James Alpha Funds Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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 811-23611

James Alpha Fund Trust

(Exact name of registrant as specified in charter)

515 Madison Avenue, 24^th Floor, New York, NY 10022

(Address of principal executive offices) (Zip code)

Emile R. Molineaux, Gemini Fund Services, LLC

80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 623-266-4567

Date of fiscal year end: 11/30

Date of reporting period: 5/31/2022

Item 1. Reports to Stockholders.

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

CLASS A, C, I AND R6 SHARES

SEMI-ANNUAL REPORT

May 31, 2022

THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS AND TO OTHERS WHO HAVE RECEIVED A COPY OF THE PROSPECTUS.

Easterly EHS Fund

PORTFOLIO REVIEW (Unaudited)

May 31, 2022

The Fund’s performance figures* for each of the periods ended May 31, 2022, compared to its benchmarks:

			Annualized	Annualized
	Six Months	1 Year Return	3 Year Return	Since Inception*
Class I	(10.51)%	(11.20)%	7.52%	5.72%
Class R6	(10.31)%	(10.92)%	7.93%	5.97%
HFRI Equity Hedge Total Index(a)	(6.65)%	7.56%	(12.57)%	6.33%

Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed, may be worth more or less than their original cost. For more performance numbers current to the most recent month-end please call (800) 807-FUND. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated April 1, 2022, is 2.05% and 1.51% for the I and R6 Classes, respectively.

(a) HFRI Equity Hedge Total Index: Investment Managers who maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. EH managers would typically maintain at least 50% exposure to, and may in some cases be entirely invested in, equities, both long and short. The returns for the Index have been calculated from July 31, 2017.

* Inception date is August 18, 2017.

Top 10 Holdings by Industry *	% of Net Assets
Equity		63.5	%
Fixed Income		23.0	%
Commodity		0.8	%
Alternative		0.6	%
Specialty		0.1	%
Other/Cash & Equivalents		12.0	%
		100.0	%
*    Does not include derivative holdings

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

1

Easterly Total Hedge Portfolio

PORTFOLIO REVIEW (Unaudited)

May 31, 2022

The Fund’s performance figures* for each of the periods ended May 31, 2022, compared to its benchmarks:

			Annualized	Annualized
	Six Month	1 Year Return	3 Year Return	Since Inception*
Class I	(5.93)%	(6.95)%	5.38%	4.05%
Class R6	(5.77)%	(6.55)%	5.78%	4.32%
HRFI Fund Weighted Composite Index(a)	(1.75)%	(2.30)%	5.60%	5.81%

Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed, may be worth more or less than their original cost. For more performance numbers current to the most recent month-end please call (800) 807-FUND. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated April 1, 2022, is 2.05% and 1.68% for the I and R6 Classes, respectively.

(a) The HFRI Fund Weighted Composite Index is a global, equal-weighted index of appx. 1,900 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.

* Inception date is June 30, 2017.

Top 10 Holdings by Industry *	% of Net Assets
Equity		35.7	%
Fixed Income		34.9	%
Alternative		12.6	%
Commodity		2.1	%
Mixed Allocation		1.3	%
Specialty		0.6	%
Other/Cash & Equivalents		12.8	%
		100.0	%
*     Does not include derivative holdings

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

2

Easterly Income Opportunities Fund (Formerly,Easterly Structured Credit Value Fund)

PORTFOLIO REVIEW (Unaudited)

May 31, 2022

The Fund’s performance figures* for each of the periods ended May 31, 2022, compared to its benchmarks:

				Annualized
	Six Month	1 Year Return	3 Year Return	Since Inception*
Class A	(3.60)%	(2.50)%	5.71%	6.63%
Class A With Load	(5.53)%	(4.44)%	3.64%	4.97%
Class C	(3.94)%	(3.17)%	4.93%	5.48%
Class I	(3.47)%	(2.21)%	5.98%	6.34%
Class R6	(3.33)%	(1.91)%	6.37%	6.73%
Bloomberg Barclays US Aggregate Bond Index(a)	(9.15)%	(8.22)%	0.00%	1.50%

Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed, may be worth more or less than their original cost. For more performance numbers current to the most recent month-end please call (800) 807-FUND. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated April 1 ,2022, is 1.76%, 2.51%, 1.51%%, and 1.14% for the A, C, I and R6 Classes, respectively.

(a) The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investmen-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark.

* Inception date is August 21, 2018.

Top 10 Holdings by Industry *	% of Net Assets
Collateralized Mortgage Obligations		31.9	%
Non Agency CMBS		16.0	%
U.S. Treasury Bills		7.9	%
CLO		5.2	%
CDO		5.2	%
Institutional Financial Services		4.0	%
Specialty Finance		3.9	%
Banking		3.8	%
Residential Mortgage		2.9	%
Home Equity		2.7	%
Other/Cash & Equivalents		16.5	%
		100.0	%
*     Does not include derivative holdings

Please refer to the Portfolio of Investments for a more detailed breakdown of the Fund’s assets.

3

EASTERLY EHS FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 67.0%
		ALTERNATIVE - 0.6%
	31	AlphaClone Alternative Alpha ETF(a)	$	1,875
	92	First Trust Managed Futures Strategy Fund		4,737
				6,612
		COMMODITY - 0.8%
	66	KraneShares Global Carbon Strategy ETF		3,245
	32	SPDR Gold Shares(a)		5,477
				8,722
		EQUITY - 63.5%
	39	AdvisorShares Dorsey Wright ADR ETF		2,212
	231	AdvisorShares Pure Cannabis ETF		1,601
	59	AdvisorShares STAR Global Buy-Write ETF		2,175
	36	Alerian MLP ETF		1,451
	124	ALPS Medical Breakthroughs ETF(a)		3,184
	7	ARK Innovation ETF		309
	59	Capital Link Global Green Energy Transport and		2,098
	91	Columbia India Consumer ETF		4,598
	2	Consumer Discretionary Select Sector SPDR Fund		309
	56	Energy Select Sector SPDR Fund		4,883
	156	ETFMG Travel Tech ETF(a)		3,212
	167	First Trust DJ Global Select Dividend Index Fund		4,138
	11	First Trust Dow Jones Internet Index Fund(a)		1,538
	237	First Trust Financial AlphaDEX Fund		10,345
	86	First Trust Global Wind Energy ETF		1,599
	195	First Trust MultiCap Growth AlphaDEX Fund		19,777
	315	First Trust Small Cap Growth AlphaDEX Fund		18,717
	405	FlexShares Morningstar Emerging Markets Factor		21,663
	231	Global X MSCI China Consumer Discretionary ETF(a)		4,724
	157	Global X MSCI Nigeria ETF		1,495
	26	Global X Uranium ETF		570
	148	Goldman Sachs Hedge Industry VIP ETF(a)		11,568
	14	Invesco DWA Consumer Cyclicals Momentum ETF		954
	70	Invesco KBW Bank ETF		4,207
	377	Invesco S&P 500 Equal Weight ETF, N		56,148
	117	Invesco S&P 500 Pure Value ETF		9,953

See accompanying notes to consolidated financial statements.

4

EASTERLY EHS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 67.0% (Continued)
		EQUITY - 63.5% (Continued)
	639	Invesco S&P SmallCap Energy ETF	$	7,240
	150	Invesco S&P SmallCap Health Care ETF(a)		20,838
	61	Invesco S&P SmallCap Information Technology ETF(a)		7,698
	5	Invesco S&P SmallCap Utilities & Communication Services ETF		305
	21	Invesco Water Resources ETF		1,030
	206	iShares Biotechnology ETF		24,034
	7	iShares China Large-Cap ETF		223
	30	iShares Core S&P/TSX Capped Composite Index ETF		785
	2	iShares Edge MSCI Europe Momentum Factor UCITS ETF, EUR ACC Class(a)		19
	10	iShares Expanded Tech-Software Sector ETF(a)		2,859
	71	iShares Latin America 40 ETF		2,019
	108	iShares Micro-Cap ETF		12,450
	46	iShares MSCI Brazil ETF		1,622
	137	iShares MSCI China Small-Cap ETF		5,113
	72	iShares MSCI Emerging Markets Small-Cap ETF		3,835
	654	iShares MSCI Frontier and Select EM ETF		19,574
	5	iShares MSCI Germany Small-Cap ETF		337
	274	iShares MSCI India Small-Cap ETF		14,177
	136	iShares MSCI Indonesia ETF		3,397
	6	iShares MSCI Ireland ETF		285
	180	iShares MSCI Japan ETF		10,368
	12	iShares MSCI Japan Small-Cap ETF		778
	27	iShares MSCI Taiwan ETF		1,541
	20	iShares MSCI Thailand ETF		1,517
	409	iShares MSCI UAE ETF		7,096
	6	iShares MSCI United Kingdom ETF		199
	221	iShares MSCI United Kingdom Small-Cap ETF		7,998
	62	iShares Russell 1000 Growth ETF		14,767
	291	iShares Russell 1000 Value ETF		46,424
	6	iShares Russell 2000 ETF		1,112
	128	iShares Russell 2000 Growth ETF		28,220
	467	iShares Russell 2000 Value ETF		70,840
	130	iShares Russell Mid-Cap Growth ETF		11,148
	361	iShares Russell Mid-Cap Value ETF		41,363

See accompanying notes to consolidated financial statements.

5

EASTERLY EHS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 67.0% (Continued)
		EQUITY - 63.5% (Continued)
	328	iShares S&P/TSX SmallCap Index ETF	$	5,098
	303	iShares STOXX Europe 600 Travel & Leisure UCITS(a)		6,137
	26	iShares U.S. Healthcare Providers ETF		6,853
	6	iShares US Financials ETF		471
	5	iShares US Pharmaceuticals ETF		972
	247	KraneShares CSI China Internet ETF		7,195
	78	Materials Select Sector SPDR Fund		6,710
	73	SPDR FactSet Innovative Technology ETF(a)		8,618
	17	SPDR S&P 500 ETF Trust		7,020
	144	SPDR S&P Emerging Asia Pacific ETF		15,067
	48	SPDR S&P Oil & Gas Exploration & Production ETF		7,422
	16	SPDR S&P Regional Banking ETF		1,028
	102	SPDR S&P Retail ETF		6,748
	239	VanEck Africa Index ETF		4,541
	194	VanEck Brazil Small-Cap ETF		3,496
	391	VanEck ChiNext ETF		12,986
	77	VanEck Egypt Index ETF		1,503
	5	VanEck Israel ETF		203
	304	VanEck Russia ETF		97
	112	VanEck Russia Small-Cap ETF		75
	182	VanEck Vietnam ETF		2,919
	282	Vanguard FTSE Emerging Markets ETF		12,306
	125	Vanguard Total World Stock ETF		11,694
	22	Wedbush ETFMG Video Game Tech ETF		1,480
	120	WisdomTree Emerging Markets SmallCap Dividend Fund		6,006
	24	WisdomTree Europe SmallCap Dividend Fund		1,551
	245	WisdomTree Japan Hedged SmallCap Equity Fund		10,457
	434	Xtrackers Harvest CSI 300 China A-Shares ETF		13,393
	218	Xtrackers MSCI All China Equity ETF		6,821
				733,506
		FIXED INCOME - 2.0%
	13	iShares iBoxx $ High Yield Corporate Bond ETF		1,034
	63	iShares Preferred & Income Securities ETF		2,189

See accompanying notes to consolidated financial statements.

6

EASTERLY EHS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 67.0% (Continued)
		FIXED INCOME - 2.0% (Continued)
	292	SPDR Bloomberg Convertible Securities ETF	$	20,069
				23,292
		SPECIALTY - 0.1%
	29	ProShares Short VIX Short-Term Futures ETF(a)		1,451
		TOTAL EXCHANGE-TRADED FUNDS (Cost $890,722)		773,583
		EXCHANGE-TRADED NOTES — 0.0%(b)
		SPECIALTY - 0.0%(b)
	6	iPath Series B S&P 500 VIX Short-Term Futures ETN(a) (Cost $122)		136
		OPEN END FUNDS — 21.0%
		FIXED INCOME - 21.0%
	23,153	Easterly Income Opportunities Fund, Class R6(c) (Cost $258,956)		241,953
		TOTAL INVESTMENTS – 88.0% (Cost $1,149,800)	$	1,015,672
		OTHER ASSETS LESS LIABILITIES – 12.0%		138,755
		NET ASSETS - 100.0%	$	1,154,427

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
SPDR	- Standard & Poor’s Depositary Receipt

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%.
(c)	Affiliated issuer.

See accompanying notes to consolidated financial statements.

7

EASTERLY EHS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Buy:
Mexican Peso	06/22/2022	Brown Brothers Harriman		8,621	$	436	$	8
					$	436	$	8
To Sell:
Australian Dollar	06/22/2022	Brown Brothers Harriman		2,604	$	1,869	$	(49	)
British Pound	06/22/2022	Brown Brothers Harriman		10,890		13,725		(259	)
Canadian Dollar	06/22/2022	Brown Brothers Harriman		8,359		6,607		(102	)
Euro	06/22/2022	Brown Brothers Harriman		38,010		40,841		(941	)
Japanese Yen	06/22/2022	Brown Brothers Harriman		2,098,130		16,314		83
					$	79,356	$	(1,268	)
Total							$	(1,260	)

See accompanying notes to consolidated financial statements.

8

EASTERLY TOTAL HEDGE PORTFOLIO

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.5%
		ALTERNATIVE - 4.7%
	427	AlphaClone Alternative Alpha ETF(a)	$	25,825
	2,071	First Trust Managed Futures Strategy Fund		106,636
	4,882	iMGP DBi Managed Futures Strategy ETF		152,855
	6,513	IQ Merger Arbitrage ETF(a)		205,746
	20,150	ProShares Merger ETF		813,455
				1,304,517
		COMMODITY - 2.1%
	7	Invesco DB Agriculture Fund(a)		154
	92	Invesco Optimum Yield Diversified Commodity		1,795
	1,333	iShares Gold Trust(a),(b)		46,482
	8,081	iShares S&P GSCI Commodity Indexed Trust(a),(b)		202,348
	924	KraneShares Global Carbon Strategy ETF		45,433
	1,249	ProShares UltraShort Bloomberg Crude Oil(a)		26,212
	737	SPDR Gold Shares(a),(b)		126,130
	2,154	United States Commodity Index Fund(a)		128,852
	460	United States Natural Gas Fund, L.P.(a)		12,839
				590,245
		EQUITY - 35.7%
	412	AdvisorShares Dorsey Wright ADR ETF		23,365
	2,720	AdvisorShares Pure Cannabis ETF		18,850
	708	AdvisorShares STAR Global Buy-Write ETF		26,104
	1,936	Alerian MLP ETF		78,021
	545	Capital Link Global Green Energy Transport and Technology Leaders ETF		19,378
	1,068	Columbia India Consumer ETF		53,966
	38	Consumer Discretionary Select Sector SPDR Fund		5,873
	2,443	Core Alternative ETF		74,292
	37	Direxion NASDAQ-100 Equal Weighted Index Shares		2,535
	1,416	Energy Select Sector SPDR Fund		123,475
	23	ETFMG Alternative Harvest ETF		166
	1,862	ETFMG Travel Tech ETF(a)		38,339
	1,991	First Trust DJ Global Select Dividend Index Fund		49,337
	128	First Trust Dow Jones Internet Index Fund(a)		17,893
	3,793	First Trust Financial AlphaDEX Fund		165,564
	1,201	First Trust Global Wind Energy ETF		22,327

See accompanying notes to consolidated financial statements.

9

EASTERLY TOTAL HEDGE PORTFOLIO

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.5% (Continued)
		EQUITY - 35.7% (Continued)
	2,219	First Trust MultiCap Growth AlphaDEX Fund	$	225,051
	3,504	First Trust Small Cap Growth AlphaDEX Fund		208,208
	4,316	FlexShares Morningstar Emerging Markets Factor		230,863
	4,487	Global SuperDividend US ETF		94,653
	1,782	Global X MSCI Argentina ETF		54,966
	2,757	Global X MSCI China Consumer Discretionary ETF(a)		56,381
	3,226	Global X MSCI Nigeria ETF		30,712
	997	Global X MSCI Norway ETF		30,219
	279	Global X Uranium ETF		6,121
	1,677	Goldman Sachs Hedge Industry VIP ETF(a)		131,079
	212	Invesco DWA Consumer Cyclicals Momentum ETF		14,446
	304	Invesco DWA Energy Momentum ETF		14,759
	372	Invesco DWA Financial Momentum ETF		16,316
	136	Invesco DWA SmallCap Momentum ETF		10,924
	707	Invesco FTSE RAFI Canadian Fundamental Index		20,440
	828	Invesco KBW Bank ETF		49,763
	904	Invesco KBW High Dividend Yield Financial ETF		16,444
	166	Invesco KBW Property & Casualty ETF		14,127
	6,104	Invesco S&P 500 BuyWrite ETF		130,320
	3,644	Invesco S&P 500 Downside Hedge ETF		125,244
	1,398	Invesco S&P 500 Pure Value ETF		118,928
	18,373	Invesco S&P SmallCap Energy ETF		208,166
	1,689	Invesco S&P SmallCap Health Care ETF(a)		234,636
	650	Invesco S&P SmallCap Information Technology ETF(a)		82,030
	22	Invesco S&P SmallCap Utilities & Communication Services ETF		1,340
	31	Invesco Solar ETF(a)		2,204
	244	Invesco Water Resources ETF		11,966
	311	IQ US Real Estate Small Cap ETF		7,467
	2,461	iShares Biotechnology ETF		287,124
	51	iShares China Large-Cap ETF		1,625
	318	iShares Core S&P/TSX Capped Composite Index ETF		8,326
��	31	iShares Currency Hedged MSCI EAFE ETF		1,046
	1,382	iShares Dow Jones Asia Pacific Select Dividend 50 UCIT ETF		36,690
	24	iShares Edge MSCI Europe Momentum Factor UCITS ETF, EUR ACC Class(a)		225

See accompanying notes to consolidated financial statements.

10

EASTERLY TOTAL HEDGE PORTFOLIO

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.5% (Continued)
		EQUITY - 35.7% (Continued)
	194	iShares EURO STOXX Mid UCITS ETF	$	13,436
	80	iShares Expanded Tech-Software Sector ETF(a)		22,870
	28	iShares Exponential Technologies ETF		1,457
	49	iShares Global Clean Energy ETF		974
	316	iShares Global Materials ETF		28,251
	9	iShares Global Timber & Forestry ETF		801
	863	iShares Latin America 40 ETF		24,535
	2,001	iShares Micro-Cap ETF		230,675
	667	iShares Mortgage Real Estate ETF		20,437
	315	iShares MSCI All Country Asia ex Japan ETF		22,582
	1,318	iShares MSCI Australia ETF		32,528
	559	iShares MSCI Brazil ETF		19,705
	2,030	iShares MSCI China Small-Cap ETF		75,760
	650	iShares MSCI Emerging Markets Small-Cap ETF		34,626
	7,797	iShares MSCI Frontier and Select EM ETF		233,364
	486	iShares MSCI Global Multifactor ETF		16,833
	322	iShares MSCI Hong Kong ETF		7,139
	220	iShares MSCI India ETF		9,115
	2,884	iShares MSCI India Small-Cap ETF		149,218
	1,373	iShares MSCI Indonesia ETF		34,298
	5	iShares MSCI Ireland ETF		238
	3,935	iShares MSCI Japan ETF		226,656
	691	iShares MSCI Japan Small-Cap ETF		44,811
	17	iShares MSCI Mexico ETF		885
	30	iShares MSCI Philippines ETF		881
	363	iShares MSCI Taiwan ETF		20,713
	193	iShares MSCI Thailand ETF		14,641
	4,357	iShares MSCI UAE ETF		75,594
	59	iShares MSCI United Kingdom ETF		1,957
	2,446	iShares MSCI United Kingdom Small-Cap ETF		88,518
	744	iShares Russell 1000 Growth ETF		177,206
	3,629	iShares Russell 1000 Value ETF		578,933
	1,014	iShares Russell 2000 ETF		187,904
	1,559	iShares Russell 2000 Growth ETF		343,712

See accompanying notes to consolidated financial statements.

11

EASTERLY TOTAL HEDGE PORTFOLIO

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.5% (Continued)
		EQUITY - 35.7% (Continued)
	6,629	iShares Russell 2000 Value ETF	$	1,005,552
	1,568	iShares Russell Mid-Cap Growth ETF		134,456
	5,232	iShares Russell Mid-Cap Value ETF		599,482
	320	iShares S&P Mid-Cap 400 Growth ETF		22,717
	2,978	iShares S&P/TSX Capped Materials Index ETF		45,955
	368	iShares S&P/TSX Global Gold Index ETF		5,370
	3,847	iShares S&P/TSX SmallCap Index ETF		59,791
	233	iShares STOXX Europe 600 Basic Resources UCITS ETF		17,811
	143	iShares STOXX Europe 600 Insurance UCITS ETF		4,842
	3,606	iShares STOXX Europe 600 Travel & Leisure UCITS(a)		73,041
	117	iShares STOXX Europe 600 Utilities UCITS ETF		4,965
	298	iShares U.S. Healthcare Providers ETF		78,550
	76	iShares US Financials ETF		5,961
	21	iShares US Pharmaceuticals ETF		4,083
	2,833	KraneShares CSI China Internet ETF		82,525
	953	Materials Select Sector SPDR Fund		81,987
	25	SPDR Dow Jones Global Real Estate ETF		1,217
	729	SPDR FactSet Innovative Technology ETF(a)		86,064
	1,531	SPDR S&P Emerging Asia Pacific ETF		160,189
	64	SPDR S&P Insurance ETF		2,564
	614	SPDR S&P Metals & Mining ETF		32,929
	559	SPDR S&P Oil & Gas Exploration & Production ETF		86,438
	376	SPDR S&P Regional Banking ETF		24,166
	1,426	SPDR S&P Retail ETF		94,344
	2,542	VanEck Africa Index ETF		48,298
	2,493	VanEck Brazil Small-Cap ETF		44,924
	4,162	VanEck ChiNext ETF		138,233
	822	VanEck Egypt Index ETF		16,050
	1,206	VanEck Mortgage REIT Income ETF		18,922
	6,095	VanEck Russia ETF		1,944
	1,504	VanEck Russia Small-Cap ETF		1,012
	2,175	VanEck Vietnam ETF		34,887
	70	Vanguard FTSE Canadian High Dividend Yield Index		2,561
	5,413	Vanguard FTSE Emerging Markets ETF		236,223

See accompanying notes to consolidated financial statements.

12

EASTERLY TOTAL HEDGE PORTFOLIO

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.5% (Continued)
		EQUITY - 35.7% (Continued)
	1,515	Vanguard Total World Stock ETF	$	141,728
	1,819	VictoryShares US EQ Income Enhanced Volatility Weighted ETF		130,641
	230	Wedbush ETFMG Video Game Tech ETF		15,473
	1,426	WisdomTree Emerging Markets SmallCap Dividend Fund		71,371
	348	WisdomTree Europe SmallCap Dividend Fund		22,496
	3,502	WisdomTree Japan Hedged SmallCap Equity Fund		149,465
	5,803	Xtrackers Harvest CSI 300 China A-Shares ETF		179,081
	2,838	Xtrackers MSCI All China Equity ETF		88,803
				10,000,658
		FIXED INCOME - 26.2%
	1,430	BlackRock Ultra Short-Term Bond ETF		71,700
	33,942	CI Canadian Convertible Bond ETF		266,704
	91	First Trust Emerging Markets Local Currency Bond ETF		2,583
	1,538	First Trust Municipal High Income ETF		75,593
	37,093	First Trust Senior Loan ETF		1,678,829
	285	Global X SuperIncome Preferred ETF		3,052
	28,291	High Yield ETF		787,763
	3,239	Highland/iBoxx Senior Loan ETF		48,812
	12	Invesco Financial Preferred ETF		194
	58,090	Invesco Global Short Term High Yield Bond ETF		1,144,373
	83	Invesco Senior Loan ETF		1,749
	1,451	Invesco Variable Rate Preferred ETF		33,750
	2,828	iShares 0-5 Year TIPS Bond ETF		294,338
	132	iShares 7-10 Year Treasury Bond ETF		13,638
	2,571	iShares Agency Bond ETF		285,227
	13,769	iShares Barclays USD Asia High Yield Bond Index ETF		98,861
	18	iShares Convertible Bond ETF		1,326
	467	iShares Floating Rate Bond ETF		23,523
	3,579	iShares iBoxx $ High Yield Corporate Bond ETF		284,531
	1,019	iShares JP Morgan EM Corporate Bond ETF		45,559
	2,601	iShares JP Morgan USD Emerging Markets Bond ETF		237,341
	1,186	iShares Preferred & Income Securities ETF		41,214
	9,665	ProShares Short 20+ Year Treasury(a)		191,947
	17,599	SPDR Blackstone Senior Loan ETF		757,109

See accompanying notes to consolidated financial statements.

13

EASTERLY TOTAL HEDGE PORTFOLIO

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.5% (Continued)
		FIXED INCOME - 26.2% (Continued)
	5,468	SPDR Bloomberg Convertible Securities ETF	$	375,816
	6,211	SPDR Bloomberg Euro High Yield Bond UCITS ETF		344,675
	156	SPDR Bloomberg High Yield Bond ETF		15,385
	100	SPDR Doubleline Total Return Tactical ETF		4,310
	3,676	VanEck Emerging Markets High Yield Bond ETF		69,881
	2,014	VanEck Fallen Angel High Yield Bond ETF		58,587
	147	VanEck International High Yield Bond ETF		3,060
	109	VanEck J. P. Morgan EM Local Currency Bond ETF		2,796
	955	Vanguard Long-Term Treasury ETF		68,063
	121	Vanguard Total International Bond ETF		6,104
	635	WisdomTree Interest Rate Hedged High Yield Bond		13,557
				7,351,950
		MIXED ALLOCATION - 1.3%
	1,799	First Trust Dorsey Wright Dynamic Focus 5 ETF		65,951
	9,468	SPDR SSgA Multi-Asset Real Return ETF		297,106
				363,057
		SPECIALTY - 0.5%
	580	Invesco DB US Dollar Index Bullish Fund(a)		15,782
	4,823	WisdomTree Bloomberg U.S. Dollar Bullish Fund(a)		131,282
				147,064
		TOTAL EXCHANGE-TRADED FUNDS (Cost $21,954,239)		19,757,491
		EXCHANGE-TRADED NOTES — 0.1%
		COMMODITY - 0.0%(c)
	82	iPath Series B Bloomberg Coffee Subindex Total Return ETN(a),(b)		5,193
		SPECIALTY - 0.1%
	1,617	iPath Series B S&P 500 VIX Short-Term Futures ETN(a)		36,480
		TOTAL EXCHANGE-TRADED NOTES (Cost $46,432)		41,673

See accompanying notes to consolidated financial statements.

14

EASTERLY TOTAL HEDGE PORTFOLIO

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		OPEN END FUNDS — 16.6%
		ALTERNATIVE - 7.9%
	5,945	AQR Managed Futures Strategy Fund, Class I	$	54,756
	131,970	Easterly Hedged Equity Fund, Class R6 (d)		1,380,405
	72,508	Kellner Merger Fund, Institutional Class		770,037
	625	Merger Fund (The), Class V		10,748
				2,215,946
		FIXED INCOME - 8.7%
	233,823	Easterly Income Opportunities Fund, Class R6(d)		2,443,455
		TOTAL OPEN END FUNDS (Cost $4,936,371)		4,659,401
		TOTAL INVESTMENTS – 87.2% (Cost $26,937,042)	$	24,458,565
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%		3,561,650
		NET ASSETS - 100.0%	$	28,020,215

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Buy:
Mexican Peso	06/22/2022	Brown Brothers Harriman		4,303	$	218	$	4
					$	218	$	4
							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Sell:
Australian Dollar	06/22/2022	Brown Brothers Harriman		96,666	$	69,383	$	(1,839	)
British Pound	06/22/2022	Brown Brothers Harriman		144,497		182,108		(3,429	)
Canadian Dollar	06/22/2022	Brown Brothers Harriman		595,846		470,994		(7,324	)
Euro	06/22/2022	Brown Brothers Harriman		1,065,612		1,145,002		(26,384	)
Japanese Yen	06/22/2022	Brown Brothers Harriman		28,616,662		222,505		1,129
Swiss Franc	06/22/2022	Brown Brothers Harriman		6,774		7,069		(191	)
					$	2,097,061	$	(38,038	)
Total							$	(38,034	)

EAFE	- Europe, Australasia and Far East
ETF	- Exchange-Traded Fund
LP	- Limited Partnership
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
SPDR	- Standard & Poor’s Depositary Receipt

(a)	Non-income producing security.
(b)	All or a portion of this investment is a holding of the ETHCF Ltd.
(c)	Percentage rounds to less than 0.1%.
(d)	Affiliated issuer.

See accompanying notes to consolidated financial statements.

15

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

	TOTAL RETURN SWAP - 0.0 %
Notional Amount	Description and Payment Frequency	Shares	Counterparty	Maturity Date	Pay/Receive Fixed Rate	Variable Rate	Unrealized Appreciation/ (Depreciation)
578,999	Monthly - S&P 500 Equal Weighted Index	101	Goldman Sachs	5/22/2023	Pay	0.7800	$	—
							$	—

	Unrealized Appreciation/ (Depreciation)
TOTAL RETURN SWAP - 0.9 %
The Deutsche Bank Total Return Swap with a payment frequency of maturity, provides exposure to the daily, total returns of the Easterly Index, a proprietary index of the London Branch of Deutsche Bank AG. The number of shares is 58,245 and requires the fund to pay interest at the rate of 0.38% on the Notional Value outstanding. The Easterly Index features a basket of commodity trading advisor (“CTA”) programs selected by Easterly Funds, LLC from an approved list of third-party managers offered through Deutsche Bank AG on its DB Select platform. The Easterly Index comprises a diversified collection of strategy and style types, including trend following, short-term trading, discretionary, global macro, and sector specialists. According to the terms of the swap, Easterly Funds, LLC can modify the Easterly Index as frequently as daily, on a T+1 basis, by adjusting the notional value of the Easterly Index, or by adding, deleting, or re-weighting the constituent CTA programs. The swap became effective on August 2, 2018, and expires on July 30, 2024. (Notional Value $6,487,613)	$	246,676
	$	246,676
TOTAL RETURN SWAP - 0.0 %
The Goldman Sachs Calls-vs-Calls US Series 2 Total Return Strategy with a quarterly payment frequency, is designed to extract dislocated call premiums from S&P 500 constituents; the strategy sells call options on a daily basis across top 100 constituents of the SPX where the term structure is most inverted. The stocks are picked with constraints on leverage, beta towards SPX and tracking error. The strategy also purchases an ATM call option on SPX to mitigate market risk . The number of shares is 7,713 and requires the fund to pay interest at the rate of 0.20% on the Notional Value outstanding. The swap became effective on May 28, 2021 and expires on February 8, 2023. (Notional Value $576,047)	$	6,006
	$	6,006
TOTAL RETURN SWAP - (0.0) %
The Goldman Sachs i-Select III Series 88 Excess Return Strategy (“GS i-Select”) with an annual payment frequency, is a synthetic rules-based proprietary strategy created by Goldman Sachs International as strategy sponsor. The GS i-Select Index includes strategies of the GS Risk Premia Universe that were selected by Easterly . The GS i-Select Index is actively managed by Easterly . The Index features 15 Portfolio Constituents that Easterly Funds, LLC determines the daily waiting of each constituent within the GS i-Select Index. The GS i-Select Index is comprised a diversified collection of strategy and style types, including equity, interest rates, FX, commodities, and credit based strategies such as imbalance, volatility carry, carry, momentum, low beta, and quality. According to the terms of the GS i-Select Index, Easterly Funds, LLC can modify the GS i-Select Index as frequently as daily, by adjusting the notional value of the GS i-Select Index, or by adding, deleting, or re-weighting the constituent Indexes in the GS i-Select Index.The number of shares is 18,117 and requires the fund to pay interest at the rate of 0.25% on the Notional Value outstanding. The swap became effective on May 28, 2021 and expires on February 8, 2023. (Notional Value $1,875,677)	$	(11,958	)
	$	(11,958	)
TOTAL RETURN SWAP - (0.1) %
Goldman Sachs Long Gamma US Series 10 Excess Return Strategy with a quarterly payment frequency, attempts to provide protection in tail scenarios through a levered position in delta-hedged put options. The strategy buys 12m 10-delta S&P Put options and delta-hedges them to attempt to neutralize the inherent short market exposure in typical markets. The strategy takes a long position in volatility and is best-positioned for left-tail events with very high realized volatility . The number of shares is 8,739 and requires the fund to pay interest at the rate of 0.20% on the Notional Value outstanding. The swap became effective on August 2, 2021 and expires on February 8, 2023. (Notional Value $575,375)	$	(15,798	)
	$	(15,798	)
TOTAL RETURN SWAP - 0.1 %
The Goldman Sachs Systematic Skew US Series 1D Total Return Strategy with a quarterly payment frequency, is designed to capture the spot-volatility covariance risk premium in equity markets, while minimizing exposure to volatility risk. The strategy sells 3m 15d puts and buys 3m 40d calls (delta and gamma hedged) that target a constant exposure to skew, with performance driven by Vanna. The strategy also buys 5d tail puts for added risk management. The number of shares is 9,695 and requires the fund to pay interest at the rate of 0.20% on the Notional Value outstanding. The swap became effective on August 30, 2021 and expires on February 8, 2023. (Notional Value $611,616)	$	20,844
	$	20,844
TOTAL RETURN SWAP - (0.0) %
The Goldman Sachs Credit Volatility Carry Y Series Excess Return Strategy (“GS Credit Vol Carry”) with a quarterly payment frequency, is designed to harvest the volatility risk premium in credit markets via the HYG ETF. The strategy sells 3x levered ATM calls and puts on the HYG ETF and also buys back 3x levered 5 and 10 delta puts. The delta is hedged intraday every 30 minutes. The swap became effective on March 24, 2022, and has a maturity date of March 23, 2023. The number of shares is 1,381. (Notional Value $694,000)	$	(7,998	)
	$	(7,998	)
TOTAL RETURN SWAP - (0.1) %
The Goldman Sachs Volatility Carry US Series 107 Excess Return Strategy (“GS Eq Intra-Weekly Vol Carry”) with a quarterly payment frequency, is designed to benefit from the fact that on average, equity implied volatility tends to trade at a premium to subsequent realized volatility as investors demand a risk premium for selling optionality and being short volatility, especially on the short-dated low-delta options. The strategy sells ultra-short dated put options (~2 days maturity) low delta (5 delta) that are priced relatively rich due to excess demand for these options. Options are delta-hedged intraday in order to single out the volatility premium opportunity. The swap became effective on March 24, 2022, and has a maturity date of March 23, 2023. The number of shares is 1,264. (Notional Value $553,000)	$	(13,228	)
	$	(13,228	)
TOTAL RETURN SWAP - (0.0) %
The Goldman Sachs Volatility Carry US Series 97 Excess Return Strategy (“GS Eq Weekly Vol Carry”) with an annual payment frequency, is designed to benefit from the fact that on average, equity implied volatility tends to trade at a premium to subsequent realized volatility as investors demand a risk premium for selling optionality and being short volatility, especially on the short-dated low-delta options. The strategy sells short dated put options (~1 week maturity) low delta (5 delta) that are priced relatively rich due to excess demand for these options. Options are delta-hedged intraday in order to single out the volatility premium opportunity. The swap became effective on March 24, 2022, and has a maturity date of March 23, 2023. The number of shares is 820. (Notional Value $421,000)	$	(7,506	)
	$	(7,506	)

See accompanying notes to consolidated financial statements.

16

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Easterly Deutsche Bank Swap Top 50 Holdings

FUTURES CONTRACTS*

Number of Contracts			Open Long Future Contracts	Expiration	Notional Value at May 31, 2022		Value and Unrealized Appreciation/ (Depreciation)			Percentage of Total Return Swap Unrealized Gain/Loss
	3		10 year Italian Bond	9/8/2022		417,945	$	(11,611	)		(4.71	)%
	1		E-Mini S&P 500	9/16/2022		228,043		14			0.01	%
								(11,597	)
Number of Contracts			Open Short Future Contracts	Expiration	Notional Value at May 31, 2022		Unrealized Appreciation/ (Depreciation)			Percentage of Total Return Swap Unrealized Gain
	(6	)	EUR/USD	9/19/2022		798,232		19,358			7.85	%
	(6	)	AUD/USD	9/19/2022		414,603		17,811			7.22	%
	(3	)	Euro-BOBL	9/8/2022		331,396		437			0.18	%
	(4	)	3 year Australian Treasury Bond	9/15/2022		296,336		(2,114	)		(0.86	)%
	(2	)	Euro-BUND	9/8/2022		288,495		(6,211	)		(2.52	)%
	(1	)	Eurodollar	6/19/2023		286,096		649			0.26	%
	(1	)	SOFR 3month Futures	6/20/2023		243,543		(522	)		(0.21	)%
	(1	)	3 Month SONIA Index Futures	6/20/2023		237,890		(772	)		(0.31	)%
	1		E-Mini S&P 500	9/16/2022		228,043		14			0.01	%
	(1	)	SOFR 3month Futures	6/18/2024		208,689		(1,481	)		(0.60	)%
	(1	)	Three Month Canadian Bankers Acceptance Future	3/13/2023		208,082		(761	)		(0.31	)%
	(2	)	2 year Euro-Schatz	9/8/2022		195,459		(866	)		(0.35	)%
	(2	)	JPY/USD	9/19/2022		190,803		3,846			1.56	%
	(1	)	3 month Euro (EURIBOR)	12/18/2023		180,621		(806	)		(0.33	)%
	(1	)	3 Month SONIA Index Futures	9/19/2023		179,035		(818	)		(0.33	)%
								27,764
			TOTAL FUTURES CONTRACTS				$	16,167

PURCHASED CALL OPTIONS*
	Description	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value		Percentage of Total Return Swap Unrealized Gain
	CNH/USD	Deutsche Bank		378,220		6.95	1/5/2023	$	2,029		0.82	%
	USD/EUR	Deutsche Bank		188,223		1.19	7/19/2022		—		0.00	%
	USD/EUR	Deutsche Bank		186,132		1.18	8/2/2022		—		0.00	%
									2,029

FORWARD CURRENCY CONTRACTS +*
Units to Receive/Deliver		In Exchange For		Counterparty	Settlement Date	US Dollar Value		Unrealized Appreciation / (Depreciation)			Percentage of Total Return Swap Unrealized Gain/Loss
To Buy:
224,837	USD	217,202	EUR	Deutsche Bank	6/30/2022		224,396		7,193			2.92	%
231,193,715	KRO	179,826	USD	Deutsche Bank	7/8/2022		180,652		826			0.33	%
14,356,262	INO	185,218	USD	Deutsche Bank	7/11/2022		188,645		3,427			1.39	%
2,668,513	CNH	398,137	USD	Deutsche Bank	7/14/2022		397,665		(471	)		(0.19	)%
8,535,940	TWO	289,923	USD	Deutsche Bank	7/21/2022		292,400		2,478			1.00	%
228,201	USD	221,236	EUR	Deutsche Bank	7/21/2022		224,453		3,217			1.30	%
1,405,602	CNH	208,774	USD	Deutsche Bank	7/25/2022		207,612		(1,161	)		(0.47	)%
194,327	USD	279,173	AUD	Deutsche Bank	7/29/2022		279,161		(12	)		(0.00	)%
14,851,678	PHO	278,946	USD	Deutsche Bank	7/29/2022		288,113		9,167			3.72	%
121,574	USD	193,786	NZD	Deutsche Bank	7/29/2022		193,380		(406	)		(0.16	)%
7,746,028	HKD	989,030	USD	Deutsche Bank	8/8/2022		989,030		—			0.00	%
2,744,310,263	IDO	187,709	USD	Deutsche Bank	8/18/2022		191,028		3,318			1.35	%
231,423,243	KRO	189,107	USD	Deutsche Bank	10/20/2022		199,366		10,259			4.16	%
446,111,938	KRO	400,225	USD	Deutsche Bank	10/27/2022		455,326		55,101			22.34	%
426,628,504	KRO	365,945	USD	Deutsche Bank	11/1/2022		401,876		35,931			14.57	%
465,998,344	KRO	361,283	USD	Deutsche Bank	11/28/2022		362,006		723			0.29	%
6,317,506	HKD	809,218	USD	Deutsche Bank	3/10/2023		809,163		(55	)		(0.02	)%
14,049,831	HKD	1,798,263	USD	Deutsche Bank	6/2/2023		1,796,782		(1,482	)		(0.60	)%
									128,053
To Sell:
230,478,007	KRO	(179,826)	USD	Deutsche Bank	6/30/2022		179,095		(731	)		(0.30	)%
24,315,751	JPY	(187,325)	USD	Deutsche Bank	7/6/2022		178,939		(8,386	)		(3.40	)%
446,096,620	KRO	(401,372)	USD	Deutsche Bank	7/27/2022		343,718		(57,654	)		(23.37	)%
355,544	USD	(334,931)	EUR	Deutsche Bank	7/29/2022		334,910		(21	)		(0.01	)%
391,598,992	KRO	(304,690)	USD	Deutsche Bank	7/29/2022		301,699		(2,991	)		(1.21	)%
424,675,927	KRO	(364,820)	USD	Deutsche Bank	8/1/2022		327,241		(37,579	)		(15.23	)%
467,436,954	KRO	(359,658)	USD	Deutsche Bank	8/29/2022		360,421		763			0.31	%
14,083,279	HKD	(1,798,290)	USD	Deutsche Bank	8/31/2022		1,798,290		—			0.00	%
14,076,805	HKD	(1,798,290)	USD	Deutsche Bank	9/2/2022		1,798,290		—			0.00	%
7,730,815	HKD	(989,045)	USD	Deutsche Bank	11/7/2022		988,883		(161	)		(0.07	)%
6,323,297	HKD	(809,224)	USD	Deutsche Bank	12/12/2022		809,224		—			0.00	%
230,957,087	KRO	(189,110)	USD	Deutsche Bank	1/20/2023		179,227		(9,882	)		(4.01	)%
									(116,642	)
	TOTAL FORWARD CURRENCY CONTRACTS
All Other Investments									217,069
Total Unrealized Appreciation of Swap								$	246,676

+ Foreign currency transactions are done by notional and not by contracts

* Non-income producing securities

Currency Abbreviations:

AUD - Australian Dollar

CNH - Chinese Yuan Renminbi

EUR - Euro

HKD - Hong Kong Dollar

IDO - Indonesian Rupiah

JPY - Japanese Yen

KRO - South Korean Won

PHO - Phillipine Peso

USD - U.S. Dollar

See accompanying notes to consolidated financial statements.

17

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Goldman Sachs Calls-vs-Calls US Series 2 Total Return Strategy Top 50 Holdings

PURCHASED CALL OPTIONS
Number of Contracts		Open Purchased Call Options	Counterparty	Notional Value at May 31, 2022		Expiration	Exercise Price		Fair Value
	19	S&P 500 Index	Goldman Sachs		79,059	6/17/2022	$	3,910	$	2,219
	5	S&P 500 Index	Goldman Sachs		21,900	7/15/2022	$	3,915		1,691
	7	S&P 500 Index	Goldman Sachs		29,730	6/17/2022	$	3,930		1,109
	3	S&P 500 Index	Goldman Sachs		13,710	8/19/2022	$	3,930		708
	6	S&P 500 Index	Goldman Sachs		25,932	6/17/2022	$	3,940		938
	6	S&P 500 Index	Goldman Sachs		25,028	6/17/2022	$	3,945		560
	7	S&P 500 Index	Goldman Sachs		27,320	6/17/2022	$	3,950		491
	5	S&P 500 Index	Goldman Sachs		18,973	7/15/2022	$	3,960		1,757
	2	S&P 500 Index	Goldman Sachs		9,700	8/19/2022	$	3,970		1,211
	7	S&P 500 Index	Goldman Sachs		30,705	6/17/2022	$	3,980		304
	6	S&P 500 Index	Goldman Sachs		23,003	6/17/2022	$	3,985		755
	3	S&P 500 Index	Goldman Sachs		11,289	7/15/2022	$	3,990		395
	3	S&P 500 Index	Goldman Sachs		11,885	7/15/2022	$	3,995		568
	6	S&P 500 Index	Goldman Sachs		22,806	6/17/2022	$	4,005		1,211
	6	S&P 500 Index	Goldman Sachs		23,663	6/17/2022	$	4,010		304
	7	S&P 500 Index	Goldman Sachs		27,065	6/17/2022	$	4,015		755
	3	S&P 500 Index	Goldman Sachs		13,927	7/15/2022	$	4,025		395
	6	S&P 500 Index	Goldman Sachs		26,115	6/17/2022	$	4,035		568
	4	S&P 500 Index	Goldman Sachs		16,524	6/17/2022	$	4,065		564
	2	S&P 500 Index	Goldman Sachs		10,032	7/15/2022	$	4,070		349
	7	S&P 500 Index	Goldman Sachs		27,330	6/17/2022	$	4,095		373
	5	S&P 500 Index	Goldman Sachs		20,992	6/17/2022	$	4,135		129
	3	S&P 500 Index	Goldman Sachs		12,660	6/17/2022	$	4,145		307
	3	S&P 500 Index	Goldman Sachs		13,141	6/17/2022	$	4,160		332
	7	S&P 500 Index	Goldman Sachs		30,691	6/17/2022	$	4,165		207
	3	S&P 500 Index	Goldman Sachs		13,456	7/15/2022	$	4,170		278
	4	S&P 500 Index	Goldman Sachs		18,248	6/17/2022	$	4,185		161
	3	S&P 500 Index	Goldman Sachs		13,959	6/17/2022	$	4,190		84
	4	S&P 500 Index	Goldman Sachs		14,762	6/17/2022	$	4,195		141
	2	S&P 500 Index	Goldman Sachs		9,315	6/17/2022	$	4,200		101
	3	S&P 500 Index	Goldman Sachs		11,495	7/15/2022	$	4,200		16
	5	S&P 500 Index	Goldman Sachs		22,017	6/17/2022	$	4,285		27
	4	S&P 500 Index	Goldman Sachs		15,159	6/17/2022	$	4,300		22
	8	S&P 500 Index	Goldman Sachs		34,912	6/17/2022	$	4,305		14
	3	S&P 500 Index	Goldman Sachs		11,107	7/15/2022	$	4,320		12
	4	S&P 500 Index	Goldman Sachs		16,819	6/17/2022	$	4,400		1,160
	3	S&P 500 Index	Goldman Sachs		10,784	6/17/2022	$	4,405		1,104
	3	S&P 500 Index	Goldman Sachs		10,630	6/17/2022	$	4,410		528
	3	S&P 500 Index	Goldman Sachs		14,208	7/15/2022	$	4,410		906
	3	S&P 500 Index	Goldman Sachs		14,399	6/17/2022	$	4,425		370
	2	S&P 500 Index	Goldman Sachs		9,850	6/17/2022	$	4,465		329
	4	S&P 500 Index	Goldman Sachs		15,569	6/17/2022	$	4,470		266
	3	S&P 500 Index	Goldman Sachs		12,157	6/17/2022	$	4,475		263
	3	S&P 500 Index	Goldman Sachs		10,740	7/15/2022	$	4,475		180
	2	S&P 500 Index	Goldman Sachs		7,953	6/17/2022	$	4,490		225
	2	S&P 500 Index	Goldman Sachs		8,173	6/17/2022	$	4,500		637
	2	S&P 500 Index	Goldman Sachs		8,026	6/17/2022	$	4,510		472
										25,496
WRITTEN CALL OPTIONS
Number of Contracts		Open Written Call Options	Counterparty	Notional Value at May 31, 2022		Expiration	Exercise Price		Fair Value
	197	Cisco Systems, Inc.	Goldman Sachs		8,879	6/17/2022	$	50		5
	51	Pepsi Co., Inc.	Goldman Sachs		8,499	6/17/2022	$	170		91
	50	Zoetis, Inc.	Goldman Sachs		8,547	6/17/2022	$	165		406
										502

See accompanying notes to consolidated financial statements.

18

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Goldman Sachs i-Select III Series 88 Excess Return Strategy Top 50 Holdings

FUTURES CONTRACTS*
Number of Contracts		Open Long Future Contracts	Expiration	Notional Value at May 31, 2022
	4	Australian Equity Futures Rolling Strategy Excess Return Index	6/16/2022		25,359
	0	5-year Treasury Future Exchange Close Index N1 Class B	9/30/2022		25,046
	0	5-year Bobl Future Exchange Close Index N1 Class B	6/8/2022		22,137
	0	S&P GSCI Unleaded Gasoline (ER)	6/30/2022		19,761
	0	S&P GSCI Aluminum 3 Month Forward (ER)	11/14/2022		21,877
	0	S&P GSCI Aluminum 3 Month Forward (ER)	10/17/2022		17,883
	1	S&P GSCI Coffee 3 Month Forward (ER)	12/19/2022		46,407
	0	S&P GSCI Coffee 6 Month Forward (ER)	3/21/2023		17,170
	1	S&P GSCI Corn 3 Month Forward (ER)	12/14/2022		22,127
	3	UK Equity Futures Rolling Strategy Index	6/17/2022		19,828
Number of Contracts		Open Short Future Contracts	Expiration	Notional Value at May 31, 2022
	0	10-year Bund Future	9/8/2022		36,602
	2	2-year Treasury Future	9/30/2022		394,929
	0	S&P GSCI Aluminum	8/15/2022		21,082
	0	S&P GSCI Coffee	7/19/2022		20,431
	0	S&P GSCI Coffee	9/20/2022		24,992
	0	S&P GSCI Copper 3 Month Forward (ER)	11/14/2022		16,863
	1	10-year Australian Treasury Future	6/15/2022		101,255
	0	10-year BTP Future	9/8/2022		34,546
	0	10-year Canadian Government Bond Future	9/20/2022		45,922
	0	10-year OAT Future	9/8/2022		44,208
	0	10-year Treasury Future	9/21/2022		46,497
	0	2-year Schatz Future	6/8/2022		29,372
	1	2-year Schatz Future	9/8/2022		147,349
	0	3 Month Sterling (Short Sterling) Future	9/20/2022		81,016
	0	3 Month Sterling (Short Sterling) Future	12/20/2022		80,878
	0	3 Month Sterling (Short Sterling) Future	9/19/2023		80,678
	0	3 Month Sterling (Short Sterling) Future	6/20/2023		80,678
	0	3 Month Sterling (Short Sterling) Future	3/14/2023		80,747
	0	5-year Bobl Future	9/8/2022		64,081
	1	5-year Treasury Future	9/30/2022		138,812
	20	Chinese Equity Futures	6/29/2022		18,672
	16	Emerging Markets Equity Futures	6/17/2022		16,747
	1	Euribor Future	9/19/2022		214,732
	1	Euribor Future	12/19/2022		214,333
	1	Euribor Future	3/13/2023		213,745
	1	Euribor Future	6/19/2023		213,390
	1	Euribor Future	9/18/2023		213,172
	1	Eurodollar Future	9/19/2023		187,661
	1	Eurodollar Future	9/20/2022		188,823
	1	Eurodollar Future	6/20/2023		187,637
	1	Eurodollar Future	3/14/2023		187,826
	1	Eurodollar Future	12/20/2022		188,257
	7	Hong Kong Equity Futures	6/29/2022		18,857
	0	S&P GSCI Aluminum	7/18/2022		17,198

WRITTEN PUT OPTIONS
Number of Contracts		Open Written Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Market Value
	62	S&P 500 Index	Goldman Sachs		255,944	$	3,890	6/3/2022	$	55
	45	S&P 500 Index	Goldman Sachs		186,965	$	3,930	6/3/2022		74
	13	S&P 500 Index	Goldman Sachs		52,740	$	3,610	6/3/2022		2
	13	S&P 500 Index	Goldman Sachs		52,261	$	3,780	6/3/2022		4
										135

CREDIT DEFAULT SWAPS
Number of Contracts		Open Credit Default Swaps	Counterparty	Notional Value at May 31, 2022		Expiration	Value
	88,710	Markit iTraxx Europe 5 Year Long Mid Total Return Index	Goldman Sachs		88,710	6/20/2027	$	752
	91,827	Markit CDX.NA.IG 5 Year Long Mid Total Return Index	Goldman Sachs		91,827	6/20/2027		1,054
								1,806

* The GS i-Select invests in 15 Portfolio Constituents which do not trade individual futures, therefore the Futures do not have any individual value and unrealized appreciation/depreciation.

See accompanying notes to consolidated financial statements.

19

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Goldman Sachs Long Gamma US Series 10 Total Return Strategy Top 50 Holdings

EQUITY FORWARDS
Number of Contracts		Open Short Equity Forwards	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	275	S&P 500 Index	Goldman Sachs		1,136,692	$	4,160	7/15/2022	$	8,017
	273	S&P 500 Index	Goldman Sachs		1,126,821	$	4,160	6/17/2022		7,978
	155	S&P 500 Index	Goldman Sachs		640,849	$	4,160	8/19/2022		4,298
	40	S&P 500 Index	Goldman Sachs		165,362	$	4,160	9/16/2022		1,038
										21,331
PURCHASED CALL OPTIONS
Number of Contracts		Open Purchased Call Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	72	S&P 500 Index	Goldman Sachs		298,491	$	4,035	6/17/2022	$	10,760
	49	S&P 500 Index	Goldman Sachs		200,575	$	4,040	7/15/2022		9,293
	39	S&P 500 Index	Goldman Sachs		163,041	$	4,060	7/15/2022		7,030
	45	S&P 500 Index	Goldman Sachs		187,068	$	4,070	7/15/2022		7,772
	32	S&P 500 Index	Goldman Sachs		130,560	$	4,075	8/19/2022		6,838
	138	S&P 500 Index	Goldman Sachs		572,254	$	4,100	6/17/2022		14,605
	43	S&P 500 Index	Goldman Sachs		176,492	$	4,130	7/15/2022		5,796
	39	S&P 500 Index	Goldman Sachs		161,160	$	4,140	7/15/2022		5,045
	38	S&P 500 Index	Goldman Sachs		158,872	$	4,240	6/17/2022		1,491
	33	S&P 500 Index	Goldman Sachs		138,170	$	4,250	6/17/2022		1,186
	29	S&P 500 Index	Goldman Sachs		118,616	$	4,260	6/17/2022		927
	49	S&P 500 Index	Goldman Sachs		201,042	$	4,285	6/17/2022		1,232
	36	S&P 500 Index	Goldman Sachs		149,634	$	4,290	6/17/2022		877
	30	S&P 500 Index	Goldman Sachs		125,227	$	4,310	7/15/2022		1,611
										74,463
PURCHASED PUT OPTIONS
Number of Contracts		Open Purchased Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	64	S&P 500 Index	Goldman Sachs		265,249	$	2,000	8/19/2022	$	132
	63	S&P 500 Index	Goldman Sachs		258,855	$	2,000	9/16/2022		252
	94	S&P 500 Index	Goldman Sachs		388,714	$	2,100	8/19/2022		230
	80	S&P 500 Index	Goldman Sachs		331,784	$	2,100	7/15/2022		83
	64	S&P 500 Index	Goldman Sachs		266,123	$	2,100	9/16/2022		304
	40	S&P 500 Index	Goldman Sachs		166,494	$	2,150	6/17/2022		3
	97	S&P 500 Index	Goldman Sachs		399,598	$	2,200	7/15/2022		113
	74	S&P 500 Index	Goldman Sachs		304,844	$	2,200	8/19/2022		218
	52	S&P 500 Index	Goldman Sachs		215,469	$	2,200	6/17/2022		29
	29	S&P 500 Index	Goldman Sachs		119,724	$	2,225	6/17/2022		1
	136	S&P 500 Index	Goldman Sachs		561,065	$	2,300	7/15/2022		182
	88	S&P 500 Index	Goldman Sachs		363,696	$	2,300	8/19/2022		310
	29	S&P 500 Index	Goldman Sachs		120,550	$	2,325	6/17/2022		2
	29	S&P 500 Index	Goldman Sachs		120,810	$	2,350	6/17/2022		2
	71	S&P 500 Index	Goldman Sachs		295,353	$	2,400	7/15/2022		113
	32	S&P 500 Index	Goldman Sachs		133,575	$	2,400	6/17/2022		3
	39	S&P 500 Index	Goldman Sachs		160,558	$	2,450	7/15/2022		48
	50	S&P 500 Index	Goldman Sachs		206,456	$	2,550	7/15/2022		77
	32	S&P 500 Index	Goldman Sachs		133,465	$	2,550	6/17/2022		4
	39	S&P 500 Index	Goldman Sachs		162,213	$	2,650	6/17/2022		6
	64	S&P 500 Index	Goldman Sachs		265,935	$	2,750	7/15/2022		170
	57	S&P 500 Index	Goldman Sachs		235,156	$	3,275	6/17/2022		64
										2,346
WRITTEN PUT OPTIONS
Number of Contracts		Open Written Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	33	S&P 500 Index	Goldman Sachs		134,643	$	3,250	9/16/2022		1,128
	31	S&P 500 Index	Goldman Sachs		128,194	$	3,330	8/19/2022		832
	58	S&P 500 Index	Goldman Sachs		239,813	$	3,440	7/15/2022		750
	30	S&P 500 Index	Goldman Sachs		121,984	$	3,565	6/17/2022		98
	40	S&P 500 Index	Goldman Sachs		165,445	$	3,570	7/15/2022		787
	43	S&P 500 Index	Goldman Sachs		177,581	$	3,610	8/19/2022		2,215
	64	S&P 500 Index	Goldman Sachs		265,935	$	3,740	7/15/2022		2,352
	69	S&P 500 Index	Goldman Sachs		285,094	$	3,890	6/17/2022		1,562
	31	S&P 500 Index	Goldman Sachs		126,692	$	3,965	6/17/2022		1,090
	38	S&P 500 Index	Goldman Sachs		156,290	$	3,995	6/17/2022		1,599
										12,413

See accompanying notes to consolidated financial statements.

20

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Goldman Sachs Systematic Skew US Series 1D Total Return Strategy Top 50 Holdings

EQUITY FORWARDS
Number of Contracts		Open Short Equity Forwards	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	505	S&P 500 Index	Goldman Sachs		2,209,483	$	4,385	3/18/2022	$	7,762
	479	S&P 500 Index	Goldman Sachs		2,094,968	$	4,385	4/14/2022		8,318
	253	S&P 500 Index	Goldman Sachs		1,108,406	$	4,385	5/20/2022		5,317
	74	S&P 500 Index	Goldman Sachs		324,981	$	4,380	6/17/2022		1,384
										22,781
PURCHASED CALL OPTIONS
Number of Contracts		Open Purchased Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	73	S&P 500 Index	Goldman Sachs		319,551	$	4,300	3/18/2022	$	10,614
	102	S&P 500 Index	Goldman Sachs		446,798	$	4,375	3/18/2022		9,858
	93	S&P 500 Index	Goldman Sachs		408,478	$	4,420	3/18/2022		6,663
	96	S&P 500 Index	Goldman Sachs		421,954	$	4,450	3/18/2022		5,461
	76	S&P 500 Index	Goldman Sachs		333,977	$	4,500	3/18/2022		2,763
	58	S&P 500 Index	Goldman Sachs		251,929	$	4,575	3/18/2022		901
	72	S&P 500 Index	Goldman Sachs		316,082	$	4,620	3/18/2022		633
	107	S&P 500 Index	Goldman Sachs		467,375	$	4,330	4/14/2022		18,151
	75	S&P 500 Index	Goldman Sachs		329,407	$	4,405	4/14/2022		9,329
	64	S&P 500 Index	Goldman Sachs		280,831	$	4,445	4/14/2022		6,553
	108	S&P 500 Index	Goldman Sachs		473,924	$	4,475	4/14/2022		9,448
	61	S&P 500 Index	Goldman Sachs		266,381	$	4,520	4/14/2022		4,091
	69	S&P 500 Index	Goldman Sachs		302,899	$	4,360	5/20/2022		13,332
										97,797
PURCHASED PUT OPTIONS
Number of Contracts		Open Purchased Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	148	S&P 500 Index	Goldman Sachs		645,584	$	3,350	3/18/2022	$	457
	143	S&P 500 Index	Goldman Sachs		625,174	$	2,450	3/18/2022		57
	141	S&P 500 Index	Goldman Sachs		616,564	$	2,875	3/18/2022		165
	141	S&P 500 Index	Goldman Sachs		615,217	$	3,150	3/18/2022		288
	122	S&P 500 Index	Goldman Sachs		532,578	$	2,500	3/18/2022		55
	76	S&P 500 Index	Goldman Sachs		334,182	$	2,300	3/18/2022		20
	76	S&P 500 Index	Goldman Sachs		333,130	$	2,400	3/18/2022		26
	68	S&P 500 Index	Goldman Sachs		295,284	$	2,825	3/18/2022		70
	238	S&P 500 Index	Goldman Sachs		1,038,996	$	2,550	4/14/2022		731
	183	S&P 500 Index	Goldman Sachs		800,220	$	2,500	4/14/2022		525
	139	S&P 500 Index	Goldman Sachs		606,481	$	2,750	4/14/2022		579
	117	S&P 500 Index	Goldman Sachs		509,769	$	2,700	4/14/2022		452
	95	S&P 500 Index	Goldman Sachs		417,598	$	2,900	4/14/2022		498
	86	S&P 500 Index	Goldman Sachs		377,946	$	2,650	4/14/2022		311
	74	S&P 500 Index	Goldman Sachs		322,277	$	2,350	4/14/2022		165
	71	S&P 500 Index	Goldman Sachs		310,264	$	2,200	4/14/2022		122
	163	S&P 500 Index	Goldman Sachs		710,776	$	2,200	5/20/2022		773
	112	S&P 500 Index	Goldman Sachs		490,954	$	2,300	5/20/2022		616
	100	S&P 500 Index	Goldman Sachs		437,532	$	2,250	5/20/2022		512
	86	S&P 500 Index	Goldman Sachs		374,414	$	2,350	5/20/2022		504
	67	S&P 500 Index	Goldman Sachs		292,072	$	2,400	5/20/2022		422
	80	S&P 500 Index	Goldman Sachs		350,280	$	2,200	6/17/2022		585
										7,933
WRITTEN PUT OPTIONS
Number of Contracts		Open Written Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	169	S&P 500 Index	Goldman Sachs		740,815	$	4,065	3/18/2022	$	4,997
	131	S&P 500 Index	Goldman Sachs		574,106	$	4,190	3/18/2022		6,435
	148	S&P 500 Index	Goldman Sachs		645,584	$	4,230	3/18/2022		8,501
	97	S&P 500 Index	Goldman Sachs		422,464	$	3,960	4/14/2022		4,728
	63	S&P 500 Index	Goldman Sachs		275,899	$	3,995	4/14/2022		3,402
	86	S&P 500 Index	Goldman Sachs		375,905	$	4,075	4/14/2022		5,776
	95	S&P 500 Index	Goldman Sachs		417,598	$	4,115	4/14/2022		7,150
	66	S&P 500 Index	Goldman Sachs		288,363	$	3,680	5/20/2022		3,090
	58	S&P 500 Index	Goldman Sachs		252,651	$	3,740	5/20/2022		3,062
	76	S&P 500 Index	Goldman Sachs		333,298	$	3,850	5/20/2022		5,076
	73	S&P 500 Index	Goldman Sachs		317,752	$	3,990	5/20/2022		6,488
										58,705

See accompanying notes to consolidated financial statements.

21

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Goldman Sachs Credit Volatility Carry Y Series Excess Return Strategy Top 50 Holdings

EQUITY FORWARDS
Number of Contracts			Open Short Equity Forwards	Counterparty	Notional Value at May 31, 2022		Exercise Price			Expiration	Fair Value
	(2,777	)	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		220,759		80		6/1/2022		(2,237	)
PURCHASED PUT OPTIONS
Number of Contracts			Open Purchased Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration		Fair Value
	1,174		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		93,333		65		7/15/2022		68
	907		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		72,124		66		7/15/2022		59
	251		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		19,989		66		6/17/2022		4
	2,233		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		177,517		67		6/17/2022		44
	277		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		22,006		67		7/15/2022		20
	2,525		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		200,761		68		6/17/2022		57
	733		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		58,245		68		7/15/2022		62
	1,692		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		134,477		69		6/17/2022		44
	1,196		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		95,069		69		7/15/2022		117
	1,998		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		158,845		70		6/17/2022		61
	743		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		59,088		70		7/15/2022		85
	3,074		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		244,369		71		6/17/2022		112
	330		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		26,215		71		7/15/2022		45
	2,495		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		198,389		72		6/17/2022		110
	1,136		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		90,337		73		6/17/2022		62
	249		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		19,834		74		6/17/2022		15
	230		iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		18,251		75		6/17/2022		19
												984

WRITTEN CALL OPTIONS
Number of Contracts		Open Written Call Options	Counterparty	Notional Value at May 31, 2022		Expiration	Fair Value
	213	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		16,934	6/17/2022		689
	1,241	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		98,660	7/15/2022		2,992
	2,952	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		234,682	6/17/2022		6,856
	491	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		39,063	6/17/2022		931
	1,558	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		123,878	7/15/2022		2,629
	1,910	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		151,863	6/17/2022		2,849
	218	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		17,327	6/17/2022		244
	617	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		49,071	7/15/2022		661
	1,297	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		103,136	6/17/2022		1,027
	1,035	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		82,267	7/15/2022		615
	2,898	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		230,424	6/17/2022		904
	247	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		19,617	7/15/2022		69
	1,764	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		140,206	6/17/2022		159
	972	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		77,251	6/17/2022		28
	411	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		32,677	6/17/2022		5
								20,658
WRITTEN PUT OPTIONS
Number of Contracts		Open Written Put Options	Counterparty	Notional Value at May 31, 2022		Expiration	Fair Value
	251	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		19,960	6/17/2022	$	18
	925	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		73,517	7/15/2022		249
	1,465	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		116,431	7/15/2022		531
	3,785	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		300,944	6/17/2022		362
	1,706	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		135,623	7/15/2022		855
	3,522	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		279,995	6/17/2022		494
	472	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		37,522	6/17/2022		84
	938	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		74,596	7/15/2022		654
	2,883	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		229,191	6/17/2022		661
	218	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		17,327	6/17/2022		66
	890	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		70,723	7/15/2022		864
	3,311	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		263,190	6/17/2022		1,317
	383	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		30,467	6/17/2022		202
	715	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		56,835	7/15/2022		968
	2,558	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		203,335	6/17/2022		1,785
	1,158	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		92,066	6/17/2022		1,409
	594	iShares iBoxx $ High Yield Corporate Bond ETF	Goldman Sachs		47,190	6/17/2022		1,184
								11,703

See accompanying notes to consolidated financial statements.

22

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Goldman Sachs Volatility Carry US Series 107 Total Return Strategy Top 50 Holdings

EQUITY FORWARDS
Number of Contracts		Open Short Equity Forwards	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	6	S&P 500 Index	Goldman Sachs		23,618	$	4,160	6/1/2022	$	161
	5	S&P 500 Index	Goldman Sachs		19,609	$	4,160	6/3/2022		136
WRITTEN PUT OPTIONS
Number of Contracts		Open Written Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	200	S&P 500 Index	Goldman Sachs		824,523	$	3,960	6/1/2022	$	34
	97	S&P 500 Index	Goldman Sachs		401,812	$	3,950	6/3/2022		225
	97	S&P 500 Index	Goldman Sachs		401,812	$	4,020	6/1/2022		75
										334

See accompanying notes to consolidated financial statements.

23

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Goldman Sachs Volatility Carry US Series 97 Total Return Strategy Top 50 Holdings

EQUITY FORWARDS
Number of Contracts		Open Short Equity Forwards	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	5	S&P 500 Index	Goldman Sachs		20,006	$	4,130	6/3/2022	$	6
WRITTEN PUT OPTIONS
Number of Contracts		Open Written Put Options	Counterparty	Notional Value at May 31, 2022		Exercise Price		Expiration	Fair Value
	32	S&P 500 Index	Goldman Sachs		130,297	$	3,610	6/3/2022	$	5
	31	S&P 500 Index	Goldman Sachs		129,114	$	3,780	6/3/2022		11
	153	S&P 500 Index	Goldman Sachs		632,331	$	3,890	6/3/2022		136
	111	S&P 500 Index	Goldman Sachs		461,914	$	3,930	6/3/2022		182
										334

See accompanying notes to consolidated financial statements.

24

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1%
		AGENCY CMBS — 1.6%
	847,054	Freddie Mac Multifamily Structured Pass Through(a),(b)		2.3230	05/25/47	$	107,394
	2,848,068	FREMF 2017-KF37 Mortgage Trust(c),(d)	US0001M + 2.750%	3.5530	06/25/27		2,823,817
	1,889,649	FREMF 2018-KF46(c),(d)	US0001M + 1.950%	2.7530	03/25/28		1,840,851
	108,003	Government National Mortgage Association(a),(b)		0.4580	04/16/53		655
	1,000,000	Multifamily Connecticut Avenue Securities Trust 2019-01(c),(d)	US0001M + 3.250%	4.2560	10/15/49		929,320
							5,702,037
		AUTO LOAN — 1.6%
	2,000,000	CPS Auto Receivables Trust 2018-B(c)		5.6100	12/16/24		2,011,790
	3,500,000	US Auto Funding 2021-1(c)		4.3600	03/15/27		3,260,012
	600,000	USASF Receivables 2020-1, LLC(c)		9.3500	03/15/27		611,773
							5,883,575
		CDO — 5.2%
	109,993	ARCap 2003-1 Resecuritization Trust(c)		7.1100	08/20/38		111,278
	658,990	Aspen Funding I Ltd.		9.0600	07/10/37		674,167
	7,383,349	DWRS 2016-1(c),(h)		1.0440	04/23/32		2,251,921
	6,329,349	Galleria CDO V Ltd.(c),(d)	US0003M + 2.400%	3.3280	09/19/37		6,064,359
	3,734,311	Mid Ocean CBO 2001-1 Ltd.(d),(h)	US0003M + 0.500%	2.3910	11/05/36		1,048,075
	1,756,000	MMcapS Funding XVII Ltd.(c),(d)	US0003M + 0.600%	1.1230	12/01/35		1,554,060
	5,396,000	Trapeza Cdo Xii Ltd.(c),(d)	US0003M + 0.460%	1.4290	04/06/42		4,499,185
	3,000,000	Tropic CDO IV Ltd.(c),(d)	US0003M + 1.000%	2.0440	04/15/35		2,718,900
							18,921,945
		CLO — 5.2%
	750,000	BlueMountain CLO 2013-2 Ltd.(c),(d)	US0003M + 1.300%	2.4360	10/22/30		736,464
	284,381	Cutwater 2014-I Ltd.(c),(d)	US0003M + 1.700%	2.7440	07/15/26		284,177
	1,000,000	Deerpath Capital CLO 2018-1 LTD(c),(d)	US0003M + 3.500%	4.5440	01/15/31		978,117
	1,000,000	Deerpath Capital CLO 2020-1 LTD(c),(d)	US0003M + 3.900%	4.9440	04/17/32		980,226
	2,500,000	Ellington Clo II Ltd.(c),(d)	US0003M + 2.900%	4.3110	02/15/29		2,458,118
	500,000	Ellington Clo III Ltd.(c),(d)	US0003M + 3.740%	4.8030	07/20/30		471,812
	200,000	GC FTPYME Pastor 4 FTA	EUR003M + 2.400%	1.9940	07/15/45		120,871
	1,096,088	Halcyon Loan Advisors Funding 2013-1 Ltd.(c),(d)	US0003M + 3.500%	4.5440	04/15/25		1,067,703
	2,367,845	Halcyon Loan Advisors Funding 2013-2 Ltd.(c),(d),(h)	US0003M + 3.800%	5.0860	08/01/25		2,005,406
	1,262,873	Halcyon Loan Advisors Funding 2014-2 Ltd.(c),(d)	US0003M + 3.500%	4.7380	04/28/25		1,238,052
	1,500,000	Halcyon Loan Advisors Funding 2014-3 Ltd.(c),(d)	US0003M + 3.650%	4.7860	10/22/25		1,370,469

See accompanying notes to consolidated financial statements.

25

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		CLO — 5.2% (Continued)
	250,000	Nassau 2018-I Ltd.(c),(d)	US0003M + 5.850%	6.8940	07/15/31	$	204,018
	500,000	Peaks CLO 2 Ltd.(c),(d)	US0003M + 3.600%	4.6630	07/20/31		488,353
	2,750,000	Peaks CLO 2 Ltd.(c),(d)	US0003M + 5.000%	6.0630	07/20/31		2,585,951
	500,000	Steele Creek Clo 2018-2 Ltd.(c),(d)	US0003M + 3.400%	4.8550	08/18/31		445,007
	3,000,000	Z Capital Credit Partners CLO 2018-1 Ltd.(c),(d)	US0003M + 2.450%	3.4940	01/16/31		2,946,605
	500,000	Zais Clo 13 Ltd.(c),(d)	US0003M + 4.520%	5.5640	07/15/32		430,090
							18,811,439
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9%
	155,824	ABN Amro Mortgage Corporation		5.5000	10/25/33		152,312
	651,178	Adjustable Rate Mortgage Trust 2005-6A(d)	US0001M + 0.840%	1.8460	11/25/35		214,185
	43,987	Alternative Loan Trust 1998-4(e)		6.2750	08/25/28		43,303
	22,437	Alternative Loan Trust 2003-22CB		5.7500	12/25/33		21,921
	125,595	Alternative Loan Trust 2003-J2 Series 2003-J2 Class A1		6.0000	10/25/33		121,737
	150,677	Alternative Loan Trust 2003-J3		5.2500	11/25/33		145,239
	48,670	Alternative Loan Trust 2003-J3		6.2500	12/25/33		48,051
	61,336	Alternative Loan Trust 2004-15(b)		2.2410	09/25/34		60,163
	12,060	Alternative Loan Trust 2004-16CB		5.5000	07/25/34		11,890
	8,214,834	Alternative Loan Trust 2004-24CB		6.0000	11/25/34		8,267,161
	464,520	Alternative Loan Trust 2004-28CB		5.7500	01/25/35		439,589
	92,514	Alternative Loan Trust 2004-28CB		6.0000	01/25/35		87,774
	47,407	Alternative Loan Trust 2004-28CB		6.0000	01/25/35		45,606
	102,788	Alternative Loan Trust 2004-J10		6.0000	09/25/34		101,587
	680,013	Alternative Loan Trust 2004-J10		5.5000	11/25/34		663,927
	25,916	Alternative Loan Trust 2004-J10		5.0000	10/25/53		25,843
	52,211	Alternative Loan Trust 2004-J11		7.2500	08/25/32		52,725
	137,417	Alternative Loan Trust 2004-J8		7.0000	08/25/34		118,516
	92,476	Alternative Loan Trust 2005-14(d)	US0001M + 0.420%	1.4260	05/25/35		81,304
	218,774	Alternative Loan Trust 2005-27(d)	12MTA + 1.350%	1.6740	08/25/35		190,437
	38,061	Alternative Loan Trust 2005-3CB		5.0000	03/25/35		31,785
	39,876	Alternative Loan Trust 2005-54CB		5.5000	11/25/35		33,912
	119,706	Alternative Loan Trust 2005-61(d)	US0001M + 0.560%	1.5660	12/25/35		113,653
	157,941	Alternative Loan Trust 2005-6CB		5.5000	04/25/35		145,676
	164,122	Alternative Loan Trust 2005-72(d)	US0001M + 0.600%	1.6060	01/25/36		158,143
	43,700	Alternative Loan Trust 2005-J11		6.0000	10/25/35		26,499

See accompanying notes to consolidated financial statements.

26

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	56,331	Alternative Loan Trust 2005-J11		5.5000	11/25/35	$	37,980
	151,858	Alternative Loan Trust 2005-J8		5.5000	07/25/35		127,666
	105,570	Alternative Loan Trust 2006-40T1		6.0000	12/25/36		39,148
	49,310	Alternative Loan Trust Resecuritization 2005-12R		6.0000	11/25/34		47,447
	94,955	American Home Mortgage Investment Trust 2004-1(d)	US0006M + 2.000%	3.8480	04/25/44		90,901
	3,000,000	Angel Oak Mortgage Trust I, LLC 2019-2		6.2860	03/25/49		2,855,291
	3,000,000	Angel Oak Mortgage Trust I, LLC 2019-4(b),(c)		4.4120	07/26/49		2,807,188
	460,326	APS Resecuritization Trust 2016-3(c),(d)	US0001M + 2.850%	3.8560	09/27/46		459,998
	254,337	Banc of America Alternative Loan Trust 2003-8		5.5000	10/25/33		250,132
	122,116	Banc of America Alternative Loan Trust 2004-6		6.0000	07/25/34		120,101
	67,348	Banc of America Alternative Loan Trust 2007-1(b)		3.9210	06/25/22		58,385
	22,385	Banc of America Funding 2004-C Trust(d)	US0001M + 0.660%	1.5870	12/20/34		22,190
	45,816	Banc of America Funding 2005-E Trust(d)	COF 11 + 1.430%	1.6530	06/20/35		37,171
	863,264	Banc of America Funding 2006-I Trust(b)		3.2140	10/20/46		729,265
	102,383	Banc of America Funding 2007-2 Trust(a)		6.0000	03/25/37		19,458
	76,505	Banc of America Funding 2015-R4 Trust(c),(d)	US0001M + 0.150%	0.8180	10/25/36		75,646
	27,113	Banc of America Mortgage 2002-L Trust(b)		2.8030	12/25/32		22,108
	60,554	Banc of America Mortgage 2005-E Trust(b)		2.8060	06/25/35		54,150
	55,088	Banc of America Mortgage 2005-F Trust(b)		2.6620	07/25/35		48,304
	31,552	Banc of America Mortgage 2005-H Trust(b)		2.7420	09/25/35		28,433
	587,017	BCAP, LLC 2011-RR5-I Trust(c),(e)		4.7770	03/26/37		569,756
	4,510	Bear Stearns ALT-A Trust 2004-11(b)		2.7740	11/25/34		4,406
	61,084	Bear Stearns ARM Trust 2003-5(b)		2.2370	08/25/33		58,902
	6,114	Bear Stearns ARM Trust 2003-7(b)		2.4700	10/25/33		6,054
	48,767	Bear Stearns ARM Trust 2003-8(b)		2.0870	01/25/34		45,989
	13,407	Bear Stearns ARM Trust 2004-1(b)		2.3390	04/25/34		12,335
	138,722	Bear Stearns ARM Trust 2004-1(b)		2.8490	04/25/34		131,638
	55,604	Bear Stearns ARM Trust 2004-10(b)		2.7960	01/25/35		54,322
	105,398	Bear Stearns ARM Trust 2004-6(b)		2.1650	09/25/34		94,339
	918,779	Bear Stearns ARM Trust 2004-8(b)		3.0270	11/25/34		869,802
	52,242	Bear Stearns ARM Trust 2004-8(b)		3.0440	11/25/34		49,660
	603,451	Bear Stearns Asset Backed Securities I Trust		6.0000	03/25/36		248,077
	656,162	Bear Stearns Asset Backed Securities Trust(e)		5.5000	01/25/34		600,148
	220,910	Bear Stearns Structured Products Inc Trust 2007-R6(b)		2.8140	01/26/36		181,066

See accompanying notes to consolidated financial statements.

27

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	41,912	Bella Vista Mortgage Trust 2004-1(d)	US0001M + 0.700%	1.6280	11/20/34	$	41,356
	1,986,021	Bellemeade Re 2019-2 Ltd.(c),(d)	US0001M + 2.000%	3.0060	04/25/29		1,971,524
	99,409	BlackRock Capital Finance, L.P.(b),(c)		3.5020	12/25/35		72,569
	1,018,603	Brean Asset Backed Securities Trust 2021-RM1(c)		1.6000	10/25/63		683,686
	573,542	Cascade Funding Mortgage Trust 2018-RM2(b),(c)		0.0000	10/25/68		553,821
	1,020,947	Cascade Funding Mortgage Trust 2019-RM3(b),(c)		4.0000	06/25/69		970,542
	101,941	CDMC Mortgage Pass-Through Certificates Series 2004-4(b)		5.4710	09/25/34		97,036
	83,910	CDMC Mortgage Pass-Through Certificates Series 2005-1(b)		5.1050	02/18/35		80,510
	1,065,324	Cendant Mortgage Capital, LLC CDMC Mort Pas Thr Ce		5.5000	02/25/34		1,035,115
	180,404	Chase Mortgage Finance Trust Series 2004-S2		5.5000	02/25/34		176,642
	500,909	Chase Mortgage Finance Trust Series 2007-S3(f)		0.0000	05/25/37		146,654
	278,937	Chase Mortgage Finance Trust Series 2007-S3(a)		6.0000	05/25/37		62,617
	244,328	Chevy Chase Funding, LLC Mortgage-Backed(c),(d)	US0001M + 0.250%	1.2560	10/25/36		179,549
	105,025	CHL Mortgage Pass-Through Trust 2002-19		6.2500	11/25/32		96,351
	131,410	CHL Mortgage Pass-Through Trust 2002-39		5.7500	02/25/33		124,962
	126,897	CHL Mortgage Pass-Through Trust 2003-60(b)		2.1160	02/25/34		110,404
	42,918	CHL Mortgage Pass-Through Trust 2004-14(b)		2.4480	08/25/34		40,671
	33,940	CHL Mortgage Pass-Through Trust 2004-3		5.7500	04/25/34		32,685
	85,288	CHL Mortgage Pass-Through Trust 2004-5		5.2500	05/25/34		85,359
	103,534	CHL Mortgage Pass-Through Trust 2004-5		5.5000	05/25/34		104,223
	54,086	CHL Mortgage Pass-Through Trust 2004-6(b)		3.3100	05/25/34		52,427
	24,107	CHL Mortgage Pass-Through Trust 2004-8		5.7500	07/25/34		23,725
	66,530	CHL Mortgage Pass-Through Trust 2004-HYB2(b)		2.7410	07/20/34		63,025
	65,573	CHL Mortgage Pass-Through Trust 2004-HYB5(b)		2.5640	04/20/35		60,878
	128,213	CHL Mortgage Pass-Through Trust 2004-J5		5.5000	07/25/34		123,442
	75,523	CHL Mortgage Pass-Through Trust 2004-J9		5.5000	01/25/35		75,030
	586,236	CHL Mortgage Pass-Through Trust 2005-J2		5.0000	08/25/35		400,087
	111,652	CHL Mortgage Pass-Through Trust 2006-J1		6.0000	02/25/36		56,429
	51,733	CHL Mortgage Pass-Through Trust 2007-15		6.5000	09/25/37		25,986
	153,759	Citicorp Mortgage Securities REMIC Pass-Through		5.5000	07/25/35		149,601
	23,210	Citicorp Mortgage Securities Trust Series 2005-7		5.0000	10/25/55		23,263
	46,499	Citicorp Mortgage Securities Trust Series 2006-6		6.0000	11/25/36		44,758
	80,874	Citicorp Mortgage Securities Trust Series 2007-2(f)		0.0000	02/25/37		46,273
	196,071	Citicorp Mortgage Securities Trust Series 2007-4		6.0000	05/25/37		182,719

See accompanying notes to consolidated financial statements.

28

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	116,755	Citigroup Global Markets Mortgage Securities VII,(b)		5.6720	07/25/24	$	11,871
	4,424	Citigroup Global Markets Mortgage Securities VII,(b)		2.2320	09/25/32		3,862
	247,818	Citigroup Mortgage Loan Trust 2009-4(b),(c)		5.4780	05/25/35		239,557
	5,047	Citigroup Mortgage Loan Trust 2010-9(c),(e)		5.7020	03/25/37		4,934
	98,096	Citigroup Mortgage Loan Trust 2014-10(c),(d)		0.8370	02/25/37		94,207
	67,072	Citigroup Mortgage Loan Trust 2015-RP2(c)		4.2500	01/25/53		64,803
	18,326	Citigroup Mortgage Loan Trust, Inc.		7.0000	06/25/31		17,933
	14,707	Citigroup Mortgage Loan Trust, Inc.		5.2500	09/25/33		13,438
	53,629	Citigroup Mortgage Loan Trust, Inc.		6.7500	08/25/34		52,612
	54,964	Citigroup Mortgage Loan Trust, Inc.		5.5000	05/25/35		53,484
	63,991	Citigroup Mortgage Loan Trust, Inc. Series 2005-6-A1(d)	H15T1Y + 2.100%	2.1900	09/25/35		58,993
	1,476,998	Citigroup Mortgage Loan Trust, Inc.(b)		2.6080	10/25/35		921,242
	65,214	CitiMortgage Alternative Loan Trust Series 2007-A6		6.0000	06/25/37		60,227
	422,000	COLT 2020-2 Mortgage Loan Trust(b),(c)		5.2500	03/25/65		417,430
	249,872	Credit Suisse First Boston Mortgage Securities(c),(d)	US0001M + 2.188%	2.8550	11/25/31		156,659
	155,530	Credit Suisse First Boston Mortgage Securities(b)		4.3510	11/25/31		155,338
	158,562	Credit Suisse First Boston Mortgage Securities(b)		7.1580	01/25/32		157,823
	87,710	Credit Suisse First Boston Mortgage Securities 2003-11-1A31		5.5000	06/25/33		86,828
	543,292	Credit Suisse First Boston Mortgage Securities		5.2500	07/25/33		542,767
	33,155	Credit Suisse First Boston Mortgage Securities		5.2500	09/25/33		31,319
	243,611	Credit Suisse First Boston Mortgage Securities		5.5000	10/25/33		238,959
	81,204	Credit Suisse First Boston Mortgage Securities		5.5000	10/25/33		79,552
	186,929	Credit Suisse First Boston Mortgage Securities		5.5000	10/25/34		177,757
	124,238	Credit Suisse First Boston Mortgage Securities(d)	US0001M + 0.650%	1.6560	09/25/35		88,373
	5,994	CSFB Mortgage-Backed Pass-Through Certificates		5.2500	11/25/22		346
	325,555	CSFB Mortgage-Backed Pass-Through Certificates		7.5000	03/25/32		324,334
	104,514	CSFB Mortgage-Backed Pass-Through Certificates(b)		1.7410	10/25/33		101,376
	76,492	CSFB Mortgage-Backed Pass-Through Certificates		5.7500	11/25/33		74,021
	35,376	CSFB Mortgage-Backed Pass-Through Certificates(d)	US0001M + 0.740%	1.7460	06/25/34		35,447
	527,283	CSFB Mortgage-Backed Pass-Through Certificates		6.0000	08/25/34		498,379
	33,943	CSFB Mortgage-Backed Pass-Through Certificates		5.7500	07/25/35		33,547
	279,423	CSMC 2021-RPL2Trust(b),(c)		3.3840	01/25/60		221,081
	59,947	CSMC Series 2010-18R(b),(c)		2.5010	04/26/38		59,404
	309,182	CSMC Trust 2007-5R		6.5000	07/26/36		95,953

See accompanying notes to consolidated financial statements.

29

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	1,107,658	CSMC Trust 2013-IVR5(b),(c)		3.6240	10/25/43	$	1,082,838
	1,419,252	CSMC Trust 2015-1(b),(c)		3.9350	01/25/45		1,242,497
	1,939,994	CSMLT 2015-2 Trust(b),(c)		3.8790	08/25/45		1,707,957
	36,034	Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1		5.5000	09/25/33		34,751
	149,093	Deutsche Mortgage Securities Inc REMIC Trust(b),(c)		3.2830	04/28/37		149,957
	1,650	DLJ Mortgage Acceptance Corporation		6.7500	01/25/24		1,507
	39,912	DSLA Mortgage Loan Trust 2004-AR4(d)	US0001M + 0.720%	1.6480	01/19/45		32,774
	254,339	Fannie Mae Trust 2005-W3(b)		3.3350	04/25/45		268,893
	473,000	Finance of America HECM Buyout 2019-AB1 22-HB1 M3(b),(c)		5.0840	11/25/25		457,095
	77,317	First Horizon Alternative Mortgage Securities		6.2500	08/25/37		39,869
	81,327	First Horizon Mortgage Pass-Through Trust 2005-AR5(b)		2.6250	10/25/35		45,519
	63,741	First Horizon Mortgage Pass-Through Trust 2005-AR5(b)		2.6250	11/25/35		59,950
	121,200	First Horizon Mortgage Pass-Through Trust 2006-AR3(b)		2.4310	11/25/36		90,350
	420,000	Freddie Mac STACR REMIC Trust 2020-DNA6(c),(d)	SOFR30A + 3.000%	3.5840	12/25/50		378,505
	1,000,000	Freddie Mac STACR REMIC Trust 2022-HQA1(c),(d)	SOFR30A + 5.250%	5.8340	03/25/42		968,128
	24,807	Freddie Mac Structured Pass-Through Certificates(d)	12MTA + 1.400%	1.7240	07/25/44		25,534
	24,456	Freddie Mac Structured Pass-Through Certificates(d)	12MTA + 1.200%	1.5240	10/25/44		24,850
	1,999,469	Galton Funding Mortgage Trust 2017-1(b),(c)		4.2630	07/25/56		1,984,845
	9,845,638	Global Mortgage Securitization Ltd.(c)		5.2500	11/25/32		9,598,400
	1,744,758	Global Mortgage Securitization Ltd.(c),(d)		12.4600	11/25/32		1,856,723
	113,329	GMACM Mortgage Loan Trust 2004-J2		5.7500	06/25/34		110,910
	19,538	GMACM Mortgage Loan Trust 2005-AR3(b)		3.1260	06/19/35		18,734
	2,555,785	GMACM Mortgage Loan Trust 2005-AR5(b)		2.6360	09/19/35		2,327,203
	122,485	GMACM Mortgage Loan Trust 2006-AR1(b)		2.8950	04/19/36		96,011
	569,764	Government National Mortgage Association(a),(b)		1.7450	10/20/62		16,350
	1,526,533	Government National Mortgage Association(a),(b)		1.8450	11/20/66		98,395
	156,244	GS Mortgage Securities Corporation II(c),(d)	US0001M + 0.350%	0.9440	03/20/23		147,339
	651,025	GS Mortgage-Backed Securities Trust(b),(c)		2.6640	07/25/44		650,317
	1,513,889	GSMPS Mortgage Loan Trust(b),(c)		8.5000	06/19/29		1,379,300
	1,250,316	GSMPS Mortgage Loan Trust 2004-4(c),(d)	US0001M + 0.400%	1.4060	06/25/34		1,081,269
	704,245	GSMPS Mortgage Loan Trust 2004-4(c)		7.5000	06/25/34		704,229
	379,978	GSMPS Mortgage Loan Trust 2004-4(c)		8.0000	06/25/34		381,550
	37,401	GSMPS Mortgage Loan Trust 2005-RP2(c),(d)	US0001M + 0.350%	1.3560	03/25/35		36,325
	193,508	GSMPS Mortgage Loan Trust 2005-RP3(c),(d)	US0001M + 0.350%	1.3560	09/25/35		162,435

See accompanying notes to consolidated financial statements.

30

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	139,533	GSMPS Mortgage Loan Trust 2006-RP1(c)		7.5000	01/25/36	$	131,502
	827,957	GSMSC Pass-Through Trust 2008-2R(b),(c)		7.5000	10/25/36		243,272
	177,527	GSR Mortgage Loan Trust 2004-13F		4.2500	11/25/34		171,015
	14,556	GSR Mortgage Loan Trust 2004-7(b)		3.0370	06/25/34		13,323
	50,010	GSR Mortgage Loan Trust 2005-4F		6.5000	02/25/35		48,447
	7,231	GSR Mortgage Loan Trust 2005-6F		5.2500	07/25/35		7,216
	28,342	GSR Mortgage Loan Trust 2005-8F		6.0000	11/25/35		14,589
	55,661	GSR Mortgage Loan Trust 2005-AR3(d)	US0001M + 0.440%	1.4460	05/25/35		47,396
	14,704	GSR Mortgage Loan Trust 2005-AR3(d)	US0001M + 0.440%	1.4460	05/25/35		12,840
	122,246	GSR Mortgage Loan Trust 2006-1F		6.0000	02/25/36		71,999
	80,620	GSR Mortgage Loan Trust 2007-AR2(b)		2.7990	05/25/37		52,300
	250,805	HarborView Mortgage Loan Trust 2003-1 A (b)		2.2600	05/19/33		215,063
	56,894	HarborView Mortgage Loan Trust 2005-14(b)		2.5810	12/19/35		47,671
	85,000	HomeBanc Mortgage Trust 2005-3(d)	US0001M + 0.765%	1.7710	07/25/35		83,654
	213,284	HSI Asset Loan Obligation Trust 2007-1		6.5000	06/25/37		106,340
	202,377	HSI Asset Loan Obligation Trust 2007-AR1(b)		4.0680	01/25/37		166,993
	204,003	HSI Asset Loan Obligation Trust 2007-AR2(b)		2.5420	09/25/37		175,702
	72,803	Impac CMB Trust Series 2003-2F(e)		6.5700	01/25/33		71,828
	76,671	Impac CMB Trust Series 2003-4(e)		5.7290	07/25/33		74,391
	25,708	Impac CMB Trust Series 2004-10(d)	US0001M + 1.500%	2.5060	03/25/35		23,489
	43,407	Impac CMB Trust Series 2004-7(d)	US0001M + 1.800%	2.8060	11/25/34		42,231
	166,078	Impac CMB Trust Series 2005-4(d)	US0001M + 0.750%	2.1310	05/25/35		148,634
	229,192	Impac Secured Assets CMN Owner Trust		6.0000	08/25/33		205,699
	94,828	Impac Secured Assets Trust 2006-1 Series 2006-1-2A1(d)	US0001M + 0.700%	1.7060	05/25/36		91,756
	22,134	IndyMac INDX Mortgage Loan Trust 2004-AR11(b)		3.0150	12/25/34		20,723
	248,357	JP Morgan Alternative Loan Trust(a),(d)	US0001M + 7.150%	6.1440	12/25/35		45,861
	698,642	JP Morgan Alternative Loan Trust(c)		6.0000	12/27/36		415,653
	469,443	JP Morgan MBS Series 2006-R1(b),(c)		3.9520	09/28/44		388,059
	22,701	JP Morgan Mortgage Trust 2004-A3(b)		2.2470	07/25/34		20,705
	27,922	JP Morgan Mortgage Trust 2004-S2		6.0000	11/25/34		26,659
	35,688	JP Morgan Mortgage Trust 2005-A7(b)		2.7600	10/25/35		36,144
	18,404	JP Morgan Mortgage Trust 2006-A4(b)		3.2790	06/25/36		14,403
	704,651	JP Morgan Mortgage Trust 2014-IVR3(b),(c)		2.4250	09/25/44		704,270

See accompanying notes to consolidated financial statements.

31

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	2,829,349	JP Morgan Mortgage Trust 2014-IVR3(b),(c)		2.4250	09/25/44	$	2,826,803
	49,909	JP Morgan Mortgage Trust 2020-LTV1(c),(d)	US0001M + 1.000%	1.6680	06/25/50		49,582
	135,405	JP Morgan Tax-Emept Pass-Through Trust Series 2012-3(b),(c)		3.0000	10/27/42		131,942
	986,485	La Hipotecaria Panamanian Mortgage Trust 2021-1(c)		4.3500	06/13/51		1,008,188
	2,666,818	Legacy Mortgage Asset Trust 2019-GS6(c),(e)		3.0000	06/25/59		2,664,794
	387,958	Legacy Mortgage Asset Trust 2020-GS5(e)		3.2500	06/25/60		383,678
	173,909	Lehman Mortgage Trust 2006-2		5.7500	04/25/36		174,025
	199,114	LSTAR Securities Investment Ltd. 2019-3(c),(d)	US0001M + 3.500%	4.3000	04/01/24		194,138
	2,392,127	LSTAR Securities Investment Ltd. 2019-4(c),(d)	US0001M + 2.500%	4.3000	05/01/24		2,367,579
	39,884	MASTR Adjustable Rate Mortgages Trust 2003-1(b)		2.6370	12/25/32		36,689
	16,680	MASTR Adjustable Rate Mortgages Trust 2003-2(b)		1.9820	07/25/33		16,318
	33,917	MASTR Adjustable Rate Mortgages Trust 2003-6(b)		2.1180	12/25/33		32,090
	23,054	MASTR Adjustable Rate Mortgages Trust 2003-6(b)		2.1250	12/25/33		21,904
	190,829	MASTR Adjustable Rate Mortgages Trust 2004-15(b)		1.9420	12/25/34		186,414
	183,698	MASTR Alternative Loan Trust 2003-3(b)		6.1730	05/25/33		169,620
	44,941	MASTR Alternative Loan Trust 2003-5		5.5000	06/25/33		43,648
	58,186	MASTR Alternative Loan Trust 2003-7		6.5000	12/25/33		57,388
	226,698	MASTR Alternative Loan Trust 2004-1		5.5000	02/25/34		218,122
	81,644	MASTR Alternative Loan Trust 2004-3		6.2500	04/25/34		80,675
	471,393	MASTR Alternative Loan Trust 2004-3		6.5000	04/25/34		457,628
	32,880	MASTR Alternative Loan Trust 2004-4		5.5000	05/25/34		32,423
	429,038	MASTR Alternative Loan Trust 2004-6		5.5000	07/25/34		414,756
	70,593	MASTR Alternative Loan Trust 2004-6		6.0000	07/25/34		68,047
	82,961	MASTR Alternative Loan Trust 2004-6		6.0000	07/25/34		79,345
	932,851	MASTR Alternative Loan Trust 2004-6		6.2500	07/25/34		928,904
	531,604	MASTR Alternative Loan Trust 2004-6		6.5000	07/25/34		535,288
	61,459	MASTR Alternative Loan Trust 2004-7		6.0000	06/25/34		59,655
	1,288,668	MASTR Alternative Loan Trust 2004-7		6.0000	08/25/34		1,298,465
	2,322	MASTR Alternative Loan Trust 2005-1		5.5000	01/25/23		2,092
	300,341	MASTR Alternative Loan Trust 2005-2		5.0000	03/25/43		248,425
	27,226	MASTR Alternative Loan Trust 2007-1(f)		0.0000	10/25/36		16,599
	866,093	MASTR Alternative Loan Trust 2007-HF1(f)		0.0000	10/25/47		49,030
	72,283	MASTR Asset Securitization Trust 2003-11		5.2500	12/25/33		70,168
	93,312	MASTR Asset Securitization Trust 2003-11 7A		5.2500	12/25/33		90,464

See accompanying notes to consolidated financial statements.

32

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	18,881	MASTR Asset Securitization Trust 2003-11		5.5000	12/25/33	$	17,414
	48,508	MASTR Asset Securitization Trust 2003-11		5.5000	12/25/33		46,736
	96,409	MASTR Asset Securitization Trust 2003-12		5.2500	12/25/24		96,239
	20,660	MASTR Asset Securitization Trust 2003-12		5.0000	12/25/33		20,086
	50,939	MASTR Asset Securitization Trust 2003-12		5.0000	12/25/33		44,304
	11,021	MASTR Asset Securitization Trust 2004-1		5.5000	02/25/34		10,658
	3,177,015	MASTR Asset Securitization Trust 2004-9		6.0000	09/25/34		2,718,094
	75,957	MASTR Asset Securitization Trust 2005-1		5.5000	05/25/35		63,607
	20,555	MASTR Reperforming Loan Trust 2005-2(c)		8.0000	05/25/35		17,751
	156,193	MASTR Reperforming Loan Trust 2006-2(b),(c)		3.3190	05/25/36		149,802
	386,524	MASTR Seasoned Securitization Trust 2003-1		6.0000	02/25/33		374,340
	40,220	MASTR Seasoned Securitization Trust 2005-1(b)		2.6070	10/25/32		35,621
	880,000	Mello Mortgage Capital Acceptance 2018-MTG2(b),(c)		4.3190	10/25/48		867,774
	262,761	Merrill Lynch Mortgage Investors Trust MLMI Series(b)		2.1200	05/25/33		245,443
	38,623	Merrill Lynch Mortgage Investors Trust MLMI Series(b)		2.9680	05/25/33		35,877
	36,607	Merrill Lynch Mortgage Investors Trust Series(b)		2.4640	09/25/33		35,276
	53,450	Merrill Lynch Mortgage Investors Trust Series MLCC(b)		1.7970	09/25/37		43,273
	110,388	Morgan Stanley Dean Witter Capital I Inc Trust(b)		1.6040	03/25/33		98,777
	32,970	Morgan Stanley Mortgage Loan Trust 2004-10AR(b)		2.6760	11/25/34		31,099
	28,647	Morgan Stanley Mortgage Loan Trust 2004-2AR(b)		1.9750	02/25/34		27,623
	30,171	Morgan Stanley Mortgage Loan Trust 2004-8AR(b)		1.1460	10/25/34		27,817
	28,588	Morgan Stanley Mortgage Loan Trust 2004-8AR(b)		2.5060	10/25/34		26,189
	74,006	Morgan Stanley Mortgage Loan Trust 2005-10		6.0000	12/25/35		33,939
	24,160	Morgan Stanley Mortgage Loan Trust 2006-8AR(b)		1.9780	06/25/36		23,379
	3,726,613	Mortgage Equity Conversion Asset Trust 2007-FF2(c),(d)	H15T1Y + 0.470%	2.4900	02/25/42		3,390,680
	169,634	MortgageIT Trust 2004-2(d)	US0001M + 3.225%	4.2310	12/25/34		169,564
	346,396	MortgageIT Trust 2005-3(d)	US0001M + 0.795%	1.8010	08/25/35		332,375
	218,837	MRFC Mortgage Pass-Through Trust Series 2000-TBC3(b),(c)		2.4190	12/15/30		197,889
	1,582,000	Point Securitization Trust 2021-A1(b),(c)		3.2280	02/25/52		1,583,866
	28,227	National City Mortgage Capital Trust		6.0000	03/25/38		28,061
	578,799	National City Mortgage Capital Trust		6.0000	03/25/38		575,177
	401,120	New Residential Mortgage Loan Trust 2017-2(b),(c)		4.7500	03/25/57		353,914
	106,443	New Residential Mortgage Loan Trust 2020-1(b),(c)		3.5000	10/25/59		103,546
	720,000	New Residential Mortgage Loan Trust 2020-RPL1(b),(c)		3.8780	11/25/59		603,935

See accompanying notes to consolidated financial statements.

33

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	179,596	Nomura Asset Acceptance Corp Alternative Loan(c)		7.5000	03/25/34	$	166,960
	96,771	Nomura Asset Acceptance Corp Alternative Loan(e)		5.9570	03/25/47		94,228
	1,260	PHH Mortgage Trust Series 2008-CIM1(d)	US0001M + 2.250%	3.0500	05/25/38		1,239
	477,903	PHH Mortgage Trust Series 2008-CIM1		6.0000	05/25/38		473,794
	450,459	PHHMC Series 2005-4 Trust(b)		5.9250	07/18/35		443,892
	404,938	Prime Mortgage Trust 2003-3		5.5000	01/25/34		394,196
	1,849,455	Provident Funding Mortgage Trust 2021-2(b),(c)		2.5000	04/25/51		1,664,509
	34,263	RAAC Series 2005-SP1 Trust		7.0000	09/25/34		33,721
	223,485	Radnor RE 2019-1 Ltd.(c),(d)	US0001M + 1.950%	2.9560	02/25/29		223,003
	114,275	RALI Series 2005-QA12 Trust(b)		3.6000	12/25/35		58,336
	11,267	RBSGC Mortgage Loan Trust 2007-B(b)		5.6210	07/25/35		10,786
	389,852	RBSGC Structured Trust 2008-A(b),(c)		5.5000	11/25/35		348,603
	111,793	Reperforming Loan REMIC Trust 2003-R4(b),(c)		4.3680	01/25/34		95,397
	24,651	Reperforming Loan REMIC Trust 2004-R1(c)		6.5000	11/25/34		23,468
	23,196	Reperforming Loan REMIC Trust 2005-R2(c)		8.5000	06/25/35		23,165
	114,584	Reperforming Loan REMIC Trust 2006-R2(c),(d)	US0001M + 0.420%	1.4260	07/25/36		106,396
	154,249	Resecuritization Pass-Through Trust 2005-8R		6.0000	10/25/34		151,569
	10,000	Residential Asset Securitization Trust 2002-A12		5.7500	11/25/32		9,889
	165,000	Residential Asset Securitization Trust 2003-A10		5.2000	09/25/33		159,343
	1,691,002	Residential Asset Securitization Trust 2003-A9(d)	US0001M + 0.550%	1.5560	08/25/33		1,654,042
	105,710	RESIMAC Bastille Trust Series 2019-1NC(c),(d)	US0001M + 0.930%	1.7330	09/05/57		106,367
	1,489	RFMSI Series 2005-SA4 Trust(b)		2.2800	09/25/35		1,462
	250,000	RMF Buyout Issuance Trust(b),(c)		4.5000	04/25/32		231,030
	1,006,924	RMF Proprietary Issuance Trust(b),(c)		2.1250	09/25/61		831,360
	1,000,000	RMF Proprietary Issuance Trust 2022-1 Series 2022-1 M1(b),(c)		3.0000	01/25/62		859,938
	1,414	Ryland Mortgage Securities Corporation(b)		0.3550	04/29/30		262
	969,284	Saluda Grade Alternative Mortgage Trust 2020-FIG1(c)		3.3210	09/25/50		965,025
	47,202	Seasoned Credit Risk Transfer Trust Series 2017-3(f)		0.0000	07/25/56		11,287
	860,000	Seasoned Credit Risk Transfer Trust Series 2019-1(b)		4.7500	07/25/58		816,564
	3,400,000	Seasoned Credit Risk Transfer Trust Series 2020-2(b)		4.2500	11/25/59		3,136,866
	46,142	Sequoia Mortgage Trust 2004-10(d)	US0001M + 0.620%	1.5470	11/20/34		43,348
	83,094	Sequoia Mortgage Trust 2005-2(d)	US0001M + 0.440%	1.3670	03/20/35		74,247
	434,921	Sequoia Mortgage Trust 2005-3(d)	US0001M + 0.555%	1.4820	05/20/35		337,137
	323,787	Sequoia Mortgage Trust 2007-2(d)	US0001M + 0.600%	1.5270	06/20/36		235,748

See accompanying notes to consolidated financial statements.

34

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	959,341	Sequoia Mortgage Trust 2013-10(b),(c)		3.5330	08/25/43	$	942,666
	100,000	Spruce Hill Mortgage Loan Trust 2020-SH1(b),(c)		4.6760	01/28/50		91,691
	64,609	Structured Adjustable Rate Mortgage Loan Trust(b)		2.6500	03/25/34		60,331
	75,253	Structured Adjustable Rate Mortgage Loan Trust(b)		2.7120	12/25/34		69,778
	102,658	Structured Adjustable Rate Mortgage Loan Trust(b)		2.7060	03/25/35		89,171
	377,931	Structured Adjustable Rate Mortgage Loan Trust(b)		3.1480	07/25/35		253,789
	7,986	Structured Adjustable Rate Mortgage Loan Trust(d)	US0001M + 0.380%	1.3860	09/25/36		7,329
	34,998	Structured Asset Sec Corp Mort Passthr Certs Ser(b)		2.7110	01/25/34		34,206
	72,366	Structured Asset Securities Corp Mortgage(b)		2.5440	11/25/30		39,050
	9,684	Structured Asset Securities Corporation(d)	US0001M + 0.780%	1.5800	12/25/33		8,857
	16,440	Structured Asset Securities Corporation(e)		5.1650	02/25/34		15,652
	91,016	Structured Asset Securities Corporation(c),(d)	US0001M + 0.350%	1.3560	04/25/35		87,102
	141,626	Structured Asset Securities Corporation(b),(c)		3.3360	06/25/35		125,382
	230,000	Towd Point Mortgage Trust(b),(c)		3.1830	10/25/53		206,214
	100,000	Verus Securitization Trust 2020-INV1(b),(c)		6.0000	03/25/60		97,864
	593,000	Verus Securitization Trust 2020-INV1(b),(c)		5.5000	04/25/60		590,415
	538,000	Vista Point Securitization Trust 2020-1(b),(c)		4.1510	03/25/65		530,956
	100,000	Vista Point Securitization Trust 2020-2(b),(c)		4.9000	04/25/65		92,500
	516,188	Wachovia Mortgage Loan Trust, LLC Series 2006-A(b)		2.7340	05/20/36		487,405
	63,702	WaMu Mortgage Pass-Through Certificates 2002-AR14(b)		2.6710	11/25/32		58,734
	57,372	WaMu Mortgage Pass-Through Certificates 2002-AR17(d)	12MTA + 1.200%	1.5240	11/25/42		50,974
	52,740	WaMu Mortgage Pass-Through Certificates 2002-AR18(b)		2.5760	01/25/33		52,404
	29,424	WaMu Mortgage Pass-Through Certificates 2002-AR2(d)	COF 11 + 1.250%	1.4730	02/27/34		27,041
	21,636	WaMu Mortgage Pass-Through Certificates Series 2003-AR9(b)		2.5280	09/25/33		20,113
	47,242	WaMu Mortgage Pass-Through Certificates Series 2003-S3		5.5000	06/25/33		45,025
	533,556	WaMu Mortgage Pass-Through Certificates Series 2003-S4(b)		5.6500	06/25/33		515,449
	56,452	WaMu Mortgage Pass-Through Certificates Series 2003-S5		5.5000	06/25/33		54,845
	89,706	WaMu Mortgage Pass-Through Certificates Series 2004-S3		6.0000	07/25/34		88,199
	50,998	WaMu Mortgage Pass-Through Certificates Series 2005-AR1(d)	US0001M + 0.640%	1.6460	01/25/45		49,246
	47,203	WaMu Mortgage Pass-Through Certificates Series 2006-AR2(b)		3.0860	03/25/36		46,149
	137,933	WaMu Mortgage Pass-Through Certificates Series 2006-AR8(b)		2.8430	08/25/46		100,854
	174,053	Washington Mutual MSC Mortgage Pass-Through 2003-MS7		5.5000	03/25/33		171,520
	82,334	Washington Mutual MSC Mortgage Pass-Through 2003-MS9		7.5000	04/25/33		80,572
	13,934	Washington Mutual MSC Mortgage Pass-Through 2005-RA1 (b),(c)		2.9110	01/25/35		11,257

See accompanying notes to consolidated financial statements.

35

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	93,756	Wells Fargo Mortgage Backed Securities 2007-7		6.0000	06/25/37	$	83,781
	3,041,589	Wells Fargo Mortgage Backed Securities 2018-1(b),(c)		3.6760	07/25/47		2,833,461
	238,999	WinWater Mortgage Loan Trust 2015-1(b),(c)		3.8820	01/20/45		227,621
							116,209,096
		CREDIT CARD — 0.2%
	750,000	Mercury Financial Credit Card Master Trust Series 2021-1A B(c)		2.3300	03/20/26		727,337
		HOME EQUITY — 2.7%
	68,106	ABFC 2004-OPT2 Trust(d)	US0001M + 0.560%	1.5660	10/25/33		65,242
	81,096	American Residential Home Equity Loan Trust 1998-1(d)	US0001M + 2.175%	3.1810	05/25/29		86,044
	542,856	Ameriquest Mort Sec Inc Ass Bk Pas Thr Certs Ser(d)	US0001M + 2.655%	3.6610	08/25/32		541,797
	57,683	Ameriquest Mortgage Securities, Inc.(e)		3.8910	05/25/34		57,351
	595,947	Bayview Financial Asset Trust 2007-SSR1(c),(d)	US0001M + 0.450%	1.4560	03/25/37		580,534
	1,732,345	Bayview Financial Mortgage Pass-Through Trust(c),(d)	US0001M + 1.500%	2.5620	02/28/40		1,686,343
	141,443	Bear Stearns Asset Backed Securities I Trust(d)	US0001M + 2.100%	3.1060	06/25/34		134,868
	435,340	Bear Stearns Asset Backed Securities Trust 2004-1(d)	US0001M + 0.975%	1.9810	06/25/34		436,672
	192,312	Bear Stearns Home Loan Owner Trust 2001-A(e)		10.5000	02/15/31		201,043
	291,370	CHEC Loan Trust 2004-1(c),(d)	US0001M + 0.975%	1.9810	07/25/34		285,102
	29,267	Citigroup Global Markets Mortgage Securities VII,(d)	US0001M + 1.350%	2.3560	01/25/32		28,030
	168,037	Delta Funding Home Equity Loan Trust 1999-2(d)	US0001M + 0.320%	1.5150	08/15/30		158,050
	161,879	Delta Funding Home Equity Loan Trust 1999-3(e)		8.0610	09/15/29		159,421
	393,699	Delta Funding Home Equity Loan Trust 2000-1(e)		8.5900	05/15/30		350,856
	318,855	EMC Mortgage Loan Trust 2001-A(c),(d)	US0001M + 1.050%	2.0560	05/25/40		296,689
	172,753	Financial Asset Securities Corp AAA Trust 2005-1(c),(d)	US0001 + 0.410%	1.4330	02/27/35		157,071
	71,983	First Alliance Mortgage Loan Trust 1999-1(e)		7.1800	06/20/30		71,549
	100,920	GE Capital Mortgage Services Inc 1999-HE1 Trust(b)		6.7000	04/25/29		96,815
	1,233,411	Mastr Asset Backed Securities Trust 2004-FRE1(d)	US0001M + 2.700%	3.7060	07/25/34		1,199,935
	270,059	Mastr Asset Backed Securities Trust 2005-NC1(d)	US0001M + 0.750%	1.7560	12/25/34		263,153
	317,716	Morgan Stanley A.B.S Capital I Inc Trust Series(d)	US0001M + 3.900%	4.9060	03/25/33		290,673
	259,235	New Century Home Equity Loan Trust Series 2003-B(d)	US0001M + 0.975%	1.9810	10/25/33		246,115
	104,990	Nomura Home Equity Loan Inc 2006-HE2(d)	US0001M + 0.495%	1.5010	03/25/36		94,619
	370,708	NovaStar Mortgage Funding Trust Series 2003-4(d)	US0001M + 0.740%	1.7460	02/25/34		360,636
	49,620	RAAC Series 2004-SP1 Trust(d)	US0001M + 0.700%	1.7060	03/25/34		47,088

See accompanying notes to consolidated financial statements.

36

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		HOME EQUITY — 2.7% (Continued)
	234,969	RBSSP Resecuritization Trust 2010-4(c),(e)		5.8250	02/26/36	$	231,234
	567,175	Renaissance Home Equity Loan Trust 2002-3(d)	US0001M + 1.500%	2.5060	12/25/32		538,619
	128,342	Renaissance Home Equity Loan Trust 2002-3(d)	US0001M + 2.550%	3.5560	12/25/32		122,774
	33,830	Saxon Asset Securities Trust 2001-2(e)		7.1700	03/25/29		34,901
	39,312	Saxon Asset Securities Trust 2003-3(d)	US0001M + 2.400%	3.4060	12/25/33		36,474
	256,561	Saxon Asset Securities Trust 2003-3(e)		4.2700	12/25/33		239,569
	442,518	Security National Mortgage Loan Trust 2005-2(b),(c)		6.2130	02/25/36		423,412
	89,622	Soundview Home Loan Trust 2006-OPT4(d)	US0001M + 0.300%	1.3060	06/25/36		88,169
	213,328	Southern Pacific Secured Asset Corporation		7.3200	05/25/27		216,163
							9,827,011
		MANUFACTURED HOUSING — 1.0%
	1,000,000	Cascade MH Asset Trust 2019-MH1 M(b),(c)		5.9850	11/01/44		996,449
	393,463	Conseco Finance Corporation(b)		7.8500	11/15/26		397,040
	2,500,000	Towd Point Mortgage Trust 2019-MH1(b),(c)		3.7500	11/25/58		2,341,782
							3,735,271
		NON AGENCY CMBS — 16.0%
	723,000	Arbor Multifamily Mortgage Securities Trust(c)		1.7500	05/15/53		530,951
	1,000,000	Arbor Multifamily Mortgage Securities Trust(c)		1.7500	05/15/53		704,765
	42,490	Bayview Commercial Asset Trust 2004-3(c),(d)	US0001M + 0.630%	1.6360	01/25/35		40,278
	41,012	Bayview Commercial Asset Trust 2005-2(c),(d)	US0001M + 0.645%	1.6510	08/25/35		36,170
	63,461	Bayview Commercial Asset Trust 2005-2(c),(d)	US0001M + 1.725%	2.7310	08/25/35		59,343
	214,540	Bayview Commercial Asset Trust 2005-3(c),(d)	US0001M + 0.480%	1.4860	11/25/35		194,582
	31,535	Bayview Commercial Asset Trust 2005-4(c),(d)	US0001M + 0.675%	1.6810	01/25/36		27,731
	482,171	Bayview Commercial Asset Trust 2007-3(c),(d)	US0001M + 0.340%	1.3460	07/25/37		440,653
	1,191,915	Bayview Commercial Asset Trust 2007-3(c),(d)	US0001M + 0.500%	1.5060	07/25/37		1,069,330
	2,967,565	Bayview Commercial Asset Trust 2008-2(c),(d)	US0001M + 2.500%	3.5060	04/25/38		2,916,961
	653,394	BBCMS MORTGAGE TRUST 2017-C1		3.1890	02/15/50		653,057
	330,000	BMD2 Re-Remic Trust 2019-FRR1(b),(c)		3.4940	05/25/52		309,615
	1,000,000	Capital Funding Mortgage Trust 2021-15(c),(d)	US0001M + 3.150%	4.1500	03/15/24		990,187
	72,000	CD 2017-CD3 Mortgage Trust(c)		3.2500	02/10/50		52,525
	1,990,236	CG-CCRE Commercial Mortgage Trust 2014-FL1(c),(d)	US0001M + 1.150%	2.0250	06/15/31		1,932,163
	819,160	CG-CCRE Commercial Mortgage Trust 2014-FL2(c),(d)	US0001M + 1.854%	2.7290	11/15/31		770,953
	537,039	CNL Commercial Mortgage Loan Trust 2003-1(c),(d)	US0001M + 0.500%	1.3750	05/15/31		519,291
	90,605	COMM 2012-LC4 Mortgage Trust(b)		4.9340	12/10/44		90,473

See accompanying notes to consolidated financial statements.

37

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		NON AGENCY CMBS — 16.0% (Continued)
	100,000	COMM 2013-CCRE12 Mortgage Trust(b)		4.7620	10/10/46	$	98,354
	1,350,000	Csail 2015-C2 Commercial Mortgage Trust(b)		4.1780	06/15/57		1,227,446
	265,000	CSAIL 2018-C14 Commercial Mortgage Trust(b),(c)		4.9230	11/15/51		229,141
	470,000	CSAIL 2019-C16 Commercial Mortgage Trust(b)		4.2370	06/15/52		406,300
	950,000	CSMC 2014-USA OA, LLC(c)		4.3730	09/15/37		811,607
	1,702,000	GS Mortgage Securities Trust 2014-GC18(b)		4.8850	01/10/47		1,575,354
	26,000	GS Mortgage Securities Trust 2014-GC20(b)		4.9940	04/10/47		23,950
	1,000,000	GS Mortgage Securities Trust 2016-GS4(b)		3.9550	11/10/49		905,294
	1,300,000	Harvest Commercial Capital Loan Trust 2019-1(b),(c)		5.7300	11/25/31		1,072,722
	700,000	HMH Trust 2017-NSS(c)		3.0620	07/05/31		682,551
	2,366,000	Hudsons Bay Simon JV Trust 2015-HBS(c)		3.9140	08/05/34		2,185,688
	91,502	Impac CMB Trust Series 2004-8(d)	US0001M + 2.625%	3.6310	08/25/34		85,820
	114,920	JP Morgan Chase Commercial Mortgage Securities(c),(d)	US0001M + 3.750%	4.6250	05/15/28		106,244
	3,121,644	JP Morgan Chase Commercial Mortgage Securities(c)		3.9100	05/05/30		2,528,532
	331,786	JP Morgan Chase Commercial Mortgage Securities(b),(c)		3.9770	10/15/45		330,837
	193,000	JP Morgan Chase Commercial Mortgage Securities(b),(c)		5.5240	02/15/46		69,835
	960,000	JP Morgan Chase Commercial Mortgage Securities		3.2160	04/15/46		952,930
	500,000	JP Morgan Chase Commercial Mortgage Securities(b),(c)		3.2500	04/15/46		304,226
	88,547	JP Morgan Chase Commercial Mortgage Securities(b),(c)		5.4190	07/15/46		88,636
	673,609	JP Morgan Chase Commercial Mortgage Securities(b)		5.8850	06/15/49		180,359
	339,000	JPMBB Commercial Mortgage Securities Trust 2015-C29 Class C(b)		4.1850	05/15/48		313,993
	48,355	LB-UBS Commercial Mortgage Trust 2007-C6(b)		6.8590	07/15/40		42,408
	42,930	LSTAR Commercial Mortgage Trust 2015-3(b),(c)		3.1460	04/20/48		42,582
	4,000,000	LSTAR Commercial Mortgage Trust 2015-3(b),(c)		3.1460	04/20/48		3,750,930
	1,500,000	LSTAR Commercial Mortgage Trust 2017-5(b),(c)		4.6750	03/10/50		1,303,767
	255,078	Morgan Stanley Bank of America Merrill Lynch Trust		3.7920	08/15/45		254,664
	4,315,000	Morgan Stanley Bank of America Merrill Lynch Trust(b)		4.3510	08/15/46		4,204,449
	420,000	Morgan Stanley Capital I Trust 2014-150E(c)		4.0120	09/09/32		405,881
	347,000	Morgan Stanley Capital I Trust 2014-150E(b),(c)		4.2950	09/09/32		313,051
	200,000	Morgan Stanley Capital I Trust 2015-MS1(b),(c)		4.0350	05/15/48		174,270
	72,000	Morgan Stanley Capital I Trust 2018-L1(b)		4.7200	10/15/51		68,216
	242,836	Multi Security Asset Trust, L.P. Commercial(b),(c),(h)		4.7800	11/28/35		183,406
	370,000	Olympic Tower 2017-OT Mortgage Trust(b),(c)		3.9450	05/10/39		281,832
	500,000	Ready Capital Mortgage Trust 2019-5(b),(c)		5.4790	02/25/52		465,586

See accompanying notes to consolidated financial statements.

38

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		NON AGENCY CMBS — 16.0% (Continued)
	2,000,000	ReadyCap Commercial Mortgage Trust 2015-SBC2(b),(c)		5.0870	06/25/55	$	1,911,692
	7,630,000	ReadyCap Commercial Mortgage Trust 2018-4(b),(c)		5.1910	02/27/51		7,276,165
	352,500	SFAVE Commercial Mortgage Securities Trust 2015-5AVE A1(b),(c)		3.8720	01/05/43		283,826
	174,000	UBS-BAMLL Trust(c)		3.6630	06/10/30		173,778
	3,137,194	UBS-Barclays Commercial Mortgage Trust 2012-C2(c)		4.1790	05/10/63		3,132,455
	981,000	UBS-Barclays Commercial Mortgage Trust 2012-C2(b),(c)		4.7560	05/10/63		839,603
	750,000	UBS-Barclays Commercial Mortgage Trust 2012-C4		2.7920	12/10/45		749,419
	171,000	UBS-Barclays Commercial Mortgage Trust 2012-C4(b),(c)		4.4580	12/10/45		160,144
	639,842	UBS-Barclays Commercial Mortgage Trust 2013-C5(b),(c)		4.0700	03/10/46		556,019
	349,707	Velocity Commercial Capital Loan Trust 2017-2(b),(c)		6.4200	11/25/47		334,911
	569,824	Velocity Commercial Capital Loan Trust 2018-1(c)		7.2600	04/25/48		526,565
	340,029	Velocity Commercial Capital Loan Trust 2018-2(b),(c)		4.0500	10/26/48		324,551
	574,296	Velocity Commercial Capital Loan Trust 2018-2(b),(c)		6.3600	10/26/48		547,660
	105,275	Velocity Commercial Capital Loan Trust 2020-1(b),(c)		2.9800	02/25/50		95,278
	1,495,766	Velocity Commercial Capital Loan Trust 2022-2(b),(c)		5.4100	04/25/52		1,486,135
	1,940,463	Wachovia Bank Commercial Mortgage Trust Series(a),(b),(c)		0.6510	07/15/41		4,292
	256,000	Wells Fargo Commercial Mortgage Trust 2013-LC12(b)		4.3040	07/15/46		242,163
	134,477	WFRBS Commercial Mortgage Trust 2011-C4(b),(c)		4.8880	06/15/44		131,660
	2,322,000	WFRBS Commercial Mortgage Trust 2012-C7(b)		4.5660	06/15/45		2,303,988
	100,000	WFRBS Commercial Mortgage Trust 2014-C24(b)		4.2040	11/15/47		94,256
	460,148	WFRBS Commercial Mortgage Trust 2014-C25(b),(c)		3.8030	11/15/47		396,066
							58,580,515
		OTHER ABS — 2.2%
	200,343	AASET 2020-1 Trust(c)		3.3510	01/16/40		169,570
	2,000,000	AM Capital Funding, LLC(c)		4.9800	12/15/23		1,998,081
	426,531	Bayview Commercial Asset Trust 2007-4(c),(d)	US0001M + 0.450%	1.4560	09/25/37		386,854
	16,996,858	Corevest American Finance 2019-3 Trust(a),(b),(c)		2.0590	10/15/52		873,032
	1,000,000	CoreVest American Finance 2021-2 Trust(c)		2.8310	07/15/54		849,075
	2,572,993	Goodgreen 2021-1 Trust(c)		5.7400	10/15/56		2,346,232
	87,679	HERO Funding Trust 2015-2(c)		3.9900	09/20/40		85,925
	5,424,000	LendingClub Issuance Trust Series 2016-NP1(c),(h)		0.0000	06/15/22		0
	98,019	Longtrain Leasing III, LLC 2015-1 Series 2015-1A Class A2(c)		4.0600	01/15/45		92,675
	100,000	Progress Residential 2021-SFR3(c)		3.4360	05/17/26		89,416

See accompanying notes to consolidated financial statements.

39

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		OTHER ABS — 2.2% (Continued)
	1,010,000	Tricon American Homes 2017-SFR2 Trust(c)		5.1040	01/17/36	$	994,516
							7,885,376
		RESIDENTIAL MORTGAGE — 2.9%
	1,013,288	Ajax Mortgage Loan Trust 2019-A(b),(c)		3.7500	08/25/57		1,012,162
	380,693	Amresco Residential Securities Corp Mort Loan(d)	US0001M + 0.470%	1.9460	06/25/29		349,543
	1,591,306	Belvedere SPV Srl(d)	EUR006M + 3.250%	2.7060	12/31/38		1,578,154
	20,023	Carrington Mortgage Loan Trust Series 2006-NC2(d)	US0001M + 0.150%	1.1560	06/25/36		19,996
	9,163	Chase Funding Trust Series 2002-4(d)	US0001M + 0.740%	1.7460	10/25/32		8,872
	77,300	Chase Funding Trust Series 2004-1(e)		4.9850	11/25/33		73,756
	75,256	Countrywide Asset-Backed Certificates(c),(d)	US0001M + 4.500%	5.5060	11/25/32		75,690
	1,000,000	Credit-Based Asset Servicing and Securitization,(d)	US0001M + 3.375%	4.3810	06/25/32		993,598
	92,241	Credit-Based Asset Servicing and Securitization,(d)	US0001M + 2.775%	3.7810	03/25/34		95,982
	1,199,553	Credit-Based Asset Servicing and Securitization,(e)		6.7800	05/25/35		1,128,173
	4,713	Credit-Based Asset Servicing and Securitization,(c),(e)		4.7210	12/25/37		4,695
	256,693	CWABS Asset-Backed Certificates Trust 2007-13(d)	US0001M + 0.900%	1.9060	10/25/47		243,328
	150,236	Equity One Mortgage Pass-Through Trust 2002-3(b)		6.0390	11/25/32		147,803
	113,082	Fannie Mae Grantor Trust 2002-T10(d)	US0001M + 0.240%	1.2460	06/25/32		110,178
	362,293	First Franklin Mortgage Loan Trust 2002-FF1(d)	US0001M + 1.800%	2.8060	04/25/32		340,628
	83,628	GE-WMC Asset-Backed Pass-Through Certificates(d)	US0001M + 0.660%	1.6660	12/25/35		73,223
	63,046	GSAMP Trust 2002-WF(d)	US0001M + 1.100%	2.0270	10/20/32		62,303
	228,314	Interstar Millennium Series 2004-4E Trust(d)	EUR003M + 0.400%	–	11/14/36		227,287
	796,632	Legacy Mortgage Asset Trust 2019-SL2(b),(c)		3.3750	02/25/59		763,972
	83,667	Long Beach Mortgage Loan Trust 2003-2(d)	US0001M + 2.850%	3.8560	06/25/33		84,360
	80,218	Mastr Specialized Loan Trust(c),(d)	US0001M + 1.125%	2.1310	11/25/35		77,578
	585,000	Mill City Mortgage Trust 2015-2(b),(c)		3.6180	09/25/57		558,022
	514,270	RAAC Series 2005-SP2 Trust(d)	US0001M + 0.600%	1.6060	06/25/44		430,414
	635,727	RAAC Series 2007-RP3 Trust(c),(d)	US0001M + 0.380%	1.7660	10/25/46		606,071
	527,273	Structured Asset Investment Loan Trust 2003-BC9(d)	US0001M + 3.150%	4.1560	08/25/33		512,918
	930,000	Towd Point Mortgage Trust Series 2015-1 A5(b),(c)		3.1830	10/25/53		918,515
							10,497,221
		STUDENT LOANS — 0.5%
	49,237	AccessLex Institute(d)	US0003M + 0.700%	1.8840	01/25/43		46,037
	760,000	EdLinc Student Loan Funding Trust 2012-1(c),(d)	US0001M + 4.240%	5.2460	11/26/40		927,930
	379,707	EdLinc Student Loan Funding Trust 2017-A(c),(d)	Prime Rate - 1.150%	2.1000	12/01/47		362,102

See accompanying notes to consolidated financial statements.

40

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.1% (Continued)
		STUDENT LOANS — 0.5% (Continued)
	131,540	L2L Education Loan Trust 2006-1(c),(d)	US0001M + 0.340%	1.2150	06/15/31	$	127,021
	41,920	National Collegiate Trust 2005-GATE (The)(c),(d)	US0001M + 0.450%	1.4560	04/26/23		37,944
	16,963	SLM Student Loan Trust 2005-5(d)	US0003M + 0.250%	1.4340	10/25/40		14,054
	32,971	SLM Student Loan Trust 2005-8(d)	US0003M + 0.310%	1.4940	01/25/55		30,427
	388,905	Student Loan A.B.S Repackaging Trust Series 2007-1(c),(d)	US0003M + 0.215%	1.7680	11/27/30		375,488
							1,921,003
		WHOLE BUSINESS — 0.1%
	28,075	Business Loan Express Business Loan Trust 2005-A(c),(d)	US0001M + 1.100%	1.7680	09/25/38		25,746
	159,500	Business Loan Express Business Loan Trust 2007-A(c),(d)	US0001M + 0.400%	1.3270	10/20/40		147,254
	78,481	Business Loan Express SBA Loan Trust 2006-1(c),(d)	US0001M + 0.950%	1.8770	10/20/38		72,736
							245,736
		TOTAL ASSET BACKED SECURITIES (Cost $264,773,516)					258,947,562
		COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%(g)
	1,158,684	Freddie Mac REMICS(a) (Cost $141,776)		4.0000	08/25/49		162,179
		CORPORATE BONDS — 12.0%
		ASSET MANAGEMENT — 0.3%
	70,000	Morgan Stanley & Company, LLC(d)	5*(USISDA30*USISDA02)	3.8950	01/21/26		60,900
	274,000	Nomura America Finance, LLC(d)	4.000*(USISDA30-USISDA02)	3.3960	12/31/33		198,650
	65,000	Nomura America Finance, LLC(d)	4.000*(USISDA30-USISDA02)	0.0800	02/28/34		44,314
	890,000	Nomura America Finance, LLC(d)	4*(USISDA30 - USISDA02-0.25%)	1.4440	07/29/34		609,650
							913,514
		BANKING — 3.8%
	190,000	Bank of Nova Scotia (The)(d)	4*(USISDA30-USISDA02)	0.1120	06/27/33		132,525
	120,000	Bank of Nova Scotia (The)(d)	4*(CMS30-CMS2)	1.7960	01/30/34		82,200
	100,000	Bank of Nova Scotia (The)(d)	4*(CMS30-CMS02 - 0.50%)	1.7800	08/28/34		67,500

See accompanying notes to consolidated financial statements.

41

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 12.0% (Continued)
		BANKING — 3.8% (Continued)
	75,000	Barclays Bank plc(b)		0.0000	01/23/26	$	70,516
	525,000	Barclays Bank plc(d)	4.250*(USISDA30-USISDA02)	0.6840	09/13/28		441,000
	50,000	Barclays Bank plc(d)	4.000*(USISDA30-USISDA02)	3.2760	10/18/28		42,688
	75,000	Barclays Bank plc(d)	4*(CMS10-CMS2-0.25%)	0.3600	08/15/33		53,813
	58,000	Barclays Bank plc(d)	4*(USISDA30-USISDA02-0.5%)	0.0001	04/25/34		39,150
	70,000	Barclays Bank plc(d)	8*(USISDA30 - USISDA5 - 0.25)	0.0001	07/31/34		49,700
	177,000	BNP Paribas S.A.(d)	4*(CMS30-CMS5)	0.8160	04/30/33		121,688
	430,000	Citigroup, Inc.(d)	4*([30YR CMS-5YR CMS]-.0.25%)	0.0001	06/11/33		290,250
	1,037,000	Citigroup, Inc.(d)	4.500*(USISDA30-USISDA05)	0.0001	11/26/33		733,677
	507,000	Citigroup, Inc.(d)	4*(USISDA30-USISDA02)-1.000%	0.0001	12/29/34		340,958
	55,000	Citigroup, Inc.(d)	12*(USISDA30-USISDA02 -0.875)	0.0001	08/31/35		37,950
	507,000	Credit Suisse A.G.(d)	10*(USISDA30-USISDA02)	8.0580	09/30/30		418,909
	300,000	Credit Suisse A.G.(d)	7.5*(USISDA30-USISDA02)	10.8970	09/30/30		235,500
	220,000	Credit Suisse A.G. (d)	10*(USISDA30-USISDA02)	8.1700	01/29/31		188,100
	766,000	Credit Suisse A.G.(d)	12*(USISDA30-USISDA02)	9.8040	04/29/31		639,610
	1,024,000	Credit Suisse A.G.(d)	15*(USISDA30-USISDA02)	8.0000	10/31/31		855,039
	120,000	Deutsche Bank A.G.(d)	4*(USISDA30-USISDA05-.550%)	1.9400	01/31/33		79,050
	245,000	Deutsche Bank A.G.(d)	4*(USISDA30-USISDA02-.40%)	0.0001	06/30/34		167,213
	1,257,000	Deutsche Bank A.G.(d)	4*(USISDA30-USISDA02-.50%)	0.0001	08/28/34		845,332
	4,009,000	Deutsche Bank A.G.(d)	4.5*(USISDA30-USISDA02-.25%)	0.0001	10/31/34		2,846,389
	961,000	Deutsche Bank A.G.(d)	4*(USISDA30 - USISDA02 -.25%)	0.0001	11/26/34		641,467
	738,000	Deutsche Bank A.G.(d)	10*(USISDA30-USISDA02)-8.750%	0.0001	03/27/35		494,460
	75,000	Deutsche Bank A.G.(d)	15*(USISDA30-USISDA02-0.875%)	0.0001	12/23/35		53,063
	100,000	HSBC USA, Inc.(d)	6.25*(USISDA30-USISDA05)	7.3310	05/21/29		85,500
	200,000	Lloyds Bank plc(d)	(USISDA30-USISDA05+.50%)	0.0001	01/31/33		133,250
	136,000	Lloyds Bank plc(d)	4*(USISDA30-USISDA02 -.25%)	0.0001	10/25/33		93,160
	655,000	Lloyds Bank plc(d)	4*(USISDA30-USISDA02)-1.400%	0.0001	11/27/33		427,448
	282,000	Natixis US Medium-Term Note Program, LLC(d)	4*(USISDA30-USISDA02)	1.0800	04/30/34		208,680
	1,414,000	Natixis US Medium-Term Note Program, LLC(d)	7.5*(USISDA30-USISDA5-0.25%)	0.0001	07/31/34		1,011,009
	618,000	Natixis US Medium-Term Note Program, LLC(d)	8*(USISDA30-USISDA02)	0.0001	03/31/36		463,500
	125,000	NatWest Markets plc(d)	4*(30YR CMS-2YR CMS-.25%)	0.0001	08/18/31		88,125
	100,000	NatWest Markets plc(d)	4*(USISDA30-USISDA02-0.50%)	0.0001	08/26/31		68,000
	202,000	SG Structured Products, Inc.(b)		1.0000	03/31/26		190,385

See accompanying notes to consolidated financial statements.

42

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 12.0% (Continued)
		BANKING — 3.8% (Continued)
	185,000	SG Structured Products, Inc.(d)	4*(USISDA30-USISDA02-0.50%)	0.4440	07/29/31	$	132,275
	644,000	Societe Generale S.A.(d)	10*(USISDA30-USISDA02)	10.0000	10/29/32		508,760
	203,000	Societe Generale S.A.(d)	50*(USISDA30-USISDA02)	12.5000	01/31/35		193,358
	135,000	STRATS, LLC(d)	US0006M + 1.000%	2.9590	02/15/34		104,853
							13,676,050
		INSTITUTIONAL FINANCIAL SERVICES — 4.0%
	41,000	Citigroup Global Markets Holdings, Inc.(d)	8*(USISDA30-USISDA02)	11.7680	04/25/32		31,568
	35,000	Citigroup Global Markets Holdings, Inc.(b)		1.7850	11/22/32		31,150
	200,000	Citigroup Global Markets Holdings, Inc.		10.0000	03/29/34		192,000
	60,000	Citigroup Global Markets Holdings, Inc.(d)	50*(USISDA30-USISDA02)	10.0000	03/29/34		56,700
	50,000	Citigroup Global Markets Holdings, Inc.(d)	5*(USISDA30-USISDA02)-1.250%	0.0001	12/14/36		37,000
	365,000	Goldman Sachs Group, Inc. (The)(d)	5*(USISDA30-USISDA05)	0.0200	03/19/29		292,000
	97,000	Jefferies Group, LLC / Jefferies Group Capital(d)	7.5*(USISDA30-USISDA02)	0.1500	05/31/34		72,750
	30,000	Jefferies Group, LLC / Jefferies Group Capital(d)	8*(USISDA30-USISDA02)	0.7100	06/30/37		21,300
	1,168,000	Jefferies Group, LLC / Jefferies Group Capital(d)	9*(USISDA30-USISDA02)	0.1800	07/31/37		905,199
	150,000	Jefferies Group, LLC / Jefferies Group Capital(d)	10*(USISDA10-USISDA02)	0.7100	08/31/37		106,500
	229,000	Jefferies Group, LLC / Jefferies Group Capital(d)	(9*(USISDA10-USISDA02))	8.0000	08/31/37		166,025
	248,000	Jefferies Group, LLC / Jefferies Group Capital(d)	10*(USISDA10-USISDA02)	0.5680	09/30/37		171,740
	110,000	Jefferies Group, LLC / Jefferies Group Capital(d)	8*(USISDA30-USISDA02)	0.1600	01/31/38		79,750
	762,000	Jefferies Group, LLC / Jefferies Group Capital(d)	(7.5*(USISDA30-USISDA02)) + 0.750%	3.5410	02/28/38		552,450
	280,000	Jefferies Group, LLC / Jefferies Group Capital(d)	US0003M + 4.000%	5.0000	03/20/40		274,173
	115,000	Morgan Stanley(b)		8.0000	03/21/27		119,025
	56,000	Morgan Stanley(d)	4*(USISDA30-USISDA05)	1.5600	06/28/28		43,680
	1,015,000	Morgan Stanley(d)	8*(USISDA30-USISDA05)	3.1200	09/27/28		796,775
	753,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	4.0950	10/15/28		592,046
	100,000	Morgan Stanley(b)		6.0000	06/29/29		98,750
	3,588,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	6.1100	04/30/30		2,951,129
	1,388,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	6.1100	05/29/30		1,145,099

See accompanying notes to consolidated financial statements.

43

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 12.0% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 4.0% (Continued)
	403,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	6.1100	06/30/30	$	330,460
	182,000	Morgan Stanley(d)	8*(USISDA30-USISDA02)	0.0001	07/31/30		148,558
	290,000	Morgan Stanley(d)	8.5*(USISDA30-USISDA02)	0.6460	08/19/30		238,525
	216,000	Morgan Stanley(d)	8*(USISDA30-USISDA02)	0.0001	08/31/30		176,580
	285,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	0.0001	09/30/30		233,700
	171,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0001	10/30/30		122,806
	151,000	Morgan Stanley(d)	7*(USISDA30-USISDA02)	2.3590	10/30/30		124,575
	50,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0001	11/30/30		38,750
	20,000	Morgan Stanley(b)		8.0000	03/31/31		19,800
	167,000	Morgan Stanley(b)		9.0000	03/31/31		171,593
	89,000	Morgan Stanley(b)		8.5000	05/31/31		90,780
	100,000	Morgan Stanley(b)		9.0000	06/30/31		103,000
	114,000	Morgan Stanley(b)		8.5000	07/29/31		116,280
	228,200	Morgan Stanley(d)	7*(USISDA30-USISDA02)	5.6910	09/16/31		180,278
	117,000	Morgan Stanley(d)	6*(USISDA30-USISDA02)	0.0001	01/30/34		89,651
	209,000	Morgan Stanley(d)	4*(USISDA30-USISDA02)	0.0001	03/31/34		144,210
	287,000	Morgan Stanley(d)	4*(USISDA30-USISDA02)-	2.4440	05/30/34		198,030
	220,000	Morgan Stanley(d)	4*(USISDA30-USISDA02)	0.0001	07/31/34		151,800
	121,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	1.6850	08/29/34		85,910
	120,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	1.6850	09/30/34		84,750
	238,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	2.8700	10/08/34		168,088
	233,000	Morgan Stanley(d)	7*(USISDA30-USISDA02)	0.0001	10/31/34		173,003
	30,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	3.8650	11/28/34		21,188
	230,000	Morgan Stanley(d)	4.5*(USISDA30-USISDA02)	0.0001	12/31/34		159,275
	304,000	Morgan Stanley(d)	8*(USISDA30-USISDA02)	0.0001	01/30/35		228,000

See accompanying notes to consolidated financial statements.

44

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 12.0% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 4.0% (Continued)
	473,000	Morgan Stanley(d)	4*(USISDA30-USISDA02)	0.0001	02/27/35	$	326,370
	438,000	Morgan Stanley(d)	6*(USISDA30-USISDA02)	0.0001	03/31/35		316,455
	532,000	Morgan Stanley(d)	9*(USISDA30-USISDA02)	9.0000	04/30/35		546,630
	73,000	Morgan Stanley(b)		9.0000	05/29/35		74,643
	120,000	Morgan Stanley(b)		9.0000	06/30/35		123,300
	268,000	Morgan Stanley(b)		9.0000	07/31/35		274,030
	79,000	Morgan Stanley(b)		9.0000	09/30/35		80,580
	109,000	Morgan Stanley(b)		9.0000	11/30/35		111,453
	134,000	Morgan Stanley(d)	9*(USISDA30-USISDA02)	9.0000	12/23/35		137,685
	816,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	0.0001	02/29/36		642,600
							14,970,145
		SPECIALTY FINANCE — 3.9%
	187,106	Fort Knox Military Housing Privatization Project(d)	US0001M + 0.340%	1.2150	02/15/52		124,106
	498,000	Morgan Stanley Finance, LLC(d)	15%*(USISDA30 - USISDA02)	10.0000	04/30/33		413,340
	541,000	Morgan Stanley Finance, LLC(d)	10*(USISDA30-USISDA02)	0.0001	06/30/36		416,570
	215,000	Morgan Stanley Finance, LLC(d)	15*(USISDA30-USISDA02)	0.0001	07/29/36		185,438
	3,474,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0001	08/31/36		3,100,544
	788,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0001	09/30/36		703,290
	4,218,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0001	11/29/36		3,764,564
	1,269,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0001	01/31/37		1,132,583
	361,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	9.0000	04/28/37		322,193
	267,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0001	07/31/37		238,298
	158,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0001	09/29/37		141,015
	2,014,000	Morgan Stanley Finance, LLC(d)	10*(USISDA30-USISDA02)	7.8200	09/29/37		1,550,779
	1,000,000	OWS Cre Funding I, LLC(c),(d)	US0001M + 4.900%	5.7000	09/15/23		996,568
	357,755	Preferred Term Securities IV Ltd. / Preferred Term(c),(d)	US0003M + 2.250%	3.1980	12/23/31		353,283
	83,437	Preferred Term Securities X Ltd. / Preferred Term(c),(d)	US0003M + 0.860%	1.8260	07/03/33		77,919

See accompanying notes to consolidated financial statements.

45

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 12.0% (Continued)
		SPECIALTY FINANCE — 3.9% (Continued)
	634,876	Select Notes Trust LT 2003-1		5.9100	02/22/33	$	584,567
							14,105,057
		TOTAL CORPORATE BONDS (Cost $50,894,216)					43,664,766
		NON U.S. GOVERNMENT & AGENCIES — 0.3%
		SOVEREIGN — 0.1%
	200,000	Argentina Bonar Bonds(e)		0.5000	07/09/30		51,356
	24,086	Argentine Republic Government International Bond		1.0000	07/09/29		7,171
	485,000	Argentine Republic Government International Bond(e)		1.1250	07/09/35		132,361
	375,000	Ukraine Government International Bond(d)		1.2580	05/31/40		146,250
							337,138
		SUPRANATIONAL — 0.2%
	964,000	International Bank for Reconstruction &(b)		0.0720	06/30/34		694,080
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,344,753)					1,031,218
		U.S. GOVERNMENT & AGENCIES — 7.9%
		AGENCY MBS OTHER — 0.0%(g)
	37,893	Fannie Mae Pool 257064		4.5000	11/01/37		38,162
	118,803	Ginnie Mae II Pool BU6365(b)		4.6270	04/20/70		120,000
							158,162
		U.S. TREASURY BILLS — 7.9%
	8,000,000	United States Treasury Bill(f)		0.6607	06/30/22		7,995,595
	10,000,000	United States Treasury Bill(f)		0.8206	07/26/22		9,987,319
	10,000,000	United States Treasury Bill(f)		0.8152	07/28/22		9,986,780
	1,000,000	United States Treasury Note		1.8750	11/15/51		764,844
							28,734,538
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $29,080,076)					28,892,700

See accompanying notes to consolidated financial statements.

46

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares		Fair Value
	TOTAL INVESTMENTS - 101.4% (Cost $346,234,339)	$	332,698,427
	LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%		(5,180,439	)
	NET ASSETS - 100.0%	$	364,511,536

CREDIT DEFAULT SWAP AGREEMENTS

Description

Counterparty

Fixed Deal (Pay)Rate

Maturity Date

Notional Value

Fair Value

Amortized Upfront Payments Paid

Unrealized Appreciation

Morgan Stanley 3.75% 2/25/23

GS

1.00%

6/20/2025

$

20,000,000

(129,368

)

(240,210

)

$

110,842

INTEREST RATE SWAP

Reference Entity

Counterparty

Fixed Deal (Pay)Rate

Maturity Date

Notional Value

Fair Value

Unrealized Appreciation

1 Year Sofr Compound Index

GS

0.9975%

1/25/2024

100,000,000

4,161,255

2,542,870

LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
PLC	- Public Limited Company
REMIC	- Real Estate Mortgage Investment Conduit
S/A	- Société Anonyme
GS	Goldman Sachs
12MTA	Federal Reserve US 12 Month Cumulative Avg 1 Year CMT
COF 11	Cost of Funds for the 11th District of San Francisco
EUR003M	Euribor 3 Month ACT/360
EUR006M	Euribor 6 Month ACT/360
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
Prime Rate	Prime Rate
SOFR30A	United States 30 Day Average SOFR Secured Overnight Financing Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
USISDA02	2 Year USD ICE SWAP RATE
USISDA05	5 Year USD ICE SWAP RATE
USISDA10	10 Year USD ICE SWAP RATE
USISDA30	30 Year USD ICE SWAP RATE

(a)	Interest only securities.
(b)	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.
(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2022 the total market value of 144A securities is 178,056,833 or 48.8% of net assets.
(d)	Variable rate security; the rate shown represents the rate on May 31, 2022.
(e)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at May 31, 2022.
(f)	Zero coupon bond.
(g)	Percentage rounds to less than 0.1%.
(h)	The security is illiquid; total illiquid securities represent 1.5% of net assets.

See accompanying notes to consolidated financial statements.

47

EASTERLY FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

May 31, 2022

				Easterly			Easterly Income
	Easterly			Total Hedge			Opportunities Fund
	EHS			Portfolio			(Formerly, Easterly Structured
	Fund			(Consolidated)			Credit Value Fund)
Assets:
Investments in Affiliates, at cost	$	258,956		$	4,108,684		$	—
Investments in Unaffiliated securities, at cost		890,844			22,828,358			346,234,339
Total Investments, at cost	$	1,149,800		$	26,937,042		$	346,234,339
Investments in Affiliates, at value	$	241,953		$	3,823,860		$	—
Investments in Unaffiliated securities, at value		773,719			20,634,705			332,698,427
Total Investments, at value	$	1,015,672		$	24,458,565		$	332,698,427
Cash		153,256			691,249			37,022,301
Foreign Cash ($9, $26 and $17,987)		—			—			16,777
Deposit in collateral account for Swaps		—			2,257,416			1,390,000
Unrealized appreciation on swaps		—			217,038			2,653,712
Unrealized appreciation on forward currency exchange contracts		91			1,133			—
Receivable for securities sold		—			497,217			—
Receivable for fund shares sold		—			—			713,375
Interest and dividends receivable		26			987			876,815
Receivable from manager		18,531			—			—
Prepaid expenses and other assets		3,573			13,812			210,183
Total Assets		1,191,149			28,137,417			375,581,590
Liabilities:
Payable for securities purchased		—			—			10,079,819
Payable for fund shares redeemed		—			35,058			317,426
Premiums received on swaps		—			—			240,210
Interest Payable		—			1,334			—
Administration fees payable		12,242			8,920			51,594
Unrealized depreciation on forward currency exchange contracts		1,351			39,167			—
Payable to manager		—			12,153			317,665
Trustee fees payable		116			1,037			553
Payable for distribution (12b-1) fees		—			—			45,102
Compliance officer fees payable		88			11			122
Accrued expenses and other liabilities		22,925			19,522			17,563
Total Liabilities		36,722			117,202			11,070,054
Net Assets	$	1,154,427		$	28,020,215		$	364,511,536
Net Assets:
Par value of shares of beneficial interest	$	1,156		$	26,671		$	352,350
Paid in capital		1,333,801			31,262,078			375,703,113
Accumulated loss		(180,530	)		(3,268,534	)		(11,543,927	)
Net Assets	$	1,154,427		$	28,020,215		$	364,511,536
Net Asset Value Per Share
Class A
Net Assets	$	—		$	—		$	15,303,374
Shares of beneficial interest outstanding		—			—			1,452,305
Net asset value	$	—		$	—		$	10.54
Offering price per share (maximum sales charge of 2.00%)	$	—		$	—		$	10.76
Class C
Net Assets	$	—		$	—		$	5,157,197
Shares of beneficial interest outstanding		—			—			501,182
Net asset value/offering price per share	$	—		$	—		$	10.29
Class I
Net Assets	$	953,249		$	6,694,161		$	243,728,702
Shares of beneficial interest outstanding		95,683			643,616			23,682,993
Net asset value/offering price per share	$	9.96		$	10.40		$	10.29
Class R6
Net Assets	$	201,178		$	21,326,054		$	100,322,263
Shares of beneficial interest outstanding	$	19,938		$	2,023,530		$	9,598,520
Net asset value/offering price per share	$	10.09		$	10.54		$	10.45

See accompanying notes to consolidated financial statements.

50

EASTERLY FUNDS

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended May 31, 2022

				Easterly			Easterly Income
	Easterly			Total Hedge			Opportunities Fund
	EHS			Portfolio			(Formerly, Easterly Structured
	Fund			(Consolidated)			Credit Value Fund)
Investment Income:
Dividend income	$	6,969		$	362,298		$	—
Interest income		38			112			7,231,429
Dividend income from Affiliates		8,703			281,141			—
Less: Foreign withholding taxes		(69	)		(5,123	)		—
Total Investment Income		15,641			638,428			7,231,429
Operating Expenses:
Management fees		6,279			169,510			1,973,501
Distribution (12b-1) fees
Class A Shares		—			—			19,336
Class C Shares		—			—			27,862
Administration fees		5,660			16,109			178,303
Shareholder servicing fees		232			16,412			128,174
Interest expenses		1			485			116,046
Transfer Agent fees		11,716			15,097			49,784
Custodian fees		13,079			21,817			30,165
Registration fees		5,676			9,939			47,739
Legal fees		7,822			17,614			20,632
Printing and postage expense		2,287			3,906			32,538
Audit fees		3,274			7,287			11,254
Trustees’ fees		7,256			6,499			6,597
Compliance officer fees		3,864			3,864			3,802
Insurance expense		106			249			4,987
Miscellaneous expenses		1,974			3,718			5,822
Total Operating Expenses		69,226			292,506			2,656,542
Less: Expenses waived		(60,389	)		(91,445	)		(209,926	)
Total Waivers		(60,389	)		(91,445	)		(209,926	)
Net Operating Expenses		8,837			201,061			2,446,616
Net Investment Income		6,804			437,367			4,784,813
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments and Foreign currency transactions		(35,095	)		(755,845	)		(12,212	)
Distribution of realized gain (loss) by underlying
Affiliated Investments		1,104			(59,316	)		—
Options Purchased		—			(11,137	)		—
Options Written		—			52,970			—
Swaps		—			(37,782	)		(385,819	)
Net realized loss		(33,991	)		(811,110	)		(398,031	)
Net change in unrealized appreciation(depreciation) on:
Investments and Foreign currency translations		(95,100	)		(1,471,735	)		(19,050,184	)
Affiliated Investments		(15,932	)		(315,972	)		—
Options Purchased		—			(30,741	)		—
Options Written		—			28,106			—
Swaps		—			190,342			2,755,045
Net change in unrealized depreciation		(111,032	)		(1,600,000	)		(16,295,139	)
Net Realized and Unrealized Loss on investments		(145,023	)		(2,411,110	)		(16,693,170	)
Net decrease in Net Assets Resulting From Operations	$	(138,219	)	$	(1,973,743	)	$	(11,908,357	)

See accompanying notes to consolidated financial statements.

51

EASTERLY FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Easterly EHS Fund						Easterly Total Hedge Portfolio						Easterly Income Opportunities Fund (Formerly, Easterly Structured Credit Value Fund)
							(Consolidated)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	May 31, 2022			November 30, 2021			May 31, 2022			November 30, 2021			May 31, 2022			November 30, 2021
	(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income	$	6,804		$	4,900		$	437,367		$	168,172		$	4,784,813		$	8,685,906
Net realized gain (loss) on investments		(33,991	)		936,428		$	(811,110	)		1,774,397			(398,031	)		4,899,093
Net change in unrealized depreciation on investments		(111,032	)		(351,549	)	$	(1,600,000	)		(1,247,314	)		(16,295,139	)		(776,595	)
Net increase (decrease) in net assets resulting from operations		(138,219	)		589,779			(1,973,743	)		695,255			(11,908,357	)		12,808,404
Distributions to Shareholders:
From Return of Capital:
Class I		—			(1,937	)		—			—			—			—
Class R6		—			(7,639	)		—			—			—			—
Total Distributions:
Class I		—			(175,537	)		(452,554	)		(86,170	)		(6,845,511	)		(9,539,450	)
Class A		—			—	*		—			(845	)		(452,775	)		(838,592	)
Class C		—			—			—			(745	)		(149,160	)		(215,709	)
Class R6		—			(711,784	)		(1,935,569	)		(85,657	)		(2,240,111	)		(3,808,909	)
Total Dividends and Distributions to Shareholders		—			(896,897	)		(2,388,123	)		(173,417	)		(9,687,557	)		(14,402,660	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class I		—			745,105	**		70,363			1,569,771	**		106,773,376			164,764,377
Class A		—			—			—			3,700			4,051,320			15,195,711
Class C		—			—			—			—			745,400			3,836,898
Class R6		—			610,482			2,754,097			28,113,250			57,069,298			22,396,032
Reinvestment of dividends and distributions
Class I		—			177,474			452,554			86,170			1,731,399			7,698,232
Class A		—			—			—			845			397,176			746,916
Class C		—			—			—			457			101,024			141,008
Class R6		—			556,028			1,288,566			67,479			5,815,407			2,820,353
Cost of shares redeemed
Class I		—			(8,673	)		(5,957	)		(240,231	)		(14,476,215	)		(68,480,268	)
Class A		—			(14	) **		—			(58,467	) **		(3,787,251	)		(12,679,013	)
Class C		—			(7,270	) **		—			(47,536	) **		(929,519	)		(1,586,860	)
Class R6		(39,523	)		(4,716,351	)		(9,774,829	)		(3,060,040	)		(68,954,956	)		(26,011,648	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(39,523	)		(2,643,219	)		(5,215,206	)		26,435,398			88,536,459			108,841,738
Total Increase (Decrease) in Net Assets		(177,742	)		(2,950,337	)		(9,577,072	)		26,957,236			66,940,545			107,247,482
Net Assets:
Beginning of year/period		1,332,169			4,282,506			37,597,287			10,640,051			297,570,991			190,323,509
End of year/period	$	1,154,427		$	1,332,169		$	28,020,215		$	37,597,287		$	364,511,536		$	297,570,991
Share Activity
Shares sold
Class I		—			58,885	**		6,671			135,321	**		10,071,354			14,925,443
Class A		—			—			—			325			374,215			1,346,418
Class C		—			—			—			—			69,774			347,401
Class R6		—			46,286			248,706			2,333,709			5,286,444			2,002,196
Shares Reinvested
Class I		—			15,733			40,227			7,680			545,727			702,539
Class A		—			—			—			76			36,335			66,701
Class C		—			—			—			41			9,448			12,887
Class R6		—			48,728			113,231			5,972			160,375			255,138
Shares redeemed
Class I		—			(760	)		(555	)		(20,480	)		(6,478,128	)		(6,191,715	)
Class A		—			(1	) **		—			(5,053	) **		(349,453	)		(1,120,620	)
Class C		—			(563	) **		—			(4,148	) **		(88,569	)		(143,536	)
Class R6		(3,851	)		(405,197	)		(899,643	)		(254,635	)		(1,346,926	)		(2,327,404	)
Net Increase (decrease) in shares of beneficial interest		(3,851	)		(236,889	)		(491,363	)		2,198,808			8,290,596			9,875,448

* Less than $1.00.

** Share Transactions of Beneficial Interest and Share Activity include the Conversion of Class A and C shares into I shares (see note 1).

*** Less than 1 share.

See accompanying notes to consolidated financial statements.

52

EASTERLY FUNDS

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

	Easterly EHS Fund
	Class I
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2022			2021			2020			2019			2018			2017 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	11.13		$	11.95		$	10.40		$	10.37		$	10.58		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (2)		0.03			(0.09	)		0.16			0.13			0.11			0.00	**
Net realized and unrealized gain (loss)		(1.20	)		1.52			1.63			0.45			(0.24	)		0.58
Total from investment operations		(1.17	)		1.43			1.79			0.58			(0.13	)		0.58
Dividends and Distributions:
Dividends from return of capital		—			(0.02	)		—			—			—			—
Dividends from net investment income		—			(0.08	)		(0.24	)		(0.16	)		(0.04	)		—
Distributions from realized gains		—			(2.15	)		—			(0.39	)		(0.04	)		—
Total dividends and distributions		—			(2.25	)		(0.24	)		(0.56	)		(0.08	)		—
Net Asset Value, End of Year/Period	$	9.96		$	11.13		$	11.95		$	10.40		$	10.37		$	10.58
Total Return*		(10.51	)%		11.81	%		17.55	%		6.12	%		(1.20	)%		5.80	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	953		$	1,065		$	261		$	226		$	209		$	212
Ratio of gross operating expenses to average net assets including interest expense (3,6)		11.04	% (5)		6.90	%		4.60	%		4.11	%		2.99	%		17.28	% (5)
Ratio of net operating expenses to average net assets including interest expense (3,7)		1.48	% (5)		1.68	%		1.49	%		1.50	%		1.49	%		1.49	% (5)
Ratio of net investment income (loss) after expense reimbursement to average net assets (3,10)		0.59	% (5)		(0.72	)%		1.52	%		1.35	%		0.99	%		0.12	% (5)
Portfolio Turnover Rate		65	% (4)		400	%		145	%		143	%		181	%		125	% (4)
	Class R6
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2022			2021			2020			2019			2018			2017 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	11.25		$	12.02		$	10.42		$	10.37		$	10.59		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.05			0.05			0.19			0.19			0.10			0.00	**
Net realized and unrealized gain (loss)		(1.21	)		1.43			1.65			0.41			(0.24	)		0.59
Total from investment operations		(1.16	)		1.48			1.84			0.60			(0.14	)		0.59
Dividends and Distributions:
Dividends from return of capital		—			(0.02	)		—			—			—			—
Dividends from net investment income		—			(0.08	)		(0.24	)		(0.16	)		(0.04	)		—
Distributions from realized gains		—			(2.15	)		—			(0.39	)		(0.04	)		—
Total dividends and distributions		—			(2.25	)		(0.24	)		(0.56	)		(0.08	)		—
Net Asset Value, End of Year/Period	$	10.09		$	11.25		$	12.02		$	10.42		$	10.37		$	10.59
Total Return*		(10.31	)%		12.18	%		18.00	%		6.32	%		(1.30	)%		5.90	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	201		$	268		$	4,015		$	1,725		$	5,298		$	2,668
Ratio of gross operating expenses to average net assets including interest expense (3,8)		11.04	% (5)		3.14	%		4.17	%		4.01	%		2.79	%		7.83	% (5)
Ratio of net operating expenses to average net assets including interest expense (3,9)		1.11	% (5)		1.14	%		1.12	%		1.36	%		1.49	%		1.49	% (5)
Ratio of net investment income (loss) after expense reimbursement to average net assets (3,10)		1.03	% (5)		0.38	%		1.85	%		1.90	%		0.90	%		(0.15	)% (5)
Portfolio Turnover Rate		65	% (4)		400	%		145	%		143	%		181	%		125	% (4)

(1)	Class I and Class R6 commenced operations on August 18, 2017.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.
(3)	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.
(4)	Not annualized.
(5)	Annualized for periods less than one year.

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (3)	11.04	% (5)	6.70	%	4.60	%	4.10	%	2.99	%	17.28	% (5)
(7)	Ratio of net operating expenses to average net assets excluding interest expense (3)	1.48	% (5)	1.48	%	1.49	%	1.49	%	1.49	%	1.49	% (5)
(8)	Ratio of gross operating expenses to average net assets excluding interest expense (3)	11.04	% (5)	3.11	%	4.17	%	4.00	%	2.79	%	7.83	% (5)
(9)	Ratio of net operating expenses to average net assets excluding interest expense (3)	1.11	% (5)	1.11	%	1.12	%	1.35	%	1.49	%	1.49	% (5)

(10) 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.

* 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.

** Per share amount represents less than $0.01 per share.

See accompanying notes to financial statements.

53

EASTERLY FUNDS

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

	Easterly Total Hedge Portfolio (Consolidated)
	Class I
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2022			2021			2020			2019			2018			2017 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	11.80		$	11.05		$	10.49		$	10.13		$	10.40		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.12			0.08			0.21			0.18			0.12			0.04
Net realized and unrealized gain (loss)		(0.76	)		0.85			0.74			0.46			(0.30	)		0.36
Total from investment operations		(0.64	)		0.93			0.95			0.64			(0.18	)		0.40
Dividends and Distributions:
Dividends from net investment income		(0.24	)		—			(0.39	)		(0.17	)		(0.07	)		—
Distributions from realized gains		(0.52	)		(0.18	)		—			(0.11	)		(0.02	)		—
Total dividends and distributions		(0.76	)		(0.18	)		(0.39	)		(0.28	)		(0.09	)		—
Net Asset Value, End of Year/Period	$	10.40		$	11.80		$	11.05		$	10.49		$	10.13		$	10.40
Total Return*		(5.93	)%		8.51	%		9.39	%		6.54	%		(1.73	)%		4.00	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	6,694		$	7,049		$	5,247		$	5,095		$	4,523		$	520
Ratio of gross operating expenses to average net assets including interest expense (3,6)		1.74	% (5)		1.89	%		2.25	%		2.53	%		2.50	%		12.24	% (5)
Ratio of net operating expenses to average net assets including interest expense (3,7)		1.48	% (5)		1.51	%		1.52	%		1.52	%		1.49	%		1.49	% (5)
Ratio of net investment income (loss) after expense reimbursement to average net assets (3,10)		2.13	% (5)		0.70	%		2.10	%		1.74	%		1.19	%		0.84	% (5)
Portfolio Turnover Rate		75	% (4)		127	%		117	%		114	%		195	%		83	% (4)
	Easterly Total Hedge Portfolio (Consolidated)
	Class R6
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2022			2021			2020			2019			2018			2017 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	11.93		$	11.12		$	10.52		$	10.14		$	10.40		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.15			0.10			0.25			0.20			0.16			0.03
Net realized and unrealized gain (loss)		(0.78	)		0.89			0.74			0.46			(0.33	)		0.37
Total from investment operations		(0.63	)		0.99			0.99			0.66			(0.17	)		0.40
Dividends and Distributions:
Dividends from net investment income		(0.24	)		—			(0.39	)		(0.17	)		(0.07	)		—
Distributions from realized gains		(0.52	)		(0.18	)		—			(0.11	)		(0.02	)		—
Total dividends and distributions		(0.76	)		(0.18	)		(0.39	)		(0.28	)		(0.09	)		—
Net Asset Value, End of Year/Period	$	10.54		$	11.93		$	11.12		$	10.52		$	10.14		$	10.40
Total Return*		(5.77	)%		9.01	%		9.75	%		6.73	%		(1.63	)%		4.00	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	21,326		$	30,549		$	5,297		$	5,565		$	8,233		$	1,753
Ratio of gross operating expenses to average net assets including interest expense (3,8)		1.74	% (5)		1.66	%		2.25	%		2.53	%		2.38	%		6.30	% (5)
Ratio of net operating expenses to average net assets including interest expense (3,9)		1.11	% (5)		1.14	%		1.15	%		1.35	%		1.39	%		1.49	% (5)
Ratio of net investment income after expense reimbursement to average net assets (3,10)		2.70	% (5)		0.83	%		2.50	%		2.00	%		1.54	%		0.66	% (5)
Portfolio Turnover Rate		75	% (4)		127	%		117	%		114	%		195	%		83	% (4)

(1)	Class I and Class R6 commenced operations on June 30, 2017.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.
(3)	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.
(4)	Not annualized.
(5)	Annualized for periods less than one year.

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (3)	1.74	% (5)	1.86	%	2.22	%	2.50	%	2.50	%	12.24	% (5)
(7)	Ratio of net operating expenses to average net assets excluding interest expense (3)	1.48	% (5)	1.48	%	1.49	%	1.49	%	1.49	%	1.49	% (5)
(8)	Ratio of gross operating expenses to average net assets excluding interest expense (3)	1.74	% (5)	1.63	%	2.22	%	2.50	%	2.38	%	6.30	% (5)
(9)	Ratio of net operating expenses to average net assets excluding interest expense (3)	1.11	% (5)	1.11	%	1.12	%	1.32	%	1.39	%	1.49	% (5)

(10) 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.

* 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.

54

EASTERLY FUNDS

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

	Easterly Structured Credit Value Fund
	Class A
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	May 31,			November 30,			November 30,			November 30,			November 30,
	2022			2021			2020			2019			2018 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	11.26		$	11.35		$	10.68		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.14			0.36			0.42			0.41			0.10
Net realized and unrealized gain		(0.54	)		0.24			0.95			0.46			0.06
Total from investment operations		(0.40	)		0.60			1.37			0.87			0.16
Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.38	)		(0.52	)		(0.34	)		—
Distributions from realized gains		(0.17	)		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.32	)		(0.69	)		(0.70	)		(0.35	)		—
Redemption Fees		—			—			—			0.00	**		—
Net Asset Value, End of Year/Period	$	10.54		$	11.26		$	11.35		$	10.68		$	10.16
Total Return*		(3.60	)%		5.44	% #		13.54	% #		8.67	% #		1.60	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	15,303		$	15,664		$	12,466		$	435		$	19
Ratio of gross operating expenses to average net assets including interest expense (5,6)		1.84	% (3)		1.86	%		2.01	%		2.38	%		2.18	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,7)		1.80	% (3)		1.76	%		1.79	%		1.74	%		1.74	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		2.61	% (3)		3.18	%		3.89	%		3.84	%		3.27	% (3)
Portfolio Turnover Rate		25	% (4)		84	%		132	%		111	%		37	% (4)
	Easterly Income Opportunities Fund (Formerly, Easterly Structured Credit Value Fund)
	Class C
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	May 31,			November 30,			November 30,			November 30,			November 30,
	2022			2021			2020			2019			2018 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	11.00		$	11.10		$	10.45		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.10			0.27			0.33			0.32			0.10
Net realized and unrealized gain		(0.53	)		0.24			0.93			0.31			0.06
Total from investment operations		(0.43	)		0.51			1.26			0.63			0.16
Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.30	)		(0.43	)		(0.33	)		—
Distributions from realized gains		(0.17	)		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.28	)		(0.61	)		(0.61	)		(0.34	)		—
Redemption Fees		—			—			—			—			—
Net Asset Value, End of Year/Period	$	10.29		$	11.00		$	11.10		$	10.45		$	10.16
Total Return*		(3.94	)%		4.71	%		12.62	%		6.24	% #		1.60	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	5,157		$	5,616		$	3,262		$	1,468		$	0	***
Ratio of gross operating expenses to average net assets including interest expense (5,8)		2.59	% (3)		2.61	%		2.81	%		3.11	%		3.01	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,9)		2.55	% (3)		2.51	%		2.54	%		2.49	%		2.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		1.86	% (3)		2.41	%		3.12	%		3.09	%		3.27	% (3)
Portfolio Turnover Rate		25	% (4)		84	%		132	%		111	%		37	% (4)

(1)	Class A and Class C commenced operations on August 14, 2018. Start of performance is August 21, 2018.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.
(3)	Annualized for periods less than one year.
(4)	Not annualized.
(5)	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.

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	1.76	% (3)	1.83	%	1.96	%	2.38	%	2.18	% (3)
(7)	Ratio of net operating expenses to average net assets excluding interest expense (5)	1.73	% (3)	1.73	%	1.74	%	1.74	%	1.74	% (3)
(8)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	2.51	% (3)	2.58	%	2.76	%	3.11	%	3.01	% (3)
(9)	Ratio of net operating expenses to average net assets excluding interest expense (5)	2.48	% (3)	2.48	%	2.49	%	2.49	%	2.49	% (3)

(10) 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.

*	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.
**	Per share amount represents less than $0.01 per share.
***	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. Adjustments may apply to some but not all years and classes.

See accompanying notes to financial statements.

55

EASTERLY FUNDS

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

	Easterly Income Opportunities Fund (Formerly, Easterly Structured Credit Value Fund)
	Class I
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Period Ended
	May 31,			November 30,			November 30,			November 30,			November 30,
	2022			2021			2020			2019			2018 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	11.00		$	11.10		$	10.46		$	10.15		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.15			0.38			0.44			0.40			0.07
Net realized and unrealized gain		(0.53	)		0.23			0.93			0.30			0.08
Total from investment operations		(0.38	)		0.61			1.37			0.70			0.15
Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.40	)		(0.55	)		(0.38	)		—
Distributions from realized gains		(0.17	)		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.33	)		(0.71	)		(0.73	)		(0.39	)		—
Redemption Fees		—			—			—			0.00	**		0.00	**
Net Asset Value, End of Year/Period	$	10.29		$	11.00		$	11.10		$	10.46		$	10.15
Total Return*		(3.47	)%		5.74	%		13.80	%		6.97	%		1.50	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	243,729		$	215,003		$	112,226		$	4,982		$	1,007
Ratio of gross operating expenses to average net assets including interest expense (5,6)		1.59	% (3)		1.61	%		1.79	%		1.99	%		2.01	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,7)		1.55	% (3)		1.51	%		1.54	%		1.49	%		1.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		2.85	% (3)		3.40	%		4.11	%		3.88	%		2.30	% (3)
Portfolio Turnover Rate		25	% (4)		84	%		132	%		111	%		37	% (4)
	Easterly Income Opportunities Fund (Formerly, Easterly Structured Credit Value Fund)
	Class R6
	For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31,			November 30,			November 30,			November 30,			November 30,
	2022			2021			2020			2019			2018 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	11.15		$	11.20		$	10.51		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.17			0.43			0.48			0.43			0.07
Net realized and unrealized gain		(0.54	)		0.23			0.94			0.31			0.08
Total from investment operations		(0.37	)		0.66			1.42			0.74			0.15
Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.40	)		(0.55	)		(0.38	)		—
Distributions from realized gains		(0.17	)		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.33	)		(0.71	)		(0.73	)		(0.39	)		—
Redemption Fees		—			—			—			0.00	**		0.01
Net Asset Value, End of Year/Period	$	10.45		$	11.15		$	11.20		$	10.51		$	10.16
Total Return*		(3.33	)%		6.16	%		14.23	%		7.36	%		1.60	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	100,322		$	61,289		$	62,369		$	30,209		$	34,604
Ratio of gross operating expenses to average net assets including interest expense (5,8)		1.59	% (3)		1.63	%		1.80	%		1.93	%		1.87	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,9)		1.18	% (3)		1.14	%		1.17	%		1.13	%		1.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		3.19	% (3)		3.82	%		4.51	%		4.11	%		2.27	% (3)
Portfolio Turnover Rate		25	% (4)		84	%		132	%		111	%		37	% (4)

(1)	Class I and Class R6 commenced operations on August 14, 2018. Start of performance is August 21, 2018.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.
(3)	Annualized for periods less than one year.
(4)	Not annualized.
(5)	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.

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	1.59	% (3)	1.58	%	1.74	%	2.00	%	2.01	% (3)
(7)	Ratio of net operating expenses to average net assets excluding interest expense (5)	1.48	% (3)	1.48	%	1.49	%	1.49	%	1.49	% (3)
(8)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	1.58	% (3)	1.61	%	1.75	%	1.93	%	1.87	% (3)
(9)	Ratio of net operating expenses to average net assets excluding interest expense (5)	1.11	% (3)	1.11	%	1.12	%	1.13	%	1.49	% (3)

(10)	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.
*	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.
**	Per share amount represents less than $0.01 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. Adjustments may apply to some but not all years and classes.

See accompanying notes to financial statements.

56

EASTERLY FUNDS

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

Six Month Ended May 31, 2022 (unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

James Alpha Fund Trust dba Easterly 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 currently consists of nine series. These financial statements include the following three series: The easterly EHS Fund, Easterly Total Hedge Fund and Easterly Income Opportunities Fund (Formerly, Easterly Income Opportunities Fund)

The Easterly EHS Fund, Easterly Total Hedge Portfolio and Easterly Income Opportunities Fund are diversified funds.

Easterly Funds LLC serves as the Funds’ Advisor. Orange Investment Advisors LLC serves as Easterly Income Opportunities Fund’s Sub-Advisor.

Fund	Primary Objective
Easterly EHS	Long-term risk-adjusted returns relative to traditional financial market indices.
Easterly Total Hedge	Long-term risk adjusted returns relative to traditional financial market indices.
Easterly Income Opportunities	High level of risk adjusted current income and capital appreciation with a secondary objective of capital preservation.

Currently, Easterly Income Opportunities Fund offers Class A, Class C, Class I and Class R6 shares and the Easterly EHS Fund, Easterly Total Hedge Portfolio offers Class I and Class R6. Class A shares are offered at net asset value plus a maximum sales load of 2.00%. 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. The Funds’ income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each 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”.

(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. 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. Debt securities may be valued at prices supplied by the Funds’ pricing services based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the last bid and ask price. Options not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean of the current bid and asked prices. 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 Fair Valuation Committee 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. Foreign currency and Forward currency exchange contracts are valued daily at the London close each day. 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.

Valuation of Fund of Funds – The Funds may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). 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 based upon the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. 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.

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.

57

EASTERLY FUNDS

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

Six Months Ended May 31, 2022 (Unaudited) (Continued)

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 November 30, 2021, for the Fund’ assets and liabilities measured at fair value:

Easterly EHS
Assets*	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	773,583	$	—	$	—	$	773,583
Exchange Traded Note		136		—		—		136
Open Ended Funds		241,953		—		—		241,953
Total	$	1,015,672	$	—	$	—	$	1,015,672
Asset Derivatives
Forward Currency Contracts	$	—	$	91	$	—	$	91
Total Assets	$	1,015,672	$	91	$	—	$	1,015,763
Liability Derivatives
Forward Currency Contracts	$	—	$	1,351	$	—	$	1,351
Total Liabilities	$	—	$	1,351	$	—	$	1,351
Easterly Total Hedge
Assets*	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	19,757,491	$	—	$	—	$	19,757,491
Exchange Traded Notes		41,673		—		—		41,673
Open Ended Funds		4,659,401		—		—		4,659,401
Total	$	24,458,565	$	—	$	—	$	24,458,565
Asset Derivatives
Forward Currency Contracts	$	—	$	1,133	$	—	$	1,133
Total Return Swap		—		217,038		—		217,038
Total Assets	$	24,458,565	$	218,171	$	—	$	24,676,736
Liability Derivatives
Forward Currency Contracts	$	—	$	39,167	$	—	$	39,167
Total Liabilities	$	—	$	39,167	$	—	$	39,167
Easterly Income Opportunities
Assets*	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	258,947,562	$	—	$	258,947,562
Collaterlized Mortgage Obligations		—		162,179		—		162,179
Corporate Bonds		—		43,664,766		—		43,664,766
Non U.S. Government & Agencies		—		1,031,218		—		1,031,218
U.S. Government & Agencies		—		28,892,700		—		28,892,700
Credit Default Swap		—		110,842		—		110,842
Interest Rate Swap		—		2,542,870		—		2,542,870
Total Assets	$	—	$	335,352,137	$	—		335,352,137

There were no level 3 securities held during the year.

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

Consolidation of Subsidiaries – James Alpha Total Hedge Cayman Fund Ltd (Easterly Total Hedge-CFC). The Consolidated Portfolios of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of the Fund include the accounts of Easterly Total Hedge, which include the accounts of Easterly Total Hedge-CFC, which is a wholly-owned and controlled foreign subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. The Fund may invest up to 25% of their total assets in a controlled foreign corporation (“CFC”), which acts as an investment vehicle in order to affect certain investments consistent with the Funds’ investment objectives and policies.

A summary of each Fund’s investment in its respective CFC is as follows:

	Inception Date of	CFC Net Assets as of	% of Net Assets as of
	CFC	May 31, 2022	May 31, 2022
Easterly Total Hedge - CFC	10/13/2016	422,024	1.51%

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EASTERLY FUNDS

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Six Months Ended May 31, 2022 (Unaudited) (Continued)

For tax purposes, the CFC is an exempted Cayman investment companies. The CFC has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the CFC is a controlled foreign corporation which generates and is allocated no income which is considered effectively connected with U.S. trade of business and as such is not subject to U.S. income tax. However, as a wholly-owned controlled foreign corporation, the CFCs net income and capital gain, to the extent of its earnings and profits, will be included each year in the respective Fund’s investment company taxable income.

(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. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended November 30, 2019 to November 30, 2021, or expected to be taken in the Funds’ November 30, 2022 year-end tax returns.

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 analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in the Funds’ November 30, 2022 year-end tax returns. The Funds identify its major tax jurisdictions as U.S. Federal, New York 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 May 31, 2022, the Funds did not incur any interest or penalties.

(c) Security Transactions and Other Income

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

(d) Dividends and Distributions

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

Fund	Income Dividends	Capital Gains
Easterly EHS	Annually	Annually
Easterly Total Hedge	Annually	Annually
Easterly Income Opportunities	Monthly	Annually

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, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

(f) 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.

(g) 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.

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EASTERLY FUNDS

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

Six Months Ended May 31, 2022 (Unaudited) (Continued)

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.

Foreign currency contracts. 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

Market Disruptions Risk. The Fund is 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 Fund to lose value.

The spread of COVID-19 has caused volatility, severe market dislocations and liquidity constraints- in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds’ investments and operations. The transmission of COVID 19 and efforts to contain its spread have resulted in travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern- and uncertainty that has negatively affected the economy. These disruptions have led to instability in the marketplace and the jobs market. The impact of COVID 19 could adversely affect the economies of many nations or the entire global economy, the financial well being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways.

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of the Funds’ securities or other assets. Such impacts may adversely affect the performance of the Funds.

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

(a) Easterly Funds 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 Funds 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 Funds 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 Funds LLC and the Funds, Easterly Funds 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 Funds LLC is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it 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. The expense limitation agreement will be in effect through March 19, 2023.

							Management
							Fee Waived/
	Management	Expenses Limitation					Expenses Reimbursed
Fund	Agreement	Cl A	Cl C	Cl I	CL R6	Expires	YTD 5/31/22
Easterly EHS	1.00%	N/A	N/A	1.48%	1.11%	3/19/2023	$	60,389
Easterly Total Hedge	1.00%	N/A	N/A	1.48%	1.11%	3/19/2023		91,445
Easterly Income Opportunities	1.20%	1.73%	2.48%	1.48%	1.11%	3/19/2023		209,926

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

Fund	11/30/2022		11/30/2023		11/30/2024
Easterly EHS	$	63,980	$	53,524	$	99,399
Easterly Total Hedge		94,545		96,283		101,288
Easterly Income Opportunities		194,708		441,960		472,087

(c) Ultimus Fund Distributors, LLC (“UFD”) is the Trust’s Distributor. The Trust with respect to Easterly Income Opportunities 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 and C shares of the Funds. The Plan provides that the Fund will pay UFD 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 rate of 0.25% of the average daily net assets of Class A shares and 1.00% of the average daily net assets of each of the Funds’ Class C shares. The aggregate of such service fee payments will not exceed 0.25% of average daily net assets.

For the six months ended, May 31, 2022, UFD received sales charges on sales of the Funds’ Class A shares.

Fund	UFD Sales Charges
	Class A
Easterly Income Opportunities		10,967

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EASTERLY FUNDS

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

Six Months Ended May 31, 2022 (Unaudited) (Continued)

(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.

(e) Affiliated Investments — The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund’s investment advisor is under common control with the Fund’s investment advisor. Companies which are affiliates of the Funds at May 31, 2022, are noted in the Fund’s Schedule of Investments.

Fund	Affiliated Holding	Value at 11/30/21		Purchases		Sales			Realized Gain/(Loss)			Dividend Income		Change in Unrealized Gain/(Loss)			Value at 5/31/22
Easterly EHS	Easterly Income Opportunties Fund, Cl R6	$	300,628	$	8,703	$	(52,550	)	$	1,104		$	8,703	$	(15,932	)	$	241,953
Easterly Total Hedge	Easterly Hedged Equity Fund, Cl R6		1,396,322		134,257		—			—			134,257		(150,175	)		1,380,404
	Easterly Income Opportunties Fund, Cl R6		5,672,814		146,884		(3,151,130	)		(59,316	)		146,884		(165,797	)		2,443,455

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 May 31, 2022, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Funds were as follows:

Fund	Purchase		Sales
Easterly EHS	$	768,021	$	795,650
Easterly Total Hedge		20,464,021		27,849,644
Easterly Income Opportunities		188,478,048		69,911,916

(b) 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 Fund 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 Fund 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.

(c) Options Contracts – 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.

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EASTERLY FUNDS

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

Six Months Ended May 31, 2022 (Unaudited) (Continued)

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.

(d) 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.

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. The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at November 30, 2021, were as follows:

			Location of derivatives on Statements of	Fair value of asset/liability
Fund	Derivative	Risk Type	Assets and Liabilities	derivatives
Easterly EHS
	Forward Exchange Contracts	Foreign Exchange	Unrealized appreciation on forward currency exchange contracts	$	91
			Unrealized depreciation on forward currency exchange contracts		(1,351	)
			Totals	$	(1,260	)
Easterly Total Hedge
	Forward Exchange Contracts	Foreign Exchange	Unrealized appreciation on forward currency exchange contracts	$	1,133
			Unrealized depreciation on forward currency exchange contracts		(39,167	)
	Swap Contracts	Equity	Unrealized appreciation on swaps		217,038
			Totals	$	179,004
Easterly Income Opportunities
	Swap Contracts	Interest Rate	Unrealized appreciation on swaps	$	2,552,601

62

EASTERLY FUNDS

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

Six Months Ended May 31, 2022 (Unaudited) (Continued)

The effect of derivative instruments on the Statements of Operations for the six months ended May 31, 2022, were as follows:

				Realized and unrealized gain (loss)
Portfolio	Derivative	Location of gain (loss) on derivatives	Risk Type	on derivatives
Easterly EHS
	Forward Contracts
		Net realized gain from investments and foreign currency transactions	Foreign Exchange	$	5,949
		Net change in unrealized depreciation on investments and foreign currency transactions
			Foreign Exchange	$	(1,624	)
Easterly Total Hedge
	Swap Contracts
		Net realized loss on swaps
			Equity	$	(37,782	)
		Net change in unrealized appreciation on swaps
			Equity	$	190,342
	Forward Contracts
		Net realized gain from investments and foreign currency transactions	Foreign Exchange	$	135,880
		Net change in unrealized depreciation on investments and foreign currency transactions
			Foreign Exchange	$	(45,104	)
Easterly Income Opportunities
	Swap Contracts
		Net realized loss on swaps
			Interest Rate	$	(284,708	)
		Net change in unrealized appreciation on swaps
			Interest Rate	$	2,653,934

The amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

The following table presents the Funds’ assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of May 31, 2022.

				Gross Amounts not offset in the Statements of Assets and
				Liabilities
	Gross Amounts Recognized in Statements of Assets and Liabilities			Financial Instruments Pledged		Cash Collateral Pledged *		Net Amount of Assets (Liabilities)
EHS
Description of Asset:
Forward Foreign Currency Contracts	$	91			1,351	$	—	$	(1,260	)
Total	$	91		$	1,351	$	—	$	(1,260	)
Description of Liability:
Forward Foreign Currency Contracts	$	(1,351	)	$	1,351	$	—	$	—
	$	(1,351	)	$	1,351	$	—	$	—
Total Hedge
Description of Asset:
Forward Foreign Currency Contracts	$	1,133			39,167	$	—	$	(38,034	)
Total Return Swaps		217,038			—		217,038		—
Total	$	218,171		$	39,167	$	217,038	$	(38,034	)
Description of Liability:
Forward Foreign Currency Contracts	$	(39,167	)	$	6,238	$	—	$	—
	$	(39,167	)	$	6,238	$	—	$	—
Income Opportunities
Description of Asset:
Credit Default Swap	$	2,552,601			—	$	2,552,601	$	—
Total	$	2,552,601		$	—	$	2,552,601	$	—

* Excess collateral not included.

63

EASTERLY FUNDS

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

Six Months Ended May 31, 2022 (Unaudited) (Continued)

4. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

	Cost for							Tax Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Portfolio	Purposes		Appreciation		Depreciation			App/Dep
Easterly EHS	$	1,150,344	$	7,034	$	(141,706	)	$	(134,672	)
Easterly Total Hedge		26,986,903		471,721		(2,822,142	)		(2,350,421	)
Easterly Income Opportunities		346,399,165		3,533,189		(17,233,927	)		(13,700,738	)

5. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended November 30, 2021 and November 30, 2020 was as follows:

	For the period ended November 30, 2021:
	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Easterly EHS	$	812,198	$	75,123	$	9,576	$	896,897
Easterly Total Hedge		147,880		28,375		—		176,255
Easterly Income Opportunities		14,323,193		79,467		—		14,402,660
	For the period ended November 30, 2020:
	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Easterly EHS	$	44,860	$	—	$	—	$	44,860
Easterly Total Hedge		403,866		—		—		403,866
Easterly Income Opportunities		5,685,368		42,326		—		5,727,694

* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $2,838 for the Easterly Total Hedge Fund for the fiscal year ended November 30, 2021, and $600 for fiscal year ended November 30, 2020 for the Easterly EHS Fund, which have been passed through to the Funds’ underlying shareholders and are deemed dividends for tax purposes.

As of November 30, 2021, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss			Capital Loss		Other		Unrealized			Total
	Ordinary		Long-Term		and			Carry		Book/Tax		Appreciation/			Accumulated
Portfolio	Income		Capital Gains		Late Year Loss			Forwards		Differences		(Depreciation)			Earnings/(Deficits)
Easterly EHS	$	—	$	—	$	(13,375	)	$	—	$	—	$	(28,936	)	$	(42,311	)
Easterly Total Hedge		1,135,850		740,254		—			—		—		(782,772	)		1,093,332
Easterly Income Opportunities		2,183,038		2,521,242		—			—		—		5,347,707			10,051,987

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized gains (losses), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on open forward foreign currency contracts, 1256 options, swaps and passive foreign investment companies, and adjustments for partnerships, grantor trusts, contingent convertible debt securities, and C-Corporation return of capital distributions. The unrealized appreciation/(depreciation) in the table above includes unrealized foreign currency gains (losses) of $363, $7,071 and $(1,557) for the Easterly EHS, Easterly Total Hedge and Easterly Income Opportunities, respectively.

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 Funds incurred and elected to defer such late year losses as follows:

	Late Year
Portfolio	Losses
Easterly EHS	$	13,375
Easterly Total Hedge		—
Easterly Income Opportunities		—

Permanent book and tax differences, primarily attributable to the reclassification of Fund distributions, resulted in reclassifications for the Funds for the fiscal year ended At November 30, 2021, the Funds utilized capital loss carry forwards for federal income tax purposes as follows:

	Non-Expiring		Non-Expiring				CLCF
Portfolio	Short-Term		Long-Term		Total		Utilized
Easterly EHS	$	—	$	—	$	—	$	66,360
Easterly Total Hedge		—		—		—		—
Easterly Income Opportunities		—		—		—		—

64

EASTERLY FUNDS

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

Six Months Ended May 31, 2022 (Unaudited) (Continued)

Permanent book and tax differences, primarily attributable to the reclassification of Fund distributions, resulted in reclassifications for the Funds for the fiscal year ended November 30, 2021 as follows:

				Accumulated
Portfolio	Paid In Capital			Earnings (Losses)
Easterly EHS	$	(29	)	$	29
Easterly Total Hedge		—			—
Easterly Income Opportunities		—			—

6. BENEFICIAL OWNERSHIP (Unaudited)

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of May 31, 2022, the shareholders that own 25% or more of the voting securities are as follows:

Fund	Shareholder	Ownership%
Easterly EHS Cl I	Dennis Nayden	99.98%
Easterly EHS Cl R6	National Financial Services, Inc.	99.99%
Easterly Total Hedge Cl I	Dennis Nayden	93.91%
Easterly Total Hedge Cl R6	National Financial Services, Inc.	99.05%
Easterly Income Oppportunities Cl A	LPL Financial	55.60%
Easterly Income Oppportunities Cl I	National Financial Services, Inc.	27.28%
Easterly Income Oppportunities Cl R6	National Financial Services, Inc.	25.75%
Easterly Income Oppportunities Cl R6	SEI Private Investment Company	43.20%

7. LINE OF CREDIT

Currently, the Easterly Income Opportunities Fund has a $22,000,000 line of credit provided by Cogent Bank (the “Bank”) under an agreement (the “Line of Credit”). 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. During the six months ended May 31, 2022, Easterly Income Opportunities Fund did not access the line of credit.

8. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (’‘ASU 2020-04’’). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.

In October 2020, the Securities and Exchange Commission (“SEC”) adopted new regulations governing the use of derivative by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19,2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Funds. When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect the Fund’s performance and increase costs related to the Funds’ use of derivatives.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a -5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund will be required to comply with the rules by September 8, 2022. The Fund is currently evaluating the impact, if any, of applying this provision.

9. 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.

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SUPPLEMENTAL INFORMATION (Unaudited)

Shareholders of funds will pay ongoing expenses, such as advisory fees, distribution and services fees (12b-1 fees), and other fund expenses. The following examples are intended to help the shareholder understand the ongoing cost (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges (CDSCs) on redemptions.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 1, 2021 through May 31, 2022.

Actual Expenses: The first table provides information about actual account values and actual expenses. The shareholder may use the information in this line, together with the amount invested, to estimate the expenses that would be paid over the period. Simply divide account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid” to estimate the expenses paid on the account during the period.

	Beginning Account	Ending Account	Expense Paid	Expense Ratio
	Value - 12/01/2021	Value - 05/31/2022	12/01/2021-05/31/2022*	[Annualized]
Actual Expenses
Easterly EHS - Class I	1,000.00	894.90	6.99	1.48%
Easterly EHS - Class R6	1,000.00	896.90	5.25	1.11%
Easterly Total Hedge - Class I	1,000.00	940.70	7.16	1.48%
Easterly Total Hedge - Class R6	1,000.00	942.30	5.38	1.11%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class A	1,000.00	964.00	8.47	1.73%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class C	1,000.00	960.60	12.12	2.48%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class I	1,000.00	965.30	7.25	1.48%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class R6	1,000.00	966.70	5.44	1.11%

Hypothetical Examples for Comparison Purposes: The second table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid for the period. This information may be used to compare the ongoing costs of investing in the fund and other mutual funds. To do so, a shareholder would compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Hypothetical	Beginning Account	Ending Account	Expense Paid	Expense Ratio
[5% Return Before Expenses]	Value - 12/01/2021	Value - 05/31/2022	12/01/2021-05/31/2022*	[Annualized]
Easterly EHS - Class I	1,000.00	1,017.55	7.44	1.48%
Easterly EHS - Class R6	1,000.00	1,019.40	5.59	1.11%
Easterly Total Hedge - Class I	1,000.00	1,017.55	7.44	1.48%
Easterly Total Hedge - Class R6	1,000.00	1,019.40	5.59	1.11%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class I	1,000.00	1,017.55	7.44	1.48%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class A	1,000.00	1,016.31	8.70	1.73%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class C	1,000.00	1,012.57	12.44	2.48%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class R6	1,000.00	1,019.40	5.59	1.11%

* Expenses are equal to the Funds annualized expense ratio multiplies by the number of days in the period (182) divided by the number of days in the fiscal year (365).

66

PRIVACY NOTICE

JAMES ALPHA FUNDS TRUST dba EASTERLY FUNDS TRUST

March 2021

FACTS	WHAT DOES JAMES ALPHA FUNDS TRUST dba EASTERLY FUNDS TRUST DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depends on the product or service that you have with us. This information can include: ●    Social Security number and wire transfer instructions    ●    account transactions and transaction history    ●    investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons James Alpha Funds Trust chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information:		Does James Alpha Funds Trust dba Easterly Funds Trust share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.		YES	NO
For our marketing purposes - to offer our products and services to you.		YES	YES
For joint marketing with other financial companies.		NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.		NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.		NO	We don’t share
For nonaffiliates to market to you		NO	We don’t share
QUESTIONS?	Call (888) 814-8180

67

What we do:
How does James Alpha Funds Trust dba Easterly Funds Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does James Alpha Funds Trust dba Easterly Funds Trust collect my personal information?	We collect your personal information, for example, when you ●    open an account or deposit money ●    direct us to buy securities or direct us to sell your securities ●    seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ●    sharing for affiliates’ everyday business purposes – information about your creditworthiness. ●    affiliates from using your information to market to you. ●    sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ●    James Alpha Funds Trust dba Easterly Funds Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ●    James Alpha Funds Trust dba Easterly Funds Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ●    James Alpha Funds Trust dba Easterly Funds Trust doesn’t jointly market.

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How to Obtain Proxy Voting Information

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 1-888-672-4839 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain 1^st and 3^rd Fiscal Quarter Portfolio Holdings

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 www.sec.gov.

JAMES ALPHA531-SA22

Item 2. Code of Ethics. Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to

open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None.

Item 11. Controls and Procedures.

(a)       Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)       There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-Ended Management Investment Companies.

Not applicable

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certification(s) required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable.

(b) Certification(s) required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

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.

(Registrant) The Easterly Funds Trust

By (Signature and Title)

* /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

Date 8/8/22

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 (Signature and Title)

* /s/ Michael Montague Michael, Treasurer and Principal Financial Officer

Date 8/8/22

By (Signature and Title)

* /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

Date 8/8/22

* Print the name and title of each signing officer under his or her signature.