# EDGAR Filing Document

**Accession Number:** 0001829774
**File Stem:** 0001580642-26-003116
**Filing Date:** 2026-5
**Character Count:** 391097
**Document Hash:** 976d22c2a163c1eee4f195b7d1dd089a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003116.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001580642-26-003116

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**EFFECTIVENESS DATE**: 20260511

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23611
- **FILM NUMBER:** 26961220

**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>

<u>James Alpha Funds Trust</u> <br> (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)

<u>Emile R. Molineaux</u> <br> <u>80 Arkay Drive, Suite 110, Hauppauge, NY 11788</u> <br> (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>2/28/26</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;

#### Easterly Global Real Estate Fund

#### Class A (JAREX)

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i5f215d6bdc9e5125c58e4c4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $79 | 1.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $196206088 |
| Number of Portfolio Holdings | 37 |
| Advisory Fee (net of waivers) | $781540 |
| Portfolio Turnover | 95% |

---

#### Asset Weighting (% of total investments)
![Group By Asset Type Chart](iad06c34aa923168a9000cd97.jpg)

---

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

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Sector Chart](icc8368657ee5be67d734e3b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.4% |
| France | 0.8% |
| Bermuda | 1.4% |
| Sweden | 2.2% |
| Germany | 2.5% |
| Spain | 3.8% |
| Canada | 5.7% |
| United Kingdom | 9.4% |
| Australia | 12.5% |
| United States | 54.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Equinix, Inc. | 4.5% |
| NETSTREIT Corporation | 4.5% |
| Goodman Group | 4.2% |
| Grainger PLC | 3.7% |
| Welltower, Inc. | 3.7% |
| Kite Realty Group Trust | 3.6% |
| Simon Property Group, Inc. | 3.5% |
| UNITE Group PLC (The) | 3.4% |
| American Healthcare REIT, Inc. | 3.3% |
| American Tower Corporation, Class A | 3.3% |

---

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

#### Semi-Annual Shareholder Report - February 28, 2026

# 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-SAR 022826-JAREX

#### Easterly Global Real Estate Fund

#### Class C (JACRX)

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i5f215d6bdc9e5125c58e4c4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $118 | 2.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $196206088 |
| Number of Portfolio Holdings | 37 |
| Advisory Fee (net of waivers) | $781540 |
| Portfolio Turnover | 95% |

---

#### Asset Weighting (% of total investments)
![Group By Asset Type Chart](iad06c34aa923168a9000cd97.jpg)

---

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

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Sector Chart](icc8368657ee5be67d734e3b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.4% |
| France | 0.8% |
| Bermuda | 1.4% |
| Sweden | 2.2% |
| Germany | 2.5% |
| Spain | 3.8% |
| Canada | 5.7% |
| United Kingdom | 9.4% |
| Australia | 12.5% |
| United States | 54.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Equinix, Inc. | 4.5% |
| NETSTREIT Corporation | 4.5% |
| Goodman Group | 4.2% |
| Grainger PLC | 3.7% |
| Welltower, Inc. | 3.7% |
| Kite Realty Group Trust | 3.6% |
| Simon Property Group, Inc. | 3.5% |
| UNITE Group PLC (The) | 3.4% |
| American Healthcare REIT, Inc. | 3.3% |
| American Tower Corporation, Class A | 3.3% |

---

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

#### Semi-Annual Shareholder Report - February 28, 2026

# 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-SAR 022826-JACRX

#### Easterly Global Real Estate Fund

#### Class I (JARIX)

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i5f215d6bdc9e5125c58e4c4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $54 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $196206088 |
| Number of Portfolio Holdings | 37 |
| Advisory Fee (net of waivers) | $781540 |
| Portfolio Turnover | 95% |

---

#### Asset Weighting (% of total investments)
![Group By Asset Type Chart](iad06c34aa923168a9000cd97.jpg)

---

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

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Sector Chart](icc8368657ee5be67d734e3b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.4% |
| France | 0.8% |
| Bermuda | 1.4% |
| Sweden | 2.2% |
| Germany | 2.5% |
| Spain | 3.8% |
| Canada | 5.7% |
| United Kingdom | 9.4% |
| Australia | 12.5% |
| United States | 54.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Equinix, Inc. | 4.5% |
| NETSTREIT Corporation | 4.5% |
| Goodman Group | 4.2% |
| Grainger PLC | 3.7% |
| Welltower, Inc. | 3.7% |
| Kite Realty Group Trust | 3.6% |
| Simon Property Group, Inc. | 3.5% |
| UNITE Group PLC (The) | 3.4% |
| American Healthcare REIT, Inc. | 3.3% |
| American Tower Corporation, Class A | 3.3% |

---

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

#### Semi-Annual Shareholder Report - February 28, 2026

# 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-SAR 022826-JARIX

#### Easterly Global Real Estate Fund

#### Class R6 (JARSX)

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i5f215d6bdc9e5125c58e4c4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $48 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $196206088 |
| Number of Portfolio Holdings | 37 |
| Advisory Fee (net of waivers) | $781540 |
| Portfolio Turnover | 95% |

---

#### Asset Weighting (% of total investments)
![Group By Asset Type Chart](iad06c34aa923168a9000cd97.jpg)

---

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

---

# What did the Fund invest in?

# **Country Weighting (% of net assets)**![Group By Sector Chart](icc8368657ee5be67d734e3b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.4% |
| France | 0.8% |
| Bermuda | 1.4% |
| Sweden | 2.2% |
| Germany | 2.5% |
| Spain | 3.8% |
| Canada | 5.7% |
| United Kingdom | 9.4% |
| Australia | 12.5% |
| United States | 54.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Equinix, Inc. | 4.5% |
| NETSTREIT Corporation | 4.5% |
| Goodman Group | 4.2% |
| Grainger PLC | 3.7% |
| Welltower, Inc. | 3.7% |
| Kite Realty Group Trust | 3.6% |
| Simon Property Group, Inc. | 3.5% |
| UNITE Group PLC (The) | 3.4% |
| American Healthcare REIT, Inc. | 3.3% |
| American Tower Corporation, Class A | 3.3% |

---

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

#### Semi-Annual Shareholder Report - February 28, 2026

# 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-SAR 022826-JARSX

#### Easterly Hedged Equity Fund

#### Class A (JDAEX)

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i5f215d6bdc9e5125c58e4c4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $79 | 1.56%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $532888945 |
| Number of Portfolio Holdings | 19 |
| Advisory Fee (net of waivers) | $2241277 |
| Portfolio Turnover | 7% |

---

#### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i5f4bd509ca131330ba6e29b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.2% |
| Purchased Options | 2.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ia86d6ebece4dc3d94bc3cca4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.5% |
| Equity Option | -0.2% |
| Index Option | 1.6% |
| Equity | 89.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| State Street SPDR S&P 500 ETF Trust | 89.1% |
| S&P 500 Index, 03/31/26 6800.0 Put | 1.5% |
| S&P 500 Index, 03/20/26 6800.0 Put | 0.7% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2026 | 0.4% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 3/4/2027 | 0.4% |
| S&P 500 Index, 03/20/26 6750.0 Put | 0.3% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026 | 0.2% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026 | 0.1% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026 | 0.1% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 12/7/2026 | 0.1% |

---

#### Easterly Hedged Equity Fund - Class A (JDAEX)

#### Semi-Annual Shareholder Report - February 28, 2026

# 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-SAR 022826-JDAEX

#### Easterly Hedged Equity Fund

#### Class C (JDCEX)

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i5f215d6bdc9e5125c58e4c4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $117 | 2.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $532888945 |
| Number of Portfolio Holdings | 19 |
| Advisory Fee (net of waivers) | $2241277 |
| Portfolio Turnover | 7% |

---

#### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i5f4bd509ca131330ba6e29b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.2% |
| Purchased Options | 2.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ia86d6ebece4dc3d94bc3cca4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.5% |
| Equity Option | -0.2% |
| Index Option | 1.6% |
| Equity | 89.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| State Street SPDR S&P 500 ETF Trust | 89.1% |
| S&P 500 Index, 03/31/26 6800.0 Put | 1.5% |
| S&P 500 Index, 03/20/26 6800.0 Put | 0.7% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2026 | 0.4% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 3/4/2027 | 0.4% |
| S&P 500 Index, 03/20/26 6750.0 Put | 0.3% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026 | 0.2% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026 | 0.1% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026 | 0.1% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 12/7/2026 | 0.1% |

---

#### Easterly Hedged Equity Fund - Class C (JDCEX)

#### Semi-Annual Shareholder Report - February 28, 2026

# 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-SAR 022826-JDCEX

#### Easterly Hedged Equity Fund

#### Class I (JDIEX)

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i5f215d6bdc9e5125c58e4c4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $66 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $532888945 |
| Number of Portfolio Holdings | 19 |
| Advisory Fee (net of waivers) | $2241277 |
| Portfolio Turnover | 7% |

---

#### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i5f4bd509ca131330ba6e29b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.2% |
| Purchased Options | 2.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ia86d6ebece4dc3d94bc3cca4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.5% |
| Equity Option | -0.2% |
| Index Option | 1.6% |
| Equity | 89.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| State Street SPDR S&P 500 ETF Trust | 89.1% |
| S&P 500 Index, 03/31/26 6800.0 Put | 1.5% |
| S&P 500 Index, 03/20/26 6800.0 Put | 0.7% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2026 | 0.4% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 3/4/2027 | 0.4% |
| S&P 500 Index, 03/20/26 6750.0 Put | 0.3% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026 | 0.2% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026 | 0.1% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026 | 0.1% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 12/7/2026 | 0.1% |

---

#### Easterly Hedged Equity Fund - Class I (JDIEX)

#### Semi-Annual Shareholder Report - February 28, 2026

# 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-SAR 022826-JDIEX

#### Easterly Hedged Equity Fund

#### Class R6 (JDSEX)

#### Semi-Annual Shareholder Report - February 28, 2026
![Image](i5f215d6bdc9e5125c58e4c4d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $53 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $532888945 |
| Number of Portfolio Holdings | 19 |
| Advisory Fee (net of waivers) | $2241277 |
| Portfolio Turnover | 7% |

---

#### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i5f4bd509ca131330ba6e29b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.2% |
| Purchased Options | 2.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ia86d6ebece4dc3d94bc3cca4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 9.5% |
| Equity Option | -0.2% |
| Index Option | 1.6% |
| Equity | 89.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| State Street SPDR S&P 500 ETF Trust | 89.1% |
| S&P 500 Index, 03/31/26 6800.0 Put | 1.5% |
| S&P 500 Index, 03/20/26 6800.0 Put | 0.7% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2026 | 0.4% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 3/4/2027 | 0.4% |
| S&P 500 Index, 03/20/26 6750.0 Put | 0.3% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026 | 0.2% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026 | 0.1% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026 | 0.1% |
| State Street SPDR S&P 500 ETF Trust Total Return Swap, 12/7/2026 | 0.1% |

---

#### Easterly Hedged Equity Fund - Class R6 (JDSEX)

#### Semi-Annual Shareholder Report - February 28, 2026

# 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-SAR 022826-JDSEX

# Easterly Income Opportunities Fund

## Class A (JASVX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Income Opportunities Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $86 | 1.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $424851266 |
| Number of Portfolio Holdings | 866 |
| Advisory Fee (net of waivers) | $1871462 |
| Portfolio Turnover | 27% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i65836974ea925783e90c1709.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 73.1% |
| Corporate Bonds | 16.8% |
| Municipal Bonds | 0.3% |
| U.S. Government & Agencies | 9.8% |

---

## What did the Fund invest in?

## Industry Weighting (% of net assets)
![Group By Sector Chart](i4559a12765ba427622de755c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.0% |
| Other Industries | 1.6% |
| Whole Business | 0.9% |
| CDO | 1.2% |
| Agency CMBS | 1.7% |
| Residential Mortgage | 1.7% |
| Student Loans | 1.6% |
| Banking | 2.5% |
| U.S. Treasury Notes | 2.8% |
| Specialty Finance | 4.0% |
| Other ABS | 4.3% |
| Home Equity | 4.6% |
| U.S. Treasury Bills | 5.9% |
| Institutional Financial Services | 8.1% |
| Non Agency CMBS | 22.0% |
| CMO | 26.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, , 3.360%, 03/24/26 | 3.5% |
| United States Treasury Note, , 3.625%, 12/31/30 | 2.8% |
| United States Treasury Bill, , 3.580%, 04/30/26 | 2.3% |
| New Residential Mortgage Loan Trust, 2025-NQM4, 5.350%, 07/25/65 | 1.5% |
| CHNGE Mortgage Trust, 2023-2, 7.962%, 06/25/58 | 1.2% |
| RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32 | 1.2% |
| GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33 | 1.1% |
| Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50 | 1.0% |
| Morgan Stanley, , 10.000%, 04/30/30 | 0.9% |
| CHNGE Mortgage Trust, 2023-4, 8.399%, 09/25/58 | 0.9% |

---

# Easterly Income Opportunities Fund - Class A (JASVX)

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-JASVX

# Easterly Income Opportunities Fund

## Class C (JSVCX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Income Opportunities Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $124 | 2.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $424851266 |
| Number of Portfolio Holdings | 866 |
| Advisory Fee (net of waivers) | $1871462 |
| Portfolio Turnover | 27% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i65836974ea925783e90c1709.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 73.1% |
| Corporate Bonds | 16.8% |
| Municipal Bonds | 0.3% |
| U.S. Government & Agencies | 9.8% |

---

## What did the Fund invest in?

## Industry Weighting (% of net assets)
![Group By Sector Chart](i4559a12765ba427622de755c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.0% |
| Other Industries | 1.6% |
| Whole Business | 0.9% |
| CDO | 1.2% |
| Agency CMBS | 1.7% |
| Residential Mortgage | 1.7% |
| Student Loans | 1.6% |
| Banking | 2.5% |
| U.S. Treasury Notes | 2.8% |
| Specialty Finance | 4.0% |
| Other ABS | 4.3% |
| Home Equity | 4.6% |
| U.S. Treasury Bills | 5.9% |
| Institutional Financial Services | 8.1% |
| Non Agency CMBS | 22.0% |
| CMO | 26.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, , 3.360%, 03/24/26 | 3.5% |
| United States Treasury Note, , 3.625%, 12/31/30 | 2.8% |
| United States Treasury Bill, , 3.580%, 04/30/26 | 2.3% |
| New Residential Mortgage Loan Trust, 2025-NQM4, 5.350%, 07/25/65 | 1.5% |
| CHNGE Mortgage Trust, 2023-2, 7.962%, 06/25/58 | 1.2% |
| RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32 | 1.2% |
| GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33 | 1.1% |
| Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50 | 1.0% |
| Morgan Stanley, , 10.000%, 04/30/30 | 0.9% |
| CHNGE Mortgage Trust, 2023-4, 8.399%, 09/25/58 | 0.9% |

---

# Easterly Income Opportunities Fund - Class C (JSVCX)

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-JSVCX

# Easterly Income Opportunities Fund

## Class I (JSVIX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Income Opportunities Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $73 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $424851266 |
| Number of Portfolio Holdings | 866 |
| Advisory Fee (net of waivers) | $1871462 |
| Portfolio Turnover | 27% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i65836974ea925783e90c1709.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 73.1% |
| Corporate Bonds | 16.8% |
| Municipal Bonds | 0.3% |
| U.S. Government & Agencies | 9.8% |

---

## What did the Fund invest in?

## Industry Weighting (% of net assets)
![Group By Sector Chart](i4559a12765ba427622de755c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.0% |
| Other Industries | 1.6% |
| Whole Business | 0.9% |
| CDO | 1.2% |
| Agency CMBS | 1.7% |
| Residential Mortgage | 1.7% |
| Student Loans | 1.6% |
| Banking | 2.5% |
| U.S. Treasury Notes | 2.8% |
| Specialty Finance | 4.0% |
| Other ABS | 4.3% |
| Home Equity | 4.6% |
| U.S. Treasury Bills | 5.9% |
| Institutional Financial Services | 8.1% |
| Non Agency CMBS | 22.0% |
| CMO | 26.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, , 3.360%, 03/24/26 | 3.5% |
| United States Treasury Note, , 3.625%, 12/31/30 | 2.8% |
| United States Treasury Bill, , 3.580%, 04/30/26 | 2.3% |
| New Residential Mortgage Loan Trust, 2025-NQM4, 5.350%, 07/25/65 | 1.5% |
| CHNGE Mortgage Trust, 2023-2, 7.962%, 06/25/58 | 1.2% |
| RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32 | 1.2% |
| GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33 | 1.1% |
| Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50 | 1.0% |
| Morgan Stanley, , 10.000%, 04/30/30 | 0.9% |
| CHNGE Mortgage Trust, 2023-4, 8.399%, 09/25/58 | 0.9% |

---

# Easterly Income Opportunities Fund - Class I (JSVIX)

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-JSVIX

# Easterly Income Opportunities Fund

## Class R6 (JASSX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Income Opportunities Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $50 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $424851266 |
| Number of Portfolio Holdings | 866 |
| Advisory Fee (net of waivers) | $1871462 |
| Portfolio Turnover | 27% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i65836974ea925783e90c1709.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 73.1% |
| Corporate Bonds | 16.8% |
| Municipal Bonds | 0.3% |
| U.S. Government & Agencies | 9.8% |

---

## What did the Fund invest in?

## Industry Weighting (% of net assets)
![Group By Sector Chart](i4559a12765ba427622de755c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.0% |
| Other Industries | 1.6% |
| Whole Business | 0.9% |
| CDO | 1.2% |
| Agency CMBS | 1.7% |
| Residential Mortgage | 1.7% |
| Student Loans | 1.6% |
| Banking | 2.5% |
| U.S. Treasury Notes | 2.8% |
| Specialty Finance | 4.0% |
| Other ABS | 4.3% |
| Home Equity | 4.6% |
| U.S. Treasury Bills | 5.9% |
| Institutional Financial Services | 8.1% |
| Non Agency CMBS | 22.0% |
| CMO | 26.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, , 3.360%, 03/24/26 | 3.5% |
| United States Treasury Note, , 3.625%, 12/31/30 | 2.8% |
| United States Treasury Bill, , 3.580%, 04/30/26 | 2.3% |
| New Residential Mortgage Loan Trust, 2025-NQM4, 5.350%, 07/25/65 | 1.5% |
| CHNGE Mortgage Trust, 2023-2, 7.962%, 06/25/58 | 1.2% |
| RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32 | 1.2% |
| GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33 | 1.1% |
| Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50 | 1.0% |
| Morgan Stanley, , 10.000%, 04/30/30 | 0.9% |
| CHNGE Mortgage Trust, 2023-4, 8.399%, 09/25/58 | 0.9% |

---

# Easterly Income Opportunities Fund - Class R6 (JASSX)

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-JASSX

# Easterly Snow Long/Short Opportunity Fund

## Class A (SNOAX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Snow Long/Short Opportunity Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $102 | 1.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

## What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $109173897 |
| Number of Portfolio Holdings | 125 |
| Advisory Fee | $404135 |
| Portfolio Turnover | 23% |

---

# **Long Sector Weighting (% of net assets)**![Group By Sector Chart](iddccca43275f406501e8129f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.5% |
| Communications | 2.2% |
| Utilities | 2.3% |
| Equity | 2.9% |
| Consumer Staples | 4.4% |
| Industrials | 8.7% |
| Consumer Discretionary | 10.4% |
| Technology | 10.6% |
| Health Care | 15.6% |
| Materials | 18.7% |
| Energy | 19.3% |
| Financials | 20.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B2Gold Corporation | 5.1% |
| JPMorgan Chase & Company | 3.5% |
| Range Resources Corporation | 3.4% |
| ConocoPhillips | 3.3% |
| Alamos Gold, Inc. | 3.1% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Whitecap Resources, Inc. | 3.0% |
| VanEck Junior Gold Miners ETF | 2.9% |
| Pacira BioSciences, Inc. | 2.8% |
| Sanofi - ADR | 2.7% |

---

# **Short Sector Weighting (% of net assets)**![Group By Industry Chart](i623bc9aba427d96eb99c6c3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | -0.9% |
| Consumer Staples | -0.9% |
| Materials | -1.3% |
| Financials | -2.7% |
| Call Options Written | -3.0% |
| Commodity | -3.4% |
| Equity | -28.2% |

---

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

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

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-SNOAX

# Easterly Snow Long/Short Opportunity Fund

## Class C (SNOCX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Snow Long/Short Opportunity Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $142 | 2.67%<sup>Footnote Reference\*</sup> |

---

---

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

---

## What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $109173897 |
| Number of Portfolio Holdings | 125 |
| Advisory Fee | $404135 |
| Portfolio Turnover | 23% |

---

# **Long Sector Weighting (% of net assets)**![Group By Sector Chart](iddccca43275f406501e8129f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.5% |
| Communications | 2.2% |
| Utilities | 2.3% |
| Equity | 2.9% |
| Consumer Staples | 4.4% |
| Industrials | 8.7% |
| Consumer Discretionary | 10.4% |
| Technology | 10.6% |
| Health Care | 15.6% |
| Materials | 18.7% |
| Energy | 19.3% |
| Financials | 20.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B2Gold Corporation | 5.1% |
| JPMorgan Chase & Company | 3.5% |
| Range Resources Corporation | 3.4% |
| ConocoPhillips | 3.3% |
| Alamos Gold, Inc. | 3.1% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Whitecap Resources, Inc. | 3.0% |
| VanEck Junior Gold Miners ETF | 2.9% |
| Pacira BioSciences, Inc. | 2.8% |
| Sanofi - ADR | 2.7% |

---

# **Short Sector Weighting (% of net assets)**![Group By Industry Chart](i623bc9aba427d96eb99c6c3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | -0.9% |
| Consumer Staples | -0.9% |
| Materials | -1.3% |
| Financials | -2.7% |
| Call Options Written | -3.0% |
| Commodity | -3.4% |
| Equity | -28.2% |

---

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

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

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-SNOCX

# Easterly Snow Long/Short Opportunity Fund

## Class I (SNOIX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Snow Long/Short Opportunity Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $89 | 1.67%<sup>Footnote Reference\*</sup> |

---

---

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

---

## What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $109173897 |
| Number of Portfolio Holdings | 125 |
| Advisory Fee | $404135 |
| Portfolio Turnover | 23% |

---

# **Long Sector Weighting (% of net assets)**![Group By Sector Chart](iddccca43275f406501e8129f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.5% |
| Communications | 2.2% |
| Utilities | 2.3% |
| Equity | 2.9% |
| Consumer Staples | 4.4% |
| Industrials | 8.7% |
| Consumer Discretionary | 10.4% |
| Technology | 10.6% |
| Health Care | 15.6% |
| Materials | 18.7% |
| Energy | 19.3% |
| Financials | 20.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B2Gold Corporation | 5.1% |
| JPMorgan Chase & Company | 3.5% |
| Range Resources Corporation | 3.4% |
| ConocoPhillips | 3.3% |
| Alamos Gold, Inc. | 3.1% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Whitecap Resources, Inc. | 3.0% |
| VanEck Junior Gold Miners ETF | 2.9% |
| Pacira BioSciences, Inc. | 2.8% |
| Sanofi - ADR | 2.7% |

---

# **Short Sector Weighting (% of net assets)**![Group By Industry Chart](i623bc9aba427d96eb99c6c3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | -0.9% |
| Consumer Staples | -0.9% |
| Materials | -1.3% |
| Financials | -2.7% |
| Call Options Written | -3.0% |
| Commodity | -3.4% |
| Equity | -28.2% |

---

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

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

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-SNOIX

# Easterly Snow Long/Short Opportunity Fund

## Class R6 (SNORX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Snow Long/Short Opportunity Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $80 | 1.51%<sup>Footnote Reference\*</sup> |

---

---

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

---

## What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $109173897 |
| Number of Portfolio Holdings | 125 |
| Advisory Fee | $404135 |
| Portfolio Turnover | 23% |

---

# **Long Sector Weighting (% of net assets)**![Group By Sector Chart](iddccca43275f406501e8129f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.5% |
| Communications | 2.2% |
| Utilities | 2.3% |
| Equity | 2.9% |
| Consumer Staples | 4.4% |
| Industrials | 8.7% |
| Consumer Discretionary | 10.4% |
| Technology | 10.6% |
| Health Care | 15.6% |
| Materials | 18.7% |
| Energy | 19.3% |
| Financials | 20.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| B2Gold Corporation | 5.1% |
| JPMorgan Chase & Company | 3.5% |
| Range Resources Corporation | 3.4% |
| ConocoPhillips | 3.3% |
| Alamos Gold, Inc. | 3.1% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Whitecap Resources, Inc. | 3.0% |
| VanEck Junior Gold Miners ETF | 2.9% |
| Pacira BioSciences, Inc. | 2.8% |
| Sanofi - ADR | 2.7% |

---

# **Short Sector Weighting (% of net assets)**![Group By Industry Chart](i623bc9aba427d96eb99c6c3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | -0.9% |
| Consumer Staples | -0.9% |
| Materials | -1.3% |
| Financials | -2.7% |
| Call Options Written | -3.0% |
| Commodity | -3.4% |
| Equity | -28.2% |

---

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

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

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-SNORX

# Easterly Snow Small Cap Value Fund

## Class A (SNWAX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Snow Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $63 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42641163 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $38105 |
| Portfolio Turnover | 63% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3f056e39850c1161d3ea6924.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1c84ce37f3f59aa50aa158e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Consumer Staples | 0.5% |
| Communications | 2.0% |
| Real Estate | 4.7% |
| Energy | 5.6% |
| Industrials | 6.7% |
| Technology | 10.7% |
| Materials | 10.8% |
| Health Care | 13.1% |
| Consumer Discretionary | 18.8% |
| Financials | 26.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Molina Healthcare, Inc. | 4.8% |
| Photronics, Inc. | 4.4% |
| Astec Industries, Inc. | 4.1% |
| Abercrombie & Fitch Company, Class A | 4.1% |
| Cleveland-Cliffs, Inc. | 4.0% |
| Jackson Financial, Inc. | 3.9% |
| Zions Bancorp National Association | 3.9% |
| Progyny, Inc. | 3.7% |
| Commercial Metals Company | 3.7% |
| Open Text Corporation | 3.6% |

---

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

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-SNWAX

# Easterly Snow Small Cap Value Fund

## Class C (SNWCX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Snow Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $103 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42641163 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $38105 |
| Portfolio Turnover | 63% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3f056e39850c1161d3ea6924.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1c84ce37f3f59aa50aa158e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Consumer Staples | 0.5% |
| Communications | 2.0% |
| Real Estate | 4.7% |
| Energy | 5.6% |
| Industrials | 6.7% |
| Technology | 10.7% |
| Materials | 10.8% |
| Health Care | 13.1% |
| Consumer Discretionary | 18.8% |
| Financials | 26.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Molina Healthcare, Inc. | 4.8% |
| Photronics, Inc. | 4.4% |
| Astec Industries, Inc. | 4.1% |
| Abercrombie & Fitch Company, Class A | 4.1% |
| Cleveland-Cliffs, Inc. | 4.0% |
| Jackson Financial, Inc. | 3.9% |
| Zions Bancorp National Association | 3.9% |
| Progyny, Inc. | 3.7% |
| Commercial Metals Company | 3.7% |
| Open Text Corporation | 3.6% |

---

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

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-SNWCX

# Easterly Snow Small Cap Value Fund

## Class I (SNWIX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Snow Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $50 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42641163 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $38105 |
| Portfolio Turnover | 63% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3f056e39850c1161d3ea6924.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1c84ce37f3f59aa50aa158e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Consumer Staples | 0.5% |
| Communications | 2.0% |
| Real Estate | 4.7% |
| Energy | 5.6% |
| Industrials | 6.7% |
| Technology | 10.7% |
| Materials | 10.8% |
| Health Care | 13.1% |
| Consumer Discretionary | 18.8% |
| Financials | 26.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Molina Healthcare, Inc. | 4.8% |
| Photronics, Inc. | 4.4% |
| Astec Industries, Inc. | 4.1% |
| Abercrombie & Fitch Company, Class A | 4.1% |
| Cleveland-Cliffs, Inc. | 4.0% |
| Jackson Financial, Inc. | 3.9% |
| Zions Bancorp National Association | 3.9% |
| Progyny, Inc. | 3.7% |
| Commercial Metals Company | 3.7% |
| Open Text Corporation | 3.6% |

---

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

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-SNWIX

# Easterly Snow Small Cap Value Fund

## Class R6 (SNWRX)

## Semi-Annual Shareholder Report - February 28, 2026
![Image](i3c92ba87be4691a6204e284f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Easterly Snow Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. 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.

## What were the Fund's costs for the last six months?
(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 | $45 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $42641163 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $38105 |
| Portfolio Turnover | 63% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3f056e39850c1161d3ea6924.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1c84ce37f3f59aa50aa158e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Consumer Staples | 0.5% |
| Communications | 2.0% |
| Real Estate | 4.7% |
| Energy | 5.6% |
| Industrials | 6.7% |
| Technology | 10.7% |
| Materials | 10.8% |
| Health Care | 13.1% |
| Consumer Discretionary | 18.8% |
| Financials | 26.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Molina Healthcare, Inc. | 4.8% |
| Photronics, Inc. | 4.4% |
| Astec Industries, Inc. | 4.1% |
| Abercrombie & Fitch Company, Class A | 4.1% |
| Cleveland-Cliffs, Inc. | 4.0% |
| Jackson Financial, Inc. | 3.9% |
| Zions Bancorp National Association | 3.9% |
| Progyny, Inc. | 3.7% |
| Commercial Metals Company | 3.7% |
| Open Text Corporation | 3.6% |

---

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

## Semi-Annual Shareholder Report - February 28, 2026

## 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-SAR 022826-SNWRX

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable

**Item 6. Investments.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; Long Form Financial Statements

---

| |
|:---|
| ![(EASTERLY LOGO)](ea001_v1.jpg) |
| JAMES ALPHA FUNDS TRUST d/b/a EASTERLY FUNDS TRUST |
| SEMI-ANNUAL FINANCIAL |
| STATEMENTS AND ADDITIONAL |
| INFORMATION |
| FEBRUARY 28, 2026 |

---

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 (Unaudited)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.6%** |  |
|  | **Australia - 12.5%** |  |
| 398356 | Goodman Group | $8195418 |
| 1264492 | Lifestyle Communities Ltd.<sup>(a)</sup> | 4464809 |
| 597544 | NEXTDC Ltd.<sup>(a)</sup> | 5897464 |
| 1631138 | Stockland | 5932581 |
|  |  | 24490272 |
|  | **Bermuda - 1.4%** |  |
| 316705 | Hongkong Land Holdings Ltd. | 2745832 |
|  | **Canada - 5.7%** |  |
| 221704 | Chartwell Retirement Residences | 3611630 |
| 324474 | Killam Apartment Real Estate Investment Trust | 4020242 |
| 278065 | Minto Apartment Real Estate Investment Trust | 3577742 |
|  |  | 11209614 |
|  | **France - 0.8%** |  |
| 11844 | Unibail-Rodamco-Westfield | 1484626 |
|  | **Germany - 2.5%** |  |
| 306159 | Instone Real Estate Group S.E. <sup>(b),(c)</sup> | 3399585 |
| 78601 | TAG Immobilien A.G. | 1533882 |
|  |  | 4933467 |
|  | **Spain - 3.8%** |  |
| 159581 | Cellnex Telecom S.A.<sup>(b)</sup> | 6067935 |
| 82281 | Merlin Properties Socimi S.A. | 1453669 |
|  |  | 7521604 |
|  | **Sweden - 2.2%** |  |
| 77493 | Catena A.B. | 4272394 |
|  | **United Kingdom - 9.4%** |  |
| 2827663 | Grainger PLC | 7297430 |
| 1956186 | Tritax Big Box REIT PLC | 4532442 |
| 987591 | UNITE Group PLC (The) | 6694746 |
|  |  | 18524618 |
|  | **United States - 54.3%** |  |
| 122838 | American Healthcare REIT, Inc. | 6417057 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.6% (Continued)** |  |
|  | **United States - 54.3% (Continued)** |  |
| 145013 | American Homes 4 Rent, Class A | $4350390 |
| 33274 | American Tower Corporation, Class A | 6383950 |
| 108179 | COPT Defense Properties | 3437929 |
| 32973 | Digital Realty Trust, Inc. | 5842816 |
| 114681 | Ellington Financial, Inc. | 1424338 |
| 9018 | Equinix, Inc. | 8785876 |
| 91571 | First Industrial Realty Trust, Inc. | 5781793 |
| 49596 | Iron Mountain, Inc. | 5372735 |
| 273653 | Kite Realty Group Trust | 7128661 |
| 28625 | Mid-America Apartment Communities, Inc. | 3831743 |
| 421086 | NETSTREIT Corporation | 8745955 |
| 121265 | Omega Healthcare Investors, Inc. | 5853462 |
| 26644 | Prologis, Inc. | 3798635 |
| 151852 | Rexford Industrial Realty, Inc. | 5689894 |
| 13630 | SBA Communications Corporation, Class A | 2741811 |
| 34139 | Simon Property Group, Inc. | 6959236 |
| 7517 | Sun Communities, Inc. | 1025770 |
| 185185 | VICI Properties, Inc. | 5594439 |
| 35180 | Welltower, Inc. | 7286482 |
|  |  | 106452972 |
|  | **TOTAL COMMON STOCKS (Cost $189,452,718)** | 181635399 |
|  | **TOTAL INVESTMENTS - 92.6% (Cost $189,452,718)** | $181635399 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.4%** | 14570689 |
|  | **NET ASSETS - 100.0%** | $196206088 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Composition By Industry - Unaudited** |  |  |  |
| Engineering & Construction | 3.1% | REIT | 71.8% |
| Health Care Facilities & Services | 1.9% | Specialty Finance | 0.7% |
| Home Construction | 2.3% | Telecommunications | 3.0% |
| Real Estate Owners & Developers | 9.8% | Other Assets In Excess of Liabilities | 7.4% |
|  |  | Net Assets | 100.0% |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY GLOBAL REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | |
|:---|:---|
| 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 February 28, 2026 the total market value of 144A securities is 9,467,520 or 4.8% 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 February 28, 2026, the value of securities amounted to $3,399,585 or 1.7% of net assets.

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY HEDGED EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **February 28, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 89.1%** | **EXCHANGE-TRADED FUNDS — 89.1%** | **EXCHANGE-TRADED FUNDS — 89.1%** | **EXCHANGE-TRADED FUNDS — 89.1%** |  |  |
|  | **EQUITY - 89.1%** | **EQUITY - 89.1%** | **EQUITY - 89.1%** |  |  |  |
| 692500 | State Street SPDR S&P 500 ETF Trust **<sup>(a)</sup>** | State Street SPDR S&P 500 ETF Trust **<sup>(a)</sup>** | State Street SPDR S&P 500 ETF Trust **<sup>(a)</sup>** | State Street SPDR S&P 500 ETF Trust **<sup>(a)</sup>** |  | $475048075 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$407,507,146)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost$407,507,146)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost$407,507,146)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost$407,507,146)** |  |  |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **INDEX OPTIONS PURCHASED - 2.6%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 2.6%** |  |  |  |  |  |
| 250 | S&P 500 Index | PER | 03/20/2026 | $6750 | $171972000 | $1751250 |
| 500 | S&P 500 Index | PER | 03/20/2026 | 6800 | 343944000 | 3902500 |
| 800 | S&P 500 Index | PER | 03/31/2026 | 6800 | 550310400 | 8092000 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $13,398,688)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $13,398,688)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $13,398,688)** |  |  | 13745750 |
|  | **TOTAL INVESTMENTS - 91.7% (Cost $420,905,834)** | **TOTAL INVESTMENTS - 91.7% (Cost $420,905,834)** | **TOTAL INVESTMENTS - 91.7% (Cost $420,905,834)** | **TOTAL INVESTMENTS - 91.7% (Cost $420,905,834)** |  | $488793825 |
|  | **PUT OPTIONS WRITTEN - (1.0)% (Premiums received - $5,301,703)** | **PUT OPTIONS WRITTEN - (1.0)% (Premiums received - $5,301,703)** | **PUT OPTIONS WRITTEN - (1.0)% (Premiums received - $5,301,703)** | **PUT OPTIONS WRITTEN - (1.0)% (Premiums received - $5,301,703)** |  | (5109000) |
|  | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received - $3,024,369)** | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received - $3,024,369)** | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received - $3,024,369)** | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received - $3,024,369)** |  | (1033025) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%** |  | 50237145 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $532888945 |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **WRITTEN INDEX OPTIONS - (1.0)%** |  |  |  |  |  |
|  | **PUT OPTIONS WRITTEN - (1.0)%** |  |  |  |  |  |
| 300 | S&P 500 Index | PER | 03/20/2026 | $6400 | $206366400 | $646500 |
| 450 | S&P 500 Index | PER | 03/20/2026 | 6450 | 309549600 | 1174500 |
| 800 | S&P 500 Index | PER | 03/31/2026 | 6450 | 550310400 | 3288000 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $5,301,703)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $5,301,703)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $5,301,703)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $5,301,703)** |  | 5109000 |
|  | **WRITTEN EQUITY OPTIONS - (0.2)%** | **WRITTEN EQUITY OPTIONS - (0.2)%** | **WRITTEN EQUITY OPTIONS - (0.2)%** | **WRITTEN EQUITY OPTIONS - (0.2)%** |  |  |
|  | **CALL OPTIONS WRITTEN - (0.2)%** | **CALL OPTIONS WRITTEN - (0.2)%** | **CALL OPTIONS WRITTEN - (0.2)%** | **CALL OPTIONS WRITTEN - (0.2)%** |  |  |
| 1050 | State Street SPDR S&P 500 ETF Trust | PER | 03/13/2026 | 700 | 72028950 | 219450 |
| 1425 | State Street SPDR S&P 500 ETF Trust | PER | 03/20/2026 | 705 | 97753575 | 269325 |
| 2100 | State Street SPDR S&P 500 ETF Trust | PER | 03/20/2026 | 707 | 144057900 | 294000 |
| 2750 | State Street SPDR S&P 500 ETF Trust | PER | 03/20/2026 | 710 | 188647250 | 250250 |
|  | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,024,369)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,024,369)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,024,369)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,024,369)** |  | 1033025 |
|  | **TOTAL OPTIONS WRITTEN (Premiums received - $8,326,072)** | **TOTAL OPTIONS WRITTEN (Premiums received - $8,326,072)** | **TOTAL OPTIONS WRITTEN (Premiums received - $8,326,072)** | **TOTAL OPTIONS WRITTEN (Premiums received - $8,326,072)** |  | $6142025 |

---

---

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

---

<sup>(a)</sup> A portion of this security is held as collateral for written options.

<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 (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | **TOTAL RETURN SWAP** | | | |
| <br>**Description** | <br>**Payment**<br>**Frequency** | <br>**Long/Short** | <br>**Currency** | <br>**Index** | <br>**Spread** | <br>**Counterparty** | <br>**Number Of**<br>**Contracts** | <br>**Maturity**<br>**Date** |<br>**Notional**<br>**Amount** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| State Street SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.55% | Goldman Sachs | 10000 | 6/22/2026 | $5942800 | $— | $762205 |
| State Street SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.70% | Goldman Sachs | 25000 | 7/2/2026 | 15433000 |  | 1317652 |
| State Street SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.65% | Goldman Sachs | 20000 | 8/31/2026 | 12720000 |  | 723957 |
| State Street SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.55% | Goldman Sachs | 82500 | 9/8/2026 | 53501539 |  | 2253763 |
| State Street SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 1.00% | Goldman Sachs | 40000 | 12/7/2026 | 26838800 |  | 285288 |
| State Street SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.83% | Goldman Sachs | 20000 | 3/3/2027 | 13926000 |  | (247908) |
| State Street SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.85% | Goldman Sachs | 105000 | 3/4/2027 | 68877438 |  | 2036620 |
| State Street SPDR S&P 500 ETF Trust | Maturity | Long | USD | Federal Funds Rate | 0.65% | Goldman Sachs | 15000 | 3/29/2027 | 10339950 |  | (51338) |
|  |  |  |  |  |  |  |  |  |  |  | $7080239 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **AUTOMOTIVE - 3.0%** |  |
| 13431 | Visteon Corporation | $1284944 |
|  | **BANKING - 18.7%** |  |
| 39353 | Associated Banc-Corporation | 1039313 |
| 52036 | Columbia Banking System, Inc. | 1480424 |
| 24421 | First Commonwealth Financial Corporation | 428100 |
| 65242 | Flagstar Financial, Inc. | 827921 |
| 68719 | FNB Corporation | 1167536 |
| 57428 | Old National Bancorp | 1326587 |
| 28679 | Zions Bancorp National Association | 1642732 |
|  |  | 7912613 |
|  | **BIOTECH & PHARMA - 1.4%** |  |
| 14567 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 607007 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.5%** |  |
| 25200 | Cross Country Healthcare, Inc.<sup>(a)</sup> | 219240 |
|  | **CONSUMER SERVICES - 3.6%** |  |
| 18018 | Stride, Inc.<sup>(a)</sup> | 1520359 |
|  | **FOOD - 0.5%** |  |
| 5329 | Pilgrim's Pride Corporation | 230000 |
|  | **HEALTH CARE FACILITIES & SERVICES - 8.5%** |  |
| 13189 | Molina Healthcare, Inc.<sup>(a)</sup> | 2031766 |
| 90344 | Progyny, Inc.<sup>(a)</sup> | 1598185 |
|  |  | 3629951 |
|  | **HOME & OFFICE PRODUCTS - 0.7%** |  |
| 4401 | Whirlpool Corporation | 301160 |
|  | **HOME CONSTRUCTION - 0.8%** |  |
| 4687 | Meritage Homes Corporation | 353494 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **HOTEL REIT - 0.5%** |  |
| 18873 | Park Hotels & Resorts, Inc. | $213454 |
|  | **INDUSTRIAL REIT - 0.5%** |  |
| 4421 | LXP Industrial Trust | 219105 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.0%** |  |
| 1494 | WESCO International, Inc. | 432513 |
|  | **INSURANCE - 7.3%** |  |
| 20525 | CNO Financial Group, Inc. | 858150 |
| 15132 | Jackson Financial, Inc. | 1656651 |
| 17983 | Lincoln National Corporation | 616817 |
|  |  | 3131618 |
|  | **INTERNET MEDIA & SERVICES - 2.0%** |  |
| 62697 | Lyft, Inc., Class A<sup>(a)</sup> | 867726 |
|  | **LEISURE FACILITIES & SERVICES - 3.5%** |  |
| 10203 | Brinker International, Inc.<sup>(a)</sup> | 1512085 |
|  | **MACHINERY - 5.2%** |  |
| 28361 | Astec Industries, Inc. | 1760935 |
| 6485 | Terex Corporation | 446103 |
|  |  | 2207038 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.2%** |  |
| 21353 | Avanos Medical, Inc.<sup>(a)</sup> | 301077 |
| 6392 | Haemonetics Corporation<sup>(a)</sup> | 404741 |
| 31460 | Inmode Ltd.<sup>(a)</sup> | 432576 |
| 2930 | Lantheus Holdings, Inc.<sup>(a)</sup> | 219486 |
|  |  | 1357880 |
|  | **METALS & MINING - 3.1%** |  |
| 47308 | Hudbay Minerals, Inc. | 1340236 |
|  | **OIL & GAS PRODUCERS - 5.6%** |  |
| 5568 | CNX Resources Corporation<sup>(a)</sup> | 232631 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 5.6% (Continued)** |  |
| 35804 | Delek US Holdings, Inc. | $1364491 |
| 28626 | Northern Oil & Gas, Inc. | 789791 |
|  |  | 2386913 |
|  | **REITS - 2.2%** |  |
| 41521 | Highwoods Properties, Inc. | 933807 |
|  | **RETAIL - DISCRETIONARY - 7.3%** |  |
| 17861 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 1746805 |
| 53233 | American Eagle Outfitters, Inc. | 1307935 |
|  |  | 3054740 |
|  | **RETAIL REIT - 0.4%** |  |
| 5763 | Brixmor Property Group, Inc. | 174446 |
|  | **SELF-STORAGE REIT - 1.1%** |  |
| 12823 | National Storage Affiliates Trust | 449061 |
|  | **SEMICONDUCTORS - 7.0%** |  |
| 3800 | Diodes, Inc.<sup>(a)</sup> | 259274 |
| 50398 | Photronics, Inc.<sup>(a)</sup> | 1886397 |
| 6744 | Silicon Motion Technology Corporation - ADR | 871527 |
|  |  | 3017198 |
|  | **SOFTWARE - 3.6%** |  |
| 61758 | Open Text Corporation | 1529746 |
|  | **STEEL - 7.7%** |  |
| 160005 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1705653 |
| 21493 | Commercial Metals Company | 1575437 |
|  |  | 3281090 |
|  | **TOTAL COMMON STOCKS (Cost $36,068,365)** | 42167424 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $36,068,365)** | $42167424 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | 473739 |
|  | **NET ASSETS - 100.0%** | $42641163 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| 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 (Unaudited)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 108.8%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 2.7%** |  |
| 31800 | Carter's, Inc. | $1066890 |
| 27217 | PVH Corporation | 1867086 |
|  |  | 2933976 |
|  | **AUTOMOTIVE - 3.0%** |  |
| 64400 | Gentex Corporation | 1506960 |
| 18000 | Visteon Corporation | 1722060 |
|  |  | 3229020 |
|  | **BANKING - 11.8%** |  |
| 27070 | Bank of America Corporation | 1348898 |
| 25740 | Citigroup, Inc. | 2836291 |
| 80470 | Columbia Banking System, Inc. | 2289372 |
| 21000 | Fifth Third Bancorp | 1038870 |
| 12900 | JPMorgan Chase & Company | 3873869 |
| 66700 | Old National Bancorp | 1540770 |
|  |  | 12928070 |
|  | **BEVERAGES - 1.4%** |  |
| 9600 | Constellation Brands, Inc., Class A | 1515456 |
|  | **BIOTECH & PHARMA - 12.5%** |  |
| 26800 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1654364 |
| 10030 | Johnson & Johnson | 2491753 |
| 138400 | Pacira BioSciences, Inc.<sup>(a)</sup> | 3032344 |
| 81600 | Pfizer, Inc. | 2256240 |
| 1620 | Regeneron Pharmaceuticals, Inc. | 1266305 |
| 60296 | Sanofi - ADR - ADR | 2934003 |
|  |  | 13635009 |
|  | **CHEMICALS - 1.3%** |  |
| 125130 | Ecovyst, Inc.<sup>(a)</sup> | 1410215 |
|  | **ELECTRICAL EQUIPMENT - 2.5%** |  |
| 12300 | Atkore, Inc. | 795933 |
| 51320 | Sensata Technologies Holding PLC | 1916288 |
|  |  | 2712221 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 108.8% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 1.0%** |  |
| 10200 | Walt Disney Company (The) | $1081608 |
|  | **GAS & WATER UTILITIES - 2.3%** |  |
| 68450 | UGI Corporation | 2560715 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.3%** |  |
| 33000 | Centene Corporation<sup>(a)</sup> | 1481040 |
| 3100 | Elevance Health, Inc. | 992000 |
|  |  | 2473040 |
|  | **HOUSEHOLD PRODUCTS - 1.8%** |  |
| 102000 | Kenvue, Inc. | 1950240 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.5%** |  |
| 9360 | WESCO International, Inc. | 2709720 |
|  | **INSURANCE - 6.0%** |  |
| 9330 | Hartford Insurance Group, Inc. (The) | 1313944 |
| 15400 | Jackson Financial, Inc. | 1685992 |
| 49190 | Lincoln National Corporation | 1687217 |
| 26375 | MetLife, Inc. | 1900846 |
|  |  | 6587999 |
|  | **INTERNET MEDIA & SERVICES - 1.2%** |  |
| 2100 | Alphabet, Inc., Class C | 654003 |
| 45000 | Lyft, Inc., Class A<sup>(a)</sup> | 622800 |
|  |  | 1276803 |
|  | **LEISURE FACILITIES & SERVICES - 1.8%** |  |
| 35050 | Las Vegas Sands Corporation | 1988036 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.8%** |  |
| 14400 | Haemonetics Corporation<sup>(a)</sup> | 911808 |
|  | **METALS & MINING - 14.5%** |  |
| 13540 | Agnico Eagle Mines Ltd. | 3406664 |
| 63000 | Alamos Gold, Inc., Class A | 3413970 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 108.8% (Continued)** |  |
|  | **METALS & MINING - 14.5% (Continued)** |  |
| 899832 | B2Gold Corporation | $5542966 |
| 6600 | Freeport-McMoRan, Inc. | 449328 |
| 102800 | Hudbay Minerals, Inc. | 2912324 |
|  |  | 15725252 |
|  | **OIL & GAS PRODUCERS - 18.4%** |  |
| 32208 | ConocoPhillips | 3654320 |
| 42900 | EQT Corporation | 2634918 |
| 10795 | Marathon Petroleum Corporation | 2139677 |
| 81270 | Northern Oil & Gas, Inc. | 2242239 |
| 88680 | Range Resources Corporation | 3660711 |
| 60000 | Sable Offshore Corporation<sup>(a)</sup> | 495000 |
| 35389 | Suncor Energy, Inc. | 2000186 |
| 324817 | Whitecap Resources, Inc. | 3241674 |
|  |  | 20068725 |
|  | **RETAIL - CONSUMER STAPLES - 1.2%** |  |
| 11900 | Target Corporation | 1354101 |
|  | **RETAIL - DISCRETIONARY - 2.3%** |  |
| 16000 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 1564800 |
| 40000 | American Eagle Outfitters, Inc. | 982800 |
|  |  | 2547600 |
|  | **SEMICONDUCTORS - 2.4%** |  |
| 1000 | ASML Holding N.V. | 1450560 |
| 31800 | Photronics, Inc.<sup>(a)</sup> | 1190274 |
|  |  | 2640834 |
|  | **SOFTWARE - 4.0%** |  |
| 15500 | Akamai Technologies, Inc.<sup>(a)</sup> | 1525045 |
| 3000 | Oracle Corporation | 436200 |
| 16930 | Zoom Video Communications, Inc.<sup>(a)</sup> | 1251804 |
| 182800 | ZoomInfo Technologies, Inc., CLASS A<sup>(a)</sup> | 1135188 |
|  |  | 4348237 |
|  | **SPECIALTY FINANCE - 1.3%** |  |
| 309700 | UWM Holdings Corporation | 1365777 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 108.8% (Continued)** |  |
|  | **STEEL - 2.0%** |  |
| 54000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | $575640 |
| 22243 | Commercial Metals Company | 1630412 |
|  |  | 2206052 |
|  | **TECHNOLOGY HARDWARE - 4.2%** |  |
| 11000 | Dell Technologies, Inc., Class C | 1628880 |
| 56790 | NCR Atleos Corporation<sup>(a)</sup> | 2514661 |
| 14000 | Super Micro Computer, Inc.<sup>(a)</sup> | 453460 |
|  |  | 4597001 |
|  | **TRANSPORTATION & LOGISTICS - 2.3%** |  |
| 12000 | Delta Air Lines, Inc. | 788400 |
| 15280 | United Parcel Service, Inc., Class B | 1771869 |
|  |  | 2560269 |
|  | **TRANSPORTATION EQUIPMENT - 1.3%** |  |
| 11575 | PACCAR, Inc. | 1459492 |
|  | **TOTAL COMMON STOCKS (Cost $84,115,876)** | 118777276 |
|  | **EXCHANGE-TRADED FUNDS — 2.9%** |  |
|  | **EQUITY - 2.9%** |  |
| 20000 | VanEck Junior Gold Miners ETF | 3123800 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $793,114)** | 3123800 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **CORPORATE BONDS — 3.8%** |  |  |  |  |
|  | **CHEMICALS — 0.4%** |  |  |  |  |
| 600000 | FMC Corporation<sup>(b)</sup> | H15T5Y + 4.366% | 8.4500 | 11/01/55 | 395142 |
|  | **OIL & GAS PRODUCERS — 0.9%** |  |  |  |  |
| 1000000 | PBF Holding Company, LLC / PBF Finance Corporation |  | 6.0000 | 02/15/28 | 996620 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 3.8% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 0.6%** |  |  |  |  |
| 1000000 | Kohl's Corporation |  | 5.5500 | 07/17/45 | $665042 |
|  | **SPECIALTY FINANCE — 1.3%** |  |  |  |  |
| 500000 | Ally Financial, Inc. Series B<sup>(b)</sup> | H15T5Y + 3.868% | 4.7000 | 08/15/69 | 499026 |
| 1000000 | Ally Financial, Inc.<sup>(b)</sup> | H15T7Y + 3.481% | 4.7000 | 08/15/69 | 949956 |
|  |  |  |  |  | 1448982 |
|  | **STEEL — 0.6%** |  |  |  |  |
| 800000 | Cleveland-Cliffs, Inc. |  | 6.2500 | 10/01/40 | 683258 |
|  | **TOTAL CORPORATE BONDS (Cost $3,519,616)** | **TOTAL CORPORATE BONDS (Cost $3,519,616)** | **TOTAL CORPORATE BONDS (Cost $3,519,616)** |  | 4189044 |
|  | **TOTAL INVESTMENTS - 115.5% (Cost $88,428,606)** | **TOTAL INVESTMENTS - 115.5% (Cost $88,428,606)** | **TOTAL INVESTMENTS - 115.5% (Cost $88,428,606)** |  | $126090120 |
|  | **CALL OPTIONS WRITTEN - (2.7)% (Premiums received - $1,357,259)** | **CALL OPTIONS WRITTEN - (2.7)% (Premiums received - $1,357,259)** | **CALL OPTIONS WRITTEN - (2.7)% (Premiums received - $1,357,259)** |  | (2923303) |
|  | **PUT OPTIONS WRITTEN - (0.3)% (Premiums received - $374,169)** | **PUT OPTIONS WRITTEN - (0.3)% (Premiums received - $374,169)** | **PUT OPTIONS WRITTEN - (0.3)% (Premiums received - $374,169)** |  | (337868) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.5)%** |  | (13655052) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $109173897 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(c)</sup>** |  | **Expiration <br> Date** | **Exercise <br> Price** | **Notional <br> Value** | **Fair Value** |
| | **WRITTEN EQUITY OPTIONS - (3.0)%** | **WRITTEN EQUITY OPTIONS - (3.0)%** | **WRITTEN EQUITY OPTIONS - (3.0)%** | **WRITTEN EQUITY OPTIONS - (3.0)%** | |
|  | **CALL OPTIONS WRITTEN- (2.7)%** |  |  |  |  |
| 200 | Abercrombie & Fitch Company JEF | 03/20/2026 | $120 | $2400000 | $33000 |
| 70 | Agnico Eagle Mines Ltd. JEF | 03/20/2026 | 160 | 1120000 | 641900 |
| 75 | Akamai Technologies, Inc. JEF | 06/18/2026 | 115 | 862500 | 30750 |
| 250 | Alamos Gold, Inc. JEF | 03/20/2026 | 35 | 875000 | 476250 |
| 21 | Alphabet, Inc. JEF | 05/15/2026 | 330 | 693000 | 27615 |
| 150 | American Eagle Outfitters, Inc. JEF | 05/15/2026 | 27 | 405000 | 26250 |
| 5 | ASML Holding N.V. JEF | 03/20/2026 | 1100 | 550000 | 177575 |
| 5 | ASML Holding N.V. JEF | 03/20/2026 | 1200 | 600000 | 132500 |
| 500 | B2Gold Corporation JEF | 04/17/2026 | 6 | 300000 | 42000 |
| 1200 | B2Gold Corporation JEF | 05/15/2026 | 6 | 720000 | 133200 |
| 3700 | B2Gold Corporation JEF | 01/15/2027 | 8 | 2960000 | 388500 |
| 180 | Cleveland-Cliffs, Inc. JEF | 06/18/2026 | 17 | 306000 | 5220 |
| 100 | Commercial Metals Company JEF | 06/18/2026 | 85 | 850000 | 28750 |
| 30 | Dell Technologies, Inc. JEF | 03/20/2026 | 200 | 600000 | 180 |
| 120 | Delta Air Lines, Inc. JEF | 03/20/2026 | 70 | 840000 | 19440 |
| 66 | Freeport-McMoRan, Inc. JEF | 06/18/2026 | 70 | 462000 | 45870 |
| 300 | Hudbay Minerals, Inc. JEF | 04/17/2026 | 23 | 690000 | 187500 |
| 75 | Jackson Financial, Inc. JEF | 03/20/2026 | 120 | 900000 | 8438 |
| 55 | JPMorgan Chase & Company JEF | 03/20/2026 | 310 | 1705000 | 23650 |
| 30 | JPMorgan Chase & Company JEF | 06/18/2026 | 330 | 990000 | 19860 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts(c)<br> (continued)** |  | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (3.0)%** | **WRITTEN EQUITY OPTIONS - (3.0)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN- (2.7)% (Continued)** | **CALL OPTIONS WRITTEN- (2.7)% (Continued)** |  |  |  |
| 120 | Las Vegas Sands Corporation JEF | 06/18/2026 | $70 | $840000 | $11940 |
| 15 | Oracle Corporation JEF | 03/20/2026 | 400 | 600000 | 15 |
| 50 | PACCAR, Inc. JEF | 06/18/2026 | 135 | 675000 | 23000 |
| 200 | Sable Offshore Corporation JEF | 04/17/2026 | 15 | 300000 | 4200 |
| 200 | Sable Offshore Corporation JEF | 01/15/2027 | 25 | 500000 | 16000 |
| 170 | Sensata Technologies Holding PLC JEF | 05/15/2026 | 40 | 680000 | 30600 |
| 140 | Super Micro Computer, Inc. JEF | 06/18/2026 | 45 | 630000 | 24500 |
| 40 | WESCO International, Inc. JEF | 03/20/2026 | 230 | 920000 | 241600 |
| 30 | WESCO International, Inc. JEF | 03/20/2026 | 250 | 750000 | 123000 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,357,259) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,357,259) |  |  | 2923303 |
|  | **PUT OPTIONS WRITTEN - (0.3)%** | **PUT OPTIONS WRITTEN - (0.3)%** |  |  |  |
| 75 | Advanced Micro Devices, Inc. JEF | 05/15/2026 | $160 | $1200000 | $43500 |
| 60 | Apple, Inc. JEF | 04/17/2026 | 240 | 1440000 | 19200 |
| 46 | International Flavors & Fragrances, Inc. JEF | 03/20/2026 | 55 | 253000 | 2668 |
| 230 | Lyft, Inc. JEF | 06/18/2026 | 15 | 345000 | 54510 |
| 15 | Microsoft Corporation JEF | 04/17/2026 | 400 | 600000 | 28290 |
| 40 | Molina Healthcare, Inc. JEF | 06/18/2026 | 110 | 440000 | 13700 |
| 100 | PayPal Holdings, Inc. JEF | 03/20/2026 | 55 | 550000 | 96300 |
| 110 | PVH Corporation JEF | 03/20/2026 | 65 | 715000 | 15180 |
| 7 | Regeneron Pharmaceuticals, Inc. JEF | 05/15/2026 | 700 | 490000 | 17640 |
| 80 | Sprouts Farmers Market, Inc. JEF | 03/20/2026 | 65 | 520000 | 4000 |
| 80 | Sprouts Farmers Market, Inc. JEF | 06/18/2026 | 70 | 560000 | 42880 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $374,169) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $374,169) |  |  | 337868 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,731,428) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,731,428) |  |  | $3261171 |

---

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (5.8)%** |  |
|  | **ASSET MANAGEMENT - (1.2)%** |  |
| (25300) | Carlyle Group, Inc. (The) | $(1315347) |
|  | **HOUSEHOLD PRODUCTS - (0.9)%** |  |
| (7500) | Clorox Company (The) | (953700) |
|  | **INSTITUTIONAL FINANCIAL SERVICES - (1.5)%** |  |
| (1900) | Goldman Sachs Group, Inc. (The) | (1633183) |
|  | **METALS & MINING - (1.3)%** |  |
| (14700) | Rio Tinto PLC - ADR | (1460298) |
|  | **OIL & GAS PRODUCERS - (0.9)%** |  |
| (2600) | Chevron Corporation | (485576) |
| (3400) | Exxon Mobil Corporation | (518500) |
|  |  | (1004076) |
|  | **EXCHANGE-TRADED FUNDS — (31.6)%** |  |
|  | **COMMODITY - (3.4)%** |  |
| (7600) | SPDR Gold Shares | (3676500) |
|  | **EQUITY - (28.2)%** |  |
| (6500) | iShares Russell 1000 Growth ETF | (2926235) |
| (26100) | SPDR S&P 500 ETF | (17904339) |
| (61800) | State Street SPDR Portfolio S&P 500 Value ETF | (3677100) |
| (7000) | VanEck Gold Miners ETF | (810880) |
| (10400) | Vanguard Small-Cap Value ETF | (2390960) |
| (9200) | Vanguard Total Stock Market ETF | (3116684) |
|  |  | (30826198) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $34,559,276)** | $(40869302) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

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

---

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

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on February 28, 2026.

<sup>(c)</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 (Unaudited)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1%** |  |  |  |  |
|  | **AGENCY CMBS — 1.7%** |  |  |  |  |
| 847054 | Freddie Mac Multifamily Structured Pass Through Series K092 X3<sup>(a),(b)</sup> |  | 2.2480 | 05/25/47 | $54982 |
| 2215479 | FREMF Mortgage Trust Series 2019-KF63<sup>(c),(d)</sup> | SOFR30A + 2.464% | 6.1440 | 05/25/29 | 2092383 |
| 1455430 | Government National Mortgage Association Series 92 Z |  | 4.7000 | 10/16/48 | 1412879 |
| 52070 | Government National Mortgage Association Series 2012-27 IO<sup>(a),(b),(e)</sup> |  | 0.1950 | 04/16/53 | 111 |
| 131002 | Government National Mortgage Association Series 90 AC |  | 2.6000 | 06/16/58 | 113284 |
| 92238 | Government National Mortgage Association Series 3 IO<sup>(a),(b)</sup> |  | 0.6400 | 02/16/61 | 4045 |
| 200000 | Government National Mortgage Association Series 4 B |  | 1.9000 | 02/16/61 | 124444 |
| 1936842 | Government National Mortgage Association Series 113 Z |  | 2.0000 | 09/16/61 | 1050403 |
| 68285 | Government National Mortgage Association Series 2012-H27 AI<sup>(a),(b)</sup> |  | 1.7660 | 10/20/62 | 1843 |
| 7430037 | Government National Mortgage Association Series 55 IO<sup>(a),(b)</sup> |  | 0.5650 | 01/16/63 | 294241 |
| 1832289 | Government National Mortgage Association Series 82 Z |  | 2.0000 | 02/16/64 | 893608 |
| 216121 | Government National Mortgage Association Series 4 Z |  | 1.9000 | 03/16/64 | 93104 |
| 900000 | Government National Mortgage Association Series 91 BW |  | 2.2500 | 08/16/64 | 440522 |
| 679599 | Government National Mortgage Association Series 216 IO<sup>(a),(b)</sup> |  | 0.7500 | 07/16/65 | 37043 |
| 463942 | Government National Mortgage Association Series 2016-H24 AI<sup>(a),(b)</sup> |  | 2.4210 | 11/20/66 | 22140 |
| 714612 | Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10<sup>(c),(d)</sup> | SOFR30A + 3.364% | 7.0320 | 10/15/49 | 726765 |
|  |  |  |  |  | 7361797 |
|  | **AUTO LOAN — 0.5%** |  |  |  |  |
| 560576 | CPS Auto Securitization Trust Series 2021-1 A<sup>(c)</sup> |  | 7.8600 | 06/16/26 | 560904 |
| 100000 | SFS Auto Receivables Securitization Trust Series 2023-1A C<sup>(c)</sup> |  | 5.9700 | 02/20/31 | 102924 |
| 1541192 | United Auto Credit Securitization Trust Series 2022-2 D<sup>(c)</sup> |  | 6.8400 | 01/10/28 | 1547832 |
| 3500000 | US Auto Funding Series 2021-1A D<sup>(c),(e)</sup> |  | 4.3600 | 03/15/27 | 814 |
|  |  |  |  |  | 2212474 |
|  | **CDO — 1.2%** |  |  |  |  |
| 2173874 | Galleria CDO V Ltd. Series 5A B<sup>(c),(d)</sup> | TSFR1M + 2.662% | 7.4810 | 09/19/37 | 2160947 |
| 3417418 | Mid Ocean CBO Ltd. Series 2001-1X A1L<sup>(d)</sup> | TSFR3M + 0.762% | 2.3910 | 11/05/36 | 210537 |
| 2717675 | TruPS Financials Note Securitization Ltd. Series 2019-2A A1<sup>(c),(d)</sup> | TSFR3M + 2.562% | 6.3840 | 02/28/39 | 2739213 |
|  |  |  |  |  | 5110697 |
|  | **CLO — 0.3%** |  |  |  |  |
| 180000 | CarVal CLO XI C Ltd. Series 3A A1<sup>(c),(d)</sup> | TSFR3M + 1.390% | 5.0580 | 10/20/37 | 180484 |
| 500000 | Ellington Clo III Ltd. Series 2018-3A D<sup>(c),(d)</sup> | TSFR3M + 4.002% | 7.6690 | 07/20/30 | 515742 |
| 200000 | GC FTPYME Pastor FTA Series 4<sup>(d),(e)</sup> | EUR003M + 2.400% | 4.3840 | 07/15/45 | 44933 |
| 146712 | Halcyon Loan Advisors Funding Ltd. Series 2013-2A D<sup>(c),(d)</sup> | TSFR3M + 4.062% | 7.7250 | 08/01/26 | 82892 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **CLO — 0.3% (Continued)** |  |  |  |  |
| 500000 | Steele Creek CLO Ltd. Series 2018-2A D<sup>(c),(d)</sup> | TSFR3M + 3.662% | 7.3170 | 08/18/31 | $500734 |
| 120000 | Trestles CLO VII Ltd. Series 7A A1<sup>(c),(d)</sup> | TSFR3M + 1.380% | 5.0480 | 10/25/37 | 120409 |
|  |  |  |  |  | 1445194 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1%** |  |  |
| 2934225 | A&D Mortgage Trust Series 2025-NQM5 A1<sup>(c),(f)</sup> |  | 5.1200 | 12/25/70 | 2947730 |
| 63082 | ABN Amro Mortgage Corporation Series 2003-11 A4 |  | 5.5000 | 10/25/33 | 63922 |
| 105240 | Adjustable Rate Mortgage Trust Series 2005-7 2A21<sup>(b)</sup> |  | 4.6090 | 10/25/35 | 92828 |
| 447362 | Adjustable Rate Mortgage Trust Series 2005-6A 2A2<sup>(d)</sup> | TSFR1M + 0.954% | 4.6280 | 11/25/35 | 122040 |
| 18394 | Alternative Loan Trust Series 2007-9T1 |  | 5.5000 | 05/25/22 | 9514 |
| 12847 | Alternative Loan Trust Series 1998-4 IIA3<sup>(f)</sup> |  | 6.2340 | 08/25/28 | 12852 |
| 58482 | Alternative Loan Trust Series 2005-J1 3A1 |  | 6.5000 | 08/25/32 | 59283 |
| 13646 | Alternative Loan Trust Series 2004-J11 3A1 |  | 7.2500 | 08/25/32 | 13904 |
| 80689 | Alternative Loan Trust Series 2003-J2 A1 |  | 6.0000 | 10/25/33 | 83188 |
| 71993 | Alternative Loan Trust Series 2003-J3 1A3 |  | 5.2500 | 11/25/33 | 72846 |
| 38627 | Alternative Loan Trust Series 2003-22CB 1A1 |  | 5.7500 | 12/25/33 | 39725 |
| 33670 | Alternative Loan Trust Series 2003-J3 2A1 |  | 6.2500 | 12/25/33 | 35012 |
| 6188 | Alternative Loan Trust Series 2004-16CB 1A1 |  | 5.5000 | 07/25/34 | 6203 |
| 125225 | Alternative Loan Trust Series 2004-J8 2A1 |  | 7.0000 | 08/25/34 | 136620 |
| 18543 | Alternative Loan Trust Series 2004-J10 2CB1 |  | 6.0000 | 09/25/34 | 18998 |
| 472899 | Alternative Loan Trust Series 2004-J10 5CB1 |  | 5.5000 | 11/25/34 | 486773 |
| 241592 | Alternative Loan Trust Series 2004-27CB A1 |  | 6.0000 | 12/25/34 | 218965 |
| 347711 | Alternative Loan Trust Series 2004-28CB 2A4 |  | 5.7500 | 01/25/35 | 326616 |
| 67183 | Alternative Loan Trust Series 2004-28CB 3A1 |  | 6.0000 | 01/25/35 | 60222 |
| 28112 | Alternative Loan Trust Series 2004-28CB 6A1 |  | 6.0000 | 01/25/35 | 26512 |
| 25152 | Alternative Loan Trust Series 2005-3CB 1A9 |  | 5.0000 | 03/25/35 | 20985 |
| 103231 | Alternative Loan Trust Series 2005-6CB 1A6 |  | 5.5000 | 04/25/35 | 88597 |
| 45328 | Alternative Loan Trust Series 2005-14 2A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.2080 | 05/25/35 | 44425 |
| 128336 | Alternative Loan Trust Series 2005-J8 1A5 |  | 5.5000 | 07/25/35 | 88381 |
| 140200 | Alternative Loan Trust Series 2005-27 2A1<sup>(d)</sup> | 12MTA + 1.350% | 5.2650 | 08/25/35 | 122721 |
| 35750 | Alternative Loan Trust Series 2005-J11 2A1 |  | 6.0000 | 10/25/35 | 16224 |
| 49581 | Alternative Loan Trust Series 2005-J11 1A3 |  | 5.5000 | 11/25/35 | 26546 |
| 27188 | Alternative Loan Trust Series 2005-54CB 1A11 |  | 5.5000 | 11/25/35 | 20900 |
| 82667 | Alternative Loan Trust Series 2005-61 2A1<sup>(d)</sup> | TSFR1M + 0.674% | 4.3480 | 12/25/35 | 79432 |
| 95963 | Alternative Loan Trust Series 2005-72 A3<sup>(d)</sup> | TSFR1M + 0.714% | 4.3880 | 01/25/36 | 99385 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 105251 | Alternative Loan Trust Series 2006-40T1 2A1 |  | 6.0000 | 12/25/36 | $28596 |
| 738357 | Alternative Loan Trust Resecuritization Series 2005-12R A4 |  | 6.0000 | 11/25/34 | 734529 |
| 29972 | Alternative Loan Trust Resecuritization Series 2005-12R A3 |  | 6.0000 | 11/25/34 | 29784 |
| 367482 | Alternative Loan Trust Resecuritization Series 2008-2R 2A1<sup>(b)</sup> |  | 3.7120 | 08/25/37 | 160201 |
| 74247 | American Home Mortgage Investment Trust Series 2004-1 2M1<sup>(d)</sup> | TSFR6M + 2.428% | 6.0120 | 04/25/44 | 70478 |
| 767821 | Angel Oak Mortgage Trust Series 2022-5 A3<sup>(c),(f)</sup> |  | 4.5000 | 05/25/67 | 762519 |
| 124711 | Banc of America Alternative Loan Trust Series 2003-8 1CB1 |  | 5.5000 | 10/25/33 | 127238 |
| 85039 | Banc of America Alternative Loan Trust Series 2004-6 3A1 |  | 6.0000 | 07/25/34 | 86364 |
| 40504 | Banc of America Alternative Loan Trust Series 2007-1 1A1<sup>(b)</sup> |  | 3.7900 | 02/25/57 | 37899 |
| 977534 | Banc of America Funding Trust Series 2004-B 3A2<sup>(b)</sup> |  | 4.4400 | 12/20/34 | 794495 |
| 36750 | Banc of America Funding Trust Series 2005-E 8A1<sup>(d)</sup> | 12MTA + 1.430% | 5.3450 | 06/20/35 | 28810 |
| 883974 | Banc of America Funding Trust Series 2010-R3 4A3<sup>(b),(c)</sup> |  | 6.0000 | 06/26/36 | 769632 |
| 71897 | Banc of America Funding Trust Series 2007-2 1A8<sup>(a)</sup> |  | 6.0000 | 03/25/37 | 13291 |
| 541200 | Banc of America Funding Trust Series 2006-I 4A1<sup>(b)</sup> |  | 8.4110 | 10/20/46 | 435767 |
| 16352 | Banc of America Mortgage Trust Series 2002-L 1A1<sup>(b)</sup> |  | 3.1940 | 12/25/32 | 14139 |
| 18886 | Banc of America Mortgage Trust Series 2003-L 2A1<sup>(b)</sup> |  | 6.3610 | 01/25/34 | 18907 |
| 30574 | Banc of America Mortgage Trust Series 2005-E 2A1<sup>(b)</sup> |  | 5.3090 | 06/25/35 | 27677 |
| 39372 | Banc of America Mortgage Trust Series 2005-F 3A1<sup>(b)</sup> |  | 5.4170 | 07/25/35 | 33311 |
| 18395 | Banc of America Mortgage Trust Series 2005-H 2A1<sup>(b)</sup> |  | 5.0620 | 09/25/35 | 16511 |
| 88047 | Banc of America Mortgage Trust Series 2005-L 2A4<sup>(b)</sup> |  | 5.3090 | 01/25/36 | 79501 |
| 234749 | BCAP, LLC Series 2014-RR2 7A2<sup>(c),(d)</sup> | TSFR1M + 0.314% | 4.0620 | 01/26/38 | 235034 |
| 693494 | BCAP, LLC Trust Series 2011-RR5 12A1<sup>(c),(f)</sup> |  | 4.4410 | 03/26/37 | 692780 |
| 618526 | BCAP, LLC Trust Series 2011-RR10 1A2<sup>(b),(c)</sup> |  | 5.0000 | 03/26/37 | 473931 |
| 3339 | Bear Stearns ALT-A Trust Series 2004-11 2A1<sup>(b)</sup> |  | 3.0990 | 11/25/34 | 3153 |
| 19525 | Bear Stearns ALT-A Trust Series 2005-4 23A2<sup>(b)</sup> |  | 5.4000 | 05/25/35 | 18872 |
| 574397 | Bear Stearns ARM Trust Series 2003-1 1A1<sup>(b)</sup> |  | 3.8690 | 04/25/33 | 493165 |
| 47284 | Bear Stearns ARM Trust Series 2003-4 B1<sup>(b)</sup> |  | 6.0680 | 07/25/33 | 42433 |
| 21548 | Bear Stearns ARM Trust Series 2003-5 1A1<sup>(b)</sup> |  | 6.6250 | 08/25/33 | 21181 |
| 3550 | Bear Stearns ARM Trust Series 2003-7 6A<sup>(b)</sup> |  | 5.7130 | 10/25/33 | 3462 |
| 35523 | Bear Stearns ARM Trust Series 2003-8 2A1<sup>(b)</sup> |  | 5.7240 | 01/25/34 | 34063 |
| 87727 | Bear Stearns ARM Trust Series 2004-1 124M<sup>(b)</sup> |  | 2.1580 | 04/25/34 | 77482 |
| 8267 | Bear Stearns ARM Trust Series 2004-1 21A1<sup>(b)</sup> |  | 6.1260 | 04/25/34 | 8229 |
| 76676 | Bear Stearns ARM Trust Series 2004-5<sup>(b)</sup> |  | 4.0280 | 07/25/34 | 72466 |
| 80469 | Bear Stearns ARM Trust Series 2004-6 3A<sup>(b)</sup> |  | 6.2770 | 09/25/34 | 78229 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 802028 | Bear Stearns ARM Trust Series 2004-8 13A1<sup>(b)</sup> |  | 3.9860 | 11/25/34 | $714676 |
| 23969 | Bear Stearns ARM Trust Series 2004-8 2A1<sup>(b)</sup> |  | 5.5020 | 11/25/34 | 22554 |
| 35378 | Bear Stearns ARM Trust Series 2004-10 12A5<sup>(b)</sup> |  | 4.8820 | 01/25/35 | 34417 |
| 582637 | Bear Stearns Asset Backed Securities I Trust Series 2006-AC2 21A6 |  | 6.0000 | 03/25/36 | 212174 |
| 467739 | Bear Stearns Asset Backed Securities Trust Series 2003-AC7 A1<sup>(f)</sup> |  | 5.5000 | 01/25/34 | 392781 |
| 117107 | Bear Stearns Structured Products, Inc. Trust Series 2007-R6 1A1<sup>(b)</sup> |  | 4.9840 | 01/26/36 | 85371 |
| 16342 | Bella Vista Mortgage Trust Series 2004-1 1A<sup>(d)</sup> | TSFR1M + 0.814% | 4.4810 | 11/20/34 | 16323 |
| 49267 | BlackRock Capital Finance, L.P. Series 1997-R2 1B1<sup>(b),(c)</sup> |  | 3.5020 | 12/25/35 | 42123 |
| 373895 | BRAVO Residential Funding Trust Series 2023-NQM4 A1<sup>(c),(f)</sup> |  | 6.4350 | 05/25/63 | 374752 |
| 1171000 | BRAVO Residential Funding Trust Series 2023-NQM7 B1<sup>(b),(c)</sup> |  | 7.8950 | 09/25/63 | 1191868 |
| 960000 | BRAVO Residential Funding Trust Series 2024-NQM6 B1<sup>(b),(c)</sup> |  | 7.3020 | 08/01/64 | 984921 |
| 60404 | CDMC Mortgage Pass-Through Certificates Series 2004-4 A8<sup>(b)</sup> |  | 5.3700 | 09/25/34 | 60928 |
| 79656 | CDMC Mortgage Pass-Through Certificates Series 2005-1 A4<sup>(b)</sup> |  | 5.1050 | 02/18/35 | 80149 |
| 858862 | Cendant Mortgage Capital, LLC CDMC Mortgage Pass Through Certificates Series 2004-1 A7 |  | 5.5000 | 02/25/34 | 860544 |
| 230000 | CFMT, LLC Series 2022-HB9 M3<sup>(b),(c)</sup> |  | 3.2500 | 09/25/37 | 221390 |
| 84199 | Chase Home Lending Mortgage Trust Series 2019-1 B4<sup>(b),(c)</sup> |  | 3.8880 | 03/25/50 | 76659 |
| 105503 | Chase Mortgage Finance Trust Series 2004-S2 2A4 |  | 5.5000 | 02/25/34 | 107192 |
| 227692 | Chase Mortgage Finance Trust Series 2006-A1 2A3<sup>(b)</sup> |  | 5.2110 | 09/25/36 | 203233 |
| 469816 | Chase Mortgage Finance Trust Series 2007-S3 AP<sup>(g)</sup> |  | 0.00000 | 05/25/37 | 490 |
| 264029 | Chase Mortgage Finance Trust Series 2007-S3 1A17<sup>(a)</sup> |  | 4.0000 | 05/25/37 | 73866 |
| 284838 | Chevy Chase Funding, LLC Mortgage-Backed Series 2004-3A A1<sup>(c),(d)</sup> | TSFR1M + 0.364% | 4.0380 | 08/25/35 | 280622 |
| 146603 | Chevy Chase Funding, LLC Mortgage-Backed Series 2005-4A A2<sup>(c),(d)</sup> | TSFR1M + 0.364% | 4.0380 | 10/25/36 | 112124 |
| 328296 | CHL Mortgage Pass-Through Trust Series 2002-19 1A1 |  | 6.2500 | 11/25/32 | 298620 |
| 66710 | CHL Mortgage Pass-Through Trust Series 2002-39 A37 |  | 5.7500 | 02/25/33 | 66347 |
| 93605 | CHL Mortgage Pass-Through Trust Series 2003-60 2A1<sup>(b)</sup> |  | 6.2410 | 02/25/34 | 90053 |
| 20945 | CHL Mortgage Pass-Through Trust Series 2004-3 A4 |  | 5.7500 | 04/25/34 | 21152 |
| 47033 | CHL Mortgage Pass-Through Trust Series 2004-5 2A9 |  | 5.2500 | 05/25/34 | 46757 |
| 52720 | CHL Mortgage Pass-Through Trust Series 2004-5 2A2 |  | 5.5000 | 05/25/34 | 52893 |
| 43383 | CHL Mortgage Pass-Through Trust Series 2004-6 2A1<sup>(b)</sup> |  | 5.8110 | 05/25/34 | 42630 |
| 16070 | CHL Mortgage Pass-Through Trust Series 2004-HYB2 2A<sup>(b)</sup> |  | 6.9910 | 07/20/34 | 15471 |
| 86201 | CHL Mortgage Pass-Through Trust Series 2004-J5 A4 |  | 5.5000 | 07/25/34 | 86913 |
| 28708 | CHL Mortgage Pass-Through Trust Series 2004-14 4A1<sup>(b)</sup> |  | 5.4410 | 08/25/34 | 27208 |
| 44991 | CHL Mortgage Pass-Through Trust Series 2004-J9 2A6 |  | 5.5000 | 01/25/35 | 45253 |
| 38381 | CHL Mortgage Pass-Through Trust Series 2004-HYB5 6A2<sup>(b)</sup> |  | 5.1830 | 04/20/35 | 35799 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 407029 | CHL Mortgage Pass-Through Trust Series 2005-14 A2 |  | 5.5000 | 07/25/35 | $152777 |
| 2971184 | CHL Mortgage Pass-Through Trust Series 2005-14 A1 |  | 6.0000 | 07/25/35 | 1143164 |
| 469378 | CHL Mortgage Pass-Through Trust Series 2005-J2 3A12 |  | 5.0000 | 08/25/35 | 285017 |
| 118482 | CHL Mortgage Pass-Through Trust Series 2006-J1 3A1 |  | 6.0000 | 02/25/36 | 36305 |
| 62274 | CHL Mortgage Pass-Through Trust Series 2007-HY1 2A1<sup>(b)</sup> |  | 4.0410 | 03/25/37 | 56211 |
| 288687 | CHL Mortgage Pass-Through Trust Series 2007-15 2A2 |  | 6.5000 | 09/25/37 | 102159 |
| 250000 | CHNGE Mortgage Trust Series 2023-1 M1<sup>(b),(c)</sup> |  | 8.0660 | 03/25/58 | 249826 |
| 5219000 | CHNGE Mortgage Trust Series 2023-2 B2<sup>(b),(c)</sup> |  | 7.9620 | 06/25/58 | 5234407 |
| 2000000 | CHNGE Mortgage Trust Series 2023-2 M1<sup>(b),(c)</sup> |  | 7.9620 | 06/25/58 | 2007100 |
| 3644000 | CHNGE Mortgage Trust Series 2023-4 B1<sup>(b),(c)</sup> |  | 8.3990 | 09/25/58 | 3679533 |
| 225000 | CHNGE Mortgage Trust Series 2022-2 B2<sup>(b),(c)</sup> |  | 4.5880 | 03/25/67 | 174730 |
| 85780 | Citicorp Mortgage Securities REMIC Pass-Through Series 2005-4 1A5 |  | 5.5000 | 07/25/35 | 86495 |
| 23327 | Citicorp Mortgage Securities Trust Series 2006-3 1A9 |  | 5.7500 | 06/25/36 | 21549 |
| 34243 | Citicorp Mortgage Securities Trust Series 2006-6 A4 |  | 6.0000 | 11/25/36 | 35589 |
| 63971 | Citicorp Mortgage Securities Trust Series 2007-2 APO<sup>(g)</sup> |  | 0.0000 | 02/25/37 | 35062 |
| 167343 | Citicorp Mortgage Securities Trust Series 2007-4 1A5 |  | 6.0000 | 05/25/37 | 149314 |
| 83525 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 1997-HUD2 B2<sup>(b),(e)</sup> |  | 6.5700 | 11/25/27 | 48 |
| 3418 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 2002-HYB1 B2<sup>(b)</sup> |  | 6.6070 | 09/25/32 | 3218 |
| 133841 | Citigroup Mortgage Loan Trust Series 2009-10 6A2<sup>(b),(c)</sup> |  | 6.2770 | 09/25/34 | 123910 |
| 116176 | Citigroup Mortgage Loan Trust Series 2009-4 7A5<sup>(b),(c)</sup> |  | 5.4960 | 05/25/35 | 111995 |
| 8829 | Citigroup Mortgage Loan Trust Series 2014-10 4A1<sup>(c),(d)</sup> |  | 3.9560 | 02/25/37 | 8814 |
| 33030 | Citigroup Mortgage Loan Trust Series 2015-RP2 A<sup>(c)</sup> |  | 4.2500 | 01/25/53 | 32742 |
| 300000 | Citigroup Mortgage Loan Trust Series 2020-EXP1 B1<sup>(b),(c)</sup> |  | 4.4670 | 05/25/60 | 266396 |
| 7642 | Citigroup Mortgage Loan Trust, Inc. Series 2003-1 3A4 |  | 5.2500 | 09/25/33 | 7644 |
| 15278 | Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A6<sup>(b)</sup> |  | 6.2250 | 08/25/34 | 14686 |
| 50481 | Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A4<sup>(b)</sup> |  | 6.5310 | 08/25/34 | 48019 |
| 34141 | Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 1CB2 |  | 6.7500 | 08/25/34 | 35331 |
| 30486 | Citigroup Mortgage Loan Trust, Inc. Series 2005-2 2A11 |  | 5.5000 | 05/25/35 | 30865 |
| 20385 | COLT Funding, LLC Series 2021-3R A2<sup>(b),(c)</sup> |  | 1.2570 | 12/25/64 | 19165 |
| 400000 | COLT Mortgage Loan Trust Series 2023-2 B1<sup>(b),(c)</sup> |  | 7.9240 | 07/25/68 | 402653 |
| 120000 | Connecticut Avenue Securities Trust Series 2022-R01 1B1<sup>(c),(d)</sup> | SOFR30A + 3.150% | 6.8170 | 12/25/41 | 122057 |
| 106761 | Credit Suisse First Boston Mortgage Securities Series 2001-26 5A1<sup>(b)</sup> |  | 3.5570 | 11/25/31 | 106556 |
| 215143 | Credit Suisse First Boston Mortgage Securities Series 2002-NP14 M1<sup>(c),(d)</sup> | TSFR1M + 2.302% | 4.8880 | 11/25/31 | 111072 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 52648 | Credit Suisse First Boston Mortgage Securities Series 2003-11 1A31 |  | 5.5000 | 06/25/33 | $53518 |
| 291293 | Credit Suisse First Boston Mortgage Securities Series 2003-19 1A19 |  | 5.2500 | 07/25/33 | 291974 |
| 15468 | Credit Suisse First Boston Mortgage Securities Series 2003-21 1A4 |  | 5.2500 | 09/25/33 | 15666 |
| 40845 | Credit Suisse First Boston Mortgage Securities Series 2003-25 1A8 |  | 5.5000 | 10/25/33 | 40642 |
| 122535 | Credit Suisse First Boston Mortgage Securities Series 2003-25 1A11 |  | 5.5000 | 10/25/33 | 122063 |
| 70693 | Credit Suisse First Boston Mortgage Securities Series 23 1A11 |  | 6.0000 | 10/25/33 | 67396 |
| 127045 | Credit Suisse First Boston Mortgage Securities Series 2004-6 1A3 |  | 5.5000 | 10/25/34 | 124606 |
| 99709 | Credit Suisse First Boston Mortgage Securities Series 2005-8 9A9<sup>(d)</sup> | TSFR1M + 0.764% | 4.4380 | 09/25/35 | 65104 |
| 5706 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 2A1 |  | 5.2500 | 01/01/25 |  |
| 357855 | CSFB Mortgage-Backed Pass-Through Certificates Series 2002-9 1A2 |  | 7.5000 | 03/25/32 | 322112 |
| 70104 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24 3A1<sup>(b)</sup> |  | 5.9540 | 10/25/33 | 68351 |
| 69449 | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 4A4 |  | 5.7500 | 11/25/33 | 71144 |
| 346122 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 1A5 |  | 6.0000 | 08/25/34 | 355680 |
| 11184 | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-3 7A5 |  | 5.7500 | 07/25/35 | 11132 |
| 2184984 | CSMC Trust Series 2014-10R 1A2<sup>(b),(c)</sup> |  | 7.3540 | 05/27/36 | 497687 |
| 309613 | CSMC Trust Series 2007-5R A5 |  | 6.5000 | 07/26/36 | 64179 |
| 867029 | CSMC Trust Series 2015-6R 9A3<sup>(b),(c)</sup> |  | 11.1610 | 11/27/36 | 885479 |
| 18034 | CSMC Trust Series 2014-2R 28A1<sup>(b),(c)</sup> |  | 3.0000 | 06/27/37 | 17758 |
| 21726 | CSMC Trust Series 2010-18R 4A4<sup>(b),(c)</sup> |  | 3.5000 | 04/26/38 | 21677 |
| 93827 | CSMC Trust Series 2013-7 A2<sup>(b),(c)</sup> |  | 3.0000 | 08/25/43 | 87218 |
| 279423 | CSMC Trust Series 2021-RPL2 M3<sup>(b),(c)</sup> |  | 3.5320 | 01/25/60 | 197854 |
| 413513 | Deutsche Alt-B Securities Mortgage Loan Trust Series AB1 PO<sup>(g)</sup> |  | 0.0000 | 04/25/37 | 205762 |
| 25064 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1 1A1 |  | 5.5000 | 09/25/33 | 25766 |
| 250828 | DSLA Mortgage Loan Trust Series 2004-AR4 2A1A<sup>(d)</sup> | TSFR1M + 0.834% | 4.5010 | 01/19/45 | 192237 |
| 133368 | DSLA Mortgage Loan Trust Series 2005-AR5 2A1A<sup>(d)</sup> | TSFR1M + 0.774% | 4.4410 | 09/19/45 | 70597 |
| 1000000 | EFMT Series 2026-RM1 A1<sup>(b),(c)</sup> |  | 4.7500 | 01/25/56 | 981892 |
| 2000000 | Ellington Financial Mortgage Trust Series 2019-2 B2<sup>(b),(c)</sup> |  | 5.6980 | 11/25/59 | 1979456 |
| 400000 | Ellington Financial Mortgage Trust Series 2022-1 B2<sup>(b),(c)</sup> |  | 3.8640 | 01/25/67 | 299998 |
| 516364 | Fannie Mae Grantor Trust Series 2004-T5 AB1<sup>(b)</sup> |  | 3.9070 | 05/28/35 | 491329 |
| 37716 | Fannie Mae REMIC Trust Series 2002-W2 AV1<sup>(d)</sup> | SOFR30A + 0.374% | 3.9120 | 06/25/32 | 36991 |
| 85055 | Fannie Mae REMIC Trust Series 2004-W14 3A |  | 8.0000 | 07/25/44 | 88714 |
| 68434 | Fannie Mae REMICS Series 26 A1 |  | 7.0000 | 01/25/48 | 72127 |
| 130283 | Fannie Mae Trust Series 2005-W3 3A<sup>(b)</sup> |  | 4.9940 | 04/25/45 | 128157 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 41117 | Financial Asset Securities Corp AAA Trust Series 2005-2 A3<sup>(c),(d)</sup> | TSFR1M + 0.414% | 4.0910 | 11/26/35 | $38644 |
| 101838 | First Horizon Alternative Mortgage Securities Series 2004-AA1 A1<sup>(b)</sup> |  | 5.6910 | 06/25/34 | 102122 |
| 6098 | First Horizon Alternative Mortgage Securities Series 2004-AA3 A1<sup>(b)</sup> |  | 4.7770 | 09/25/34 | 6208 |
| 13346 | First Horizon Alternative Mortgage Securities<sup>(b)</sup> |  | 5.1120 | 10/25/34 | 13179 |
| 44970 | First Horizon Alternative Mortgage Securities Series AA7 2A2<sup>(b)</sup> |  | 5.4350 | 02/25/35 | 41539 |
| 69670 | First Horizon Alternative Mortgage Securities Series 2007-FA4 1A8 |  | 6.2500 | 08/25/37 | 23133 |
| 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 |
| 76934 | First Horizon Mortgage Pass-Through Trust Series 2006-AR3 1A1<sup>(b)</sup> |  | 3.7180 | 11/25/36 | 33698 |
| 216285 | First Horizon Mortgage Pass-Through Trust Series 2007-AR3 1A1<sup>(b)</sup> |  | 4.5300 | 11/25/37 | 82602 |
| 967509 | First Republic Mortgage Trust Series 2020-1 B1<sup>(b),(c)</sup> |  | 2.8820 | 04/25/50 | 929280 |
| 312176 | Flagstar Mortgage Trust Series 2018-3INV B4<sup>(b),(c)</sup> |  | 4.4380 | 05/25/48 | 299981 |
| 91089 | Flagstar Mortgage Trust Series 2021-13IN B5<sup>(b),(c)</sup> |  | 3.3520 | 12/30/51 | 75830 |
| 44637 | Freddie Mac REMICS Series 4203 PS<sup>(a),(d)</sup> | SOFR30A + 6.136% | 2.4770 | 09/15/42 | 3463 |
| 1000000 | Freddie Mac STACR Trust Series 2019-DNA3 B2<sup>(c),(d)</sup> | SOFR30A + 8.264% | 11.9320 | 07/25/49 | 1124757 |
| 106768 | Freddie Mac Structured Pass-Through Certificates Series T-61 1A1<sup>(b)</sup> | 12MTA + 1.400% | 5.0680 | 07/25/44 | 104454 |
| 121135 | Freddie Mac Structured Pass-Through Certificates Series T-62 1A1<sup>(b)</sup> | 12MTA + 1.200% | 4.8680 | 10/25/44 | 112306 |
| 17141 | Galton Funding Mortgage Trust Series 2017-1 A22<sup>(b),(c)</sup> |  | 3.0000 | 07/25/56 | 15497 |
| 90701 | GCAT Trust Series 2024-INV1 1A2<sup>(b),(c)</sup> |  | 5.5000 | 01/25/54 | 91656 |
| 933338 | GCAT Trust Series 2023-NQM2 A2<sup>(c),(f)</sup> |  | 6.2430 | 11/25/67 | 931093 |
| 286868 | Global Mortgage Securitization Ltd. Series 2004-A A3<sup>(c),(d)</sup> |  | 8.7660 | 11/25/32 | 288571 |
| 59211 | GMACM Mortgage Loan Trust Series 2004-J2 A8 |  | 5.7500 | 06/25/34 | 59831 |
| 1219438 | GMACM Mortgage Loan Trust Series 2005-AR5 4A1<sup>(b)</sup> |  | 4.7520 | 09/19/35 | 1025437 |
| 97672 | GMACM Mortgage Loan Trust Series 2006-AR1 1A1<sup>(b)</sup> |  | 3.7120 | 04/19/36 | 81006 |
| 102096 | GS Mortgage Securities Corporation II Series 2000-1A A<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.1400 | 09/20/24 | 71638 |
| 401423 | GS Mortgage-Backed Securities Corp Trust Series 2019-PJ1 B3<sup>(b),(c)</sup> |  | 4.0110 | 08/25/49 | 371096 |
| 14603 | GSMPS Mortgage Loan Trust Series 1998-1 A<sup>(b),(c)</sup> |  | 8.0000 | 09/19/27 | 14364 |
| 754040 | GSMPS Mortgage Loan Trust Series 2000-1 A<sup>(b),(c)</sup> |  | 8.5000 | 06/19/29 | 740036 |
| 39731 | GSMPS Mortgage Loan Trust Series 2004-2R A<sup>(b),(c)</sup> |  | 7.1390 | 02/25/34 | 7152 |
| 803268 | GSMPS Mortgage Loan Trust Series 2004-4 1AF<sup>(c),(d)</sup> | TSFR1M + 0.514% | 4.1880 | 06/25/34 | 728736 |
| 1313990 | GSMPS Mortgage Loan Trust Series 2004-4 1A2<sup>(c)</sup> |  | 7.5000 | 06/25/34 | 1315919 |
| 251535 | GSMPS Mortgage Loan Trust Series 2004-4 1A3<sup>(c)</sup> |  | 8.0000 | 06/25/34 | 250784 |
| 25049 | GSMPS Mortgage Loan Trust Series 2005-RP2 1AF<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.1380 | 03/25/35 | 23513 |
| 135033 | GSMPS Mortgage Loan Trust Series 2005-RP3 1AF<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.1380 | 09/25/35 | 116965 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 87736 | GSMPS Mortgage Loan Trust Series 2006-RP1 1A2<sup>(c)</sup> |  | 7.5000 | 01/25/36 | $78373 |
| 782774 | GSMSC Pass-Through Trust Series 2008-2R 2A1<sup>(b),(c)</sup> |  | 1.2910 | 10/25/36 | 84941 |
| 59993 | GSR Mortgage Loan Trust Series 2003-3F 1A6 |  | 6.0000 | 04/25/33 | 61176 |
| 86283 | GSR Mortgage Loan Trust Series 2004-7 1A1<sup>(b)</sup> |  | 4.4040 | 06/25/34 | 83664 |
| 556835 | GSR Mortgage Loan Trust Series 2004-12 1B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.3880 | 12/25/34 | 118667 |
| 34881 | GSR Mortgage Loan Trust Series 2005-4F 6A1 |  | 6.5000 | 02/25/35 | 34553 |
| 13538 | GSR Mortgage Loan Trust Series 2005-AR3 2A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.2280 | 05/25/35 | 11160 |
| 16824 | GSR Mortgage Loan Trust Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.2280 | 05/25/35 | 16065 |
| 2039 | GSR Mortgage Loan Trust Series 2005-6F 1A7 |  | 5.2500 | 07/25/35 | 1955 |
| 527985 | GSR Mortgage Loan Trust Series 2005-AR4 2A1<sup>(b)</sup> |  | 6.2870 | 07/25/35 | 267019 |
| 27068 | GSR Mortgage Loan Trust Series 2005-8F 3A4 |  | 6.0000 | 11/25/35 | 8513 |
| 104583 | GSR Mortgage Loan Trust Series 2006-1F 2A16 |  | 6.0000 | 02/25/36 | 42896 |
| 2332946 | GSR Mortgage Loan Trust Series 2006-10F 4A1<sup>(d)</sup> | TSFR1M + 0.464% | 4.1380 | 01/25/37 | 293776 |
| 70609 | GSR Mortgage Loan Trust Series 2007-AR2 2A1<sup>(b)</sup> |  | 4.9220 | 05/25/37 | 35433 |
| 129589 | HarborView Mortgage Loan Trust Series 2003-1 A<sup>(b)</sup> |  | 4.9140 | 05/19/33 | 118454 |
| 874792 | HarborView Mortgage Loan Trust Series 2004-7 4A<sup>(b)</sup> |  | 4.9640 | 11/19/34 | 803827 |
| 88910 | HarborView Mortgage Loan Trust Series 2005-4 3A1<sup>(b)</sup> |  | 4.7260 | 07/19/35 | 65879 |
| 275238 | HOMES Trust Series 2023-NQM1 M1<sup>(b),(c)</sup> |  | 6.9500 | 01/25/68 | 276179 |
| 156313 | HSI Asset Loan Obligation Trust Series 2007-AR1 4A1<sup>(b)</sup> |  | 4.9820 | 01/25/37 | 118717 |
| 192909 | HSI Asset Loan Obligation Trust Series 2007-1 2A12 |  | 6.5000 | 06/25/37 | 69582 |
| 149475 | HSI Asset Loan Obligation Trust Series 2007-AR2 4A1<sup>(b)</sup> |  | 4.6370 | 09/25/37 | 115185 |
| 156407 | Hundred Acre Wood Trust Series 2021-INV1 B2<sup>(b),(c)</sup> |  | 3.2320 | 07/25/51 | 139596 |
| 248004 | Hundred Acre Wood Trust Series 2021-INV1 B1<sup>(b),(c)</sup> |  | 3.2320 | 07/25/51 | 224423 |
| 130641 | Hundred Acre Wood Trust Series 2021-INV3 B3<sup>(b),(c)</sup> |  | 3.3200 | 12/25/51 | 114739 |
| 18331 | Impac CMB Trust Series 2003-2F M2<sup>(f)</sup> |  | 6.5700 | 01/25/33 | 18345 |
| 30941 | Impac CMB Trust Series 2003-4 3M2<sup>(f)</sup> |  | 5.7290 | 07/25/33 | 30846 |
| 16845 | Impac CMB Trust Series 2004-10 3M2<sup>(d)</sup> | TSFR1M + 0.999% | 4.6730 | 03/25/35 | 16456 |
| 17083 | Impac CMB Trust Series 2004-10 3M3<sup>(d)</sup> | TSFR1M + 1.089% | 4.7630 | 03/25/35 | 16451 |
| 166633 | Impac CMB Trust Series 2005-4 2M1<sup>(d)</sup> | TSFR1M + 0.614% | 4.5380 | 05/25/35 | 163134 |
| 423836 | Impac CMB Trust Series 2005-4 2M2<sup>(d)</sup> | TSFR1M + 0.864% | 4.9130 | 05/25/35 | 429077 |
| 289374 | Impac CMB Trust Series 2005-8 2M1<sup>(d)</sup> | TSFR1M + 0.864% | 4.5380 | 02/25/36 | 277494 |
| 62776 | Impac CMB Trust Series 2005-8 2M3<sup>(d)</sup> | TSFR1M + 2.364% | 6.0380 | 02/25/36 | 64201 |
| 56687 | Impac CMB Trust Series 2005-8 2B<sup>(d)</sup> | TSFR1M + 2.364% | 6.0380 | 02/25/36 | 56993 |
| 165407 | Impac Secured Assets CMN Owner Trust Series 2003-2 A2 |  | 6.0000 | 08/25/33 | 129274 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 75011 | Impac Secured Assets Trust Series 2006-1 2A1<sup>(d)</sup> | TSFR1M + 0.814% | 4.4880 | 05/25/36 | $73143 |
| 16754 | IndyMac INDX Mortgage Loan Trust Series 2004-AR11 2A<sup>(b)</sup> |  | 4.3710 | 12/25/34 | 15925 |
| 190128 | IndyMac INDX Mortgage Loan Trust Series 2004-AR15 3A1<sup>(b)</sup> |  | 4.5260 | 02/25/35 | 184677 |
| 147128 | IndyMac INDX Mortgage Loan Trust Series 2005-AR8 2A1A<sup>(d)</sup> | TSFR1M + 0.574% | 4.2480 | 04/25/35 | 142047 |
| 183656 | IndyMac INDX Mortgage Loan Trust Series 2005-AR13 1A1<sup>(b)</sup> |  | 3.9430 | 08/25/35 | 79208 |
| 244758 | JP Morgan Alternative Loan Trust Series 2005-S1 1A8<sup>(a),(d),(e)</sup> | TSFR1M + 7.036% | 3.3620 | 12/25/35 | 40017 |
| 637508 | JP Morgan Alternative Loan Trust Series A1 1A2<sup>(d)</sup> | TSFR1M + 0.714% | 4.3880 | 03/25/36 | 543943 |
| 899783 | JP Morgan Alternative Loan Trust Series 2008-R4 1A1<sup>(c)</sup> |  | 6.0000 | 12/27/36 | 426343 |
| 100000 | JP Morgan Chase Commercial Mortgage Securities Series UES B<sup>(c)</sup> |  | 4.1420 | 05/05/32 | 99406 |
| 292458 | JP Morgan MBS Series 2006-R1 6A1<sup>(b),(c)</sup> |  | 3.5480 | 09/28/44 | 235138 |
| 18261 | JP Morgan Mortgage Trust Series 2006-A2 5A4<sup>(b)</sup> |  | 6.3050 | 11/25/33 | 18062 |
| 1873 | JP Morgan Mortgage Trust Series 2004-A3 3A3<sup>(b)</sup> |  | 5.3250 | 07/25/34 | 1853 |
| 16675 | JP Morgan Mortgage Trust Series 2004-S2 4A5 |  | 6.0000 | 11/25/34 | 15462 |
| 20693 | JP Morgan Mortgage Trust Series 2005-A7 1A4<sup>(b)</sup> |  | 5.2750 | 10/25/35 | 20030 |
| 182250 | JP Morgan Mortgage Trust Series 2008-R2 2A<sup>(b),(c)</sup> |  | 5.5000 | 12/27/35 | 156388 |
| 818189 | JP Morgan Mortgage Trust Series 2005-S3 1A22 |  | 5.5000 | 01/25/36 | 332475 |
| 12532 | JP Morgan Mortgage Trust Series 2006-A4 3A1<sup>(b)</sup> |  | 4.5250 | 06/25/36 | 8184 |
| 119934 | JP Morgan Mortgage Trust Series 2006-A7 2A1R<sup>(b)</sup> |  | 4.3950 | 01/25/37 | 96664 |
| 146058 | JP Morgan Mortgage Trust Series 2006-A7 2A4R<sup>(b)</sup> |  | 4.3950 | 01/25/37 | 117720 |
| 16649 | JP Morgan Mortgage Trust Series 2018-8 A3<sup>(b),(c)</sup> |  | 4.0000 | 01/25/49 | 15914 |
| 164635 | JP Morgan Mortgage Trust Series 2019-8 B4<sup>(b),(c)</sup> |  | 4.1360 | 03/25/50 | 155576 |
| 34794 | JP Morgan Mortgage Trust Series 2020-5 A3<sup>(b),(c)</sup> |  | 3.0000 | 12/25/50 | 31191 |
| 95210 | JP Morgan Tax-Emept Pass-Through Trust Series 2012-3 A<sup>(b),(c)</sup> |  | 3.0000 | 10/27/42 | 89168 |
| 122321 | JPMorgan Chase Bank Series 2020-CL1 M3<sup>(d)</sup> | TSFR1M + 3.464% | 7.1380 | 10/25/57 | 131247 |
| 2265779 | La Hipotecaria Panamanian Mortgage Trust Series 2021-1 GA<sup>(c)</sup> |  | 5.1000 | 06/13/51 | 2070709 |
| 112217 | Lehman Mortgage Trust Series 2006-2 2A3 |  | 5.7500 | 04/25/36 | 114955 |
| 39773 | MASTR Adjustable Rate Mortgages Trust Series 2003-1 2A1<sup>(b)</sup> |  | 4.2800 | 12/25/32 | 38114 |
| 15960 | MASTR Adjustable Rate Mortgages Trust Series 2003-2 4A1<sup>(b)</sup> |  | 5.3020 | 07/25/33 | 15264 |
| 26290 | MASTR Adjustable Rate Mortgages Trust Series 2003-6 2A1<sup>(b)</sup> |  | 5.0820 | 12/25/33 | 24386 |
| 14743 | MASTR Adjustable Rate Mortgages Trust Series 2003-6 7A1<sup>(b)</sup> |  | 6.2500 | 12/25/33 | 14474 |
| 34092 | MASTR Adjustable Rate Mortgages Trust Series 2003-7 B1<sup>(b)</sup> |  | 6.8450 | 01/25/34 | 33828 |
| 25233 | MASTR Adjustable Rate Mortgages Trust Series 2004-10<sup>(b)</sup> |  | 5.5770 | 10/25/34 | 21684 |
| 155042 | MASTR Adjustable Rate Mortgages Trust Series 2004-15 4A1<sup>(b)</sup> |  | 4.6760 | 12/25/34 | 154193 |
| 221953 | MASTR Adjustable Rate Mortgages Trust Series 2005-7 3A1<sup>(b)</sup> |  | 3.5040 | 09/25/35 | 132858 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 90962 | MASTR Adjustable Rate Mortgages Trust Series 2006-2 5A1<sup>(b)</sup> |  | 4.3940 | 05/25/36 | $27323 |
| 78290 | MASTR Alternative Loan Trust Series 2003-3 B2<sup>(b)</sup> |  | 6.1640 | 05/25/33 | 72940 |
| 460102 | MASTR Alternative Loan Trust Series 2003-5 8A1 |  | 5.5000 | 06/25/33 | 461185 |
| 35786 | MASTR Alternative Loan Trust Series 2003-7 6A1 |  | 6.5000 | 12/25/33 | 37034 |
| 90573 | MASTR Alternative Loan Trust Series 2004-1 2A1 |  | 7.0000 | 01/25/34 | 92173 |
| 111343 | MASTR Alternative Loan Trust Series 2004-1 4A1 |  | 5.5000 | 02/25/34 | 112248 |
| 41174 | MASTR Alternative Loan Trust Series 2004-3 2A1 |  | 6.2500 | 04/25/34 | 42577 |
| 150198 | MASTR Alternative Loan Trust Series 2004-3 6A1 |  | 6.5000 | 04/25/34 | 151530 |
| 17773 | MASTR Alternative Loan Trust Series 2004-4 1A1 |  | 5.5000 | 05/25/34 | 17664 |
| 45835 | MASTR Alternative Loan Trust Series 2004-7 10A1 |  | 6.0000 | 06/25/34 | 46817 |
| 31828 | MASTR Alternative Loan Trust Series 2004-6 10A1 |  | 6.0000 | 07/25/34 | 32280 |
| 133480 | MASTR Alternative Loan Trust Series 2004-6 7A1 |  | 6.0000 | 07/25/34 | 132668 |
| 559616 | MASTR Alternative Loan Trust Series 2004-6 6A1 |  | 6.5000 | 07/25/34 | 569260 |
| 21596 | MASTR Alternative Loan Trust Series 2007-1 30PO<sup>(g)</sup> |  | 0.0000 | 10/25/36 | 11788 |
| 300341 | MASTR Alternative Loan Trust Series 2005-2 6A1 |  | 5.0000 | 03/25/43 | 233298 |
| 866079 | MASTR Alternative Loan Trust Series 2007-HF1 4PO<sup>(g)</sup> |  | 0.0000 | 10/25/47 | 9 |
| 11291 | MASTR Asset Securitization Trust Series 2003-12 6A1 |  | 5.0000 | 12/25/33 | 9590 |
| 42115 | MASTR Asset Securitization Trust Series 2003-11 9A6 |  | 5.2500 | 12/25/33 | 42161 |
| 30775 | MASTR Asset Securitization Trust Series 2003-11 7A5 |  | 5.2500 | 12/25/33 | 31517 |
| 3333 | MASTR Asset Securitization Trust Series 2003-11 2A10 |  | 5.5000 | 12/25/33 | 3444 |
| 151124 | MASTR Asset Securitization Trust Series 2003-11 8A1 |  | 5.5000 | 12/25/33 | 139443 |
| 5759 | MASTR Asset Securitization Trust Series 2004-1 1A12 |  | 5.5000 | 02/25/34 | 5736 |
| 2156282 | MASTR Asset Securitization Trust Series 2004-9 4A1 |  | 6.0000 | 09/25/34 | 1496546 |
| 54735 | MASTR Asset Securitization Trust Series 2005-1 2A9 |  | 5.5000 | 05/25/35 | 41932 |
| 4115795 | MASTR Asset Securitization Trust Series 2006-2 2A2<sup>(d)</sup> | TSFR1M + 0.614% | 4.2880 | 06/25/36 | 774447 |
| 2174712 | MASTR Asset Securitization Trust Series 2006-3 2A1<sup>(d)</sup> | TSFR1M + 0.564% | 4.2380 | 10/25/36 | 317346 |
| 14176 | MASTR Reperforming Loan Trust Series 2005-2 1A4<sup>(c)</sup> |  | 8.0000 | 05/25/35 | 9972 |
| 111707 | MASTR Reperforming Loan Trust Series 2006-2 2A1<sup>(b),(c)</sup> |  | 3.7710 | 05/25/36 | 103489 |
| 9048 | MASTR Seasoned Securitization Trust Series 2005-1 3A1<sup>(b)</sup> |  | 4.0450 | 10/25/32 | 8425 |
| 43781 | MASTR Seasoned Securitization Trust Series 2004-1 4A1<sup>(b)</sup> |  | 6.5320 | 10/25/32 | 43190 |
| 312992 | MASTR Seasoned Securitization Trust Series 2003-1 2A1 |  | 6.0000 | 02/25/33 | 316992 |
| 880000 | Mello Mortgage Capital Acceptance Series 2018-MTG2 B5<sup>(b),(c)</sup> |  | 4.3130 | 10/25/48 | 732195 |
| 525175 | Mello Mortgage Capital Acceptance Series 2021-MTG1 B1<sup>(b),(c)</sup> |  | 2.6470 | 04/25/51 | 446805 |
| 310977 | Merrill Lynch Alternative Note Asset Trust Series A2 A3B<sup>(d)</sup> | TSFR1M + 0.514% | 4.1880 | 03/25/37 | 73330 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 215303 | Merrill Lynch Mortgage Backed Securities Trust Series 2007-1 2A1<sup>(b)</sup> |  | 4.0290 | 04/25/37 | $186442 |
| 26471 | Merrill Lynch Mortgage Investors Trust Series 2003-A6 1A<sup>(b)</sup> |  | 6.0500 | 09/25/33 | 25761 |
| 81402 | Merrill Lynch Mortgage Investors Trust MLCC Series 2004-HB1<sup>(b)</sup> |  | 3.4560 | 04/25/29 | 69061 |
| 175386 | Merrill Lynch Mortgage Investors Trust MLCC Series B B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.3880 | 07/25/30 | 154227 |
| 38609 | Merrill Lynch Mortgage Investors Trust MLCC Series 2007-3 2A2<sup>(b)</sup> |  | 3.8430 | 09/25/37 | 29041 |
| 23951 | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4 3A<sup>(b)</sup> |  | 7.0000 | 05/25/33 | 23614 |
| 149559 | Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4 1A<sup>(b)</sup> |  | 5.2310 | 07/25/35 | 64553 |
| 132581 | Merrill Lynch Mortgage Investors Trust Series A1 1A1<sup>(b)</sup> |  | 4.4010 | 03/25/36 | 70500 |
| 1000000 | MOO Securitization Trust Series 2025-RM1 A1A<sup>(b),(c)</sup> |  | 4.5000 | 12/25/65 | 983743 |
| 480000 | MOO Securitization Trust Series 2025-RM1 M2<sup>(c)</sup> |  | 4.5000 | 12/25/65 | 425065 |
| 39762 | Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1 A3<sup>(b)</sup> |  | 4.9810 | 03/25/33 | 35821 |
| 9090 | Morgan Stanley Mortgage Loan Trust Series 2004-2AR 2A<sup>(b)</sup> |  | 5.5050 | 02/25/34 | 8823 |
| 15174 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR 2A<sup>(b)</sup> |  | 4.1260 | 10/25/34 | 13919 |
| 14042 | Morgan Stanley Mortgage Loan Trust Series 2004-8AR 4A1<sup>(b)</sup> |  | 5.2970 | 10/25/34 | 13701 |
| 8650 | Morgan Stanley Mortgage Loan Trust Series 2004-10AR 2A2<sup>(b)</sup> |  | 5.5370 | 11/25/34 | 8350 |
| 317448 | Morgan Stanley Mortgage Loan Trust Series 2005-1 4A1<sup>(d)</sup> | TSFR1M + 0.414% | 4.0880 | 03/25/35 | 308818 |
| 73866 | Morgan Stanley Mortgage Loan Trust Series 2005-10 5A1 |  | 6.0000 | 12/25/35 | 26512 |
| 8240 | Morgan Stanley Mortgage Loan Trust Series 2006-8AR 4A2<sup>(b)</sup> |  | 6.5000 | 06/25/36 | 7422 |
| 269273 | Morgan Stanley Mortgage Loan Trust Series 2007-15AR 5A1<sup>(b)</sup> |  | 3.6990 | 12/25/37 | 172456 |
| 1000000 | Morgan Stanley Residential Mortgage Loan Trust Series NQM1 B1<sup>(b),(c)</sup> |  | 7.3360 | 09/25/68 | 1007557 |
| 88912 | MortgageIT Trust Series 2004-2 B2<sup>(d)</sup> | TSFR1M + 3.339% | 7.0130 | 12/25/34 | 89689 |
| 54077 | MortgageIT Trust Series 2005-2 2A<sup>(d)</sup> | TSFR1M + 1.764% | 5.4360 | 05/25/35 | 53232 |
| 137273 | MortgageIT Trust Series 2005-3 M2<sup>(d)</sup> | TSFR1M + 0.909% | 4.5830 | 08/25/35 | 135128 |
| 68139 | MRFC Mortgage Pass-Through Trust Series 2000-TBC3 B4<sup>(b),(c)</sup> |  | 4.7040 | 12/15/30 | 64414 |
| 371274 | National City Mortgage Capital Trust Series 2008-1 2A1 |  | 6.0000 | 03/25/38 | 380973 |
| 18106 | National City Mortgage Capital Trust Series 2008-1 2A2 |  | 6.0000 | 03/25/38 | 18577 |
| 6178371 | New Residential Mortgage Loan Trust Series 2025-NQM4 A1<sup>(b),(c)</sup> |  | 5.3500 | 07/25/65 | 6260975 |
| 116155 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-R1 A2<sup>(c)</sup> |  | 7.5000 | 03/25/34 | 111039 |
| 377523 | Nomura Asset Acceptance Corp Alternative Loan Series 2005-AR3 1A1<sup>(d)</sup> | TSFR1M + 0.634% | 4.3080 | 07/25/35 | 348359 |
| 387133 | Nomura Asset Acceptance Corp Alternative Loan Series AF1 4A1<sup>(b)</sup> |  | 6.9590 | 06/25/36 | 358786 |
| 61675 | Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3<sup>(f)</sup> |  | 6.4570 | 03/25/47 | 59318 |
| 3401647 | Ocwen Residential MBS Corporation Series 1998-R3 AWAC<sup>(b),(c)</sup> |  | 0.0000 | 09/25/38 | 76537 |
| 13567 | Ocwen Residential MBS Corporation Series 1999-R2 B2<sup>(b),(c)</sup> |  | 0.5620 | 06/25/39 | 19366 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 270000 | Onity Loan Investment Trust Series 2024-HB2 M2<sup>(b),(c)</sup> |  | 5.0000 | 08/25/37 | $268155 |
| 59173 | PHH Mortgage Trust Series Series 2008-CIM1 21A1 |  | 6.0000 | 05/25/38 | 60446 |
| 246932 | Prime Mortgage Trust Series 2003-3 A9 |  | 5.5000 | 01/25/34 | 248192 |
| 687178 | PRKCM Trust Series 2023-AFC1 A3<sup>(c),(f)</sup> |  | 7.3040 | 02/25/58 | 687515 |
| 1031148 | PRPM Trust Series 2024-NQM2 A1<sup>(c),(f)</sup> |  | 6.3270 | 06/25/69 | 1045883 |
| 11405 | RAAC Series Trust Series 2005-SP1 4A1 |  | 7.0000 | 09/25/34 | 6217 |
| 102655 | RALI Series Trust Series 2005-QA12 CB1<sup>(b)</sup> |  | 5.6820 | 12/25/35 | 37878 |
| 216668 | RAMP Series Trust Series 2002-SL1 AII4<sup>(b)</sup> |  | 4.0620 | 06/25/32 | 181374 |
| 8860 | RBSGC Mortgage Loan Trust Series 2007-B 3B1<sup>(b)</sup> |  | 5.6230 | 07/25/35 | 8976 |
| 250758 | RBSGC Structured Trust Series 2008-A A1<sup>(b),(c)</sup> |  | 5.5000 | 11/25/35 | 210744 |
| 93298 | Reperforming Loan REMIC Trust Series 2003-R4 2A<sup>(b),(c)</sup> |  | 4.7280 | 01/25/34 | 86031 |
| 8918 | Reperforming Loan REMIC Trust Series 2004-R1 2A<sup>(c)</sup> |  | 6.5000 | 11/25/34 | 8827 |
| 3501 | Reperforming Loan REMIC Trust Series 2005-R2 2A4<sup>(c)</sup> |  | 8.5000 | 06/25/35 | 3683 |
| 50685 | Reperforming Loan REMIC Trust Series 2006-R2 AF1<sup>(c),(d)</sup> | TSFR1M + 0.534% | 4.2080 | 07/25/36 | 48237 |
| 1119882 | Residential Asset Securitization Trust Series 2003-A9 A3<sup>(d)</sup> | TSFR1M + 0.664% | 4.3380 | 08/25/33 | 1026886 |
| 359119 | Residential Asset Securitization Trust Series 2003-A10 A5 |  | 5.2500 | 09/25/33 | 359978 |
| 5210000 | RMF Buyout Issuance Trust Series 2022-HB1 M3<sup>(b),(c)</sup> |  | 4.5000 | 04/25/32 | 4976864 |
| 2529000 | RMF Buyout Issuance Trust Series 2020-HB1 M4<sup>(b),(c)</sup> |  | 6.0000 | 10/25/50 | 2480910 |
| 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 | 2691539 |
| 45784 | Seasoned Credit Risk Transfer Trust Series 2017-3 B<sup>(e),(g)</sup> |  | 0.0000 | 07/25/56 | 7684 |
| 184121 | Sequoia Mortgage Trust Series 2003-4 1A1<sup>(d)</sup> | TSFR1M + 0.734% | 4.4020 | 07/20/33 | 172586 |
| 22054 | Sequoia Mortgage Trust Series 2004-10 A1A<sup>(d)</sup> | TSFR1M + 0.734% | 4.4020 | 11/20/34 | 21202 |
| 32914 | Sequoia Mortgage Trust Series 2004-10 A3B<sup>(d)</sup> | TSFR6M + 1.208% | 4.9380 | 11/20/34 | 30768 |
| 40998 | Sequoia Mortgage Trust Series 2005-2 A1<sup>(d)</sup> | TSFR1M + 0.554% | 4.2220 | 03/20/35 | 38236 |
| 214824 | Sequoia Mortgage Trust Series 2005-3 B1<sup>(d)</sup> | TSFR1M + 0.669% | 4.3370 | 05/20/35 | 145322 |
| 254981 | Sequoia Mortgage Trust Series 2007-4 1A1<sup>(d)</sup> | TSFR1M + 0.894% | 5.3420 | 01/20/36 | 194994 |
| 217878 | Sequoia Mortgage Trust Series 2007-2 1B1<sup>(d)</sup> | TSFR1M + 0.714% | 4.3820 | 06/20/36 | 193339 |
| 116088 | Sequoia Mortgage Trust Series 2007-3 1A1<sup>(d)</sup> | TSFR1M + 0.514% | 4.1820 | 07/20/36 | 100545 |
| 65124 | Sequoia Mortgage Trust Series 2013-6 B1<sup>(b),(c)</sup> |  | 3.5250 | 05/25/43 | 64367 |
| 10169 | Sequoia Mortgage Trust Series 2013-8 A1<sup>(b)</sup> |  | 3.0000 | 06/25/43 | 9475 |
| 225839 | Sequoia Mortgage Trust Series 2014-4 A6<sup>(b),(c)</sup> |  | 3.5000 | 11/25/44 | 215031 |
| 59680 | Sequoia Mortgage Trust Series 2017-1 B3<sup>(b),(c)</sup> |  | 3.6050 | 02/25/47 | 50447 |
| 64677 | Shellpoint Co-Originator Trust Series 2017-1 B4<sup>(b),(c)</sup> |  | 3.5750 | 04/25/47 | 47669 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 55367 | SoFi Personal Loan Trust Series 2024-1A A<sup>(c)</sup> |  | 6.0600 | 02/12/31 | $55857 |
| 100000 | Spruce Hill Mortgage Loan Trust Series 2020-SH1 B2<sup>(b),(c)</sup> |  | 4.6760 | 01/28/50 | 96703 |
| 32578 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 4A1<sup>(b)</sup> |  | 5.1600 | 03/25/34 | 31294 |
| 237234 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-17 A1<sup>(b)</sup> |  | 4.1540 | 11/25/34 | 212850 |
| 54037 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-18 1A3<sup>(b)</sup> |  | 4.6580 | 12/25/34 | 48586 |
| 171916 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 1A1<sup>(b)</sup> |  | 4.2250 | 03/25/35 | 145001 |
| 305345 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-15 1A1<sup>(b)</sup> |  | 4.1050 | 07/25/35 | 153408 |
| 422023 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-1 2A2<sup>(b)</sup> |  | 4.6800 | 02/25/36 | 378978 |
| 6062 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-8 3AF<sup>(d)</sup> | TSFR1M + 0.494% | 4.1680 | 09/25/36 | 5584 |
| 399864 | Structured Adjustable Rate Mortgage Loan Trust Series 4 1A1<sup>(d)</sup> | TSFR1M + 0.594% | 4.2680 | 05/25/37 | 367884 |
| 286623 | Structured Adjustable Rate Mortgage Loan Trust Series 9 2A1<sup>(b)</sup> |  | 4.2320 | 10/25/47 | 179272 |
| 113487 | Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A1<sup>(b)</sup> |  | 4.7980 | 01/25/34 | 110105 |
| 20027 | Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A2<sup>(b)</sup> |  | 4.7980 | 01/25/34 | 19432 |
| 13882 | Structured Asset Securities Corp Mortgage Series 2000-5 B3<sup>(b),(e)</sup> |  | 0.0000 | 11/25/30 | 10883 |
| 640 | Structured Asset Securities Corporation Series 2003-37A B1I<sup>(d)</sup> | TSFR1M + 0.894% | 4.5940 | 12/25/33 | 620 |
| 377119 | Structured Asset Securities Corporation Series 2004-4XS A3A<sup>(f)</sup> |  | 5.5000 | 02/25/34 | 375150 |
| 74254 | Structured Asset Securities Corporation Series 2004-4XS 1A5<sup>(f)</sup> |  | 5.9900 | 02/25/34 | 73855 |
| 391934 | Structured Asset Securities Corporation Series 2004-4XS 1M1<sup>(f)</sup> |  | 6.0500 | 02/25/34 | 420709 |
| 62990 | Structured Asset Securities Corporation Series 2005-RF2 A<sup>(c),(d)</sup> | TSFR1M + 0.464% | 4.1380 | 04/25/35 | 57659 |
| 66075 | Structured Asset Securities Corporation Series 2005-RF3 2A<sup>(b),(c)</sup> |  | 4.4680 | 06/25/35 | 60243 |
| 45432 | Suntrust Alternative Loan Trust Series 2005-1F 1A1<sup>(d)</sup> | TSFR1M + 0.764% | 4.4380 | 12/25/35 | 39804 |
| 186670 | TIAA Bank Mortgage Loan Trust Series 2018-2 B3<sup>(b),(c)</sup> |  | 3.6570 | 07/25/48 | 174346 |
| 233635 | TIAA Bank Mortgage Loan Trust Series 2018-3 B4<sup>(b),(c)</sup> |  | 4.0720 | 11/25/48 | 190790 |
| 500000 | Towd Point Mortgage Trust Series 2022-SJ1 B1<sup>(b),(c)</sup> |  | 5.2500 | 03/25/62 | 513334 |
| 2057177 | Verus Securitization Trust Series 2023-2 A2<sup>(c),(f)</sup> |  | 6.5990 | 03/25/68 | 2052762 |
| 154898 | Verus Securitization Trust Series 2023-3 A3<sup>(c),(f)</sup> |  | 6.7430 | 03/25/68 | 154709 |
| 370000 | Verus Securitization Trust Series 2023-5 B1<sup>(b),(c)</sup> |  | 7.9680 | 06/25/68 | 371574 |
| 3050000 | Verus Securitization Trust Series 2023-INV2 B1<sup>(b),(c)</sup> |  | 8.0110 | 08/25/68 | 3065044 |
| 1000000 | Verus Securitization Trust Series 2023-INV3 B1<sup>(b),(c)</sup> |  | 8.1640 | 11/25/68 | 1014472 |
| 2124560 | Verus Securitization Trust Series 2023-8 A2<sup>(c),(f)</sup> |  | 6.6640 | 12/25/68 | 2146112 |
| 37018 | WaMu Mortgage Pass-Through Certificates Series 2002-AR14 B1<sup>(b)</sup> |  | 4.2770 | 11/25/32 | 34127 |
| 29516 | WaMu Mortgage Pass-Through Certificates Series 2002-AR18 A<sup>(b)</sup> |  | 5.8050 | 01/25/33 | 29564 |
| 67969 | WaMu Mortgage Pass-Through Certificates Series 2003-S3 1A4 |  | 5.5000 | 06/25/33 | 68033 |
| 26960 | WaMu Mortgage Pass-Through Certificates Series 2003-S5 1A13 |  | 5.5000 | 06/25/33 | 27394 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 26.1% (Continued)** |  |  |
| 176908 | WaMu Mortgage Pass-Through Certificates Series 2003-AR9 1A7<sup>(b)</sup> |  | 5.4180 | 09/25/33 | $174197 |
| 11789 | WaMu Mortgage Pass-Through Certificates Series 2002-AR2 A<sup>(d)</sup> | ECOFC + 1.250% | 4.0790 | 02/27/34 | 11563 |
| 92941 | WaMu Mortgage Pass-Through Certificates Series CB3 2A |  | 6.5000 | 10/25/34 | 97244 |
| 39023 | WaMu Mortgage Pass-Through Certificates Series 2006-AR2 1A1<sup>(b)</sup> |  | 4.4540 | 03/25/36 | 35640 |
| 66238 | WaMu Mortgage Pass-Through Certificates Series 2002-AR17 1A<sup>(d)</sup> | 12MTA + 1.200% | 4.8680 | 11/25/42 | 64534 |
| 93274 | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A1<sup>(b)</sup> |  | 4.4730 | 08/25/46 | 96793 |
| 23253 | WaMu Mortgage Pass-Through Certificates Series Series AR8 2A1A<sup>(d)</sup> | TSFR1M + 0.694% | 4.3680 | 07/25/45 | 22609 |
| 139080 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS7 A12 |  | 5.5000 | 03/25/33 | 141163 |
| 31580 | Washington Mutual MSC Mortgage Pass-Through Series 2003-MS9 2A |  | 7.5000 | 04/25/33 | 32327 |
| 139695 | Washington Mutual MSC Mortgage Pass-Through Series 2003-AR3 B1<sup>(b)</sup> |  | 4.7370 | 06/25/33 | 121953 |
| 3571 | Washington Mutual MSC Mortgage Pass-Through Series 2005-RA1 3B4<sup>(b),(c)</sup> |  | 3.4370 | 01/25/35 | 2946 |
| 86653 | Washington Mutual MSC Mortgage Pass-Through Series RA3 CB1<sup>(b)</sup> |  | 5.4570 | 08/25/38 | 82878 |
| 129528 | Wells Fargo Alternative Loan Trust Series 2007-PA1 A7 |  | 6.0000 | 03/25/37 | 122128 |
| 38462 | Wells Fargo Mortgage Backed Securities Series 2006-AR14 2A1<sup>(b)</sup> |  | 6.4960 | 10/25/36 | 35517 |
| 51885 | Wells Fargo Mortgage Backed Securities Series 2007-7 A6 |  | 6.0000 | 06/25/37 | 48077 |
| 234000 | Wells Fargo Mortgage Backed Securities Series 2018-1 B4<sup>(b),(c)</sup> |  | 3.6410 | 07/25/47 | 164140 |
| 51077 | Wells Fargo Mortgage Backed Securities Series 2019-4 A2<sup>(b),(c)</sup> |  | 3.0000 | 09/25/49 | 45909 |
| 187462 | WinWater Mortgage Loan Trust Series 2015-1 B2<sup>(b),(c)</sup> |  | 3.8700 | 01/20/45 | 179530 |
| 1724817 | WinWater Mortgage Loan Trust Series 2016-1 B4<sup>(b),(c)</sup> |  | 3.7770 | 01/20/46 | 1569507 |
|  |  |  |  |  | 110668114 |
|  | **CREDIT CARD — 0.1%** |  |  |  |  |
| 324896 | Continental Finance Credit Card A.B.S Master Trust Series 2022-A A<sup>(c)</sup> |  | 6.1900 | 10/15/30 | 325625 |
|  | **HOME EQUITY — 4.6%** |  |  |  |  |
| 52274 | ABFC Trust Series 2004-OPT2 A2<sup>(d)</sup> | TSFR1M + 0.674% | 4.3480 | 10/25/33 | 51678 |
| 1000000 | ACHM Trust Series 2023-HE1 B<sup>(b),(c)</sup> |  | 7.0000 | 11/25/37 | 1075630 |
| 813231 | ACHM Trust Series 2023-HE2 A<sup>(b),(c)</sup> |  | 7.5000 | 10/25/38 | 858276 |
| 132574 | AFC Trust Series 1999-3 1A<sup>(d)</sup> | TSFR1M + 1.094% | 4.7670 | 09/28/29 | 115493 |
| 2594471 | Bayview Financial Mortgage Pass-Through Trust Series 2004-B A1<sup>(c),(d)</sup> | TSFR1M + 1.114% | 4.7890 | 05/28/39 | 2110875 |
| 1007714 | Bayview Financial Mortgage Pass-Through Trust Series 2005-A M1<sup>(c),(d)</sup> | TSFR1M + 1.614% | 5.2890 | 02/28/40 | 972589 |
| 581885 | Bayview Financial Mortgage Pass-Through Trust Series A B1<sup>(d)</sup> | TSFR1M + 2.139% | 5.8140 | 02/28/41 | 583684 |
| 14211 | Bear Stearns Asset Backed Securities I Trust Series 2004-FR2 M4<sup>(d)</sup> | TSFR1M + 2.214% | 4.9780 | 06/25/34 | 14264 |
| 124263 | Bear Stearns Home Loan Owner Trust Series 2001-A B<sup>(f)</sup> |  | 10.5000 | 02/15/31 | 118359 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **HOME EQUITY — 4.6% (Continued)** | **HOME EQUITY — 4.6% (Continued)** | **HOME EQUITY — 4.6% (Continued)** |  |  |
| 27428 | CDC Mortgage Capital Trust Series 2003-HE4<sup>(d)</sup> | TSFR1M + 7.3448% | 4.4080 | 03/25/34 | $27428 |
| 1194986 | CDC Mortgage Capital Trust Series 2004-HE3 M3<sup>(d)</sup> | TSFR1M + 2.214% | 5.8880 | 11/25/34 | 1146810 |
| 116848 | CHEC Loan Trust Series 2004-1 M2<sup>(c),(d)</sup> | TSFR1M + 1.089% | 4.7630 | 07/25/34 | 116758 |
| 1543 | Citigroup Global Markets Mortgage Securities VII, Inc. Series 2002-WMC1 M1<sup>(d)</sup> | TSFR1M + 1.464% | 5.1380 | 01/25/32 | 1543 |
| 98303 | Delta Funding Home Equity Loan Trust Series 1999-3 A2F<sup>(f)</sup> |  | 8.0610 | 09/15/29 | 94044 |
| 234843 | Delta Funding Home Equity Loan Trust Series 2000-1 M2<sup>(f)</sup> |  | 8.5900 | 05/15/30 | 226500 |
| 55532 | Delta Funding Home Equity Loan Trust Series 1999-2 A1A<sup>(d)</sup> | TSFR1M + 0.434% | 4.4140 | 08/15/30 | 55339 |
| 27745 | GE Capital Mortgage Services, Inc. Trust Series 1999-HE1 A6<sup>(b)</sup> |  | 6.7000 | 04/25/29 | 28005 |
| 116738 | GMACM Mortgage Loan Trust Series 2004-GH1 M1<sup>(f)</sup> |  | 5.5000 | 07/25/35 | 115764 |
| 236013 | Home Equity Asset Trust Series 2002-2 A2<sup>(d)</sup> | TSFR1M + 0.714% | 4.3880 | 06/25/32 | 234838 |
| 835910 | MASTR Asset Backed Securities Trust Series 2004-FRE1 M7<sup>(d)</sup> | TSFR1M + 2.814% | 6.4880 | 07/25/34 | 797550 |
| 190902 | MASTR Asset Backed Securities Trust Series 2005-NC1 M2<sup>(d)</sup> | TSFR1M + 0.864% | 4.5380 | 12/25/34 | 198377 |
| 228088 | Morgan Stanley A.B.S Capital I, Inc. Trust Series 2003-SD1 M2<sup>(d)</sup> | TSFR1M + 4.014% | 7.6880 | 03/25/33 | 208924 |
| 807726 | Morgan Stanley A.B.S Capital I, Inc. Trust Series Series SD2 M2<sup>(d)</sup> | TSFR1M + 2.289% | 5.9630 | 04/25/34 | 813158 |
| 21112 | New Century Home Equity Loan Trust Series 2003-5 AII<sup>(d)</sup> | TSFR1M + 0.914% | 4.5880 | 11/25/33 | 14017 |
| 70174 | Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE2 M1<sup>(d)</sup> | TSFR1M + 0.609% | 4.2830 | 03/25/36 | 66838 |
| 153156 | NovaStar Mortgage Funding Trust Series 2003-4 A1<sup>(d)</sup> | TSFR1M + 0.854% | 4.5280 | 02/25/34 | 154781 |
| 20437 | RAAC Series Trust Series 2004-SP1 AII<sup>(d)</sup> | TSFR1M + 0.814% | 4.4880 | 03/25/34 | 20424 |
| 32550 | RBSSP Resecuritization Trust Series 2010-4 6A2<sup>(c),(f)</sup> |  | 5.8250 | 02/26/36 | 32256 |
| 406638 | Renaissance Home Equity Loan Trust Series 2002-3 M1<sup>(d)</sup> | TSFR1M + 1.614% | 5.2880 | 12/25/32 | 387064 |
| 83936 | Renaissance Home Equity Loan Trust Series 2002-3 M2<sup>(d)</sup> | TSFR1M + 2.664% | 6.3380 | 12/25/32 | 74409 |
| 14843 | Saxon Asset Securities Trust Series 2001-2 AF5<sup>(f)</sup> |  | 3.4230 | 03/25/29 | 16037 |
| 30005 | Saxon Asset Securities Trust Series 2003-3 M2<sup>(d)</sup> | TSFR1M + 2.514% | 3.8230 | 12/25/33 | 28188 |
| 163907 | Saxon Asset Securities Trust Series 2003-3 AF5<sup>(f)</sup> |  | 4.0350 | 12/25/33 | 156852 |
| 1500000 | Security National Mortgage Loan Trust Series 2005-2A A4<sup>(b),(c)</sup> |  | 7.4250 | 02/25/35 | 1540157 |
| 185867 | Security National Mortgage Loan Trust Series 2005-2A A3<sup>(b),(c)</sup> |  | 6.2130 | 02/25/36 | 188407 |
| 94913 | Southern Pacific Secured Asset Corporation Series 1997-2 M1F |  | 7.3200 | 05/25/27 | 144966 |
| 723051 | Structured Asset Securities Corp Pass-Through Series 2002-AL1 A3 |  | 3.4500 | 02/25/32 | 120220 |
| 3069000 | Vista Point Securitization Trust Series 2024-CES1 M1<sup>(c),(f)</sup> |  | 7.4820 | 05/25/54 | 3142711 |
| 3294020 | Vista Point Securitization Trust Series Series 2024-CES2 A1<sup>(c),(f)</sup> |  | 5.2520 | 10/25/54 | 3309057 |
| 392278 | Wells Fargo Home Equity Asset-Backed Securities Series 2 M9<sup>(d)</sup> | TSFR1M + 2.514% | 6.1880 | 12/25/34 | 393378 |
|  |  |  |  |  | 19755648 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **MANUFACTURED HOUSING — 0.3%** | **MANUFACTURED HOUSING — 0.3%** | **MANUFACTURED HOUSING — 0.3%** |  |  |
| 1500000 | Cascade MH Asset Trust Series 2019-MH1 M<sup>(b),(c)</sup> |  | 5.9850 | 11/01/44 | $1346091 |
| 87573 | Conseco Finance Corporation Series 5 B1<sup>(b)</sup> |  | 8.1000 | 07/15/26 | 88131 |
|  |  |  |  |  | 1434222 |
|  | **NON AGENCY CMBS — 22.0%** |  |  |  |  |
| 3204350 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B1<sup>(b),(c)</sup> |  | 3.6530 | 05/25/50 | 2677459 |
| 2124264 | Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B2<sup>(b),(c)</sup> |  | 5.3780 | 05/25/50 | 1726408 |
| 2000000 | BAMLL Commercial Mortgage Securities Trust Series ISQ A<sup>(c)</sup> |  | 2.8480 | 08/14/34 | 1693625 |
| 1625000 | BANK Series 2019-BN19 B |  | 3.6470 | 08/15/61 | 1439322 |
| 980000 | BANK Series 2019-BNK20 B<sup>(b)</sup> |  | 3.3950 | 09/15/62 | 872918 |
| 474000 | BANK Series 2020-BNK27 B<sup>(b)</sup> |  | 2.9060 | 04/15/63 | 418671 |
| 19936 | Bayview Commercial Asset Trust Series 2005-2A M1<sup>(c),(d)</sup> | TSFR1M + 0.759% | 4.4330 | 08/25/35 | 19422 |
| 30849 | Bayview Commercial Asset Trust Series 2005-2A B1<sup>(c),(d)</sup> | TSFR1M + 1.839% | 5.5130 | 08/25/35 | 33742 |
| 16915 | Bayview Commercial Asset Trust Series 2005-4A M1<sup>(c),(d)</sup> | TSFR1M + 0.789% | 4.4620 | 01/25/36 | 16306 |
| 54873 | Bayview Commercial Asset Trust Series 2007-1 M2<sup>(c),(d)</sup> | TSFR1M + 0.549% | 4.2220 | 03/25/37 | 52337 |
| 500000 | Bayview Commercial Asset Trust Series 2008-1 M1<sup>(c),(d)</sup> | TSFR1M + 3.264% | 6.9380 | 01/25/38 | 474707 |
| 1877696 | BBCMS Mortgage Trust Series 2020-C7 XA<sup>(a),(b)</sup> |  | 1.5920 | 04/15/53 | 78676 |
| 250000 | Benchmark Mortgage Trust Series 2020-IG3 A4<sup>(c)</sup> |  | 2.4370 | 09/15/48 | 217433 |
| 130000 | Benchmark Mortgage Trust Series 2019-B9 B |  | 4.4680 | 03/15/52 | 121615 |
| 900000 | Benchmark Mortgage Trust Series 2020-B17 E<sup>(c),(e)</sup> |  | 2.2500 | 03/15/53 | 527678 |
| 470000 | Benchmark Mortgage Trust Series 2020-B17 C<sup>(b)</sup> |  | 3.3710 | 03/15/53 | 363924 |
| 500000 | Benchmark Mortgage Trust Series 2020-B19 B |  | 2.3510 | 09/15/53 | 399648 |
| 491576 | Benchmark Mortgage Trust Series 2021-B24 A2 |  | 1.9530 | 03/15/54 | 460627 |
| 328000 | Benchmark Mortgage Trust Series 2021-B31 C<sup>(b)</sup> |  | 3.1950 | 12/15/54 | 264008 |
| 350000 | BFLD Trust Series 2020-EYP A<sup>(c),(d)</sup> | TSFR1M + 1.264% | 4.9240 | 10/15/35 | 275976 |
| 555000 | BMD2 Re-Remic Trust Series 2019-FRR1 5A1<sup>(b),(c)</sup> |  | 3.4160 | 05/25/52 | 529394 |
| 4290000 | Canal Center Lease-Backed Pass-Through Trust Series 1 A<sup>(c),(e)</sup> |  | 3.0230 | 09/15/56 | 2725491 |
| 500000 | Cantor Commercial Real Estate Lending Series 2019-CF3 E<sup>(b),(c),(e)</sup> |  | 2.5000 | 01/15/53 | 330680 |
| 2768639 | Carbon Capital VI Commercial Mortgage Series 2019-FL2 B<sup>(c),(d),(e)</sup> | TSFR1M + 2.964% | 6.6240 | 10/15/35 | 1068695 |
| 1380557 | CBA Commercial Small Balance Commercial Mortgage Series 2007-1A A<sup>(c),(f)</sup> |  | 6.2600 | 07/25/39 | 1279073 |
| 1400000 | CD Mortgage Trust Series 2016-CD2 B<sup>(b)</sup> |  | 3.8790 | 11/10/49 | 1106282 |
| 65982 | CD Mortgage Trust Series 2017-CD3 D<sup>(c),(e)</sup> |  | 3.2500 | 02/10/50 | 2149 |
| 1000000 | CD Mortgage Trust Series 2017-CD3 AS |  | 3.8330 | 02/10/50 | 953977 |
| 128521 | CFCRE Commercial Mortgage Trust Series 2011-C2 D<sup>(b),(c)</sup> |  | 5.0800 | 12/15/47 | 126939 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 22.0% (Continued)** | **NON AGENCY CMBS — 22.0% (Continued)** | **NON AGENCY CMBS — 22.0% (Continued)** |  |  |
| 100000 | CFK Trust Series 2020-MF2 A<sup>(c)</sup> |  | 2.3870 | 03/15/39 | $93836 |
| 50000 | Citigroup Commercial Mortgage Trust Series 2015-GC31 B<sup>(b),(e)</sup> |  | 3.6900 | 06/10/48 | 32839 |
| 750000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 D<sup>(e)</sup> |  | 3.2360 | 11/10/48 | 237044 |
| 900000 | Citigroup Commercial Mortgage Trust Series 2015-GC35 C<sup>(b),(e)</sup> |  | 4.4130 | 11/10/48 | 678911 |
| 143739 | CNL Commercial Mortgage Loan Trust Series 2003-1A A1<sup>(c),(d)</sup> | TSFR1M + 0.614% | 4.2740 | 05/15/31 | 142925 |
| 2129281 | COMM Mortgage Trust Series 2013-CR12 B<sup>(b),(e)</sup> |  | 4.7620 | 10/10/46 | 524655 |
| 23188 | COMM Mortgage Trust Series 2014-CCRE16 B |  | 4.5820 | 04/10/47 | 22626 |
| 175500 | COMM Mortgage Trust Series 2016-COR1 C<sup>(b)</sup> |  | 4.3180 | 10/10/49 | 151543 |
| 420000 | CSAIL Commercial Mortgage Trust Series 2015-C3 D<sup>(b),(e)</sup> |  | 3.1300 | 08/15/48 | 311471 |
| 190000 | CSAIL Commercial Mortgage Trust Series 2015-C3 C<sup>(b)</sup> |  | 4.1300 | 08/15/48 | 168999 |
| 265000 | CSAIL Commercial Mortgage Trust Series 2018-C14 D<sup>(b),(c)</sup> |  | 4.8760 | 11/15/51 | 199969 |
| 645256 | CSAIL Commercial Mortgage Trust Series 2015-C2 C<sup>(b)</sup> |  | 4.2310 | 06/15/57 | 623538 |
| 1623000 | CSAIL Commercial Mortgage Trust Series 2015-C2 D<sup>(b),(e)</sup> |  | 4.2310 | 06/15/57 | 1435064 |
| 1640000 | CSMC OA, LLC Series 2014-USA D<sup>(c),(e)</sup> |  | 4.3730 | 09/15/37 | 1386255 |
| 1627803 | FREMF Mortgage Trust Series 2017-KF38 B<sup>(c),(d)</sup> | SOFR30A + 2.614% | 6.2940 | 09/25/24 | 1626424 |
| 368477 | FREMF Mortgage Trust Series 2018-KF52<sup>(c),(d)</sup> | SOFR30A + 2.064% | 5.7440 | 09/25/28 | 355956 |
| 91647 | FREMF Mortgage Trust Series 2020-KF76 B<sup>(c),(d)</sup> | SOFR30A + 2.864% | 6.5440 | 01/25/30 | 89936 |
| 820479 | FRESB Mortgage Trust Series 2018-SB48 B<sup>(c),(d)</sup> |  | 4.4220 | 02/25/38 | 499081 |
| 5970000 | GS Mortgage Securities Corp Trust Series 2013-PEMB A<sup>(b),(c)</sup> |  | 3.5490 | 03/05/33 | 4729358 |
| 1350000 | GS Mortgage Securities Corp Trust Series 2013-PEMB C<sup>(b),(c)</sup> |  | 3.5490 | 03/05/33 | 355750 |
| 3862000 | GS Mortgage Securities Trust Series 2014-GC22 AS |  | 4.1130 | 06/10/47 | 3657885 |
| 120265 | GS Mortgage Securities Trust Series 2014-GC26 B<sup>(b)</sup> |  | 4.2150 | 11/10/47 | 112584 |
| 8399 | GS Mortgage Securities Trust Series GC32 D |  | 3.3450 | 07/10/48 | 8121 |
| 2000000 | Harvest Commercial Capital Loan Trust Series 2020-1 M5<sup>(b),(c)</sup> |  | 7.2350 | 04/25/52 | 1884382 |
| 38768 | Impac CMB Trust Series 2004-8 3B<sup>(d)</sup> | TSFR1M + 2.739% | 6.4130 | 08/25/34 | 39655 |
| 387000 | JP Morgan Chase Commercial Mortgage Series MINN A<sup>(c),(d)</sup> | TSFR1M + 1.317% | 4.9770 | 11/15/35 | 360117 |
| 338631 | JP Morgan Chase Commercial Mortgage Securities Series 2015-FL7 D<sup>(c),(d)</sup> | PRIME + 0.693% | 7.4430 | 05/15/28 | 283403 |
| 1121686 | JP Morgan Chase Commercial Mortgage Securities Series 2012-WLDN A<sup>(c)</sup> |  | 3.9100 | 05/05/30 | 1110469 |
| 1900000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A<sup>(c),(d)</sup> | TSFR1M + 1.497% | 0.0000 | 04/15/31 | 911050 |
| 3197983 | JP Morgan Chase Commercial Mortgage Securities Series PHH A<sup>(c),(d)</sup> | TSFR1M + 1.257% | 4.9170 | 06/15/35 | 2152537 |
| 560000 | JP Morgan Chase Commercial Mortgage Securities Series MKST A<sup>(c),(d)</sup> | TSFR1M + 1.464% | 5.1240 | 12/15/36 | 238000 |
| 193000 | JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 E<sup>(b),(c)</sup> |  | 5.5260 | 02/15/46 | 143271 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 22.0% (Continued)** | **NON AGENCY CMBS — 22.0% (Continued)** | **NON AGENCY CMBS — 22.0% (Continued)** |  |  |
| 500000 | JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 E<sup>(b),(c),(e)</sup> |  | 3.2500 | 04/15/46 | $— |
| 5845049 | JP Morgan Chase Commercial Mortgage Securities Series 2007-LD11 AJ<sup>(b)</sup> |  | 6.0130 | 06/15/49 | 1043218 |
| 345000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D<sup>(b),(e)</sup> |  | 4.3210 | 11/15/48 | 36225 |
| 210000 | JPMDB Commercial Mortgage Securities Trust Series 2017-C5 AS<sup>(b)</sup> |  | 3.8580 | 03/15/50 | 193992 |
| 1165000 | JPMDB Commercial Mortgage Securities Trust Series 2017-C5 B<sup>(b)</sup> |  | 4.0090 | 03/15/50 | 986707 |
| 165000 | JPMDB Commercial Mortgage Securities Trust Series COR7 B<sup>(b)</sup> |  | 3.2940 | 05/13/53 | 133001 |
| 2194996 | Lehman Brothers Small Balance Commercial Mortgage Series 1A M1<sup>(c),(d)</sup> | TSFR1M + 0.614% | 4.2880 | 03/25/37 | 2034582 |
| 544000 | Lehman Brothers Small Balance Commercial Mortgage Series 3A M2<sup>(c),(d)</sup> | TSFR1M + 2.114% | 5.7880 | 10/25/37 | 503862 |
| 759728 | LSTAR Commercial Mortgage Trust Series 2016-4 D<sup>(b),(c)</sup> |  | 4.6230 | 03/10/49 | 731827 |
| 1500000 | LSTAR Commercial Mortgage Trust Series 2017-5 D<sup>(b),(c)</sup> |  | 4.6870 | 03/10/50 | 1262051 |
| 3047646 | ML-CFC Commercial Mortgage Trust Series 2007-5 AJ<sup>(b),(e)</sup> |  | 5.4500 | 08/12/48 | 513429 |
| 460000 | Morgan Stanley Bank of America Merrill Lynch Trust |  | 3.5610 | 04/15/48 | 436919 |
| 1000000 | Morgan Stanley Capital I Trust Series 2014-150E A<sup>(c)</sup> |  | 3.9120 | 09/09/32 | 944510 |
| 420000 | Morgan Stanley Capital I Trust Series 2014-150E AS<sup>(c)</sup> |  | 4.0120 | 09/09/32 | 380540 |
| 347000 | Morgan Stanley Capital I Trust Series 2014-150E D<sup>(b),(c),(e)</sup> |  | 4.2950 | 09/09/32 | 279955 |
| 124657 | Morgan Stanley Capital I Trust Series 2018-BOP A<sup>(c),(d)</sup> | TSFR1M + 0.897% | 4.5570 | 08/15/33 | 97594 |
| 1200000 | Morgan Stanley Capital I Trust Series 2015-MS1 D<sup>(b),(c)</sup> |  | 4.0280 | 05/15/48 | 988986 |
| 4129989 | Morgan Stanley Capital I Trust Series 2015-420 A<sup>(c),(f)</sup> |  | 7.9820 | 10/12/50 | 4308325 |
| 210000 | MRCD Mortgage Trust Series 2019-PARK A<sup>(c)</sup> |  | 2.7180 | 12/15/36 | 179583 |
| 1000000 | OWS Real Estate Finance, LLC Series MARG2 A<sup>(c),(d)</sup> | TSFR1M + 4.000% | 7.7500 | 08/15/27 | 1002455 |
| 2250000 | Ready Capital Mortgage Trust Series 2019-5 E<sup>(b),(c)</sup> |  | 5.2130 | 02/25/52 | 2082572 |
| 3000000 | ReadyCap Commercial Mortgage Trust Series 2018-4 E<sup>(b),(c)</sup> |  | 5.2520 | 02/27/51 | 2902207 |
| 6075000 | SBALR Commercial Mortgage Trust Series 2020-RR1 D<sup>(b),(c),(e)</sup> |  | 4.0820 | 02/13/53 | 379362 |
| 110000 | Soho Trust Series 2021-SOHO B<sup>(b),(c)</sup> |  | 2.6970 | 08/10/38 | 91556 |
| 29986 | Sutherland Commercial Mortgage Trust Series 2019-SBC8 A<sup>(b),(c)</sup> |  | 2.8600 | 04/25/41 | 28855 |
| 351445 | Sutherland Commercial Mortgage Trust Series 2021-SB10 C<sup>(b),(c)</sup> |  | 2.6400 | 12/25/41 | 329600 |
| 2000000 | TPG Trust Series 2024-WLSC A<sup>(c),(d)</sup> | TSFR1M + 2.133% | 5.7920 | 11/15/29 | 2003560 |
| 251000 | UBS Commercial Mortgage Trust Series 2019-C16 C<sup>(b)</sup> |  | 4.9230 | 04/15/52 | 227838 |
| 1058243 | VCC Trust Series 2025-MC1 A1<sup>(c),(f)</sup> |  | 8.1630 | 05/25/55 | 1075008 |
| 1588789 | Velocity Commercial Capital Loan Trust Series 2017-2 M5<sup>(b),(c)</sup> |  | 6.4200 | 11/25/47 | 1426194 |
| 1539808 | Velocity Commercial Capital Loan Trust Series 2017-2 M6<sup>(b),(c)</sup> |  | 7.7500 | 11/25/47 | 1367241 |
| 807590 | Velocity Commercial Capital Loan Trust Series 2018-1 M6<sup>(c)</sup> |  | 7.2600 | 04/25/48 | 744808 |
| 1014516 | Velocity Commercial Capital Loan Trust Series 2018-2 M6<sup>(b),(c)</sup> |  | 7.0500 | 10/26/48 | 900090 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **NON AGENCY CMBS — 22.0% (Continued)** | **NON AGENCY CMBS — 22.0% (Continued)** | **NON AGENCY CMBS — 22.0% (Continued)** |  |  |
| 329438 | Velocity Commercial Capital Loan Trust Series 2019-1 M5<sup>(b),(c)</sup> |  | 5.7000 | 03/25/49 | $301565 |
| 783511 | Velocity Commercial Capital Loan Trust Series 2019-1 M6<sup>(b),(c)</sup> |  | 6.7900 | 03/25/49 | 699894 |
| 1232726 | Velocity Commercial Capital Loan Trust Series 2019-2 M6<sup>(b),(c)</sup> |  | 6.3000 | 07/25/49 | 946616 |
| 405929 | Velocity Commercial Capital Loan Trust Series 2019-3 M3<sup>(b),(c)</sup> |  | 3.3800 | 10/25/49 | 378422 |
| 325655 | Velocity Commercial Capital Loan Trust Series 2019-3 M6<sup>(b),(c)</sup> |  | 6.0300 | 10/25/49 | 280438 |
| 55917 | Velocity Commercial Capital Loan Trust Series 2020-1 M2<sup>(b),(c)</sup> |  | 2.9800 | 02/25/50 | 45859 |
| 151459 | Velocity Commercial Capital Loan Trust Series 2020-1 M5<sup>(b),(c)</sup> |  | 4.2900 | 02/25/50 | 119660 |
| 376413 | Velocity Commercial Capital Loan Trust Series 2021-2 M4<sup>(b),(c)</sup> |  | 3.0800 | 08/25/51 | 293444 |
| 1371697 | Velocity Commercial Capital Loan Trust Series 2021-3 M6<sup>(b),(c)</sup> |  | 5.0300 | 10/25/51 | 1086900 |
| 1902530 | Velocity Commercial Capital Loan Trust Series 2021-4 M5<sup>(b),(c)</sup> |  | 5.6800 | 12/26/51 | 1533455 |
| 1661704 | Velocity Commercial Capital Loan Trust Series 2022-1 M5<sup>(b),(c)</sup> |  | 5.8400 | 02/25/52 | 1243866 |
| 2570353 | Velocity Commercial Capital Loan Trust Series 2022-2 M5<sup>(b),(c)</sup> |  | 5.7420 | 04/25/52 | 2222644 |
| 650199 | Velocity Commercial Capital Loan Trust Series 2022-4 M4<sup>(b),(c)</sup> |  | 7.5210 | 08/25/52 | 636588 |
| 360769 | Velocity Commercial Capital Loan Trust Series 2023-1 M1<sup>(b),(c)</sup> |  | 7.1500 | 01/25/53 | 365635 |
| 3551896 | Velocity Commercial Capital Loan Trust Series 2023-2 M4<sup>(b),(c)</sup> |  | 10.3400 | 05/25/53 | 3641709 |
| 606966 | Velocity Commercial Capital Loan Trust Series 2023-3 M3<sup>(b),(c)</sup> |  | 9.3200 | 08/25/53 | 630327 |
| 200232 | Velocity Commercial Capital Loan Trust Series 2024-1 M2<sup>(b),(c)</sup> |  | 7.2300 | 01/25/54 | 204616 |
| 497683 | Velocity Commercial Capital Loan Trust Series 2025-5 M2<sup>(b),(c)</sup> |  | 6.3100 | 12/25/55 | 507398 |
| 112548 | Wachovia Bank Commercial Mortgage Trust Series 2004-C12 IO<sup>(a),(b),(c),(e)</sup> |  | 0.8880 | 07/15/41 | 188 |
| 505000 | Wells Fargo Commercial Mortgage Trust Series 2016-C36 C<sup>(b)</sup> |  | 4.0930 | 11/15/59 | 432889 |
| 190911 | WFRBS Commercial Mortgage Trust Series 2011-C4 D<sup>(b),(c)</sup> |  | 4.9970 | 06/15/44 | 188261 |
| 890000 | WFRBS Commercial Mortgage Trust Series 2012-C10 C<sup>(b)</sup> |  | 0.8920 | 12/15/45 | 777476 |
| 455000 | WFRBS Commercial Mortgage Trust Series 2013-C15 C<sup>(b)</sup> |  | 4.1020 | 08/15/46 | 417065 |
| 137723 | WFRBS Commercial Mortgage Trust Series 2014-C20 B<sup>(e)</sup> |  | 4.3780 | 05/15/47 | 114531 |
| 865712 | WFRBS Commercial Mortgage Trust Series 2014-C22 AS<sup>(b)</sup> |  | 4.0690 | 09/15/57 | 829851 |
| 900000 | Worldwide Plaza Trust Series 2017-WWP A<sup>(c)</sup> |  | 3.5260 | 11/10/36 | 759253 |
|  |  |  |  |  | 93100038 |
|  | **OTHER ABS — 4.3%** |  |  |  |  |
| 42497 | AASET Trust Series 2020-1A A<sup>(c)</sup> |  | 3.3510 | 01/16/40 | 42220 |
| 1765198 | CF Hippolyta Issuer, LLC Series 1X A1 |  | 1.5300 | 03/15/61 | 1457111 |
| 150000 | Commercial Equipment Finance, LLC Series 2024-1A C<sup>(c)</sup> |  | 7.3600 | 04/15/31 | 152611 |
| 1206048 | Corevest American Finance Trust Series 2019-3 XA<sup>(a),(b),(c)</sup> |  | 2.0010 | 10/15/52 | 268 |
| 405943 | E3 2019-1 A<sup>(c)</sup> |  | 3.1000 | 09/20/55 | 363915 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **OTHER ABS — 4.3% (Continued)** | **OTHER ABS — 4.3% (Continued)** | **OTHER ABS — 4.3% (Continued)** |  |  |
| 822261 | EverBright Solar Trust Series 2024-A A<sup>(c)</sup> |  | 6.4300 | 06/22/54 | $720647 |
| 103783 | FNA VII, LLC Series 1A A1<sup>(c)</sup> |  | 6.9000 | 04/15/38 | 104332 |
| 439702 | FortiFi Series 2023-1A A<sup>(c)</sup> |  | 6.2300 | 09/20/59 | 446829 |
| 294193 | Goldman Home Improvement Trust Issuer Series 2022-GRN1 D<sup>(c)</sup> |  | 7.3000 | 06/25/52 | 299219 |
| 1479658 | Goodgreen Trust Series 2021-1A C<sup>(c)</sup> |  | 5.7400 | 10/15/56 | 1101312 |
| 41891 | HERO Funding Trust Series 2015-2A A<sup>(c)</sup> |  | 3.9900 | 09/20/40 | 41268 |
| 177411 | HERO Funding Trust Series 2021-1A B<sup>(c)</sup> |  | 4.0000 | 09/20/51 | 170237 |
| 139038 | Home Partners of America Trust Series 2020-2 F<sup>(c)</sup> |  | 4.0550 | 01/17/41 | 131503 |
| 45505 | JG Wentworth XLII, LLC Series 2A B<sup>(c)</sup> |  | 4.7000 | 10/15/77 | 42248 |
| 407054 | Mill City Solar Loan Ltd. Series 2019-1A A<sup>(c)</sup> |  | 4.3400 | 03/20/43 | 387047 |
| 89833 | Mosaic Solar Loan Trust Series 2018-1A B<sup>(c)</sup> |  | 2.0000 | 06/22/43 | 73230 |
| 1206374 | Mosaic Solar Loan Trust Series 2024-1A B<sup>(c),(e)</sup> |  | 6.2500 | 09/20/49 | 1056222 |
| 400000 | Mosaic Solar Loan Trust Series 2024-1A C<sup>(c),(e)</sup> |  | 9.0000 | 09/20/49 | 169887 |
| 65415 | Mosaic Solar Loan Trust Series 2024-2A A<sup>(c)</sup> |  | 5.6000 | 04/22/52 | 64153 |
| 435000 | Mosaic Solar Loan Trust Series 2023-4A C<sup>(c)</sup> |  | 8.8000 | 05/20/53 | 60588 |
| 114549 | Nassau CFO, LLC Series 2019 A<sup>(c)</sup> |  | 3.9800 | 08/15/34 | 104226 |
| 250000 | New Economy Assets Phase 1 Sponsor, LLC Series 1 B1<sup>(c)</sup> |  | 2.4100 | 10/20/61 | 161293 |
| 75281 | NP SPE II, LLC Series 2017-1A A1<sup>(c)</sup> |  | 3.3720 | 10/21/47 | 73102 |
| 3190042 | NP SPE II, LLC Series 1A A2<sup>(c)</sup> |  | 4.2190 | 10/21/47 | 2807301 |
| 1500000 | NP SPE II, LLC Series 1A B1<sup>(c)</sup> |  | 5.6070 | 10/21/47 | 1302122 |
| 448473 | NP SPE X, L.P. Series 2A A2<sup>(c)</sup> |  | 3.0980 | 11/19/49 | 388567 |
| 3972131 | NP SPE X, L.P. Series 1A A1<sup>(c)</sup> |  | 2.2300 | 03/19/51 | 3419913 |
| 365019 | Sierra Timeshare Receivables Funding, LLC Series 2022-3A D<sup>(c)</sup> |  | 10.5200 | 07/20/39 | 379682 |
| 417522 | Sunnova Helios IX Issuer, LLC Series B A<sup>(c)</sup> |  | 5.0000 | 08/20/49 | 368151 |
| 482857 | Sunnova Helios X Issuer, LLC Series C A<sup>(c)</sup> |  | 5.3000 | 11/22/49 | 454757 |
| 144010 | Sunnova Helios X Issuer, LLC Series C C<sup>(c),(e)</sup> |  | 6.0000 | 11/22/49 | 71705 |
| 116567 | Sunrun Demeter Issuer, LLC Series 2021-2A A<sup>(c)</sup> |  | 2.2700 | 01/30/57 | 107157 |
| 365855 | Sunrun Vulcan Issuer, LLC Series 2021-1A A<sup>(c)</sup> |  | 2.4600 | 01/30/52 | 345082 |
| 86550 | Textainer Marine Containers VII Ltd. Series 1A A<sup>(c)</sup> |  | 5.2500 | 08/20/49 | 87449 |
| 229507 | USQ Rail III, LLC Series 1A A<sup>(c)</sup> |  | 4.9900 | 09/28/54 | 229059 |
| 100169 | Vivint Solar Financing VII, LLC Series 1A A<sup>(c)</sup> |  | 2.2100 | 07/31/51 | 92820 |
| 562952 | Willis Engine Structured Trust VII Series A A<sup>(c)</sup> |  | 8.0000 | 10/15/48 | 577305 |
|  |  |  |  |  | 17854538 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **RESIDENTIAL MORTGAGE — 1.7%** | **RESIDENTIAL MORTGAGE — 1.7%** | **RESIDENTIAL MORTGAGE — 1.7%** |  |  |
| 382297 | Amresco Residential Securities Corp Mort Loan Series 1999-1 A<sup>(d)</sup> | TSFR1M + 0.584% | 4.7280 | 06/25/29 | $400969 |
| 3922993 | Belvedere SPV Srl Series 1 A<sup>(d),(e)</sup> | EUR006M + 3.250% | 5.3740 | 12/31/38 | 673824 |
| 179808 | CFMT, LLC Series 2023-HB11 A<sup>(b),(c)</sup> |  | 4.0000 | 02/25/37 | 179756 |
| 3712 | Chase Funding Trust Series 2002-4 2A1<sup>(d)</sup> | TSFR1M + 0.854% | 4.5280 | 10/25/32 | 3737 |
| 23168 | Chase Funding Trust Series 2004-1 1A7<sup>(f)</sup> |  | 4.9850 | 11/25/33 | 23052 |
| 475848 | Credit-Based Asset Servicing and Securitization, LLC Series 2002-CB3 B2<sup>(d)</sup> | TSFR1M + 3.489% | 7.1580 | 06/25/32 | 474707 |
| 42873 | Credit-Based Asset Servicing and Securitization, LLC Series 2003-CB1 M1<sup>(d)</sup> | TSFR1M + 1.539% | 4.4500 | 01/25/33 | 42849 |
| 85592 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-CB3 B1<sup>(d)</sup> | TSFR1M + 2.889% | 6.5630 | 03/25/34 | 116476 |
| 1360918 | Credit-Based Asset Servicing and Securitization, LLC Series 2004-RP1<sup>(c),(d)</sup> | TSFR1M + 3.864% | 7.5380 | 05/25/50 | 1351619 |
| 75280 | CWABS Asset-Backed Certificates Trust Series 2005-13 AF4<sup>(b)</sup> |  | 5.8050 | 04/25/36 | 72455 |
| 11961 | CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6 2A3<sup>(d)</sup> | TSFR1M + 1.314% | 4.9880 | 11/25/34 | 12068 |
| 109307 | Equity One Mortgage Pass-Through Trust Series 2004-3 M1<sup>(f)</sup> |  | 3.7150 | 07/25/34 | 103302 |
| 160001 | Fannie Mae Grantor Trust Series 2003-T4 1A<sup>(d)</sup> | TSFR1M + 0.334% | 2.6030 | 09/26/33 | 159250 |
| 362293 | First Franklin Mortgage Loan Trust Series 2002-FF1 M2<sup>(d)</sup> | TSFR1M + 1.914% | 5.5880 | 04/25/32 | 368216 |
| 86494 | GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2 M1<sup>(d)</sup> | TSFR1M + 0.774% | 4.4480 | 12/25/35 | 71093 |
| 278970 | Legacy Mortgage Asset Trust Series 2019-SL2 A<sup>(b),(c)</sup> |  | 3.3750 | 02/25/59 | 274357 |
| 566280 | Lehman A.B.S Mortgage Loan Trust Series 2007-1 2A2<sup>(c),(d)</sup> | TSFR1M + 0.314% | 3.9880 | 06/25/37 | 362723 |
| 53147 | Long Beach Mortgage Loan Trust Series 2003-2 M2<sup>(d)</sup> | TSFR1M + 2.964% | 6.6380 | 06/25/33 | 61677 |
| 48716 | MASTR Specialized Loan Trust Series 2005-3 M1<sup>(c),(d)</sup> | TSFR1M + 1.239% | 4.9130 | 11/25/35 | 47244 |
| 422852 | RAAC Series Trust Series 2007-RP3 A<sup>(c),(d)</sup> | TSFR1M + 0.494% | 4.5480 | 10/25/46 | 419308 |
| 1350000 | RMF Buyout Issuance Trust Series 2022-HB1 M4<sup>(b),(c)</sup> |  | 4.5000 | 04/25/32 | 1203325 |
| 527273 | Structured Asset Investment Loan Trust Series 2003-BC9 M3<sup>(d)</sup> | TSFR1M + 3.264% | 6.9380 | 08/25/33 | 490911 |
| 145141 | Structured Asset Securities Corp Mortgage Loan Series 2005-WF2 M7<sup>(d)</sup> | TSFR1M + 1.764% | 5.4380 | 05/25/35 | 145364 |
| 233232 | Structured Asset Securities Corp Mortgage Loan Series WF1 A1<sup>(d)</sup> | TSFR1M + 0.534% | 4.2080 | 02/25/37 | 230664 |
|  |  |  |  |  | 7288946 |
|  | **STUDENT LOANS — 1.4%** |  |  |  |  |
| 24421 | AccessLex Institute Series 2004-2 B<sup>(d)</sup> | SOFR90A + 0.962% | 4.8490 | 01/25/43 | 22492 |
| 302410 | Brazos Education Loan Authority, Inc. Series 2 A1A |  | 2.0600 | 01/25/72 | 266773 |
| 56379 | College Ave Student Loans, LLC Series 2019-A A1<sup>(c),(d)</sup> | TSFR1M + 1.514% | 5.1880 | 12/28/48 | 56621 |
| 43193 | College Ave Student Loans, LLC Series 2021-A D<sup>(c)</sup> |  | 4.1200 | 07/25/51 | 41581 |
| 241620 | College Ave Student Loans, LLC Series 2023-A A1<sup>(c),(d)</sup> | SOFR30A + 1.900% | 5.5670 | 05/25/55 | 245899 |
| 98936 | Commonbond Student Loan Trust Series 2021-B-GS A<sup>(c)</sup> |  | 1.1700 | 09/25/51 | 87345 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** | **ASSET BACKED SECURITIES — 65.1% (Continued)** |  |  |
|  | **STUDENT LOANS — 1.4% (Continued)** | **STUDENT LOANS — 1.4% (Continued)** | **STUDENT LOANS — 1.4% (Continued)** |  |  |
| 839642 | Commonbond Student Loan Trust Series 2021-BGS B<sup>(c)</sup> |  | 1.6400 | 09/25/51 | $697642 |
| 49915 | EDvestinU Private Education Loan Issue No. 3, LLC Series A A<sup>(c)</sup> |  | 1.8000 | 11/25/45 | 47059 |
| 131818 | ELFI Graduate Loan Program, LLC Series 2020-A A<sup>(c)</sup> |  | 1.7300 | 08/25/45 | 122175 |
| 227448 | Navient Private Education Refi Loan Trust Series 2021-D-DA A<sup>(c),(d)</sup> | PRIME - 1.990% | 4.7600 | 04/15/60 | 225033 |
| 225000 | Navient Private Education Refi Loan Trust Series 2019-FA B<sup>(c)</sup> |  | 3.1200 | 08/15/68 | 204731 |
| 115128 | Navient Private Education Refi Loan Trust Series 2020-H-IA A1B<sup>(c),(d)</sup> | TSFR1M + 1.114% | 4.7740 | 04/15/69 | 114608 |
| 165000 | Navient Private Education Refi Loan Trust Series 2020-FA B<sup>(c)</sup> |  | 2.6900 | 07/15/69 | 147716 |
| 235000 | Navient Private Education Refi Loan Trust Series 2021-FA B<sup>(c)</sup> |  | 2.1200 | 02/18/70 | 175557 |
| 89891 | Navient Student Loan Trust Series BA A1B<sup>(c),(d)</sup> | SOFR30A + 1.700% | 5.3580 | 03/15/72 | 90768 |
| 244224 | North Texas Higher Education Authority, Inc. Series 1 A1B<sup>(d)</sup> | TSFR1M + 0.684% | 4.3580 | 09/25/61 | 243151 |
| 230633 | SLM Private Credit Student Loan Trust Series 2004-B A4<sup>(d)</sup> | TSFR3M + 0.692% | 4.4150 | 09/15/33 | 228736 |
| 48640 | SLM Private Credit Student Loan Trust Series 2006-B A5<sup>(d)</sup> | TSFR3M + 0.532% | 4.2550 | 12/15/39 | 47743 |
| 593214 | SLM Private Education Loan Trust Series 2010-C<sup>(c),(d)</sup> | TSFR1M + 4.864% | 8.5240 | 10/15/41 | 623333 |
| 278069 | SLM Student Loan Trust Series 2012-1 A3<sup>(d),(e)</sup> | SOFR30A + 1.064% | 4.7320 | 09/25/28 | 275248 |
| 11101 | SLM Student Loan Trust Series 2005-5 B<sup>(d)</sup> | SOFR90A + 0.512% | 4.3990 | 10/25/40 | 10549 |
| 51369 | SLM Student Loan Trust Series 2005-8 B<sup>(d)</sup> | SOFR90A + 0.572% | 4.4590 | 01/25/55 | 49358 |
| 346000 | SLM Student Loan Trust Series 2008-4 B<sup>(d)</sup> | SOFR90A + 2.112% | 5.9990 | 04/25/73 | 366476 |
| 459000 | SLM Student Loan Trust Series 2008-5 B<sup>(d)</sup> | SOFR90A + 2.112% | 5.9990 | 07/25/73 | 486520 |
| 375000 | SLM Student Loan Trust Series 2008-2 B<sup>(d)</sup> | SOFR90A + 1.462% | 5.3490 | 01/25/83 | 398238 |
| 375000 | SLM Student Loan Trust Series 2008-3 B<sup>(d)</sup> | SOFR90A + 1.462% | 5.3490 | 04/26/83 | 389386 |
|  |  |  |  |  | 5664738 |
|  | **WHOLE BUSINESS — 0.9%** |  |  |  |  |
| 1696490 | Harvest SBA Loan Trust Series 2023-1 C<sup>(c),(d)</sup> | SOFR30A + 8.500% | 12.2870 | 10/25/50 | 1815104 |
| 1411870 | Harvest SBA Loan Trust Series 2024-1 B<sup>(c),(d)</sup> | SOFR30A + 3.750% | 7.5000 | 12/25/51 | 1438451 |
| 1224803 | KGS-Alpha SBA COOF Trust Series 2015-1 A<sup>(a),(b),(c)</sup> |  | 2.8590 | 10/25/35 | 27326 |
| 972357 | KGS-Alpha SBA COOF Trust Series 2014-5 A<sup>(a),(b),(c)</sup> |  | 3.0150 | 10/25/40 | 27622 |
| 20048 | Newtek Small Business Loan Trust Series 2021-1 A<sup>(c),(d)</sup> | PRIME - 0.250% | 6.5000 | 12/25/48 | 20048 |
| 28465 | Newtek Small Business Loan Trust Series 2021-1 A<sup>(c),(d)</sup> | PRIME - 0.700% | 6.0500 | 10/25/49 | 28690 |
| 260093 | Newtek Small Business Loan Trust Series 2023-1 A<sup>(c),(d)</sup> | PRIME - 0.500% | 6.2500 | 07/25/50 | 262691 |
| 77292 | ReadyCap Lending Small Business Loan Trust Series 2019-2 A<sup>(c),(d)</sup> | PRIME - 0.500% | 6.2500 | 12/27/44 | 77181 |
| 334148 | ReadyCap Lending Small Business Loan Trust Series 2023-3 A<sup>(c),(d)</sup> | PRIME + 0.070% | 6.8200 | 04/25/48 | 339235 |
|  |  |  |  |  | 4036348 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $281,085,193)** |  |  |  | 276258379 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 15.0%** | **CORPORATE BONDS — 15.0%** | **CORPORATE BONDS — 15.0%** |  |  |
|  | **ASSET MANAGEMENT — 0.2%** | **ASSET MANAGEMENT — 0.2%** | **ASSET MANAGEMENT — 0.2%** |  |  |
| 274000 | Nomura America Finance, LLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 12/31/33 | $194198 |
| 65000 | Nomura America Finance, LLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 02/28/34 | 51780 |
| 890000 | Nomura America Finance, LLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 2.0840 | 07/29/34 | 625224 |
|  |  |  |  |  | 871202 |
|  | **BANKING — 2.5%** |  |  |  |  |
| 190000 | Bank of Nova Scotia (The)<sup>(d)</sup> | 4\*(USISOA30-USISOA02-0.75%) | 0.0000 | 06/27/33 | 128250 |
| 120000 | Bank of Nova Scotia (The)<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-0.738% | 1.6710 | 01/30/34 | 84600 |
| 100000 | Bank of Nova Scotia (The)<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.738% | 0.7080 | 08/28/34 | 68750 |
| 525000 | Barclays Bank PLC<sup>(d)</sup> | 4.250\*(USISOA30-USISOA02) | 0.0000 | 09/13/28 | 467250 |
| 50000 | Barclays Bank PLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 0.0000 | 10/18/28 | 44188 |
| 75000 | Barclays Bank PLC<sup>(d)</sup> | 4\*(USISOA10-USISOA02)-1.00% | 0.0000 | 08/15/33 | 51750 |
| 58000 | Barclays Bank PLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-2.00% | 0.0000 | 04/25/34 | 39875 |
| 170000 | Barclays Bank PLC<sup>(d)</sup> | 8\*(USISOA30-USISOA05)-2.00% | 7.2260 | 07/31/34 | 123250 |
| 177000 | BNP Paribas S.A.<sup>(d)</sup> | 4\*(CMS30-CMS5) | 2.5610 | 04/30/33 | 128768 |
| 1037000 | Citigroup, Inc.<sup>(d)</sup> | 4.5\*(USISOA30-USISOA05) | 2.9160 | 11/26/33 | 810156 |
| 150000 | Citigroup, Inc.<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 3.2240 | 10/31/34 | 119853 |
| 507000 | Citigroup, Inc.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.00 -1.00% | 0.0000 | 12/29/34 | 382785 |
| 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 | 410000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  |
|  | **BANKING — 2.5% (Continued)** | **BANKING — 2.5% (Continued)** | **BANKING — 2.5% (Continued)** |  |  |
| 1500000 | Credit Agricole Corporate & Investment Bank S.A.<sup>(d)</sup> | 7.75\*(USISOA30-USISOA02) | 0.0000 | 05/24/36 | $1140000 |
| 120000 | Deutsche Bank A.G.<sup>(d)</sup> | 4\*(USISOA30-USISOA05)-2.20% | 0.0000 | 01/31/33 | 84300 |
| 245000 | Deutsche Bank A.G.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.60% | 0.0000 | 06/30/34 | 167825 |
| 1257000 | Deutsche Bank A.G.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-2.000% | 0.0000 | 08/28/34 | 895613 |
| 961000 | Deutsche Bank A.G.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 0.0000 | 11/26/34 | 697926 |
| 738000 | Deutsche Bank A.G.<sup>(d)</sup> | 10\*(USISOA30-USISOA02)-8.750% | 0.0000 | 03/27/35 | 579330 |
| 75000 | Deutsche Bank A.G.<sup>(d)</sup> | 15\*(USISOA30-USISOA02)-13.125% | 0.0000 | 12/23/35 | 54281 |
| 100000 | HSBC USA, Inc.<sup>(d)</sup> | 6.250\*(USISOA30-USISOA05) | 3.9930 | 05/21/29 | 87625 |
| 136000 | Lloyds Bank PLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.00% | 2.0680 | 10/25/33 | 97920 |
| 655000 | Lloyds Bank PLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-1.400% | 0.0000 | 11/27/33 | 422551 |
| 282000 | Natixis US Medium-Term Note Program, LLC<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 4.3600 | 04/30/34 | 202335 |
| 1414000 | Natixis US Medium-Term Note Program, LLC<sup>(d)</sup> | 7.5\*(USISOA30-USISOA05)-1.875% | 3.0240 | 07/31/34 | 1044593 |
| 125000 | NatWest Markets plc<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-0.25% | 0.0000 | 08/18/31 | 99531 |
| 100000 | NatWest Markets plc<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-0.50% | 0.0000 | 08/26/31 | 75875 |
| 202000 | SG Structured Products, Inc |  | 0.0000 | 03/31/26 | 200990 |
| 185000 | SG Structured Products, Inc.<sup>(d)</sup> | 4\*(USISOA30-USISOA02)-2.00% | 0.0000 | 07/29/31 | 151006 |
| 744000 | Societe Generale S.A.<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | 10/29/32 | 671460 |
| 135000 | STRATS, LLC<sup>(d)</sup> | TSFR1M + 1.428% | 5.9990 | 02/15/34 | 107601 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  |
|  | **BANKING — 2.5% (Continued)** | **BANKING — 2.5% (Continued)** | **BANKING — 2.5% (Continued)** |  |  |
| 1079000 | UBS A.G.<sup>(d)</sup> | 15\*(USISOA30-USISOA02) | 8.0000 | 10/31/31 | $977844 |
|  |  |  |  |  | 10658231 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.1%** | **INSTITUTIONAL FINANCIAL SERVICES — 8.1%** | **INSTITUTIONAL FINANCIAL SERVICES — 8.1%** |  |  |
| 41000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 0.0000 | 04/25/32 | 39616 |
| 35000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 9.5\*(USISOA30-USISOA02) | 1.7850 | 11/22/32 | 31325 |
| 200000 | Citigroup Global Markets Holdings, Inc. | 30\*(USISOA30-USISOA02) | 0.0000 | 03/29/34 | 191000 |
| 60000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 50\*(USISOA30-USISOA02) | 0.0000 | 03/29/34 | 58500 |
| 1350000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 50\*(USISOA30-USISOA02) | 9.3000 | 01/22/35 | 1307812 |
| 295000 | Citigroup Global Markets Holdings, Inc. |  | 0.0000 | 12/28/40 | 240425 |
| 553000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 30\*(USISOA30-USISOA02) | 11.0000 | 04/01/41 | 508760 |
| 1700000 | Citigroup Global Markets Holdings, Inc.<sup>(d)</sup> | 25\*(USISOA30-USISOA02) | 0.0000 | 09/03/41 | 1510874 |
| 353000 | Credit Suisse A.G.<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 6.4470 | 07/31/30 | 322113 |
| 95000 | Credit Suisse A.G.<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 6.3670 | 10/30/30 | 82888 |
| 500000 | GS Finance Corporation<sup>(d)</sup> | 7\*(USISOA30-USISOA05)-1.75% | 0.0000 | 03/24/31 | 383125 |
| 30000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 10\*(USISOA10-USISOA02) | 4.6960 | 06/30/37 | 23213 |
| 1000000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 7.2530 | 07/31/37 | 805000 |
| 1071000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 9\*(USISOA10-USISOA02) | 4.2260 | 08/31/37 | 832703 |
| 150000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 10\*(USISOA10-USISOA02) | 4.6960 | 08/31/37 | 116063 |
| 248000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 8\*(USISOA10-USISOA02) | 3.7570 | 09/30/37 | 188480 |
| 240000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 10\*(USISOA10-USISOA02) | 4.6960 | 10/31/37 | 186300 |
| 2250000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 8.5\*(USISOA30-USISOA02) | 6.8500 | 10/31/37 | 1799999 |
| 110000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 6.4470 | 01/31/38 | 86075 |
| 762000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | USISOA30 + 0.750% | 5.2330 | 02/28/38 | 638756 |
| 280000 | Jefferies Financial Group, Inc.<sup>(d)</sup> | TSFR3M + 4.262% | 7.9560 | 03/20/40 | 289187 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** |  |  |
| 1000000 | JPMorgan Chase Financial Company, LLC<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 7.4910 | 10/21/36 | $825000 |
| 125000 | Morgan Stanley<sup>(d)</sup> | 6\*(USISOA30-USISOA02) | 4.0620 | 08/31/26 | 118750 |
| 138000 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 5.4200 | 12/27/26 | 131100 |
| 115000 | Morgan Stanley |  | 0.0000 | 03/21/27 | 114569 |
| 56000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA05) | 0.0000 | 06/28/28 | 49770 |
| 100000 | Morgan Stanley<sup>(d)</sup> | 4.5\*(USISOA30-USISOA05) | 2.9400 | 07/31/28 | 87836 |
| 1015000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA05) | 0.0000 | 09/27/28 | 897006 |
| 772000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 4.0450 | 10/15/28 | 668745 |
| 125000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 2.7240 | 12/03/28 | 108750 |
| 100000 | Morgan Stanley |  | 0.0000 | 06/29/29 | 97750 |
| 4385000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | 04/30/30 | 3951980 |
| 1628000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 7.4110 | 05/29/30 | 1467234 |
| 865000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 7.9630 | 06/30/30 | 779581 |
| 221000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 5.3520 | 07/31/30 | 193375 |
| 390000 | Morgan Stanley<sup>(d)</sup> | 8.5\*(USISOA30-USISOA02) | 6.1110 | 08/19/30 | 341250 |
| 216000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 10.0000 | 08/31/30 | 189000 |
| 428000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | 09/30/30 | 385735 |
| 171000 | Morgan Stanley Series 10<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.3450 | 10/30/30 | 124819 |
| 151000 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 4.6830 | 10/30/30 | 130049 |
| 50000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.3450 | 11/30/30 | 40250 |
| 66000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 6.6900 | 11/30/30 | 59565 |
| 70000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 6.7700 | 01/29/31 | 63175 |
| 20000 | Morgan Stanley |  | 8.0000 | 03/31/31 | 17150 |
| 167000 | Morgan Stanley<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 9.0000 | 03/31/31 | 159068 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** |  |  |
| 89000 | Morgan Stanley |  | 8.5000 | 05/31/31 | $84105 |
| 125000 | Morgan Stanley<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 9.0000 | 06/30/31 | 119844 |
| 114000 | Morgan Stanley |  | 8.5000 | 07/29/31 | 107730 |
| 268200 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 0.0000 | 09/16/31 | 234005 |
| 231000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA05) | 3.2730 | 02/15/33 | 162855 |
| 247000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 5.4160 | 01/30/34 | 197600 |
| 130000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 3.1830 | 02/28/34 | 91000 |
| 345000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 3.3110 | 02/28/34 | 244950 |
| 209000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 10.0000 | 03/31/34 | 148390 |
| 287000 | Morgan Stanley<sup>(d)</sup> | 4\*(USISOA30-USISOA02) | 2.7080 | 05/30/34 | 203770 |
| 485000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 10.0000 | 06/30/34 | 345110 |
| 333000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.3850 | 08/29/34 | 241425 |
| 450000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 10.0000 | 08/29/34 | 326250 |
| 160000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.4060 | 09/30/34 | 116000 |
| 231000 | Morgan Stanley<sup>(d)</sup> | 6\*(USISOA30-USISOA02) | 4.7390 | 09/30/34 | 171601 |
| 279000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 4.1850 | 10/08/34 | 202973 |
| 169000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.3850 | 10/31/34 | 122525 |
| 279000 | Morgan Stanley |  | 7.2500 | 10/31/34 | 225990 |
| 295000 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 8.0000 | 10/31/34 | 223831 |
| 185000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.3850 | 11/28/34 | 134588 |
| 60000 | Morgan Stanley<sup>(d)</sup> | 7\*(USISOA30-USISOA02) | 4.7390 | 11/28/34 | 45525 |
| 230000 | Morgan Stanley<sup>(d)</sup> | 4.5\*(USISOA30-USISOA02) | 6.5390 | 12/31/34 | 164450 |
| 450000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.3850 | 01/30/35 | 326250 |
| 567000 | Morgan Stanley<sup>(d)</sup> | 8\*(USISOA30-USISOA02) | 5.4160 | 01/30/35 | 438716 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES — 8.1% (Continued)** |  |  |
| 40000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 3.3450 | 02/27/35 | $29000 |
| 888000 | Morgan Stanley<sup>(d)</sup> | 6\*(USISOA30-USISOA02) | 10.0000 | 03/31/35 | 659340 |
| 346000 | Morgan Stanley<sup>(d)</sup> | 5\*(USISOA30-USISOA02) | 10.0000 | 03/31/35 | 250850 |
| 1033000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 9.0000 | 04/30/35 | 960690 |
| 100000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 9.0000 | 05/29/35 | 93000 |
| 366000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 9.0000 | 06/30/35 | 340380 |
| 458000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 9.0000 | 07/31/35 | 425940 |
| 287000 | Morgan Stanley<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 9.0000 | 09/30/35 | 266910 |
| 176000 | Morgan Stanley<sup>(d)</sup> | 9\*(USISOA30-USISOA02) | 9.0000 | 11/30/35 | 163680 |
| 241000 | Morgan Stanley<sup>(d)</sup> | 9\*(CMS30-CMS2) | 7.7820 | 12/23/35 | 224130 |
| 909000 | Morgan Stanley<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | 02/29/36 | 735154 |
| 70000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 08/31/36 | 62738 |
| 75000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | (USISOA30-USISOA02) | 7.0000 | 09/30/36 | 63000 |
| 1215000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 11\*(USISOA30-USISOA02) | 7.6550 | 05/26/37 | 978074 |
| 333000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 06/30/37 | 309690 |
| 869000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 15\*(USISOA30-USISOA02) | 9.0000 | 08/31/37 | 745168 |
| 422000 | Morgan Stanley Finance, LLC<sup>(d)</sup> | 15\*(USISOA30-USISOA02) | 8.0000 | 11/22/37 | 343930 |
| 300000 | UBS A.G.<sup>(d)</sup> | 7.5\*(USISOA30-USISOA02) | 5.0770 | 09/30/30 | 258375 |
| 627000 | UBS A.G.<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 7.9590 | 09/30/30 | 561165 |
| 1220000 | UBS A.G.<sup>(d)</sup> | 10\*(USISOA30-USISOA02) | 10.0000 | 01/29/31 | 1091899 |
| 791000 | UBS A.G.<sup>(d)</sup> | 12\*(USISOA30-USISOA02) | 10.0000 | 04/29/31 | 715855 |
|  |  |  |  |  | 34602172 |
|  | **LEISURE FACILITIES & SERVICES — 0.1%** | **LEISURE FACILITIES & SERVICES — 0.1%** | **LEISURE FACILITIES & SERVICES — 0.1%** |  |  |
| 370647 | Times Square Hotel Trust<sup>(c)</sup> |  | 8.5280 | 08/01/26 | 371197 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** | **CORPORATE BONDS — 15.0% (Continued)** |  |  |
|  | **OIL & GAS PRODUCERS — 0.1%** | **OIL & GAS PRODUCERS — 0.1%** | **OIL & GAS PRODUCERS — 0.1%** |  |  |
| 250000 | Petroleos Mexicanos<sup>(c)</sup> |  | 10.0000 | 02/07/33 | $292928 |
|  | **SPECIALTY FINANCE — 4.0%** |  |  |  |  |
| 177813 | Fort Knox Military Housing Privatization Project<sup>(c),(d)</sup> | TSFR1M + 0.454% | 4.1140 | 02/15/52 | 147188 |
| 2538949 | MM Community Funding III Ltd. / MM Community Funding III Corporation<sup>(c),(d)</sup> | TSFR6M + 2.478% | 6.2070 | 05/01/32 | 2492760 |
| 737000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15(USISOA30-USISOA02) | 15.2050 | 04/30/33 | 658694 |
| 541000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 6.6900 | 06/30/36 | 437534 |
| 242000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 10.0000 | 07/29/36 | 205398 |
| 3863000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 08/31/36 | 3457384 |
| 1143000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 09/30/36 | 1024414 |
| 3883000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 11/29/36 | 3475284 |
| 40000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 10.0000 | 12/30/36 | 35850 |
| 1707000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 01/31/37 | 1527765 |
| 100000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 15\*(USISOA30-USISOA02) | 9.0000 | 03/31/37 | 85500 |
| 767000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 9.0000 | 04/28/37 | 687424 |
| 290000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 8.0000 | 07/31/37 | 259550 |
| 168000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 20\*(USISOA30-USISOA02) | 8.0000 | 09/29/37 | 150360 |
| 2014000 | Morgan Stanley Finance, LLC<sup>(b)</sup> | 10\*(USISOA30-USISOA02) | 16.0000 | 09/29/37 | 1623788 |
| 634876 | Select Notes Trust LT |  | 5.9100 | 02/22/33 | 578034 |
|  |  |  |  |  | 16846927 |
|  | **TOTAL CORPORATE BONDS (Cost $64,985,220)** | **TOTAL CORPORATE BONDS (Cost $64,985,220)** | **TOTAL CORPORATE BONDS (Cost $64,985,220)** |  | 63642657 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **MUNICIPAL BONDS — 0.2%** |  |  |  |  |
|  | **STUDENT LOANS — 0.2%** |  |  |  |  |
| 418527 | Kentucky Higher Education Student Loan Corporation<sup>(d)</sup> | TSFR1M + 1.050% | 4.8380 | 11/25/50 | $410387 |
| 258513 | Massachusetts Educational Financing Authority |  | 2.3000 | 02/25/40 | 243546 |
| 318145 | North Texas Higher Education Authority, Inc.<sup>(d)</sup> | TSFR1M + 0.570% | 4.3580 | 10/25/61 | 315267 |
|  | **TOTAL MUNICIPAL BONDS (Cost $937,479)** | **TOTAL MUNICIPAL BONDS (Cost $937,479)** | **TOTAL MUNICIPAL BONDS (Cost $937,479)** |  | 969200 |
|  | **U.S. GOVERNMENT & AGENCIES — 8.7%** |  |  |  |  |
|  | **AGENCY FIXED RATE** — **0.0%<sup>(h)</sup>** |  |  |  |  |
| 60432 | Ginnie Mae II Pool 786928 |  | 6.5000 | 09/20/53 | 63745 |
|  | **AGENCY MBS OTHER** — **0.0%<sup>(h)</sup>** |  |  |  |  |
| 31232 | Fannie Mae Pool 257064 |  | 4.5000 | 11/01/37 | 31398 |
| 1284 | Ginnie Mae II Pool BU6365<sup>(b)</sup> |  | 4.6680 | 04/20/70 | 1291 |
|  |  |  |  |  | 32689 |
|  | **U.S. TREASURY BILLS — 5.9%** |  |  |  |  |
| 15000000 | United States Treasury Bill<sup>(g)</sup> |  | 3.3600 | 03/24/26 | 14966974 |
| 10000000 | United States Treasury Bill<sup>(g)</sup> |  | 3.5800 | 04/30/26 | 9940557 |
|  |  |  |  |  | 24907531 |
|  | **U.S. TREASURY NOTE — 2.8%** |  |  |  |  |
| 12000000 | United States Treasury Note |  | 3.6250 | 12/31/30 | 12056485 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $36,972,912)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $36,972,912)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $36,972,912)** |  | 37060450 |
|  | **TOTAL INVESTMENTS - 89.0% (Cost $384,980,804)** | **TOTAL INVESTMENTS - 89.0% (Cost $384,980,804)** | **TOTAL INVESTMENTS - 89.0% (Cost $384,980,804)** |  | $377930686 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.0%** |  | 46920580 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $424851266 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>(i)</sup>** | **Value and <br> Unrealized<br> Appreciation** |
| 180 | CBOT 10 Year US Treasury Note Future | 06/22/2026 | $20486250 | $88097 |
| 100 | CBOT 3 Year US Treasury Note Future | 07/01/2026 | 21419531 | 39740 |
| 70 | CBOT 5 Year US Treasury Note Future | 07/01/2026 | 7709844 | 21583 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  | $149420 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Date** | **Notional <br> Value<sup>(1)</sup>** | **Fair Value** | **Amortized**<br> **Upfront<br> Payments**<br> **Paid/ (Received)** | **Unrealized<br> Appreciation/**<br> **(Depreciation)** |
| CDX.NA.HY Series 43 Annual<sup>(2)</sup> | GS | 5.00% | 12/20/2029 | $54450000 | $(4342835) | $(3192430) | $(1150405) |
| CDX.NA.HY Series 44 Annual<sup>(3)</sup> | GS | (5.00%) | 6/20/2030 | (4950000) | 401912 | 104244 | 297668 |
| **TOTAL** |  |  |  |  | $**(3940923)** | $**(3088186)** | $**(852737)** |

---

 

<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

---

| | |
|:---|:---|
| 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 CMT |
| CMS2 | 2 Year Constant Maturity Swap Rate |
| CMS5 | 5 Year Constant Maturity Swap Rate |
| CMS30 | 30 Year Constant Maturity Swap Rate |
| ECOFC | Enterprise 11th District Cost of Funds Index |
| EUR006M | 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 |
| USISOA010 | USD SOFR Spread-Adj. ICE Swap Rate 10Y |
| USISOA030 | USD SOFR Spread-Adj. ICE Swap Rate 30Y |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY INCOME OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **February 28, 2026** |

---

---

| | |
|:---|:---|
| <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 February 28, 2026 the total market value of 144A securities is $202,634,813 or 47.7% of net assets. |
| |  |
| <sup>(d)</sup> | Variable rate security; the rate shown represents the rate on February 28, 2026. |
| |  |
| <sup>(e)</sup> | Illiquid security. The total fair value of these securities as of February 28, 2026 was $12,935,998, representing 3.10% of net assets. |
| |  |
| <sup>(f)</sup> | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at February 28, 2026. |
| |  |
| <sup>(g)</sup> | Zero coupon bond. |
| |  |
| <sup>(h)</sup> | Percentage rounds to less than 0.1%. |
| |  |
| <sup>(i)</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 (Unaudited)** |
| **February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $189452718 | $420905834 | $36068365 | $88428606 | $384980804 |
| Total Investments, at value | 181635399 | 488793825 | 42167424 | 126090120 | 377930686 |
| Cash | 9125302 | 19976462 |  | 4433306 | 34661566 |
| Cash Collateral Held at Custodian |  | 24097471 |  | 2050852 |  |
| Foreign Cash (Cost $126,846, $0, $0, $0, $198,000) | 126807 |  |  |  | 197532 |
| Deposit at custodian for collateral for swaps |  |  |  |  | 1390000 |
| Deposit at broker |  |  |  | 20442455 |  |
| Deposit at broker for swaps |  |  |  |  | 6952513 |
| Deposit at broker for futures |  |  |  |  | 4561096 |
| Unrealized appreciation on swaps |  | 7080239 |  |  | 297668 |
| Unrealized appreciation on futures |  |  |  |  | 149420 |
| Interest and dividends receivable | 1073944 | 255394 | 70822 | 382850 | 2259619 |
| Receivable for securities sold | 4648090 | 247427 | 8162048 |  | 555826 |
| Receivable for fund shares sold | 69236 | 620971 | 20286 |  | 621956 |
| Prepaid expenses and other assets | 75441 | 164434 | 74900 | 48156 | 213485 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | **196754219** | **541236223** | **50495480** | **153447739** | **429791367** |
| **Liabilities:** |  |  |  |  |  |
| Due to Broker |  | 679512 |  |  |  |
| Options Written (premiums received $0, $8,326,072, $0, $1,731,428, $0) |  | 6142025 |  | 3261171 |  |
| Securities sold short (premiums received $0, $0, $0, $34,559,276, $0) |  |  |  | 40869302 |  |
| Cash Overdraft |  |  | 7763468 |  |  |
| Payable for securities purchased | 26951 | 397276 |  |  | 48097 |
| Payable to manager | 97119 | 403893 | 15299 | 54701 | 283933 |
| Payable for distribution (12b-1) fees | 26467 | 30528 | 6946 | 19333 | 8376 |
| Payable for dividends on short sales |  |  |  | 8130 |  |
| Payable for fund shares redeemed | 210401 | 629512 | 25157 |  | 183570 |
| Administration fees payable | 26866 | 54800 | 12616 | 18865 | 111968 |
| Trustee fees payable | 5632 | 5698 | 5483 | 5491 | 5424 |
| Premiums received on swaps |  |  |  |  | 3088186 |
| Unrealized depreciation on swaps |  |  |  |  | 1150405 |
| Accrued expenses and other liabilities | 154695 | 4034 | 25348 | 36849 | 60142 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **548131** | **8347278** | **7854317** | **44273842** | **4940101** |
| **Net Assets** | $**196206088** | $**532888945** | $**42641163** | $**109173897** | $**424851266** |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | 557135202 | 457990459 | 31878451 | 73213115 | 434602965 |
| Accumulated earnings (loss) | (360929114) | 74898486 | 10762712 | 35960782 | (9751699) |
| **Net Assets** | $**196206088** | $**532888945** | $**42641163** | $**109173897** | $**424851266** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $34971682 | $10189947 | $15533145 | $53599171 | $11128441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 2318584 | 693431 | 213046 | 1382043 | 1066283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, redemption price per share (a) | $15.08 | $14.69 | $72.91 | $38.78 | $10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering price per share (maximum sales charge of 5.75%, 5.75%, 5.75%, 5.75% and 2.00%, respectively) | $16.00 | $15.59 | $77.36 | $41.15 | $10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $13003447 | $5433001 | $2294964 | $2168957 | $4759412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 859895 | 386191 | 35146 | 60372 | 469566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering price per share (b) | $15.12 | $14.07 | $65.30 | $35.93 | $10.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $145727846 | $516674681 | $24812975 | $53405716 | $317827483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 9045803 | 34392767 | 329292 | 1360587 | 31363641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $16.11 | $15.02 | $75.35 | $39.25 | $10.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $2503113 | $591316 | $79 | $53 | $91135930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 152325 | 37951 | 1 | 1 | 8645609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $16.43 | $15.58 | $75.36 (c) | $39.25 (c) | $10.54 |

---

(a) 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 (Unaudited)** |
| **For the Six Months Ended February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Easterly Global**<br>**Real Estate**<br>**Fund** |<br>**Easterly**<br>**Hedged Equity**<br>**Fund** |<br>**Easterly Snow**<br>**Small Cap**<br>**Value Fund** | **Easterly Snow**<br>**Long/Short**<br>**Opportunity**<br>**Fund** | **Easterly**<br>**Income**<br>**Opportunities**<br>**Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $3892806 | $2158341 | $344142 | $1179144 | $— |
| Interest income | 160285 | 302887 | 22794 | 262911 | 14326863 |
| Less: Foreign withholding taxes | (136510) |  | (2572) | (28862) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **3916581** | **2461228** | **364364** | **1413193** | **14326863** |
| **Operating Expenses:** |  |  |  |  |  |
| Management fees | 1003414 | 2633364 | 139056 | 404135 | 2445684 |
| Distribution (12b-1) fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | 41496 | 12629 | 17769 | 62787 | 13923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | 69815 | 24983 | 8827 | 10025 | 23774 |
| Shareholder servicing fees | 158917 | 173327 | 9845 | 27636 | 166306 |
| Administration fees | 70395 | 117477 | 18689 | 39980 | 282036 |
| Transfer Agent | 34397 | 78916 | 16648 | 16255 | 55644 |
| Legal fees | 29836 | 31011 | 28414 | 27158 | 35252 |
| Registration fees | 27569 | 38296 | 21261 | 16806 | 35513 |
| Audit fees | 20841 | 9776 | 7633 | 9776 | 11970 |
| Custodian fees | 18974 | 11328 | 11901 | 13912 | 25566 |
| Printing and postage expense | 14367 | 14840 | 4179 | 5836 | 22951 |
| Trustees' fees | 12684 | 12695 | 12450 | 12450 | 12685 |
| Insurance expense | 10183 | 6151 | 872 | 2925 | 12059 |
| Compliance officer fees | 10097 | 12391 | 4492 | 6946 | 14660 |
| Interest Expense |  | 122265 |  |  | 200753 |
| Dividend Expense |  |  |  | 256739 |  |
| Miscellaneous expenses | 26688 | 1734 | 1982 | 1933 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **1549673** | **3301183** | **304018** | **915299** | **3360510** |
| Less: Expenses waived and/or reimbursed | (221874) | (392087) | (100951) |  | (574222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **1327799** | **2909096** | **203067** | **915299** | **2786288** |
| **Net Investment Income (Loss)** | **2588782** | **(447868)** | **161297** | **497894** | **11540575** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and Foreign currency transactions | (11454472) | 8442317 | 4543647 | 8060598 | 222627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short sales |  |  |  | (625343) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased |  | (42101566) |  | (12649) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written |  | 27849188 |  | 1331536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  |  | 319831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | 11323094 |  |  | (79130) |
| Net realized gain (loss): | (11454472) | 5513033 | 4543647 | 8754142 | 463328 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and Foreign currency transactions | 22619138 | 13183143 | (641906) | 9356899 | 5924869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short sales |  |  |  | (3306844) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased |  | (45006) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written |  | 2030855 |  | (1415493) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  |  | 29954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | (5066643) |  |  | (1072835) |
| Net change in unrealized appreciation (depreciation) | 22619138 | 10102349 | (641906) | 4634562 | 4881988 |
| **Net Realized and Unrealized Gain On Investments** | 11164666 | 15615382 | 3901741 | 13388704 | 5345316 |
| **Net Increase in Net Assets Resulting From Operations** | $**13753448** | $**15167514** | $**4063038** | $**13886598** | $**16885891** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Easterly** | **Easterly** | **Easterly** | **Easterly** |
|  | **Global Real Estate Fund** | **Global Real Estate Fund** | **Hedged Equity Fund** | **Hedged Equity Fund** |
|  | **Six Months Ended**<br>**February 28, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**August 31, 2025** | **Six Months Ended**<br>**February 28, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**August 31, 2025** |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $2588782 | $5141173 | $(447868) | $(486790) |
| Net realized gain (loss) on investments, options, swaps and foreign currency transactions | (11454472) | (22334749) | 5513033 | 7601997 |
| Net change in unrealized appreciation on investments, options, swaps and foreign currency transactions | 22619138 | 16726888 | 10102349 | 19823929 |
| **Net increase (decrease) in net assets resulting from operations** | **13753448** | **(466688)** | **15167514** | **26939136** |
| **Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (662434) | (942765) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (252061) | (364963) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (3526504) | (5202071) |  | (192550) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (46863) | (76686) |  | (638) |
| **Total Dividends and Distributions to Shareholders** | **(4487862)** | **(6586485)** | **—** | **(193188)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| **Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1968793 | 2384284 | 2129212 | 5178798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 85599 | 276207 | 1695823 | 2094863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 9213379 | 23758697 | 245563789 | 225560471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 12972 | 54492 |  | 348 |
| Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 595254 | 849239 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 235912 | 335406 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 2821438 | 4010241 |  | 167856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 9553 | 17885 |  | 427 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (5144428) | (12566128) | (1631826) | (2471686) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (4581302) | (8996436) | (423194) | (238809) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (68571598) | (72577662) | (61243776) | (100567486) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (274805) | (1338717) | (71524) | (373604) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(63629233)** | **(63792492)** | **186018504** | **129351178** |
| **Total Increase (Decrease) in Net Assets** | **(54363647)** | **(70845665)** | **201186018** | **156097126** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 250569735 | 321415400 | 331702927 | 175605801 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**196206088** | $**250569735** | $**532888945** | $**331702927** |
| **Share Activity** |  |  |  |  |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 138803 | 169411 | 145813 | 389199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 5950 | 19227 | 121699 | 163561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 615806 | 1601372 | 16463197 | 16560405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 871 | 3589 |  | 24 |
| Shares reinvested |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 43355 | 60237 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 17102 | 23490 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 192751 | 267811 |  | 12361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 640 | 1172 |  | 30 |
| Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (370660) | (901790) | (111467) | (184803) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (326545) | (641606) | (30134) | (18610) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (4614073) | (4909096) | (4084320) | (7432477) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (17900) | (88032) | (4636) | (27257) |
| **Net increase (decrease) in shares of beneficial interest** | **(4313900)** | **(4394215)** | **12500152** | **9462433** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Easterly** | **Easterly** | **Easterly** | **Easterly** | **Easterly** | **Easterly** |
|  | **Snow Small Cap Value Fund** | **Snow Small Cap Value Fund** | **Snow Small Cap Value Fund** | **Snow Long/Short Opportunitiy Fund** | **Snow Long/Short Opportunitiy Fund** | **Snow Long/Short Opportunitiy Fund** |
|  | **Six Months Ended**<br>**February 28, 2026** | **Six Months Ended**<br>**August 31, 2025** | **Year ended**<br>**February 28, 2025** | **Six Months Ended**<br>**February 28, 2026** | **Six Months Ended**<br>**August 31, 2025** | **Year ended**<br>**February 28, 2025** |
|  | (Unaudited) | | | (Unaudited) | | |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $161297 | $357411 | $392150 | $497894 | $567274 | $1118104 |
| Net realized gain (loss) on investments | 4543647 | 927736 | 1853654 | 8754142 | 3369738 | 2666490 |
| Net change in unrealized appreciation (depreciation) on investments | (641906) | 2705657 | (385968 | 4634562 | 4389861 | 2874386 |
| **Net increase in net assets resulting from operations** | **4063038** | **3990804** | **1859836** | **13886598** | **8326873** | **6658980** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (530035) |  | (87006) | (3304691) |  | (2164412) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (60596) |  | (658) | (125720) |  | (83971) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (732270) |  | (135554) | (3245929) |  | (2067795) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (3) |  | (1 | (3) |  | (2 |
| **Total Dividends and Distributions to Shareholders** | **(1322904)** | **—** | **(223219** | **(6676343)** | **—** | **(4316180** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |  |  |
| **Beneficial Interest:** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1437831 | 66570 | 697159 | 2665842 | 529771 | 1597655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 794752 | 13408 | 203782 | 14000 | 0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 16809408 | 789099 | 3328458 | 798693 | 39082 | 735386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |  |  |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 113998 |  | 20607 | 848783 |  | 600527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 60596 |  | 658 | 109851 |  | 78708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 420929 |  | 69427 | 2852717 |  | 1711635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  | 1 | 3 |  | 2 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (249340) | (101103) | (973993) | (2437041) | (1891578) | (6128890) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (27622) | (136231) | (169245) | (78874) | (177435) | (817724) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (10947013) | (445918) | (1785490) | (697687) | (316356) | (5736162) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |  |  |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **8413539** | **185825** | **1391364** | **4076287** | **(1816516** | **(7958863** |
| **Total Increase (Decrease) in Net Assets** | **11153673** | **4176629** | **3027981** | **11286542** | **6510357** | **(5616063** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 31487490 | 27310861 | 24282880 | 97887355 | 91376998 | 96993061 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**42641163** | $**31487490** | $**27310861** | $**109173897** | $**97887355** | $**91376998** |
| **Share Activity** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 19932 | 1164 | 11903 | 74089 | 15554 | 47451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 12459 | 268 | 3864 | 416 | 0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 217194 | 13698 | 53947 | 21629 | 1133 | 21764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |  |  |
| Shares reinvested |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1645 |  | 322 | 23702 |  | 17868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 975 |  | 11 | 3306 |  | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 5881 |  | 1050 | 78761 |  | 50387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  | 0 |  |  | 0 |
| Shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (3466) | (1749) | (16659) | (66277) | (56766) | (182699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (433) | (2701) | (3175) | (2332) | (5791) | (26165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (140623) | (7672) | (29084) | (18743) | (9567) | (167726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  |  |  |  |  |  |
| **Net increase (decrease) in shares of beneficial interest** | **113564** | **3008** | **22179** | **114551** | **(55437** | **(236610** |

---

**\*** Less than $1.00.

\*\* Less than 1 share.

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY FUNDS** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Easterly** | **Easterly** | **Easterly** |
|  | **Income Opportunities Fund** | **Income Opportunities Fund** | **Income Opportunities Fund** |
|  | **Six Months Ended**<br>**February 28, 2026** | **Nine Months Ended**<br>**August 31, 2025** | **Year Ended**<br>**November 30, 2024** |
|  | (Unaudited) | | |
| **Operations:** |  |  |  |
| Net investment income | $11540575 | $14551162 | $18451876 |
| Net realized gain (loss) on investments | 463328 | 3716329 | 389319 |
| Net change in unrealized appreciation (depreciation) on investments | 4881988 | 3433911 | 12258607 |
| **Net increase in net assets resulting from operations** | **16885891** | **21701402** | **31099802** |
| **Distributions to Shareholders:** |  |  |  |
| Total Distributions Paid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (289576) | (346618) | (287003) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (109020) | (126856) | (149225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (8434096) | (10741451) | (12036395) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (2409587) | (2999160) | (3958808) |
| Return of Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (14588) | (54370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (6401) | (33420) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (433107) | (2162099) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | (120533) | (712009) |
| **Total Dividends and Distributions to Shareholders** | **(11242279)** | **(14788714)** | **(19393329)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |
| **Beneficial Interest:** |  |  |  |
| Net proceeds from shares sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 1546248 | 23675477 | 4016462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 742460 | 1156279 | 1215430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 55633485 | 99776062 | 97962493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 9530866 | 31919721 | 6435020 |
| Reinvestment of dividends and distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 216548 | 280563 | 241860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 80507 | 109486 | 139923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 7161621 | 9639758 | 12566999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 1936167 | 2580988 | 3912798 |
| Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (1242539) | (21375605) | (2742648) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (568725) | (724755) | (1183255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (51159708) | (65710266) | (94652808) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (18520744) | (16163396) | (16620026) |
| **Net increase in net assets from share transactions of beneficial interest** | **5356186** | **65164312** | **11292248** |
| **Total Increase in Net Assets** | **10999798** | **72077000** | **22998721** |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 413851468 | 341774468 | 318775747 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**424851266** | $**413851468** | $**341774468** |
| **Share Activity** |  |  |  |
| Shares sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 149275 | 2317757 | 399333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 73775 | 117046 | 124840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 5522247 | 10080160 | 10122470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 911613 | 3108125 | 647404 |
| Shares reinvested |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 20915 | 27568 | 24366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 8005 | 11069 | 14484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 712330 | 975037 | 1301067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 185390 | 252294 | 394574 |
| Shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (119600) | (2095046) | (276555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (56445) | (73310) | (122205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (5081756) | (6629756) | (9805661) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (1775871) | (1585200) | (1661814) |
| **Net increase in shares of beneficial interest** | **549878** | **6505744** | **1162303** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Easterly Global Real Estate 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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**August 31,**<br>**2025** |<br>**Year Ended**<br>**August 31,**<br>**2024** |<br>**Year Ended**<br>**August 31,**<br>**2023** |<br>**Year Ended**<br>**August 31,**<br>**2022** |<br>**Year Ended**<br>**August 31,**<br>**2021** |
| **Net Asset Value, Beginning of Year/Period** | $14.28 | $14.56 | $12.96 | $14.56 | $18.94 | $15.56 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.13 | 0.22 | 0.29 | 0.20 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.94 | (0.17 | 1.68 | (1.25) | (2.93) | 4.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.07 | 0.05 | 1.97 | (1.05) | (2.79) | 4.96 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.27) | (0.33) | (0.37) | (0.19) | (0.41) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  | (0.36) | (1.18) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.27 | (0.33 | (0.37) | (0.55) | (1.59) | (1.58) |
| **Net Asset Value, End of Year/Period** | $15.08 | $14.28 | $14.56 | $12.96 | $14.56 | $18.94 |
| **Total Return\*** | 7.70 | 0.43 | 15.57% | (7.06)% | (16.03)% | 33.47% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $34972 | $35809 | $46281 | $56487 | $97639 | $118587 |
| Ratio of gross operating expenses to average net assets (2) | 1.54 | 1.50 | 1.46% | 1.42% | 1.36% | 1.51% |
| Ratio of net operating expenses to average net assets (3) | 1.54 | 1.50 | 1.46% | 1.42% | 1.36% | 1.51% |
| Ratio of net investment income after expense reimbursement/recoupment to average net assets | 1.91 | 1.58 | 2.23% | 1.53% | 0.80% | 0.64% |
| Portfolio Turnover Rate | 95 | 186 | 141% | 12% | 116% | 160% |
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the Six** |  |  |  |  |  |
|  | **Months Ended** |  |  |  |  |  |
|  | **February 28,** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year/Period** | $14.33 | $14.62 | $13.00 | $14.63 | $19.06 | $15.68 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.08 | 0.12 | 0.19 | 0.10 | 0.01 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.95 | (0.17 | 1.69 | (1.26) | (2.94) | 4.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.03 | (0.05 | 1.88 | (1.16) | (2.93) | 4.87 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.24) | (0.24) | (0.26) | (0.11) | (0.32) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  | (0.36) | (1.18) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.24 | (0.24 | (0.26) | (0.47) | (1.50) | (1.49) |
| **Net Asset Value, End of Year/Period** | $15.12 | $14.33 | $14.62 | $13.00 | $14.63 | $19.06 |
| **Total Return\*** | 7.32 | (0.30) | 14.70% | (7.80)% | (16.64)% | 32.51% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $13003 | $16677 | $25767 | $34243 | $52362 | $75701 |
| Ratio of gross operating expenses to average net assets (4) | 2.29 | 2.25 | 2.21% | 2.17% | 2.11% | 2.26% |
| Ratio of net operating expenses to average net assets (5) | 2.29 | 2.25 | 2.21% | 2.17% | 2.11% | 2.26% |
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | 1.20 | 0.83 | 1.47% | 0.79% | 0.05% | (0.11)% |
| Portfolio Turnover Rate | 95 | 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.

(2) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A:

---

| | | | |
|:---|:---|:---|:---|
| 1.54% (6) | 1.49% | 1.45% | N/A |

---

(3) Ratio of net operating expenses to
 average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class A:

---

| | | | |
|:---|:---|:---|:---|
| 1.54% (6) | 1.49% | 1.45% | N/A |

---

(4) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C:

---

| | | | |
|:---|:---|:---|:---|
| 2.29% (6) | 2.24% | 2.20% | N/A |

---

(5) Ratio of net operating expenses to
 average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class C:

---

| | | | |
|:---|:---|:---|:---|
| 2.29% (6) | 2.24% | 2.20% | N/A |

---

(6) Annualized for periods less than one
 year.

(7) 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.

---

| | |
|:---|:---|
| + | 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/period)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
|  | **For the Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**August 31,**<br>**2025** |<br>**Year Ended**<br>**August 31,**<br>**2024** |<br>**Year Ended**<br>**August 31,**<br>**2023** |<br>**Year Ended**<br>**August 31,**<br>**2022** |<br>**Year Ended**<br>**August 31,**<br>**2021** |
| **Net Asset Value, Beginning of Year/Period** | $15.21 | $15.44 | $13.70 | $15.34 | $19.84 | $16.19 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.18 | 0.30 | 0.36 | 0.27 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.00 | (0.17) | 1.78 | (1.34) | (3.07) | 5.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.18 | 0.13 | 2.14 | (1.07) | (2.87) | 5.26 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.28) | (0.36) | (0.40) | (0.21) | (0.45) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  | (0.36) | (1.18) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.28 | (0.36) | (0.40) | (0.57) | (1.63) | (1.61) |
| **Net Asset Value, End of Year/Period** | $16.11 | $15.21 | $15.44 | $13.70 | $15.34 | $19.84 |
| **Total Return\*** | 7.98 | 0.93% | 16.06% | (6.78)% | (15.74)% | 34.06% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $145728 | $195469 | $245406 | $376980 | $571664 | $678440 |
| Ratio of gross operating expenses to average net assets (2) | 1.29 | 1.25% | 1.20% | 1.17% | 1.11% | 1.26% |
| Ratio of net operating expenses to average net assets (3) | 1.04 | 1.05% | 1.05% | 1.04% | 1.04% | 1.12% |
| Ratio of net investment income after expense reimbursement/recoupment to average net assets | 2.49 | 2.02% | 2.62% | 1.92% | 1.12% | 1.02% |
| Portfolio Turnover Rate | 95 | 186% | 141% | 12% | 116% | 160% |
|  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | **For the Six** |  |  |  |  |  |
|  | **Months Ended** |  |  |  |  |  |
|  | **February 28,** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year/Period** | $15.50 | $15.72 | $13.93 | $15.56 | $20.09 | $16.35 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.19 | 0.32 | 0.36 | 0.29 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.02 | (0.18) | 1.83 | (1.35) | (3.13) | 5.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.21 | 0.14 | 2.19 | (1.06) | (2.90) | 5.35 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.28) | (0.36) | (0.40) | (0.21) | (0.45) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  | (0.36) | (1.18) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.28 | (0.36) | (0.40) | (0.57) | (1.63) | (1.61) |
| **Net Asset Value, End of Year/Period** | $16.43 | $15.50 | $15.72 | $13.93 | $15.56 | $20.09 |
| **Total Return\*** | 8.02 | 0.98% | 16.15% | (6.61)% | (15.69)% | 34.29% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $2503 | $2615 | $3960 | $32221 | $50074 | $32039 |
| Ratio of gross operating expenses to average net assets (4) | 1.29 | 1.25% | 1.19% | 1.17% | 1.11% | 1.26% |
| Ratio of net operating expenses to average net assets (5) | 0.94 | 0.95% | 0.95% | 0.94% | 0.94% | 0.97% |
| Ratio of net investment income after expense reimbursement/recoupment to average net assets | 2.51 | 2.14% | 2.60% | 2.02% | 1.30% | 1.18% |
| Portfolio Turnover Rate | 95 | 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.

(2) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I:

---

| | | | |
|:---|:---|:---|:---|
| 1.29% (6) | 1.24% | 1.19% | N/A |

---

(3) Ratio of net operating expenses to
 average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class I:

---

| | | |
|:---|:---|:---|
| 1.04% (6) | 1.04% | N/A |

---

(4) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6:

---

| | | | |
|:---|:---|:---|:---|
| 1.29% (6) | 1.24% | 1.18% | N/A |

---

(5) Ratio of net operating expenses to
 average net assets (excluding interest expenses) for the Easterly Global Real Estate Fund - Class R6:

---

| | | |
|:---|:---|:---|
| 0.94% (6) | 0.94% | N/A |

---

(6) Annualized for periods less than one
 year.

(7) 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.

---

| | |
|:---|:---|
| + | 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 Hedged Equity 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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**August 31,**<br>**2025** |<br>**Year Ended**<br>**August 31,**<br>**2024** |<br>**Year Ended**<br>**August 31,**<br>**2023** |<br>**Year Ended**<br>**August 31,**<br>**2022** |<br>**Year Ended**<br>**August 31,**<br>**2021** |
| **Net Asset Value, Beginning of Year/Period** | $14.14 | $12.73 | $10.77 | $9.99 | $11.18 | $10.83 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.03) | (0.06) | (0.04) | (0.01) | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.58 | 1.47 | 2.03 | 1.03 | (0.06) | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.55 | 1.41 | 1.99 | 1.02 | (0.09) | 1.09 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  |  |  | (1.10) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (0.03) | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions |  |  | (0.03) | (0.24) | (1.10) | (0.74) |
| **Net Asset Value, End of Year/Period** | $14.69 | $14.14 | $12.73 | $10.77 | $9.99 | $11.18 |
| **Total Return\*** | 3.89 | 11.08 | 18.48% | 10.45% | (1.17)% | 10.67% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $10190 | $9317 | $5787 | $3348 | $1538 | $1899 |
| Ratio of gross operating expenses (including dividend and interest expense) to average net assets (24) | 1.74 | 1.83 | 1.89% | 1.95% | 2.02% | 2.04% |
| Ratio of net operating expenses (including dividend and interest expense) to average net assets (25) | 1.56 | 1.57 | 1.58% | 1.61% | 1.54% | 2.04% |
| Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | (0.40) | (0.41) | (0.38)% | (0.14)% | (0.33)% | (0.73)% |
| Portfolio Turnover Rate | 7 | 38 | 28% | 12% | 23% | 44% |
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the Six** |  |  |  |  |  |
|  | **Months Ended** |  |  |  |  |  |
|  | **February 28,** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year/Period** | $13.58 | $12.32 | $10.51 | $9.82 | $10.90 | $10.57 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.08) | (0.15) | (0.14) | (0.08) | (0.10) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.57 | 1.41 | 1.98 | 1.01 | (0.08) | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.49 | 1.26 | 1.84 | 0.93 | (0.18) | 0.98 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  |  |  | (0.90) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (0.03) | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions |  |  | (0.03) | (0.24) | (0.90) | (0.65) |
| **Net Asset Value, End of Year/Period** | $14.07 | $13.58 | $12.32 | $10.51 | $9.82 | $10.90 |
| **Total Return\*** | 3.61 | 10.23 | 17.51% | 9.70% | (1.95)% | 9.77% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $5433 | $4002 | $1844 | $460 | $366 | $746 |
| Ratio of gross operating expenses (including dividend and interest expense) to average net assets (26) | 2.49 | 2.58 | 2.64% | 2.70% | 2.77% | 2.68% |
| Ratio of net operating expenses (including dividend and interest expense) to average net assets (27) | 2.31 | 2.32 | 2.33% | 2.36% | 2.29% | 2.68% |
| Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | (1.19) | (1.17) | (1.19)% | (0.81)% | (1.02)% | (1.31)% |
| Portfolio Turnover Rate | 7 | 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.

(2) 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.

(4) Ratio of gross expenses to average
 net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A:

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1.68% (8) | 1.76% | 1.81% | 1.84% | 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:

---

| | | | |
|:---|:---|:---|:---|
| 1.50% (8) | 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2.43% (8) | 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:

---

| | | | |
|:---|:---|:---|:---|
| 2.25% (8) | 2.25% | 2.26% | 2.63% |

---

(8) Annualized for periods less than one
 year.

(9) Not annualized.

---

| | |
|:---|:---|
| + | 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.

See accompanying notes to financial statements.

---

| |
|:---|
| **Easterly Hedged Equity 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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**August 31,**<br>**2025** |<br>**Year Ended**<br>**August 31,**<br>**2024** |<br>**Year Ended**<br>**August 31,**<br>**2023** |<br>**Year Ended**<br>**August 31,**<br>**2022** |<br>**Year Ended**<br>**August 31,**<br>**2021** |
| **Net Asset Value, Beginning of Year/Period** | $14.43 | $12.98 | $10.96 | $10.13 | $11.33 | $10.96 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.01) | (0.03) | (0.01) | 0.01 | (0.01) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.60 | 1.49 | 2.06 | 1.06 | (0.07) | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.59 | 1.46 | 2.05 | 1.07 | (0.08) | 1.13 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.01) |  |  | (1.12) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (0.03 | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions |  | (0.01 | (0.03 | (0.24) | (1.12) | (0.76) |
| **Net Asset Value, End of Year/Period** | $15.02 | $14.43 | $12.98 | $10.96 | $10.13 | $11.33 |
| **Total Return\*** | 4.09 | 11.27 | 18.71 | 10.80% | (0.98)% | 10.91% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $516675 | $317747 | $167039 | $113264 | $61982 | $33478 |
| Ratio of gross operating expenses (including dividend and interest expense) to average net assets (24) | 1.49 | 1.58 | 1.64 | 1.70% | 1.77% | 1.84% |
| Ratio of net operating expenses (including dividend and interest expense) to average net assets (25) | 1.31 | 1.32 | 1.33 | 1.36% | 1.29% | 1.84% |
| Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | (0.19) | (0.20) | (0.08) | 0.14% | (0.13)% | (0.51)% |
| Portfolio Turnover Rate | 7 | 38 | 28 | 12% | 23% | 44% |
|  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | **For the Six** |  |  |  |  |  |
|  | **Months Ended** |  |  |  |  |  |
|  | **February 28,** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year/Period** | $14.95 | $13.40 | $11.29 | $10.40 | $11.58 | $11.13 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.01 | 0.02 | 0.04 | 0.07 | 0.02 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.62 | 1.54 | 2.10 | 1.06 | (0.08) | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.63 | 1.56 | 2.14 | 1.13 | (0.06) | 1.21 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income |  | (0.01) |  |  | (1.12) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  | (0.03 | (0.24) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions |  | (0.01 | (0.03 | (0.24) | (1.12) | (0.76) |
| **Net Asset Value, End of Year/Period** | $15.58 | $14.95 | $13.40 | $11.29 | $10.40 | $11.58 |
| **Total Return\*** | 4.21 | 11.67 | 18.96 | 11.10% | (0.77)% | 11.49% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $591 | $637 | $935 | $1766 | $11289 | $17970 |
| Ratio of gross operating expenses (including dividend and interest expense) to average net assets (26) | 1.49 | 1.58 | 1.64 | 1.70% | 1.77% | 1.84% |
| Ratio of net operating expenses (including dividend and interest expense) to average net assets (27) | 1.05 | 1.06 | 1.07 | 1.10% | 1.03% | 1.38% |
| Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets (3) | 0.13 | 0.14 | 0.37 | 0.64% | 0.20% | (0.20)% |
| Portfolio Turnover Rate | 7 | 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.

(2) 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.

(4) Ratio of gross expenses to average
 net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.43% (8) | 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:

---

| | | | |
|:---|:---|:---|:---|
| 1.25% (8) | 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.43% (8) | 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:

---

| | | | |
|:---|:---|:---|:---|
| 0.99% (8) | 0.99% | 1.00% | 1.33% |

---

(8) Annualized for periods less than one
 year.

(9) 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.

---

| | |
|:---|:---|
| + | 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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**For the Six**<br>**Months Ended**<br>**August 31,**<br>**2025** |  |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**February 29,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2023** |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2022** |
| **Net Asset Value, Beginning of Year/Period** | $66.99 | $58.56 |  | $54.80 | $47.21 | $47.22 | $44.01 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.29 | 0.73 |  | 0.77 | 0.42 | 0.10 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 8.33 | 7.70 |  | 3.42 | 7.19 | (0.11 | 3.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 8.62 | 8.43 |  | 4.19 | 7.61 | (0.01 | 3.22 |
| **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (1.49) |  |  | (0.43) | (0.02) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (1.21 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.70 |  |  | (0.43) | (0.02 |  | (0.01 |
| **Net Asset Value, End of Year/Period** | $72.91 | $66.99 |  | $58.56 | $54.80 | $47.21 | $47.22 |
| **Total Return\*** | 13.08 | 14.40 | % (2) | 7.58% | 16.14 | (0.02) | 7.32 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $15533 | $13058 |  | $11450 | $10957 | $9683 | $9893 |
| Ratio of gross operating expenses to average net assets (including interest expenses)(4) | 1.76 | 1.96 | % (3) | 2.13% | 2.35 | 2.45 | 2.39 |
| Ratio of net operating expenses to average net assets (including interest Expenses) (5) | 1.20 | 1.20 | % (3) | 1.40% | 1.50 | 1.50 | 1.50 |
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | 0.81 | 2.50 | % (3) | 1.30% | 0.88 | 0.22 | (0.30) |
| Portfolio Turnover Rate | 63 | 20 | % (2) | 38% | 55 | 38 | 62 |
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the Six** |  |  |  |  |  |  |
|  | **Months Ended** | **For the Six** |  | **For the** | **For the** | **For the** | **For the** |
|  | **February 28,** | **Months Ended** |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** |  | **February 28,** | **February 29,** | **February 28,** | **February 28,** |
|  | **(Unaudited)** | **2025** |  | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year/Period** | $60.06 | $52.70 |  | $49.38 | $42.84 | $43.17 | $40.54 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.00 | 0.47 |  | 0.30 | 0.05 | (0.22) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7.50 | 6.89 |  | 3.05 | 6.49 | (0.11 | 3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 7.50 | 7.36 |  | 3.35 | 6.54 | (0.33 | 2.63 |
| **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (1.05) |  |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (1.21 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.26 |  |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees |  |  |  |  |  |  | 0.00 |
| **Net Asset Value, End of Year/Period** | $65.30 | $60.06 |  | $52.70 | $49.38 | $42.84 | $43.17 |
| **Total Return\*** | 12.67 | 13.97 | % (2)+ | 6.78% | 15.27 | (0.76) | 6.49 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $2295 | $1330 |  | $1295 | $1179 | $1942 | $1569 |
| Ratio of gross operating expenses to average net assets (including interest expenses)(7) | 2.49 | 2.71 | % (3) | 2.88% | 3.10 | 3.20 | 3.08 |
| Ratio of net operating expenses to average net assets (including interest Expenses) (8) | 1.95 | 1.95 | % (3) | 2.15% | 2.25 | 2.25 | 2.25 |
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | 0.00 | 1.79 | % (3) | 0.57% | 0.11 | (0.55) | (1.05) |
| Portfolio Turnover Rate | 63 | 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.

(2) Not annualized.

(3) Annualized.

(4) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class A:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.76% (3) | 1.96% (3) | 2.13% | 2.35% | 2.45% | 2.39% |

---

(5) 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% |

---

(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.

(7) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class C:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2.49% (3) | 2.71% (3) | 2.88% | 3.10% | 3.20% | 3.08% |

---

(8) 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% |

---

(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.

\* 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.

---

| | |
|:---|:---|
| + | 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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**For the Six**<br>**Months Ended**<br>**August 31,**<br>**2025** |  |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**February 29,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2023** |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2022** |
| **Net Asset Value, Beginning of Year/Period** | $69.27 | $60.48 |  | $56.52 | $48.68 | $48.57 | $45.23 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.36 | 0.83 |  | 1.01 | 0.56 | 0.20 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 8.65 | 7.96 |  | 3.53 | 7.42 | (0.09 | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 9.01 | 8.79 |  | 4.54 | 7.98 | 0.11 | 3.42 |
| **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (1.72) |  |  | (0.58) | (0.14) |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (1.21 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.93 |  |  | (0.58 | (0.14 |  | (0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees |  |  |  |  |  |  | 0.00 |
| **Net Asset Value, End of Year/Period** | $75.35 | $69.27 |  | $60.48 | $56.52 | $48.68 | $48.57 |
| **Total Return\*** | 13.23 | 14.53 | % (2)+ | 7.95 | 16.42 | 0.23 | 7.57 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $24813 | $17099 |  | $14565 | $12147 | $16026 | $10779 |
| Ratio of gross operating expenses to average net assets (including interest expenses)(4) | 1.49 | 1.71 | % (3) | 1.87 | 2.09 | 2.20 | 2.14 |
| Ratio of net operating expenses to average net assets (including interest Expenses) (5) | 0.95 | 0.95 | % (3) | 1.07 | 1.25 | 1.25 | 1.25 |
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | 0.98 | 2.75 | % (3) | 1.64 | 1.13 | 0.45 | (0.07) |
| Portfolio Turnover Rate | 63 | 20 | % (2) | 38 | 55 | 38 | 62 |
|  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | **For the Six** |  |  |  |  |  |  |
|  | **Months Ended** | **For the Six** |  | **For the** | **For the** | **For the** | **For the** |
|  | **February 28,** | **Months Ended** |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** |  | **February 28,** | **February 29,** | **February 28,** | **February 28,** |
|  | **(Unaudited)** | **2025** |  | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year/Period** | $69.28 | $60.48 |  | $56.53 | $48.68 | $48.57 | $50.04 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.71 | 1.10 |  | 1.00 | 0.55 | 0.20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 8.30 | 7.70 |  | 3.53 | 7.44 | (0.09 | (1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 9.01 | 8.80 |  | 4.53 | 7.99 | 0.11 | (1.39 |
| **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (1.72) |  |  | (0.58) | (0.14) |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (1.21 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.93 |  |  | (0.58 | (0.14 |  | (0.08 |
| **Net Asset Value, End of Year/Period** | $75.36 | $69.28 |  | $60.48 | $56.53 | $48.68 | $48.57 |
| **Total Return\*** | 13.23 | 14.55 | % (2) | 7.93 | 16.44%+ | 0.23%+ | (2.77) |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $0 | $0 | \*\*\* | $0 | $0 | $0 | $0 |
| Ratio of gross operating expenses to average net assets (including interest expenses)(7) | 1.71 | 1.71 | % (3) | 1.87 | 2.09 | 2.20 | 2.14 |
| Ratio of net operating expenses to average net assets (including interest Expenses) (8) | 0.85 | 0.85 | % (3) | 1.00 | 1.00 | 1.00 | 1.00 |
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | 1.94 | 3.64 | % (3) | 1.79 | 2.14 | 0.45 | (0.02) |
| Portfolio Turnover Rate | 63 | 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.

(2) Not annualized.

(3) Annualized.

(4) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Small Cap Value Fund - Class I:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.49% (3) | 1.71% (3) | 1.87% | 2.09% | 2.20% | 2.14% |

---

(5) 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% |

---

(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.

(7) 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% (3) |

---

(8) 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% (3) |

---

(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.

\* 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 1,000.

\*\*\*\* Class R6 commenced operations on November 4, 2021.

---

| | |
|:---|:---|
| + | 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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**For the Six**<br>**Months Ended**<br>**August 31,**<br>**2025** |  |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**February 29,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2023** |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2022** |
| **Net Asset Value, Beginning of Year/Period** | $36.25 | $33.18 |  | $32.45 | $31.04 | $33.38 | $31.48 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.16 | 0.19 |  | 0.37 | 0.51 | 0.36 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.82 | 2.88 |  | 1.94 | 1.57 | (0.66 | 4.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.98 | 3.07 |  | 2.31 | 2.08 | (0.30 | 4.80 |
| **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.29) |  |  | (0.44) | (0.62) | (0.16) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (2.16 |  |  | (1.14) | (0.05 | (1.88 | (2.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.45 |  |  | (1.58) | (0.67 | (2.04 | (2.90) |
| **Net Asset Value, End of Year/Period** | $38.78 | $36.25 |  | $33.18 | $32.45 | $31.04 | $33.38 |
| **Total Return\*** | 14.31 | 9.25 | % (2)+ | 7.04% | 6.80 | (0.62) | 15.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $53599 | $48962 |  | $46182 | $48966 | $50585 | $52102 |
| Ratio of gross operating expenses to average net assets (including dividend expenses)(4) | 1.92 | 2.09 | % (3) | 2.05% | 1.61 | 1.61 | 1.65% |
| Ratio of net operating expenses to average net assets (including dividend expenses) (5) | 1.92 | 2.09 | % (3) | 2.05% | 1.61 | 1.58 | 1.68% |
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | 0.88 | 1.13 | % (3) | 1.09% | 1.64 | 1.14 | 0.49% |
| Portfolio Turnover Rate | 23 | 24 | % (2) | 37% | 73 | 58 | 51% |
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the Six** |  |  |  |  |  |  |
|  | **Months Ended** | **For the Six** |  | **For the** | **For the** | **For the** | **For the** |
|  | **February 28,** | **Months Ended** |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** |  | **February 28,** | **February 29,** | **February 28,** | **February 28,** |
|  | **(Unaudited)** | **2025** |  | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year/Period** | $33.63 | $30.90 |  | $30.28 | $29.02 | $31.41 | $29.75 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.02 | 0.06 |  | 0.11 | 0.26 | 0.12 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.48 | 2.67 |  | 1.81 | 1.46 | (0.63 | 4.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.50 | 2.73 |  | 1.92 | 1.72 | (0.51 | 4.32 |
| **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.04) |  |  | (0.16) | (0.41) |  | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (2.16 |  |  | (1.14) | (0.05 | (1.88 | (2.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.20 |  |  | (1.30) | (0.46 | (1.88 | (2.66) |
| **Net Asset Value, End of Year/Period** | $35.93 | $33.63 |  | $30.90 | $30.28 | $29.02 | $31.41 |
| **Total Return\*** | 13.90 | 8.84 | % (2)+ | 6.26% | 5.99 | (1.37) | 14.64% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $2169 | $1984 |  | $2002 | $2678 | $2754 | $3158 |
| Ratio of gross operating expenses to average net assets (including dividend expenses)(7) | 2.67 | 2.83 | % (3) | 2.81% | 2.36 | 2.35 | 2.32% |
| Ratio of net operating expenses to average net assets (including dividend expenses) (8) | 2.67 | 2.83 | % (3) | 2.81% | 2.36 | 2.32 | 2.35% |
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | 0.13 | 0.38 | % (3) | 0.35% | 0.90 | 0.39 | (0.18)% |
| Portfolio Turnover Rate | 23 | 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.

(2) Not annualized.

(3) Annualized.

(4) Ratio of gross expenses to average
 net assets (excluding dividend expenses) for the Easterly Long/Short Opportunity Fund - Class A:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.41% (3) | 1.46% (3) | 1.49% | 1.43% | 1.48% | 1.45% |

---

(5) Ratio of net operating expenses to
 average net assets (excluding dividend expenses) for the Easterly Long/Short Opportunity Fund - Class A:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.41% (3) | 1.46% (3) | 1.49% | 1.43% | 1.45% | 1.48% |

---

(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.

(7) Ratio of gross expenses to average
 net assets (excluding dividend expenses) for the Easterly Long/Short Opportunity Fund - Class C:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2.16% (3) | 2.20% (3) | 2.24% | 2.18% | 2.22% | 2.10% |

---

(8) Ratio of net operating expenses to
 average net assets (excluding dividend expenses) for the Easterly Long/Short Opportunity Fund - Class C:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2.16% (3) | 2.20% (3) | 2.24% | 2.18% | 2.19% | 2.13% |

---

(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.

\* 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. |

---

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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**For the Six**<br>**Months Ended**<br>**August 31,**<br>**2025** |  |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**February 29,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2023** |<br>**For the**<br>**Year Ended**<br>**February 28,**<br>**2022** |
| **Net Asset Value, Beginning of Year/Period** | $36.70 | $33.55 |  | $32.79 | $31.37 | $33.71 | $31.76 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.21 | 0.24 |  | 0.46 | 0.59 | 0.44 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.88 | 2.91 |  | 1.97 | 1.58 | (0.66 | 4.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.09 | 3.15 |  | 2.43 | 2.17 | (0.22 | 4.94 |
| **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) |  |  | (0.53) | (0.70) | (0.24) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (2.16 |  |  | (1.14 | (0.05 | (1.88 | (2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.54 |  |  | (1.67 | (0.75 | (2.12 | (2.99 |
| **Net Asset Value, End of Year/Period** | $39.25 | $36.70 |  | $33.55 | $32.79 | $31.37 | $33.71 |
| **Total Return\*** | 14.45 | 9.39 | % (2)+ | 7.33 | 7.03 | (0.36) | 15.69 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $53406 | $46942 |  | $43194 | $45349 | $46802 | $48198 |
| Ratio of gross operating expenses to average net assets (including dividend expenses)(4) | 1.67 | 1.84 | % (3) | 1.80 | 1.36 | 1.36 | 1.41 |
| Ratio of net operating expenses to average net assets (including dividend expenses) (5) | 1.67 | 1.84 | % (3) | 1.80 | 1.36 | 1.33 | 1.44 |
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (69) | 1.13 | 1.38 | % (3) | 1.35 | 1.90 | 1.39 | 0.72 |
| Portfolio Turnover Rate | 23 | 24 | % (2) | 37 | 73 | 58 | 51 |
|  | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** | **CLASS R6** |
|  | **For the Six** |  |  |  |  |  |  |
|  | **Months Ended** | **For the Six** |  | **For the** | **For the** | **For the** | **For the** |
|  | **February 28,** | **Months Ended** |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** |  | **February 28,** | **February 29,** | **February 28,** | **February 28,** |
|  | **(Unaudited)** | **2025** |  | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year/Period** | $36.71 | $33.55 |  | $32.80 | $31.37 | $33.71 | $35.83 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.42 | 0.43 |  | 0.46 | 0.59 | 0.44 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.66 | 2.73 |  | 1.96 | 1.59 | (0.66 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.08 | 3.16 |  | 2.42 | 2.18 | (0.22 | 0.87 |
| **Dividends and Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) |  |  | (0.53) | (0.70) | (0.24) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (2.16 |  |  | (1.14 | (0.05 | (1.88 | (2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.54 |  |  | (1.67 | (0.75 | (2.12 | (2.99 |
| **Net Asset Value, End of Year/Period** | $39.25 | $36.71 |  | $33.55 | $32.80 | $31.37 | $33.71 |
| **Total Return\*** | 14.42 | 9.42 | % (2) | 7.29 | 7.07 | (0.36) | 2.55 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period(000s) | $0 | $0 | \*\* | $0 | $0 | $0 | $0 |
| Ratio of gross operating expenses to average net assets (including dividend expenses)(7) | 1.67 | 1.84 | % (3) | 1.80 | 1.36 | 1.36 | 1.41 |
| Ratio of net operating expenses to average net assets (including dividend expenses) (8) | 1.51 | 1.63 | % (3) | 1.56 | 1.18 | 1.13 | 1.23 |
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (69) | 2.25 | 2.52 | % (3) | 1.38 | 2.54 | 1.77 | 1.05 |
| Portfolio Turnover Rate | 23 | 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.

(2) Not annualized.

(3) Annualized.

(4) Ratio of gross expenses to average
 net assets (excluding dividend expenses) for the Easterly Long/Short Opportunity Fund - Class I:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.16% (3) | 1.21% (3) | 1.24% | 1.18% | 1.23% | 1.18% |

---

(5) Ratio of net operating expenses to
 average net assets (excluding dividend expenses) for the Easterly Long/Short Opportunity Fund - Class I:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.16% (3) | 1.21% (3) | 1.24% | 1.18% | 1.20% | 1.21% |

---

(6) Recognition of net investment income
 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 dividend expenses) for the Easterly Long/Short Opportunity Fund - Class R6:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.16% (3) | 1.21% (3) | 1.24% | 1.18% | 1.23% | 1.18% (3) |

---

(8) Ratio of net operating expenses to
 average net assets (excluding dividend expenses) for the Easterly Long/Short Opportunity Fund - Class R6:

---

| | | |
|:---|:---|:---|
| 1.00% (3) | 1.00% | 1.00% (3) |

---

(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.

\* 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 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. |

---

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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**For the**<br>**Nine Months Ended**<br>**August 31,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**November 30,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**November 30,**<br>**2023** |<br>**For the**<br>**Year Ended**<br>**November 30,**<br>**2022** |<br>**For the**<br>**Year Ended**<br>**November 30,**<br>**2021** |
| **Net Asset Value, Beginning of Year/Period** | $10.30 | $10.11 | $9.75 | $10.00 | $11.26 | $11.35 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.27 | 0.36 | 0.52 | 0.43 | 0.32 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.14 | 0.20 | 0.40 | (0.04) | (1.07) | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.41 | 0.56 | 0.92 | 0.39 | (0.75) | 0.60 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.27) | (0.35) | (0.47) | (0.64) | (0.34) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  |  | (0.17) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from return of capital |  | (0.02) | (0.09) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.27) | (0.37) | (0.56) | (0.64) | (0.51) | (0.69 |
| **Net Asset Value, End of Year/Period** | $10.44 | $10.30 | $10.11 | $9.75 | $10.00 | $11.26 |
| **Total Return\*** | 3.99% (9) | 5.65% (9) | 9.66% | 4.04% | (6.84)% | 5.44 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $11128 | $10457 | $7738 | $6031 | $11247 | $15664 |
| Ratio of gross operating expenses to average net assets including interest expense (3) | 1.88% (8) | 1.88% (8) | 1.95% | 1.93% (2) | 1.86% (2) | 1.86 |
| Ratio of net operating expenses to average net assets including interest expense (4) | 1.70% (8) | 1.85% (8) | 1.87% | 1.84% (2) | 1.80% (2) | 1.76 |
| Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | 5.32% (8) | 4.76% (8) | 5.27% | 4.32% (2) | 3.01% (2) | 3.18 |
| Portfolio Turnover Rate | 27% (9) | 32% (9) | 28% | 42% | 77% | 84 |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the Six** |  |  |  |  |  |
|  | **Months Ended** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **February 28,** | **Nine Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** | **November 30,** | **November 30,** | **November 30,** | **November 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year/Period** | $10.01 | $9.84 | $9.51 | $9.76 | $11.00 | $11.10 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.23 | 0.30 | 0.44 | 0.35 | 0.23 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.13 | 0.18 | 0.37 | (0.03) | (1.04) | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.36 | 0.48 | 0.81 | 0.32 | (0.81) | 0.51 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.23) | (0.29) | (0.39) | (0.57) | (0.26) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  |  | (0.17) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from return of capital |  | (0.02) | (0.09) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.23) | (0.31) | (0.48) | (0.57) | (0.43) | (0.61 |
| **Net Asset Value, End of Year/Period** | $10.14 | $10.01 | $9.84 | $9.51 | $9.76 | $11.00 |
| **Total Return\*** | 3.63% (9) | 5.01% (9) | 8.77% | 3.37% | (7.50)% | 4.71 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $4759 | $4445 | $3831 | $3540 | $4467 | $5616 |
| Ratio of gross operating expenses to average net assets including interest expense (5) | 2.63% (8) | 2.63% (8) | 2.70% | 2.68% (2) | 2.61% (2) | 2.61 |
| Ratio of net operating expenses to average net assets including interest expense (6) | 2.45% (8) | 2.60% (8) | 2.62% | 2.59% (2) | 2.55% (2) | 2.51 |
| Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | 4.57% (8) | 4.02% (8) | 4.52% | 3.58% (2) | 2.28% (2) | 2.41 |
| Portfolio Turnover Rate | 27% (9) | 32% (9) | 28% | 42% | 77% | 84 |

---

(1) 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

(3) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Income Opportunities Fund - Class A:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.78% (8) | 1.76% (8) | 1.81% | 1.82% (2) | 1.79% (2) | 1.83% (2) |

---

(4) Ratio of net operating expenses to
 average net assets (excluding interest expenses) for the Easterly Income Opportunities Fund - Class A:

---

| | | | |
|:---|:---|:---|:---|
| 1.60% (8) | 1.73% (8) | 1.73% | 1.73% (2) |

---

(5) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Income Opportunities Fund - Class C:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2.53% (8) | 2.52% (8) | 2.56% | 2.57% (2) | 2.54% (2) | 2.58% (2) |

---

(6) Ratio of net operating expenses to
 average net assets (excluding interest expenses) for the Easterly Income Opportunities Fund - Class C:

---

| | | | |
|:---|:---|:---|:---|
| 2.35% (8) | 2.48% (8) | 2.48% | 2.48% (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.

(8) Annualized.

(9) 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.

# 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 Six**<br>**Months Ended**<br>**February 28,**<br>**2026**<br>**(Unaudited)** |<br>**For the**<br>**Nine Months Ended**<br>**August 31,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**November 30,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**November 30,**<br>**2023** |<br>**For the**<br>**Year Ended**<br>**November 30,**<br>**2022** |<br>**For the**<br>**Year Ended**<br>**November 30,**<br>**2021** |
| **Net Asset Value, Beginning of Year/Period** | $10.00 | $9.84 | $9.51 | $9.76 | $11.00 | $11.10 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.28 | 0.37 | 0.53 | 0.44 | 0.34 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.13 | 0.18 | 0.38 | (0.02) | (1.05) | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.41 | 0.55 | 0.91 | 0.42 | (0.71) | 0.61 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.28) | (0.37) | (0.49) | (0.67) | (0.36) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  |  | (0.17) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from return of capital |  | (0.02) | (0.09) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.28) | (0.39) | (0.58) | (0.67) | (0.53) | (0.71) |
| **Net Asset Value, End of Year/Period** | $10.13 | $10.00 | $9.84 | $9.51 | $9.76 | $11.00 |
| **Total Return\*** | 4.15% (9) | 5.71% (9) | 9.86% | 4.42% | (6.58)% | 5.74% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $317827 | $302236 | $253654 | $229747 | $206630 | $215003 |
| Ratio of gross operating expenses to average net assets including interest expense (3) | 1.63% (8) | 1.63% (8) | 1.70% | 1.68% (2) | 1.61% (2) | 1.61% (2) |
| Ratio of net operating expenses to average net assets including interest expense (4) | 1.45% (8) | 1.60% (8) | 1.62% | 1.59% (2) | 1.55% (2) | 1.51% (2) |
| Ratio of net investment income (loss) after expense reimbursement to average net assets (7) | 5.58% (8) | 5.02% (8) | 5.52% | 4.59% (2) | 3.29% (2) | 3.40% (2) |
| Portfolio Turnover Rate | 27% (9) | 32% (9) | 28% | 42% | 77% | 84% |
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **For the Six** |  |  |  |  |  |
|  | **Months Ended** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **February 28,** | **Nine Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2026** | **August 31,** | **November 30,** | **November 30,** | **November 30,** | **November 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year/Period** | $10.37 | $10.14 | $9.73 | $9.93 | $11.15 | $11.20 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.31 | 0.43 | 0.61 | 0.49 | 0.38 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.14 | 0.19 | 0.38 | (0.02) | (1.07) | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.45 | 0.62 | 0.99 | 0.47 | (0.69) | 0.66 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.28) | (0.37) | (0.49) | (0.67) | (0.36) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  |  | (0.17) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from return of capital |  | (0.02) | (0.09) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.28) | (0.39) | (0.58) | (0.67) | (0.53) | (0.71) |
| **Net Asset Value, End of Year/Period** | $10.54 | $10.37 | $10.14 | $9.73 | $9.93 | $11.15 |
| **Total Return\*** | 4.39% (9) | 6.24% (9) | 10.48% | 4.86% | (6.30)% | 6.16% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $91136 | $96713 | $76552 | $79458 | $92994 | $61289 |
| Ratio of gross operating expenses to average net assets |  |  |  |  |  |  |
| including interest expense (5) | 1.63% (8) | 1.63% (8) | 1.70% | 1.68% (2) | 1.61% (2) | 1.63% (2) |
| Ratio of net operating expenses to average net assets |  |  |  |  |  |  |
| including interest expense (6) | 0.99% (8) | 1.01% (8) | 1.03% | 1.20% (2) | 1.18% (2) | 1.14% (2) |
| Ratio of net investment income (loss) after expense |  |  |  |  |  |  |
| reimbursement to average net assets (7) | 6.04% (8) | 5.61% (8) | 6.11% | 4.97% (2) | 3.68% (2) | 3.82% (2) |
| Portfolio Turnover Rate | 27% (9) | 32% (9) | 28% | 42% | 77% | 84% |

---

(1) 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.

(3) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Income Opportunities Fund - Class I:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.53% (8) | 1.52% (8) | 1.56% | 1.57% (2) | 1.54% (2) | 1.58% (2) |

---

(4) Ratio of net operating expenses to
 average net assets (excluding interest expenses) for the Easterly Income Opportunities Fund - Class I:

---

| | | | |
|:---|:---|:---|:---|
| 1.35% (8) | 1.48% (8) | 1.48% | 1.48% (2) |

---

(5) Ratio of gross expenses to average
 net assets (excluding interest expenses) for the Easterly Income Opportunities Fund - Class R6:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1.53% (8) | 1.52% (8) | 1.56% | 1.57% (2) | 1.54% (2) | 1.61% (2) |

---

(6) Ratio of net operating expenses to
 average net assets (excluding interest expenses) for the Easterly Income Opportunities Fund - Class R6:

---

| | | | |
|:---|:---|:---|:---|
| 0.89% (8) | 0.89% | 1.09% (2) | 1.11% (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.

(8) Annualized.

(9) 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.

See accompanying notes to financial statements.

---

| |
|:---|
| **EASTERLY FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| February 28, 2026 (Unaudited) |

---

**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 six 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.

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Primary Objective</u>** |
| 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 investment |
| 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** – An operating segment is defined 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 comprised of the portfolio manager and Chief Financial Officer of the Trust. The Funds operate as a single operating segment. The Funds' income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

---

| |
|:---|
| **EASTERLY FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| February 28, 2026 (Unaudited) (Continued) |

---

**(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. 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 composite 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 composite mean of the current bid and asked prices as of Valuation Time. 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. The Valuation Designee has developed fair value methodologies/formulas for odd lot bond pricing in light of the fact that pricing services typically only provide valuations for round lots. The Valuation Designee shall obtain from the sub-adviser fair valuation recommendations that take into account the accuracy of available pricing, the discounted price at the time of purchase, the size of the odd lot and other factors, including historical market data, that reflect the discounted valuation at the time of purchase and going forward. To the extent that odd lot pricing is available directly from a pricing service provider, the valuation designee may consider pricing its odd lots using said service.

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** |
| February 28, 2026 (Unaudited) (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 February 28, 2026, for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Real Estate** | | | | |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $120408416 | $61226983 | $— | $181635399 |
| **Total** | $120408416 | $61226983 | $— | $181635399 |
| **Hedged Equity** |  |  |  |  |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $475048075 | $— | $— | $475048075 |
| Put Options Purchased |  | 13745750 |  | 13745750 |
| **Total** | $475048075 | $13745750 | $— | $488793825 |
| Derivatives\* - Assets |  |  |  |  |
| Total Return Swaps | $— | $7080239 | $— | $7080239 |
| **Total** | $— | $7080239 | $— | $7080239 |
| Derivatives\* - Liabilities |  |  |  |  |
| Call Options Written | $(1033025) | $— | $— | $(1033025) |
| Put Options Written |  | (5109000) |  | (5109000) |
| **Total** | $(1033025) | $(5109000) | $— | $(6142025) |
| **Small Cap Value** |  |  |  |  |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $42167424 | $— | $— | $42167424 |
| **Total** | $42167424 | $— | $— | $42167424 |
| **Long/Short Opportunity** |  |  |  |  |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $118777276 | $— | $— | $118777276 |
| Exchange Traded Funds | 3123800 |  |  | 3123800 |
| Corporate Bonds |  | 4189044 |  | 4189044 |
| **Total Assets** | $121901076 | $4189044 | $— | $126090120 |
| Liability Derivatives |  |  |  |  |
| Call Options Written | $— | $(2923303) | $— | $(2923303) |
| Put Options Written |  | (337868) |  | (337868) |
| Common Stocks | (6366604) |  |  | (6366604) |
| Exchange Traded Funds | (34502698) |  |  | (34502698) |
| **Total Liabilities** | $(40869302) | $(3261171) | $— | $(44130473) |

---

---

| |
|:---|
| **EASTERLY FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| February 28, 2026 (Unaudited) (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Opportunities** | | | | |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities | $— | $276258379 | $— | $276258379 |
| Corporate Bonds |  | 63642657 |  | 63642657 |
| Municipal Bonds |  | 969200 |  | 969200 |
| U.S. Government & Agencies |  | 37060450 |  | 37060450 |
| **Total Assets** | $— | $377930686 | $— | $377930686 |
| Assets - Derivatives |  |  |  |  |
| Credit Default Swap\*\* | $— | $297668 | $— | $297668 |
| Futures\*\* | 149420 |  |  | 149420 |
| **Total Asset Derivatives** | $149420 | $297668 | $— | $447088 |
| Liabilities - Derivatives |  |  |  |  |
| Credit Default Swap\*\* | $— | $(1150405) | $— | $(1150405) |
| **Total Liability Derivatives** | $— | $(1150405) | $— | $(1150405) |

---

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 2023-2025 returns and expected to be taken in the Funds' 2026 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 six months ended February 28, 2026, 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:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **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** |
| February 28, 2026 (Unaudited) (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** |
| February 28, 2026 (Unaudited) (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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Management | Expense Limitation | Expense Limitation | Expense Limitation | Expense Limitation |  | Expenses Reimbursed |
| Fund | Agreement | Cl A | Cl C | Cl I | CL R6 | Expires | YTD 2/28/2026 |
| Global Real Estate | 0.90% | 1.69% | 2.37% | 1.04% | 0.94% | 12/31/2026 | $221874 |
| Hedged Equity | 1.20% | 1.50% | 2.25% | 1.25% | 0.99% | 12/31/2026 | 392087 |
| Small Cap Value | 0.75% | 1.20% | 1.95% | 0.95% | 0.85% | 12/31/2026 | 100951 |
| Long/Short Opportunity | 0.80% | 1.55% | 2.30% | 1.30% | 1.00% | 12/31/2026 |  |
| Income Opportunities | 1.20% | 1.53% | 2.28% | 1.28% | 0.89% | 12/31/2026 | 574222 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **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 |  |  | 194993 |  |  | 207589 | 104072 |
| Long/Short Opportunity |  |  |  |  |  |  |  |
| Income Opportunities |  | 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** |
| February 28, 2026 (Unaudited) (Continued) |

---

---

| | | |
|:---|:---|:---|
|  | 12b-1 Fees | 12b-1 Fees |
| 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 six months ended, February 28, 2026, sales charges on sales of the Fund's Class A and Class C shares were as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Sales Charges Class A**<br>**Easterly Securities, LLC** | **Sales Charges Class C**<br>**Easterly Securities, LLC** |
| Global Real Estate | $1197 | $856 |
| Hedged Equity Fund | 55766 | 16720 |
| Small Cap Value | 10907 | 7998 |
| Long/Short Opportunity | 20 | 140 |
| Income Opportunities | 9999 | 6119 |

---

For the six months ended February 28, 2026 CDSC fees were as follows.

---

| | |
|:---|:---|
| **<u>Fund</u>** | **CDSC Fees** |
| Global Real Estate | $— |
| Hedged Equity | 136 |
| Small Cap Value |  |
| Long/Short Opportunities |  |
| Income Opportunities |  |

---

(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 six months ended February 28, 2026, 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 | $199586018 | $251829812 |
| Hedged Equity Fund | 185268040 | 26955800 |
| Small Cap Value | 30301552 | 22587703 |
| Long/Short Opportunities | 19826928 | 26412951 |
| Income Opportunities | 173511264 | 138638414 |

---

---

| |
|:---|
| **EASTERLY FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| February 28, 2026 (Unaudited) (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** |
| February 28, 2026 (Unaudited) (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** |
| February 28, 2026 (Unaudited) (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 February 28, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Risk Type** | **Location of derivatives on Statements**<br>**of Assets and Liabilities** | **Fair value of asset/liability**<br>**derivatives** |
| **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** |  |  |
|  | Put options purchased | Equity | Investments, at value | $13745750 |
|  | Call options written | Equity | Options written | (1033025) |
|  | Put options written | Equity | Options written | (5109000) |
|  | Swap Contracts | Equity | Unrealized appreciation on swaps | 7080239 |
|  |  |  | **Total** | $14683964 |
| **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** |  |  |
|  | Call options written | Equity | Options written | $(2923303) |
|  | Put options written | Equity | Options written | (337868) |
|  |  |  | **Total** | $(3261171) |
| **Income Opportunities** | **Income Opportunities** | **Income Opportunities** |  |  |
|  | Swap Contracts | Credit Default | Unrealized appreciation on swaps | $297668 |
|  | Futures | Interest Rate | Unrealized appreciation on futures | 149420 |
|  | Swap Contracts | Credit Default | Unrealized depreciation on swaps | (1150405) |
|  |  |  | **Total** | $(703317) |

---

The effect of derivative instruments on the Statements of Operations for the six months ended February 28, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Derivative** | <br>**Location of gain (loss) on derivatives** | <br>**Risk Type** | **Realized and unrealized gain**<br>**(loss) on derivatives** |
| **Hedged Equity** | **Hedged Equity** | **Hedged Equity** |  |  |
|  | Options | Options | Options |  |
|  |  | Net realized loss on options purchased |  |  |
|  |  |  |  | $(42101566) |
|  |  | Net realized gain on options written |  |  |
|  |  |  |  | 27849188 |
|  |  |  | **Total** | $(14252378) |
|  |  | Net change in unrealized depreciation on options purchased |  |  |
|  |  |  |  | $(45006) |
|  |  | Net change in unrealized appreciation on options written |  |  |
|  |  |  |  | 2030855 |
|  |  |  | **Total** | $1985849 |
|  | Swaps | Swaps | Swaps |  |
|  |  | Net realized gain on swaps |  |  |
|  |  |  |  | $11323094 |
|  |  | Net change in unrealized depreciation on swaps |  |  |
|  |  |  |  | $(5066643) |
|  |  |  | **Total** | $6256451 |
| **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** |  |  |
|  | Options | Options | Options |  |
|  |  | Net realized loss on options purchased |  |  |
|  |  |  | Equity | $(12649) |
|  |  | Net realized gain on options written |  |  |
|  |  |  | Equity | $1331536 |
|  |  |  | **Total** | $1318887 |
|  |  | Net change in unrealized depreciation on options written |  |  |
|  |  |  | Equity | $(1415493) |
|  |  |  | **Total** | $(1415493) |
| **Income Opportunities** | **Income Opportunities** | **Income Opportunities** |  |  |
|  | Swaps Contracts | Swaps Contracts | Swaps Contracts |  |
|  |  | Net realized loss on swaps |  |  |
|  |  |  | Credit Default | $(79130) |
|  |  | Net change in unrealized depreciation on swaps |  |  |
|  |  |  | Credit Default | $(1072835) |
|  |  |  | **Total** | $(1151965) |
|  | Futures | Futures | Futures |  |
|  |  | Net realized gain on futures |  |  |
|  |  |  | Interest Rate | $319831 |
|  |  | Net change in unrealized appreciation on futures |  |  |
|  |  |  | Interest Rate | $29954 |
|  |  |  | **Total** | $349785 |

---

---

| |
|:---|
| **EASTERLY FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| February 28, 2026 (Unaudited) (Continued) |

---

The average notional value of the derivative instruments for the Funds during the six months ended February 28, 2026 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Options<br>Purchased | Options<br>Written | Total Return<br>Swaps | Credit Default<br>Swaps - Long | Credit Default<br>Swaps - Short |<br>Futures |
| Hedged Equity | $1021110863 | $1502998825 | $188630433 | $— | $— | $— |
| Long/Short Opportunity |  | 31178250 |  |  |  |  |
| Income Opportunities |  |  |  | 52725000 | 9950000 | 51444375 |

---

During the six months ended February 28, 2026, the Funds were not subject to any master netting arrangements. The following table shows additional information regarding the offsetting of assets and liabilities at February 28, 2026 for the Funds.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** | **Easterly Hedged Equity Fund** |
|  |  |  |  |  | Net Amounts |  |  |  |
|  |  | Gross Amounts |  | Gross Amount | Presented in the | Financial | Cash | Net |
|  |  | of Recognized |  | of Recognized | Statement of | Instruments | Collateral | Net Amount of |
| &nbsp;&nbsp;&nbsp;Description | Counterparty | Assets |  | Liabilities | Assets & Liabilities | Pledged | Pledged | Assets & Liabilities |
| Unrealized appreciation on total return swaps | Goldman Sachs | $7080239 | (1) | $— | $7080239 | $— | $— | $— |
| Options Purchased | Pershing | 13745750 | (1) |  | 13745750 |  |  |  |
| Options Writen | Pershing |  |  | (6142025 | (6142025) | 6142025 |  |  |
|  |  | $20825989 |  | $(6142025 | $14683964 | $6142025 | $— | $— |
| **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** | **Long/Short Opportunity** |
|  |  |  |  |  | Net Amounts |  |  |  |
|  |  | Gross Amounts |  | Gross Amount | Presented in the | Financial | Cash | Net |
|  |  | of Recognized |  | of Recognized | Statement of | Instruments | Collateral | Net Amount of |
| &nbsp;&nbsp;&nbsp;Description | Counterparty | Assets |  | Liabilities | Assets & Liabilities | Pledged | Pledged | Assets & Liabilities |
| Options Writen | Jefferies | $— |  | $3261171 | $3261171 | $(3261171 | $— | $— |
|  |  | $— |  | $3261171 | $3261171 | $(3261171 | $— | $— |
| **Income Opportunities** | **Income Opportunities** | **Income Opportunities** | **Income Opportunities** | **Income Opportunities** | **Income Opportunities** | **Income Opportunities** | **Income Opportunities** | **Income Opportunities** |
|  |  |  |  |  | Net Amounts |  |  |  |
|  |  | Gross Amounts |  | Gross Amount | Presented in the | Financial | Cash | Net |
|  |  | of Recognized |  | of Recognized | Statement of | Instruments | Collateral | Net Amount of |
| &nbsp;&nbsp;&nbsp;Description | Counterparty | Assets |  | Liabilities | Assets & Liabilities | Pledged | Pledged | Assets & Liabilities |
| Credit Default Swaps |  | $297668 | (1) | $— | $297668 | $— | $— | $— |
|  |  | $297668 |  | $— | $297668 | $— | $— | $— |
| Description of Liability |  |  |  |  |  |  |  |  |
| Credit Default Swaps |  | $— |  | $(1150405 | $(1150405) | $1150405 | $— | $— |
|  |  | $— |  | $(1150405 | $(1150405) | $1150405 | $— | $— |

---

(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 February 28, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Global Real Estate | $190958915 | $11488294 | $(20811810) | $(9323516) |
| Hedged Equity | 412898642 | 79023807 | (2190410) | 76833397 |
| Small Cap Value | 36108655 | 7459766 | (1400997) | 6058769 |
| Long/Short Opportunity | 51586030 | 40688697 | (10315080) | 30373617 |
| Income Opportunities | 398151182 | 24848895 | (45069391) | (20220496) |

---

---

| |
|:---|
| **EASTERLY FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| February 28, 2026 (Unaudited) (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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**8/31/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**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 prior 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 year**<br>**ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**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 Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(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** |
| February 28, 2026 (Unaudited) (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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** | **Capital 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**<br>**In**<br>**Capital** |<br>**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 February 28, 2026, the percentage of net assets invested in the SPDR S&P 500 ETF Trust was 89.1%.

---

| |
|:---|
| **EASTERLY FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| February 28, 2026 (Unaudited) (Continued) |

---

**7.** **BENEFICIAL OWNERSHIP** 

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 February 28, 2026, the below entities held more than 25% of the voting securities for each of the Funds listed.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>LPL Financial, LLC | <br>Merrill Lynch | American<br>Enterprise<br>Inv Svcs |
| Global Real Estate |  |  |  |
| Hedged Equity | 26.41% |  |  |
| Small Cap Value |  | 31.72% |  |
| Long/Short Opportunities |  | 40.59% |  |
| Income Opportunities |  |  | 28.94% |

---

**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 six months ended February 28, 2026, the Fund did not incur any 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 six months ended February 28, 2026, there was no borrowings under the Reverse Repo Facility.

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

The Funds have adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' 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.

---

| |
|:---|
| **EASTERLY FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| February 28, 2026 |

---

**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**

Not applicable.

**<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.** 

Refer to the Statement of Operations within the financial statements 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.** 

Not applicable

**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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable

(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](ex_99cert.htm).

(a)(4) Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex_99-906cert.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: 5/5/2026 | Date: 5/5/2026 |

---

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: 5/5/2026 | Date: 5/5/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Michael Montague |
| Michael Montague | Michael Montague |
| Principal Financial Officer | Principal Financial Officer |
| Date: 5/5/2026 | Date: 5/5/2026 |

---

## Ex-99.Cert

**Certification**

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;&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;&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;&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;&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;&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;&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: 5/5/2026 | /s/ Darrell Crate |
|  | Darell Crate |
|  | Principal Executive Officer |

---

**Certification** 

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;&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;&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;&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;&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;&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;&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: 5/5/2026 | /s/ Michael Montague |
|  | Michael Montague |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

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 February 28, 2026, (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 | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| James Alpha Funds Trust | James Alpha Funds Trust | James Alpha Funds Trust | James Alpha Funds Trust |
| /s/ Darrell Crate | /s/ Darrell Crate | /s/ Michael Montague | /s/ Michael Montague |
| Darrell Crate | Darrell Crate | Michael Montague | Michael Montague |
| Date: | 5/5/2026 | Date: | 5/5/2026 |

---

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.