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 Funds 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: 5/31/2023

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, 2023

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

Easterly Total Hedge Portfolio

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for each of the periods ended May 31, 2023, compared to its benchmarks:

			Annualized	Annualized
	Six Month	1 Year Return	5 Year Return	Since Inception*
Class I	(2.28)%	(3.88)%	2.14%	2.67%
Class R6	(2.05)%	(3.54)%	2.47%	2.95%
HFRI Fund Weighted Composite Index(a)	0.94%	(0.10)%	4.44%	4.78%

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. T investment he 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, 2023, is 2.04% and 1.67% 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
Exchange-Traded Funds		0.0	%*
Other/Cash & Equivalents		100.0	%
		100.0	%

* Percentage rounds to less than 0.1%

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

1

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

PORTFOLIO REVIEW (Unaudited)

May 31, 2023

The Fund’s performance figures* for each of the periods ended May 31, 2023, compared to its benchmarks:

				Annualized
	Six Month	1 Year Return	3 Year Return	Since Inception*
Class A	2.82%	(0.64)%	3.56%	5.07%
Class A With Load	0.81%	(2.67)%	1.54%	3.77%
Class C	2.50%	(1.30)%	2.82%	4.03%
Class I	3.03%	(0.29)%	3.84%	4.92%
Class R6	3.28%	0.10%	4.23%	5.31%
Bloomberg US Aggregate Bond Index(a)	2.00%	(2.14)%	(3.65)%	0.73%

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 ,2023, is 1.80%, 2.55%, 1.55%%, and 1.18% for the A, C, I and R6 Classes, respectively.

(a) The Bloomberg U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-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		33.0	%
Non Agency CMBS		19.7	%
U.S. Treasury Notes		4.6	%
U.S. Treasury Bills		4.4	%
Home Equity		4.2	%
Institutional Financial Services		3.9	%
Specialty Finance		3.9	%
Banking		3.5	%
CDO		2.9	%
Other ABS		2.7	%
Other/Cash & Equivalents		17.2	%
		100.0	%

* Does not include derivative holdings

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

2

EASTERLY TOTAL HEDGE PORTFOLIO

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 0.0%(a)
		EQUITY - 0.0%(a)
	6,095	VanEck Russia ETF	$	3,230
	1,504	VanEck Russia Small-Cap ETF		572
				3,802
		TOTAL EXCHANGE-TRADED FUNDS (Cost $237,429)		3,802
		TOTAL INVESTMENTS - 0.0%(a) (Cost $237,429)	$	3,802
		OTHER ASSETS IN EXCESS OF LIABILITIES - 99.9%		8,177,010
		NET ASSETS - 100.0%	$	8,180,812

ETF	- Exchange-Traded Fund
(a)	Percentage rounds to less than 0.1%.
(b)	Rate disclosed is the seven day effective yield as of May 31, 2023.

See accompanying notes which are an integral part of these financial statements.

3

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2%
		AGENCY CMBS — 1.8%
	847,054	Freddie Mac Multifamily Structured Pass Through Series K092 X3(a),(b)		2.2490	05/25/47	$	90,422
	2,848,068	FREMF Mortgage Trust Series 2017-KF37 B(c),(d)	US0001M + 2.750%	7.8120	06/25/27		2,730,306
	2,577,796	FREMF Mortgage Trust Series 2019-KF63(c),(d)	US0001M + 2.350%	7.4120	05/25/29		2,243,035
	65,196	Government National Mortgage Association Series 2012-27 IO(a),(b)		0.2680	04/16/53		203
	941,905	Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10(c),(d)	US0001M + 3.250%	8.3880	10/15/49		898,215
							5,962,181
		AUTO LOAN — 0.8%
	334,000	Flagship Credit Auto Trust Series 2020-3 E(c)		4.9800	12/15/27		303,560
	3,500,000	US Auto Funding Series 2021-1A D(c)		4.3600	03/15/27		2,548,476
							2,852,036
		CDO — 2.9%
	312,236	Aspen Funding I Ltd.		9.0600	07/10/37		315,392
	7,294,617	DWRS Series 2016-1A UCF(c)		1.0440	04/23/32		1,896,600
	5,095,524	Galleria CDO V Ltd. Series 5A B(c),(d)	US0003M + 2.400%	7.3630	09/19/37		4,893,737
	3,417,418	Mid Ocean CBO Ltd. Series 2001-1X A1L(d)	US0003M + 0.500%	2.3910	11/05/36		407,937
	3,000,000	Tropic CDO IV Ltd. Series 2004-4A A3L(c),(d)	US0003M + 1.000%	6.2600	04/15/35		2,392,905
							9,906,571
		CLO — 1.9%
	500,000	Ellington Clo III Ltd. Series 2018-3A D(c),(d)	US0003M + 3.740%	8.9900	07/20/30		485,042
	200,000	GC FTPYME Pastor 4 FTA	EUR003M + 2.400%	5.7230	07/15/45		134,262
	244,753	Halcyon Loan Advisors Funding Ltd. Series 2014-2A C(c),(d)	US0003M + 3.500%	8.7730	04/28/25		243,464
	1,073,094	Halcyon Loan Advisors Funding Ltd. Series 2013-2A D(c),(d)	US0003M + 3.800%	9.0990	08/01/25		697,367
	1,000,000	Nassau Ltd. Series 2017-IIA C(c),(d)	US0003M + 2.250%	7.5100	01/15/30		956,424
	250,000	Nassau Ltd. Series 2018-IA E(c),(d)	US0003M + 5.850%	11.1100	07/15/31		163,123
	500,000	Peaks CLO 2 Ltd. Series 2017-2A CR(c),(d)	US0003M + 3.600%	8.8500	07/20/31		477,886
	2,750,000	Peaks CLO 2 Ltd. Series 2017-2A DR(c),(d)	US0003M + 5.000%	10.2500	07/20/31		2,378,480
	500,000	Steele Creek Clo Ltd. Series 2018-2A D(c),(d)	US0003M + 3.400%	8.7450	08/18/31		424,884
	500,000	Zais Clo 13 Ltd. Series 2019-13A D1(c),(d)	US0003M + 4.520%	9.7800	07/15/32		402,884
							6,363,816
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0%
	83,383	ABN Amro Mortgage Corporation Series 2003-11 A4		5.5000	10/25/33		80,596
	506,192	Adjustable Rate Mortgage Trust Series 2005-6A 2A2(d)	US0001M + 0.840%	5.9780	11/25/35		185,194

See accompanying notes which are an integral part of these financial statements.

4

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	37,091	Alternative Loan Trust Series 1998-4 IIA3(e)		5.9170	08/25/28	$	35,695
	35,635	Alternative Loan Trust Series 2004-J11 3A1		7.2500	08/25/32		35,124
	114,329	Alternative Loan Trust Series 2003-J2 A1		6.0000	10/25/33		109,000
	107,998	Alternative Loan Trust Series 2003-J3 1A3		5.2500	11/25/33		102,314
	18,702	Alternative Loan Trust Series 2003-22CB 1A1		5.7500	12/25/33		18,586
	33,670	Alternative Loan Trust Series 2003-J3 2A1		6.2500	12/25/33		33,380
	10,362	Alternative Loan Trust Series 2004-16CB 1A1		5.5000	07/25/34		10,008
	136,553	Alternative Loan Trust Series 2004-J8 2A1		7.0000	08/25/34		127,938
	50,387	Alternative Loan Trust Series 2004-15 1A2(b)		4.2410	09/25/34		47,044
	81,068	Alternative Loan Trust Series 2004-J10 2CB1		6.0000	09/25/34		78,934
	579,076	Alternative Loan Trust Series 2004-J10 5CB1		5.5000	11/25/34		560,590
	432,616	Alternative Loan Trust Series 2004-28CB 2A4		5.7500	01/25/35		401,296
	83,142	Alternative Loan Trust Series 2004-28CB 3A1		6.0000	01/25/35		75,252
	42,382	Alternative Loan Trust Series 2004-28CB 6A1		6.0000	01/25/35		39,317
	33,946	Alternative Loan Trust Series 2005-3CB 1A9		5.0000	03/25/35		29,344
	139,904	Alternative Loan Trust Series 2005-6CB 1A6		5.5000	04/25/35		121,541
	81,119	Alternative Loan Trust Series 2005-14 2A1(d)	US0001M + 0.420%	5.5580	05/25/35		69,466
	142,254	Alternative Loan Trust Series 2005-J8 1A5		5.5000	07/25/35		109,253
	195,340	Alternative Loan Trust Series 2005-27 2A1(d)	12MTA + 1.350%	5.0930	08/25/35		155,603
	41,033	Alternative Loan Trust Series 2005-J11 2A1		6.0000	10/25/35		21,726
	34,268	Alternative Loan Trust Series 2005-54CB 1A11		5.5000	11/25/35		27,130
	52,968	Alternative Loan Trust Series 2005-J11 1A3		5.5000	11/25/35		31,828
	103,212	Alternative Loan Trust Series 2005-61 2A1(d)	US0001M + 0.560%	5.6980	12/25/35		95,468
	143,197	Alternative Loan Trust Series 2005-72 A3(d)	US0001M + 0.600%	5.7380	01/25/36		128,870
	105,076	Alternative Loan Trust Series 2006-40T1 2A1		6.0000	12/25/36		32,024
	45,712	Alternative Loan Trust Resecuritization Series 2005-12R A3		6.0000	11/25/34		44,195
	1,126,119	Alternative Loan Trust Resecuritization Series 2005-12R A4		6.0000	11/25/34		1,088,740
	372,774	Alternative Loan Trust Resecuritization Series 2008-2R 2A1(b)		3.1410	08/25/37		167,630
	94,137	American Home Mortgage Investment Trust Series 2004-1 2M1(d)	US0006M + 2.000%	7.3870	04/25/44		82,572
	1,500,000	Angel Oak Mortgage Trust Series 2021-6 M1(b),(c)		2.7720	09/25/66		879,339
	217,504	APS Resecuritization Trust Series 2016-3 3A(c),(d)	US0001M + 2.850%	7.9880	09/27/46		217,286
	204,654	Banc of America Alternative Loan Trust Series 2003-8 1CB1		5.5000	10/25/33		198,112
	106,595	Banc of America Alternative Loan Trust Series 2004-6 3A1		6.0000	07/25/34		103,414
	63,374	Banc of America Alternative Loan Trust Series 2007-1 1A1(b)		3.9290	02/25/57		54,039

See accompanying notes which are an integral part of these financial statements.

5

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	226,201	Banc of America Funding Trust Series 2005-1 1A1		5.5000	02/25/35	$	208,258
	42,834	Banc of America Funding Trust Series 2005-E 8A1(d)	12MTA + 1.430%	5.1730	06/20/35		31,390
	41,657	Banc of America Funding Trust Series 2015-R4 5A1(c),(d)	US0001M + 0.150%	5.1700	10/25/36		41,298
	89,706	Banc of America Funding Trust Series 2007-2 1A8(a)		6.0000	03/25/37		17,304
	778,959	Banc of America Funding Trust Series 2006-I 4A1(b)		3.9050	10/20/46		654,127
	26,923	Banc of America Mortgage Trust Series 2002-L 1A1(b)		3.5580	12/25/32		20,513
	52,057	Banc of America Mortgage Trust Series 2005-E 2A1(b)		3.9550	06/25/35		44,219
	52,564	Banc of America Mortgage Trust Series 2005-F 3A1(b)		3.9870	07/25/35		43,858
	26,997	Banc of America Mortgage Trust Series 2005-H 2A1(b)		4.0120	09/25/35		22,829
	1,053,035	BCAP, LLC Series 2014-RR2 7A2(c),(d)	US0001M + 0.200%	4.6760	01/26/38		974,010
	1,875,652	BCAP, LLC Trust Series 2011-RR5 12A1(c),(e)		4.5990	03/26/37		1,824,425
	862,943	BCAP, LLC Trust Series 2011-RR10 1A2(b),(c)		5.0000	03/26/37		677,772
	3,606	Bear Stearns ALT-A Trust Series 2004-11 2A1(b)		3.0770	11/25/34		3,370
	56,565	Bear Stearns ARM Trust Series 2003-5 1A1(b)		4.0290	08/25/33		52,977
	4,528	Bear Stearns ARM Trust Series 2003-7 6A(b)		4.3300	10/25/33		4,263
	45,054	Bear Stearns ARM Trust Series 2003-8 2A1(b)		3.9100	01/25/34		41,337
	110,390	Bear Stearns ARM Trust Series 2004-1 124M(b)		4.0400	04/25/34		99,146
	11,952	Bear Stearns ARM Trust Series 2004-1 21A1(b)		4.3450	04/25/34		10,802
	118,850	Bear Stearns ARM Trust Series 2004-5(b)		3.4560	07/25/34		97,117
	98,716	Bear Stearns ARM Trust Series 2004-6 3A(b)		4.0130	09/25/34		85,775
	894,288	Bear Stearns ARM Trust Series 2004-8 13A1(b)		3.5320	11/25/34		807,667
	47,851	Bear Stearns ARM Trust Series 2004-8 2A1(b)		4.0060	11/25/34		43,798
	46,074	Bear Stearns ARM Trust Series 2004-10 12A5(b)		3.9410	01/25/35		42,741
	930,267	Bear Stearns ARM Trust Series 2007-3 2A1(b)		3.7610	05/25/47		750,685
	582,706	Bear Stearns Asset Backed Securities I Trust Series 2006-AC2 21A6		6.0000	03/25/36		203,612
	601,904	Bear Stearns Asset Backed Securities Trust Series 2003-AC7 A1(e)		5.5000	01/25/34		513,718
	188,283	Bear Stearns Structured Products Inc Trust Series 2007-R6 1A1(b)		4.0720	01/26/36		135,441
	36,158	Bella Vista Mortgage Trust Series 2004-1 1A(d)	US0001M + 0.700%	5.8320	11/20/34		33,467
	99,409	BlackRock Capital Finance, L.P. Series 1997-R2 1B1(b),(c)		3.5020	12/25/35		74,060
	2,133,511	Brean Asset Backed Securities Trust Series 2023-RM6 A2(c),(e)		5.2500	01/25/63		1,833,533
	3,215,853	Brean Asset Backed Securities Trust Series 2021-RM1 M1(c)		1.6000	10/25/63		1,993,452
	596,909	Cascade Funding Mortgage Trust Series 2018-RM2 D(b),(c)		4.0000	10/25/68		560,304
	2,798,377	Cascade Funding Mortgage Trust Series 2019-RM3 D(b),(c)		4.0000	06/25/69		2,315,470
	95,860	CDMC Mortgage Pass-Through Certificates Series 2004-4 A8(b)		5.4540	09/25/34		92,809

See accompanying notes which are an integral part of these financial statements.

6

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	82,878	CDMC Mortgage Pass-Through Certificates Series 2005-1 A4(b)		5.1050	02/18/35	$	79,260
	1,011,336	Cendant Mortgage Capital, LLC CDMC Mort Pas Thr Ce Series 2004-1 A7		5.5000	02/25/34		970,385
	93,628	Chase Home Lending Mortgage Trust Series 2019-1 B4(b),(c)		3.8980	03/25/50		71,347
	163,908	Chase Mortgage Finance Trust Series 2004-S2 2A4		5.5000	02/25/34		158,555
	338,263	Chase Mortgage Finance Trust Series 2006-A1 2A3(b)		4.0150	09/25/36		278,700
	490,526	Chase Mortgage Finance Trust Series 2007-S3 AP(f)		0.0000	05/25/37		10,347
	269,900	Chase Mortgage Finance Trust Series 2007-S3 1A17(a)		6.0000	05/25/37		67,406
	198,481	Chevy Chase Funding, LLC Mortgage-Backed Series 2005-4A A2(c),(d)	US0001M + 0.250%	5.3880	10/25/36		142,828
	101,723	CHL Mortgage Pass-Through Trust Series 2002-19 1A1		6.2500	11/25/32		87,356
	119,598	CHL Mortgage Pass-Through Trust Series 2002-39 A37		5.7500	02/25/33		111,456
	158,648	CHL Mortgage Pass-Through Trust Series 2003-56 2A5(b)		3.9270	12/25/33		147,925
	117,304	CHL Mortgage Pass-Through Trust Series 2003-60 2A1(b)		4.1160	02/25/34		99,469
	28,163	CHL Mortgage Pass-Through Trust Series 2004-3 A4		5.7500	04/25/34		27,198
	51,122	CHL Mortgage Pass-Through Trust Series 2004-6 2A1(b)		4.7440	05/25/34		46,211
	66,934	CHL Mortgage Pass-Through Trust Series 2004-5 2A9		5.2500	05/25/34		65,695
	75,326	CHL Mortgage Pass-Through Trust Series 2004-5 2A2		5.5000	05/25/34		74,415
	53,281	CHL Mortgage Pass-Through Trust Series 2004-HYB2 2A(b)		4.7410	07/20/34		49,880
	118,089	CHL Mortgage Pass-Through Trust Series 2004-J5 A4		5.5000	07/25/34		111,574
	40,619	CHL Mortgage Pass-Through Trust Series 2004-14 4A1(b)		3.9130	08/25/34		36,540
	61,520	CHL Mortgage Pass-Through Trust Series 2004-J9 2A6		5.5000	01/25/35		60,631
	58,580	CHL Mortgage Pass-Through Trust Series 2004-HYB5 6A2(b)		3.8490	04/20/35		52,439
	3,444,896	CHL Mortgage Pass-Through Trust Series 2005-14 A1		6.0000	07/25/35		1,598,921
	561,360	CHL Mortgage Pass-Through Trust Series 2005-J2 3A12		5.0000	08/25/35		349,817
	99,632	CHL Mortgage Pass-Through Trust Series 2006-J1 3A1		6.0000	02/25/36		43,302
	94,886	CHL Mortgage Pass-Through Trust Series 2007-HY1 2A1(b)		3.7630	03/25/37		82,323
	50,733	CHL Mortgage Pass-Through Trust Series 2007-15 2A2		6.5000	09/25/37		22,224
	250,000	CHNGE Mortgage Trust Series 2023-1 M1(b),(c)		8.4110	03/25/58		252,070
	225,000	CHNGE Mortgage Trust Series 2022-2 B2(b),(c)		4.6280	03/25/67		148,000
	873,816	CIM Trust Series 2019-J1 B3(b),(c)		3.9280	08/25/49		714,708
	131,226	Citicorp Mortgage Securities REMIC Pass-Through Series 2005-4 1A5		5.5000	07/25/35		125,032
	38,067	Citicorp Mortgage Securities Trust Series Series 2006-6 A4		6.0000	11/25/36		36,146
	76,723	Citicorp Mortgage Securities Trust Series Series 2007-2 APO(f)		0.0000	02/25/37		40,123
	187,997	Citicorp Mortgage Securities Trust Series Series 2007-4 1A5		6.0000	05/25/37		166,797

See accompanying notes which are an integral part of these financial statements.

7

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	6,596	Citicorp Mortgage Securities Trust Series Series 2005-7 2A1		5.0000	10/25/55	$	6,484
	105,264	Citigroup Global Markets Mortgage Securities VII, Series 1997-HUD2 B2(b)		5.5340	07/25/24		5,823
	3,958	Citigroup Global Markets Mortgage Securities VII, Series 2002-HYB1 B2(b)		4.2320	09/25/32		3,523
	202,392	Citigroup Mortgage Loan Trust Series 2009-4 7A5(b),(c)		5.4780	05/25/35		187,840
	68,809	Citigroup Mortgage Loan Trust Series 2014-10 4A1(c),(b)		5.1900	02/25/37		66,799
	1,499	Citigroup Mortgage Loan Trust Series 2010-9 5A3(c),(e)		5.7020	03/25/37		1,473
	46,274	Citigroup Mortgage Loan Trust Series 2015-RP2 A(c)		4.2500	01/25/53		42,951
	300,000	Citigroup Mortgage Loan Trust Series 2020-EXP1 B1(b),(c)		4.4670	05/25/60		231,548
	48,734	Citigroup Mortgage Loan Trust, Inc. Series 2003-1 WB1		7.0000	06/25/31		47,656
	11,862	Citigroup Mortgage Loan Trust, Inc. Series 2003-1 3A4		5.2500	09/25/33		10,799
	25,219	Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A6(b)		4.2950	08/25/34		21,844
	132,910	Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A4(b)		5.1160	08/25/34		117,032
	46,681	Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 1CB2		6.7500	08/25/34		43,318
	48,787	Citigroup Mortgage Loan Trust, Inc. Series 2005-2 2A11		5.5000	05/25/35		48,048
	44,201	COLT Funding, LLC Series 2021-3R A2(b),(c)		1.2570	12/25/64		36,491
	422,000	COLT Mortgage Loan Trust Series 2020-2 M1(b),(c)		5.2500	03/25/65		408,178
	148,544	Credit Suisse First Boston Mortgage Securities Series 2001-26 5A1(b)		4.2940	11/25/31		147,959
	238,030	Credit Suisse First Boston Mortgage Securities Series 2002-NP14 M1(c),(d)	US0001M + 2.188%	4.5850	11/25/31		141,935
	139,173	Credit Suisse First Boston Mortgage Securities Series 2001-33 3B1(b)		7.2000	01/25/32		125,367
	79,776	Credit Suisse First Boston Mortgage Securities Series 2003-11 1A31		5.5000	06/25/33		77,686
	531,857	Credit Suisse First Boston Mortgage Securities Series 2003 -19 1A19		5.2500	07/25/33		517,401
	26,058	Credit Suisse First Boston Mortgage Securities Series 2003-21 1A4		5.2500	09/25/33		24,475
	74,384	Credit Suisse First Boston Mortgage Securities Series 2003-25 1A8		5.5000	10/25/33		70,407
	223,151	Credit Suisse First Boston Mortgage Securities Series 2003 -25 1A11		5.5000	10/25/33		211,583
	165,364	Credit Suisse First Boston Mortgage Securities Series 2004-6 1A3		5.5000	10/25/34		154,948
	113,571	Credit Suisse First Boston Mortgage Securities Series 2005 -8 9A9(d)	US0001M + 0.650%	5.7880	09/25/35		77,856
	5,680	CSFB Mortgage -Backed Pass-Through Certificates Series 2005-10 2A1		5.2500	01/01/24		—
	315,362	CSFB Mortgage-Backed Pass-Through Certificates Series 2002-9 1A2		7.5000	03/25/32		295,718
	92,203	CSFB Mortgage -Backed Pass-Through Certificates Series 2003-AR24 3A1(b)		3.7390	10/25/33		84,919

See accompanying notes which are an integral part of these financial statements.

8

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	69,314	CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 4A4		5.7500	11/25/33	$	64,792
	5,633	CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5 11A2(d)	US0001M + 0.740%	5.8780	06/25/34		5,662
	493,516	CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 1A5		6.0000	08/25/34		458,583
	27,944	CSFB Mortgage-Backed Pass-Through Certificates Series 2005-37A5		5.7500	07/25/35		27,325
	34,971	CSMC Series Series 2010-18R 4A4(b),(c)		3.5000	04/26/38		33,056
	309,232	CSMC Trust Series 2007-5R A5		6.5000	07/26/36		80,197
	909,934	CSMC Trust Series 2013-IVR5 B4(b),(c)		3.6310	10/25/43		843,003
	1,419,252	CSMC Trust Series 2015-1 B4(b),(c)		3.9060	01/25/45		1,193,061
	207,664	CSMC Trust Series 2017-FHA1 A1(b),(c)		3.2500	04/25/47		182,110
	279,423	CSMC Trust Series 2021-RPL2 M3(b),(c)		3.5530	01/25/60		193,600
	1,665,747	CSMLT Trust Series 2015-2 B4(b),(c)		3.8730	08/25/45		1,305,697
	33,377	Deutsche Mortgage Sec Inc Mort Loan Tr Series 2004-1 1A1		5.5000	09/25/33		32,942
	213	DLJ Mortgage Acceptance Corporation Series 1993-19 B2		6.7500	01/25/24		205
	38,455	DSLA Mortgage Loan Trust Series 2004-AR4 2A1A(d)	US0001M + 0.720%	5.8520	01/19/45		29,929
	400,000	Ellington Financial Mortgage Trust Series 2022-1 B2(b),(c)		3.8810	01/25/67		232,643
	210,309	Fannie Mae Trust Series 2005-W3 3A(b)		3.9380	04/25/45		210,221
	473,000	Finance of America HECM Buyout Series 2022-HB1 M3(b),(c)		5.0840	11/25/25		417,604
	41,117	Financial Asset Securities Corp AAA Trust Series 2005-2 A3(c),(d)	US0001M + 0.300%	5.4410	11/26/35		33,840
	176,759	First Horizon Alternative Mortgage Securities Series AA1 A1(b)		5.6300	06/25/34		165,512
	73,030	First Horizon Alternative Mortgage Securities Series 2007-FA41A8		6.2500	08/25/37		32,381
	528,344	First Horizon Mortgage Pass-Through Trust Series 2005-AR32A1(b)		4.4510	08/25/35		369,312
	79,452	First Horizon Mortgage Pass-Through Trust Series 2005-AR53A1(b)		4.6250	10/25/35		41,783
	501	First Horizon Mortgage Pass-Through Trust Series 2005-AR51A1(b)		0.0000	11/25/35		446
	114,729	First Horizon Mortgage Pass-Through Trust Series 2006-AR3 1A1(b)		3.3810	11/25/36		66,941
	261,183	First Horizon Mortgage Pass-Through Trust Series 2007-AR3 1A1(b)		3.9280	11/25/37		129,094
	1,109,000	Flagstar Mortgage Trust Series 2017-1 B5(b),(c)		3.6200	03/25/47		664,206
	362,205	Flagstar Mortgage Trust Series 2018-3 B4(b),(c)		4.4680	05/25/48		295,514
	901,849	Flagstar Mortgage Trust Series 2018-5 B3(b),(c)		4.4590	09/25/48		737,706
	1,137,677	Flagstar Mortgage Trust Series 2019-1INV B5(b),(c)		4.5400	10/25/49		982,515

See accompanying notes which are an integral part of these financial statements.

9

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	277,980	Flagstar Mortgage Trust Series 2019-2 B3(b),(c)		4.0300	12/25/49	$	221,283
	97,033	Flagstar Mortgage Trust Series 2021-13IN B5(b),(c)		3.3660	12/30/51		57,868
	11,024	Freddie Mac REMICS Series 4910 MI(a)		4.0000	08/25/49		1,968
	1,000,000	Freddie Mac STACR REMIC Trust Series 2022-HQA1 M2(c),(d)	SOFR30A + 5.250%	10.2230	03/25/42		1,013,020
	420,000	Freddie Mac STACR REMIC Trust Series 2020-DNA6 B1(c),(d)	SOFR30A + 3.000%	7.9730	12/25/50		398,419
	1,000,000	Freddie Mac STACR Trust Series 2019-DNA3 B2(c),(d)	US0001M + 8.150%	13.2880	07/25/49		1,067,595
	21,042	Freddie Mac Structured Pass-Through Certificates Series T-61 1A1(d)	12MTA + 1.400%	5.1430	07/25/44		19,651
	151,860	Freddie Mac Structured Pass-Through Certificates Series T-621A1(d)	12MTA + 1.200%	4.9430	10/25/44		140,217
	1,243,099	Global Mortgage Securitization Ltd. Series 2004-A A3(c),(b)		8.0320	11/25/32		1,240,642
	93,260	GMACM Mortgage Loan Trust Series 2004-J2 A8		5.7500	06/25/34		90,281
	67,080	GMACM Mortgage Loan Trust Series 2005-AR3 5A2(b)		3.9350	06/19/35		54,779
	2,457,960	GMACM Mortgage Loan Trust Series 2005-AR5 4A1(b)		3.4620	09/19/35		2,236,804
	115,965	GMACM Mortgage Loan Trust Series 2006-AR1 1A1(b)		3.2810	04/19/36		86,779
	403,086	Government National Mortgage Association Series 2012-H27 AI(a),(b)		1.6850	10/20/62		9,386
	1,298,734	Government National Mortgage Association Series 2016-H24 AI(a),(b)		0.0810	11/20/66		57,595
	110,343	GS Mortgage Securities Corporation II Series 2000-1A A(c),(d)	US0001M + 0.350%	5.3030	06/20/24		104,166
	401,423	GS Mortgage-Backed Securities Corp Trust Series 2019-PJ1 B3(b),(c)		4.0750	08/25/49		313,062
	536,714	GS Mortgage-Backed Securities Trust Series 2014-EB1A B3(b),(c)		3.9420	07/25/44		520,787
	1,262,891	GSMPS Mortgage Loan Trust Series 2000-1 A(b),(c)		8.5000	06/19/29		1,138,977
	1,107,929	GSMPS Mortgage Loan Trust Series 2004-4 1AF(c),(d)	US0001M + 0.400%	5.5380	06/25/34		978,048
	1,882,690	GSMPS Mortgage Loan Trust Series 2004-4 1A2(c)		7.5000	06/25/34		1,836,702
	309,095	GSMPS Mortgage Loan Trust Series 2004-4 1A3(c)		8.0000	06/25/34		302,024
	32,885	GSMPS Mortgage Loan Trust Series 2005-RP2 1AF(c),(d)	US0001M + 0.350%	5.4880	03/25/35		28,829
	173,944	GSMPS Mortgage Loan Trust Series 2005-RP3 1AF(c),(d)	US0001M + 0.350%	5.4880	09/25/35		141,787
	127,894	GSMPS Mortgage Loan Trust Series 2006-RP1 1A2(c)		7.5000	01/25/36		112,995
	786,808	GSMSC Pass-Through Trust Series 2008-2R 2A1(b),(c)		7.5000	10/25/36		149,488
	13,640	GSR Mortgage Loan Trust Series 2004-7 1A1(b)		3.0280	06/25/34		12,052
	361,598	GSR Mortgage Loan Trust Series 2004-13F 2A1		4.2500	11/25/34		343,761
	626,005	GSR Mortgage Loan Trust Series 2004-12 1B1(d)	US0001M + 0.600%	5.7380	12/25/34		321,111
	45,542	GSR Mortgage Loan Trust Series 2005-4F 6A1		6.5000	02/25/35		43,088
	14,412	GSR Mortgage Loan Trust Series 2005-AR3 2A1(d)	US0001M + 0.440%	5.5780	05/25/35		11,413
	32,982	GSR Mortgage Loan Trust Series 2005-AR3 1A1(d)	US0001M + 0.440%	5.5780	05/25/35		27,065

See accompanying notes which are an integral part of these financial statements.

10

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal					Coupon Rate
Amount ($)				Spread	(%)	Maturity	Fair Value
			ASSET BACKED SECURITIES — 72.2% (Continued)
			COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	553,849		GSR Mortgage Loan Trust Series 2005-AR4 2A1(b)		4.8580	07/25/35	$	313,325
	6,023		GSR Mortgage Loan Trust Series 2005-6F 1A7		5.2500	07/25/35		5,860
	27,710		GSR Mortgage Loan Trust Series 2005-8F 3A4		6.0000	11/25/35		12,064
	114,264		GSR Mortgage Loan Trust Series 2006-1F 2A16		6.0000	02/25/36		59,116
	73,925		GSR Mortgage Loan Trust Series 2007-AR2 2A1(b)		3.9920	05/25/37		44,447
	231,583		HarborView Mortgage Loan Trust Series 2003-1 A(b)		4.4250	05/19/33		191,820
	1,578,146		HarborView Mortgage Loan Trust Series 2004-7 4A(b)		3.9720	11/19/34		1,404,482
	48,678		HarborView Mortgage Loan Trust Series 2005-14 2A1A(b)		4.5760	12/19/35		30,717
	85,000		HomeBanc Mortgage Trust Series 2005-3 M3(d)	US0001M + 0.765%	5.9030	07/25/35		81,185
	195,361		HSI Asset Loan Obligation Trust Series 2007-AR1 4A1(b)		4.4950	01/25/37		146,632
	201,612		HSI Asset Loan Obligation Trust Series 2007-1 2A12		6.5000	06/25/37		81,898
	163,472		HSI Asset Loan Obligation Trust Series 2007-AR2 4A1(b)		3.5580	09/25/37		132,850
	271,481		Hundred Acre Wood Trust Series 2021-INV1 B1(b),(c)		3.2240	07/25/51		222,688
	171,213		Hundred Acre Wood Trust Series 2021-INV1 B2(b),(c)		3.2240	07/25/51		132,685
	453,249		Hundred Acre Wood Trust Series 2021-INV2 B1(b),(c)		3.3000	10/25/51		334,096
	298,625		Hundred Acre Wood Trust Series 2021-INV2 B2(b),(c)		3.3000	10/25/51		215,018
	276,402		Hundred Acre Wood Trust Series 2021-INV2 B3(b),(c)		3.3000	10/25/51		185,091
	780,147		Hundred Acre Wood Trust Series 2021-INV3 B1(b),(c)		3.3270	10/25/51		638,350
	219,646		Hundred Acre Wood Trust Series 2021-INV3 B2(b),(c)		3.3270	12/25/51		158,493
	142,299		Hundred Acre Wood Trust Series 2021-INV3 B3(b),(c)		3.3270	12/25/51		97,377
	57,873		Impac CMB Trust Series 2003-2F M2(e)		6.5700	01/25/33		56,316
	65,750	��	Impac CMB Trust Series 2003-4 3M2(e)		5.7290	07/25/33		62,767
	23,052		Impac CMB Trust Series 2003-11 2A1(d)	US0001M + 0.840%	5.9780	10/25/33		21,298
	32,266		Impac CMB Trust Series 2004-7 M4(d)	US0001M + 1.800%	6.9380	11/25/34		31,501
	54,227		Impac CMB Trust Series 2004-10 3M2(d)	US0001M + 0.885%	6.0230	03/25/35		46,810
	23,422		Impac CMB Trust Series 2004-10 4M2(d)	US0001M + 1.500%	6.6380	03/25/35		20,507
	299,622		Impac CMB Trust Series 2005-4 2M1(d)	US0001M + 0.500%	5.8880	05/25/35		267,635
	762,096		Impac CMB Trust Series 2005-4 2M2(d)	US0001M + 0.750%	6.2630	05/25/35		680,821
	621,673		Impac CMB Trust Series 2005-8 2M1(d)	US0001M + 0.750%	5.8880	02/25/36		548,897
	54,992		Impac CMB Trust Series Series 2004-10 3M3(d)	US0001M + 0.975%	6.1130	03/25/35		45,846
	50,557		Impac CMB Trust Series Series 2005-2 2B(d)	US0001M + 2.475%	7.6130	04/25/35		48,395
	134,864		Impac CMB Trust Series Series 2005-8 2M3(d)	US0001M + 2.250%	7.3880	02/25/36		124,871
	121,782		Impac CMB Trust Series Series 2005-8 2B(d)	US0001M + 2.250%	7.3880	02/25/36		110,055
	209,098		Impac Secured Assets CMN Owner Trust Series 2003-2 A2		6.0000	08/25/33		181,797

See accompanying notes which are an integral part of these financial statements.

11

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	92,750	Impac Secured Assets Trust Series 2006-1 2A1(d)	US0001M + 0.700%	5.8380	05/25/36	$	84,070
	2,500,000	Imperial Fund Mortgage Trust Series 2022-NQM4 M1(c),(e)		5.0400	06/25/67		2,075,000
	18,794	IndyMac INDX Mortgage Loan Trust Series 2004-AR11 2A(b)		3.9180	12/25/34		16,769
	261,736	IndyMac INDX Mortgage Loan Trust Series 2004-AR15 3A1(b)		3.8820	02/25/35		234,511
	268,771	IndyMac INDX Mortgage Loan Trust Series 2005-AR8 2A1A(d)	US0001M + 0.460%	5.5980	04/25/35		217,842
	3,118	Interstar Millennium Series Trust Series 2003-3G A2(d)	US0003M + 0.500%	5.6340	09/27/35		2,829
	27,865	Interstar Millennium Series Trust Series 2005-1G A(d)	US0003M + 0.400%	5.4080	12/08/36		25,248
	246,287	JP Morgan Alternative Loan Trust Series 2005-S1 1A8(a),(d)	US0001M + 7.150%	2.0120	12/25/35		19,652
	976,601	JP Morgan Alternative Loan Trust Series 2008-R4 1A1(c)		6.0000	12/27/36		546,111
	414,272	JP Morgan MBS Series Series 2006-R1 6A1(b),(c)		4.2370	09/28/44		314,306
	40,142	JP Morgan Mortgage Trust Series 2006-A2 5A4(b)		4.1940	11/25/33		36,434
	9,663	JP Morgan Mortgage Trust Series 2004-A3 3A3(b)		3.5710	07/25/34		8,954
	26,193	JP Morgan Mortgage Trust Series 2004-S2 4A5		6.0000	11/25/34		23,869
	31,281	JP Morgan Mortgage Trust Series 2005-A7 1A4(b)		4.0960	10/25/35		30,096
	17,318	JP Morgan Mortgage Trust Series 2006-A4 3A1(b)		4.0550	06/25/36		12,203
	193,259	JP Morgan Mortgage Trust Series 2006-A7 2A4R(b)		3.8660	01/25/37		151,080
	358,747	JP Morgan Mortgage Trust Series 2007-A2 2A3(b)		4.1480	04/25/37		238,782
	21,550	JP Morgan Mortgage Trust Series 2018-8 A3(b),(c)		4.0000	01/25/49		19,596
	185,540	JP Morgan Mortgage Trust Series 2019-8 B4(b),(c)		4.1640	03/25/50		146,221
	253,984	JP Morgan Mortgage Trust Series Series 2008-R2 2A(b),(c)		5.5000	12/27/35		202,432
	126,591	JP Morgan Tax-Emept Pass-Through Trust Series Series 2012-3 A(b),(c)		3.0000	10/27/42		115,144
	175,107	JPMorgan Chase Bank NA - CHASE Series 2020-CL1 M3(d)	US0001M + 3.350%	8.4880	10/25/57		168,905
	925,068	La Hipotecaria Panamanian Mortgage Trust Series 2021-1 GA(c)		4.3500	06/13/51		861,817
	339,573	Legacy Mortgage Asset Trust Series 2020-GS5 A1(c),(e)		3.2500	06/25/60		338,030
	144,536	Lehman Mortgage Trust Series 2006-2 2A3 A(b),(c)		5.7500	04/25/36		142,726
	101,531	LSTAR Securities Investment Ltd. Series 2020-1 A(c),(d)	US0001M + 2.800%	7.8340	02/01/26		98,220
	39,884	MASTR Adjustable Rate Mortgages Trust Series 2003-1 2A1(b)		3.5190	12/25/32		36,365
	16,651	MASTR Adjustable Rate Mortgages Trust Series 2003-2 4A1(b)		5.2800	07/25/33		15,793
	30,998	MASTR Adjustable Rate Mortgages Trust Series 2003-6 2A1(b)		3.7280	12/25/33		27,917
	21,429	MASTR Adjustable Rate Mortgages Trust Series 2003-6 7A1(b)		4.1250	12/25/33		20,625
	47,900	MASTR Adjustable Rate Mortgages Trust Series 2003-7 B1(b)		4.7470	01/25/34		42,221
	180,217	MASTR Adjustable Rate Mortgages Trust Series 2004-15 4A1(b)		3.2130	12/25/34		170,214
	223,086	MASTR Adjustable Rate Mortgages Trust Series 2005-7 3A1(b)		3.4790	09/25/35		140,735
	113,310	MASTR Adjustable Rate Mortgages Trust Series 2006-2 5A1(b)		4.4350	05/25/36		45,007

See accompanying notes which are an integral part of these financial statements.

12

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	161,597	MASTR Alternative Loan Trust Series 2003-3 B2(b)		6.1620	05/25/33	$	145,945
	43,069	MASTR Alternative Loan Trust Series 2003-5 8A1		5.5000	06/25/33		41,385
	55,716	MASTR Alternative Loan Trust Series 2003-7 6A1		6.5000	12/25/33		57,727
	187,363	MASTR Alternative Loan Trust Series 2004-1 4A1		5.5000	02/25/34		178,514
	63,758	MASTR Alternative Loan Trust Series 2004-3 2A1		6.2500	04/25/34		63,801
	249,656	MASTR Alternative Loan Trust Series 2004-3 6A1		6.5000	04/25/34		239,781
	25,497	MASTR Alternative Loan Trust Series 2004-4 1A1		5.5000	05/25/34		24,595
	59,327	MASTR Alternative Loan Trust Series 2004-7 10A1		6.0000	06/25/34		55,994
	399,603	MASTR Alternative Loan Trust Series 2004-6 8A1		5.5000	07/25/34		382,293
	180,845	MASTR Alternative Loan Trust Series 2004-6 7A1		6.0000	07/25/34		171,440
	46,409	MASTR Alternative Loan Trust Series 2004-6 10A1		6.0000	07/25/34		44,092
	790,486	MASTR Alternative Loan Trust Series 2004-6 4A1		6.2500	07/25/34		778,076
	717,900	MASTR Alternative Loan Trust Series 2004-6 6A1		6.5000	07/25/34		709,706
	996,908	MASTR Alternative Loan Trust Series 2004-7 9A1		6.0000	08/25/34		984,714
	26,030	MASTR Alternative Loan Trust Series 2007-1 30PO(f)		0.0000	10/25/36		14,635
	2,225	MASTR Alternative Loan Trust Series 2005-1 5A1		5.5000	12/25/41		1,995
	300,341	MASTR Alternative Loan Trust Series 2005-2 6A1		5.0000	03/25/43		237,691
	866,092	MASTR Alternative Loan Trust Series 2007-HF1 4PO(f)		0.0000	10/25/47		9
	271	MASTR Asset Securitization Trust Series 2003-12 1A1		5.2500	12/25/24		269
	48,788	MASTR Asset Securitization Trust Series 2003-12 6A2		5.0000	12/25/33		42,060
	20,136	MASTR Asset Securitization Trust Series 2003-12 6A1		5.0000	12/25/33		19,370
	58,175	MASTR Asset Securitization Trust Series 2003-11 9A6		5.2500	12/25/33		57,130
	65,529	MASTR Asset Securitization Trust Series 2003-11 7A5		5.2500	12/25/33		62,587
	45,600	MASTR Asset Securitization Trust Series 2003-11 8A1		5.5000	12/25/33		42,485
	18,177	MASTR Asset Securitization Trust Series 2003-11 2A10		5.5000	12/25/33		17,560
	9,490	MASTR Asset Securitization Trust Series 2004-1 1A12		5.5000	02/25/34		9,025
	2,874,522	MASTR Asset Securitization Trust Series 2004-9 4A1		6.0000	09/25/34		2,231,988
	71,945	MASTR Asset Securitization Trust Series 2005-1 2A9		5.5000	05/25/35		58,030
	4,115,554	MASTR Asset Securitization Trust Series 2006-2 2A2(d)	US0001M + 0.500%	5.6380	06/25/36		743,611
	1,004,759	MASTR Asset Securitization Trust Series 2006-3 2A1(d)	US0001M + 0.450%	5.5880	10/25/36		156,707
	18,615	MASTR Reperforming Loan Trust Series 2005-2 1A4(c)		8.0000	05/25/35		14,577
	144,555	MASTR Reperforming Loan Trust Series 2006-2 2A1(b),(c)		3.5540	05/25/36		132,647
	60,090	MASTR Seasoned Securitization Trust Series 2004-1 4A1(b)		4.2200	10/25/32		54,477
	30,552	MASTR Seasoned Securitization Trust Series 2005-1 3A1(b)		4.3220	10/25/32		25,880

See accompanying notes which are an integral part of these financial statements.

13

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	371,034	MASTR Seasoned Securitization Trust Series 2003-1 2A1		6.0000	02/25/33	$	355,114
	880,000	Mello Mortgage Capital Acceptance Series 2018-MTG2 B5(b),(c)		4.3370	10/25/48		608,059
	568,446	Mello Mortgage Capital Acceptance Series 2021-MTG1 B1(b),(c)		2.6440	04/25/51		439,796
	36,692	Merrill Lynch Mortgage Investors Trust MLMI Series Series 2003-A4 3A(b)		4.9690	05/25/33		33,021
	164,934	Merrill Lynch Mortgage Investors Trust MLMI Series Series 2005-A4 1A(b)		3.8910	07/25/35		80,207
	33,528	Merrill Lynch Mortgage Investors Trust Series Series 2003-A6 1A(b)		4.0380	09/25/33		31,109
	45,585	Merrill Lynch Mortgage Investors Trust Series MLCC Series 2007-3 2A2(b)		2.8900	09/25/37		34,554
	1,000,000	MFA Trust Series 2022-RPL1 M1(b),(c)		3.8510	08/25/61		795,912
	77,518	Morgan Stanley Dean Witter Capital I Inc Trust Series 2003-HYB1 A3(b)		4.5770	03/25/33		68,963
	19,384	Morgan Stanley Mortgage Loan Trust Series 2004-2AR 2A(b)		5.3710	02/25/34		18,233
	24,874	Morgan Stanley Mortgage Loan Trust Series 2004-8AR 2A(b)		2.6400	10/25/34		22,187
	22,844	Morgan Stanley Mortgage Loan Trust Series 2004-8AR 4A1(b)		4.4990	10/25/34		20,107
	17,355	Morgan Stanley Mortgage Loan Trust Series 2004-10AR 2A2(b)		5.0220	11/25/34		15,850
	73,900	Morgan Stanley Mortgage Loan Trust Series 2005-10 5A1		6.0000	12/25/35		30,934
	18,320	Morgan Stanley Mortgage Loan Trust Series 2006-8AR 4A2(b)		5.7500	06/25/36		17,025
	4,814,556	Mortgage Equity Conversion Asset Trust Series 2007-FF2 A(c),(d)	H15T1Y + 0.470%	5.5900	02/25/42		4,643,730
	149,130	MortgageIT Trust Series 2004-2 B2(d)	US0001M + 3.225%	8.3630	12/25/34		145,505
	261,827	MortgageIT Trust Series 2005-3 M2(d)	US0001M + 0.795%	5.9330	08/25/35		244,177
	174,586	MRFC Mortgage Pass-Through Trust Series Series 2000-TBC3 B4(b),(c)		5.1230	12/15/30		156,737
	557,275	National City Mortgage Capital Trust Series 2008-1 2A1		6.0000	03/25/38		547,352
	27,177	National City Mortgage Capital Trust Series 2008-1 2A2		6.0000	03/25/38		26,701
	360,100	New Residential Mortgage Loan Trust Series 2017-2A B2(b),(c)		4.7500	03/25/57		302,554
	720,000	New Residential Mortgage Loan Trust Series 2020-RPL1 B3(b),(c)		3.8830	11/25/59		438,253
	159,327	Nomura Asset Acceptance Corp Alternative Loan Series 2004-R1 A2(c)		7.5000	03/25/34		141,726
	86,286	Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3(e)		5.9570	03/25/47		81,264
	3,792,266	Ocwen Residential MBS Corporation Series 1998-R3 AWAC(b),(c)		0.0001	09/25/38		284,420
	457,507	PHH Mortgage Trust Series Series 2008-CIM1 21A1		6.0000	05/25/38		445,919
	408,405	PHHMC Series Trust Series 2005-4 A8(b)		5.9100	07/18/35		393,495
	1,315,772	Point Securization Trust Series 2021-1 A1(b),(c)		3.2280	02/25/52		1,246,942
	376,592	Prime Mortgage Trust Series 2003-3 A9		5.5000	01/25/34		360,649

See accompanying notes which are an integral part of these financial statements.

14

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	462,960	Provident Funding Mortgage Trust Series 2020-1 B3(b),(c)		3.2520	02/25/50	$	363,331
	18,067	RAAC Series Trust Series 2005-SP1 4A1		7.0000	09/25/34		17,533
	15,103	RALI Series Trust Series 2005-QA4 A41(b)		3.9090	04/25/35		14,355
	112,352	RALI Series Trust Series 2005-QA12 CB1(b)		5.0640	12/25/35		54,334
	10,676	RBSGC Mortgage Loan Trust Series 2007-B 3B1(b)		5.6220	07/25/35		10,218
	349,013	RBSGC Structured Trust Series 2008-A A1(b),(c)		5.5000	11/25/35		295,830
	103,074	Reperforming Loan REMIC Trust Series 2003-R4 2A(b),(c)		4.2430	01/25/34		81,118
	19,598	Reperforming Loan REMIC Trust Series 2004-R1 2A(c)		6.5000	11/25/34		18,027
	16,746	Reperforming Loan REMIC Trust Series 2005-R2 2A4(c)		8.5000	06/25/35		16,194
	92,727	Reperforming Loan REMIC Trust Series 2006-R2 AF1(c),(d)	US0001M + 0.420%	5.5580	07/25/36		81,521
	146,241	Resecuritization Pass-Through Trust Series 2005-8R A5		6.0000	10/25/34		142,020
	1,465,977	Residential Asset Securitization Trust Series 2003-A9 A3(d)	US0001M + 0.550%	5.6880	08/25/33		1,281,123
	59,000	Residential Asset Securitization Trust Series 2003-A10 A2		5.2000	09/25/33		56,499
	535,563	Residential Asset Securitization Trust Series 2003-A10 A5		5.2500	09/25/33		499,223
	48,740	RESIMAC Bastille Trust Series Series 2019-1NCA A1(c),(d)	US0001M + 0.930%	6.0120	09/05/57		48,326
	4,250,000	RMF Buyout Issuance Trust Series 2022-HB1 M3(b),(c)		4.5000	04/25/32		3,169,686
	1,032,177	RMF Proprietary Issuance Trust Series 2021-2 M1(b),(c)		2.1250	09/25/61		654,859
	1,000,000	RMF Proprietary Issuance Trust Series 2022-1 M1(b),(c)		3.0000	01/25/62		661,041
	240,379	RMF Proprietary Issuance Trust Series 2022-1 A1(b),(c)		3.0000	01/25/62		173,938
	1,000,000	RMF Proprietary Issuance Trust Series 2022-2 M3(b),(c)		3.7500	06/25/62		525,184
	225,000	RMF Proprietary Issuance Trust Series 2022-3 A(b),(c)		4.0000	08/25/62		157,858
	1,414	Ryland Mortgage Securities Corporation Series 1994-1 B(b)		0.0000	04/29/30		—
	605,032	Saluda Grade Alternative Mortgage Trust Series 2020-FIG1 A1(c)		3.3210	09/25/50		596,134
	410,000	SBALR Commercial Mortgage Trust Series 2020-RR1 C(b),(c)		3.9790	02/13/53		284,224
	46,806	Seasoned Credit Risk Transfer Trust Series Series 2017-3 B(f)		0.0000	07/25/56		5,055
	860,000	Seasoned Credit Risk Transfer Trust Series Series 2019-1 M(b)		4.7500	07/25/58		781,068
	3,140,000	Seasoned Credit Risk Transfer Trust Series Series 2020-1 M(b)		4.2500	08/25/59		2,770,536
	3,400,000	Seasoned Credit Risk Transfer Trust Series Series 2020-2 M(b)		4.2500	11/25/59		2,947,803
	34,251	Sequoia Mortgage Trust Series 2004-10 A1A(d)	US0001M + 0.620%	5.7680	11/20/34		31,496
	70,145	Sequoia Mortgage Trust Series 2005-2 A1(d)	US0001M + 0.440%	5.5880	03/20/35		59,817
	322,984	Sequoia Mortgage Trust Series 2005-3 B1(d)	US0001M + 0.555%	5.7030	05/20/35		229,599
	374,257	Sequoia Mortgage Trust Series 2007-4 1A1(d)	US0001M + 0.780%	5.9280	01/20/36		285,247
	296,316	Sequoia Mortgage Trust Series 2007-2 1B1(d)	US0001M + 0.600%	5.7480	06/20/36		225,399
	34,218	Sequoia Mortgage Trust Series 2013-8 B4(b)		3.4810	06/25/43		22,792

See accompanying notes which are an integral part of these financial statements.

15

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	282,994	Sequoia Mortgage Trust Series 2014-4 A6(b),(c)		3.5000	11/25/44	$	257,674
	78,892	Sequoia Mortgage Trust Series 2017-1 B3(b),(c)		3.6050	02/25/47		54,967
	81,489	Shellpoint Co-Originator Trust Series 2017-1 B4(b),(c)		3.6010	04/25/47		55,506
	434,926	Sofi Mortgage Trust Series 2016-1A B3(b),(c)		3.0940	11/25/46		280,417
	100,000	Spruce Hill Mortgage Loan Trust Series 2020-SH1 B2(b),(c)		4.6760	01/28/50		80,249
	645,977	STARM Mortgage Loan Trust Series 2007-4 3A1(b)		3.6680	10/25/37		530,253
	56,389	Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 4A1(b)		5.0090	03/25/34		50,695
	65,971	Structured Adjustable Rate Mortgage Loan Trust Series 2004-18 1A3(b)		4.1790	12/25/34		57,300
	215,861	Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 1A1(b)		4.3320	03/25/35		181,336
	339,906	Structured Adjustable Rate Mortgage Loan Trust Series 2005-15 1A1(b)		4.2220	07/25/35		205,028
	911,430	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1 2A2(b)		4.1030	02/25/36		785,744
	7,689	Structured Adjustable Rate Mortgage Loan Trust Series 2006-8 3AF(d)	US0001M + 0.380%	5.5180	09/25/36		6,764
	179,256	Structured Asset Sec Corp Mort Passthr Certs Ser Series 2003-40A 3A1(b)		4.7720	01/25/34		156,675
	31,633	Structured Asset Sec Corp Mort Passthr Certs Ser Series 2003-40A 3A2(b)		4.7720	01/25/34		30,402
	64,092	Structured Asset Securities Corp Mortgage Series 2000-5 B3(b)		4.3480	11/25/30		36,333
	2,171,459	Structured Asset Securities Corp Reverse Mortgage Series 2007-RM1 M3(c),(d)	US0001M + 1.850%	6.9880	05/25/47		2,027,751
	2,036,071	Structured Asset Securities Corp Reverse Mortgage Series 2007-RM1 M4(c),(d)	US0001M + 3.000%	8.1380	05/25/47		1,842,801
	3,531	Structured Asset Securities Corporation Series 2003-37A B1I(d)	US0001M + 0.780%	5.8140	12/25/33		3,202
	13,863	Structured Asset Securities Corporation Series 2004-4XS A3A(e)		4.9370	02/25/34		13,126
	107,871	Structured Asset Securities Corporation Series 2004-4XS 1A5(e)		4.9370	02/25/34		102,089
	391,934	Structured Asset Securities Corporation Series 4XS 1M1(e)		5.0400	02/25/34		340,413
	82,718	Structured Asset Securities Corporation Series 2005-RF2 A(c),(d)	US0001M + 0.350%	5.4880	04/25/35		71,928
	114,171	Structured Asset Securities Corporation Series 2005-RF3 2A(b),(c)		3.7840	06/25/35		98,165
	73,813	Suntrust Alternative Loan Trust Series Series 2005-1F 1A1(d)	US0001M + 0.650%	5.7500	12/25/35		54,876
	217,310	TIAA Bank Mortgage Loan Trust Series 2018-2 B3(b),(c)		3.6920	07/25/48		177,609
	230,000	Towd Point Mortgage Trust Series 2015-1 B1(b),(c)		4.0340	10/25/53		201,785
	100,000	Verus Securitization Trust Series 2020-INV1 B2(b),(c)		6.0000	03/25/60		91,193
	538,000	Vista Point Securitization Trust Series 2020-1 M1(b),(c)		4.1510	03/25/65		497,965
	66,834	Wachovia Mortgage Loan Trust, LLC Series Series 2006-A 4A1(b)		4.2960	05/20/36		63,018

See accompanying notes which are an integral part of these financial statements.

16

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 33.0% (Continued)
	42,730	WaMu Mortgage Pass-Through Certificates Series Series 2002-AR14 B1(b)		3.6050	11/25/32	$	37,045
	39,837	WaMu Mortgage Pass -Through Certificates Series Series 2002-AR18 A(b)		4.3280	01/25/33		38,843
	36,936	WaMu Mortgage Pass-Through Certificates Series Series 2003-S3 1A4		5.5000	06/25/33		34,284
	40,509	WaMu Mortgage Pass -Through Certificates Series Series 2003-S5 1A13		5.5000	06/25/33		38,977
	17,137	WaMu Mortgage Pass -Through Certificates Series Series 2003-AR9 1A7(b)		4.1560	09/25/33		15,279
	23,019	WaMu Mortgage Pass-Through Certificates Series Series 2002-AR2 A(d)	ECOFC + 1.250%	3.7600	02/27/34		20,131
	45,445	WaMu Mortgage Pass-Through Certificates Series Series 2006-AR2 1A1(b)		3.8840	03/25/36		41,391
	101,676	WaMu Mortgage Pass -Through Certificates Series Series 2002-AR17 1A(d)	12MTA + 1.200%	4.9430	11/25/42		88,101
	44,544	WaMu Mortgage Pass -Through Certificates Series Series 2005-AR1 A1A(d)	US0001M + 0.640%	5.7780	01/25/45		42,314
	130,393	WaMu Mortgage Pass-Through Certificates Series Series 2006-AR8 1A1(b)		3.6790	08/25/46		109,965
	161,219	Washington Mutual MSC Mortgage Pass -Through Series 2003-MS7 A12		5.5000	03/25/33		156,574
	64,635	Washington Mutual MSC Mortgage Pass-Through Series 2003-MS9 2A		7.5000	04/25/33		65,122
	189,550	Washington Mutual MSC Mortgage Pass-Through Series AR3 B1(b)		4.1700	06/25/33		156,528
	13,536	Washington Mutual MSC Mortgage Pass-Through Series 2005-RA1 3B4(b),(c)		4.1710	01/25/35		11,043
	1,064,246	Wells Fargo Alternative Loan Trust Series 2005-1 2A3		5.5000	02/25/35		1,033,620
	78,113	Wells Fargo Mortgage Backed Securities Series 2007-7 A6		6.0000	06/25/37		68,189
	67,891	Wells Fargo Mortgage Backed Securities Series 2019-4 A2(b),(c)		3.0000	09/25/49		56,026
	214,851	WinWater Mortgage Loan Trust Series 2015-1 B2(b),(c)		3.8700	01/20/45		198,945
							111,729,812
		CREDIT CARD — 0.3%
	1,000,000	Continental Finance Credit Card A.B.S Master Trust Series 2022-A A(c)		6.1900	10/15/30		970,315
	100,000	Mission Lane Credit Card Master Trust Series 2021-A A(c)		1.5900	09/15/26		96,821
							1,067,136
		HOME EQUITY — 4.2%
	68,106	ABFC Trust Series 2004-OPT2 A2(d)	US0001M + 0.560%	5.6980	10/25/33		64,795
	170,176	AFC Trust Series Series 1999-3 1A(d)	US0001M + 0.980%	6.0000	09/28/29		113,698
	55,384	American Residential Home Equity Loan Trust Series 1998-1 B(d)	US0001M + 2.175%	7.3130	05/25/29		63,409

See accompanying notes which are an integral part of these financial statements.

17

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		HOME EQUITY — 4.2% (Continued)
	8,580	Ameriquest Mortgage Securities, Inc. Series 2004-FR1W A6(e)		3.8240	05/25/34	$	8,517
	524,045	Bayview Financial Asset Trust Series 2007-SR1A A(c),(d)	US0001M + 0.450%	5.5880	03/25/37		508,679
	3,134,367	Bayview Financial Mortgage Pass-Through Trust Series 2004-B A1(c),(d)	US0001M + 1.000%	6.1600	05/28/39		2,574,896
	1,423,890	Bayview Financial Mortgage Pass-Through Trust Series 2005-A M1(c),(d)	US0001M + 1.500%	6.6600	02/28/40		1,189,302
	50,276	Bear Stearns Asset Backed Securities I Trust Series 2004-FR2 M4(d)	US0001M + 2.100%	5.2260	06/25/34		46,715
	398,024	Bear Stearns Home Loan Owner Trust Series 2001-A B(e)		10.5000	02/15/31		401,145
	769,000	BRAVO Residential Funding Trust Series 2021-HE2 B2(c),(d)	SOFR30A + 3.400%	6.0880	11/25/69		701,898
	1,250,000	BRAVO Residential Funding Trust Series 2021-HE2 B1(c),(d)	SOFR30A + 2.400%	6.0880	11/25/69		1,182,821
	253,007	CHEC Loan Trust Series 2004-1 M2(c),(d)	US0001M + 0.975%	6.1130	07/25/34		248,358
	13,514	Citigroup Global Markets Mortgage Securities VII, Series 2002-WMC1 M1(d)	US0001M + 1.350%	6.4880	01/25/32		13,361
	136,781	Delta Funding Home Equity Loan Trust Series 1999-3 A2F(e)		8.0610	09/15/29		130,610
	309,797	Delta Funding Home Equity Loan Trust Series 2000-1 M2(e)		8.0900	05/15/30		279,617
	119,882	Delta Funding Home Equity Loan Trust Series 1999-2 A1A(d)	US0001M + 0.320%	5.7470	08/15/30		117,094
	185,829	EMC Mortgage Loan Trust Series 2001-A M1(c),(d)	US0001M + 1.050%	6.1880	05/25/40		183,012
	172,753	Financial Asset Securities Corp AAA Trust Series 2005-1A 1A3B(c),(d)	US0001 + 0.410%	5.5700	02/27/35		152,657
	32,540	First Alliance Mortgage Loan Trust Series 1999-1 A1(e)		7.1800	06/20/30		32,110
	76,054	GE Capital Mortgage Services Inc Trust Series 1999-HE1 A6(b)		6.7000	04/25/29		75,792
	236,013	Home Equity Asset Trust Series 2002-2 A2(d)	US0001M + 0.600%	5.6200	06/25/32		214,855
	1,051,982	Mastr Asset Backed Securities Trust Series 2004-FRE1 M7(d)	US0001M + 2.700%	7.8380	07/25/34		973,610
	245,652	Mastr Asset Backed Securities Trust Series 2005-NC1 M2(d)	US0001M + 0.750%	5.8880	12/25/34		235,754
	253,874	Mastr Asset Backed Securities Trust Series 2007-NCW A2(c),(d)	US0001M + 0.600%	5.7380	05/25/37		200,018
	295,776	Morgan Stanley A.B.S Capital I Inc Trust Series Series 2003-SD1 M2(d)	US0001M + 3.900%	9.0380	03/25/33		271,738
	104,990	Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE2 Series 2006-HE2 M1(d)	US0001M + 0.495%	5.6330	03/25/36		91,124
	303,311	NovaStar Mortgage Funding Trust Series Series 2003-4 A1(d)	US0001M + 0.740%	5.8780	02/25/34		295,337
	33,532	RAAC Series Trust Series 2004-SP1 AII(d)	US0001M + 0.700%	5.8380	03/25/34		31,353
	342,667	RBSSP Resecuritization Trust Series 2010-4 6A2(c),(e)		5.8250	02/26/36		324,002
	567,175	Renaissance Home Equity Loan Trust Series 2002-3 M1(d)	US0001M + 1.500%	6.6380	12/25/32		521,370
	121,601	Renaissance Home Equity Loan Trust Series 2002-3 M2(d)	US0001M + 2.550%	7.6880	12/25/32		100,869
	27,834	Saxon Asset Securities Trust Series 2001-2 AF5(e)		7.1700	03/25/29		27,980
	30,005	Saxon Asset Securities Trust Series 2003-3 M2(d)	US0001M + 2.400%	3.8630	12/25/33		26,786
	220,266	Saxon Asset Securities Trust Series 2003-3 AF5(e)		4.2850	12/25/33		200,236

See accompanying notes which are an integral part of these financial statements.

18

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal					Coupon Rate
Amount ($)				Spread	(%)	Maturity	Fair Value
			ASSET BACKED SECURITIES — 72.2% (Continued)
		��	HOME EQUITY — 4.2% (Continued)
	161,732		Saxon Asset Securities Trust Series 2004-1 A(d)	US0001M + 0.540%	1.9520	03/25/35	$	137,229
	1,500,000		Security National Mortgage Loan Trust Series 2005-2A A4(b),(c)		7.5640	02/25/35		1,503,049
	362,032		Security National Mortgage Loan Trust Series 2005-2A A3(b),(c)		6.2130	02/25/36		357,674
	58,720		Soundview Home Loan Trust Series 2006-OPT4 1A1(d)	US0001M + 0.300%	5.4380	06/25/36		57,441
	213,328		Southern Pacific Secured Asset Corporation Series 1997-2 M1F		7.3200	05/25/27		222,041
	3,815		Wells Fargo Home Equity Asset-Backed Securities Series 2 M2(d)	US0001M + 0.975%	6.1130	10/25/34		3,694
								13,884,646
			MANUFACTURED HOUSING — 0.9%
	1,000,000		Cascade MH Asset Trust Series 2019-MH1 M(b),(c)		5.9850	11/01/44		855,928
	69,278		Conseco Finance Corporation Series 1996-8 M1(b)		7.8500	11/15/26		69,170
	2,500,000		Towd Point Mortgage Trust Series 2019-MH1 B1(b),(c)		3.7500	11/25/58		2,272,653
								3,197,751
			NON AGENCY CMBS — 19.7%
	3,204,350		Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B1(b),(c)		3.6530	05/25/50		2,299,289
	2,124,264		Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B2(b),(c)		5.3780	05/25/50		1,537,557
	723,000		Arbor Multifamily Mortgage Securities Trust Series 2020-MF1 D(c)		1.7500	05/15/53		412,748
	1,000,000		Arbor Multifamily Mortgage Securities Trust Series 2020-MF1 E(c)		1.7500	05/15/53		529,395
	32,732		Bayview Commercial Asset Trust Series 2005-2A M1(c),(d)	US0001M + 0.645%	5.7830	08/25/35		28,652
	50,648		Bayview Commercial Asset Trust Series 2005-2A B1(c),(d)	US0001M + 1.725%	6.8630	08/25/35		48,024
	203,095		Bayview Commercial Asset Trust Series 2005-3A A1(c),(d)	US0001M + 0.480%	5.6180	11/25/35		180,476
	26,539		Bayview Commercial Asset Trust Series 2005-4A M1(c),(d)	US0001M + 0.675%	5.8130	01/25/36		23,433
	95,880		Bayview Commercial Asset Trust Series 2007-1 M2(c),(d)	US0001M + 0.435%	5.5730	03/25/37		78,818
	413,927		Bayview Commercial Asset Trust Series 2007-3 M2(c),(d)	US0001M + 0.510%	5.6480	07/25/37		363,974
	542,624		Bayview Commercial Asset Trust Series 2007-3 M3(c),(d)	US0001M + 0.555%	5.6930	07/25/37		474,454
	1,023,217		Bayview Commercial Asset Trust Series 2007-3 M4(c),(d)	US0001M + 0.750%	5.8880	07/25/37		891,739
	2,306,467		Bayview Commercial Asset Trust Series 2008-2 A4A(c),(d)	US0001M + 2.500%	7.6380	04/25/38		2,255,020
	120,000		Benchmark Mortgage Trust Series 2018-B5 A2		4.0770	07/15/51		116,570
	130,000		Benchmark Mortgage Trust Series 2019-B9 B		4.4680	03/15/52		102,705
	495,000		Benchmark Mortgage Trust Series 2021-B24 A2		1.9530	03/15/54		421,950
	328,000		Benchmark Mortgage Trust Series 2021-B31 C(b)		3.1950	12/15/54		208,043
	555,000		BMD2 Re-Remic Trust Series 2019-FRR1 5A1(b),(c)		3.4850	05/25/52		435,307
	998,528		Capital Funding Mortgage Trust Series 2021-15 A(c),(d)	US0001M + 3.150%	8.1800	03/15/24		989,974

See accompanying notes which are an integral part of these financial statements.

19

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		NON AGENCY CMBS — 19.7% (Continued)
	121,757	CARBON CAPITAL VI COMMERCIAL MORTGAGE Series 2019-FL2 B(c),(d)	US0001M + 2.850%	7.9570	10/15/35	$	93,947
	2,744,225	CBA Commercial Small Balance Commercial Mortgage Series 2007-1A A(c),(e)		6.2600	07/25/39		2,534,284
	72,000	CD Mortgage Trust Series 2017-CD3 D(c)		3.2500	02/10/50		27,421
	385,453	CFCRE Commercial Mortgage Trust Series 2011-C2 D(b),(c)		5.0800	12/15/47		350,150
	100,000	CFK Trust Series 2020-MF2 A(c)		2.3870	03/15/39		83,869
	1,990,236	CG-CCRE Commercial Mortgage Trust Series 2014-FL1 B(c),(d)	US0001M + 1.150%	6.2570	06/15/31		1,981,587
	1,494,898	CG-CCRE Commercial Mortgage Trust Series 2014-FL2 A(c),(d)	US0001M + 1.854%	6.9610	11/15/31		1,369,319
	100,000	Citigroup Commercial Mortgage Trust Series 2016-C2 B		3.1760	08/10/49		86,716
	50,000	Citigroup Commercial Mortgage Trust Series 2018-C5 AS(b)		4.4080	06/10/51		44,661
	394,838	CNL Commercial Mortgage Loan Trust Series 2003-1A A1(c),(d)	US0001M + 0.500%	5.6070	05/15/31		383,280
	74,084	COMM Mortgage Trust Series 2012-LC4 B(b)		4.9340	12/10/44		70,220
	1,940,000	COMM Mortgage Trust Series 2013-CR12 AM		4.3000	10/10/46		1,701,488
	1,980,000	COMM Mortgage Trust Series 2013-CR12 B(b)		4.7620	10/10/46		1,491,860
	1,350,000	Csail Commercial Mortgage Trust Series 2015-C2 C(b)		4.1760	06/15/57		1,117,711
	265,000	CSAIL Commercial Mortgage Trust Series 2018-C14 D(b),(c)		4.9010	11/15/51		174,743
	470,000	CSAIL Commercial Mortgage Trust Series 2019-C16 C(b)		4.2370	06/15/52		345,151
	1,390,000	CSMC OA, LLC Series 2014-USA D(c)		4.3730	09/15/37		1,041,313
	1,679,833	FREMF Mortgage Trust Series 2017-KF31 B(c),(d)	US0001M + 2.900%	7.9620	04/25/24		1,659,571
	524,337	FREMF Mortgage Trust Series 2017-KF38 B(c),(d)	US0001M + 2.500%	7.5620	09/25/24		468,111
	55,105	FREMF Mortgage Trust Series 2017-KF49 B(c),(d)	US0001M + 1.900%	6.9620	06/25/25		50,223
	47,000	GS Mortgage Securities Corporation II Series ROCK F(c)		5.5150	05/03/32		40,491
	1,782,000	GS Mortgage Securities Trust Series 2014-GC18 B(b)		4.8850	01/10/47		1,483,155
	26,000	GS Mortgage Securities Trust Series 2014-GC20 C(b)		5.0010	04/10/47		22,985
	1,000,000	GS Mortgage Securities Trust Series 2016-GS4 C(b)		3.9530	11/10/49		815,769
	1,300,000	Harvest Commercial Capital Loan Trust Series 2019-1 M5(b),(c)		5.7300	11/25/31		1,179,735
	2,000,000	Harvest Commercial Capital Loan Trust Series 2020-1 M5(b),(c)		5.9640	04/25/52		1,700,974
	700,000	HMH Trust Series 2017-NSS A(c)		3.0620	07/05/31		642,003
	2,366,000	Hudsons Bay Simon JV Trust Series 2015-HB7 A7(c)		3.9140	08/05/34		2,097,898
	100,000	Hudsons Bay Simon JV Trust Series 2015-HB10 A10(c)		4.1540	08/05/34		77,982
	168,003	Hudsons Bay Simon JV Trust Series 2015-HBFL AFL(c),(d)	US0001M + 1.830%	6.9120	08/05/34		153,259
	85,379	Impac CMB Trust Series 2004-8 3B(d)	US0001M + 2.625%	7.7630	08/25/34		78,534
	100,000	J.P. Morgan Chase Commercial Mortgage Securities Series 2016-NINE A(b),(c)		2.8540	09/06/38		86,423

See accompanying notes which are an integral part of these financial statements.

20

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		NON AGENCY CMBS  — 19.7% (Continued)
	453,936	JP Morgan Chase Commercial Mortgage Securities Series 2015-FL7 D(c),(d)	US0001M + 3.750%	8.8570	05/15/28	$	406,500
	1,000,000	JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A(c),(d)	US0001M + 1.450%	6.5570	04/15/31		864,625
	193,000	JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 E(b),(c)		5.5260	02/15/46		81,647
	500,000	JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 E(b),(c)		3.2500	04/15/46		230,019
	654,235	JP Morgan Chase Commercial Mortgage Securities Series 2007-LD11 AJ(b)		5.8830	06/15/49		154,563
	3,017,595	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-WLDN A(c)		3.9100	05/05/30		2,373,955
	339,000	JPMBB Commercial Mortgage Securities Trust Series 2015-C29 C(b)		4.1880	05/15/48		294,338
	49,029	Lehman Brothers Small Balance Commercial Mortgage Series 2007-1A 1A(c),(d)	US0001M + 0.250%	5.3880	03/25/37		47,560
	32,633	LSTAR Commercial Mortgage Trust Series 2015-3 AS(b),(c)		3.1610	04/20/48		31,296
	1,500,000	LSTAR Commercial Mortgage Trust Series 2015-3 D(b),(c)		3.1610	04/20/48		1,336,653
	2,000,000	LSTAR Commercial Mortgage Trust Series 2016-4 D(b),(c)		4.6070	03/10/49		1,664,060
	1,500,000	LSTAR Commercial Mortgage Trust Series 2017-5 D(b),(c)		4.6740	03/10/50		1,032,501
	6,175,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 AS(b)		4.3510	08/15/46		5,874,684
	420,000	Morgan Stanley Capital I Trust Series 2014-150E AS(c)		4.0120	09/09/32		320,967
	347,000	Morgan Stanley Capital I Trust Series 2014-150E D(b),(c)		4.2950	09/09/32		235,998
	200,000	Morgan Stanley Capital I Trust Series 2015-MS1 D(b),(c)		4.0240	05/15/48		155,612
	72,000	Morgan Stanley Capital I Trust Series 2018-L1 B(b)		4.7190	10/15/51		60,965
	242,836	Multi Security Asset Trust, L.P. Commercial Series 2005-RR4A N(b),(c)		4.7800	11/28/35		241,136
	470,000	Olympic Tower Mortgage Trust Series 2017-OT E(b),(c)		3.9450	05/10/39		262,112
	320,000	RBS Commercial Funding Inc 2013-SMV Trust Series SMV A(c)		3.2600	03/11/31		273,648
	500,000	Ready Capital Mortgage Trust Series 2019-5 E(b),(c)		5.4030	02/25/52		356,376
	5,630,000	ReadyCap Commercial Mortgage Trust Series 2018-4 D(b),(c)		5.2140	02/27/51		5,031,449
	842,500	SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE A1(b),(c)		3.8720	01/05/43		585,673
	332,000	UBS Commercial Mortgage Trust Series 2017-C2 B(b)		3.9930	08/15/50		278,617
	457,352	UBS-BAMLL Trust Series 2012-WRM A(c)		3.6630	06/10/30		429,939
	799,842	UBS-Barclays Commercial Mortgage Trust Series 2013-C5 C(b),(c)		3.7410	03/10/46		553,232
	743,769	Velocity Commercial Capital Loan Trust Series 2017-2 M5(b),(c)		6.4200	11/25/47		585,527
	1,102,391	Velocity Commercial Capital Loan Trust Series 2017-2 M6(b),(c)		7.7500	11/25/47		783,994
	729,277	Velocity Commercial Capital Loan Trust Series 2018-1 M6(c)		7.2600	04/25/48		489,264

See accompanying notes which are an integral part of these financial statements.

21

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		NON AGENCY CMBS — 19.7% (Continued)
	429,860	Velocity Commercial Capital Loan Trust Series 2018-2 M5(b),(c)		6.3600	10/26/48	$	342,338
	603,351	Velocity Commercial Capital Loan Trust Series 2019-3 M3(b),(c)		3.3800	10/25/49		464,511
	87,194	Velocity Commercial Capital Loan Trust Series 2020-1 M2(b),(c)		2.9800	02/25/50		70,185
	2,345,165	Velocity Commercial Capital Loan Trust Series 2021-2 M1(b),(c)		1.8200	08/25/51		1,808,819
	1,476,373	Velocity Commercial Capital Loan Trust Series 2022-2 M1(b),(c)		5.4100	04/25/52		1,403,562
	1,388,187	Velocity Commercial Capital Loan Trust Series 2022-3 M1(b),(c)		6.1300	06/25/52		1,352,633
	495,235	Velocity Commercial Capital Loan Trust Series 2023-1 M1(b),(c)		7.1500	01/25/53		494,490
	1,262,668	Wachovia Bank Commercial Mortgage Trust Series 2004-C12 IO(a),(b),(c)		0.6770	07/15/41		2,704
	128,853	Waterfall Commercial Mortgage Trust Series 2015-SBC5 A(b),(c)		4.1040	12/14/32		123,207
	256,000	Wells Fargo Commercial Mortgage Trust Series 2013-LC12 B(b)		4.2540	07/15/46		194,762
	88,229	WFRBS Commercial Mortgage Trust Series 2011-C4 C(b),(c)		4.8460	06/15/44		83,429
	460,148	WFRBS Commercial Mortgage Trust Series 2014-C25 D(b),(c)		3.8030	11/15/47		358,939
	100,000	WFRBS Commercial Mortgage Trust Series 2014-C24 B(b)		4.2040	11/15/47		91,982
							66,681,432
		OTHER ABS — 2.7%
	384,170	321 Henderson Receivables I, LLC Series 2004-A A1(c),(d)	US0001M + 0.350%	5.4570	09/15/45		379,733
	155,541	AASET Trust Series 2020-1A A(c)		3.3510	01/16/40		130,949
	4,077,109	Bayview Commercial Asset Trust Series 2007-4A A1(c),(d)	US0001M + 0.450%	5.5880	09/25/37		3,746,631
	14,816,530	Corevest American Finance Trust Series 2019-3 XA(a),(b),(c)		2.0430	10/15/52		377,641
	1,000,000	CoreVest American Finance Trust Series 2021-2 D(c)		2.8310	07/15/54		751,967
	1,000,000	Goldman Home Improvement Trust Issuer Series 2022-GRN1 D(c)		7.3000	06/25/52		978,153
	2,137,986	Goodgreen Trust Series 2021-1A C(c)		5.7400	10/15/56		1,812,764
	69,604	HERO Funding Trust Series 2015-2A A(c)		3.9900	09/20/40		62,101
	350,002	Longtrain Leasing III, LLC Series 2015-1A A2(c)		4.0600	01/15/45		332,289
	12,491	Orange Lake Timeshare Trust Series 2019-A A(c)		3.0600	04/09/38		11,476
	207,307	Orange Lake Timeshare Trust Series 2019-A D(c)		4.9300	04/09/38		187,763
	100,000	Progress Residential Series 2021-SFR3 F(c)		3.4360	05/17/26		87,948
							8,859,415
		RESIDENTIAL MORTGAGE — 2.1%
	337,505	Amresco Residential Securities Corp Mort Loan Series 1999-1 A(d)	US0001M + 0.470%	6.0780	06/25/29		312,869
	1,399,252	Belvedere SPV Srl Series 1 A(d)	EUR006M + 3.250%	6.0020	12/31/38		973,713
	7,927	Chase Funding Trust Series Series 2002-4 2A1(d)	US0001M + 0.740%	5.8780	10/25/32		7,601
	58,101	Chase Funding Trust Series Series 2004-1 1A7(e)		3.9850	11/25/33		55,103

See accompanying notes which are an integral part of these financial statements.

22

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		RESIDENTIAL MORTGAGE — 2.1% (Continued)
	1,000,000	Credit-Based Asset Servicing and Securitization, Series 2002-CB3 B2(d)	US0001M + 3.375%	8.5130	06/25/32	$	978,567
	92,241	Credit-Based Asset Servicing and Securitization, Series 2004-CB3 B1(d)	US0001M + 2.775%	3.5110	03/25/34		98,372
	1,360,918	Credit-Based Asset Servicing and Securitization,(c),(d)	US0001M + 3.750%	8.8880	05/25/50		1,218,099
	225,146	CWABS Asset-Backed Certificates Trust Series 2007-13 2A1(d)	US0001M + 0.900%	6.0380	10/25/47		201,323
	103,185	Equity One Mortgage Pass-Through Trust Series 2002-3 M1(b)		6.0390	11/25/32		100,334
	38,901	Fannie Mae Grantor Trust Series 2002-T10 A1(d)	US0001M + 0.240%	5.3780	06/25/32		37,971
	362,293	First Franklin Mortgage Loan Trust Series 2002-FF1 M2(d)	US0001M + 1.800%	6.9380	04/25/32		343,851
	84,798	GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2 M1(d)	US0001M + 0.660%	5.7980	12/25/35		65,616
	33,694	GSAMP Trust Series 2002-WF A2B(d)	US0001M + 1.100%	6.2480	10/20/32		33,426
	173,487	Interstar Millennium Series Trust Series 2004-4E A1(d)	EUR003M + 0.400%	3.7230	11/14/36		173,736
	623,012	Legacy Mortgage Asset Trust Series 2019-SL2 A(b),(c)		3.3750	02/25/59		583,406
	66,301	Long Beach Mortgage Loan Trust Series 2003-2 M2(d)	US0001M + 2.850%	7.9880	06/25/33		69,688
	69,798	Mastr Specialized Loan Trust Series 2005-3 M1(c),(d)	US0001M + 1.125%	6.2630	11/25/35		64,888
	585,000	Mill City Mortgage Trust Series 2015-2 B1(b),(c)		3.7000	09/25/57		537,051
	434,697	RAAC Series Trust Series 2005-SP2 2A(d)	US0001M + 0.600%	5.7380	06/25/44		339,995
	572,310	RAAC Series Trust Series 2007-RP3 A(c),(d)	US0001M + 0.380%	5.8980	10/25/46		541,343
	527,273	Structured Asset Investment Loan Trust Series 2003-BC9 M3(d)	US0001M + 3.150%	8.2880	08/25/33		480,647
							7,217,599
		STUDENT LOANS — 0.9%
	38,485	AccessLex Institute Series 2004-2 B(d)	US0003M + 0.700%	5.9550	01/25/43		35,383
	2,315,000	EdLinc Student Loan Funding Trust Series 2012-1 B(c),(d)	US0001M + 4.240%	9.3780	11/26/40		2,586,734
	215,035	ELFI Graduate Loan Program, LLC Series 2020-A A(c)		1.7300	08/25/45		181,622
	84,820	L2L Education Loan Trust Series 2006-1A A3(c),(d)	US0001M + 0.340%	5.2880	06/15/31		81,902
	32,284	National Collegiate Trust (The) Series 2005-GATE B(c),(d)	US0001M + 0.450%	5.5770	07/27/26		28,792
	16,287	SLM Student Loan Trust Series 2005-5 B(d)	US0003M + 0.250%	5.5050	10/25/40		13,259
	31,539	SLM Student Loan Trust Series 2005-8 B(d)	US0003M + 0.310%	5.5650	01/25/55		28,988
	184,819	Student Loan A.B.S Repackaging Trust Series Series 2007-1 3A1(c),(d)	US0003M + 0.215%	5.6780	11/27/30		180,648
							3,137,328
		WHOLE BUSINESS — 1.0%
	2,932,671	Business Loan Express Business Loan Trust Series 2007-AA A(c),(d)	US0001M + 0.400%	5.5480	10/20/40		2,596,993
	70,155	Business Loan Express Business Loan Trust Series 2007-AA C(c),(d)	US0001M + 2.150%	7.2980	10/20/40		55,397
	140,524	Business Loan Express Business Loan Trust Series 2007-AX C(d)	US0001M + 2.150%	7.2980	10/20/40		110,963

See accompanying notes which are an integral part of these financial statements.

23

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 72.2% (Continued)
		WHOLE BUSINESS — 1.0% (Continued)
	545,525	ReadyCap Lending Small Business Loan Trust Series 2019-2 A(c),(d)	PRIME -0.500%	7.7500	12/27/44	$	522,690
							3,286,043
		TOTAL ASSET BACKED SECURITIES (Cost $258,451,004)					244,145,766
		CORPORATE BONDS — 11.9%
		ASSET MANAGEMENT — 0.2%
	70,000	Morgan Stanley & Company, LLC(d)	(5*(USISDA30*USISDA02))	0.0000	01/21/26		59,238
	274,000	Nomura America Finance, LLC(d)	4*(USISDA30-USISDA02) -	0.0000	12/31/33		172,620
	65,000	Nomura America Finance, LLC(d)	4*(USISDA30-USISDA02) -	0.0000	02/28/34		39,850
	890,000	Nomura America Finance, LLC(d)	4*( USISDA30 -USISDA02 -0.25%)	0.0000	07/29/34		560,700
							832,408
		BANKING — 3.5%
	190,000	Bank of Nova Scotia (The)(d)	4*(USISDA30-USISDA02)	0.0000	06/27/33		114,000
	120,000	Bank of Nova Scotia (The)(d)	4*(CMS30-CMS2)	0.0000	01/30/34		75,600
	100,000	Bank of Nova Scotia (The)(d)	4*(CMS30-CMS02 -0.50%)	0.0000	08/28/34		61,000
	75,000	Barclays Bank plc(b)		0.0000	01/23/26		71,089
	525,000	Barclays Bank plc(d)	4.250*(USISDA30-USISDA02)	0.0000	09/13/28		410,156
	50,000	Barclays Bank plc(d)	4*(USISDA30-USISDA02)	0.0000	10/18/28		38,625
	75,000	Barclays Bank plc(d)	4*(USISDA10-USISDA02)-1.00%	0.0000	08/15/33		46,500
	58,000	Barclays Bank plc(d)	4*(USISDA30-USISDA02-0.5%)	0.0000	04/25/34		35,380
	70,000	Barclays Bank plc(d)	8*(USISDA30 -USISDA5 -0.25%)	0.0000	07/31/34		43,750
	177,000	BNP Paribas S.A.(d)	4*(CMS30-CMS5)	0.0000	04/30/33		108,855
	430,000	Citigroup, Inc.(d)	4*(CMS30-CMS5 -0.25%)	0.0000	06/11/33		266,600
	1,037,000	Citigroup, Inc.(d)	4.5*(USISDA30-USISDA05)	0.0000	11/26/33		648,125
	507,000	Citigroup, Inc.(d)	4*(USISDA30-USISDA02) -1.000%	0.0000	12/29/34		323,846
	55,000	Citigroup, Inc.(d)	20*(USISDA30-USISDA02 -0.875%)	0.0000	08/31/35		33,275

See accompanying notes which are an integral part of these financial statements.

24

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 11.9% (Continued)
		BANKING — 3.5% (Continued)
	170,000	Credit Suisse A.G.(d)	8*(USISDA30-USISDA02)	0.0001	07/31/30	$	96,900
	627,000	Credit Suisse A.G.(d)	10*(USISDA30-USISDA02)	0.0000	09/30/30		376,200
	300,000	Credit Suisse A.G.(d)	7.5*(USISDA30-USISDA02)	0.0000	09/30/30		177,000
	220,000	Credit Suisse A.G.(d)	10*(USISDA30-USISDA02)	0.0000	01/29/31		132,000
	791,000	Credit Suisse A.G.(d)	12*(USISDA30-USISDA02)	0.0000	04/29/31		492,398
	1,024,000	Credit Suisse A.G.(d)	15*(USISDA30-USISDA02)	0.0000	10/31/31		624,640
	120,000	Deutsche Bank A.G.(d)	4*(USISDA30-USISDA05-0.550%)	0.0000	01/31/33		70,800
	245,000	Deutsche Bank A.G.(d)	4*(USISDA30-USISDA02-0.40%)	0.0000	06/30/34		143,938
	1,257,000	Deutsche Bank A.G.(d)	4*(USISDA30-USISDA02-0.500%)	0.0000	08/28/34		729,059
	4,009,000	Deutsche Bank A.G.(d)	4.5*(USISDA30 -USISDA02 -0.25%)	0.0000	10/31/34		2,365,309
	961,000	Deutsche Bank A.G.(d)	4*(USISDA30 -USISDA02 -0.25%)	0.0000	11/26/34		576,600
	738,000	Deutsche Bank A.G.(d)	10*(USISDA30-USISDA02) -8.750%	0.0000	03/27/35		427,118
	75,000	Deutsche Bank A.G.(d)	15*(USISDA30 -USISDA02 -0.875%)	0.0000	12/23/35		43,219
	100,000	HSBC USA, Inc.(d)	6.250*(USISDA30-USISDA05)	0.0000	05/21/29		76,875
	200,000	Lloyds Bank plc(d)	(USISDA30-USISDA05+0.500%) -0.500%	0.0000	01/31/33		121,250
	136,000	Lloyds Bank plc(d)	4*(USISDA30-USISDA02 -0.25%)	0.0000	10/25/33		85,340
	655,000	Lloyds Bank plc(d)	4*(USISDA30-USISDA02) -1.400%	0.0000	11/27/33		407,459
	282,000	Natixis US Medium-Term Note Program, LLC(d)	4*(USISDA30-USISDA02)	0.0000	04/30/34		177,308
	1,414,000	Natixis US Medium-Term Note Program, LLC(d)	7.5*(USISDA30-USISDA5-0.25%)	0.0000	07/31/34		855,469
	618,000	Natixis US Medium-Term Note Program, LLC(d)	8*(USISDA30-USISDA02)	0.0000	03/31/36		376,980
	125,000	NatWest Markets plc(d)	4*(CMS30-CMS2 -0.25%)	0.0000	08/18/31		79,063
	100,000	NatWest Markets plc(d)	4*(USISDA30 -USISDA02 -0.50%)	0.0000	08/26/31		61,875
	202,000	SG Structured Products, Inc.(b)		0.0000	03/31/26		163,620

See accompanying notes which are an integral part of these financial statements.

25

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 11.9% (Continued)
		BANKING — 3.5% (Continued)
	185,000	SG Structured Products, Inc.(d)	4*(USISDA30-USISDA02 -0.50%)	0.0000	07/29/31	$	123,950
	744,000	Societe Generale S.A.(d)	10*(USISDA30-USISDA02)	0.0000	10/29/32		472,440
	203,000	Societe Generale S.A.(d)	50*(USISDA30-USISDA02)	0.0000	01/31/35		146,414
	135,000	STRATS, LLC(d)	US0006M + 1.000%	6.3490	02/15/34		95,720
							11,775,745
		INSTITUTIONAL FINANCIAL SERVICES — 3.9%
	41,000	Citigroup Global Markets Holdings, Inc.(d)	8*(USISDA30-USISDA02)	0.0000	04/25/32		30,054
	35,000	Citigroup Global Markets Holdings, Inc.(b)		0.0000	11/22/32		23,188
	200,000	Citigroup Global Markets Holdings, Inc.		0.0000	03/29/34		148,000
	60,000	Citigroup Global Markets Holdings, Inc.(d)	50*(USISDA30-USISDA02)	0.0000	03/29/34		43,200
	50,000	Citigroup Global Markets Holdings, Inc.(d)	5*(USISDA30-USISDA02) -1.250%	0.0000	12/14/36		31,375
	95,000	Credit Suisse A.G.(d)	8*(USISDA30-USISDA02)	0.0000	10/30/30		57,000
	365,000	Goldman Sachs Group, Inc. (The)(d)	5*(USISDA30-USISDA05)	0.0000	03/19/29		283,331
	500,000	GS Finance Corporation(d)	7*(USISDA30-USISDA05) -1.75%	0.0000	03/24/31		295,000
	97,000	Jefferies Group, LLC / Jefferies Group Capital(d)	7.5*(USISDA30-USISDA02)	0.0000	05/31/34		60,383
	30,000	Jefferies Group, LLC / Jefferies Group Capital(d)	8*(USISDA30-USISDA02)	0.0000	06/30/37		19,856
	1,168,000	Jefferies Group, LLC / Jefferies Group Capital(d)	9*(USISDA30-USISDA02)	0.0000	07/31/37		727,079
	446,000	Jefferies Group, LLC / Jefferies Group Capital(d)	9*(USISDA10-USISDA02)	0.0000	08/31/37		269,273
	150,000	Jefferies Group, LLC / Jefferies Group Capital(d)	10*(USISDA10-USISDA02)	0.0000	08/31/37		90,750
	248,000	Jefferies Group, LLC / Jefferies Group Capital(d)	10*(USISDA10-USISDA02)	0.0000	09/30/37		135,888
	240,000	Jefferies Group, LLC / Jefferies Group Capital(d)	8.5*(USISDA30-USISDA02)	0.0000	10/31/37		144,384
	110,000	Jefferies Group, LLC / Jefferies Group Capital(d)	8*(USISDA30-USISDA02)	0.0000	01/31/38		67,238
	762,000	Jefferies Group, LLC / Jefferies Group Capital(d)	7.5*(USISDA30-USISDA02) + 0.750%	4.3260	02/28/38		527,685
	280,000	Jefferies Group, LLC / Jefferies Group Capital(d)	US0003M + 4.000%	5.0000	03/20/40		258,118
	115,000	Morgan Stanley(b)		8.0000	03/21/27		97,319
	56,000	Morgan Stanley(d)	4*(USISDA30-USISDA05)	0.0000	06/28/28		42,630

See accompanying notes which are an integral part of these financial statements.

26

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 11.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 3.9% (Continued)
	1,015,000	Morgan Stanley(d)	8*(USISDA30-USISDA05)	0.0000	09/27/28	$	781,549
	753,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0000	10/15/28		582,634
	100,000	Morgan Stanley(b)		0.0000	06/29/29		85,500
	3,588,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	0.0000	04/30/30		2,529,539
	1,388,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	0.0000	05/29/30		978,539
	403,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	0.0000	06/30/30		282,100
	221,000	Morgan Stanley(d)	8*(USISDA30-USISDA02)	0.0000	07/31/30		151,938
	290,000	Morgan Stanley(d)	8.5*(USISDA30-USISDA02)	0.0000	08/19/30		200,100
	216,000	Morgan Stanley(d)	8*(USISDA30-USISDA02)	0.0000	08/31/30		148,500
	285,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	0.0000	09/30/30		200,213
	151,000	Morgan Stanley(d)	7*(USISDA30-USISDA02)	0.0000	10/30/30		103,058
	171,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0000	10/30/30		111,042
	50,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0000	11/30/30		32,390
	167,000	Morgan Stanley(b)		0.0000	03/31/31		128,590
	20,000	Morgan Stanley(b)		0.0000	03/31/31		14,200
	89,000	Morgan Stanley(b)		8.5000	05/31/31		66,750
	100,000	Morgan Stanley(b)		0.0000	06/30/31		78,000
	114,000	Morgan Stanley(b)		8.5000	07/29/31		85,500
	228,200	Morgan Stanley(d)	7*(USISDA30-USISDA02)	0.0000	09/16/31		151,753
	117,000	Morgan Stanley(d)	6*(USISDA30-USISDA02)	0.0000	01/30/34		73,125
	209,000	Morgan Stanley(d)	4*(USISDA30-USISDA02)	0.0000	03/31/34		121,743
	287,000	Morgan Stanley(d)	4*(USISDA30-USISDA02)	0.0000	05/30/34		167,178
	220,000	Morgan Stanley(d)	4*(USISDA30-USISDA02)	0.0000	07/31/34		128,150
	121,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0000	08/29/34		71,995
	120,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0000	09/30/34		71,100

See accompanying notes which are an integral part of these financial statements.

27

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 11.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 3.9% (Continued)
	238,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0000	10/08/34	$	141,015
	233,000	Morgan Stanley(d)	7*(USISDA30-USISDA02)	0.0000	10/31/34		144,460
	30,000	Morgan Stanley(d)	5*(USISDA30-USISDA02)	0.0000	11/28/34		17,775
	230,000	Morgan Stanley(d)	(4.5*(USISDA30-USISDA02)	0.0000	12/31/34		134,550
	304,000	Morgan Stanley(d)	8*(USISDA30-USISDA02)	0.0000	01/30/35		188,480
	473,000	Morgan Stanley(d)	4*(USISDA30-USISDA02)	0.0000	02/27/35		275,523
	438,000	Morgan Stanley(d)	6*(USISDA30-USISDA02)	0.0000	03/31/35		267,180
	532,000	Morgan Stanley(d)	9*(USISDA30-USISDA02)	0.0000	04/30/35		388,360
	73,000	Morgan Stanley(b)		0.0000	05/29/35		53,290
	120,000	Morgan Stanley(b)		0.0000	06/30/35		87,600
	268,000	Morgan Stanley(b)		0.0000	07/31/35		195,640
	79,000	Morgan Stanley(b)		0.0000	09/30/35		57,670
	109,000	Morgan Stanley(b)		0.0000	11/30/35		79,570
	134,000	Morgan Stanley(d)	9*(USISDA30-USISDA02)	0.0000	12/23/35		97,820
	816,000	Morgan Stanley(d)	10*(USISDA30-USISDA02)	0.0000	02/29/36		521,220
							13,347,090
		LEISURE FACILITIES & SERVICES — 0.2%
	547,746	Times Square Hotel Trust(c)		8.5280	08/01/26		543,202
		OIL & GAS PRODUCERS — 0.2%
	250,000	Petroleos Mexicanos(c)		10.0000	02/07/33		224,789
	570,000	Petroleos Mexicanos		6.7500	09/21/47		344,578
							569,367
		REAL ESTATE INVESTMENT TRUSTS — 0.0%(g)
	110,000	American Tower Trust #1(c)		3.6520	03/23/28		102,971
		SPECIALTY FINANCE — 3.9%
	184,833	Fort Knox Military Housing Privatization Project(d)	US0001M + 0.340%	5.4470	02/15/52		131,568
	2,548,787	MM Community Funding III Ltd. / MM Community(c),(d)	US0006M + 2.050%	7.4370	05/01/32		2,268,420

See accompanying notes which are an integral part of these financial statements.

28

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 11.9% (Continued)
		SPECIALTY FINANCE — 3.9% (Continued)
	498,000	Morgan Stanley Finance, LLC(b)		0.0000	04/30/33	$	361,050
	541,000	Morgan Stanley Finance, LLC(d)	10*(USISDA30-USISDA02)	0.0000	06/30/36		343,535
	215,000	Morgan Stanley Finance, LLC(d)	15*(USISDA30-USISDA02)	0.0000	07/29/36		139,750
	3,474,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0000	08/31/36		2,301,525
	788,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0000	09/30/36		522,050
	4,218,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0000	11/29/36		2,794,424
	1,269,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0000	01/31/37		840,713
	361,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0000	04/28/37		239,163
	267,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0000	07/31/37		176,220
	2,014,000	Morgan Stanley Finance, LLC(d)	10*(USISDA30-USISDA02)	0.0000	09/29/37		1,281,408
	158,000	Morgan Stanley Finance, LLC(d)	20*(USISDA30-USISDA02)	0.0000	09/29/37		104,280
	1,000,000	OWS Cre Funding I, LLC(c),(d)	US0001M + 4.900%	9.9340	09/15/23		990,805
	46,234	Preferred Term Securities X Ltd. / Preferred Term(c),(d)	US0003M + 0.860%	5.9940	07/03/33		43,285
	634,876	Select Notes Trust LT		5.9100	02/22/33		551,614
							13,089,810
		TOTAL CORPORATE BONDS (Cost $55,436,295)					40,260,593
		NON U.S. GOVERNMENT & AGENCIES — 0.3%
		SOVEREIGN — 0.1%
	200,000	Argentina Bonar Bonds(e)		0.5000	07/09/30		41,237
	24,086	Argentine Republic Government International Bond		1.0000	07/09/29		6,199
	1,185,000	Argentine Republic Government International Bond(e)		1.5000	07/09/35		278,080
							325,516
		SUPRANATIONAL — 0.2%
	964,000	International Bank for Reconstruction & Development(b)		0.0000	06/30/34		602,500

See accompanying notes which are an integral part of these financial statements.

29

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		NON U.S. GOVERNMENT & AGENCIES — 0.3% (Continued)
		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,445,546)			$	928,016
		U.S. GOVERNMENT & AGENCIES — 4.6%
		AGENCY MBS OTHER — 0.0%(g)
	36,238	Fannie Mae Pool 257064	4.5000	11/01/37		35,308
	51,939	Ginnie Mae II Pool BU6365(b)	4.5960	04/20/70		51,237
						86,545
		U.S. TREASURY NOTES — 4.6%
	12,000,000	United States Treasury Note	3.5000	02/15/33		11,855,625
	4,000,000	United States Treasury Note	3.3750	05/15/33		3,913,438
						15,769,063
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $15,684,203)				15,855,608
		SHORT-TERM INVESTMENTS— 4.4%
		U.S. GOVERNMENT & AGENCIES — 4.4%
	15,000,000	United States Treasury Bill(f) (Cost $14,787,648)	5.0089	09/12/23		14,782,948
		TOTAL INVESTMENTS – 93.4% (Cost $345,804,696)			$	315,972,931
		OTHER ASSETS IN EXCESS OF LIABILITIES - 6.6%				22,209,619
		NET ASSETS - 100.0%			$	338,182,550

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount(i)		Value and Unrealized Appreciation
	10	Ultra 10-Year US Treasury Note Futures	09/20/2023	$	1,204,530	$	8,358
		TOTAL FUTURES CONTRACTS
OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount(i)		Value and Unrealized Appreciation
	100	CBOT 2 Year US Treasury Note Future	09/29/2023	$	20,582,800	$	8,606
		TOTAL FUTURES CONTRACTS

See accompanying notes which are an integral part of these financial statements.

30

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2023

CREDIT DEFAULT SWAP AGREEMENTS

Description

Payment Frequency

Counterparty

Fixed Deal (Pay)Rate

Maturity Date

Notional Value

Fair Value

Amortized Upfront Payments Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

Morgan Stanley 7.25% 04/01/2032

Annual

GS

1.00%

6/20/2025

$

20,000,000

(187,294

)

(161,576

)

(25,718

)

INTEREST RATE SWAP

Reference Entity

Payment Frequency

Counterparty

Fixed Deal (Pay)Rate

Maturity Date

Notional Value

Fair Value

Amortized Upfront Payments Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

1 Year SOFR Compound Index

Annual

GS

0.9975%

1/25/2024

100,000,000

4,044,698

—

4,044,698

GS	- Goldman Sachs
LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
REMIC	- Real Estate Mortgage Investment Conduit
S/A	- Société Anonyme
12MTA	Federal Reserve US 12 Month Cumulative Avg 1 Year CMT
CMS2	2 Year Constant Maturity Swap Rate
CMS5	5 Year Constant Maturity Swap Rate
CMS10	10 Year Constant Maturity Swap Rate
CMS30	30 Year Constant Maturity Swap Rate
ECOFC	Enterprise 11th District Cost of Funds Index
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	Prime Rate by Country United States
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 Swap
USISDA05	5 Year Swap
USISDA30	30 Year Swap

^(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, 2023 the total market value of 144A securities is 170,909,613 or 50.5% of net assets.

^(d) Variable rate security; the rate shown represents the rate on May 31, 2023.

^(e) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at May 31, 2023.

^(f) Zero coupon bond.

^(g) Percentage rounds to less than 0.1%.

^(h) Rate disclosed is the seven day effective yield as of May 31, 2023.

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

See accompanying notes which are an integral part of these financial statements.

31

EASTERLY FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

May 31, 2023

	Easterly
	Total Hedge
	Portfolio			Easterly Income
	(Consolidated)			Opportunities Fund
Assets:
Total Investments, at cost	$	237,429		$	345,804,696
Total Investments, at value	$	3,802		$	315,972,931
Cash		2,153,219			16,228,387
Foreign Cash ($17,068)		—			16,800
Deposit in collateral account for Swaps		—			1,866,013
Unrealized appreciation on swaps		—			4,018,980
Unrealized appreciation on futures		—			16,964
Receivable for securities sold		11,026,258			—
Receivable for fund shares sold		—			180,966
Interest and dividends receivable		4,268			1,521,426
Receivable from manager		17,019			—
Prepaid expenses and other assets		24,410			131,312
Total Assets		13,228,976			339,953,779
Liabilities:
Payable for securities purchased		—			964,783
Payable for fund shares redeemed		5,001,168			173,233
Premiums received on swaps		—			161,576
Administrator fees payable		6,251			82,061
Payable to manager		—			290,140
Trustee fees payable		3,902			4,062
Payable for distribution (12b-1) fees		—			6,507
Compliance officer fees payable		3,886			4,452
Accrued expenses and other liabilities		32,957			84,415
Total Liabilities		5,048,164			1,771,229
Net Assets	$	8,180,812		$	338,182,550
Net Assets:
Par value of shares of beneficial interest	$	8,345		$	347,851
Paid in capital		13,320,119			370,357,741
Accumulated loss		(5,147,652	)		(32,523,042	)
Net Assets	$	8,180,812		$	338,182,550
Net Asset Value Per Share
Class A
Net Assets	$	—		$	11,719,109
Shares of beneficial interest outstanding		—			1,183,188
Net asset value	$	—		$	9.90
Offering price per share (maximum sales charge of 2.00%)	$	—		$	10.10
Class C
Net Assets	$	—		$	3,750,757
Shares of beneficial interest outstanding		—			388,248
Net asset value/offering price per share	$	—		$	9.66
Class I
Net Assets	$	4,476,761		$	229,580,845
Shares of beneficial interest outstanding		460,262			23,765,882
Net asset value/offering price per share	$	9.73		$	9.66
Class R6
Net Assets	$	3,704,051		$	93,131,839
Shares of beneficial interest outstanding	$	374,210		$	9,447,790
Net asset value/offering price per share	$	9.90		$	9.86

See accompanying notes to consolidated financial statements.

32

EASTERLY FUNDS

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended May 31, 2023

	Easterly
	Total Hedge
	Portfolio			Easterly Income
	(Consolidated)			Opportunities Fund
Investment Income:
Dividend income	$	441,161		$	—
Interest income		668			10,494,650
Dividend income from Affiliates		70,183			—
Less: Foreign withholding taxes		(1,661	)		—
Total Investment Income		510,351			10,494,650
Operating Expenses:
Management fees		131,400			1,961,890
Distribution (12b-1) fees
Class A Shares		—			13,713
Class C Shares		—			20,644
Administration fees		20,614			218,771
Shareholder servicing fees		13,912			148,622
Interest expenses		—			143,246
Transfer Agent fees		16,062			65,892
Registration fees		5,887			44,656
Printing and postage expense		2,759			33,494
Custodian fees		28,870			28,051
Legal fees		42,495			34,987
Audit fees		7,703			11,218
Trustees’ fees		12,319			12,319
Compliance officer fees		3,989			3,674
Insurance expense		797			8,478
Miscellaneous expenses		11,571			5,699
Total Operating Expenses		298,378			2,755,354
Less: Expenses waived		(129,972	)		(325,347	)
Total Waivers		(129,972	)		(325,347	)
Net Operating Expenses		168,406			2,430,007
Net Investment Income		341,945			8,064,643
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments		(2,348,410	)		(1,165,667	)
Foreign currency exchange contracts		(43,842	)
Futures		—			274,557
Distribution of realized gain/(loss) by underlying investment companies		58,026			—
Affiliated Investments		(314,054	)		—
Swaps		(6,914	)		860,306
Net realized gain/(loss) from:		(2,655,194	)		(30,804	)
Net change in unrealized appreciation/ (depreciation) on:
Investments		1,740,152			2,477,670
Foreign currency exchange contracts		2,147			—
Affiliated Investments		302,058			—
Futures		—			16,964
Swaps		(246,004	)		(691,151	)
Net change in unrealized appreciation		1,798,353			1,803,483
Net Realized and Unrealized Gain/(Loss) on investments		(856,841	)		1,772,679
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(514,896	)	$	9,837,322

See accompanying notes to consolidated financial statements.

33

EASTERLY FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Easterly Total Hedge Portfolio						Easterly Income Opportunities Fund
	(Consolidated)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	May 31, 2023			November 30, 2022			May 31, 2023			November 30, 2022
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	341,945		$	591,774		$	8,064,643		$	11,330,827
Net realized gain/(loss) on investments		(2,655,194	)		(1,826,191	)		(30,804	)		(1,445,922	)
Net change in unrealized appreciation/ (depreciation) on investments	$	1,798,353			(1,332,574	)		1,803,483			(33,012,258	)
Net increase/(decrease) in net assets resulting from operations		(514,896	)		(2,566,991	)		9,837,322			(23,127,353	)
Distributions to Shareholders:
Total Distributions:
Class I		(351,131	)		(452,553	)		(8,749,203	)		(11,276,015	)
Class A		—			—			(422,768	)		(694,638	)
Class C		—			—			(145,829	)		(220,813	)
Class R6		(419,844	)		(1,935,569	)		(3,590,095	)		(4,185,637	)
Total Dividends and Distributions to Shareholders		(770,975	)		(2,388,122	)		(12,907,895	)		(16,377,103	)
Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class I		10,535			10,757,841	*		76,875,046			152,840,023
Class A		—			—			3,003,446			5,758,497
Class C		—			—			449,772			1,295,088
Class R6		726,306			3,683,761			11,426,913			65,569,643
Reinvestment of dividends and distributions
Class I		351,130			452,554			7,769,541			9,641,868
Class A		—			—			338,530			595,386
Class C		—			—			100,312			145,951
Class R6		252,231			1,288,566			2,799,374			3,151,949
Cost of shares redeemed
Class I		(8,665,413	)		(3,785,429	)		(59,476,984	)		(144,056,411	)
Class A		—			—	*		(2,752,817	)		(9,048,548	)
Class C		—			—	*		(1,223,159	)		(1,958,764	)
Class R6		(13,458,312	)		(14,789,261	)		(13,394,798	)		(26,663,270	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(20,783,523	)		(2,391,968	)		25,915,176			57,271,412
Total Increase (Decrease) in Net Assets		(22,069,394	)		(7,347,081	)		22,844,603			17,766,956
Net Assets:
Beginning of year		30,250,206			37,597,287			315,337,947			297,570,991
End of period	$	8,180,812		$	30,250,206		$	338,182,550		$	315,337,947
Share Activity
Shares sold
Class I		1,055			1,039,318	*		7,929,764			14,665,435
Class A		—			—			302,328			539,809
Class C		—			—			46,382			124,464
Class R6		71,929			338,247			1,156,695			6,108,852
Shares Reinvested
Class I		35,976			40,227			808,013			930,035
Class A		—			—			34,353			55,732
Class C		—			—			10,429			13,964
Class R6		25,426			113,231			285,657			300,790
Shares redeemed
Class I		(888,352	)		(365,236	)		(6,140,938	)		(13,970,464	)
Class A		—			—	*		(278,315	)		(861,927	)
Class C		—			—	*		(126,248	)		(191,272	)
Class R6		(1,344,203	)		(1,391,656	)		(1,355,104	)		(2,547,727	)
Net Increase/(Decrease) in shares of beneficial interest		(2,098,169	)		(225,869	)		2,673,016			5,167,691

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

See accompanying notes to consolidated financial statements.

34

EASTERLY FUNDS

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

	Easterly Total Hedge Portfolio
	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			Year Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2023			2022			2021			2020			2019			2018
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	10.23		$	11.80		$	11.05		$	10.49		$	10.13		$	10.40
Income (Loss) from Investment Operations:
Net investment income (1)		0.11			0.15			0.08			0.21			0.18			0.12
Net realized and unrealized gain (loss)		(0.34	)		(0.96	)		0.85			0.74			0.46			(0.30	)
Total from investment operations		(0.23	)		(0.81	)		0.93			0.95			0.64			(0.18	)
Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.24	)		—			(0.39	)		(0.17	)		(0.07	)
Distributions from realized gains		—			(0.52	)		(0.18	)		—			(0.11	)		(0.02	)
Total dividends and distributions		(0.27	)		(0.76	)		(0.18	)		(0.39	)		(0.28	)		(0.09	)
Net Asset Value, End of Year/Period	$	9.73		$	10.23		$	11.80		$	11.05		$	10.49		$	10.13
Total Return*		(2.28	)%		(7.47	)%		8.51	%		9.39	%		6.54	%		(1.73	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	4,477		$	13,417		$	7,049		$	5,247		$	5,095		$	4,523
Ratio of gross operating expenses to average net assets including interest expense (2,5)		2.31	% (4)		1.84	%		1.89	%		2.25	%		2.53	%		2.50	%
Ratio of net operating expenses to average net assets including interest expense (2,6)		1.48	% (4)		1.49	%		1.51	%		1.52	%		1.52	%		1.49	%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,9)		2.32	% (4)		1.46	%		0.70	%		2.10	%		1.74	%		1.19	%
Portfolio Turnover Rate		306	% (3)		186	%		127	%		117	%		114	%		195	%
	Easterly Total Hedge Portfolio
	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			Year Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2023			2022			2021			2020			2019			2018
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	10.38		$	11.93		$	11.12		$	10.52		$	10.14		$	10.40
Income (Loss) from Investment Operations:
Net investment income (1)		0.14			0.23			0.10			0.25			0.20			0.16
Net realized and unrealized gain (loss)		(0.35	)		(1.02	)		0.89			0.74			0.46			(0.33	)
Total from investment operations		(0.21	)		(0.79	)		0.99			0.99			0.66			(0.17	)
Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.24	)		—			(0.39	)		(0.17	)		(0.07	)
Distributions from realized gains		—			(0.52	)		(0.18	)		—			(0.11	)		(0.02	)
Total dividends and distributions		(0.27	)		(0.76	)		(0.18	)		(0.39	)		(0.28	)		(0.09	)
Net Asset Value, End of Year/Period	$	9.90		$	10.38		$	11.93		$	11.12		$	10.52		$	10.14
Total Return*		(2.05	)%		(7.20	)%		9.01	%		9.75	%		6.73	%		(1.63	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	3,704		$	16,834		$	30,549		$	5,297		$	5,565		$	8,233
Ratio of gross operating expenses to average net assets including interest expense (2,7)		2.25	% (4)		1.84	%		1.66	%		2.25	%		2.53	%		2.38	%
Ratio of net operating expenses to average net assets including interest expense (2,8)		1.11	% (4)		1.12	%		1.14	%		1.15	%		1.35	%		1.39	%
Ratio of net investment income after expense reimbursement to average net assets (2,9)		2.87	% (4)		2.17	%		0.83	%		2.50	%		2.00	%		1.54	%
Portfolio Turnover Rate		306	% (3)		186	%		127	%		117	%		114	%		195	%

(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2) The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests.

(3) Not annualized.

(4) Annualized.

(5)	Ratio of gross operating expenses to average net assets excluding interest expense (2)	2.31	% (4)	1.83	%	1.86	%	2.22	%	2.50	%	2.50	%
(6)	Ratio of net operating expenses to average net assets excluding interest expense (2)	1.48	% (4)	1.48	%	1.48	%	1.49	%	1.49	%	1.49	%
(7)	Ratio of gross operating expenses to average net assets excluding interest expense (2)	2.25	% (4)	1.83	%	1.63	%	2.22	%	2.50	%	2.38	%
(8)	Ratio of net operating expenses to average net assets excluding interest expense (2)	1.11	% (4)	1.11	%	1.11	%	1.12	%	1.32	%	1.39	%

(9) 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.

35

EASTERLY FUNDS

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

	Easterly Income Opportunities Fund
	Class A
	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,
	2023			2022			2021			2020			2019			2018 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	10.00		$	11.26		$	11.35		$	10.68		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.23			0.32			0.36			0.42			0.41			0.10
Net realized and unrealized gain		0.05			(1.07	)		0.24			0.95			0.46			0.06
Total from investment operations		0.28			(0.75	)		0.60			1.37			0.87			0.16
Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.34	)		(0.38	)		(0.52	)		(0.34	)		—
Distributions from realized gains		—			(0.17	)		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.38	)		(0.51	)		(0.69	)		(0.70	)		(0.35	)		—
Redemption Fees		—			—			—			—			0.00	**		—
Net Asset Value, End of Year/Period	$	9.90		$	10.00		$	11.26		$	11.35		$	10.68		$	10.16
Total Return*		2.82	%		(6.84	)% #		5.44	% #		13.54	% #		8.67	% #		1.60	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	11,719		$	11,247		$	15,664		$	12,466		$	435		$	19
Ratio of gross operating expenses to average net assets including interest expense (5,6)		1.91	% (3)		1.86	%		1.86	%		2.01	%		2.38	%		2.18	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,7)		1.82	% (3)		1.80	%		1.76	%		1.79	%		1.74	%		1.74	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		4.60	% (3)		3.01	%		3.18	%		3.89	%		3.84	%		3.27	% (3)
Portfolio Turnover Rate		60	% (4)		77	%		84	%		132	%		111	%		37	% (4)
	Easterly Income Opportunities Fund
	Class C
	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,
	2023			2022			2021			2020			2019			2018 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	9.76		$	11.00		$	11.10		$	10.45		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.19			0.23			0.27			0.33			0.32			0.10
Net realized and unrealized gain		0.05			(1.04	)		0.24			0.93			0.31			0.06
Total from investment operations		0.24			(0.81	)		0.51			1.26			0.63			0.16
Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.26	)		(0.30	)		(0.43	)		(0.33	)		—
Distributions from realized gains		—			(0.17	)		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.34	)		(0.43	)		(0.61	)		(0.61	)		(0.34	)		—
Redemption Fees		—			—			—			—			—			—
Net Asset Value, End of Year/Period	$	9.66		$	9.76		$	11.00		$	11.10		$	10.45		$	10.16
Total Return*		2.50	%		(7.50	)%		4.71	%		12.62	%		6.24	% #		1.60	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	3,751		$	4,467		$	5,616		$	3,262		$	1,468		$	0	***
Ratio of gross operating expenses to average net assets including interest expense (5,8)		2.67	% (3)		2.61	%		2.61	%		2.81	%		3.11	%		3.01	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,9)		2.57	% (3)		2.55	%		2.51	%		2.54	%		2.49	%		2.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		3.86	% (3)		2.28	%		2.41	%		3.12	%		3.09	%		3.27	% (3)
Portfolio Turnover Rate		60	% (4)		77	%		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.

(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)	1.83	% (3)	1.79	%	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	%	1.73	%	1.74	%	1.74	%	1.74	% (3)
(8)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	2.58	% (3)	2.54	%	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	%	2.48	%	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.

36

EASTERLY FUNDS

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

	Easterly Income Opportunities 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,
	2023			2022			2021			2020			2019			2018 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	9.76		$	11.00		$	11.10		$	10.46		$	10.15		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.23			0.34			0.38			0.44			0.40			0.07
Net realized and unrealized gain		0.06			(1.05	)		0.23			0.93			0.30			0.08
Total from investment operations		0.29			(0.71	)		0.61			1.37			0.70			0.15
Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.36	)		(0.40	)		(0.55	)		(0.38	)		—
Distributions from realized gains		—			(0.17	)		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.39	)		(0.53	)		(0.71	)		(0.73	)		(0.39	)		—
Redemption Fees		—			—			—			—			0.00	**		0.00	**
Net Asset Value, End of Year/Period	$	9.66		$	9.76		$	11.00		$	11.10		$	10.46		$	10.15
Total Return*		3.03	%		(6.58	)%		5.74	%		13.80	%		6.97	%		1.50	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	229,581		$	206,630		$	215,003		$	112,226		$	4,982		$	1,007
Ratio of gross operating expenses to average net assets including interest expense (5,6)		1.66	% (3)		1.61	%		1.61	%		1.79	%		1.99	%		2.01	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,7)		1.57	% (3)		1.55	%		1.51	%		1.54	%		1.49	%		1.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		4.85	% (3)		3.29	%		3.40	%		4.11	%		3.88	%		2.30	% (3)
Portfolio Turnover Rate		60	% (4)		77	%		84	%		132	%		111	%		37	% (4)
	Easterly Income Opportunities Fund
	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			Year Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2023			2022			2021			2020			2019			2018 (1)
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	9.93		$	11.15		$	11.20		$	10.51		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.26			0.38			0.43			0.48			0.43			0.07
Net realized and unrealized gain		0.06			(1.07	)		0.23			0.94			0.31			0.08
Total from investment operations		0.32			(0.69	)		0.66			1.42			0.74			0.15
Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.36	)		(0.40	)		(0.55	)		(0.38	)		—
Distributions from realized gains		—			(0.17	)		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.39	)		(0.53	)		(0.71	)		(0.73	)		(0.39	)		—
Redemption Fees		—			—			—			—			0.00	**		0.01
Net Asset Value, End of Year/Period	$	9.86		$	9.93		$	11.15		$	11.20		$	10.51		$	10.16
Total Return*		3.28	%		(6.30	)%		6.16	%		14.23	%		7.36	%		1.60	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	93,132		$	92,994		$	61,289		$	62,369		$	30,209		$	34,604
Ratio of gross operating expenses to average net assets including interest expense (5,8)		1.66	% (3)		1.61	%		1.63	%		1.80	%		1.93	%		1.87	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,9)		1.20	% (3)		1.18	%		1.14	%		1.17	%		1.13	%		1.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		5.22	% (3)		3.68	%		3.82	%		4.51	%		4.11	%		2.27	% (3)
Portfolio Turnover Rate		60	% (4)		77	%		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.

(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)	1.58	% (3)	1.54	%	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	%	1.48	%	1.49	%	1.49	%	1.49	% (3)
(8)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	1.58	% (3)	1.54	%	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	%	1.11	%	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.

37

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

(Consolidated with respect to the Easterly Total Hedge Portfolio)

Six Months Ended May 30, 2023 (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 six series. These financial statements include the following two series: The Easterly Total Hedge Portfolio and Easterly Income Opportunities Fund.

The 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 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 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. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by the Board of Trustees (the “Board”). There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the board-appointed Valuation Designee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; and (iii) possible valuation methodologies that could be used to determine the fair value of a security. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. 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.

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

Valuation of 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.

38

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

(Consolidated with respect to the Easterly Total Hedge Portfolio)

Six Months Ended May 30, 2023 (Continued) (Unaudited)

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2023, for the Fund’ assets and liabilities measured at fair value:

Easterly Total Hedge
Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	3,802	$	—	$	—	$	3,802
Total Assets	$	3,802	$	—	$	—	$	3,802
Easterly Income Opportunities
Assets*	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	244,145,766	$	—	$	244,145,766
Corporate Bonds		—		40,260,593		—		40,260,593
Non U.S. Government & Agencies		—		928,016		—		928,016
U.S. Government & Agencies		—		15,855,608		—		15,855,608
Short-term Investments		—		14,782,948		—		14,782,948
Interest Rate Swap		—		4,044,698		—		4,044,698
Total Assets	$	—	$	320,017,629	$	—		320,017,629
Asset Derivatives
Credit Default Swap**	$	—	$	4,018,980	$	—	$	4,018,980
Futures**		16,964		—		—		16,964
Total Liabilities	$	16,964	$	4,018,980	$	—	$	4,035,944

There were no level 3 securities held during the year.

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

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

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, 2023	May 31, 2023
Easterly Total Hedge - CFC	10/13/2016	0	0.00%

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, 2020 to November 30, 2022, or expected to be taken in the Funds’ November 30, 2023 year-end tax returns.

39

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

(Consolidated with respect to the Easterly Total Hedge Portfolio)

Six Months Ended May 30, 2023 (Continued) (Unaudited)

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, 2023 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 30, 2023, 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 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. 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.

40

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

(Consolidated with respect to the Easterly Total Hedge Portfolio)

Six Months Ended May 30, 2023 (Continued) (Unaudited)

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 31, 2024.

									Management
									Fee Waived/
	Management			Expenses Limitation					Expenses Reimbursed
Fund	Agreement			Cl A	Cl C	Cl I	CL R6	Expires	YTD 5/30/2023
Easterly Total Hedge		1.00	%	N/A	N/A	1.48%	1.11%	3/31/2024		129,972
Easterly Income Opportunities		1.20	%	1.73%	2.48%	1.48%	1.11%	3/31/2024		325,347

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

Fund	11/30/2023		11/30/2024		11/30/2025
Easterly Total Hedge	$	96,283	$	101,288	$	194,686
Easterly Income Opportunities		441,960		472,087		552,449

(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, 2023, UFD received sales charges on sales of the Funds’ Class A shares.

Fund	UFD Sales Charges
	Class A
Easterly Income Opportunities		7,795

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

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

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

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

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

41

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

(Consolidated with respect to the Easterly Total Hedge Portfolio)

Six Months Ended May 30, 2023 (Continued) (Unaudited)

(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, 2023, are noted in the Fund’s Schedule of Investments.

														Change in
		Value at							Realized			Dividend		Unrealized		Value at
Fund	Affiliated Holding	11/30/22		Purchases		Sales			Gain/(Loss)			Income		Gain/(Loss)		5/31/23
Easterly Total Hedge	Easterly Hedged Equity Fund, Cl R6	$	953,447	$	21,565	$	(967,311	)	$	(57,118	)	$	70,183	$	49,418		-$
	Easterly Income Opportunities Fund, Cl R6		1,993,677		78,460		(2,059,564	)		(256,936	)		—		252,640		—

3. INVESTMENT TRANSACTIONS

(a) For the six months ended May 31, 2023, 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 Total Hedge	$	67,321,883	$	90,798,467
Easterly Income Opportunities		241,979,676		181,191,958

(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) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. Upon entering into a contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by a Fund as unrealized gains and losses. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, a Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. For the six months ended May 31, 2023, Easterly Income Opportunities invested in futures.

(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 May 31, 2023, were as follows:

			Location of derivatives on
			Statements of Assets and	Fair value of asset/liability
Fund	Derivative	Risk Type	Liabilities	derivatives
Easterly Income Opportunities
	Swap Contracts	Interest Rate	Unrealized appreciation on swaps	$	4,018,980
	Futures	Interest Rate	Unrealized appreciation on futures		16,964
			Totals	$	4,035,944

42

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

(Consolidated with respect to the Easterly Total Hedge Portfolio)

Six Months Ended May 30, 2023 (Continued) (Unaudited)

The effect of derivative instruments on the Statements of Operations for the six months ended May 31, 2023, were as follows:

				Realized and unrealized
Portfolio	Derivative	Location of gain (loss) on derivatives	Risk Type	gain (loss) on derivatives
Easterly Total Hedge
	Swap Contracts
		Net realized loss on swaps	Equity	$	(6,914	)
		Net change in unrealized (depreciation) on swaps	Equity	$	(246,004	)
	Forward Contracts
		Net realized loss from investments and foreign currency transactions	Foreign Exchange	$	(43,842	)
		Net change in unrealized appreciation on investments and forward currency contracts	Foreign Exchange	$	2,147
Easterly Income Opportunities
	Swap Contracts
		Net realized gain on swaps	Interest Rate	$	860,306
		Net change in unrealized (depreciation) on swaps	Interest Rate	$	(691,151	)
	Futures
		Net realized gain from futures	Interest Rate	$	274,557
		Net change in unrealized appreciation on futures	Interest Rate	$	16,964

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, 2023.

			Gross Amounts not offset in the Statements of Assets and
			Liabilities
	Gross Amounts Recognized in						Net Amount of
	Statements of Assets and Liabilities		Financial Instruments Pledged		Cash Collateral Pledged *		Assets (Liabilities)
Easterly Income Opportunities
Description of Asset:
Credit Default Swap	$	4,018,980		—	$	4,018,980	$	—
Total	$	4,018,980	$	—	$	4,018,980	$	—

* Excess collateral not included.

4. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

	Cost for							Tax Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Portfolio	Purposes		Appreciation		Depreciation			App/Dep
Easterly Total Hedge	$	237,429	$	—	$	(233,627	)	$	(233,627	)
Easterly Income Opportunities		345,922,852		7,444,362		(37,394,283	)		(29,949,921	)

5. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended November 30, 2022, and November 30, 2021, was as follows:

	For the period ended November 30, 2022:
	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Easterly Total Hedge	$	1,646,505	$	741,617	$	—	$	2,388,122
Easterly Income Opportunities		13,855,861		2,521,242		—		16,377,103
	For the period ended November 30, 2021:
	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Easterly Total Hedge	$	—	$	—	$	—	$	—
Easterly Income Opportunities		14,323,193		79,467		—		14,402,660

* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $11,564 for the Easterly Total Hedge Fund for the fiscal year ended November 30, 2022, and $2,838 for fiscal year ended November 30, 2021, for the Easterly Total Hedge Fund, which have been passed through to the Funds’ underlying shareholders and are deemed dividends for tax purposes.

43

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

(Consolidated with respect to the Easterly Total Hedge Portfolio)

Six Months Ended May 30, 2023 (Continued) (Unaudited)

As of November 30, 2022, 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 Total Hedge	$	443,176	$	—	$	—	$	(1,727,794	)	$	—	$	(2,577,163	)	$	(3,861,781	)
Easterly Income Opportunities		5,068,705		—		—		(2,091,868	)		—		(32,429,306	)		(29,452,469	)

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, 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 $(2,198) and $(614) for the Easterly Total Hedge and the Easterly Income Opportunities Fund, respectively.

At November 30, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

	Non-
	Expiring		Non-Expiring		CLCF
Portfolio	Short-Term		Long-Term		Total		Utilized
Easterly Total Hedge	$	1,583,032	$	144,762	$	1,727,794	$	—
Easterly Income Opportunities		869,218		1,222,650		2,091,868		—

6. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of May 31, 2023, the shareholders that own 25% or more of the voting securities are as follows:

Fund	Shareholder	Ownership %
Easterly Total Hedge	Dennis Nayden	35.17%
	National Financial Services, In	44.03%

7. LINE OF CREDIT

Currently, the Easterly Income Opportunities Fund has a $33,000,000 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. There were no borrowings outstanding for the six months ended.

8. 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 other than the below requiring adjustment or disclosure in the financial statements.

On May 15, 2023, the Board, based upon the recommendation of the Advisor authorized the liquidation of the Easterly Total Hedge. The Portfolio distributed the liquidation proceeds to shareholders of record on June 12, 2023.

44

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, 2022 through May 31, 2023.

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 - 12/01/2022	Value - 05/31/2023	12/01/2022-05/31/2023*	[Annualized]
Actual Expenses
Easterly Total Hedge - Class I	1,000.00	977.20	7.30	1.48%
Easterly Total Hedge - Class R6	1,000.00	979.50	5.48	1.11%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class A	1,000.00	1,028.20	8.75	1.73%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class C	1,000.00	1,025.00	12.52	2.48%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class I	1,000.00	1,030.30	7.49	1.48%
Easterly Income Opportunity (Formerly, Easterly Structured Credit Value) - Class R6	1,000.00	1,032.80	5.63	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.

	Beginning Account	Ending Account	Expense Paid	Expense Ratio
Hypothetical	Value - 12/01/2022	Value - 05/31/2023	12/01/2022-05/31/2023*	[Annualized]
[5% Return Before Expenses]
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).

45

SUPPLEMENTAL INFORMATION (Unaudited)

On October 19, 2022, the Board of Trustees (the “Board”) of James Alpha Funds Trust dba Easterly Funds Trust (the “Trust”), a Delaware business trust, met to consider, among other things, (i) the renewal of the investment management agreements between the Trust, on behalf of the Easterly Total Hedge Portfolio (“Total Hedge Portfolio”) and Easterly Income Opportunities Fund (“Income Opportunities Fund”) (each a “Fund” and collectively the “Funds”), and Easterly Funds LLC (“Easterly”) (the “Investment Management Agreements”) and (ii) the renewal of the sub-advisory agreement for the Income Opportunities Fund between Easterly and Orange Investment Advisors, LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement,” and together with the Investment Management Agreements, the “Advisory Agreements”).

In the course of consideration of the approval of the Advisory Agreements, the Independent Trustees received materials discussing the legal standards applicable to their consideration of the Advisory Agreements. Prior to voting, the Independent Trustees met with and asked questions of representatives of Easterly and the Sub-Adviser.

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

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

Nature, Extent and Quality of Services. In considering the renewal of the Investment Management Agreements with Easterly, the Board considered the nature, extent and quality of services that Easterly provided to the Funds, including Easterly’s personnel and resources and Easterly’s criteria for reviewing a sub-adviser’s performance. The Board reviewed the services Easterly provided in serving as investment adviser and the backgrounds of the personnel providing services to the Funds, including portfolio managers. They also reviewed information provided regarding risk management and compliance and regulatory matters. The Board acknowledged Easterly’s efforts and resources with respect to various regulatory initiatives, including with respect to derivatives and valuation. The Board also considered Easterly’s financial position and the entrepreneurial risk that Easterly was undertaking to maintain its financial commitment to the Funds while certain Funds were sub-scale. The Board considered the investment management services that Easterly provided to the Cayman Islands based company that is wholly owned by the Total Hedge Portfolio (“Cayman Subsidiary”). The Board concluded that the services Easterly provided were satisfactory.

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

Performance. The Board reviewed performance information that Easterly provided for each share class of each Fund compared to the performance of: (a) funds in the Fund’s respective peer universe (the “Peer Group”) (which is comprised of the funds in a Fund’s Morningstar category); and (b) the Fund’s respective benchmark index (the “Benchmark Index”) for the month-to-date, quarter-to-date, year-to-date, and one-, three-, and five-year periods, as applicable, ended September 23, 2022. The Board also received information on the construction of a Fund’s Peer Group.

Total Hedge Portfolio: The Board reviewed the Fund’s total returns compared to the total returns of its Peer Group and its Benchmark Index (HFRI Fund Weighted Composite Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Index for the month-to-date, quarter-to-date, year-to-date, and one-, three-, and five-year periods. In considering the Fund’s performance, the Board considered management’s explanation of structural and idiosyncratic factors impacting performance, and noted prior discussions regarding upcoming changes to the Fund’s strategy. The Board concluded that the performance of the Fund was satisfactory.

Income Opportunities Fund: The Board reviewed the Fund’s total returns compared to the total returns of its Peer Group and its Benchmark Index (Bloomberg US Aggregate Bond Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Index for the month-to-date, quarter-to-date, year-to-date, and one-and three-year periods. The Board concluded that the performance of the Fund was satisfactory.

Advisory and Sub-Advisory Fees and Fund Expenses. The Board reviewed each Fund’s contractual advisory fee and expense ratio taking into account each Fund’s net asset size, and reviewed information comparing the advisory fee and expense ratio to those of each Fund’s respective Peer Group. The Board noted that Easterly had entered into an operating expense limitation agreement (“OELA”) to waive fees

46

SUPPLEMENTAL INFORMATION (Unaudited)

and/or limit expenses of the Funds in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each share class of the Funds. The Board discussed the level of work involved in Easterly’s management and oversight of the Funds, including with respect to oversight of the Sub-Adviser, and the other services that Easterly provided to the Funds. The Board also considered the investment management services that Easterly provided to the Cayman Subsidiary for the applicable Fund and the related fee waivers that were in place.

The Board considered the sub-advised Fund’s sub-advisory fee schedule. The Board noted that the fee schedule was negotiated at arm’s length between Easterly and the Sub-Adviser, an unaffiliated third party. The Board also evaluated the reasonableness of the fee split between Easterly and the Sub-Adviser. The Board considered the nature and scope of the services provided by Easterly, including (i) ongoing monitoring of performance, (ii) supervision of outside service providers, (iii) responding to questions from brokers and sub-advisers, and (iv) research of sub-advisers and potential replacement sub-advisers to present to the Board for their consideration. The Board also considered that with respect to the more complex Funds, these services are expected to be more resource intensive for Easterly. The Board noted that the sub-advisory fees are paid by Easterly to the Sub-Adviser and are not additional fees borne by the Fund. In light of the nature, quality and extent of services Easterly and the Sub-Adviser provided, the Board concluded that each Fund’s advisory fee and sub-advisory fee, as applicable, was fair and reasonable.

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

Profitability. The Board reviewed the profitability of Easterly with respect to each Fund on an individual fund-by-fund basis and in the aggregate. The Board considered the methodology for calculating profitability. Using such methodology, the Board noted that Easterly earned a profit from the Income Fund and experienced a loss from the Total Hedge Portfolio, in each case without considering marketing related costs. The Board noted Easterly’s marketing-related expenses for the previous 12 months exceeded 88% of Easterly’s profit in managing all Easterly Funds. The Board concluded that the profitability of Easterly in connection with the management of each Fund was not excessive given the nature, extent and quality of the services provided.

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

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

47

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

48

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.

49

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.

EASTERLY-SAR23

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)       Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)   ��   Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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 James Alpha Funds Trust

By (Signature and Title)

* /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

Date 8/4/23

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 8/4/23

By (Signature and Title)

* /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

Date 8/4/23

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

Exhibit 99.CERT

CERTIFICATIONS

I, Darrell Crate, certify that:

1.       I have reviewed this report on Form N-CSR of the Easterly Total Hedge Portfolio and Easterly Income Opportunities Fund (each a series of the James Alpha Funds Trust);

2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.       The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a)       designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)       designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)       evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

d)       disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.       The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)       all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)       any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 8/4/23 /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

I, Michael Montague, certify that:

1.       I have reviewed this report on Form N-CSR of the Easterly Total Hedge Portfolio and Easterly Income Opportunities Fund (each a series of the James Alpha Funds Trust);

2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.       The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a)       designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)       designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)       evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

d)       disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.       The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)       all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)       any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 8/4/23 /s/ Michael Monatgue

Michael Montague, Treasurer and Principal Financial Officer

EX-99.906CERT

certification

Darrell Crate, Chief Executive Officer, and Michael Montague, Principal Financial Officer of the James Alpha Funds Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1.       The Registrant’s periodic report on Form N-CSR for the period ended May 31, 2023 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2.       The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer Principal Financial Officer

James Alpha Funds Trust James Alpha Funds Trust

/s/ Darrell Crate /s/ Michael Montague

Darrell Crate Michael Montague

Date: 8/4/23 Date: 8/4/23

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the James Alpha Funds Trust and will be retained by the James Alpha Funds Trust and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.