 231092 | Sequoia Mortgage Trust Series 2014-4 A6<sup>(b),(c)</sup> |  | 3.5000 | 11/25/44 | 215070 |
| 65714 | Sequoia Mortgage Trust Series 2017-1 B3<sup>(b),(c)</sup> |  | 3.6030 | 02/25/47 | 48901 |
| 67001 | Shellpoint Co-Originator Trust Series 2017-1 B4<sup>(b),(c)</sup> |  | 3.5970 | 04/25/47 | 47099 |
| 100000 | Spruce Hill Mortgage Loan Trust Series 2020-SH1 B2<sup>(b),(c)</sup> |  | 4.6760 | 01/28/50 | 93372 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 39175 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 4A1<sup>(b)</sup> |  | 5.2910 | 03/25/34 | $36293 |
| 244998 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-17 A1<sup>(b)</sup> |  | 4.2010 | 11/25/34 | 217211 |
| 55748 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-18 1A3<sup>(b)</sup> |  | 4.8280 | 12/25/34 | 49700 |
| 178846 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 1A1<sup>(b)</sup> |  | 4.2850 | 03/25/35 | 148972 |
| 306321 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-15 1A1<sup>(b)</sup> |  | 4.3010 | 07/25/35 | 156078 |
| 510743 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-1 2A2<sup>(b)</sup> |  | 4.7840 | 02/25/36 | 459992 |
| 6315 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-8 3AF<sup>(d)</sup> | TSFR1M + 0.494% | 4.8170 | 09/25/36 | 5652 |
| 435164 | Structured Adjustable Rate Mortgage Loan Trust Series 4 1A1<sup>(d)</sup> | TSFR1M + 0.594% | 4.9170 | 05/25/37 | 384728 |
| 289337 | Structured Adjustable Rate Mortgage Loan Trust Series 9 2A1<sup>(b)</sup> |  | 4.4300 | 10/25/47 | 171430 |
| 136418 | Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A1<sup>(b)</sup> |  | 5.1530 | 01/25/34 | 121174 |
| 24074 | Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A2<sup>(b)</sup> |  | 5.1530 | 01/25/34 | 23513 |
| 14124 | Structured Asset Securities Corp Mortgage Series 2000-5 B3<sup>(b)</sup> |  | 0.0000 | 11/25/30 | 11442 |
| 690 | Structured Asset Securities Corporation Series 2003-37A B1I<sup>(d)</sup> | TSFR1M + 0.894% | 5.2480 | 12/25/33 | 660 |
| 12961 | Structured Asset Securities Corporation Series 2004-4XS A3A<sup>(e)</sup> |  | 5.5000 | 02/25/34 | 12816 |
| 79919 | Structured Asset Securities Corporation Series 2004-4XS 1A5<sup>(e)</sup> |  | 5.9900 | 02/25/34 | 78996 |
| 391934 | Structured Asset Securities Corporation Series 2004-4XS 1M1<sup>(e)</sup> |  | 6.0500 | 02/25/34 | 400962 |
| 66607 | Structured Asset Securities Corporation Series 2005-RF2 A<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.7870 | 04/25/35 | 60051 |
| 72036 | Structured Asset Securities Corporation Series 2005-RF3 2A<sup>(b),(c)</sup> |  | 4.4260 | 06/25/35 | 62788 |
| 47279 | Suntrust Alternative Loan Trust Series 2005-1F 1A1<sup>(d)</sup> | TSFR1M + 0.764% | 5.0870 | 12/25/35 | 36930 |
| 190885 | TIAA Bank Mortgage Loan Trust Series 2018-2 B3<sup>(b),(c)</sup> |  | 3.6580 | 07/25/48 | 167049 |
| 233635 | TIAA Bank Mortgage Loan Trust Series 2018-3 B4<sup>(b),(c)</sup> |  | 4.0750 | 11/25/48 | 181240 |
| 500000 | Towd Point Mortgage Trust Series 2022-SJ1 B1<sup>(b),(c)</sup> |  | 5.2500 | 03/25/62 | 490334 |
| 2531452 | Verus Securitization Trust Series 2023-2 A2<sup>(c),(e)</sup> |  | 6.5990 | 03/25/68 | 2537954 |
| 173531 | Verus Securitization Trust Series 2023-3 A3<sup>(c),(e)</sup> |  | 6.7430 | 03/25/68 | 174294 |
| 1000000 | Verus Securitization Trust Series 2023-INV3 B1<sup>(b),(c)</sup> |  | 8.1860 | 11/25/68 | 1017813 |
| 38126 | WaMu Mortgage Pass-Through Certificates Series 2002-AR14 B1<sup>(b)</sup> |  | 4.6440 | 11/25/32 | 34759 |
| 31657 | WaMu Mortgage Pass-Through Certificates Series 2002-AR18 A<sup>(b)</sup> |  | 6.2650 | 01/25/33 | 31341 |
| 69731 | WaMu Mortgage Pass-Through Certificates Series 2003-S3 1A4 |  | 5.5000 | 06/25/33 | 67447 |
| 28389 | WaMu Mortgage Pass-Through Certificates Series 2003-S5 1A13 |  | 5.5000 | 06/25/33 | 28597 |
| 188042 | WaMu Mortgage Pass-Through Certificates Series 2003-AR9 1A7<sup>(b)</sup> |  | 6.5210 | 09/25/33 | 179271 |
| 13554 | WaMu Mortgage Pass-Through Certificates Series 2002-AR2 A<sup>(d)</sup> | ECOFC + 1.250% | 4.1830 | 02/27/34 | 12166 |
| 100534 | WaMu Mortgage Pass-Through Certificates Series CB3 2A |  | 6.5000 | 10/25/34 | 104411 |
| 39759 | WaMu Mortgage Pass-Through Certificates Series 2006-AR2 1A1<sup>(b)</sup> |  | 4.5820 | 03/25/36 | 36039 |
| 74131 | WaMu Mortgage Pass-Through Certificates Series 2002-AR17 1A<sup>(d)</sup> | 12MTA + 1.200% | 5.4220 | 11/25/42 | 66387 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.0% (Continued)** |  |  |  |  |
| 98131 | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A1<sup>(b)</sup> |  | 4.7690 | 08/25/46 | $102225 |
| 145714 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS7 A12 |  | 5.5000 | 03/25/33 | 146662 |
| 35704 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS9 2A |  | 7.5000 | 04/25/33 | 36939 |
| 144743 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR3 B1<sup>(b)</sup> |  | 4.8590 | 06/25/33 | 123867 |
| 4336 | Washington Mutual MSC Mortgage Pass-Through Series 2005-RA1 3B4<sup>(b),(c)</sup> |  | 4.2100 | 01/25/35 | 3644 |
| 93343 | Washington Mutual MSC Mortgage Pass-Through Series RA3 CB1<sup>(b)</sup> |  | 5.5190 | 08/25/38 | 88331 |
| 139605 | Wells Fargo Alternative Loan Trust Series 2007-PA1 A7 |  | 6.0000 | 03/25/37 | 124179 |
| 43930 | Wells Fargo Mortgage Backed Securities Series 2006-AR14 2A1<sup>(b)</sup> |  | 7.3780 | 10/25/36 | 40608 |
| 55797 | Wells Fargo Mortgage Backed Securities Series 2007-7 A6 |  | 6.0000 | 06/25/37 | 50683 |
| 234000 | Wells Fargo Mortgage Backed Securities Series 2018-1 B4<sup>(b),(c)</sup> |  | 3.6460 | 07/25/47 | 146147 |
| 52360 | Wells Fargo Mortgage Backed Securities Series 2019-4 A2<sup>(b),(c)</sup> |  | 3.0000 | 09/25/49 | 44307 |
| 192625 | WinWater Mortgage Loan Trust Series 2015-1 B2<sup>(b),(c)</sup> |  | 3.8700 | 01/20/45 | 181059 |
|  |  |  |  |  | 91066749 |
|  | **CREDIT CARD - 0.2%** |  |  |  |  |
| 1000000 | Continental Finance Credit Card A.B.S Master Trust Series 2022-A A<sup>(c)</sup> |  | 6.1900 | 10/15/30 | 1002830 |
|  | **HOME EQUITY - 3.4%** |  |  |  |  |
| 54002 | ABFC Trust Series 2004-OPT2 A2<sup>(d)</sup> | TSFR1M + 0.674% | 4.9970 | 10/25/33 | 52788 |
| 578723 | ACE Securities Corp Home Equity Loan Trust Series Series IN1 A1<sup>(d)</sup> | TSFR1M + 0.754% | 5.0770 | 05/25/34 | 503288 |
| 1000000 | ACHM Trust Series 2023-HE1 B<sup>(b),(c)</sup> |  | 7.0000 | 11/25/37 | 1066150 |
| 1199805 | ACHM Trust Series 2023-HE2 A<sup>(b),(c)</sup> |  | 7.5000 | 10/25/38 | 1238730 |
| 136731 | AFC Trust Series 1999-3 1A<sup>(d)</sup> | TSFR1M + 1.094% | 5.4470 | 09/28/29 | 111601 |
| 421314 | Bayview Financial Asset Trust Series 2007-SR1A A<sup>(c),(d)</sup> | TSFR1M + 0.564% | 4.8870 | 03/25/37 | 423673 |
| 2821142 | Bayview Financial Mortgage Pass-Through Trust Series 2004-B A1<sup>(c),(d)</sup> | TSFR1M + 1.114% | 5.4370 | 05/28/39 | 2365371 |
| 1098210 | Bayview Financial Mortgage Pass-Through Trust Series 2005-A M1<sup>(c),(d)</sup> | TSFR1M + 1.614% | 5.9370 | 02/28/40 | 1050597 |
| 806416 | Bayview Financial Mortgage Pass-Through Trust Series A B1<sup>(d)</sup> | TSFR1M + 2.139% | 6.4620 | 02/28/41 | 806015 |
| 14211 | Bear Stearns Asset Backed Securities I Trust Series 2004-FR2 M4<sup>(d)</sup> | TSFR1M + 2.214% | 4.8370 | 06/25/34 | 15067 |
| 150076 | Bear Stearns Home Loan Owner Trust Series 2001-A B<sup>(e)</sup> |  | 10.5000 | 02/15/31 | 142850 |
| 1194986 | CDC Mortgage Capital Trust Series 2004-HE3 M3<sup>(d)</sup> | TSFR1M + 2.214% | 6.4740 | 11/25/34 | 1115952 |
| 151690 | CHEC Loan Trust Series 2004-1 M2<sup>(c),(d)</sup> | TSFR1M + 1.089% | 5.4120 | 07/25/34 | 151965 |
| 2985 | Citigroup Global Markets Mortgage Securities VII, Series 2002-WMC1 M1<sup>(d)</sup> | TSFR1M + 1.464% | 5.7870 | 01/25/32 | 2838 |
| 102014 | Delta Funding Home Equity Loan Trust Series 1999-3 A2F<sup>(e)</sup> |  | 8.0610 | 09/15/29 | 96855 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **HOME EQUITY - 3.4% (Continued)** |  |  |  |  |
| 237999 | Delta Funding Home Equity Loan Trust Series 2000-1 M2<sup>(e)</sup> |  | 8.5900 | 05/15/30 | $228151 |
| 70977 | Delta Funding Home Equity Loan Trust Series 1999-2 A1A<sup>(d)</sup> | TSFR1M + 0.434% | 5.1180 | 08/15/30 | 70433 |
| 33035 | GE Capital Mortgage Services Inc Trust Series 1999-HE1 A6<sup>(b)</sup> |  | 6.7000 | 04/25/29 | 33294 |
| 236013 | Home Equity Asset Trust Series 2002-2 A2<sup>(d)</sup> | TSFR1M + 0.714% | 5.0370 | 06/25/32 | 233779 |
| 884259 | MASTR Asset Backed Securities Trust Series 2004-FRE1 M7<sup>(d)</sup> | TSFR1M + 2.814% | 7.1370 | 07/25/34 | 830150 |
| 201797 | MASTR Asset Backed Securities Trust Series 2005-NC1 M2<sup>(d)</sup> | TSFR1M + 0.864% | 5.1870 | 12/25/34 | 203459 |
| 252736 | Morgan Stanley A.B.S Capital I Inc Trust Series 2003-SD1 M2<sup>(d)</sup> | TSFR1M + 4.014% | 8.3370 | 03/25/33 | 226468 |
| 21112 | New Century Home Equity Loan Trust Series 2003-5 AII<sup>(d)</sup> | TSFR1M + 0.914% | 5.2370 | 11/25/33 | 12328 |
| 76985 | Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE2 M1<sup>(d)</sup> | TSFR1M + 0.609% | 4.9320 | 03/25/36 | 67806 |
| 172625 | NovaStar Mortgage Funding Trust Series 2003-4 A1<sup>(d)</sup> | TSFR1M + 0.854% | 5.1770 | 02/25/34 | 172676 |
| 23299 | RAAC Series Trust Series 2004-SP1 AII<sup>(d)</sup> | TSFR1M + 0.814% | 5.1370 | 03/25/34 | 22112 |
| 77523 | RBSSP Resecuritization Trust Series 2010-4 6A2<sup>(c),(e)</sup> |  | 5.8250 | 02/26/36 | 76399 |
| 424761 | Renaissance Home Equity Loan Trust Series 2002-3 M1<sup>(d)</sup> | TSFR1M + 1.614% | 5.9370 | 12/25/32 | 397177 |
| 83936 | Renaissance Home Equity Loan Trust Series 2002-3 M2<sup>(d)</sup> | TSFR1M + 2.664% | 6.9870 | 12/25/32 | 71685 |
| 16671 | Saxon Asset Securities Trust Series 2001-2 AF5<sup>(e)</sup> |  | 7.1700 | 03/25/29 | 18050 |
| 30005 | Saxon Asset Securities Trust Series 2003-3 M2<sup>(d)</sup> | TSFR1M + 2.514% | 3.7730 | 12/25/33 | 27365 |
| 171540 | Saxon Asset Securities Trust Series 2003-3 AF5<sup>(e)</sup> |  | 4.0410 | 12/25/33 | 164610 |
| 1500000 | Security National Mortgage Loan Trust Series 2005-2A A4<sup>(b),(c)</sup> |  | 7.2260 | 02/25/35 | 1521587 |
| 207302 | Security National Mortgage Loan Trust Series 2005-2A A3<sup>(b),(c)</sup> |  | 6.2130 | 02/25/36 | 209151 |
| 114024 | Southern Pacific Secured Asset Corporation Series 1997-2 M1F |  | 7.3200 | 05/25/27 | 158220 |
| 768076 | Structured Asset Securities Corp Pass-Through Series 2002-AL1 A3 |  | 3.4500 | 02/25/32 | 162992 |
|  |  |  |  |  | 14051632 |
|  | **MANUFACTURED HOUSING - 0.3%** |  |  |  |  |
| 1500000 | Cascade MH Asset Trust Series 2019-MH1 M<sup>(b),(c)</sup> |  | 5.9850 | 11/25/44 | 1345141 |
| 87573 | Conseco Finance Corporation Series 5 B1<sup>(b)</sup> |  | 8.1000 | 07/15/26 | 79893 |
|  |  |  |  |  | 1425034 |
|  | **NON AGENCY CMBS - 23.0%** |  |  |  |  |
| 3204350 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B1<sup>(b),(c)</sup> |  | 3.6530 | 05/25/50 | 2455651 |
| 2124264 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B2<sup>(b),(c)</sup> |  | 5.3780 | 05/25/50 | 1558345 |
| 825000 | BANK Series 2017-BNK8 C<sup>(b)</sup> |  | 4.2270 | 11/15/50 | 653276 |
| 13229 | BANK Series 2019-BNK19 A1 |  | 2.2630 | 08/15/61 | 11670 |
| 1625000 | BANK Series 2019-BN19 B |  | 3.6470 | 08/15/61 | 1411948 |
| 980000 | BANK Series 2019-BNK20 B<sup>(b)</sup> |  | 3.3950 | 09/15/62 | 808313 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS - 23.0% (Continued)** |  |  |  |  |
| 474000 | BANK Series 2020-BNK27 B<sup>(b)</sup> |  | 2.9060 | 04/15/63 | $376320 |
| 22835 | Bayview Commercial Asset Trust Series 2005-2A M1<sup>(c),(d)</sup> | TSFR1M + 0.759% | 5.0820 | 08/25/35 | 21176 |
| 35335 | Bayview Commercial Asset Trust Series 2005-2A B1<sup>(c),(d)</sup> | TSFR1M + 1.839% | 6.1620 | 08/25/35 | 36707 |
| 18110 | Bayview Commercial Asset Trust Series 2005-4A M1<sup>(c),(d)</sup> | TSFR1M + 0.789% | 5.1120 | 01/25/36 | 16517 |
| 61853 | Bayview Commercial Asset Trust Series 2007-1 M2<sup>(c),(d)</sup> | TSFR1M + 0.549% | 4.8720 | 03/25/37 | 53348 |
| 500000 | Bayview Commercial Asset Trust Series 2008-1 M1<sup>(c),(d)</sup> | TSFR1M + 3.264% | 7.5870 | 01/25/38 | 455625 |
| 250000 | Benchmark Mortgage Trust Series 2020-IG3 A4<sup>(c)</sup> |  | 2.4370 | 09/15/48 | 219277 |
| 220000 | Benchmark Mortgage Trust Series 2020-IG3 C<sup>(b),(c)</sup> |  | 3.3560 | 09/15/48 | 78592 |
| 130000 | Benchmark Mortgage Trust Series 2019-B9 B |  | 4.4680 | 03/15/52 | 115898 |
| 900000 | Benchmark Mortgage Trust Series 2020-B17 E<sup>(c)</sup> |  | 2.2500 | 03/15/53 | 510946 |
| 470000 | Benchmark Mortgage Trust Series 2020-B17 C<sup>(b)</sup> |  | 3.3710 | 03/15/53 | 346624 |
| 500000 | Benchmark Mortgage Trust Series 2020-B19 B |  | 2.3510 | 09/15/53 | 388334 |
| 495000 | Benchmark Mortgage Trust Series 2021-B24 A2 |  | 1.9530 | 03/15/54 | 463125 |
| 328000 | Benchmark Mortgage Trust Series 2021-B31 C<sup>(b)</sup> |  | 3.1950 | 12/15/54 | 243601 |
| 350000 | BFLD Trust Series 2020-EYP A<sup>(c),(d)</sup> | TSFR1M + 1.264% | 5.6280 | 10/15/35 | 287272 |
| 555000 | BMD2 Re-Remic Trust Series 2019-FRR1 5A1<sup>(b),(c)</sup> |  | 3.4330 | 05/25/52 | 522631 |
| 155000 | BPR Trust Series 2022-STAR A<sup>(c),(d)</sup> | TSFR1M + 3.232% | 7.5950 | 08/15/39 | 146878 |
| 4290000 | Canal Center Lease-Backed Pass-Through Trust Series 1 A<sup>(c)</sup> |  | 3.0230 | 09/15/56 | 2725491 |
| 500000 | Cantor Commercial Real Estate Lending Series 2019-CF3 E<sup>(b),(c)</sup> |  | 2.5000 | 01/15/53 | 283378 |
| 2768639 | Carbon Capital VI Commercial Mortgage Series 2019-FL2 B<sup>(c),(d)</sup> | TSFR1M + 2.964% | 7.3270 | 10/15/35 | 1070079 |
| 1476605 | CBA Commercial Small Balance Commercial Mortgage Series 2007-1A A<sup>(c),(e)</sup> |  | 6.2600 | 07/25/39 | 1374202 |
| 1400000 | CD Mortgage Trust Series 2016-CD2 B<sup>(b)</sup> |  | 3.8790 | 11/10/49 | 1169000 |
| 72000 | CD Mortgage Trust Series 2017-CD3 D<sup>(c)</sup> |  | 3.2500 | 02/10/50 | 15867 |
| 1000000 | CD Mortgage Trust Series 2017-CD3 AS |  | 3.8330 | 02/10/50 | 926724 |
| 131402 | CFCRE Commercial Mortgage Trust Series 2011-C2 D<sup>(b),(c)</sup> |  | 5.2490 | 12/15/47 | 126955 |
| 100000 | CFK Trust Series 2020-MF2 A<sup>(c)</sup> |  | 2.3870 | 03/15/39 | 90089 |
| 2154913 | Citigroup Commercial Mortgage Trust Series 2014-GC25 B<sup>(b)</sup> |  | 4.3450 | 10/10/47 | 2059922 |
| 50000 | Citigroup Commercial Mortgage Trust Series 2015-GC31 B<sup>(b)</sup> |  | 3.8970 | 06/10/48 | 34931 |
| 750000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 D |  | 3.2360 | 11/10/48 | 349265 |
| 900000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 C<sup>(b)</sup> |  | 4.6010 | 11/10/48 | 661651 |
| 204436 | CNL Commercial Mortgage Loan Trust Series 2003-1A A1<sup>(c),(d)</sup> | TSFR1M + 0.614% | 4.9780 | 05/15/31 | 202109 |
| 3285000 | COMM Mortgage Trust Series 2013-CR12 B<sup>(b)</sup> |  | 4.7620 | 10/10/46 | 1773966 |
| 133011 | COMM Mortgage Trust Series 2014-CCRE16 B |  | 4.5820 | 04/10/47 | 124405 |
| 135858 | COMM Mortgage Trust Series 2014-UBS3 AM |  | 4.0120 | 06/10/47 | 130240 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS - 23.0% (Continued)** |  |  |  |  |
| 175500 | COMM Mortgage Trust Series 2016-COR1 C<sup>(b)</sup> |  | 4.4610 | 10/10/49 | $138715 |
| 420000 | CSAIL Commercial Mortgage Trust Series 2015-C3 D<sup>(b)</sup> |  | 3.3130 | 08/15/48 | 251616 |
| 190000 | CSAIL Commercial Mortgage Trust Series 2015-C3 C<sup>(b)</sup> |  | 4.3130 | 08/15/48 | 163339 |
| 265000 | CSAIL Commercial Mortgage Trust Series 2018-C14 D<sup>(b),(c)</sup> |  | 5.0400 | 11/15/51 | 216338 |
| 187000 | CSAIL Commercial Mortgage Trust Series 2015-C2 B<sup>(b)</sup> |  | 4.2080 | 06/15/57 | 180178 |
| 2634000 | CSAIL Commercial Mortgage Trust Series 2015-C2 C<sup>(b)</sup> |  | 4.2600 | 06/15/57 | 2423270 |
| 146000 | CSAIL Commercial Mortgage Trust Series 2015-C2 D<sup>(b)</sup> |  | 4.2600 | 06/15/57 | 110629 |
| 1640000 | CSMC OA, LLC Series 2014-USA D<sup>(c)</sup> |  | 4.3730 | 09/15/37 | 1341127 |
| 368477 | FREMF Mortgage Trust Series 2018-KF52<sup>(d)</sup> | SOFR30A + 2.064% | 6.4050 | 09/25/28 | 354185 |
| 135782 | FREMF Mortgage Trust Series 2020-KF76 B<sup>(c),(d)</sup> | SOFR30A + 2.864% | 7.2050 | 01/25/30 | 130337 |
| 1676692 | FREMF Mortgage Trust Series 2017-KF38 B<sup>(c),(d)</sup> | SOFR30A + 2.614% | 6.9550 | 09/25/34 | 1556733 |
| 866865 | FRESB Mortgage Trust Series 2018-SB48 B<sup>(b),(c)</sup> |  | 4.5370 | 02/25/38 | 440976 |
| 1470000 | GS Mortgage Securities Corp Trust Series 2021-ROSS A<sup>(c),(d)</sup> | TSFR1M + 1.414% | 5.7780 | 05/15/26 | 1388750 |
| 5000000 | GS Mortgage Securities Corp Trust Series 2013-PEMB A<sup>(b),(c)</sup> |  | 3.6680 | 03/05/33 | 4412140 |
| 395936 | GS Mortgage Securities Corp Trust Series 2012-BWTR A<sup>(c)</sup> |  | 2.9540 | 11/05/34 | 322596 |
| 2662000 | GS Mortgage Securities Trust Series 2014-GC22 AS |  | 4.1130 | 06/10/47 | 2512910 |
| 1000000 | GS Mortgage Securities Trust Series 2016-GS4 C<sup>(b)</sup> |  | 4.0350 | 11/10/49 | 905190 |
| 1300000 | Harvest Commercial Capital Loan Trust Series 2019-1 M5<sup>(b),(c)</sup> |  | 5.7300 | 11/25/31 | 1224749 |
| 2000000 | Harvest Commercial Capital Loan Trust Series 2020-1 M5<sup>(b),(c)</sup> |  | 5.9640 | 04/25/52 | 1853760 |
| 340099 | Hudsons Bay Simon JV Trust Series 2015-HB7 A7<sup>(c)</sup> |  | 3.9140 | 08/05/34 | 339777 |
| 41160 | Impac CMB Trust Series 2004-8 3B<sup>(d)</sup> | TSFR1M + 2.739% | 7.0620 | 08/25/34 | 39545 |
| 387000 | JP Morgan Chase Commercial Mortgage Series MINN A<sup>(c),(d)</sup> | TSFR1M + 1.317% | 5.6800 | 11/15/35 | 355989 |
| 453936 | JP Morgan Chase Commercial Mortgage Securities Series 2015-FL7 D<sup>(c),(d)</sup> | PRIME + 0.693% | 8.1930 | 05/15/28 | 375890 |
| 1216535 | JP Morgan Chase Commercial Mortgage Securities Series 2012-WLDN A<sup>(c)</sup> |  | 3.9100 | 05/05/30 | 1168129 |
| 1900000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A<sup>(c),(d)</sup> | TSFR1M + 1.497% | 5.8400 | 04/15/31 | 912000 |
| 1453629 | JP Morgan Chase Commercial Mortgage Securities Series PHH A<sup>(c),(d)</sup> | TSFR1M + 1.257% | 5.6200 | 06/15/35 | 1240523 |
| 560000 | JP Morgan Chase Commercial Mortgage Securities Series MKST A<sup>(c),(d)</sup> | TSFR1M + 1.464% | 5.8270 | 12/15/36 | 350000 |
| 193000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 E<sup>(b),(c)</sup> |  | 5.7100 | 02/15/46 | 133897 |
| 500000 | JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 E<sup>(b),(c)</sup> |  | 3.2500 | 04/15/46 | 19751 |
| 5662197 | JP Morgan Chase Commercial Mortgage Securities Series 2007-LD11 AJ<sup>(b)</sup> |  | 6.0130 | 06/15/49 | 1047741 |
| 418000 | JPMBB Commercial Mortgage Securities Trust Series C22 C<sup>(b)</sup> |  | 4.6600 | 09/15/47 | 388487 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS - 23.0% (Continued)** |  |  |  |  |
| 345000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D<sup>(b)</sup> |  | 4.3110 | 11/15/48 | $30064 |
| 210000 | JPMDB Commercial Mortgage Securities Trust Series 2017-C5 AS<sup>(b)</sup> |  | 3.8580 | 03/15/50 | 192775 |
| 1165000 | JPMDB Commercial Mortgage Securities Trust Series 2017-C5 B<sup>(b)</sup> |  | 4.0090 | 03/15/50 | 904753 |
| 2000000 | JPMDB Commercial Mortgage Securities Trust Series COR7 AS |  | 2.5360 | 05/13/53 | 1632667 |
| 165000 | JPMDB Commercial Mortgage Securities Trust Series COR7 B<sup>(b)</sup> |  | 3.2940 | 05/13/53 | 108768 |
| 544000 | Lehman Brothers Small Balance Commercial Mortgage Series 3A M2<sup>(c),(d)</sup> | TSFR1M + 2.114% | 6.4370 | 10/25/37 | 491527 |
| 381000 | LSTAR Commercial Mortgage Trust Series 2016-4 C<sup>(b),(c)</sup> |  | 4.7780 | 03/10/49 | 342243 |
| 1000000 | LSTAR Commercial Mortgage Trust Series 2016-4 D<sup>(b),(c)</sup> |  | 4.7780 | 03/10/49 | 956846 |
| 1500000 | LSTAR Commercial Mortgage Trust Series 2017-5 D<sup>(b),(c)</sup> |  | 4.8220 | 03/10/50 | 1278153 |
| 3081884 | ML-CFC Commercial Mortgage Trust Series 2007-5 AJ<sup>(b)</sup> |  | 5.4500 | 08/12/48 | 519391 |
| 390000 | Morgan Stanley Capital I Trust Series 2014-150E A<sup>(c)</sup> |  | 3.9120 | 09/09/32 | 354817 |
| 420000 | Morgan Stanley Capital I Trust Series 2014-150E AS<sup>(c)</sup> |  | 4.0120 | 09/09/32 | 369196 |
| 172000 | Morgan Stanley Capital I Trust Series 2014-150E<sup>(c)</sup> |  | 4.2640 | 09/09/32 | 131295 |
| 347000 | Morgan Stanley Capital I Trust Series 2014-150E D<sup>(b),(c)</sup> |  | 4.4380 | 09/09/32 | 254384 |
| 124657 | Morgan Stanley Capital I Trust Series 2018-BOP A<sup>(c),(d)</sup> | TSFR1M + 0.897% | 5.2610 | 08/15/33 | 102986 |
| 200000 | Morgan Stanley Capital I Trust Series 2015-MS1 D<sup>(b),(c)</sup> |  | 4.2890 | 05/15/48 | 164856 |
| 4523358 | Morgan Stanley Capital I Trust Series 2015-420 A<sup>(c),(e)</sup> |  | 7.9820 | 10/12/50 | 4627683 |
| 15218 | Morgan Stanley Capital I Trust Series 2019-H6 A2 |  | 3.2280 | 06/15/52 | 14388 |
| 210000 | MRCD Mortgage Trust Series 2019-PARK A<sup>(c)</sup> |  | 2.7180 | 12/15/36 | 187058 |
| 1000000 | Natixis Commercial Mortgage Securities Trust Series 75B A<sup>(c)</sup> |  | 3.8580 | 04/10/37 | 868630 |
| 1000000 | OWS Real Estate Finance, LLC Series MARG2 A<sup>(b),(c)</sup> |  | 8.3500 | 08/15/27 | 1001692 |
| 2250000 | Ready Capital Mortgage Trust Series 2019-5 E<sup>(b),(c)</sup> |  | 6.0380 | 02/25/52 | 2021388 |
| 3000000 | ReadyCap Commercial Mortgage Trust Series 2018-4 E<sup>(b),(c)</sup> |  | 5.2490 | 02/27/51 | 2868732 |
| 110000 | Soho Trust Series 2021-SOHO B<sup>(b),(c)</sup> |  | 2.7860 | 08/10/38 | 79910 |
| 33513 | Sutherland Commercial Mortgage Trust Series 2019-SBC8 A<sup>(b),(c)</sup> |  | 2.8600 | 04/25/41 | 30145 |
| 351445 | Sutherland Commercial Mortgage Trust Series 2021-SB10 C<sup>(b),(c)</sup> |  | 2.6400 | 12/25/41 | 324118 |
| 2000000 | TPG Trust Series 2024-WLSC A<sup>(c),(d)</sup> | TSFR1M + 2.133% | 6.4960 | 11/15/29 | 2011454 |
| 251000 | UBS Commercial Mortgage Trust Series 2019-C16 C<sup>(b)</sup> |  | 4.9230 | 04/15/52 | 218120 |
| 1326632 | VCC Trust Series 2025-MC1 A1<sup>(c),(e)</sup> |  | 8.1630 | 05/25/55 | 1356954 |
| 1588789 | Velocity Commercial Capital Loan Trust Series 2017-2 M5<sup>(b),(c)</sup> |  | 6.4200 | 11/25/47 | 1408986 |
| 1539808 | Velocity Commercial Capital Loan Trust Series 2017-2 M6<sup>(b),(c)</sup> |  | 7.7500 | 11/25/47 | 1347957 |
| 807590 | Velocity Commercial Capital Loan Trust Series 2018-1 M6<sup>(c)</sup> |  | 7.2600 | 04/25/48 | 721849 |
| 881340 | Velocity Commercial Capital Loan Trust Series 2018-2 M5<sup>(b),(c)</sup> |  | 6.3600 | 10/26/48 | 772691 |
| 362642 | Velocity Commercial Capital Loan Trust Series 2019-1 M5<sup>(b),(c)</sup> |  | 5.7000 | 03/25/49 | 318474 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **NON AGENCY CMBS - 23.0% (Continued)** |  |  |  |  |
| 878055 | Velocity Commercial Capital Loan Trust Series 2019-1 M6<sup>(b),(c)</sup> |  | 6.7900 | 03/25/49 | $777263 |
| 1252236 | Velocity Commercial Capital Loan Trust Series 2019-2 M6<sup>(b),(c)</sup> |  | 6.3000 | 07/25/49 | 935971 |
| 416848 | Velocity Commercial Capital Loan Trust Series 2019-3 M3<sup>(b),(c)</sup> |  | 3.3800 | 10/25/49 | 351231 |
| 373028 | Velocity Commercial Capital Loan Trust Series 2019-3 M6<sup>(b),(c)</sup> |  | 6.0300 | 10/25/49 | 317040 |
| 59372 | Velocity Commercial Capital Loan Trust Series 2020-1 M2<sup>(b),(c)</sup> |  | 2.9800 | 02/25/50 | 43776 |
| 1770369 | Velocity Commercial Capital Loan Trust Series 2021-2 M1<sup>(b),(c)</sup> |  | 1.8200 | 08/25/51 | 1356658 |
| 1371697 | Velocity Commercial Capital Loan Trust Series 2021-3 M6<sup>(b),(c)</sup> |  | 5.0300 | 10/25/51 | 1065119 |
| 2134063 | Velocity Commercial Capital Loan Trust Series 2021-4 M5<sup>(b),(c)</sup> |  | 5.6800 | 12/26/51 | 1724297 |
| 1755486 | Velocity Commercial Capital Loan Trust Series 2022-1 M5<sup>(b),(c)</sup> |  | 5.8170 | 02/25/52 | 1300372 |
| 2615318 | Velocity Commercial Capital Loan Trust Series 2022-2 M5<sup>(b),(c)</sup> |  | 5.7320 | 04/25/52 | 2223147 |
| 683654 | Velocity Commercial Capital Loan Trust Series 2022-4 M4<sup>(b),(c)</sup> |  | 7.5300 | 08/25/52 | 642137 |
| 399113 | Velocity Commercial Capital Loan Trust Series 2023-1 M1<sup>(b),(c)</sup> |  | 7.1500 | 01/25/53 | 399487 |
| 1126923 | Velocity Commercial Capital Loan Trust Series 2023-2 M4<sup>(b),(c)</sup> |  | 10.4370 | 05/25/53 | 1151819 |
| 955126 | Velocity Commercial Capital Loan Trust Series 2023-3 M3<sup>(b),(c)</sup> |  | 9.3200 | 08/25/53 | 983974 |
| 219118 | Velocity Commercial Capital Loan Trust Series 2024-1 M2<sup>(b),(c)</sup> |  | 7.2300 | 01/25/54 | 221604 |
| 239165 | Wachovia Bank Commercial Mortgage Trust Series 2004-C12 IO<sup>(a),(b),(c)</sup> |  | 1.0890 | 07/15/41 | 435 |
| 26486 | Waterfall Commercial Mortgage Trust Series 2015-SBC5 A<sup>(b),(c)</sup> |  | 4.1040 | 12/14/32 | 26141 |
| 35555 | Wells Fargo Commercial Mortgage Trust Series 2013-LC12 B<sup>(b)</sup> |  | 3.9130 | 07/15/46 | 31019 |
| 250000 | Wells Fargo Commercial Mortgage Trust Series 2016-C34 C<sup>(b)</sup> |  | 5.2190 | 06/15/49 | 220725 |
| 505000 | Wells Fargo Commercial Mortgage Trust Series 2016-C36 C<sup>(b)</sup> |  | 4.2490 | 11/15/59 | 444040 |
| 198415 | WFRBS Commercial Mortgage Trust Series 2011-C4 D<sup>(b),(c)</sup> |  | 5.1500 | 06/15/44 | 192624 |
| 160000 | WFRBS Commercial Mortgage Trust Series 2012-C10 C<sup>(b)</sup> |  | 4.4550 | 12/15/45 | 135051 |
| 455000 | WFRBS Commercial Mortgage Trust Series 2013-C15 C<sup>(b)</sup> |  | 4.2840 | 08/15/46 | 398410 |
| 148577 | WFRBS Commercial Mortgage Trust Series 2014-C20 B |  | 4.3780 | 05/15/47 | 133970 |
| 1800000 | Worldwide Plaza Trust Series 2017-WWP A<sup>(c)</sup> |  | 3.5260 | 11/10/36 | 1218130 |
|  |  |  |  |  | 94909004 |
|  | **OTHER ABS — 2.3%** |  |  |  |  |
| 60254 | AASET Trust Series 2020-1A A<sup>(c)</sup> |  | 3.3510 | 01/16/40 | 59308 |
| 2070449 | Corevest American Finance Trust Series 2019-3 XA<sup>(a),(b),(c)</sup> |  | 2.1510 | 10/15/52 | 5356 |
| 119314 | FNA VII, LLC Series 1A A1<sup>(c)</sup> |  | 6.9000 | 04/15/38 | 119814 |
| 474951 | FortiFi Series 2023-1A A<sup>(c)</sup> |  | 6.2300 | 09/20/59 | 474528 |
| 374565 | Goldman Home Improvement Trust Issuer Series 2022-GRN1 D<sup>(c)</sup> |  | 7.3000 | 06/25/52 | 381790 |
| 1609320 | Goodgreen Trust Series 2021-1A C<sup>(c)</sup> |  | 5.7400 | 10/15/56 | 1275868 |
| 711973 | Goodleap Sustainable Home Solutions Trust Series 2023-2GS A<sup>(c)</sup> |  | 5.7000 | 05/20/55 | 673288 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **OTHER ABS - 2.3% (Continued)** |  |  |  |  |
| 48726 | HERO Funding Trust Series 2015-2A A<sup>(c)</sup> |  | 3.9900 | 09/20/40 | $46889 |
| 139528 | Home Partners of America Trust Series 2020-2 F<sup>(c)</sup> |  | 4.0550 | 01/17/41 | 117705 |
| 47513 | JG Wentworth XLII, LLC Series 2A B<sup>(c)</sup> |  | 4.7000 | 10/15/77 | 43330 |
| 437026 | Mill City Solar Loan Ltd. Series 2019-1A A<sup>(c)</sup> |  | 4.3400 | 03/20/43 | 381495 |
| 98669 | Mosaic Solar Loan Trust Series 2018-1A B<sup>(c)</sup> |  | 2.0000 | 06/22/43 | 79170 |
| 400000 | Mosaic Solar Loan Trust Series 2024-1A C<sup>(c)</sup> |  | 9.0000 | 09/20/49 | 308271 |
| 69427 | Mosaic Solar Loan Trust Series 2024-2A A<sup>(c)</sup> |  | 5.6000 | 04/22/52 | 66198 |
| 435000 | Mosaic Solar Loan Trust Series 2023-4A C<sup>(c)</sup> |  | 8.8000 | 05/20/53 | 326972 |
| 250000 | New Economy Assets Phase 1 Sponsor, LLC Series 1 B1<sup>(c)</sup> |  | 2.4100 | 10/20/61 | 165018 |
| 1500000 | NP SPE II, LLC Series 1A B1<sup>(c)</sup> |  | 5.6070 | 10/21/47 | 1389040 |
| 795777 | NP SPE X, L.P. Series 1A A1<sup>(c)</sup> |  | 2.2300 | 03/19/51 | 746190 |
| 428139 | Sunnova Helios IX Issuer, LLC Series B A<sup>(c)</sup> |  | 5.0000 | 08/20/49 | 374536 |
| 492564 | Sunnova Helios X Issuer, LLC Series C A<sup>(c)</sup> |  | 5.3000 | 11/22/49 | 460544 |
| 146905 | Sunnova Helios X Issuer, LLC Series C C<sup>(c)</sup> |  | 6.0000 | 11/22/49 | 57824 |
| 120696 | Sunrun Demeter Issuer, LLC Series 2021-2A A<sup>(c)</sup> |  | 2.2700 | 01/30/57 | 107944 |
| 379528 | Sunrun Vulcan Issuer, LLC Series 2021-1A A<sup>(c)</sup> |  | 2.4600 | 01/30/52 | 334389 |
| 234768 | USQ Rail III, LLC Series 1A A<sup>(c)</sup> |  | 4.9900 | 09/28/54 | 235417 |
| 104223 | Vivint Solar Financing VII, LLC Series 1A A<sup>(c)</sup> |  | 2.2100 | 07/31/51 | 93718 |
| 1175364 | Willis Engine Structured Trust VII Series A A<sup>(c)</sup> |  | 8.0000 | 10/15/48 | 1221642 |
|  |  |  |  |  | 9546244 |
|  | **RESIDENTIAL MORTGAGE - 2.0%** |  |  |  |  |
| 393604 | Amresco Residential Securities Corp Mort Loan Series 1999-1 A<sup>(d)</sup> | TSFR1M + 0.584% | 5.3770 | 06/25/29 | 389844 |
| 7187676 | Belvedere SPV Srl Series 1 A<sup>(d)</sup> | EUR006M + 3.250% | 5.2870 | 12/31/38 | 1040754 |
| 4633 | Chase Funding Trust Series 2002-4 2A1<sup>(d)</sup> | TSFR1M + 0.854% | 5.1770 | 10/25/32 | 4616 |
| 28637 | Chase Funding Trust Series 2004-1 1A7<sup>(e)</sup> |  | 4.9850 | 11/25/33 | 27563 |
| 541323 | Credit-Based Asset Servicing and Securitization, Series 2002-CB3 B2<sup>(d)</sup> | TSFR1M + 3.489% | 7.8120 | 06/25/32 | 538397 |
| 45757 | Credit-Based Asset Servicing and Securitization, Series 2003-CB1 M1<sup>(d)</sup> | TSFR1M + 1.539% | 4.5380 | 01/25/33 | 45440 |
| 90437 | Credit-Based Asset Servicing and Securitization, Series 2004-CB3 B1<sup>(d)</sup> | TSFR1M + 2.889% | 3.0970 | 03/25/34 | 111123 |
| 1360918 | Credit-Based Asset Servicing and Securitization, Series 2004-RP1<sup>(c),(d)</sup> | TSFR1M + 3.864% | 8.1870 | 05/25/50 | 1342668 |
| 89105 | CWABS Asset-Backed Certificates Trust Series 2005-13 AF4<sup>(b)</sup> |  | 4.2730 | 04/25/36 | 83601 |
| 11961 | CWABS Inc Asset-Backed Certificates Trust Series 2004-6 2A3<sup>(d)</sup> | TSFR1M + 1.314% | 5.6370 | 11/25/34 | 11024 |
| 109307 | Equity One Mortgage Pass-Through Trust Series 2004-3 M1<sup>(e)</sup> |  | 3.7600 | 07/25/34 | 94898 |
| 202018 | Fannie Mae Grantor Trust Series 2003-T4 1A<sup>(d)</sup> | TSFR1M + 0.334% | 3.0330 | 09/26/33 | 199927 |
| 362293 | First Franklin Mortgage Loan Trust Series 2002-FF1 M2<sup>(d)</sup> | TSFR1M + 1.914% | 6.2370 | 04/25/32 | 363989 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE - 2.0% (Continued)** |  |  |  |  |
| 87199 | GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2 M1<sup>(d)</sup> | TSFR1M + 0.774% | 5.0970 | 12/25/35 | $68313 |
| 346926 | Legacy Mortgage Asset Trust Series 2019-SL2 A<sup>(b),(c)</sup> |  | 3.3750 | 02/25/59 | 335341 |
| 589470 | Lehman A.B.S Mortgage Loan Trust Series 2007-1 2A2<sup>(c),(d)</sup> | TSFR1M + 0.314% | 4.6370 | 06/25/37 | 380406 |
| 53147 | Long Beach Mortgage Loan Trust Series 2003-2 M2<sup>(d)</sup> | TSFR1M + 2.964% | 7.2870 | 06/25/33 | 60699 |
| 51097 | MASTR Specialized Loan Trust Series 2005-3 M1<sup>(c),(d)</sup> | TSFR1M + 1.239% | 5.5620 | 11/25/35 | 48881 |
| 436131 | RAAC Series Trust Series 2007-RP3 A<sup>(c),(d)</sup> | TSFR1M + 0.494% | 5.1970 | 10/25/46 | 426427 |
| 1350000 | RMF Buyout Issuance Trust Series 2022-HB1 M4<sup>(b),(c)</sup> |  | 4.5000 | 04/25/32 | 1179473 |
| 352745 | Soundview Home Loan Trust Series 2007-1 M2<sup>(d)</sup> | TSFR1M + 0.639% | 4.9620 | 03/25/37 | 460474 |
| 527273 | Structured Asset Investment Loan Trust Series 2003-BC9 M3<sup>(d)</sup> | TSFR1M + 3.264% | 7.5870 | 08/25/33 | 490484 |
| 145141 | Structured Asset Securities Corp Mortgage Loan Series 2005-WF2 M7<sup>(d)</sup> | TSFR1M + 1.764% | 6.0870 | 05/25/35 | 142383 |
| 260100 | Structured Asset Securities Corp Mortgage Loan Series WF1 A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.8570 | 02/25/37 | 247501 |
|  |  |  |  |  | 8094226 |
|  | **STUDENT LOANS - 1.1%** |  |  |  |  |
| 26186 | AccessLex Institute Series 2004-2 B<sup>(d)</sup> | SOFR90A + 0.962% | 5.3020 | 01/25/43 | 23956 |
| 319430 | Brazos Education Loan Authority, Inc. Series 2 A1A |  | 2.0600 | 01/25/72 | 264931 |
| 62724 | College Ave Student Loans, LLC Series 2019-A A1<sup>(c),(d)</sup> | TSFR1M + 1.514% | 5.8370 | 12/28/48 | 60645 |
| 48105 | College Ave Student Loans, LLC Series 2021-A D<sup>(c)</sup> |  | 4.1200 | 07/25/51 | 44400 |
| 934240 | Commonbond Student Loan Trust Series 2021-BGS B<sup>(c)</sup> |  | 1.6400 | 09/25/51 | 756907 |
| 144130 | ELFI Graduate Loan Program, LLC Series 2020-A A<sup>(c)</sup> |  | 1.7300 | 08/25/45 | 128921 |
| 205000 | National Collegiate Student Loan Trust Series 2006-3 B<sup>(d)</sup> | TSFR1M + 0.474% | 4.7970 | 01/26/32 | 197127 |
| 225000 | Navient Private Education Refi Loan Trust Series 2019-FA B<sup>(c)</sup> |  | 3.1200 | 08/15/68 | 190925 |
| 165000 | Navient Private Education Refi Loan Trust Series 2020-FA B<sup>(c)</sup> |  | 2.6900 | 07/15/69 | 134355 |
| 235000 | Navient Private Education Refi Loan Trust Series 2021-FA B<sup>(c)</sup> |  | 2.1200 | 02/18/70 | 174263 |
| 272907 | SLM Private Credit Student Loan Trust Series 2004-B A4<sup>(d)</sup> | TSFR3M + 0.692% | 5.0100 | 09/15/33 | 258157 |
| 350442 | SLM Private Education Loan Trust Series 2010-C<sup>(c),(d)</sup> | TSFR1M + 4.864% | 9.2280 | 10/15/41 | 368030 |
| 295448 | SLM Student Loan Trust Series 2012-1 A3<sup>(d)</sup> | SOFR30A + 1.064% | 5.4130 | 09/25/28 | 279819 |
| 11822 | SLM Student Loan Trust Series 2005-5 B<sup>(d)</sup> | SOFR90A + 0.512% | 4.8520 | 10/25/40 | 10060 |
| 54850 | SLM Student Loan Trust Series 2005-8 B<sup>(d)</sup> | SOFR90A + 0.572% | 4.9120 | 01/25/55 | 52238 |
| 262000 | SLM Student Loan Trust Series 2008-4 B<sup>(d)</sup> | SOFR90A + 2.112% | 6.4520 | 04/25/73 | 268449 |
| 375000 | SLM Student Loan Trust Series 2008-5 B<sup>(d)</sup> | SOFR90A + 2.112% | 6.4520 | 07/25/73 | 379590 |
| 375000 | SLM Student Loan Trust Series 2008-2 B<sup>(d)</sup> | SOFR90A + 1.462% | 5.8020 | 01/25/83 | 380935 |
| 375000 | SLM Student Loan Trust Series 2008-3 B<sup>(d)</sup> | SOFR90A + 1.462% | 5.8020 | 04/26/83 | 378304 |
|  |  |  |  |  | 4352012 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 60.9% (Continued)** |  |  |  |  |
|  | **WHOLE BUSINESS - 0.8%** |  |  |  |  |
| 39869 | Business Loan Express Business Loan Trust Series 2007-AA C<sup>(c),(d)</sup> | TSFR1M + 2.264% | 6.6050 | 10/20/40 | $34333 |
| 79859 | Business Loan Express Business Loan Trust Series 2007-AX C<sup>(d)</sup> | TSFR1M + 2.264% | 6.6050 | 10/20/40 | 68770 |
| 1950762 | Harvest SBA Loan Trust Series 2023-1 C<sup>(c),(d)</sup> | SOFR30A + 8.500% | 12.9670 | 10/25/50 | 2088382 |
| 1420221 | KGS-Alpha SBA COOF Trust Series 2015-1 A<sup>(a),(b),(c)</sup> |  | 1.5500 | 10/25/35 | 39097 |
| 1008610 | KGS-Alpha SBA COOF Trust Series 2014-5 A<sup>(a),(b),(c)</sup> |  | 2.9380 | 10/25/40 | 29555 |
| 31811 | Newtek Small Business Loan Trust Series 2021-1 A<sup>(c),(d)</sup> | PRIME - 0.250% | 7.2500 | 12/25/48 | 31757 |
| 34810 | Newtek Small Business Loan Trust Series 2021-1 A<sup>(c),(d)</sup> | PRIME - 0.700% | 6.8000 | 10/25/49 | 35011 |
| 312150 | Newtek Small Business Loan Trust Series 2023-1 A<sup>(c),(d)</sup> | PRIME - 0.500% | 7.0000 | 07/25/50 | 314778 |
| 126237 | ReadyCap Lending Small Business Loan Trust Series 2019-2 A<sup>(c),(d)</sup> | PRIME - 0.500% | 7.0000 | 12/27/44 | 126147 |
| 431692 | ReadyCap Lending Small Business Loan Trust Series 2023-3 A<sup>(c),(d)</sup> | PRIME + 0.070% | 7.5700 | 04/25/48 | 439157 |
|  |  |  |  |  | 3206987 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $260,406,590)** |  |  |  | 251713143 |
|  | **CORPORATE BONDS — 14.3%** |  |  |  |  |
|  | **ASSET MANAGEMENT - 0.2%** |  |  |  |  |
| 70000 | Morgan Stanley & Company, LLC<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 01/21/26 | 68338 |
| 274000 | Nomura America Finance, LLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 12/31/33 | 183238 |
| 65000 | Nomura America Finance, LLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 02/28/34 | 51694 |
| 890000 | Nomura America Finance, LLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 0.0000 | 07/29/34 | 607424 |
|  |  |  |  |  | 910694 |
|  | **BANKING - 2.7%** |  |  |  |  |
| 190000 | Bank of Nova Scotia (The)<sup>(d)</sup> | 4\*(USISOA30-USISOA02-0.75%) | 0.0000 | 06/27/33 | 126350 |
| 120000 | Bank of Nova Scotia (The)<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-0.738% | 0.0000 | 01/30/34 | 80400 |
| 100000 | Bank of Nova Scotia (The)<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.738% | 0.0000 | 08/28/34 | 68500 |
| 525000 | Barclays Bank PLC<sup>(d)</sup> | 4.250\*(USISOA30-USISOA02) | 0.0000 | 09/13/28 | 448219 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 14.3% (Continued)** |  |  |  |  |
|  | **BANKING - 2.7% (Continued)** |  |  |  |  |
| 50000 | Barclays Bank PLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 10/18/28 | $42375 |
| 75000 | Barclays Bank PLC<sup>(d)</sup> | 4\*(USISOA10-USISOA02)-1.00% | 0.0000 | 08/15/33 | 51375 |
| 58000 | Barclays Bank PLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-2.00% | 0.0000 | 04/25/34 | 38788 |
| 70000 | Barclays Bank PLC<sup>(d)</sup> | 8\*(USISOA30-USISOA05)-2.00% | 0.0000 | 07/31/34 | 55038 |
| 177000 | BNP Paribas S.A.<sup>(d)</sup> | 4\*(CMS30-CMS5) | 0.0000 | 04/30/33 | 126113 |
| 1037000 | Citigroup, Inc.<sup>(d)</sup> | 4.5\*(USISOA30-USISOA05) | 0.0000 | 11/26/33 | 762195 |
| 150000 | Citigroup, Inc.<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 1.6410 | 10/31/34 | 107438 |
| 507000 | Citigroup, Inc.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 0.0000 | 12/29/34 | 356168 |
| 55000 | Citigroup, Inc.<sup>(d)</sup> | 20\*(USISOA30-USISOA02)-17.5% | 0.0000 | 08/31/35 | 40150 |
| 500000 | Credit Agricole Corporate & Investment Bank S.A.<sup>(d)</sup> | 9.75\*(USISOA30-USISOA02) | 0.0000 | 04/22/36 | 325000 |
| 1500000 | Credit Agricole Corporate & Investment Bank S.A.<sup>(d)</sup> | 7.75\*(USISOA30-USISOA02) | 0.0000 | 05/24/36 | 941249 |
| 1220000 | Credit Suisse A.G.<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 01/29/31 | 1018699 |
| 1079000 | Credit Suisse A.G.<sup>(d)</sup> | 15\*(USISOA30-USISOA02) | 0.0000 | 10/31/31 | 913103 |
| 120000 | Deutsche Bank A.G.<sup>(d)</sup> | 4\*(USISOA30-USISOA05)-2.20% | 0.0000 | 01/31/33 | 80250 |
| 245000 | Deutsche Bank A.G.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.60% | 0.0000 | 06/30/34 | 169050 |
| 1257000 | Deutsche Bank A.G.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-2.000% | 0.0000 | 08/28/34 | 840618 |
| 961000 | Deutsche Bank A.G.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 0.0000 | 11/26/34 | 661889 |
| 738000 | Deutsche Bank A.G.<sup>(d)</sup> | 10\*(USISOA30-USISOA02)-8.750% | 0.0000 | 03/27/35 | 555345 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 14.3% (Continued)** |  |  |  |  |
|  | **BANKING - 2.7% (Continued)** |  |  |  |  |
| 75000 | Deutsche Bank A.G.<sup>(d)</sup> | 15\*(USISOA30-USISOA02)-13.125% | 0.0000 | 12/23/35 | $51938 |
| 100000 | HSBC USA, Inc.<sup>(d)</sup> | 6.250\*(USISOA30-USISOA05) | 0.0000 | 05/21/29 | 84000 |
| 200000 | Lloyds Bank plc<sup>(d)</sup> | 4.3\*(USISOA30-USISOA05-0.500%) | 0.0000 | 01/31/33 | 136000 |
| 136000 | Lloyds Bank plc<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 0.9800 | 10/25/33 | 95200 |
| 655000 | Lloyds Bank plc<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.400% | 0.0000 | 11/27/33 | 459286 |
| 282000 | Natixis US Medium-Term Note Program, LLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 04/30/34 | 190350 |
| 1414000 | Natixis US Medium-Term Note Program, LLC<sup>(d)</sup> | 7.5\*(USISOA30-USISOA05)-1.875% | 0.0000 | 07/31/34 | 959752 |
| 125000 | NatWest Markets plc<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-0.25% | 0.0000 | 08/18/31 | 97813 |
| 100000 | NatWest Markets plc<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-0.50% | 0.0000 | 08/26/31 | 74500 |
| 202000 | SG Structured Products, Inc.<sup>(b)</sup> |  | 1.0000 | 03/31/26 | 190890 |
| 185000 | SG Structured Products, Inc.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-2.00% | 0.0000 | 07/29/31 | 149850 |
| 744000 | Societe Generale S.A.<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 10/29/32 | 639840 |
| 203000 | Societe Generale S.A.<sup>(d)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | 01/31/35 | 182700 |
| 135000 | STRATS, LLC<sup>(d)</sup> | TSFR1M + 1.428% | 5.9990 | 02/15/34 | 106788 |
|  |  |  |  |  | 11227219 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.1%** |  |  |  |  |
| 41000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | 04/25/32 | 40470 |
| 35000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 9.5\*(USISOA30-USISOA02) | 0.0000 | 11/22/32 | 30100 |
| 200000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 30\*(USISOA30-USISOA02) | 0.0000 | 03/29/34 | 182000 |
| 60000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | 03/29/34 | 57000 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 14.3% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.1% (Continued)** |  |  |  |  |
| 1350000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | 01/22/35 | $1268999 |
| 553000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 30\*(USISOA30-USISOA02) | 0.0000 | 04/01/41 | 475580 |
| 1700000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 25\*(USISOA30-USISOA02) | 0.0000 | 09/03/41 | 1427999 |
| 300000 | Credit Suisse A.G.<sup>(d)</sup> | 7.5\*(USISOA30-USISOA02) | 0.0000 | 09/30/30 | 240000 |
| 627000 | Credit Suisse A.G.<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 09/30/30 | 531383 |
| 95000 | Credit Suisse A.G.<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 5.1500 | 10/30/30 | 76950 |
| 791000 | Credit Suisse A.G.<sup>(d)</sup> | 12\*(USISOA30-USISOA02) | 0.0000 | 04/29/31 | 660485 |
| 365000 | Goldman Sachs Group, Inc. (The)<sup>(d)</sup> | 5\*(USISOA30-USISOA05) | 0.0000 | 03/19/29 | 306144 |
| 500000 | GS Finance Corporation<sup>(d)</sup> | 7\*(USISOA30-USISOA05)-1.75% | 0.0000 | 03/24/31 | 379375 |
| 97000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 7.5\*(USISOA30-USISOA02) | 0.0000 | 05/31/34 | 73235 |
| 30000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 10\*(USISOA10-USISOA02) | 0.0000 | 06/30/37 | 22575 |
| 150000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 10\*(USISOA10-USISOA02) | 0.0000 | 08/31/37 | 112875 |
| 1071000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 9\*(USISOA10-USISOA02) | 0.0000 | 08/31/37 | 797894 |
| 248000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 8\*(USISOA10-USISOA02) | 0.0000 | 09/30/37 | 182280 |
| 240000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 10\*(USISOA10-USISOA02) | 0.0000 | 10/31/37 | 180300 |
| 1250000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 8.5\*(USISOA30-USISOA02) | 5.4720 | 10/31/37 | 856249 |
| 110000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | 01/31/38 | 88688 |
| 762000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | USISOA30 + 0.750% | 5.0860 | 02/28/38 | 630418 |
| 280000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | TSFR3M + 4.262% | 8.5810 | 03/20/40 | 275042 |
| 1000000 | JPMorgan Chase Financial Company, LLC<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 4.6100 | 10/21/36 | 690000 |
| 125000 | Morgan Stanley<sup>(d)</sup> | 6\*(USISOA30-USISOA02) | 3.5870 | 08/31/26 | 118750 |
| 138000 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 3.5580 | 12/27/26 | 129720 |
| 115000 | Morgan Stanley<sup>(b)</sup> |  | 8.0000 | 03/21/27 | 112988 |
| 56000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA05) | 0.0000 | 06/28/28 | 48160 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 14.3% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.1% (Continued)** |  |  |  |  |
| 100000 | Morgan Stanley<sup>(d)</sup> | 4.5\*(USISOA30-USISOA05) | 3.1840 | 07/31/28 | $81602 |
| 1015000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA05) | 0.0000 | 09/27/28 | 883049 |
| 772000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 10/15/28 | 648480 |
| 125000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 2.6422 | 12/03/28 | 109688 |
| 100000 | Morgan Stanley<sup>(b)</sup> |  | 6.0000 | 06/29/29 | 97250 |
| 4385000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 04/30/30 | 3639549 |
| 1628000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 05/29/30 | 1351239 |
| 508000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 06/30/30 | 421640 |
| 221000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | 07/31/30 | 180115 |
| 390000 | Morgan Stanley<sup>(d)</sup> | 8.5\*(USISOA30-USISOA02) | 0.0000 | 08/19/30 | 319800 |
| 216000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | 08/31/30 | 176040 |
| 428000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 09/30/30 | 355240 |
| 171000 | Morgan Stanley Series 10<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 10/30/30 | 115338 |
| 151000 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 0.0000 | 10/30/30 | 120800 |
| 50000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 11/30/30 | 39000 |
| 66000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 6.8150 | 11/30/30 | 54780 |
| 30000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 6.8150 | 01/29/31 | 24900 |
| 167000 | Morgan Stanley<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 0.0000 | 03/31/31 | 157398 |
| 20000 | Morgan Stanley<sup>(b)</sup> |  | 8.0000 | 03/31/31 | 17100 |
| 89000 | Morgan Stanley<sup>(b)</sup> |  | 8.5000 | 05/31/31 | 82993 |
| 125000 | Morgan Stanley<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 0.0000 | 06/30/31 | 118125 |
| 114000 | Morgan Stanley<sup>(b)</sup> |  | 8.5000 | 07/29/31 | 106305 |
| 268200 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 0.0000 | 09/16/31 | 211878 |
| 231000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA05) | 2.9900 | 02/15/33 | 165743 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 14.3% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.1% (Continued)** |  |  |  |  |
| 247000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | 01/30/34 | $174135 |
| 345000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 2.7100 | 02/28/34 | 232013 |
| 130000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 2.7260 | 02/28/34 | 89050 |
| 209000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 03/31/34 | 140553 |
| 287000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 05/30/34 | 193008 |
| 485000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 06/30/34 | 317958 |
| 450000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 08/29/34 | 307125 |
| 133000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.3030 | 08/29/34 | 90773 |
| 160000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 09/30/34 | 109200 |
| 231000 | Morgan Stanley<sup>(d)</sup> | 6\*(USISOA30-USISOA02) | 4.5060 | 09/30/34 | 146477 |
| 279000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 10/08/34 | 190418 |
| 295000 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 0.0000 | 10/31/34 | 212400 |
| 169000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.2190 | 10/31/34 | 115343 |
| 279000 | Morgan Stanley<sup>(b)</sup> |  | 7.2500 | 10/31/34 | 218318 |
| 185000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 11/28/34 | 126263 |
| 60000 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 4.1840 | 11/28/34 | 43200 |
| 230000 | Morgan Stanley<sup>(d)</sup> | 4.5\*(USISOA30-USISOA02) | 0.0000 | 12/31/34 | 155825 |
| 567000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | 01/30/35 | 413910 |
| 450000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.2190 | 01/30/35 | 307125 |
| 40000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 2.9890 | 02/27/35 | 27300 |
| 346000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 0.0000 | 03/31/35 | 236145 |
| 888000 | Morgan Stanley<sup>(d)</sup> | 6\*(USISOA30-USISOA02) | 0.0000 | 03/31/35 | 630480 |
| 921000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 0.0000 | 04/30/35 | 828899 |
| 100000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 0.0000 | 05/29/35 | 90000 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 14.3% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.1% (Continued)** |  |  |  |  |
| 366000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 0.0000 | 06/30/35 | $329400 |
| 458000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 0.0000 | 07/31/35 | 412200 |
| 287000 | Morgan Stanley<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 0.0000 | 09/30/35 | 258300 |
| 176000 | Morgan Stanley<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 0.0000 | 11/30/35 | 158400 |
| 241000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 0.0000 | 12/23/35 | 216900 |
| 909000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 02/29/36 | 703338 |
| 70000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 08/31/36 | 59850 |
| 75000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | (USISOA30-USISOA02) | 0.0000 | 09/30/36 | 60938 |
| 1215000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 11\*(USISOA30-USISOA02) | 6.2560 | 05/26/37 | 856574 |
| 333000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 06/30/37 | 252248 |
| 869000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 15\*(USISOA30-USISOA02) | 9.0000 | 08/31/37 | 623508 |
| 422000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 15\*(USISOA30-USISOA02) | 8.0000 | 11/22/37 | 301730 |
|  |  |  |  |  | 29103015 |
|  | **LEISURE FACILITIES & SERVICES - 0.2%** |  |  |  |  |
| 725867 | Times Square Hotel Trust<sup>(c)</sup> |  | 8.5280 | 08/01/26 | 728385 |
|  | **OIL & GAS PRODUCERS - 0.2%** |  |  |  |  |
| 250000 | Petroleos Mexicanos<sup>(c)</sup> |  | 10.0000 | 02/07/33 | 280232 |
| 870000 | Petroleos Mexicanos |  | 6.7500 | 09/21/47 | 682289 |
|  |  |  |  |  | 962521 |
|  | **SPECIALTY FINANCE - 3.9%** |  |  |  |  |
| 179179 | Fort Knox Military Housing Privatization Project<sup>(c),(d)</sup> | TSFR1M + 0.454% | 4.8180 | 02/15/52 | 143148 |
| 2548787 | MM Community Funding III Ltd. / MM Community<sup>(c),(d)</sup> | TSFR6M + 2.478% | 6.5900 | 05/01/32 | 2529671 |
| 737000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 15(USISOA30-USISOA02) | 0.0000 | 04/30/33 | 619080 |
| 541000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 06/30/36 | 420628 |
| 242000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 15\*(USISOA30-USISOA02) | 0.0000 | 07/29/36 | 196020 |
| 3863000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | 08/31/36 | 3302865 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 14.3% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE - 3.9% (Continued)** |  |  |  |  |
| 1143000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | 09/30/36 | $977265 |
| 3883000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | 11/29/36 | 3319965 |
| 40000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 10.0000 | 12/30/36 | 34200 |
| 1707000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | 01/31/37 | 1459485 |
| 100000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 15\*(USISOA30-USISOA02) | 9.0000 | 03/31/37 | 81000 |
| 767000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | 04/28/37 | 655785 |
| 290000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | 07/31/37 | 247950 |
| 168000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 0.0000 | 09/29/37 | 143640 |
| 2014000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 0.0000 | 09/29/37 | 1575955 |
| 25433 | Preferred Term Securities X Ltd. / Preferred Term<sup>(c),(d)</sup> | TSFR3M + 1.122% | 5.4240 | 07/03/33 | 25085 |
| 634876 | Select Notes Trust LT |  | 5.9100 | 02/22/33 | 584943 |
|  |  |  |  |  | 16316685 |
|  | **TOTAL CORPORATE BONDS (Cost $63,645,688)** |  |  |  | 59248519 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 0.0%<sup>(g)</sup>** |  |  |  |  |
|  | **SOVEREIGN - 0.0%<sup>(g)</sup>** |  |  |  |  |
| 160000 | Argentina Bonar Bonds<sup>(e)</sup> |  | 0.7500 | 07/09/30 | 93913 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $75,725)** |  |  |  | 93913 |
|  | **U.S. GOVERNMENT & AGENCIES — 11.5%** |  |  |  |  |
|  | **AGENCY FIXED RATE - 0.8%** |  |  |  |  |
| 2962385 | Fannie Mae Pool BY8354 |  | 6.0000 | 08/01/53 | 3045056 |
| 68560 | Ginnie Mae II Pool 786928 |  | 6.5000 | 09/20/53 | 69798 |
|  |  |  |  |  | 3114854 |
|  | **AGENCY MBS OTHER - 0.0%<sup>(g)</sup>** |  |  |  |  |
| 32193 | Fannie Mae Pool 257064 |  | 4.5000 | 11/01/37 | 32127 |

---

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| 2086 Ginnie Mae II Pool BU6365<sup>(b)</sup> | 4.6760 | 04/20/70 | $2083 |
|  |  |  | 34210 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Discount Rate<br> (%)** |  | |
|  | **U.S. TREASURY BILLS — 10.7%** |  |  |  |
| 10000000.0 | United States Treasury Bill<sup>(f)</sup> | 3.9551 | 11/13/25 | 9918699 |
| 10000000.0 | United States Treasury Bill<sup>(f)</sup> | 3.9400 | 12/16/25 | 9882896 |
| 10000000.0 | United States Treasury Bill<sup>(f)</sup> | 3.9315 | 12/18/25 | 9880963 |
| 5000000.0 | United States Treasury Bill<sup>(f)</sup> | 3.9446 | 12/23/25 | 4937544 |
| 10010000.0 | United States Treasury Bill<sup>(f)</sup> | 3.9437 | 12/30/25 | 9877315 |
|  |  |  |  | 44497417 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $47,544,121)** |  |  | 47646481 |
|  | **TOTAL INVESTMENTS - 86.7% (Cost $371,672,124)** |  |  | $358702056 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 13.3%** |  |  | 55149412 |
|  | **NET ASSETS - 100.0%** |  |  | $413851468 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| 220 | CBOT 10 Year US Treasury Note Future | 12/19/2025 | $24750000 | $71237 |
| 100 | CBOT 3 Year US Treasury Note Future | 12/31/2025 | 21316406 | 30364 |
| 70 | CBOT 5 Year US Treasury Note Future | 12/31/2025 | 7662813 | 17865 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $119466 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Description** | **Counterparty** | **Fixed Deal<br> (Pay) Rate** | **Maturity Date** | **Notional<br> Value<sup>(1)</sup>** | **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 | $(4405235) | $(3646596) | $(758639) |
| CDX.NA.HY Series 44 Annual<sup>(3)</sup> | GS | (5.00)% | 6/20/2030 | (17000000) | 1400713 | 421976 | 978737 |
| **TOTAL** |  |  |  |  | $**(3004522)** | $**(3224620)** | $**220098** |

---

<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

See accompanying notes to financial statements.

**EASTERLY INCOME OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | |
|:---|:---|
| 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 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>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025 the total market value of 144A securities is $170,607,862 or 41.2% of net assets.

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

<sup>(e)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at August 31, 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.

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Easterly<br> Global Real Estate<br> Fund** | **Easterly<br> Hedged Equity<br> Fund** | **Easterly<br> Snow Small Cap<br> Value Fund** | **Easterly<br> Snow Long/Short<br> Opportunity Fund** | **Easterly<br> Income<br> Opportunities Fund** |
| **Assets:** |  |  |  |  |  |
| Total Investments, at cost | $252613620 | $245750521 | $23811430 | $87587225 | $371672124 |
| Total Investments, at value | 222162654 | 300500375 | 30552417 | 115892416 | 358702056 |
| Cash | 25260731 | 22207196 | 921936 | 682109 | 59360514 |
| Cash Collateral Held at Custodian |  |  |  | 1534493 |  |
| Foreign Cash (Cost $454,947, $0, $0, $0, $195,818) | 457063 |  |  |  | 194562 |
| Deposit at custodian for collateral for swaps |  |  |  |  | 1390000 |
| Deposit at broker |  |  |  | 20189867 |  |
| Deposit at broker for swaps |  |  |  |  | 6635537 |
| Deposit at broker for futures |  |  |  |  | 4241265 |
| Unrealized appreciation on swaps |  | 12146882 |  |  | 978737 |
| Unrealized appreciation on futures |  |  |  |  | 119466 |
| Interest and dividends receivable | 1321823 | 15826 | 64456 | 366424 | 1791557 |
| Receivable for securities sold | 2533870 |  |  |  | 65211 |
| Receivable for fund shares sold | 18932 | 359293 | 60 |  | 50118 |
| Prepaid expenses and other assets | 26303 | 39918 | 17981 | 26198 | 321244 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **251781376** | **335269490** | **31556850** | **138691507** | **433850267** |
| **Liabilities:** |  |  |  |  |  |
| Due to Broker |  | 23843 |  |  |  |
| Options Written (premiums received $0, $3,156,192, $0, $1,547,277, $0) |  | 3003000 |  | 1661527 |  |
| Securities sold short (premiums received $0, $0, $0, $35,937,527, $0) |  |  |  | 38940708 |  |
| Payable for securities purchased | 524510 |  |  |  | 15277905 |
| Payable to manager | 196243 | 271527 | 6283 | 52857 | 363939 |
| Payable for distribution (12b-1) fees | 35043 | 18396 | 7964 | 27556 | 20838 |
| Payable for dividends on short sales |  |  |  | 37242 |  |
| Payable for fund shares redeemed | 273585 | 140068 |  | 50 | 167349 |
| Administration fees payable | 41487 | 41390 | 10333 | 17873 | 107719 |
| Trustee fees payable | 5626 | 5681 | 5711 | 5719 | 5416 |
| Premiums received on swaps |  |  |  |  | 3224620 |
| Unrealized depreciation on swaps |  |  |  |  | 758639 |
| Accrued expenses and other liabilities | 135147 | 62658 | 39069 | 60620 | 72374 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **1211641** | **3566563** | **69360** | **40804152** | **19998799** |
| **Net Assets** | $**250569735** | $**331702927** | $**31487490** | $**97887355** | $**413851468** |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | 620764435 | 271971955 | 23464912 | 69136828 | 429246779 |
| Accumulated earnings (loss) | (370194700) | 59730972 | 8022578 | 28750527 | (15395311) |
| **Net Assets** | $**250569735** | $**331702927** | $**31487490** | $**97887355** | $**413851468** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $35808672 | $9316943 | $13058041 | $48961905 | $10457063 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 2507086 | 659085 | 194936 | 1350529 | 1015693 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share (a) | $14.28 | $14.14 | $66.99 | $36.25 | $10.30 |
| &nbsp;&nbsp;&nbsp;Offering price per share (maximum sales charge of 5.75%, 5.75%, 5.75%, 5.75% and 2.00%, respectively) | $15.15 | $15.00 | $71.08 | $38.46 | $10.51 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $16676683 | $4002069 | $1330048 | $1983803 | $4444925 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 1163388 | 294626 | 22145 | 58982 | 444231 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (b) | $14.33 | $13.58 | $60.06 | $33.63 | $10.01 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $195469030 | $317747202 | $17099331 | $46941601 | $302236445 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 12851319 | 22013890 | 246841 | 1278940 | 30210820 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $15.21 | $14.43 | $69.27 | $36.70 | $10.00 |
| &nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2615350 | $636713 | $70 | $46 | $96713035 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 168714 | 42587 | 1 | 1 | 9324477 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $15.50 | $14.95 | $69.28 (c) | $36.71 (c) | $10.37 |

---

(a) Effective
 September 6, 2024 Class A shares of the Global Real Estate, Hedged Equity, Snow Small Cap Value, and Snow Long/Short Opportunity
 Fund that are purchased at net asset value ("NAV") in amounts of $500,000 or more may be subject to a 1.00% contingent deferred
 sales charge ("CDSC") if they are redeemed within eighteen months of purchase.

(b) Redemption
 price per C share varies based on length of time shares are held.

(c) Doesn't
 recalculate due to rounding.

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**STATEMENTS OF OPERATIONS**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Easterly Global<br> Real Estate<br> Fund** | **Easterly<br> Hedged Equity<br> Fund** | **Easterly Snow<br> Small Cap<br> Value Fund\*** | **Easterly Snow<br> Small Cap<br> Value Fund** | **Easterly Snow<br> Long/Short<br> Opportunity<br> Fund\*** | **Easterly Snow<br> Long/Short<br> Opportunity<br> Fund** | **Easterly<br> Income<br> Opportunities<br> Fund\*\*** | **Easterly<br> Income<br> Opportunities<br> Fund** |
|  | | | | **Year Ended<br> February 28,<br> 2025** | | **Year Ended<br> February 28,<br> 2025** | | **Year Ended<br> November 30,<br> 2024** |
| **Investment Income:** |  |  |  |  |  |  |  |  |
| Dividend income | $8738511 | $2218016 | $492983 | $664692 | $1242601 | $2447383 | $- | $- |
| Interest income | 340935 | 299017 | 19069 | 76148 | 281137 | 591603 | 18772429 | 23306812 |
| Less: Foreign withholding taxes | (639011) |  | (3973) | (5646) | (44465) | (86490) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **8440435** | **2517033** | **508079** | **735194** | **1479273** | **2952496** | **18772429** | **23306812** |
| **Operating Expenses:** |  |  |  |  |  |  |  |  |
| Management fees | 2475865 | 2691540 | 102801 | 225634 | 365596 | 748552 | 3401782 | 3917908 |
| Distribution (12b-1) fees |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 98493 | 19288 | 14264 | 30059 | 57359 | 119229 | 19036 | 15166 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 207789 | 28279 | 6069 | 12004 | 9770 | 22703 | 31210 | 36551 |
| Shareholder servicing fees | 338071 | 234770 | 9057 | 23994 | 32388 | 83245 | 181603 | 213076 |
| Administration fees | 159938 | 118432 | 11278 | 20652 | 32080 | 68815 | 390075 | 503344 |
| Legal fees | 68243 | 72427 | 27618 | 80664 | 27470 | 78718 | 46406 | 113116 |
| Transfer Agent | 66414 | 83790 | 16004 | 30136 | 15117 | 28546 | 78756 | 96878 |
| Registration fees | 60438 | 56168 | 18769 | 39309 | 22735 | 45659 | 55822 | 67554 |
| Audit fees | 42352 | 17572 | 15238 | 13247 | 19529 | 19507 | 25135 | 22644 |
| Printing and postage expense | 40266 | 30998 | 4666 | 8320 | 3127 | 15185 | 36049 | 52495 |
| Custodian fees | 37528 | 23977 | 11098 | 24666 | 14163 | 32855 | 37535 | 51078 |
| Trustees' fees | 22023 | 22315 | 11314 | 27686 | 11314 | 26685 | 16769 | 26457 |
| Insurance expense | 20831 | 10563 | 887 | 1950 | 2973 | 6449 | 15370 | 19282 |
| Interest Expense | 18932 | 148940 |  |  |  |  | 332478 | 444306 |
| Compliance officer fees | 9361 | 14923 | 3712 | 8419 | 6339 | 8310 | 14750 | 7992 |
| Dividend Expense |  |  |  |  | 290124 | 526138 |  |  |
| Miscellaneous expenses | 56441 | 3402 | 1965 | 3893 | 1915 | 3796 | 2498 | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **3722985** | **3577384** | **254740** | **550633** | **911999** | **1834392** | **4685274** | **5593223** |
| Less: Expenses waived and/or reimbursed | (423723) | (573561) | (104072) | (207589) |  |  | (464007) | (738287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **3299262** | **3003823** | **150668** | **343044** | **911999** | **1834392** | **4221267** | **4854936** |
| **Net Investment Income (Loss)** | **5141173** | **(486790)** | **357411** | **392150** | **567274** | **1118104** | **14551162** | **18451876** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and Foreign currency transactions | (22334749) | 20274740 | 927736 | 1853654 | 3189910 | 8462808 | 5452654 | (420591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short sales |  |  |  |  | (705210) | (6534187) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased |  | (34856740) |  |  |  | (35567) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written |  | 18043370 |  |  | 885038 | 773436 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  |  |  |  | 806834 | 1099090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | 4140627 |  |  |  |  | (2543159) | (289180) |
| Net realized gain (loss): | (22334749) | 7601997 | 927736 | 1853654 | 3369738 | 2666490 | 3716329 | 389319 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and Foreign currency transactions | 16726888 | 13164046 | 2705657 | (385968) | 7822989 | 799027 | 1487137 | 17229609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short sales |  |  |  |  | (3208644) | 1006245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased |  | 1178768 |  |  |  | 33745 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written |  | 768054 |  |  | (224484) | 1035369 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  |  |  |  | (174169) | 312250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | 4713061 |  |  |  |  | 2120943 | (5283252) |
| Net change in unrealized appreciation (depreciation) | 16726888 | 19823929 | 2705657 | (385968) | 4389861 | 2874386 | 3433911 | 12258607 |
| **Net Realized and Unrealized Gain (Loss) On Investments** | (5607861) | 27425926 | 3633393 | 1467686 | 7759599 | 5540876 | 7150240 | 12647926 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(466688)** | $**26939136** | $**3990804** | $**1859836** | $**8326873** | $**6658980** | $**21701402** | $**31099802** |

---

\* For the six months ended August 31, 2025. <br> \*\* For the nine months ended August 31, 2025.

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Easterly<br> Global Real Estate Fund** | **Easterly<br> Global Real Estate Fund** | **Easterly<br> Hedged Equity Fund** | **Easterly<br> Hedged Equity Fund** |
|  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $5141173 | $10016882 | $(486790) | $(133774) |
| Net realized gain (loss) on investments, options, swaps and foreign currency transactions | (22334749) | (299117170) | 7601997 | (6007291) |
| Net change in unrealized appreciation on investments, options, swaps and foreign currency transactions | 16726888 | 335251084 | 19823929 | 31168718 |
| **Net increase (decrease) in net assets resulting from operations** | **(466688)** | **46150796** | **26939136** | **25027653** |
| **Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (942765) | (1330910) |  | (6841) |
| &nbsp;&nbsp;&nbsp;Class C | (364963) | (521401) |  | (1457) |
| &nbsp;&nbsp;&nbsp;Class I | (5202071) | (8517756) | (192550) | (302057) |
| &nbsp;&nbsp;&nbsp;Class R6 | (76686) | (571161) | (638) | (2104) |
| **Total Dividends and Distributions to Shareholders** | **(6586485)** | **(10941228)** | **(193188)** | **(312459)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| **Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2384284 | 4358098 | 5178798 | 6697127 |
| &nbsp;&nbsp;&nbsp;Class C | 276207 | 170922 | 2094863 | 1251272 |
| &nbsp;&nbsp;&nbsp;Class I | 23758697 | 43515282 | 225560471 | 67664053 |
| &nbsp;&nbsp;&nbsp;Class R6 | 54492 | 5976142 | 348 | 130062 |
| Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 849239 | 1201056 |  | 6599 |
| &nbsp;&nbsp;&nbsp;Class C | 335406 | 482400 |  | 1457 |
| &nbsp;&nbsp;&nbsp;Class I | 4010241 | 6219941 | 167856 | 288210 |
| &nbsp;&nbsp;&nbsp;Class R6 | 17885 | 452260 | 427 | 1513 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (12566128) | (20885798) | (2471686) | (4870254) |
| &nbsp;&nbsp;&nbsp;Class C | (8996436) | (11858473) | (238809) | (48772) |
| &nbsp;&nbsp;&nbsp;Class I | (72577662) | (208205281) | (100567486) | (37968053) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1338717) | (35151346) | (373604) | (1099014) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(63792492)** | **(213724797)** | **129351178** | **32054200** |
| **Total Increase (Decrease) in Net Assets** | **(70845665)** | **(178515229)** | **156097126** | **56769394** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 321415400 | 499930629 | 175605801 | 118836407 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**250569735** | $**321415400** | $**331702927** | $**175605801** |
| **Share Activity** |  |  |  |  |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 169411 | 349262 | 389199 | 572220 |
| &nbsp;&nbsp;&nbsp;Class C | 19227 | 13633 | 163561 | 110183 |
| &nbsp;&nbsp;&nbsp;Class I | 1601372 | 3156636 | 16560405 | 5749561 |
| &nbsp;&nbsp;&nbsp;Class R6 | 3589 | 433026 | 24 | 10045 |
| Shares reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 60237 | 93326 |  | 602 |
| &nbsp;&nbsp;&nbsp;Class C | 23490 | 37115 |  | 136 |
| &nbsp;&nbsp;&nbsp;Class I | 267811 | 456766 | 12361 | 25849 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1172 | 32517 | 30 | 132 |
| Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (901790) | (1623366) | (184803) | (428816) |
| &nbsp;&nbsp;&nbsp;Class C | (641606) | (922615) | (18610) | (4365) |
| &nbsp;&nbsp;&nbsp;Class I | (4909096) | (15236077) | (7432477) | (3235508) |
| &nbsp;&nbsp;&nbsp;Class R6 | (88032) | (2527238) | (27257) | (96722) |
| **Net increase (decrease) in shares of beneficial interest** | **(4394215)** | **(15737015)** | **9462433** | **2703317** |

---

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Easterly<br> Snow Small Cap Value Fund** | **Easterly<br> Snow Small Cap Value Fund** | **Easterly<br> Snow Small Cap Value Fund** | **Easterly<br> Snow Long/Short Opportunitiy Fund** | **Easterly<br> Snow Long/Short Opportunitiy Fund** | **Easterly<br> Snow Long/Short Opportunitiy Fund** |
|  | **Six Months Ended<br> August 31,<br> 2025** | **Year ended<br> February 28,<br> 2025** | **Year Ended<br> February 29,<br> 2024** | **Six Months Ended<br> August 31,<br> 2025** | **Year ended<br> February 28,<br> 2025** | **Year Ended<br> February 29,<br> 2024** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $357411 | $392150 | $223003 | $567274 | $1118104 | $1653705 |
| Net realized gain (loss) on investments | 927736 | 1853654 | 473839 | 3369738 | 2666490 | 386368 |
| Net change in unrealized appreciation (depreciation) on investments | 2705657 | (385968) | 2372815 | 4389861 | 2874386 | 4135869 |
| **Net increase in net assets resulting from operations** | **3990804** | **1859836** | **3069657** | **8326873** | **6658980** | **6175942** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (87006) | (4350) |  | (2164412) | (990430) |
| &nbsp;&nbsp;&nbsp;Class C |  | (658) |  |  | (83971) | (41841) |
| &nbsp;&nbsp;&nbsp;Class I |  | (135554) | (29406) |  | (2067795) | (1014331) |
| &nbsp;&nbsp;&nbsp;Class R6 | - | (1 | (0 | - | (2 | (1 |
| **Total Dividends and Distributions to Shareholders** | **-** | **(223219** | **(33756** | **-** | **(4316180** | **(2046603** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| **Beneficial Interest:** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 66570 | 697159 | 109541 | 529771 | 1597655 | 748670 |
| &nbsp;&nbsp;&nbsp;Class C | 13408 | 203782 | 29061 | 0 |  | 25 |
| &nbsp;&nbsp;&nbsp;Class I | 789099 | 3328458 | 2370958 | 39082 | 735386 | 946681 |
| &nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |  |  |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 20607 | 874 |  | 600527 | 273796 |
| &nbsp;&nbsp;&nbsp;Class C |  | 658 |  |  | 78708 | 39830 |
| &nbsp;&nbsp;&nbsp;Class I |  | 69427 | 17262 |  | 1711635 | 822234 |
| &nbsp;&nbsp;&nbsp;Class R6 |  | 1 | 0 |  | 2 | 1 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (101103) | (973993) | (357123) | (1891578) | (6128890) | (4684032) |
| &nbsp;&nbsp;&nbsp;Class C | (136231) | (169245) | (950391) | (177435) | (817724) | (229262) |
| &nbsp;&nbsp;&nbsp;Class I | (445918) | (1785490) | (7624755) | (316356) | (5736162) | (5195251) |
| &nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |  |  |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **185825** | **1391364** | **(6404573** | **(1816516** | **(7958863** | **(7277308** |
| **Total Increase (Decrease) in Net Assets** | **4176629** | **3027981** | **(3368672** | **6510357** | **(5616063** | **(3147969** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 27310861 | 24282880 | 27651552 | 91376998 | 96993061 | 100141030 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $**31487490** | $**27310861** | $**24282880** | $**97887355** | $**91376998** | $**96993061** |
| **Share Activity** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1164 | 11903 | 2151 | 15554 | 47451 | 31284 |
| &nbsp;&nbsp;&nbsp;Class C | 268 | 3864 | 645 | 0 |  | 24492 |
| &nbsp;&nbsp;&nbsp;Class I | 13698 | 53947 | 49446 | 1133 | 21764 |  |
| &nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |  | 1 |
| Shares reinvested |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 322 | 18 |  | 17868 | 8915 |
| &nbsp;&nbsp;&nbsp;Class C |  | 11 |  |  | 2510 | 1387 |
| &nbsp;&nbsp;&nbsp;Class I |  | 1050 | 340 |  | 50387 | 26507 |
| &nbsp;&nbsp;&nbsp;Class R6 |  | 0 | 0 |  | 0 | 0 |
| Shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1749) | (16659) | (7343) | (56766) | (182699) | (153820) |
| &nbsp;&nbsp;&nbsp;Class C | (2701) | (3175) | (22098) | (5791) | (26165) | (7852) |
| &nbsp;&nbsp;&nbsp;Class I | (7672) | (29084) | (164101) | (9567) | (167726) | (166908) |
| &nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |  |  |
| **Net increase (decrease) in shares of beneficial interest** | **3008** | **22179** | **(140942** | **(55437** | **(236610** | **(235994** |

---

\* Less than $1.00.

\*\* Less than 1 share.

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Easterly<br> Income Opportunities Fund** | **Easterly<br> Income Opportunities Fund** | **Easterly<br> Income Opportunities Fund** |
|  | **Nine Months Ended<br> August 31,<br> 2025** | **Year Ended<br> November 30,<br> 2024** | **Year Ended<br> November 30,<br> 2023** |
| **Operations:** |  |  |  |
| Net investment income | $14551162 | $18451876 | $15342614 |
| Net realized gain (loss) on investments | 3716329 | 389319 | (425745) |
| Net change in unrealized appreciation (depreciation) on investments | 3433911 | 12258607 | (700168) |
| **Net increase in net assets resulting from operations** | **21701402** | **31099802** | **14216701** |
| **Distributions to Shareholders:** |  |  |  |
| Total Distributions Paid: |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (346618) | (287003) | (659176) |
| &nbsp;&nbsp;&nbsp;Class C | (126856) | (149225) | (233492) |
| &nbsp;&nbsp;&nbsp;Class I | (10741451) | (12036395) | (15460411) |
| &nbsp;&nbsp;&nbsp;Class R6 | (2999160) | (3958808) | (5964481) |
| Return of Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (14588) | (54370) |  |
| &nbsp;&nbsp;&nbsp;Class C | (6401) | (33420) |  |
| &nbsp;&nbsp;&nbsp;Class I | (433107) | (2162099) |  |
| &nbsp;&nbsp;&nbsp;Class R6 | (120533) | (712009) |  |
| **Total Dividends and Distributions to Shareholders** | **(14788714)** | **(19393329)** | **(22317560)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |
| **Beneficial Interest:** |  |  |  |
| Net proceeds from shares sold |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 23675477 | 4016462 | 4102974 |
| &nbsp;&nbsp;&nbsp;Class C | 1156279 | 1215430 | 725489 |
| &nbsp;&nbsp;&nbsp;Class I | 99776062 | 97962493 | 121236095 |
| &nbsp;&nbsp;&nbsp;Class R6 | 31919721 | 6435020 | 13420081 |
| Reinvestment of dividends and distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 280563 | 241860 | 530834 |
| &nbsp;&nbsp;&nbsp;Class C | 109486 | 139923 | 164808 |
| &nbsp;&nbsp;&nbsp;Class I | 9639758 | 12566999 | 13780377 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2580988 | 3912798 | 4724777 |
| Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (21375605) | (2742648) | (9568819) |
| &nbsp;&nbsp;&nbsp;Class C | (724755) | (1183255) | (1716476) |
| &nbsp;&nbsp;&nbsp;Class I | (65710266) | (94652808) | (105969267) |
| &nbsp;&nbsp;&nbsp;Class R6 | (16163396) | (16620026) | (29892214) |
| **Net increase in net assets from share transactions of beneficial interest** | **65164312** | **11292248** | **11538659** |
| **Total Increase in Net Assets** | **72077000** | **22998721** | **3437800** |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 341774468 | 318775747 | 315337947 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $**413851468** | $**341774468** | $**318775747** |
| **Share Activity** |  |  |  |
| Shares sold |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2317757 | 399333 | 414956 |
| &nbsp;&nbsp;&nbsp;Class C | 117046 | 124840 | 75174 |
| &nbsp;&nbsp;&nbsp;Class I | 10080160 | 10122470 | 12562281 |
| &nbsp;&nbsp;&nbsp;Class R6 | 3108125 | 647404 | 1360347 |
| Shares reinvested |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 27568 | 24366 | 53971 |
| &nbsp;&nbsp;&nbsp;Class C | 11069 | 14484 | 17190 |
| &nbsp;&nbsp;&nbsp;Class I | 975037 | 1301067 | 1438071 |
| &nbsp;&nbsp;&nbsp;Class R6 | 252294 | 394574 | 483125 |
| Shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2095046) | (276555) | (975479) |
| &nbsp;&nbsp;&nbsp;Class C | (73310) | (122205) | (177742) |
| &nbsp;&nbsp;&nbsp;Class I | (6629756) | (9805661) | (11001893) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1585200) | (1661814) | (3034920) |
| **Net increase in shares of beneficial interest** | **6505744** | **1162303** | **1215081** |

---

See accompanying notes to financial statements.

**Easterly Global Real Estate Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $14.56 | $12.96 | $14.56 | $18.94 | $15.56 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.22 | 0.29 | 0.20 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.17) | 1.68 | (1.25) | (2.93) | 4.85 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.05 | 1.97 | (1.05) | (2.79) | 4.96 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.33) | (0.37) | (0.19) | (0.41) | (0.28) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (0.36) | (1.18) | (1.30) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.33) | (0.37) | (0.55) | (1.59) | (1.58) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $14.28 | $14.56 | $12.96 | $14.56 | $18.94 |
| **Total Return\*** | **Total Return\*** | 0.43 | 15.57% | (7.06)% | (16.03)% | 33.47% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $35809 | $46281 | $56487 | $97639 | $118587 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 1.50 | 1.46% | 1.42% | 1.36% | 1.51% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (3) | 1.50 | 1.46% | 1.42% | 1.36% | 1.51% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | 1.58 | 2.23% | 1.53% | 0.80% | 0.64% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 186 | 141% | 12% | 116% | 160% |
|  |  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  |  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $14.62 | $13.00 | $14.63 | $19.06 | $15.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.12 | 0.19 | 0.10 | 0.01 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.17) | 1.69 | (1.26) | (2.94) | 4.89 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.05) | 1.88 | (1.16) | (2.93) | 4.87 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.24) | (0.26) | (0.11) | (0.32) | (0.19) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (0.36) | (1.18) | (1.30) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.24) | (0.26) | (0.47) | (1.50) | (1.49) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $14.33 | $14.62 | $13.00 | $14.63 | $19.06 |
| **Total Return\*** | **Total Return\*** | (0.30) | 14.70% | (7.80)% | (16.64)% | 32.51% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $16677 | $25767 | $34243 | $52362 | $75701 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (4) | 2.25 | 2.21% | 2.17% | 2.11% | 2.26% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (5) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (5) | 2.25 | 2.21% | 2.17% | 2.11% | 2.26% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | 0.83 | 1.47% | 0.79% | 0.05% | (0.11)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 186 | 141% | 12% | 116% | 160% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: |
|  |  | 1.49 | 1.45% | N/A | N/A | N/A |
| (3) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A: |
|  |  | 1.49 | 1.45% | N/A | N/A | N/A |
| (4) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: |
|  |  | 2.24 | 2.20% | N/A | N/A | N/A |
| (5) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C: |
|  |  | 2.24 | 2.20% | N/A | N/A | N/A |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |

---

See accompanying notes to financial statements.

**Easterly Global Real Estate Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $15.44 | $13.70 | $15.34 | $19.84 | $16.19 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.36 | 0.27 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.17) | 1.78 | (1.34) | (3.07) | 5.08 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.13 | 2.14 | (1.07) | (2.87) | 5.26 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.36) | (0.40) | (0.21) | (0.45) | (0.31) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (0.36) | (1.18) | (1.30) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.36) | (0.40) | (0.57) | (1.63) | (1.61) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $15.21 | $15.44 | $13.70 | $15.34 | $19.84 |
| **Total Return\*** | **Total Return\*** | 0.93% | 16.06% | (6.78)% | (15.74)% | 34.06% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $195469 | $245406 | $376980 | $571664 | $678440 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 1.25% | 1.20% | 1.17% | 1.11% | 1.26% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (3) | 1.05% | 1.05% | 1.04% | 1.04% | 1.12% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | 2.02% | 2.62% | 1.92% | 1.12% | 1.02% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 186% | 141% | 12% | 116% | 160% |
|  |  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  |  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $15.72 | $13.93 | $15.56 | $20.09 | $16.35 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.32 | 0.36 | 0.29 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.18) | 1.83 | (1.35) | (3.13) | 5.13 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.14 | 2.19 | (1.06) | (2.90) | 5.35 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.36) | (0.40) | (0.21) | (0.45) | (0.31) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (0.36) | (1.18) | (1.30) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.36) | (0.40) | (0.57) | (1.63) | (1.61) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $15.50 | $15.72 | $13.93 | $15.56 | $20.09 |
| **Total Return\*** | **Total Return\*** | 0.98% | 16.15% | (6.61)% | (15.69)% | 34.29% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $2615 | $3960 | $32221 | $50074 | $32039 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (4) | 1.25% | 1.19% | 1.17% | 1.11% | 1.26% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (5) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (5) | 0.95% | 0.95% | 0.94% | 0.94% | 0.97% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | 2.14% | 2.60% | 2.02% | 1.30% | 1.18% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 186% | 141% | 12% | 116% | 160% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: |
|  |  | 1.24% | 1.19% | N/A | N/A | N/A |
| (3) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I: |
|  |  | 1.04% | 1.04% | N/A | N/A | N/A |
| (4) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: |
|  |  | 1.24% | 1.18% | N/A | N/A | N/A |
| (5) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6: |
|  |  | 0.94% | 0.94% | N/A | N/A | N/A |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

See accompanying notes to financial statements.

**Easterly Hedged Equity Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $12.73 | $10.77 | $9.99 | $11.18 | $10.83 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.06) | (0.04) | (0.01) | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.47 | 2.03 | 1.03 | (0.06) | 1.17 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.41 | 1.99 | 1.02 | (0.09) | 1.09 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  |  | (1.10) | (0.74) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  | (0.03) | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions |  | (0.03) | (0.24) | (1.10) | (0.74) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $14.14 | $12.73 | $10.77 | $9.99 | $11.18 |
| **Total Return\*** | **Total Return\*** | 11.08 | 18.48% | 10.45% | (1.17)% | 10.67% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $9317 | $5787 | $3348 | $1538 | $1899 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses (including dividend and interest expense) to average net assets (24) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses (including dividend and interest expense) to average net assets (24) | 1.83 | 1.89% | 1.95% | 2.02% | 2.04% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses (including dividend and interest expense) to average net assets (25) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses (including dividend and interest expense) to average net assets (25) | 1.57 | 1.58% | 1.61% | 1.54% | 2.04% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | (0.41) | (0.38)% | (0.14)% | (0.33)% | (0.73)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 38 | 28% | 12% | 23% | 44% |
|  |  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  |  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $12.32 | $10.51 | $9.82 | $10.90 | $10.57 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.15) | (0.14) | (0.08) | (0.10) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.41 | 1.98 | 1.01 | (0.08) | 1.12 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.26 | 1.84 | 0.93 | (0.18) | 0.98 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  |  | (0.90) | (0.65) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  | (0.03) | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions |  | (0.03) | (0.24) | (0.90) | (0.65) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $13.58 | $12.32 | $10.51 | $9.82 | $10.90 |
| **Total Return\*** | **Total Return\*** | 10.23 | 17.51% | 9.70% | (1.95)% | 9.77% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $4002 | $1844 | $460 | $366 | $746 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses (including dividend and interest expense) to average net assets (26) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses (including dividend and interest expense) to average net assets (26) | 2.58 | 2.64% | 2.70% | 2.77% | 2.68% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses (including dividend and interest expense) to average net assets (27) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses (including dividend and interest expense) to average net assets (27) | 2.32 | 2.33% | 2.36% | 2.29% | 2.68% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | (1.17) | (1.19)% | (0.81)% | (1.02)% | (1.31)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 38 | 28% | 12% | 23% | 44% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. |
| (3) | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment loss by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (4) | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: |
|  |  | 1.76 | 1.81% | 1.84% | 1.99% | 1.99% |
| (5) | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A: |
|  |  | 1.50 | 1.50% | 1.50% | 1.51% | 1.99% |
| (6) | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: |
|  |  | 2.51 | 2.56% | 2.59% | 2.74% | 2.63% |
| (7) | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C: |
|  |  | 2.25 | 2.25% | 2.25% | 2.26% | 2.63% |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

See accompanying notes to financial statements.

**Easterly Hedged Equity Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $12.98 | $10.96 | $10.13 | $11.33 | $10.96 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.03) | (0.01) | 0.01 | (0.01) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.49 | 2.06 | 1.06 | (0.07) | 1.19 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.46 | 2.05 | 1.07 | (0.08) | 1.13 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) |  |  | (1.12) | (0.76) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  | (0.03) | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.01) | (0.03) | (0.24) | (1.12) | (0.76) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $14.43 | $12.98 | $10.96 | $10.13 | $11.33 |
| **Total Return\*** | **Total Return\*** | 11.27 | 18.71 | 10.80% | (0.98)% | 10.91% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $317747 | $167039 | $113264 | $61982 | $33478 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses (including dividend and interest expense) to average net assets (24) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses (including dividend and interest expense) to average net assets (24) | 1.58 | 1.64 | 1.70% | 1.77% | 1.84% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses (including dividend and interest expense) to average net assets (25) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses (including dividend and interest expense) to average net assets (25) | 1.32 | 1.33 | 1.36% | 1.29% | 1.84% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | (0.20) | (0.08) | 0.14% | (0.13)% | (0.51)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 38 | 28 | 12% | 23% | 44% |
|  |  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  |  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $13.40 | $11.29 | $10.40 | $11.58 | $11.13 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.02 | 0.04 | 0.07 | 0.02 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.54 | 2.10 | 1.06 | (0.08) | 1.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.56 | 2.14 | 1.13 | (0.06) | 1.21 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) |  |  | (1.12) | (0.76) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  | (0.03) | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.01) | (0.03) | (0.24) | (1.12) | (0.76) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $14.95 | $13.40 | $11.29 | $10.40 | $11.58 |
| **Total Return\*** | **Total Return\*** | 11.67 | 18.96 | 11.10% | (0.77)% | 11.49% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $637 | $935 | $1766 | $11289 | $17970 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses (including dividend and interest expense) to average net assets (26) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses (including dividend and interest expense) to average net assets (26) | 1.58 | 1.64 | 1.70% | 1.77% | 1.84% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses (including dividend and interest expense) to average net assets (27) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses (including dividend and interest expense) to average net assets (27) | 1.06 | 1.07 | 1.10% | 1.03% | 1.38% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | 0.14 | 0.37 | 0.64% | 0.20% | (0.20)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 38 | 28 | 12% | 23% | 44% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. | Does not include the expenses of other investment companies in which the Fund invests. |
| (3) | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (4) | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: |
|  |  | 1.51 | 1.56 | 1.59% | 1.74% | 1.79% |
| (5) | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I: |
|  |  | 1.25 | 1.25 | 1.25% | 1.26% | 1.79% |
| (6) | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: |
|  |  | 1.51 | 1.56 | 1.59% | 1.74% | 1.79% |
| (7) | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6: |
|  |  | 0.99 | 0.99 | 0.99% | 1.00% | 1.33% |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |

---

See accompanying notes to financial statements.

**Easterly Snow Small Cap Value Fund**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  |  | **For the<br> Six Months Ended<br> August 31,<br> 2025** |  | **For the<br> Year Ended<br> February 28,<br> 2025** | **For the<br> Year Ended<br> February 29,<br> 2024** | **For the<br> Year Ended<br> February 28,<br> 2023** | **For the<br> Year Ended<br> February 28,<br> 2022** | **For the<br> Year Ended<br> February 28,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $58.56 |  | $54.80 | $47.21 | $47.22 | $44.01 | $26.39 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.73 |  | 0.77 | 0.42 | 0.10 | (0.14) | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7.70 |  | 3.42 | 7.19 | (0.11 | 3.36 | 17.53 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 8.43 |  | 4.19 | 7.61 | (0.01 | 3.22 | 17.62 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | - |  | (0.43) | (0.02 | - | (0.01 | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - |  | (0.43) | (0.02 | - | (0.01 | - |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $66.99 |  | $58.56 | $54.80 | $47.21 | $47.22 | $44.01 |
| **Total Return\*** | **Total Return\*** | 14.40 | %(2) | 7.58% | 16.14 | (0.02) | 7.32 | 66.81% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $13058 |  | $11450 | $10957 | $9683 | $9893 | $9223 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (4) | 1.96 | %(3) | 2.13% | 2.35 | 2.45 | 2.39 | 3.82% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (5) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (5) | 1.20 | %(3) | 1.40% | 1.50 | 1.50 | 1.50 | 1.51% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | 2.50 | %(3) | 1.30% | 0.88 | 0.22 | (0.30) | 0.30% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 20 | %(2) | 38% | 55 | 38 | 62 | 86% |
|  |  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  |  | **For the<br> Six Months Ended<br> August 31,<br> 2025** |  | **For the<br> Year Ended<br> February 28,<br> 2025** | **For the<br> Year Ended<br> February 29,<br> 2024** | **For the<br> Year Ended<br> February 28,<br> 2023** | **For the<br> Year Ended<br> February 28,<br> 2022** | **For the<br> Year Ended<br> February 28,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $52.70 |  | $49.38 | $42.84 | $43.17 | $40.54 | $24.48 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.47 |  | 0.30 | 0.05 | (0.22) | (0.46) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.89 |  | 3.05 | 6.49 | (0.11 | 3.09 | 16.16 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 7.36 |  | 3.35 | 6.54 | (0.33 | 2.63 | 16.06 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | - |  | (0.03) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - |  | (0.03) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;Redemption Fees |  |  |  |  |  | 0.00 |  |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $60.06 |  | $52.70 | $49.38 | $42.84 | $43.17 | $40.54 |
| **Total Return\*** | **Total Return\*** | 13.97 | %(2)+ | 6.78% | 15.27 | (0.76) | 6.49 | 65.60% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $1330 |  | $1295 | $1179 | $1942 | $1569 | $1746 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | 2.71 | %(3) | 2.88% | 3.10 | 3.20 | 3.08 | 4.63% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | 1.95 | %(3) | 2.15% | 2.25 | 2.25 | 2.25 | 2.26% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | 1.79 | %(3) | 0.57% | 0.11 | (0.55) | (1.05) | (0.43)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 20 | %(2) | 38% | 55 | 38 | 62 | 86% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. |
| (2) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| (3) | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. |
| (4) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: |
|  |  | 1.96 | %(3) | 2.13% | 2.35 | 2.45 | 2.39 | 3.80% |
| (5) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A: |
|  |  | 1.20 | %(3) | 1.40% | 1.50 | 1.50 | 1.50 | 1.50% |
| (6) | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: |
|  |  | 2.71 | %(3) | 2.88% | 3.10 | 3.20 | 3.08 | 4.62% |
| (8) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C: |
|  |  | 1.95 | %(3) | 2.15% | 2.25 | 2.25 | 2.25 | 2.25% |
| (9) | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |

---

See accompanying notes to financial statements.

**Easterly Snow Small Cap Value Fund**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |  |
|  |  | **For the<br> Six Months Ended<br> August 31,<br> 2025** |  | **For the<br> Year Ended<br> February 28,<br> 2025** | **For the<br> Year Ended<br> February 29,<br> 2024** | **For the<br> Year Ended<br> February 28,<br> 2023** | **For the<br> Year Ended<br> February 28,<br> 2022** | **For the<br> Year Ended<br> February 28,<br> 2021** |  |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $60.48 |  | $56.52 | $48.68 | $48.57 | $45.23 | $27.05 |  |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.83 |  | 1.01 | 0.56 | 0.20 | (0.03) | 0.15 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7.96 |  | 3.53 | 7.42 | (0.09 | 3.45 | 18.03 |  |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 8.79 |  | 4.54 | 7.98 | 0.11 | 3.42 | 18.18 |  |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | - |  | (0.58 | (0.14 | - | (0.08 | - |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - |  | (0.58 | (0.14 | - | (0.08 | - |  |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;Redemption Fees |  |  |  |  |  | 0.00 | 0.00 | \*\* |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $69.27 |  | $60.48 | $56.52 | $48.68 | $48.57 | $45.23 |  |
| **Total Return\*** | **Total Return\*** | 14.53 | %(2)+ | 7.95 | 16.42 | 0.23 | 7.57 | 67.21 | % |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $17099 |  | $14565 | $12147 | $16026 | $10779 | $7926 |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (4) | 1.71 | %(3) | 1.87 | 2.09 | 2.20 | 2.14 | 3.58 | % |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (5) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (5) | 0.95 | %(3) | 1.07 | 1.25 | 1.25 | 1.25 | 1.26 | % |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | 2.75 | %(3) | 1.64 | 1.13 | 0.45 | (0.07) | 0.54 | % |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 20 | %(2) | 38 | 55 | 38 | 62 | 86 | % |
|  |  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |  |
|  |  | **For the<br> Six Months Ended<br> August 31,<br> 2025** |  | **For the<br> Year Ended<br> February 28,<br> 2025** | **For the<br> Year Ended<br> February 29,<br> 2024** | **For the<br> Year Ended<br> February 28,<br> 2023** | **For the<br> Year Ended<br> February 28,<br> 2022** |  |  |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $60.48 |  | $56.53 | $48.68 | $48.57 | $50.04 |  |  |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 1.10 |  | 1.00 | 0.55 | 0.20 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7.70 |  | 3.53 | 7.44 | (0.09 | (1.39 |  |  |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 8.80 |  | 4.53 | 7.99 | 0.11 | (1.39 |  |  |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | - |  | (0.58 | (0.14 | - | (0.08 |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - |  | (0.58 | (0.14 | - | (0.08 |  |  |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $69.28 |  | $60.48 | $56.53 | $48.68 | $48.57 |  |  |
| **Total Return\*** | **Total Return\*** | 14.55 | %(2) | 7.93 | 16.44 | 0.23 | (2.77) |  |  |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $0 | \*\*\* | $0 | $0 | $0 | $0 |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | 1.71 | %(3) | 1.87 | 2.09 | 2.20 | 2.14 |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | 0.85 | %(3) | 1.00 | 1.00 | 1.00 | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | 3.64 | %(3) | 1.79 | 2.14 | 0.45 | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 20 | %(2) | 38 | 55 | 38 | 62 |  |  |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. |
| (2) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| (3) | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. |
| (4) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: |
|  |  | 1.71 | %(3) | 1.87 | 2.09 | 2.20 | 2.14 | 3.57 | % |
| (5) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I: |
|  |  | 0.95 | %(3) | 1.07 | 1.25 | 1.25 | 1.25 | 1.25 | % |
| (6) | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: |
|  |  | 1.71 | %(3) | 1.87 | 2.09 | 2.20 | 2.14 |  |  |
| (8) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class R6: |
|  |  | 0.85 | %(3) | 1.00 | 1.00 | 1.00 | 1.00 |  |  |
| (9) | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. |
| \*\*\* | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |

---

See accompanying notes to financial statements.

**Easterly Snow Long/Short Opportunity Fund**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
| | | **For the<br> Six Months Ended<br> August 31,<br> 2025** |  | **For the<br> Year Ended<br> February 28,<br> 2025** | **For the<br> Year Ended<br> February 29,<br> 2024** | **For the<br> Year Ended<br> February 28,<br> 2023** | **For the<br> Year Ended<br> February 28,<br> 2022** | **For the<br> Year Ended<br> February 28,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $33.18 |  | $32.45 | $31.04 | $33.38 | $31.48 | $25.42 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.19 |  | 0.37 | 0.51 | 0.36 | 0.17 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.88 |  | 1.94 | 1.57 | (0.66) | 4.63 | 6.32 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 3.07 |  | 2.31 | 2.08 | (0.30) | 4.80 | 6.48 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  | (0.44) | (0.62) | (0.16) | (0.34) | (0.42) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (1.14) | (0.05) | (1.88) | (2.56) |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions |  |  | (1.58) | (0.67) | (2.04) | (2.90) | (0.42) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $36.25 |  | $33.18 | $32.45 | $31.04 | $33.38 | $31.48 |
| **Total Return\*** | **Total Return\*** | 9.25 | %(2)+ | 7.04% | 6.80 | (0.62) | 15.40% | 25.71% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $48962 |  | $46182 | $48966 | $50585 | $52102 | $46551 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (4) | 2.09 | %(3) | 2.05% | 1.61 | 1.61 | 1.65% | 2.04% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (5) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (5) | 2.09 | %(3) | 2.05% | 1.61 | 1.58 | 1.68% | 2.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | 1.13 | %(3) | 1.09% | 1.64 | 1.14 | 0.49% | 0.63% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 24 | %(2) | 37% | 73 | 58 | 51% | 74% |
|  |  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  |  | **For the<br> Six Months Ended<br> August 31,<br> 2025** |  | **For the<br> Year Ended<br> February 28,<br> 2025** | **For the<br> Year Ended<br> February 29,<br> 2024** | **For the<br> Year Ended<br> February 28,<br> 2023** | **For the<br> Year Ended<br> February 28,<br> 2022** | **For the<br> Year Ended<br> February 28,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $30.90 |  | $30.28 | $29.02 | $31.41 | $29.75 | $23.85 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.06 |  | 0.11 | 0.26 | 0.12 | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.67 |  | 1.81 | 1.46 | (0.63) | 4.38 | 5.93 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 2.73 |  | 1.92 | 1.72 | (0.51) | 4.32 | 5.90 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  | (0.16) | (0.41) |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (1.14) | (0.05) | (1.88) | (2.56) |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions |  |  | (1.30) | (0.46) | (1.88) | (2.66) |  |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $33.63 |  | $30.90 | $30.28 | $29.02 | $31.41 | $29.75 |
| **Total Return\*** | **Total Return\*** | 8.84 | %(2)+ | 6.26% | 5.99 | (1.37) | 14.64% | 24.74% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $1984 |  | $2002 | $2678 | $2754 | $3158 | $3938 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | 2.83 | %(3) | 2.81% | 2.36 | 2.35 | 2.32% | 2.79% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | 2.83 | %(3) | 2.81% | 2.36 | 2.32 | 2.35% | 2.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | 0.38 | %(3) | 0.35% | 0.90 | 0.39 | (0.18)% | (0.14)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 24 | %(2) | 37% | 73 | 58 | 51% | 74% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. |
| (2) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| (3) | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. |
| (4) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: |
|  |  | 1.46 | %(3) | 1.49% | 1.43 | 1.48 | 1.45% | 1.59% |
| (5) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class A: |
|  |  | 1.46 | %(3) | 1.49% | 1.43 | 1.45 | 1.48% | 1.55% |
| (6) | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: |
|  |  | 2.20 | %(3) | 2.24% | 2.18 | 2.22 | 2.10% | 2.34% |
| (8) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class C: |
|  |  | 2.20 | %(3) | 2.24% | 2.18 | 2.19 | 2.13% | 2.30% |
| (9) | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |

---

See accompanying notes to financial statements.

**Easterly Snow Long/Short Opportunity Fund**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
| | | **For the <br> Six Months Ended<br> August 31,<br> 2025** |  | **For the<br> Year Ended<br> February 28,<br> 2025** | **For the<br> Year Ended<br> February 29,<br> 2024** | **For the<br> Year Ended<br> February 28,<br> 2023** | **For the<br> Year Ended<br> February 28,<br> 2022** | **For the<br> Year Ended<br> February 28,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $33.55 |  | $32.79 | $31.37 | $33.71 | $31.76 | $25.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.24 |  | 0.46 | 0.59 | 0.44 | 0.25 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.91 |  | 1.97 | 1.58 | (0.66 | 4.69 | 6.39 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 3.15 |  | 2.43 | 2.17 | (0.22 | 4.94 | 6.61 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  | (0.53) | (0.70) | (0.24) | (0.43) | (0.53) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | - |  | (1.14 | (0.05 | (1.88 | (2.56 | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - |  | (1.67 | (0.75 | (2.12 | (2.99 | (0.53) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $36.70 |  | $33.55 | $32.79 | $31.37 | $33.71 | $31.76 |
| **Total Return\*** | **Total Return\*** | 9.39 | %(2)+ | 7.33 | 7.03 | (0.36) | 15.69 | 26.00% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $46942 |  | $43194 | $45349 | $46802 | $48198 | $45372 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (4) | 1.84 | %(3) | 1.80 | 1.36 | 1.36 | 1.41 | 1.79% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (5) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (5) | 1.84 | %(3) | 1.80 | 1.36 | 1.33 | 1.44 | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | 1.38 | %(3) | 1.35 | 1.90 | 1.39 | 0.72 | 0.83% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 24 | %(2) | 37 | 73 | 58 | 51 | 74% |
|  |  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  |  | **For the<br> Six Months Ended<br> August 31,<br> 2025** |  | **For the<br> Year Ended<br> February 28,<br> 2025** | **For the<br> Year Ended<br> February 29,<br> 2024** | **For the<br> Year Ended<br> February 28,<br> 2023** | **For the<br> Year Ended<br> February 28,<br> 2022** |  |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $33.55 |  | $32.80 | $31.37 | $33.71 | $35.83 |  |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.43 |  | 0.46 | 0.59 | 0.44 | 0.12 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.73 |  | 1.96 | 1.59 | (0.66 | 0.75 |  |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 3.16 |  | 2.42 | 2.18 | (0.22 | 0.87 |  |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  | (0.53) | (0.70) | (0.24) | (0.43) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | - |  | (1.14 | (0.05 | (1.88 | (2.56 |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - |  | (1.67 | (0.75 | (2.12 | (2.99 |  |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $36.71 |  | $33.55 | $32.80 | $31.37 | $33.71 |  |
| **Total Return\*** | **Total Return\*** | 9.42 | %(2) | 7.29 | 7.07 | (0.36) | 2.55 |  |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $0 | \*\*\* | $0 | $0 | $0 | $0 |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (including interest expenses) (7) | 1.84 | %(3) | 1.80 | 1.36 | 1.36 | 1.41 |  |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (including interest Expenses) (8) | 1.63 | %(3) | 1.56 | 1.18 | 1.13 | 1.23 |  |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | 2.52 | %(3) | 1.38 | 2.54 | 1.77 | 1.05 |  |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 24 | %(2) | 37 | 73 | 58 | 51 |  |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. |
| (2) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| (3) | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. |
| (4) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: |
|  |  | 1.21 | %(3) | 1.24 | 1.18 | 1.23 | 1.18 | 1.34% |
| (5) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class I: |
|  |  | 1.21 | %(3) | 1.24 | 1.18 | 1.20 | 1.21 | 1.30% |
| (6) | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of gross expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: |
|  |  | 1.21 | %(3) | 1.24 | 1.18 | 1.23 | 1.18 |  |
| (8) | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: | Ratio of net operating expenses to average net assets (excluding interest expenses) for the Easterly Long/Short Opportunity Fund - Class R6: |
|  |  | 1.00 | %(3) | 1.00 | 1.00 | 1.00 | 1.00 |  |
| (9) | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. | The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. | Less than $0.005 cent per share. |
| \*\*\* | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. | Less than 1,000. |
| + | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |

---

See accompanying notes to financial statements.

**Easterly Income Opportunities Fund**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | | **For the<br> Nine Months Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** | **For the<br> Year Ended<br> November 30,<br> 2023** | **For the<br> Year Ended<br> November 30,<br> 2022** | **For the<br> Year Ended<br> November 30,<br> 2021** | **For the<br> Year Ended<br> November 30,<br> 2020** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $10.11 | $9.75 | $10.00 | $11.26 | $11.35 | $10.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.36 | 0.52 | 0.43 | 0.32 | 0.36 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.20 | 0.40 | (0.04) | (1.07) | 0.24 | 0.95 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.56 | 0.92 | 0.39 | (0.75) | 0.60 | 1.37 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.35) | (0.47) | (0.64) | (0.34) | (0.38) | (0.52) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  | (0.17) | (0.31) | (0.18) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | (0.02) | (0.09) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.37) | (0.56) | (0.64) | (0.51) | (0.69) | (0.70) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $10.30 | $10.11 | $9.75 | $10.00 | $11.26 | $11.35 |
| **Total Return\*** | **Total Return\*** | 5.65%(9) | 9.66% | 4.04% | (6.84)% | 5.44%# | 13.54%# |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $10457 | $7738 | $6031 | $11247 | $15664 | $12466 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets including interest expense (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets including interest expense (3) | 1.88%(8) | 1.95% | 1.93%(2) | 1.86%(2) | 1.86%(2) | 2.01%(2) |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets including interest expense (4) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets including interest expense (4) | 1.85%(8) | 1.87% | 1.84%(2) | 1.80%(2) | 1.76%(2) | 1.79%(2) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | 4.76%(8) | 5.27% | 4.32%(2) | 3.01%(2) | 3.18%(2) | 3.89%(2) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 32%(9) | 28% | 42% | 77% | 84% | 132% |
|  |  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  |  | **For the<br> Nine Months Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** | **For the<br> Year Ended<br> November 30,<br> 2023** | **For the<br> Year Ended<br> November 30,<br> 2022** | **For the<br> Year Ended<br> November 30,<br> 2021** | **For the<br> Year Ended<br> November 30,<br> 2020** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $9.84 | $9.51 | $9.76 | $11.00 | $11.10 | $10.45 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.44 | 0.35 | 0.23 | 0.27 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.18 | 0.37 | (0.03) | (1.04) | 0.24 | 0.93 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.48 | 0.81 | 0.32 | (0.81) | 0.51 | 1.26 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.29) | (0.39) | (0.57) | (0.26) | (0.30) | (0.43) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  | (0.17) | (0.31) | (0.18) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | (0.02) | (0.09) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.31) | (0.48) | (0.57) | (0.43) | (0.61) | (0.61) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $10.01 | $9.84 | $9.51 | $9.76 | $11.00 | $11.10 |
| **Total Return\*** | **Total Return\*** | 5.01%(9) | 8.77% | 3.37% | (7.50)% | 4.71% | 12.62% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $4445 | $3831 | $3540 | $4467 | $5616 | $3262 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets including interest expense (5) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets including interest expense (5) | 2.63%(8) | 2.70% | 2.68%(2) | 2.61%(2) | 2.61%(2) | 2.81%(2) |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets including interest expense (6) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets including interest expense (6) | 2.60%(8) | 2.62% | 2.59%(2) | 2.55%(2) | 2.51%(2) | 2.54%(2) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | 4.02%(8) | 4.52% | 3.58%(2) | 2.28%(2) | 2.41%(2) | 3.12%(2) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 32%(9) | 28% | 42% | 77% | 84% | 132% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. |
| (2) | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. |
| (3) | Ratio of gross operating expenses to average net assets excluding interest expense | 1.76%(8) | 1.81% | 1.82%(2) | 1.79%(2) | 1.83%(2) | 1.96%(2) |
| (4) | Ratio of net operating expenses to average net assets excluding interest expense | 1.73%(8) | 1.73% | 1.73%(2) | 1.73%(2) | 1.73%(2) | 1.74%(2) |
| (5) | Ratio of gross operating expenses to average net assets excluding interest expense | 2.52%(8) | 2.56% | 2.57%(2) | 2.54%(2) | 2.58%(2) | 2.76%(2) |
| (6) | Ratio of net operating expenses to average net assets excluding interest expense | 2.48%(8) | 2.48% | 2.48%(2) | 2.48%(2) | 2.48%(2) | 2.49%(2) |
| (7) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (8) | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. |
| (9) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes. |

---

See accompanying notes to financial statements.

**Easterly Income Opportunities Fund**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **For the<br> Nine Months Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** | **For the<br> Year Ended<br> November 30,<br> 2023** | **For the<br> Year Ended<br> November 30,<br> 2022** | **For the<br> Year Ended<br> November 30,<br> 2021** | **For the<br> Year Ended<br> November 30,<br> 2020** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $9.84 | $9.51 | $9.76 | $11.00 | $11.10 | $10.46 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.37 | 0.53 | 0.44 | 0.34 | 0.38 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.18 | 0.38 | (0.02) | (1.05) | 0.23 | 0.93 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.55 | 0.91 | 0.42 | (0.71) | 0.61 | 1.37 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.37) | (0.49) | (0.67) | (0.36) | (0.40) | (0.55) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  | (0.17) | (0.31) | (0.18) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | (0.02) | (0.09) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.39) | (0.58) | (0.67) | (0.53) | (0.71) | (0.73) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $10.00 | $9.84 | $9.51 | $9.76 | $11.00 | $11.10 |
| **Total Return\*** | **Total Return\*** | 5.71%(9) | 9.86% | 4.42% | (6.58)% | 5.74% | 13.80% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $302236 | $253654 | $229747 | $206630 | $215003 | $112226 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets including interest expense (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets including interest expense (3) | 1.63%(8) | 1.70% | 1.68%(2) | 1.61%(2) | 1.61%(2) | 1.79%(2) |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets including interest expense (4) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets including interest expense (4) | 1.60%(8) | 1.62% | 1.59%(2) | 1.55%(2) | 1.51%(2) | 1.54%(2) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | 5.02%(8) | 5.52% | 4.59%(2) | 3.29%(2) | 3.40%(2) | 4.11%(2) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 32%(9) | 28% | 42% | 77% | 84% | 132% |
|  |  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  |  | **For the<br> Nine Months Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** | **For the<br> Year Ended<br> November 30, <br> 2023** | **For the<br> Year Ended<br> November 30,<br> 2022** | **For the<br> Year Ended <br> November 30,<br> 2021** | **For the<br> Year Ended<br> November 30,<br> 2020** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $10.14 | $9.73 | $9.93 | $11.15 | $11.20 | $10.51 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.43 | 0.61 | 0.49 | 0.38 | 0.43 | 0.48 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.19 | 0.38 | (0.02) | (1.07) | 0.23 | 0.94 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.62 | 0.99 | 0.47 | (0.69) | 0.66 | 1.42 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.37) | (0.49) | (0.67) | (0.36) | (0.40) | (0.55) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  | (0.17) | (0.31) | (0.18) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | (0.02) | (0.09) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.39) | (0.58) | (0.67) | (0.53) | (0.71) | (0.73) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $10.37 | $10.14 | $9.73 | $9.93 | $11.15 | $11.20 |
| **Total Return\*** | **Total Return\*** | 6.24%(9) | 10.48% | 4.86% | (6.30)% | 6.16% | 14.23% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $96713 | $76552 | $79458 | $92994 | $61289 | $62369 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets including interest expense (5) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets including interest expense (5) | 1.63%(8) | 1.70% | 1.68%(2) | 1.61%(2) | 1.63%(2) | 1.80%(2) |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets including interest expense (6) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets including interest expense (6) | 1.01%(8) | 1.03% | 1.20%(2) | 1.18%(2) | 1.14%(2) | 1.17%(2) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | 5.61%(8) | 6.11% | 4.97%(2) | 3.68%(2) | 3.82%(2) | 4.51%(2) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 32%(9) | 28% | 42% | 77% | 84% | 132% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period. |
| (2) | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. | The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of income and expenses of underlying investment companies in which the Fund invests. |
| (3) | Ratio of gross operating expenses to average net assets excluding interest expense | 1.52%(8) | 1.56% | 1.57%(2) | 1.54%(2) | 1.58%(2) | 1.74%(2) |
| (4) | Ratio of net operating expenses to average net assets excluding interest expense | 1.48%(8) | 1.48% | 1.48%(2) | 1.48%(2) | 1.48%(2) | 1.49%(2) |
| (5) | Ratio of gross operating expenses to average net assets excluding interest expense | 1.52%(8) | 1.56% | 1.57%(2) | 1.54%(2) | 1.61%(2) | 1.75%(2) |
| (6) | Ratio of net operating expenses to average net assets excluding interest expense | 0.89%(8) | 0.89% | 1.09%(2) | 1.11%(2) | 1.11%(2) | 1.12%(2) |
| (7) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (8) | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. | Annualized. |
| (9) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

See accompanying notes to financial statements.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025

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

James Alpha Funds Trust (the "Trust") was organized in 2020, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust consists of seven series. Easterly Investment Partners LLC serves as the Funds' advisor. These financial statements include the following five series which are all diversified:

---

| | |
|:---|:---|
| **Fund** | **Sub-Advisor** |
| Easterly Global Real Estate Fund ("Global Real Estate") |  |
| Easterly Hedged Equity Fund ("Hedged Equity") | EAB Investment Group, LLC |
| Easterly Snow Small Cap Value Fund ("Small Cap Value") |  |
| Easterly Snow Long/Short Opportunity Fund ("Long/Short Opportunity") |  |
| Easterly Income Opportunities Fund ("Income Opportunities") | Orange Investment Advisors LLC |

---

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

---

| | |
|:---|:---|
| **Fund** | **Primary Objective** |
| Global Real Estate | Total return through a combination of current income and capital appreciation |
| Hedged Equity | Capital appreciation |
| Small Cap Value | Long Term Capital Appreciation |
| Long/Short Opportunity | Long Term Capital Appreciation and protection of principal |
| Income Opportunities | High level of risk adjusted current income and capital appreciation with a secondary objective of capital preservation. |

---

Hedged Equity is a "fund of funds", in that the Fund will generally invest in other investment companies. Currently, each Fund offers Class A, Class C, Class I and Class R6 shares. Class A shares of each fund are offered at net asset value plus a maximum sales load of 5.75% except Income Opportunities which has a 2.00% maximum sales load. Class C shares are offered subject to a CDSC of 1.00%. Class I and Class R6 shares are offered at net asset value. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges. Class R6 shares are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Fund level income and expenses and realized and unrealized capital gains and losses are allocated to each class of shares based on their relative net assets within each Fund. Class specific expenses are allocated to that share class.

The following is a summary of significant accounting policies followed by the Funds in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

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

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**(a) Valuation of Investments**

Investment securities listed on a national securities exchange are valued at the last reported sale price on the valuation date. NASDAQ traded securities are valued at the NASDAQ Official Closing Price (NOCP). If there are no such reported sales, the securities are valued at the mean between current bid and ask. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees using methods which include current market quotations from a major market maker in the securities and trader-reviewed "matrix" prices. Short-term debt securities having a remaining maturity of sixty days or less may be valued at amortized cost or amortized value, which approximates market value. U.S. Government Money Market values all of its securities on the basis of amortized cost, which approximates market value. Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the last bid and ask price. Options not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean of the current bid and asked prices. Futures are valued based on their daily settlement value. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by the Board of Trustees (the "Board"). There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the board-appointed Valuation Designee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; and (iii) possible valuation methodologies that could be used to determine the fair value of a security. The Global Real Estate Fund uses fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange. Foreign currency and Forward currency exchange contracts are valued daily at the London close each day. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic or political developments in a specific state, industry or region. Investments in foreign countries may involve certain considerations and risks not typically associated with domestic investments, including, but not limited to, the possibility of future political and economic developments and the level of government supervision and regulation of foreign securities markets.

Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. Easterly and the sub-adviser to the Fund may, in their discretion, value an odd lot fixed income security at what Easterly and the sub-adviser believe is a fair price and not the pricing service price if Easterly and the sub-adviser deem the price provided by the pricing service to not represent its fair value.

Valuation of Underlying Funds – The Funds may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of August 31, 2025, for the Funds' assets and liabilities measured at fair value:

**Global Real Estate**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $133322688 | $88839966 | $- | $222162654 |
| **Total** | $133322688 | $88839966 | $- | $222162654 |

---

**Hedged Equity**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $295110375 | $- | $- | $295110375 |
| Put Options Purchased | - | 5390000 | - | 5390000 |
| **Total** | $295110375 | $5390000 | $- | $300500375 |
| Derivatives\* - Assets |  |  |  |  |
| Total Return Swaps | $- | $12146882 | $- | $12146882 |
| **Total** | $- | $12146882 | $- | $12146882 |
| Derivatives\* - Liabilities |  |  |  |  |
| Call Options Written | $(1498000) | $- | $- | $(1498000) |
| Put Options Written | - | (1505000) | - | (1505000) |
| **Total** | $(1498000) | $(1505000) | $- | $(3003000) |
| **Small Cap Value** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $30552417 | $- | $- | $30552417 |
| **Total** | $30552417 | $- | $- | $30552417 |

---

**Long/Short Opportunity**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $109651653 | $- | $- | $109651653 |
| Exchange Traded Funds | 1785115 | - | - | 1785115 |
| Corporate Bonds | - | 4455648 | - | 4455648 |
| **Total Assets** | $111436768 | $4455648 | $- | $115892416 |
| Liability Derivatives |  |  |  |  |
| Call Options Written | $- | $1463007 | $- | $1463007 |
| Put Options Written | - | 198520 | - | 198520 |
| Common Stocks | 5663973 | - | - | 5663973 |
| Exchange Traded Funds | 33276735 | - | - | 33276735 |
| **Total Liabilities** | $38940708 | $1661527 | $- | $40602235 |

---

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

**Income Opportunities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $- | $251713143 | $- | $251713143 |
| Corporate Bonds | - | 59248519 | - | 59248519 |
| Non U.S. Government & Agencies | - | 93913 | - | 93913 |
| U.S. Government & Agencies | - | 47646481 | - | 47646481 |
| **Total Assets** | $- | $358702056 | $- | $358702056 |
| Assets - Derivatives |  |  |  |  |
| Credit Default Swap\*\* | $- | $978737 | $- | $978737 |
| Futures\*\* | 119466 | - | - | 119466 |
| **Total Asset Derivatives** | $119466 | $978737 | $- | $1098203 |
| Liabilities - Derivatives |  |  |  |  |
| Credit Default Swap\*\* | $- | $758639 | $- | $758639 |
| **Total Liability Derivatives** | $- | $758639 | $- | $758639 |

---

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

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

\*\* Amounts shown for swaps and futures are unrealized appreciation/depreciation.

**(b) Federal Income Tax** 

It is each Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on its 2022-2024 returns and expected to be taken in the Funds' 2025 returns and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Funds identify its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year/period ended August 31, 2025, the Funds did not incur any interest or penalties.

**(c) Security Transactions and Other Income**

Security transactions are reflected for financial reporting purposes as of the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis including premium amortized and discount accreted. All paydown gains and losses are classified as interest income in the accompanying Statements of Operations in accordance with U.S. GAAP. Discounts and premiums on securities purchased are accreted and amortized, over the lives of the respective securities with a corresponding increase/decrease in the cost basis of that security using the yield to maturity method, or where applicable, the first call date of the security. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.

**(d) Dividends and Distributions**

The following table summarizes each Fund's intended dividend and capital gain declaration policy:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income<br> Dividends** | **Capital<br> Gains** |
| Global Real Estate | Quarterly | Annually |
| Hedged Equity | Annually | Annually |
| Small Cap Value | Annually | Annually |
| Long/Short Opportunity | Annually | Annually |
| Income Opportunities | Monthly | Annually |

---

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

Each Fund records dividends and distributions to its shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book-tax" differences are either permanent or temporary in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the net asset accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as distributions of paid-in-surplus or tax return of capital. These reclassifications have no effect on net assets, results from operations or net asset value per share of each Fund.

**(e) Allocation of Expenses**

Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds on an equal basis or another reasonable basis.

**(f) Repurchase Agreements**

In connection with transactions in repurchase agreements, it is the Trust's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Trust may be delayed or limited.

**(g) Indemnification**

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**(h) Other**

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

*Foreign currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the company's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

*Real Estate Investment Trust ("REIT")*. The Global Real Estate Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be estimated based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

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

**2.** **MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

(a) Easterly Investment Partners LLC acts as investment manager for the Funds pursuant to the terms of a Management Agreement with the Trust, on behalf of the Funds (the ***"Management Agreement"***). Under the terms of the Management Agreement, the Manager manages the investment operations of the Funds in accordance with each Fund's respective investment policies and restrictions. Each investment sub-advisor is responsible for the day-to-day management of its Fund's portfolios. Easterly Investment Partners LLC serves the Funds in a supervision capacity with responsibility to monitor the performance of the Funds' outside service providers, assist in the review of financial statements and other regulatory filings and board meeting materials related to each Fund. The management fees are payable to Easterly Investment Partners LLC monthly by each Fund and are computed daily as shown in the table below. The Funds' subadvisors are paid by the manager, not the Funds.

(b) Pursuant to an operating expense limitation agreement between Easterly Investment Partners LLC and the Funds, Easterly Investment Partners LLC has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) do not exceed the expense limitation shown in the table below, and is based on the Funds' average daily net assets. This operating expense limitation agreement cannot be terminated during its term. Easterly Investment Partners LLC is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses paid within three (3) years of the end of the fiscal year in which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund's operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Management<br> Agreement** | **Cl A** | **Expense<br> Cl C** | **Limitation<br> Cl I** | **CL R6** | **Expires** | **Expenses<br> Reimbursed YTD<br> 8/31/2025** |
| Global Real Estate | 0.90% | 1.69% | 2.37% | 1.04% | 0.94% | 12/31/2025 | $423723 |
| Hedged Equity | 1.20% | 1.50% | 2.25% | 1.25% | 0.99% | 12/31/2025 | 573561 |
| Small Cap Value | 0.75% | 1.20% | 1.95% | 0.95% | 0.85% | 6/30/2026 | 104072 |
| Long/Short Opportunity | 0.80% | 1.55% | 2.30% | 1.30% | 1.00% | 6/30/2026 |  |
| Income Opportunties | 1.20% | 1.73% | 2.48% | 1.48% | 0.89% | 3/31/2026 | 464007 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **11/30/25** | **2/28/26** | **8/31/26** | **11/30/26** | **2/28/27** | **8/31/27** | **11/30/27** | **2/28/28** | **8/31/28** |
| Global Real Estate | $- | $- | $664778 | $- | $- | $517149 | $- | $- | $423723 |
| Hedged Equity |  |  | 355145 |  |  | 446764 |  |  | 573561 |
| Small Cap Value |  | 199708 |  |  | 194993 |  |  | 207589 | 104072 |
| Long/Short Opportunity |  |  |  |  |  |  |  |  |  |
| Income Opportunities | 552449 |  |  | 619614 |  |  | 738287 |  | 464007 |

---

(c) Easterly Securities LLC (the "Distributor") is the Trust's Distributor and is an affiliate of the Advisor. The Trust with respect to the Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the "Plan") with respect to the sale and distribution of Class A shares, Class C shares and Investor Class of Shares of the Fund as shown in the chart below. The Plan provides that the Fund will pay the Distributor and other entities, including a broker-dealer affiliate of the Adviser, are paid pursuant to the Plans provided and the expenses borne by the distributor and others in the distribution of Fund shares a fee, which is accrued daily and paid monthly, at the annual rates of the average daily net assets as shown in the chart below.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Cl A** | **Cl C** |
| Global Real Estate Fund | 0.25% | 1.00% |
| Hedged Equity Fund | 0.25% | 1.00% |
| Small Cap value | 0.25% | 1.00% |
| Long/Short Opportunities | 0.25% | 1.00% |
| Income Opportunities | 0.25% | 1.00% |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Sales Charges<br> Class A Easterly<br> Securities, LLC** | **Sales Charges<br> Class C Easterly<br> Securities, LLC** |
| Global Real Estate | $23333 | $- |
| Hedged Equity Fund | 60288 |  |
| Small Cap Value | 639 | 134 |
| Long/Short Opportunity | 4236 |  |
| Income Opportunities | 24269 | 11608 |

---

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

---

| | |
|:---|:---|
| **Fund** | **CDSC<br> Fees** |
| Global Real Estate | $102 |
| Hedged Equity | 25 |
| Small Cap Value |  |
| Long/Short Opportunities |  |
| Income Opportunities | 66 |

---

(d) Ultimus Fund Solutions, LLC ("UFS"), an affiliate of UFD provides administrative, fund accounting and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) a minimum annual fee or basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses.

In addition, certain affiliates of the Distributor provide services to the Trust as follows:

Northern Lights Compliance Services, LLC ("NLCS") – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

Blu Giant, LLC ("Blu Giant") – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Trust on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

Certain employees of UFS and NLCS are also officers of the Trust, and are not paid any fees directly by the Trust for serving in such capacity.

**3.** **INVESTMENT TRANSACTIONS** 

(a) For the year/period ended August 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Global Real Estate Fund | $488747644 | $551494049 |
| Hedged Equity Fund | 185828098 | 73531401 |
| Small Cap Value | 5454850 | 5410397 |
| Long/Short Opportunities | 25784763 | 25788081 |
| Income Opportunities | 169840973 | 106219758 |

---

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

(b) Certain Funds may enter into options contracts. An option contract is a contract in which the writer of the option grants the buyer of the option the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices, will require cash settlement by the Fund if the option is exercised.

Premiums paid when put or call options are purchased by the Fund, represent investments, which are marked-to-market daily. When a purchase option expires, the Fund will realize a loss in the amount of the premium paid. When the Fund enters into a closing sales transaction, the Fund will realize a gain or loss depending on whether the proceeds from the closing sales transaction are greater or less than the premium paid for the option. When the Fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When the Fund exercises a call option, the cost of the security, which the Fund purchases upon exercise, will be increased by the premium originally paid.

Certain Funds may write covered call options. This means that the Fund will own the security subject to the option or an option to purchase the same underlying security, having an exercise price equal to or less than the exercise price of the covered option, or will establish and maintain with its custodian for the term of the option, an account consisting of cash, U.S. government securities or other liquid securities having a value equal to the fluctuating market value of the securities on which the Fund holds a covered call position.

When a Fund writes a call option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily. When a written option expires, the Fund realizes a gain equal to the amount of the premium received. When the Fund enters into a closing purchase transaction, the Fund realizes a gain or loss depending upon whether the cost of the closing transaction is greater or less than the premium originally received, without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised the proceeds of the security sold will be increased by the premium originally received.

The liability representing a Fund's obligation under an exchange traded written option or investment in a purchased option is valued at the last sale price or, in the absence of a sale, the last available bid price.

The Funds may enter into options for hedging purposes. The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a covered call option is that the Fund gives up the opportunity to participate in any increase in the price of the underlying security beyond the exercise price.

(c) Certain Funds may enter into foreign currency exchange contracts. Because various Funds may invest in securities denominated in foreign currencies, they may seek to hedge foreign currency risks by engaging in foreign currency exchange transactions. These may include buying or selling foreign currencies on a spot basis, entering into foreign currency forward contracts, and buying and selling foreign currency options, foreign currency futures, and options on foreign currency futures. Currency exchange rates may fluctuate significantly over short periods and can be subject to unpredictable change based on such factors as political developments and currency controls by foreign governments.

(d) Futures Contracts – Certain funds may purchase and sell futures contracts. The Funds may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

(e) Swap Agreements – Certain funds are subject to equity price risk and/or interest rate risk in the normal course of pursuing their respective investment objectives. The Funds may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency), commodity or credit risk. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

The gross returns to be exchanged or "swapped" between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Funds segregate liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. The Funds' maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that that amount is positive.

(f) Other Investment Companies or Exchange Traded Funds – Certain Funds may invest up to 100% of their net assets in shares of affiliated and unaffiliated investment companies, including money market mutual funds, other mutual funds or exchange-traded funds ("ETFs"). An ETF generally is an open-end investment company, unit investment trust or a portfolio of securities deposited with a depository in exchange for depository receipts. ETFs provide investors the opportunity to buy or sell throughout the day an entire portfolio of securities in a single security. Although index mutual funds are similar to index-based ETFs, they are generally sold and redeemed only once per day at market close. The ETFs in which a Fund invests may be subject to liquidity risk. Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the sale of the security at an advantageous time or price. To the extent that the ETFs in which a Fund invests hold securities of companies with smaller market capitalizations or securities with substantial market risk, they will have a greater exposure to liquidity risk. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds that can be found in "Exchange-Traded Funds" below: (1) the market price of the ETF's shares may trade at a discount to their net asset value; (2) an active trading market for an ETF's shares may not develop or be maintained; or (3) trading of an ETF's shares may be halted if the listing exchange deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. Additionally, ETFs have management fees, which increase their cost. In addition to the advisory and operational fees a Fund bears directly in connection with its own operation, the Fund also bears its pro rata portion of the advisory and operational expenses incurred indirectly through investments in other investment companies.

(g) The Easterly Long/Short Opportunity Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. For financial statement purposes, an amount equal to the settlement amount is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked to market to reflect the current value of the short positions. Subsequent fluctuations in the market prices of the securities sold, but not yet purchased, may require purchasing the securities at prices which could differ from the amount reflected in the Statement of Assets and Liabilities. The Fund is liable for any dividends or interest payable on securities while those securities are in a short position. Such amounts are recorded on the ex-dividend date as dividend or interest expense.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at August 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Risk Type** | **Location of derivatives<br> on Statements of<br> Assets and Liabilities** | **Fair value of<br> asset/liability<br> derivatives** |
| **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** |  |
|  | Put options purchased | Equity | Investments, at value | $5390000 |
|  | Call options written | Equity | Options written | (1498000) |
|  | Put options written | Equity | Options written | (1505000) |
|  | Swap Contracts | Equity | Unrealized appreciation on swaps | 12146882 |
|  |  |  | **Total** | $14533882 |
| **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** |  |  |
|  | Call options written | Equity | Options written | $(1463007) |
|  | Put options written | Equity | Options written | (198520) |
|  |  |  | **Total** | $(1661527) |
| **Income Opportunities** | **Income Opportunities** | **Income Opportunities** |  |  |
|  | Swap Contracts | Credit Default | Unrealized appreciation on swaps | $978737 |
|  | Futures | Interest Rate | Unrealized appreciation on futures | 119466 |
|  | Swap Contracts | Credit Default | Unrealized depreciation on swaps | (758639) |
|  |  |  | **Total** | $339564 |

---

The effect of derivative instruments on the Statements of Operations for the year/period ended August 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Location of gain<br> (loss) on derivatives** | **Risk Type** | **Realized and**<br> **unrealized gain (loss)<br> on derivatives** |
| **Hedged Equity** |  |  |  | |
|  | Options | Options | Options |  |
|  |  | Net realized loss on options purchased |  |  |
|  |  |  | Equity | $(34856740) |
|  |  | Net realized gain on options written |  |  |
|  |  |  | Equity | 18043370 |
|  |  |  | **Total** | $(16813370) |
|  |  | Net change in unrealized appreciation on options purchased |  |  |
|  |  |  | Equity | $1178768 |
|  |  | Net change in unrealized appreciation on options written |  |  |
|  |  |  | Equity | 768054 |
|  |  |  | **Total** | $1946822 |
|  | Swaps | Swaps | Swaps |  |
|  |  | Net realized gain on swaps |  |  |
|  |  |  | Equity | $4140627 |
|  |  | Net change in unrealized appreciation on swaps |  |  |
|  |  |  | Equity | $4713061 |
|  |  |  | **Total** | $8853688 |
| **Long/Short Opportunity** |  |  |  |  |
|  | Options | Options | Options |  |
|  |  | Net realized gain on options written |  |  |
|  |  |  | Equity | $885038 |
|  |  |  | **Total** | $885038 |
|  |  | Net change in unrealized depreciation on options written |  |  |
|  |  |  | Equity | $(224484) |
|  |  |  | **Total** | $(224484) |
| **Income Opportunities** |  |  |  |  |
|  | Swaps Contracts | Swaps Contracts | Swaps Contracts |  |
|  |  | Net realized loss on swaps |  |  |
|  |  |  | Credit Default | $(2543159) |
|  |  | Net change in unrealized appreciation on swaps |  |  |
|  |  |  | Credit Default | $2120943 |
|  |  |  | **Total** | $(422216) |
|  | Futures | Futures | Futures |  |
|  |  | Net realized gain on futures |  |  |
|  |  |  | Interest Rate | $806834 |
|  |  | Net change in unrealized depreciation on futures |  |  |
|  |  |  | Interest Rate | $(174169) |
|  |  |  | **Total** | $632665 |

---

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

The average notional value of the derivative instruments for the Funds during the year/period ended August 31, 2025 was as follows:

**Hedged Equity**

---

| | | |
|:---|:---|:---|
| **Options Purchased** | **Options Written** | **Total<br> Return Swaps** |
| $487296265 | $696181640 | $87255522 |

---

---

| |
|:---|
| **Long/Short Opportunity**<br>**Options Written** |
| $23188000 |

---

---

| | | |
|:---|:---|:---|
| **Income Opportunities** | **Income Opportunities** | **Income Opportunities** |
| **Credit Default<br> Swaps - Long** | **Credit Default<br> Swaps - Short** | **Futures** |
| $75666667 | $17000000 | $51444375 |

---

During the year/period ended August 31, 2025, the Funds were not subject to any master netting arrangements. The following table shows additional information regarding the offsetting of assets and liabilities at August 31, 2025 for the Funds.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | |  | | | |  | | |
| **Description** | **Counterparty** |<br>**Gross Amounts<br> of Recognized<br> Assets** |  |<br>**Gross Amount<br> of Recognized<br> Liabilities** |<br>**Net Amounts<br> Presented in the<br> Statement of**<br> **Assets & Liabilities** |<br>**Financial<br> Instruments Pledged** |  |<br>**Cash<br> Collateral Pledged** |<br>**Net<br> Amount of<br> Assets & Liabilities** |
| Unrealized appreciation on total return swaps | Goldman Sachs | $12146882 | (1) | $- | $12146882 | $- |  | $- | $- |
| Options Purchased | Pershing | 5390000 | (1) |  | 5390000 |  |  |  |  |
| Options Writen | Pershing | - |  | (3003000 | (3003000) | 3003000 | (2) | - | - |
|  |  | $17536882 |  | $(3003000 | $14533882 | $3003000 |  | $- | $- |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long/Short Opportunity** | **Long/Short Opportunity** | | |  | | | | |
| **Description** | **Counterparty** |<br>**Gross Amounts<br> of Recognized<br> Assets** |<br>**Gross Amount<br> of Recognized<br> Liabilities** |  |<br>**Net Amounts<br> Presented in the<br> Statement of**<br> **Assets & Liabilities** |<br>**Financial<br> Instruments Pledged** |<br>**Cash<br> Collateral Pledged** |<br>**Net<br> Amount of<br> Assets & Liabilities** |
| Options Writen | Jefferies | $- | $1661527 | (1) | $1661527 | $(1661527 | $- | $- |
|  |  | $- | $1661527 |  | $1661527 | $(1661527 | $- | $- |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Opportunities** | **Income Opportunities** | |  | | | |  | | |
| **Description** | **Counterparty** |<br>**Gross Amounts<br> of Recognized<br> Assets** |  |<br>**Gross Amount<br> of Recognized<br> Liabilities** |<br>**Net Amounts<br> Presented in the<br> Statement of**<br> **Assets & Liabilities** |<br>**Financial<br> Instruments Pledged** |  |<br>**Cash<br> Collateral Pledged** |<br>**Net<br> Amount of<br> Assets & Liabilities** |
| Interest Rate Swaps |  | $978737 | (1) | $- | $978737 | $- |  | $- | $- |
|  |  | $978737 |  | $- | $978737 | $- |  | $- | $- |
| Description of Liability |  |  |  |  |  |  |  |  |  |
| Credit Default Swaps |  | $- |  | $(758639 | $(758639) | $758639 | (2) | $- | $- |
|  |  | $- |  | $(758639 | $(758639) | $758639 |  | $- | $- |

---

(1) Value as presented in the Portfolio
 of Investments.

(2) The amount is limited
 to the derivative liability balance and does not include excess collateral pledged to the counterparty. Total collateral amounts are presented
 in the Statements of Assets and Liabilities.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Global Real Estate | $254119817 | $2775047 | $(34732210) | $(31957163) |
| Hedged Equity | 242913209 | 178756291 | (112025243) | 66731048 |
| Small Cap Value | 23851720 | 7902661 | (1201964) | 6700697 |
| Long/Short Opportunity | 50744649 | 30925786 | (6380254) | 24545532 |
| Income Opportunities | 371872434 | 11094155 | (24264533) | (13170378) |

---

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For fiscal year ended<br> 8/31/2025** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Global Real Estate\* | $9747759 | $– $|  | $9747759 |
| Hedged Equity | 193188 | – |  | 193188 |
| Small Cap Value |  | – |  |  |
| Long/Short Opportunity |  | – |  |  |
| Income Opportunities | 14214085 | – | 574629 | 14788714 |

---

\* As of the tax year end December 31, 2024 for the Global Real Estate Fund.

During the current year, the following funds had a change of fiscal year end to August 31:

● Small Cap Value (from 2/28)

● Long/Short Opportunity (from 2/28)

● Income Opportunities (from 11/30)

The tax character of dividends paid during the prior fiscal periods ended was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For fiscal<br> year ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Global Real Estate\* | 12/31/2023 | $11832568 | $- | $- | $11832568 |
| Hedged Equity | 8/31/2024 | 312459 |  |  | 312459 |
| Small Cap Value | 2/28/2025 | 223219 |  |  | 223219 |
| Small Cap Value | 2/29/2024 | 33756 |  |  | 33756 |
| Long/Short Opportunity | 2/28/2025 | 1307640 | 3008540 |  | 4316180 |
| Long/Short Opportunity | 2/29/2024 | 1909851 | 136752 |  | 2046603 |
| Income Opportunities | 11/30/2024 | 16431431 |  | 2961898 | 19393329 |
| Income Opportunities | 11/30/2023 | 22317560 |  |  | 22317560 |

---

\* As of the tax year end December 31, 2023 for the Global Real Estate Fund.

As of August 31, 2025 (for the Global Real Estate Fund in which its December 31, 2024 components of distributable earnings have been adjusted for August 31, 2025 activity), the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Post October<br> Loss and Late**<br> **Year Loss** | **Capital Loss<br> Carry Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/<br> (Deficits)** |
| Global Real Estate | $2120265 | $- | $- | $(340366531) | $- | $(31948434) | $(370194700) |
| Hedged Equity |  |  | (821874) | (5943644) | (234558) | 66731048 | 59730972 |
| Small Cap Value | 749071 | 572812 |  |  |  | 6700695 | 8022578 |
| Long/Short Opportunity | 575150 | 3630454 |  |  |  | 24544923 | 28750527 |
| Income Opportunities |  |  |  | (2246768) |  | (13148543) | (15395311) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from security transactions are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on swaps, 1256 futures and option contracts, and adjustments for partnerships, perpetual bonds, passive foreign investment companies, contingent convertible debt securities, and C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above may include unrealized foreign currency gains (losses). In addition, the amount listed under other book/tax differences for the Hedged Equity Fund are primarily attributable to the tax deferral of losses on straddles.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Hedged Equity Fund incurred and elected to defer such late year losses of $821,874.

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

Capital loss carry forwards, as of each Fund's most recent tax year-ended August 31, 2025 (for the tax year ended December 31, 2024 for the Global Real Estate Fund), available to offset future capital gains, utilized capital gains, if any, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **Capital<br> Loss Carry<br> Forward Utilized** |
| Global Real Estate | $- | $327043919 | $327043919 | $- |
| Hedged Equity | 5943644 |  | 5943644 |  |
| Small Cap Value |  |  |  | 341197 |
| Long/Short Opportunity |  |  |  |  |
| Income Opportunities |  | 2246768 | 2246768 | 4622071 |

---

During the fiscal period ended August 31, 2025, certain funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and distributions in excess, resulted in reclassifications for the Funds for the fiscal year ended August 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Accumulated<br> Earnings (Losses)** |
| Global Real Estate | $- | $- |
| Hedged Equity | (110691) | 110691 |
| Small Cap Value | 13713 | (13713) |
| Long/Short Opportunity | 43415 | (43415) |
| Income Opportunities |  |  |

---

**6.** **UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES** 

Each underlying fund, including each exchange-traded fund ("ETF"), is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund's direct fees and expenses.

The performance of the Hedged Equity Fund will be directly affected by the performance of the SPDR S&P 500 ETF Trust. The Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index. The financial statements of the SPDR S&P 500 ETF Trust, including the schedule of investments, can be found on the Securities and Exchange Commission's ("SEC") website www.sec.gov and should be read in conjunction with the Fund's financial statements. As of August 31, 2025, the percentage of net assets invested in the SPDR S&P 500 ETF Trust was 89.0%.

**7.** **BENEFICIAL OWNERSHIP (Unaudited)** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of August 31, 2025, the below entities held more than 25% of the voting securities for each of the Funds listed.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Raymond James<br> Financial, Inc.** | **Charles<br> Schwab** | **National<br> Financial** | **Merrill<br> Lynch** | **American<br> Enterprise<br> Inv Svcs** |
| Global Real Estate | 30.79% | – |  |  |  |
| Hedged Equity |  | – | 34.29% |  |  |
| Small Cap Value |  | – |  | 39.09% |  |
| Long/Short Opportunities |  | – |  | 43.64% |  |
| Income Opportunities |  | – |  |  | 31.23% |

---

**EASTERLY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

August 31, 2025 (Continued)

**8.** **LINE OF CREDIT** 

Income Opportunities has a $33,000,000 line of credit provided by Cogent Bank (the ***"Bank"***) under an agreement (the ***"Line of Credit"***). The Line of Credit has an interest rate of the Prime Rate which is dependent upon the effective borrowing date ("Borrowing Date"). Income Opportunities pays the Lender a Commitment Fee of 1.00% based upon the Committed Loan Limit. For the nine months ended August 31, 2025, the Fund incurred $330,000 in commitment fees, which are included in the Interest expenses in the Statement of Operations. Any advance under the Line of Credit is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable monthly. There were no borrowings outstanding for period end.

Income Opportunities entered into a Master Repurchase Agreement (the "Reverse Repo Facility") with UMB Bank NA ("UMB"), which provides for financing primarily through UMB purchase of certain assets from the Fund and an agreement by the Fund to repurchase such assets back at an agreed-upon future date and price. In the event of the Fund's default of the obligation to repurchase, UMB has the right to liquidate the assets and apply the proceeds in satisfaction of the Fund's obligation to repurchase. The Reverse Repo Facility carries a rolling term which is reset monthly and advances thereunder may be made based on Federal Funds Target Range – Upper Limit ("FFTRU") plus 125 basis points (FFTRU + 125 bps), and the Price Differential shall be calculated daily and paid by the Seller to Buyer on the first day of each month or on any Repurchase Date. During the nine months ended August 31, 2025, there was no borrowings under the Reverse Repo Facility.

**9.** **NEW ACCOUNTING PRONOUNCEMENT** 

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

**10.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

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

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Board of Trustees of James Alpha Funds Trust d/b/a Easterly**

**Funds Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Easterly Global Real Estate Fund, Easterly Hedged Equity Fund, Easterly Snow Small Cap Value Fund, Easterly Snow Long/Short Opportunity Fund, and Easterly Income Opportunities Fund, referred to as the ("Funds") each a series of the James Alpha Funds Trust d/b/a Easterly Funds Trust, including the schedules of investments, as of August 31, 2025, the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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|:---|:---|:---|:---|
| **Individual Funds constituting<br> James Alpha Funds Trust d/b/a<br> Easterly Funds Trust** | **Statement of<br> Operations** | **Statements of<br> Changes in Net Assets** | **Financial Highlights** |
| Easterly Global Real Estate Fund, and Easterly Hedged Equity Fund | For the year ended August 31, 2025. | For each of the two years in the period ended August 31, 2025. | For each of the five years in the period ended August 31, 2025. |
| Easterly Snow Small Cap Value Fund, and Easterly Snow Long/Short Opportunity Fund | For the six months ended August 31, 2025, 2025 and for the year ended February 28, 2024. | For the six months ended August 31, 2025, and each of the two years in the period ended February 28, 2024. | For the six months ended August 31, 2025, and for each of the four years in the period ended February 28, 2025. |
| Easterly Income Opportunities Fund | For the nine months ended August 31, 2025 and for the year ended November 30, 2024. | For the nine months ended August 31, 2025, and each of the two years in the period ended November 30, 2024. | For the nine months ended August 31, 2025, and for each of the five years in the period ended November 30, 2024. |

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With respect to the Easterly Snow Small Cap Value Fund, and Easterly Snow Long/Short Opportunity Fund, the financial highlights for year ended February 28, 2021 has been audited by other auditors, whose report dated April 28, 2021 expressed unqualified opinion on such statement and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2011.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

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**EASTERLY FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

August 31, 2025

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

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

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

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

On July 23, 2025, the Board of Trustees (the "Board") of James Alpha Funds Trust dba Easterly Funds Trust (the "Trust"), a Delaware statutory trust, met to consider, among other things, (i) the renewal of the investment management agreements between the Trust, on behalf of the Easterly Global Real Estate Fund ("Real Estate Fund") and Easterly Hedged Equity Fund ("Hedged Equity Fund") (each a "Fund" and collectively the "Funds") and Easterly Investment Partners LLC ("Easterly") (each an "Investment Management Agreement" and collectively, the "Investment Management Agreements"), and (ii) the renewal of the sub-advisory agreement between Easterly and the Hedged Equity Fund's sub-adviser (the "Sub-Adviser") (the "Sub-Advisory Agreement," and together with the Investment Management Agreements, the "Advisory Agreements").

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

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

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

Nature, Extent and Quality of Services. In considering the renewal of the Investment Management Agreements with Easterly, the Board considered the nature, extent and quality of services that Easterly provided to the Funds, including Easterly's personnel and resources. The Board reviewed the services Easterly provided in serving as investment adviser and the backgrounds of the personnel providing services to the Funds, including portfolio managers. They also reviewed information provided regarding risk management and compliance and regulatory matters. The Board acknowledged Easterly's efforts and resources to support the Fund complex. The Board also considered Easterly's financial position.

**EASTERLY FUNDS**

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

August 31, 2025

The Board noted the responsibilities that Easterly has as the Funds' investment manager, including (i) overseeing the investment decisions of the Sub-Adviser and conduct ongoing performance reviews; (ii) reviewing and monitoring the portfolio trading by the Sub-Adviser, including without limitation, trade allocation policies and procedures, best execution and the use of soft-dollars; (iii) overseeing the Sub-Adviser's compliance with prospectus limitations and other relevant investment restrictions; (iv) coordinating communications with any Sub-Adviser; and (v) if deemed necessary, recommending to the Board changing one or more Sub-Adviser. The Board concluded that the services Easterly provided are satisfactory.

In considering the renewal of the Sub-Advisory Agreement, and the Fund's respective Sub-Adviser, the Board considered the nature, extent and quality of services the Sub-Adviser provided under the Sub-Advisory Agreements. The Board reviewed the services the Sub-Adviser provided, the background of the investment professionals servicing the respective Fund, and the Sub-Adviser's reputation, resources and investment approach. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance matters. The Board concluded that the services the Sub-Adviser provided was satisfactory.

Performance. The Board reviewed performance information that Easterly provided for each share class of each Fund compared to the performance of: (a) funds in a peer universe (the "Peer Group") (which is comprised of the funds in a Fund's Morningstar category); and (b) a benchmark index (the "Benchmark Index") for the one-, three-, five- and ten-year and since inception periods, ended May 31, 2025, as applicable. The Board also received information on the construction of each Fund's Peer Group.

Real Estate Fund: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (FTSE EPRA/NAREIT Developed Net Index). In this regard, the Board noted that Class I shares of the Real Estate Fund outperformed the median of its Peer Group for the one-, five- and ten-year periods, and underperformed for the three-year period. In considering the Fund's performance, the Board considered Easterly's explanation that the Fund can underperform during periods when exogenous factors, such as macroeconomic uncertainty and geopolitical risk, distract the market's attention away from real estate industry fundamentals. The Board further considered that the three-year period was marked by such factors, including central bank rate hikes, Russia's invasion of Ukraine, and armed conflict in the Middle East. The Board then considered the specific property types that detracted from the Fund's performance throughout periods of rising interest rates. The Board concluded that the performance of the Fund was satisfactory.

Hedged Equity Fund: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (S&P 500 Index). In this regard, the Board noted that Class I shares of the Hedged Equity Fund outperformed the median its Peer Group for the one-, three-, five- and since inception periods. The Board noted Easterly's explanation that the Fund's Peer Group is a stronger relative performance measure than its Benchmark Index. The Board concluded that the performance of the Fund was satisfactory.

Advisory and Sub-Advisory Fees and Fund Expenses. The Board reviewed each Fund's contractual advisory fee and expense ratio taking into account each Fund's net asset size, and reviewed information comparing the advisory fee and expense ratio to those of each Fund's respective Peer Group. The Board noted that Easterly had entered into an operating expense limitation agreement ("OELA") to waive fees and/or limit expenses of the Funds in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each share class of the Funds. The Board also considered the extent to which Easterly waives management fees and/or reimburses expenses for a Fund and its share classes, including information provided by Easterly determining that any such waivers and/or reimbursements do not and will not result in cross-subsidization by one share class of another share class of a Fund. The Board discussed the level of work involved in Easterly's management and oversight of the Funds, including with respect to oversight of the Sub-Adviser (as applicable), and the other services that Easterly provided to the Funds.

The Board considered each applicable Fund's sub-advisory fee schedule. The Board noted that the fee schedule was negotiated at arm's length between the Manager and the Sub-Adviser, an unaffiliated third party. The Board also evaluated the reasonableness of the fee split between the Manager and the Sub-Adviser for the sub-advised Fund.

The Board considered the nature and scope of the services provided by Easterly, including (i) ongoing monitoring of performance, (ii) supervision of outside service providers, (iii) responding to questions from brokers and sub-advisers (as

**EASTERLY FUNDS**

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

August 31, 2025

applicable), and (iv) research of sub-advisors and potential replacement sub-advisors to present to the Board for their consideration (as applicable). The Board also considered that with respect to the more complex Funds, these services are expected to be more resource intensive for Easterly. The Board noted that the sub-advisory fees are paid by the Manager to the Sub-Adviser and are not additional fees borne by the Funds.

The Board noted that the contractual management fee and total net expenses for Class I shares of the Real Estate Fund and Hedged Equity Fund were above the median contractual management fee and total net expenses of the Peer Group. The Board noted that the contractual management fee for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Morningstar is not able to provide information on a fund-by-fund basis as to what is included. The Board considered information on the fees charged by Easterly and the Sub-Adviser to other similarly managed client accounts, where applicable.

Economies of Scale. The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Funds, and the extent to which such economies of scale are shared with the Funds. The Board noted that Easterly had indicated its willingness to discuss the matter of breakpoints with the Board as each Fund increased its assets. The Board noted that the Funds may also benefit from economies of scale through initial fee setting and fee waivers and expense reimbursements. The Board agreed that in light of the OELA, which effectively protected shareholders from high expenses despite lower asset levels, and Easterly's willingness to consider breakpoints as each Fund reached higher asset levels, the absence of breakpoints was acceptable.

Profitability. The Board reviewed the profitability of Easterly with respect to each Fund on an individual fund-by-fund basis and in the aggregate. The Board considered the methodology for calculating profitability. Using such methodology, the Board noted that Easterly earned a reasonable profit from each Fund, in each case without considering marketing-related costs. The Board concluded that the profitability of Easterly in connection with the management of each Fund was not excessive given the nature, extent and quality of the services provided.

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

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the compensation paid under the Advisory Agreements are fair and reasonable, and that the Advisory Agreements be approved.

On July 23, 2025, the Board of Trustees (the "Board") of James Alpha Funds Trust dba Easterly Funds Trust (the "Trust"), a Delaware statutory trust, met to consider, among other things, the renewal of the investment management agreements between the Trust, on behalf of the Easterly Snow Long/Short Opportunity Fund ("Long/Short Fund") and Easterly Snow Small Cap Value Fund ("Small Cap Fund") (each a "Fund" and collectively the "Funds"), and Easterly Investment Partners LLC ("Easterly") (each an "Investment Management Agreement" and collectively, the "Investment Management Agreements").

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

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

**EASTERLY FUNDS**

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

August 31, 2025

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

Nature, Extent and Quality of Services. In considering the renewal of the Investment Management Agreements with Easterly, the Board considered the nature, extent and quality of services that Easterly provided to the Funds, including Easterly's personnel and resources. The Board reviewed the services Easterly provided in serving as investment adviser and the backgrounds of the personnel providing services to the Funds, including portfolio managers. They also reviewed information provided regarding risk management and compliance and regulatory matters. The Board acknowledged Easterly's efforts and resources to support the Fund complex. The Board also considered Easterly's financial position and the entrepreneurial risk that Easterly was undertaking to maintain its financial commitment to the Funds while certain Funds were sub-scale.

Performance. The Board reviewed performance information that Easterly provided for each share class of each Fund compared to the performance of: (a) funds in a peer universe (the "Peer Group") (which is comprised of the funds in a Fund's Morningstar category); and (b) a benchmark index (the "Benchmark Index") for the one-, three-, five- and ten-year and since inception periods, ended May 31, 2025, as applicable. The Board also received information on the construction of each Fund's Peer Group.

Long/Short Fund: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (Russell 3000 Value Index). In this regard, the Board noted that Class I shares of the Long/Short Fund outperformed the median of its Peer Group for the five- and ten-year periods, and underperformed for the one- and three-year periods. The Board considered Easterly's explanations regarding underperformance, including that the Fund's one-year underperformance was primarily driven by short positions in market-based exchange-traded funds, which Easterly implements as a way to mitigate risk. The Board concluded that the performance of the Fund was satisfactory.

Small Cap Fund: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (Russell 2000 Value Index). In this regard, the Board noted that Class I shares of the Small Cap Fund outperformed its Peer Group for the three- and five-year periods, and underperformed for the one- and ten-year periods. The Board considered Easterly's explanations regarding the impact on performance of elevated macro volatility, tight correlations, and narrow market leadership. The Board concluded that the performance of the Fund was satisfactory.

Advisory Fees and Fund Expenses. The Board reviewed each Fund's contractual advisory fee and expense ratio taking into account each Fund's net asset size, and reviewed information comparing the advisory fee and expense ratio to those of each Fund's respective Peer Group. The Board noted that Easterly had entered into an operating expense limitation agreement ("OELA") to waive fees and/or limit expenses of the Funds in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each share class of the Funds. The Board also considered the extent to which Easterly waives management fees and/or reimburses expenses for a Fund and its share classes, including information provided by Easterly determining that any such waivers and/or reimbursements do not and will not result in cross-subsidization by one share class of another share class of a Fund. The Board discussed the level of work involved in Easterly's management and oversight of the Funds, and the other services that Easterly provided to the Funds.

The Board considered the nature and scope of the services provided by Easterly, including (i) ongoing monitoring of performance, (ii) supervision of outside service providers, and (iii) responding to questions from brokers. The Board noted that the contractual management fee for Class I shares of the Long/Short Fund was below the median contractual

**EASTERLY FUNDS**

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

August 31, 2025

management fee of the Peer Group and that the total net expenses for Class I shares of the Long/Short Fund were above the median total net expenses of the Peer Group. The Board noted that the contractual management fee for Class I shares of the

Small Cap Fund was below the median contractual management fee of the Peer Group and that the total net expenses for Class I shares of the Small Cap Fund were above the median total net expenses of the Peer Group. The Board noted that the contractual management fee for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Morningstar is not able to provide information on a fund-by-fund basis as to what is included. The Board considered information on the fees charged by Easterly to other similarly managed client accounts, where applicable.

The Board considered management's explanations regarding factors that could impact the level of a Fund's fees. In light of the nature, quality and extent of services Easterly provide, the Board concluded that each Fund's advisory fee was fair and reasonable.

Economies of Scale. The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Funds, and the extent to which such economies of scale are shared with the Funds. The Board noted that Easterly had indicated its willingness to discuss the matter of breakpoints with the Board as each Fund increased its assets. The Board noted that the Funds may also benefit from economies of scale through initial fee setting and fee waivers and expense reimbursements. The Board agreed that in light of the OELA, which effectively protected shareholders from high expenses despite lower asset levels, and Easterly's willingness to consider breakpoints as each Fund reached higher asset levels, the absence of breakpoints was acceptable.

Profitability. The Board reviewed the profitability of Easterly with respect to each Fund on an individual fund-by-fund basis and in the aggregate. The Board considered the methodology for calculating profitability. Using such methodology, the Board noted that Easterly earned a reasonable profit from each Fund, in each case without considering marketing-related costs. The Board concluded that the profitability of Easterly in connection with the management of each Fund was not excessive given the nature, extent and quality of the services provided.

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

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the compensation paid under the Advisory Agreements are fair and reasonable, and that the Investment Management Agreements be approved.

On July 23, 2025, the Board of Trustees (the "Board") of James Alpha Funds Trust dba Easterly Funds Trust (the "Trust"), a Delaware statutory trust, met to consider, among other things, (i) the renewal of the investment management agreement between the Trust, on behalf of the Easterly Income Opportunities Fund ("Income Opportunities Fund") (the "Fund") and Easterly Investment Partners LLC ("Easterly") (the "Investment Management Agreement"), and (ii) the renewal of the sub-advisory agreement between Easterly and the Fund's sub-adviser (the "Sub-Adviser") (the "Sub-Advisory Agreement," and together with the Investment Management Agreement, the "Advisory Agreements").

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

In considering the renewal of the Investment Management Agreement and reaching their conclusion with respect to the Investment Management Agreement, the Board took note of relevant judicial precedent that set forth factors to be considered by a board when evaluating investment advisory agreements. These include, but are not limited to, the following: (i) the nature, extent, and quality of the services to be provided to the Fund; (ii) information comparing the investment performance, advisory fees and operating expense ratio of the Fund to other funds; (iii) information about profits to be

**EASTERLY FUNDS**

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

August 31, 2025

realized by Easterly and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of the Fund's investors.

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

***Nature, Extent and Quality of Services.*** In considering the renewal of the Investment Management Agreement with Easterly, the Board considered the nature, extent and quality of services that Easterly provided to the Fund, including Easterly's personnel and resources. The Board reviewed the services Easterly provided in serving as investment adviser and the backgrounds of the personnel providing services to the Fund, including portfolio managers. They also reviewed information provided regarding risk management and compliance and regulatory matters. The Board acknowledged Easterly's efforts and resources to support the Fund complex. The Board also considered Easterly's financial position.

The Board noted the responsibilities that Easterly has as the Fund's investment manager, including (i) overseeing the investment decisions of the Sub-Adviser and conduct ongoing performance reviews; (ii) reviewing and monitoring the portfolio trading by the Sub-Adviser, including without limitation, trade allocation policies and procedures, best execution and the use of soft-dollars; (iii) overseeing the Sub-Adviser's compliance with prospectus limitations and other relevant investment restrictions; (iv) coordinating communications with any Sub-Adviser; and (v) if deemed necessary, recommending to the Board changing the Sub-Adviser. The Board concluded that the services Easterly provided are satisfactory.

In considering the renewal of the Sub-Advisory Agreement, and the Fund's Sub-Adviser, the Board considered the nature, extent and quality of services the Sub-Adviser provided under the Sub-Advisory Agreement. The Board reviewed the services the Sub-Adviser provided, the background of the investment professionals servicing the Fund, and the Sub-Adviser's reputation, resources and investment approach. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance matters. The Board concluded that the services the Sub-Adviser provided was satisfactory.

***Performance.*** The Board reviewed performance information that Easterly provided for each share class of the Fund compared to the performance of: (a) funds in a peer universe (the "Peer Group") (which is comprised of the funds in the Fund's Morningstar category); and (b) a benchmark index (the "Benchmark Index") for the one-, three-, five- and ten-year and since inception periods, ended May 31, 2025, as applicable. The Board also received information on the construction of the Fund's Peer Group.

<u>Income Opportunities Fund</u>: The Board reviewed the Fund's total returns compared to the total returns of its Peer Group and its Benchmark Index (Bloomberg US Aggregate Bond Index). In this regard, the Board noted that Class I shares of the Income Opportunities Fund outperformed the median of its Peer Group for the one-, five- and since inception periods, and underperformed for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

***Advisory and Sub-Advisory Fees and Fund Expenses.*** The Board reviewed the Fund's contractual advisory fee and expense ratio taking into account the Fund's net asset size, and reviewed information comparing the advisory fee and expense ratio to those of the Fund's Peer Group. The Board noted that Easterly had entered into an operating expense limitation agreement ("OELA") to waive fees and/or limit expenses of the Fund in an amount necessary to limit total annual operating

**EASTERLY FUNDS**

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

August 31, 2025

expenses to a specified percentage of average daily net assets for each share class of the Fund. The Board also considered the extent to which Easterly waives management fees and/or reimburses expenses for a Fund and its share classes, including information provided by Easterly determining that any such waivers and/or reimbursements do not and will not result in cross-subsidization by one share class of another share class of a Fund. The Board discussed the level of work involved in Easterly's management and oversight of the Fund, including with respect to oversight of the Sub-Adviser, and the other services that Easterly provided to the Fund.

The Board considered the Fund's sub-advisory fee schedule. The Board noted that the fee schedule was negotiated at arm's length between the Manager and the Sub-Adviser, an unaffiliated third party. The Board also evaluated the reasonableness of the fee split between the Manager and the Sub-Adviser for Fund.

The Board considered the nature and scope of the services provided by Easterly, including (i) ongoing monitoring of performance, (ii) supervision of outside service providers, (iii) responding to questions from brokers and sub-advisers, and (iv) research of sub-advisors and potential replacement sub-advisors to present to the Board for their consideration. The Board also considered that with respect to the more complex Fund, these services are expected to be more resource intensive for Easterly. The Board noted that the sub-advisory fees are paid by the Manager to the Sub-Advisor and are not additional fees borne by the Fund.

The Board noted that the contractual management fee and total net expenses for Class I shares of the Fund was above the median contractual management fee and total net expenses of the Peer Group. The Board noted that the contractual management fee for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Morningstar is not able to provide information on a fund-by-fund basis as to what is included. The Board considered information on the fees charged by Easterly and the Sub-Adviser to other similarly managed client accounts, where applicable.

***Economies of Scale.*** The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund, and the extent to which such economies of scale are shared with the Fund. The Board noted that Easterly had indicated its willingness to discuss the matter of breakpoints with the Board as the Fund increased its assets. The Board noted that the Fund may also benefit from economies of scale through initial fee setting and fee waivers and expense reimbursements. The Board agreed that in light of the OELA, which effectively protected shareholders from high expenses despite lower asset levels, and Easterly's willingness to consider breakpoints as the Fund reached higher asset levels, the absence of breakpoints was acceptable.

***Profitability.*** The Board reviewed the profitability of Easterly with respect to the Fund on an individual fund-by-fund basis and in the aggregate. The Board considered the methodology for calculating profitability. Using such methodology, the Board noted that Easterly earned a reasonable profit from the Fund, in each case without considering marketing-related costs. The Board concluded that the profitability of Easterly in connection with the management of the Fund was not excessive given the nature, extent and quality of the services provided.

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

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the compensation paid under the Advisory Agreements are fair and reasonable, and that the Advisory Agreements be approved.

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

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Portfolios use to determine how to vote proxies is available without charge, upon request, by calling 1-833-999-2636 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

**<u>How to Obtain 1<sup>st</sup> and 3<sup>rd</sup> Fiscal Quarter Portfolio Holdings</u>**

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at <u>www.sec.gov</u>.

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

Included under Item 7

**Item 16. Controls and Procedures**

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

(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during
 the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

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

(a) Not
 applicable

(b) Not
 applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(a)(2) Not applicable

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

(a)(4) Not applicable

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

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

James Alpha Funds Trust

---

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

---

Date: 11/5/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date: 11/5/2025

---

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

---

Date: 11/5/2025

## Ex-99.Code

**CODE OF ETHICS OF**

**THE JAMES ALPHA FUNDS TRUST AND**

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

<br> **Introduction**

This Code of Ethics has been adopted by The James Alpha Funds Trust (the "Trust") and James Alpha Advisors, LLC (the "Advisor"), in compliance with Rule 17j-1 under the Investment Company Act of 1940 (the "Act") and with Rule 204A-1 of the Investment Adviser's Act of 1940 (the "Adviser's Act") (unless specifically identified, Rule 17j-1 and Rule 204A-1 are collectively referred to as the "Rules") to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust or any other investment company or client accounts managed and/or advised by the Advisor (referred to collectively herein as "Other Clients") may abuse their fiduciary duties to the Trust or Other Clients and to deal with other types of conflict of interest situations to which the Rules are addressed.

**General Principles**

The specific provisions and reporting requirements of the Rules and this Code of Ethics are concerned primarily with those investment activities of Access Persons, defined below, who are associated with the Adviser, Trust or Other Clients and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust or Other Clients. However, the Rules and this Code of Ethics apply to all affiliated persons of the Trust or Other Clients (including the Advisor) and affiliated persons of the Advisor ("Covered Persons").

The Rules make it "unlawful" for Covered Persons to engage in conduct which is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by an investment company or the Advisor. Accordingly, under the Rules and this Code of Ethics no Covered Person shall use any information concerning the investments or investment intentions of the Trust or Other Clients, or his ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Trust or Other Clients.

In addition, no Covered Person shall, directly or indirectly in connection with the purchase or sale of a "security held or to be acquired" by the Trust or Other Clients:

· employ any device, scheme or artifice to defraud the Trust or Other Clients;

· make to the Trust or any Other Client, or [the Advisor] any untrue statement
of a material fact or omit to state to any of the foregoing a material fact necessary in order to make the statements made, in light of
the circumstances under which they are made, not misleading;

· engage in any act, practice, or course of business which operates or would
operate as a fraud or deceit upon the Trust or Other Clients; or

· engage in any manipulative practice with respect to the Trust or Other Clients.

This Code of Ethics acknowledges the general principles that Covered Persons: (i) owe a fiduciary obligation to the Trust and Other Clients; (ii) have the duty at all times to place the interests of the Trust and Other Clients and their respective shareholders, if any, first; (iii) must conduct all personal securities transactions in such a manner as to avoid any actual or potential conflict of interest or abuse of an individual's position of trust and responsibility; (iv) should not take inappropriate advantage of their positions in relation to the Trust or Other Clients; (v) must comply with the federal securities laws as that term is defined in Rule 204A-1; and (vi) to safeguard nonpublic information about the Trust and Other Clients and their accounts, securities, instructions and interests.

Each person receiving a copy of this Code of Ethics must acknowledge receipt in writing on the form supplied by the Administrator of the Code annexed hereto as Exhibit 1 and must promptly return the signed form to the Administrator.

**Definitions (as used herein)**

 

1. *Access Person*: (i) any officer, trustee, director or employee of the Advisor, including any such person who has access to nonpublic information regarding any client's purchase or sale of securities or nonpublic information regarding the portfolio holdings of any reportable fund, including the Trust or any affiliated mutual fund, or who is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic, or of the Trust or Other Clients; (ii) any employee of any company in a control relationship to the Advisor or the Trust or Other Clients who, in connection with his regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of securities by the Trust or Other Clients, or whose functions or duties relate to the making of any recommendations with respect to such purchases or sales; and (iii) any natural person in a control relationship to the Advisor or the Trust or Other Clients who obtains information concerning recommendations made for the purchase or sale of securities by the Trust or Other Clients. Persons meeting the criteria set forth in (ii) and (iii) of this paragraph are referred to as "Investment Persons."

2. *Affiliated Person*: (i) any person directly or indirectly owning, controlling or holding with power to vote, five percent or more of the outstanding voting securities of such other person; (ii) any person five percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by such other person; (iii) any person directly or indirectly controlling, controlled by, or under common control with, such other person; (iv) any officer, trustee, director, partner, copartner, or employee of such other person; and (v) any investment adviser of the Trust or Other Clients.

3. *Beneficial Interest*: any interest by which an Access Person or any member of his immediate family (relative by blood or marriage living in the same household), can directly or indirectly derive a monetary benefit from the purchase, sale (or other acquisition or disposition) or ownership of a security, except such interests as the Administrator of this Code of Ethics shall

determine to be too remote for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires or disposes of a security in which he has or thereby acquires a direct or indirect Beneficial Interest will be referred to in this Code of Ethics as a "personal securities" transaction or as a transaction for the person's "own account").

4. *Control*: the power to exercise a controlling influence over the management or policies of a company (unless such power is solely the result of an official position with such company). Any person who owns beneficially, directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company. Natural persons shall be presumed not to be controlled persons.

5. *Covered Person* shall have the meaning set forth in Section 2 of this Code of Ethics.

6. *Investment Person*: an Access Person defined above and includes a trader, as defined below, in portfolio securities.

7. *Portfolio Manager*: an Access Person who is responsible for making decisions as to securities to be bought or sold for the Trust's portfolios or for Other Clients.

8. *Trader*: an Access Person who is responsible for effecting portfolio security transactions on behalf of the Trust or Other Clients.

9. *Security* includes all stock, debt obligations and other instruments comprising the investments of the Trust or Other Clients, including any warrant or option to acquire or sell a security and financial futures contracts, but excludes securities issued by the U.S. government or its agencies, bankers' acceptances, bank certificates of deposit, commercial paper and shares of a mutual fund (including money market funds). References to a "Security" in this Code of Ethics shall include any warrant for, option in, or security immediately convertible into that "Security."

A "security held or to be acquired" by the Trust or Other Clients means any Security (as defined above) which, within the most recent seven days: (i) is or has been held by the Trust or Other Clients; or (ii) is being or has been considered for purchase by the Trust or Other Clients.

A security is "being considered for purchase or sale" from the time an order is given by or on behalf of the Trust or Other Clients until all orders with respect to that security are completed or withdrawn.

**Prohibited Transactions**

Subject to any more limiting requirement set forth below, an Access Person may not effect a personal securities transaction if he knows or, in the ordinary course of business, should know at the time of entering into the transaction that: (i) the Trust or Other Clients have engaged in a transaction in the same security within the last seven days, or is engaging in a transaction or is going to engage in a

transaction in the same security in the next seven days; or (ii) within the last seven days a transaction in the same security for the Trust or Other Clients was considered or is being considered or within the next seven days is going to be considered, unless such Access Person obtains advance clearance of such transaction and reports to the Trust or Other Clients, as applicable, the information described in Section 7 of this Code of Ethics.

1. *Initial Public Offerings and Private Placements.* Advance clearance and approval for any acquisition
of securities by an Access Person in an initial public offering or private placement must be obtained and any such acquisitions will be
promptly reported to the Board of Trustees of the Trust.

*2.* *Blackout Periods.* An Investment Person may not effect a personal securities transaction on a day
during which the Trust or Other Clients have a pending "buy" or "sell" order in that same security until that order
is executed or withdrawn. In addition, a portfolio manager may not buy or sell a security for his own account within at least seven calendar
days before and after a fund or account that he manages trades in that security. Any profits realized on trades within the proscribed
periods will have to be disgorged.

*3. Gifts.* An Investment Person may not accept any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Trust or Other Clients.

*4.* Service as a Director. An Investment Person may not serve on the board of directors of any publicly traded
company, without prior authorization of the Chief Executive Officer of the Advisor which is based upon a determination that the board
service would not be inconsistent with the interests of the Trust and its shareholders and Other Clients and their shareholders, as applicable.
If and when such board service is authorized, the Investment Person serving as a director will be isolated from other Investment Persons
who make investment decisions involving that company through "Chinese Wall" or other procedures.

**Advance Clearance Requirement**

1. Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.* From Whom Obtained. *Advance clearance of a personal securities transaction required to be approved under this Code of Ethics must be obtained from the Administrator of this Code of Ethics.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Time of Clearance. Transaction clearances must be obtained no more than three (3) days prior to the transaction. If the trade
is not made within three (3) days of the date of clearance, a new clearance must be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c.* Form. *Clearance must be obtained in writing by completing and signing a form provided for that purpose by the Trust or Other Clients, which form shall set forth the details of the proposed transaction, and obtaining the signature of the Administrator. An example of such Form is annexed hereto as Schedule A* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*e.* Factors Considered in Clearance of Personal Transactions *. The Administrator may refuse to grant clearance of a personal transaction in his sole discretion without being required to specify any reason for the refusal. Generally, the Administrator of this Code of Ethics will consider the following factors in determining whether or not to clear a proposed transaction:* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Whether the individual making the proposed purchase or sale is likely to
benefit from purchases or sales being made or being considered by the Trust or Other Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whether the Security proposed to be purchased or sold is one that would
qualify for purchase or sale by the Trust or Other Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Whether the transaction is nonvolitional on the part of the individual,
such as receipt of a stock dividend or a sinking fund call.

**Exempt Transactions**

Neither the prohibitions nor the reporting requirements of this Code of Ethics apply to:

1. Purchase, sales, or other acquisitions or dispositions of Securities for an account over which the Covered
Person or Access Person has no direct influence or control and does not exercise indirect influence or control;

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

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

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

5. Purchases or other reacquisitions or dispositions resulting from the exercise of rights acquired from
an issuer as part of a pro rata distribution to all holders of a class of Securities of such issuer and the sale of such rights;

6. Purchases, sales, or other acquisitions or dispositions which receive the prior approval of the Administrator
upon consideration of the factors stated in paragraph e(2) above and/or because:

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

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

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

7. Purchase or sale of securities issued by the U.S. government or its agencies, banker's acceptances,
bank certificates of deposit, commercial paper and shares of a mutual fund, provided, however, that investments in mutual funds that are
advised by the Advisor or its affiliates, or for which the Advisor or its affiliates serves as principal underwriter must be reported
in accordance with the terms of this Code.

**Reporting Requirements**

*1.* Reporting Requirements - Quarterly Transactions. *Within 10 days after the end of each calendar quarter, each Access Person shall make a written report to the Administrator of this Code of Ethics of all non-exempt transactions occurring in the quarter by which they acquired or disposed of a Beneficial Interest in any Security, except if the report would duplicate information contained in broker trade confirmations or account statements held in records so long as the Administrator received such confirmations and statements no later than 30 days after the end of the applicable calendar quarter.* 

Such report must be dated and contain the following information with respect to each reportable transaction and/or brokerage account established by the Access Person in which he held any securities during the quarter and shall be current as of a date no more than 45 days prior to the date the person became an Access Person or the filing of the report, as the case may be: (i) date and nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (ii) title, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date (if applicable), number of share or principal amount of each Security and the price at which the transaction was effected; (iii) name of the broker, dealer or bank with or through whom the transaction was effected; and (iv) the name of the broker, dealer or bank with whom the Access Person established the account, and the date the account was established.

Such report may contain a statement that the report is not to be construed as an admission that the person making it has or had any direct or indirect Beneficial Interest in any Security to which the report relates.

Notwithstanding the quarterly reporting requirement set forth above, a Trustee of the Trust or a director of an investment company managed or advised by the Advisor who is not an "interested person" of the Trust or the investment company, respectively, as such term is defined in Section 2(a)(19) of the Act, shall not be subject to such reporting requirement except where such Trustee knew or, in the ordinary course of fulfilling his official duties as a Trustee of the Trust, should have known that during the seven day period immediately preceding or after the date of the transaction in a security by the Trustee, such security is or was purchased or sold by the Trust or such purchase or sale by the Trust is or was considered by the Trust or the Trust's Advisor or advisers.

*2.* Reporting Requirements - Initial and Annual Holdings. *Each Access Person must disclose all personal holdings in securities (including any privately-placed securities) to the Administrator* 

of this Code of Ethics for review no later than 10 days after becoming an Access Person and annually thereafter. Each initial and annual holdings report must contain the following information: (i) the title, number of securities and principal amount of each Security in which the Access Person has any direct or indirect beneficial ownership; (ii) the name of the broker, dealer or financial institution with or through whom the Access Person maintains an account in which any securities were held for the direct or indirect benefit of the Access Person; and (iii) the date the report is submitted by the Access Person. Each report must be current as of a date no more than 45 days prior to the date the person became an access person or before the report is submitted, as the case may be.

*3.* Form of Reports. *The reports may be on the form provided by the Trust or Other Clients or may consist of trade confirmations and/or broker account statements received by the Administrator of the Code in the prescribed time periods, which provide at least the same information. A copy of each of the Trust's and Advisor's reporting forms is attached hereto as Schedule B.* 

*4.* Responsibility to Report. *The responsibility for taking the initiative to report is imposed on each individual required to make a report. Any effort by the Trust or Other Clients to facilitate the reporting process does not change or alter that responsibility* 

*5.* Where to File Report. *All reports must be filed with the Administrator of this Code of Ethics*.

**Certification of Compliance** 

Each Access Person must certify in writing, in the form attached hereto as Exhibit 1, within 30 days of each year that he has: (i) read this Code of Ethics, including any amendments thereto, and understood it; (ii) complied with the Code's requirement during the past year; (iii) disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code; and (iv) reported all violations of this Code and the federal securities laws, as that term is defined in Rule 204A-1, to the Administrator.

**Confidentiality of Transactions**

Until disclosed in a public report to shareholders or to the SEC in the normal course, all information concerning Securities "being considered for purchase or sale" by the Trust or Other Clients shall be kept confidential by all Access Persons and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Administrator of this Code of Ethics to report any inadequacy found by him to the Board of Trustees of the Trust or the relevant parties with respect to Other Clients.

**Sanctions**

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by the Chief Financial Officer of the Trust, or the Chief Compliance Officer of the Advisor of the Trust or Other Clients as may be deemed appropriate under the circumstances to achieve the purposes of the Rules and this Code of Ethics which may include suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Trust or Other Clients and the more advantageous price paid or received by the offending person.

Sanctions for violation of this Code of Ethics by a Trustee of the Trust will be determined by a majority vote of its Independent Trustees. Sanctions for violations of this Code of Ethics with respect to Other Clients will be determined by such parties as is determined by such Other Clients.

**Administration and Construction**

The administration of this Code of Ethics with respect to the Trust and the Advisor shall be the responsibility of the Chief Financial Officer of the Trust and the Advisor, as the case may be, who shall serve as the "Administrator" of this Code of Ethics. The Administrator of the Code with respect to Other Clients shall be the respective Chief Compliance Officer of such investment companies.

The duties of such Administrator shall include:

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

2. Providing each Access Person a copy of this Code of Ethics and informing
them of their duties and obligations thereunder, and assuring that Covered Persons who are not access persons are familiar with applicable
requirements of this Code of Ethics;

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

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

5. Preparing listings of all transactions effected by any Access Person within
seven days of the date on which the same security was held, purchased or sold by the Trust or Other Clients;

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

7. Issuing either personally or with the assistance of counsel as may be appropriate,
any interpretation of this Code of Ethics which may appear consistent with the objectives of the Rules and this Code of Ethics;

8. Conducting of such inspections or investigations, including scrutiny of
the listings referred to in the preceding subparagraph, as shall reasonably be required to detect and report, with his recommendations,
any apparent violations of this Code of Ethics to the Board of Trustees of the Trust or the appropriate parties with respect to Other
Clients;

9. Submitting a quarterly report to the Trustees of the Trust containing a
description of any violation and the sanction imposed; transactions which suggest the possibility of a violation of interpretations issued
by and any exemptions or waivers found appropriate by the Administrator; and any other significant information concerning the appropriateness
of this Code of Ethics.

**Required Records**

The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records:

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

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

3. A copy of each report made by the Administrator within two years from
the end of the fiscal year of the Trust or Other Client (or, in the case of a separate account, the opening of the account) in which
such report or interpretation is made or issued and for an additional three years in a place which need not be easily accessible; and

4. A record of all written acknowledgements as required by Rule 204A-1(a)(5)
of the Advisers Act and as required by this Code for each person who is currently or within the past five years, required to provide such
written authorization;

5. A record of each report made by an Access Person as required by Rule 204A-1(b)
of the Advisers Act and as required by this Code, including the following information provided in lieu of such reports as permitted by
Rule 204A-1(b)(3)(iii): a transaction report if the report would duplicate information contained in broker trade confirmations or account
statements that are held as records so long as they are received by the Administrator no later than 30 days after the end of the applicable
calendar quarter.

6. A list of all persons who are, or within the past five years have been,
required to make reports pursuant to the Rule and this Code of Ethics and a record of the names of persons who are currently, or within
the past five years were, Access Persons of the Advisor.

7. The record of any decision and reasons supporting the decision to approve
any acquisitions by Access Persons of private placements or Initial Public Offering securities for at least five years after the end of
the fiscal year in which such approval was granted.

**Amendments and Modifications**

With respect to the Trust, this Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust.

With respect to the Trust, this Code of Ethics was most recently adopted by the Board of Trustees of the Trust, including a majority of its Independent Trustees, at a meeting held on [ ].

<u> </u>

<br> Chairman and President of the Board of Trustees of the Trust, and Chairman, President and<br> Chief Executive Officer of the Advisor

**Exhibit 1**

**ACKNOWLEDGEMENT AND COMPLIANCE CERTIFICATION**

I have received a copy of the current Code of Ethics. I have read and understand the terms of the above Code of Ethics. I recognize the responsibilities and obligations that I have incurred as a result of my being subject to this Code of Ethics, and hereby agree to abide by the terms of the above Code of Ethics.

Signature Date

______________________________________

Print Name

**SCHEDULE A**

**REQUEST FOR PERMISSION**

**TO ENGAGE IN PERSONAL TRANSACTION**

I hereby request permission to effect a transaction in securities as indicated below for my own account or other account in which I have a beneficial interest or legal title.

(Use approximate dates and amounts of proposed transactions.)

PURCHASES AND ACQUISITIONS

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

SALES AND OTHER DISPOSITIONS

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

Signature Date

______________________________________

Print Name

**SCHEDULE B**

**QUARTERLY SECURITIES TRANSACTIONS<br> CONFIDENTIAL REPORT**

The following list of transactions in securities in which I had any direct or indirect beneficial ownership and a list of accounts I established during the last calendar quarter (if no transactions took place write "None"). Sign and return to the Chief Financial Officer of the Trust or the Chief Compliance Officer or the Advisor, as applicable, no later than the 10th day of the month following the end of the quarter. Use reverse side if additional space is needed.

**PURCHASES AND ACQUISITIONS**

**SALES AND OTHER DISPOSITIONS**

---

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

---

**BROKERAGE ACCOUNTS ESTABLISHED**

---

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

---

Signature Date

______________________________________

Print Name

**SCHEDULE B (Part 2)**

**SECURITIES HOLDINGS<br> CONFIDENTIAL REPORT**

**ANNUAL OR INITIAL HOLDINGS REPORT**

I hereby confirm the following items represent all holding in securities in which I have direct or indirect beneficial ownership as of _<u>(Date)</u>_____________________________, and which must be reported pursuant to the Code of Ethics of The James Alpha Funds Trust and James Alpha Advisors, LLC:

---

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

---

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

---

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

---

Signature Date

______________________________________

Print Name

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Darell Crate, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/5/2025 | /s/ Darrell Crate |
| | | Darell Crate<br> Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Michael Montague, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/5/2025 | /s/ Michael Montague |
| | | Michael Montague<br> Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION** [Exhibit 99.906CERT]

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

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

---

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

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.