0001580642-22-004420.txt : 20220901 0001580642-22-004420.hdr.sgml : 20220901 20220901124525 ACCESSION NUMBER: 0001580642-22-004420 CONFORMED SUBMISSION TYPE: N-CSR/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20211130 FILED AS OF DATE: 20220901 DATE AS OF CHANGE: 20220901 EFFECTIVENESS DATE: 20220901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: James Alpha Funds Trust CENTRAL INDEX KEY: 0001829774 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-23611 FILM NUMBER: 221220335 BUSINESS ADDRESS: STREET 1: 515 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 888-814-8180 MAIL ADDRESS: STREET 1: 515 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022

0001829774 S000070605 Easterly EHS Fund

C000224281 Easterly EHS Fund Class R6 JAHSX

C000224282 Easterly EHS Fund Class I JEHIX

0001829774 S000070607 Easterly Income Opportunities Fund

C000224285 Easterly Income Opportunities Fund Class A JASVX

C000224286 Easterly Income Opportunities Fund Class C JSVCX

C000224287 Easterly Income Opportunities Fund Class R6 JASSX

C000224288 Easterly Income Opportunities Fund Class I JSVIX

0001829774 S000070608 Easterly Total Hedge Portfolio

C000224289 Easterly Total Hedge Portfolio Class I JTHIX

C000224290 Easterly Total Hedge Portfolio Class R6 JTHSX

N-CSR/A 1 easterly-annual.htm N-CSR

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, 24th 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: 11/30/21

Amended to update trust name.

Item 1. Reports to Stockholders.

JAMES ALPHA FUNDS TRUST

CLASS A, C, I AND R6 SHARES

ANNUAL REPORT

NOVEMBER 30, 2021

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

James Alpha Funds Trust d/b/a Easterly Funds Trust
ANNUAL REPORT TO SHAREHOLDERS

January 26, 2022

Dear Shareholder:

We are pleased to provide you with this annual report on the investment strategies and performance of the funds in the James Alpha Funds Trust d/b/a Easterly Funds Trust (the “Trust”). This report covers the twelve months from December 1, 2020 through November 30, 2021.

We believe that successful investing requires discipline and patience. Try to stay focused on your long-term investment goals. Don’t let short-term stock and bond market fluctuations or investment manias change your long-term investment strategy. In our opinion, the Easterly Funds are managed by some of the world’s leading institutional investment advisory firms. It is our belief that combining the strength of the Trust’s performance with a well-designed asset allocation plan can help you to achieve your long-term investment goals.

ECONOMIC OVERVIEW

As measured by Real Gross Domestic Product (GDP), the value of the production of goods and services in the United States increased by an annualized growth rate (AGR) of 4.9% during the third quarter of 2021, a significant growth rate driven by technical ‘base effects’ from Q3 2020. The primary driver of strong performance in the markets in the past 12 months has been the continued recovery in the post-Covid world. Successful vaccination programs, continued support from both monetary and fiscal sources, and consumers who are ready to spend have all supported a robust recovery. New Home Sales were down from their cycle high (around 1 million) to an annualized 744 thousand units in November 2021, still far above average from the past decade. The auto industry suffered a massive decline in sales during the first half of 2020, experienced a cycle high in April 2021 (where an annualized 18.5 million auto sales occurred; a five year high), but has been on a decline each month since. The unemployment rate declined from 14.7% in April 2020 to 4.2% in November 2021. The unemployment claims is an important leading indicator in our work, specifically the 4-week sum of weekly Initial Claims data. That number has dropped to 879 thousand from a pandemic peak of over 21 million claims. For perspective, the historic average from 1967 to present is about 1.5 million. The overall economy in 2021 could be characterized as a ‘boom’ economy, with expanding equity valuations, rising interest rates, and shortages of good and services across the economy driven by robust consumer demand and lingering supply chain issues that have been morphing since the beginning of the pandemic. This market has been largely controlled by the Federal Reserve, who have signaled their commitment to support economic demand through extremely easy monetary policy and continued massive liquidity injections. The Fed’s language around inflation in the past year has meaningfully changed from an absolute target to an inflation averaging target where they have let inflation run hot (above target) in order to achieve a long-term average of their target of 2%. The Fed continues to sustain historic emergency measures even with the strong economic backdrop.

Monetary Policy: The Federal Reserve has remained extraordinarily accommodative since the beginning of the pandemic, but with falling unemployment, strong demand, and persistently high inflation, the tone at the Fed has begun to shift towards reining in their emergency measures. In its most recent FOMC statement, the Committee stated that they “should be prepared to adjust the pace of asset purchases and raise the target range of the federal funds rate sooner than participants currently anticipated if inflation continued to run higher than levels consistent with the Committee’s objectives”. They also said they would “not hesitate to take appropriate actions to address inflation pressures that posed risks to its longer-run price stability and employment objectives”. This constitutes a major pivot as the median forecast now shows balance sheet tapering finishing in March 2022 (previous forecast was for summer of 2022). In

terms of the benchmark Fed Funds rate, the Committee’s updated projection (i.e., the Dot Plot) signaled that rate hikes may come sooner than expected with the median forecast showing one rate hike in 2022 and three more hikes in 2023. Market participants / traders are pricing in three rate hikes over the next twelve months.

Interest Rates: Treasury yields bottomed in August 2020 and have generally increased ever since, although the rise has been volatile. In the twelve months since the end of November 2020, the yield curve has steepened with the 5-year treasury rate moving from 0.36% to 1.16%, the 10-year rate going from 0.84% to 1.44%, and the 30-year rate going from 1.57% to 1.79%. Ultra-short-term rates are largely unchanged; however, there has been a sizeable tick up in the 2-year rate (from 0.15% to 0.57%). With the Fed setting the stage for tapering their asset purchases (and raising the Fed Funds rate soon thereafter), we believe the environment is supportive of rates and yields will remain steady to higher over the next 12 months.

Equity Valuations: Equity markets have rebounded strongly off the pandemic lows with the S&P 500 up 27.9% since the end of November 2020. During 2021, the S&P 500 achieved a new record high close on 67 separate trading sessions with a maximum drawdown of only 5.2%. Depending on the metric, valuations range anywhere from fairly valued to strongly overvalued. As an example, Warren Buffett’s favorite indicator is the ratio of total equity market cap to GDP (termed “the Buffett Indicator”) is near a record high level of 202% with the previous record high of 143% set in March 2000, indicating the market is strongly overvalued. However, the S&P 500 is currently trading at a forward P/E ratio of approximately 22.2 times, which is only modestly above its 30-year average of 21.2 times.

Inflation: Inflation, as measured by the consumer price index (CPI) was up 6.81% y-o-y in November 2021, a rate not seen since the early 1980’s. For the last year and a half, the Fed’s objective has been to run the economy hot through ultra-easy monetary policy with the intention of spurring inflation above their target to achieve a long-term average of 2%. Inflation data has come in much higher than forecast throughout 2021, which the Fed has called ‘transitory’ due to shortages and supply chain issues. Recently, they have stopped using the term ‘transitory’ with Powell now calling inflation pressures ‘frustrating’, a possible signal of future monetary tightening if inflation persists above forecast into next year.

COMPARING THE FUND PERFORMANCE TO BENCHMARKS

When reviewing the performance of the funds against their benchmarks, it is important to note that the Trust is designed to help investors to implement an asset allocation strategy to meet their individual needs as well as select individual investments within each asset category among the myriad of choices available. Each Easterly Fund was formed to represent an asset class, and each portfolio’s institutional money manager was selected based on their experience managing money within that class.

Therefore, we believe that Easterly Funds may be able to help investors to properly implement their asset allocation decisions and keep their investments within the risk parameters that they establish with their investment consultants. We feel that without the intended asset class consistency of the Easterly Funds, even the most carefully crafted allocation strategy could be negated. Furthermore, we believe the benchmarks do not necessarily provide precise standards against which to measure the portfolios, in that the characteristics of the benchmarks can vary widely at different points in time from the Easterly Funds (e.g., characteristics such as: average market capitalizations, price-to-earnings and price-to-book ratios, bond quality ratings and maturities, etc.). In addition, the benchmarks can potentially have a survivor bias built into them (i.e., the performance of only funds that are still in existence may remain part of the benchmark’s performance while funds that do not exist anymore may be removed from the benchmark’s performance).

ELECTRONIC DELIVERY AVAILABLE

This report can be delivered to you electronically. Electronic delivery can help simplify your record keeping. With electronic delivery, you’ll receive an email with a link to your James Alpha Funds Trust quarterly statement, daily confirmations and/or semi-annual and annual reports each time one is available. You have the ability to choose which items you want delivered electronically. Choose one item or all items. It’s up to you. Please call our Customer Service Department toll-free at (833) 999-2636 for instructions on how to establish electronic delivery.

Investors should consider the investment objectives, risks, charges and expenses of the Easterly Funds carefully. This and other information about the Easterly Funds is contained in your prospectus, which should be read carefully. To obtain an additional copy of the prospectus, please call 888.814.8180. Past performance is not indicative of future results. Investments in stocks, bonds and mutual funds are not guaranteed and the principal value and investment return can fluctuate. Consequently, investors may receive back less than invested.

The S&P 500 is an unmanaged, capitalization-weighted index. It is not possible to invest directly in the S&P 500.

The security holdings discussed may not be representative of the Funds’ current or future investments. Fund holdings are subject to change and should not be considered to be investment advice. Any statements not of a factual nature constitute opinions which are subject to change without notice. Information contained herein was obtained from recognized statistical services and other sources believed to be reliable and we therefore cannot make any representation as to its completeness or accuracy. The Easterly Funds are distributed by Ultimus Fund Distributors, LLC, member FINRA/SIPC.

14360851-UFD-01272022

Easterly EHS Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2021

The Fund’s performance figures* for each of the periods ended November 30, 2021, compared to its benchmarks:

		Annualized	Annualized
	1 Year Return	3 Year Return	Since Inception*
Class I	11.81%	11.73%	9.20%
Class R6	12.18%	12.07%	9.43%
HFRI Equity Hedge Total Index^(a)	16.13%	12.26%	8.79%

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 March 22, 2021, is 4.96% and 4.53% for the I and R6 Classes, respectively.

(a)

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

Inception date is August 18, 2017.

A HYPOTHETICAL COMPARISON OF THE GROWTH OF $1,000,000 INVESTED IN THE

EASTERLY EHS FUND VS. BENCHMARKS

(LINE GRAPH)

Top 10 Holdings by Industry	% of Net Assets
Equity		63.5	%
Fixed Income		25.3	%
Commodity		0.6	%
Specialty		0.1	%
Other/Cash & Equivalents		10.5	%
		100.0	%

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

Easterly Total Hedge Portfolio
PORTFOLIO REVIEW (Unaudited)
November 30, 2021

The Fund’s performance figures* for each of the periods ended November 30, 2021, compared to its benchmarks:

		Annualized	Annualized
	1 Year Return	3 Year Return	Since Inception*
Class I	8.51%	8.14%	5.98%
Class R6	9.01%	8.49%	6.24%
HRFI Fund Weighted Composite Index^(a)	13.72%	9.38%	6.86%

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 March 22, 2021, is 2.69% and 2.69% 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.

A HYPOTHETICAL COMPARISON OF THE GROWTH OF $1,000,000 INVESTED IN THE

EASTERLY TOTAL HEDGE PORTFOLIO VS. BENCHMARKS

(LINE GRAPH)

Top 10 Holdings by Industry	% of Net Assets
Fixed Income		44.9	%
Equity		34.1	%
Alternative		9.4	%
Commodity		1.9	%
Mixed Allocation		0.7	%
Specialty		0.2	%
Other/Cash & Equivalents		8.8	%
		100.0	%

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

Easterly Structured Credit Value Fund
PORTFOLIO REVIEW (Unaudited)
November 30, 2021

The Fund’s performance figures* for each of the periods ended November 30, 2021, compared to its benchmarks:

			Annualized
	1 Year Return	3 Year Return	Since Inception*
Class A	5.44%	9.17%	8.89%
Class A With Load	-0.60%	7.03%	6.94%
Class C	4.71%	7.82%	7.66%
Class I	5.74%	8.78%	8.50%
Class R6	6.16%	9.19%	8.91%
Bloomberg Barclays US Aggregate Bond Index^(a)	-1.15%	5.52%	4.76%

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 March 22, 2021, is 1.80%, 2.60%, 1.58%%, and 1.59% for the A, C, I and R6 Classes, respectively.

(a)

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

Inception date is August 21, 2018.

A HYPOTHETICAL COMPARISON OF THE GROWTH OF $1,000,000 INVESTED IN THE

EASTERLY STRUCTURED CREDIT VALUE FUND VS. BENCHMARKS

(LINE GRAPH)

Top 10 Holdings by Industry	% of Net Assets
Collateralized Mortgage Obligations		28.8	%
Non Agency CMBS		16.2	%
CLO		7.4	%
CDO		5.7	%
Banking		5.3	%
Institutional Financial Services		5.2	%
Specialty Finance		4.5	%
U.S. Treasury Bills		4.4	%
Home Equity		3.5	%
Residential Mortgage		2.5	%
Other/Cash & Equivalents		16.5	%
		100.0	%

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

EASTERLY EHS FUND
SCHEDULE OF INVESTMENTS
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 66.9%
		COMMODITY - 0.6%
	68	KraneShares Global Carbon Strategy ETF^(a)	$	3,252
	27	SPDR Gold Shares^(a)		4,468
				7,720
		EQUITY - 63.5%
	50	Alerian MLP ETF		1,584
	335	ALPS Medical Breakthroughs ETF^(a)		14,372
	125	Columbia India Consumer ETF		6,999
	8	Consumer Discretionary Select Sector SPDR Fund		1,636
	640	ETFMG Travel Tech ETF		15,040
	10	First Trust Dow Jones Internet Index Fund^(a)		2,298
	576	First Trust Financial AlphaDEX Fund		25,955
	150	First Trust MultiCap Growth AlphaDEX Fund		18,498
	250	First Trust Small Cap Growth AlphaDEX Fund		18,365
	17	Global X MSCI China Consumer Discretionary ETF		480
	144	Global X MSCI Nigeria ETF		1,460
	228	Goldman Sachs Hedge Industry VIP ETF		23,041
	593	Invesco S&P 500 Equal Weight ETF, N		91,078
	56	Invesco S&P 500 Pure Value ETF		4,272
	1,139	Invesco S&P SmallCap Energy ETF		8,053
	64	Invesco S&P SmallCap Health Care ETF^(a)		11,037
	42	Invesco S&P SmallCap Information Technology ETF		6,139
	12	Invesco S&P SmallCap Utilities & Communication		772
	31	Invesco Water Resources ETF		1,778
	176	iShares Biotechnology ETF		27,142
	50	iShares China Large-Cap ETF		1,910
	20	iShares Expanded Tech-Software Sector ETF^(a)		8,298
	169	iShares Latin America 40 ETF		4,021
	165	iShares Micro-Cap ETF		23,072
	77	iShares MSCI Brazil ETF		2,232
	40	iShares MSCI China Small-Cap ETF		2,071
	15	iShares MSCI EAFE ETF, EQUITY		1,153
	27	iShares MSCI Emerging Markets ETF, EQUITY		1,319
	166	iShares MSCI Emerging Markets Small-Cap ETF		9,930
	444	iShares MSCI Frontier and Sele		15,216

See accompanying notes to financial statements.

EASTERLY EHS FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 66.9% (Continued)
		EQUITY - 63.5% (Continued)
	476	iShares MSCI India Small-Cap ETF	$	28,231
	53	iShares MSCI Indonesia ETF		1,236
	47	iShares MSCI Ireland ETF		2,463
	107	iShares MSCI Japan ETF		7,097
	19	iShares MSCI Japan Small-Cap ETF		1,417
	6	iShares MSCI South Africa ETF		269
	43	iShares MSCI Taiwan ETF		2,782
	20	iShares MSCI Thailand ETF		1,457
	652	iShares MSCI UAE ETF		10,810
	158	iShares MSCI United Kingdom Small-Cap ETF		7,056
	81	iShares Russell 1000 Growth ETF		24,290
	88	iShares Russell 1000 Value ETF		13,963
	162	iShares Russell 2000 ETF, EQUITY		35,343
	51	iShares Russell 2000 Growth ETF		14,897
	327	iShares Russell 2000 Value ETF		52,473
	73	iShares Russell Mid-Cap Growth ETF		8,388
	300	iShares Russell Mid-Cap Value ETF		34,679
	15	iShares U.S. Financial Services ETF		2,820
	19	iShares U.S. Healthcare Providers ETF		4,946
	21	iShares US Financials ETF		1,774
	9	iShares US Pharmaceuticals ETF		1,685
	203	KraneShares CSI China Internet ETF		8,942
	61	Materials Select Sector SPDR Fund		5,164
	72	SPDR FactSet Innovative Technology ETF		14,668
	41	SPDR S&P 500 ETF Trust		18,678
	321	SPDR S&P Emerging Asia Pacific ETF		39,629
	2	SPDR S&P Oil & Gas Exploration & Production ETF		195
	43	SPDR S&P Regional Banking ETF		3,002
	862	VanEck Africa Index ETF		17,382
	407	VanEck Brazil Small-Cap ETF		6,502
	167	VanEck Egypt Index ETF		4,359
	21	VanEck Israel ETF		1,009
	365	VanEck Russia ETF		10,322
	122	VanEck Russia Small-Cap ETF		4,335

See accompanying notes to financial statements.

EASTERLY EHS FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 66.9% (Continued)
		EQUITY - 63.5% (Continued)
	9	VanEck Semiconductor ETF	$	2,744
	446	VanEck Vectors ChinaAMC SME-Ch		24,222
	453	VanEck Vietnam ETF		9,400
	401	Vanguard FTSE Emerging Markets ETF		19,725
	140	Vanguard Total World Stock ETF		14,598
	72	WisdomTree Emerging Markets SmallCap Dividend Fund		3,694
	244	WisdomTree Japan Hedged SmallCap Equity Fund		10,180
	435	Xtrackers Harvest CSI 300 China A-Shares ETF		16,739
	28	Xtrackers Harvest CSI 500 China A-Shares ETF		1,155
	76	Xtrackers MSCI All China Equity ETF		3,034
				846,975
		FIXED INCOME - 2.7%
	300	Invesco Financial Preferred ETF		5,514
	366	SPDR Bloomberg Convertible Securities ETF		30,726
				36,240
		SPECIALTY - 0.1%
	15	ProShares Short VIX Short-Term Futures ETF^(a)		806

		TOTAL EXCHANGE-TRADED FUNDS (Cost $915,447)		891,741

		EXCHANGE-TRADED NOTES — 0.0%
		SPECIALTY - 0.0%
	11	iPath Series B S&P 500 VIX Short-Term Futures ETN^(a)		280

		TOTAL EXCHANGE-TRADED NOTES (Cost $223)		280

		OPEN END FUNDS — 22.6%
		FIXED INCOME - 22.6%
	26,962	Easterly Structured Credit Value Fund, Class R6^(b)		300,628

		TOTAL OPEN END FUNDS (Cost $301,699)		300,628

See accompanying notes to financial statements.

EASTERLY EHS FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

TOTAL INVESTMENTS - 89.5% (Cost $1,217,369)	$	1,192,649
OTHER ASSETS IN EXCESS OF LIABILITIES - 10.5%		139,520
NET ASSETS - 100.0%	$	1,332,169

EAFE	- Europe, Australasia and Far East

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

SPDR	- Standard & Poor’s Depositary Receipt

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Buy:
Mexican Peso	12/22/2021	Brown Brothers Harriman		47,206	$	2,187	$	(79	)
					$	2,187	$	(79	)

To Sell:
Australian Dollar	12/22/2021	Brown Brothers Harriman		3,694	$	2,620	$	68
British Pound	12/22/2021	Brown Brothers Harriman		19,434		25,726		433
Canadian Dollar	12/22/2021	Brown Brothers Harriman		6,320		4,928		97
Euro	12/22/2021	Brown Brothers Harriman		15,177		17,100		71
Japanese Yen	12/22/2021	Brown Brothers Harriman		3,036,234		26,754		(227	)
					$	77,128	$	442

Total							$	363

^(a)

Non-income producing security.

^(b)

Affiliate issuer.

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.6%
		ALTERNATIVE - 4.0%
	146	AlphaClone Alternative Alpha ETF	$	11,984
	10,988	iM DBi Managed Futures Strategy ETF		311,839
	6,048	IQ Merger Arbitrage ETF		195,471
	24,103	ProShares Merger ETF		995,016
				1,514,310
		COMMODITY - 1.9%
	120	Invesco DB Agriculture Fund^(a)		2,323
	162	Invesco Optimum Yield Diversified Commodity		3,284
	104	iShares GSCI Commodity Dynamic		3,547
	22,464	iShares S&P GSCI Commodity Indexed Trust^(a)		358,525
	843	KraneShares Global Carbon Strategy ETF^(a)		40,321
	1,131	ProShares UltraShort Bloomberg Crude Oil^(a)		18,922
	462	SPDR Gold Shares^(a)		76,461
	4,623	United States Commodity Index Fund^(a)		187,278
	2,783	United States Natural Gas Fund, L.P.^(a)		41,968
				732,629
		EQUITY - 34.1%
	17	AdvisorShares STAR Global Buy-Write ETF		685
	5,024	Alerian MLP ETF		159,160
	82	ARK Innovation ETF		8,667
	1	CI Active Utility & Infrastructure ETF		10
	1,697	Columbia India Consumer ETF		95,015
	48	Consumer Discretionary Select Sector SPDR Fund		9,813
	1,042	Core Alternative ETF		30,594
	142	Direxion NASDAQ-100 Equal Weighted Index Shares		12,198
	2,475	Energy Select Sector SPDR Fund		135,110
	8,955	ETFMG Travel Tech ETF		210,443
	139	First Trust Dow Jones Internet Index Fund^(a)		31,945
	9,365	First Trust Financial AlphaDEX Fund		421,987
	2,096	First Trust MultiCap Growth AlphaDEX Fund		258,479
	3,497	First Trust Small Cap Growth AlphaDEX Fund		256,890
	890	Global SuperDividend US ETF		17,693
	202	Global X MSCI Argentina ETF		5,874
	213	Global X MSCI China Consumer Discretionary ETF		6,015

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.6% (Continued)
		EQUITY - 34.1% (Continued)
	2,014	Global X MSCI Nigeria ETF	$	20,422
	6,743	Global X SuperDividend ETF		82,332
	3,279	Goldman Sachs Hedge Industry VIP ETF		331,364
	59	Invesco DWA Consumer Cyclicals Momentum ETF		5,599
	191	Invesco DWA Energy Momentum ETF		5,856
	1,178	Invesco DWA Financial Momentum ETF		64,401
	683	Invesco KBW High Dividend Yield Financial ETF		13,701
	427	Invesco KBW Property & Casualty ETF		31,871
	786	Invesco S&P 500 Pure Value ETF		59,956
	24,210	Invesco S&P SmallCap Energy ETF		171,165
	123	Invesco S&P SmallCap Financials ETF		7,186
	902	Invesco S&P SmallCap Health Care ETF^(a)		155,550
	633	Invesco S&P SmallCap Information Technology ETF		92,526
	102	Invesco S&P SmallCap Utilities & Communication		6,559
	456	Invesco Water Resources ETF		26,147
	262	IQ US Real Estate Small Cap ETF		6,659
	2,583	iShares Biotechnology ETF		398,350
	748	iShares China Large-Cap ETF		28,566
	367	iShares EURO STOXX Mid UCITS ETF		28,560
	218	iShares Expanded Tech-Software Sector ETF^(a)		90,448
	128	iShares Exponential Technologies ETF		8,294
	6	iShares Global Financials ETF		466
	206	iShares Global Materials ETF		17,901
	78	iShares Global Timber & Forestry ETF		6,586
	2,462	iShares Latin America 40 ETF		58,571
	2,655	iShares Micro-Cap ETF		371,249
	461	iShares Mortgage Real Estate ETF		16,287
	770	iShares MSCI All Country Asia ex Japan ETF		64,133
	1,371	iShares MSCI Australia ETF		33,535
	1,208	iShares MSCI Brazil ETF		35,020
	287	iShares MSCI Chile ETF		7,261
	1,164	iShares MSCI China Small-Cap ETF		60,255
	337	iShares MSCI EAFE ETF, EQUITY		25,895
	388	iShares MSCI Emerging Markets ETF, EQUITY		18,950

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.6% (Continued)
		EQUITY - 34.1% (Continued)
	2,325	iShares MSCI Emerging Markets Small-Cap ETF	$	139,082
	6,469	iShares MSCI Frontier and Sele		221,693
	1,832	iShares MSCI Global Multifactor ETF		68,608
	1,035	iShares MSCI Hong Kong ETF		24,105
	6,657	iShares MSCI India Small-Cap ETF		394,827
	735	iShares MSCI Indonesia ETF		17,140
	674	iShares MSCI Ireland ETF		35,326
	4,636	iShares MSCI Japan ETF		307,506
	1,789	iShares MSCI Japan Small-Cap ETF		133,380
	79	iShares MSCI South Africa ETF		3,546
	606	iShares MSCI Taiwan ETF		39,202
	238	iShares MSCI Thailand ETF		17,343
	9,130	iShares MSCI UAE ETF		151,375
	3	iShares MSCI United Kingdom ETF		96
	2,770	iShares MSCI United Kingdom Small-Cap ETF		123,708
	1,136	iShares Russell 1000 Growth ETF		340,664
	1,237	iShares Russell 1000 Value ETF		196,275
	3,511	iShares Russell 2000 ETF, EQUITY		765,995
	832	iShares Russell 2000 Growth ETF		243,019
	6,623	iShares Russell 2000 Value ETF		1,062,793
	1,090	iShares Russell Mid-Cap Growth ETF		125,252
	5,095	iShares Russell Mid-Cap Value ETF		588,982
	734	iShares S&P Mid-Cap 400 Growth ETF		60,269
	803	iShares S&P/TSX Capped Materials Index ETF		11,036
	5	iShares S&P/TSX Global Gold Index ETF		70
	1,329	iShares STOXX Europe 600 Banks UCITS ETF DE		20,524
	56	iShares STOXX Europe 600 Basic Resources UCITS ETF		3,537
	137	iShares STOXX Europe 600 Insurance UCITS ETF DE		4,705
	54	iShares STOXX Europe 600 Utilities UCITS ETF DE		2,339
	216	iShares U.S. Financial Services ETF		40,612
	266	iShares U.S. Healthcare Providers ETF		69,240
	85	iShares U.S. Medical Devices ETF		5,251
	57	iShares US Consumer Discretionary ETF		4,726
	300	iShares US Financials ETF		25,344

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.6% (Continued)
		EQUITY - 34.1% (Continued)
	3,183	KraneShares CSI China Internet ETF	$	140,211
	850	Materials Select Sector SPDR Fund		71,953
	55	SPDR Dow Jones Global Real Estate ETF		2,934
	1,008	SPDR FactSet Innovative Technology ETF		205,350
	145	SPDR S&P 500 ETF Trust		66,056
	4,450	SPDR S&P Emerging Asia Pacific ETF		549,386
	1,188	SPDR S&P Insurance ETF		45,382
	200	SPDR S&P Metals & Mining ETF		8,236
	27	SPDR S&P Oil & Gas Exploration & Production ETF		2,630
	610	SPDR S&P Regional Banking ETF		42,584
	31	SPDR S&P Retail ETF		2,912
	12,400	VanEck Africa Index ETF		250,046
	5,691	VanEck Brazil Small-Cap ETF		90,913
	2,340	VanEck Egypt Index ETF		61,074
	194	VanEck Israel ETF		9,321
	608	VanEck Mortgage REIT Income ETF		11,053
	2	VanEck Rare Earth/Strategic Metals ETF		246
	9,430	VanEck Russia ETF		266,680
	1,630	VanEck Russia Small-Cap ETF		57,914
	6,246	VanEck Vectors ChinaAMC SME-Ch		339,220
	6,345	VanEck Vietnam ETF		131,659
	6,395	Vanguard FTSE Emerging Markets ETF		314,570
	238	Vanguard Real Estate ETF		25,404
	2,014	Vanguard Total World Stock ETF		210,000
	962	WisdomTree Emerging Markets SmallCap Dividend Fund		49,351
	854	WisdomTree International SmallCap Dividend Fund		60,198
	4,448	WisdomTree Japan Hedged SmallCap Equity Fund		185,584
	6,154	Xtrackers Harvest CSI 300 China A-Shares ETF		236,806
	761	Xtrackers Harvest CSI 500 China A-Shares ETF		31,391
	1,173	Xtrackers MSCI All China Equity ETF		46,820
				12,775,653
		FIXED INCOME - 29.8%
	3	Direxion Daily 20 Year Plus Treasury Bull 3x		91
	39	First Trust Emerging Markets Local Currency Bond		1,207

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.6% (Continued)
		FIXED INCOME - 29.8% (Continued)
	3,182	First Trust Municipal High Income ETF	$	178,319
	53,250	First Trust Senior Loan ETF		2,528,844
	1,670	Global X SuperIncome Preferred ETF		19,405
	44,458	High Yield ETF		1,399,093
	4,619	Highland/iBoxx Senior Loan ETF		73,188
	5,118	Invesco Financial Preferred ETF		94,069
	36,544	Invesco Global Short Term High Yield Bond ETF		781,676
	997	Invesco Senior Loan ETF		21,735
	2,929	Invesco Variable Rate Preferred ETF		75,041
	759	iShares 7-10 Year Treasury Bond ETF		87,892
	16,007	iShares Barclays USD Asia High Yield Bond Index		139,101
	24	iShares CMBS ETF		1,288
	122	iShares Convertible Bond ETF		11,855
	16	iShares Core U.S. Aggregate Bond ETF		1,836
	403	iShares Floating Rate Bond ETF		20,444
	5,256	iShares iBoxx High Yield Corporate Bond ETF		450,124
	2,360	iShares JP Morgan EM Corporate Bond ETF		120,030
	1,906	iShares JPMorgan USD Emerging Markets Bond ETF		204,838
	1,071	iShares MBS ETF		115,207
	315	iShares National Muni Bond ETF		36,735
	738	iShares Preferred & Income Securities ETF		28,347
	1,757	PIMCO Enhanced Short Maturity Active ETF		178,669
	21,233	SPDR Blackstone Senior Loan ET		963,129
	6,050	SPDR Bloomberg Barclays Euro High Yield Bond UCITS		385,902
	8,945	SPDR Bloomberg Convertible Securities ETF		750,933
	170	SPDR Bloomberg High Yield Bond ETF		18,161
	19,426	SPDR Doubleline Total Return Tactical ETF		930,700
	22,053	VanEck Emerging Markets High Yield Bond ETF		490,459
	14,365	VanEck Fallen Angel High Yield Bond ETF		465,713
	8,800	VanEck International High Yield Bond ETF		210,408
	535	Vanguard Mortgage-Backed Securities ETF		28,376
	4,463	Vanguard Total International Bond Index Fund, ETF SHARES		255,417
	3,384	WisdomTree Emerging Markets Local Debt Fund		100,743

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 70.6% (Continued)
		FIXED INCOME - 29.8% (Continued)
	1,251	WisdomTree Interest Rate Hedged High Yield Bond	$	27,272
				11,196,247
		MIXED ALLOCATION - 0.7%
	3,714	iShares Morningstar Multi-Asset Income ETF		88,282
	945	SPDR SSgA Income Allocation ETF		33,110
	5,091	SPDR SSgA Multi-Asset Real Return ETF		145,093
				266,485
		SPECIALTY - 0.1%
	1,197	Invesco DB US Dollar Index Bullish Fund^(a)		30,763
	198	ProShares Short VIX Short-Term Futures ETF^(a)		10,644
				41,407

		TOTAL EXCHANGE-TRADED FUNDS (Cost $27,290,191)		26,526,731

		EXCHANGE-TRADED NOTES — 0.1%
		COMMODITY - 0.0%
	68	iPath Series B Bloomberg Coffee Subindex Total^(a)		4,284
	61	iPath Series B Bloomberg Grains Subindex Total^(a)		3,891
				8,175
		SPECIALTY - 0.1%
	585	iPath Series B S&P 500 VIX Short-Term Futures ETN^(a)		14,894

		TOTAL EXCHANGE-TRADED NOTES (Cost $22,622)		23,069

		OPEN END FUNDS — 20.5%
		ALTERNATIVE - 5.4%
	119,446	Easterly Hedged Equity Fund, Class R6^(b)		1,396,321
	60,875	Kellner Merger Fund, Institutional Class		639,186
	624	Merger Fund (The), Class V		10,807
				2,046,314

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

Shares			Fair Value
		OPEN END FUNDS — 20.5% (Continued)
		FIXED INCOME - 15.1%
	508,773	Easterly Structured Credit Value Fund, Class R6^(b)	$	5,672,814

		TOTAL OPEN END FUNDS (Cost $7,691,989)		7,719,128

Contracts			Broker/Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		INDEX OPTIONS PURCHASED - 0.1%
		PUT OPTIONS PURCHASED - 0.1%
	1,467	S&P 500 Index (European Style)	GS	12/01/2021	$	4,588.90	$	6,731,920	$	39,829
		TOTAL PUT OPTIONS PURCHASED (Cost - $9,088)

		TOTAL INVESTMENTS - 91.3% (Cost $35,013,890)							$	34,308,757
		PUT OPTIONS WRITTEN - (0.1)% (Proceeds - $9,088)								(37,194	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 8.8%								3,325,724
		NET ASSETS - 100.0%							$	37,597,287

Contracts			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN INDEX OPTIONS - (0.1)%
		PUT OPTIONS WRITTEN - (0.1)%
	1,141	S&P 500 Index (European Style)	GS	12/01/2021	$	4,479.25	$	5,110,824	$	3,395
	1,842	S&P 500 Index (European Style)	GS	12/01/2021		4,567.91		8,414,090		33,799
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $9,088)								37,194

							Unrealized
Foreign Currency	Settlement Date	Counterparty	Local Currency		U.S. Dollar Value		Appreciation/(Depreciation)
To Sell:
Australian Dollar	12/22/2021	Brown Brothers Harriman		123,512	$	87,605	$	2,280
British Pound	12/22/2021	Brown Brothers Harriman		326,616		432,355		7,280
Canadian Dollar	12/22/2021	Brown Brothers Harriman		123,093		95,987		1,877
Euro	12/22/2021	Brown Brothers Harriman		296,208		333,732		1,392
Japanese Yen	12/22/2021	Brown Brothers Harriman		83,412,858		734,992		(6,223	)
Mexican Peso	12/22/2021	Brown Brothers Harriman		287,412		13,315		482
Swiss Franc	12/22/2021	Brown Brothers Harriman		2,792		3,020		(15	)
					$	1,701,006	$	7,073

Total							$	7,073

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2021

GS	Goldman Sachs

EAFE	- Europe, Australasia and Far East

ETF	- Exchange-Traded Fund

LP	- Limited Partnership

MSCI	- Morgan Stanley Capital International

REIT	- Real Estate Investment Trust

SPDR	- Standard & Poor’s Depositary Receipt

^(a)

Non-income producing security.

^(b)

Affiliated issuer.

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

TOTAL RETURN SWAP - 0.0%

Unrealized

Appreciation/

Notional Amount

Reference Entity

Counterparty

Maturity Date

Pay/Receive Fixed Rate

Variable Rate

(Depreciation)

205,619

S&P 500 Equal Weighted Index

Goldman Sachs

5/20/2022

Pay

0.1196

—

1,439,329

S&P 500 Equal Weighted Index

231

Goldman Sachs

5/20/2022

Pay

0.1196

—

	Unrealized
	Appreciation/
TOTAL RETURN SWAP - 0.0%	(Depreciation)

The Deutsche Bank Total Return Swap provides exposure to the daily, total returns of the Easterly Index, a proprietary index of the London Branch of Deutsche Bank AG. The number of shares is 56,900 and requires the fund to pay interest at the rate of 0.38% on the Notional Value outstanding. The Easterly Index features a basket of commodity trading advisor (“CTA”) programs selected by Easterly Funds, LLC from an approved list of third-party managers offered through Deutsche Bank AG on its DB Select platform. The Easterly Index comprises a diversified collection of strategy and style types, including trend following, short-term trading, discretionary, global macro, and sector specialists. According to the terms of the swap, Easterly Funds, LLC can modify the Easterly Index as frequently as daily, on a T+1 basis, by adjusting the notional value of the Easterly Index, or by adding, deleting, or re-weighting the constituent CTA programs. The swap became effective on August 2, 2018, and expires on July 30, 2024. (Notional Value $6,337,613)	$	7,365
	$	7,365
TOTAL RETURN SWAP - (0.0)%
The Goldman Sachs Calls-vs-Calls US Series 2 Total Return Strategy is designed to extract dislocated call premiums from S&P 500 constituents; the strategy sells call options on a daily basis across top 100 constituents of the SPX where the term structure is most inverted. The stocks are picked with constraints on leverage, beta towards SPX and tracking error. The strategy also purchases an ATM call option on SPX to mitigate market risk. The number of shares is 7,713 and requires the fund to pay interest at the rate of 0.20% on the Notional Value outstanding. The swap became effective on May 28, 2021 and expires on February 4, 2022. (Notional Value $927,470)	$	—
	$	—
TOTAL RETURN SWAP - (0.0)%

The Goldman Sachs i-Select III Series 88 Excess Return Strategy (“GS i-Select”) is a synthetic rules-based proprietary strategy created by Goldman Sachs International as strategy sponsor. The GS i- Select Index includes strategies of the GS Risk Premia Universe that were selected by Easterly . The GS i-Select Index is actively managed by Easterly . The Index features 15 Portfolio Constituents that Easterly Funds, LLC determines the daily waiting of each constituent within the GS i-Select Index. The GS i-Select Index is comprised a diversified collection of strategy and style types, including equity, interest rates, FX, commodities, and credit based strategies such as imbalance, volatility carry, carry, momentum, low beta, and quality. According to the terms of the GS i-Select Index, Easterly Funds, LLC can modify the GS i-Select Index as frequently as daily, by adjusting the notional value of the GS i-Select Index, or by adding, deleting, or re-weighting the constituent Indexes in the GS i-Select Index. The number of shares is 18,117 and requires the fund to pay interest at the rate of 0.25% on the Notional Value outstanding. The swap became effective on May 28, 2021 and expires on February 9, 2022. (Notional Value $1,805,563)	$	—
	$	—
TOTAL RETURN SWAP - (0.0)%

The Goldman Sachs Intraday Momentum ES Series 1 Excess Return Strategy aims to capture intraday trend risk premium on the S&P 500. There is empirical evidence that the returns in the earlier part of the day tend to continue in the same direction in the subsequent part of the day, across several markets, including equities. The strategy attempts to monetize this historical tendency for intraday trends from the previous close to extend unto the following close: 1) Every day after the open, the strategy buys futures if markets are rising since the previous close; conversely, it sells futures if markets are falling since previous close. 2) The strategy monitors market moves every 30-minutes to reactively modify its positioning if a new trend appears. 3) All positions are exited at the close. The number of shares is 8,295 and requires the fund to pay interest at the rate of 0.20% on the Notional Value outstanding. The swap became effective on August 2, 2021 and expires on February 4, 2022. (Notional Value $941,817)	$	(1,285	)
	$	(1,285	)

TOTAL RETURN SWAP - 0.1%

Goldman Sachs Long Gamma US Series 10 Excess Return Strategy attempts to provide protection in tail scenarios through a levered position in delta-hedged put options. The strategy buys 12m 10- delta S&P Put options and delta-hedges them to attempt to neutralize the inherent short market exposure in typical markets. The strategy takes a long position in volatility and is best-positioned for left-tail events with very high realized volatility. The number of shares is 8,739 and requires the fund to pay interest at the rate of 0.20% on the Notional Value outstanding. The swap became effective on August 2, 2021 and expires on February 4, 2022. (Notional Value $1,228,811)	$	20,616
	$	20,616
TOTAL RETURN SWAP - 0.1%

The Goldman Sachs Systematic Skew US Series 1D Total Return Strategy is designed to capture the spot-volatility covariance risk premium in equity markets, while minimizing exposure to volatility risk. The strategy sells 3m 15d puts and buys 3m 40d calls (delta and gamma hedged) that target a constant exposure to skew, with performance driven by Vanna. The strategy also buys 5d tail puts for added risk management. The number of shares is 6,979 and requires the fund to pay interest at the rate of 0.20% on the Notional Value outstanding. The swap became effective on August 30, 2021 and expires on February 4, 2022. (Notional Value $995,792)	$	—
	$	—

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Easterly Deutsche Bank Swap Top 50 Holdings

FUTURES CONTRACTS*

									Unrealized			Percentage of Total
Number of					Notional Value at				Appreciation/			Return Swap
Contracts			Open Long Future Contracts	Counterparty	November 30, 2021		Expiration		(Depreciation)			Unrealized Gain/Loss
	5		3 month Euro (EURIBOR)	Deutsche Bank		1,333,710		12/18/2023	$	(1,936	)		(26.29	)%
	1		10 Year Italian Bond	Deutsche Bank		173,250		12/8/2021		2,624			35.63	%
	1		10 Year Japanese Government Bond	Deutsche Bank		824,747		12/13/2021		805			10.93	%
	2		30 Year US Treasury Bonds	Deutsche Bank		269,188		3/22/2022		2,255			30.62	%
	1		DAX Index Future	Deutsche Bank		266,196		12/17/2021		(311	)		(4.22	)%
	48		DJ EURO STOXX Banks Future	Deutsche Bank		256,557		12/17/2021		(2,547	)		(34.58	)%
	2		E-Mini Nasdaq-100	Deutsche Bank		674,319		12/17/2021		3,917			53.18	%
	5		EURO STOXX 50 Index Future	Deutsche Bank		223,319		12/17/2021		(7,040	)		(95.59	)%
	2		Euro-BUND	Deutsche Bank		378,749		12/8/2021		871			11.83	%
	2		FTSE 100 Index Future	Deutsche Bank		194,766		12/17/2021		(838	)		(11.38	)%
	1		S&P Canada 60 Index Future	Deutsche Bank		195,539		12/16/2021		2,023			27.47	%
	5		S&P CNX Nifty Index Future	Deutsche Bank		163,823		12/30/2021		(4,349	)		(59.05	)%
	1		Ultra Long-Term T Bond	Deutsche Bank		191,947		3/22/2022		6,796			92.27	%
										2,270

										Unrealized			Percentage of Total
	Number of					Notional Value at				Appreciation/			Return Swap
	Contracts		Open Short Future Contracts	Counterparty		November 30, 2021		Expiration		(Depreciation)			Unrealized Gain
	(10	)	2 Year Euro-Schatz	Deutsche Bank		1,268,198		12/8/2021		(4,733	)		(64.26	)%
	(2	)	2 Year Euro-Schatz	Deutsche Bank		207,154		3/8/2022		63			0.86	%
	(1	)	2 Year US Treasury Notes	Deutsche Bank		280,355		3/31/2022		(231	)		(3.14	)%
	(2	)	3 Month SONIA Index Futures	Deutsche Bank		529,402		12/19/2023		(136	)		(1.85	)%
	(2	)	3 Month Sterling	Deutsche Bank		250,345		9/20/2023		(249	)		(3.38	)%
	(2	)	3 Month Sterling	Deutsche Bank		250,599		9/18/2024		(516	)		(7.01	)%
	(11	)	3 Year Australian Treasury Bond	Deutsche Bank		921,354		12/15/2021		10,108			137.24	%
	(5	)	5 Year US Treasury Notes	Deutsche Bank		612,394		3/31/2022		(1,146	)		(15.56	)%
	(4	)	10 Year US Treasury Notes	Deutsche Bank		473,665		3/22/2022		(742	)		(10.07	)%
	(3	)	AUD/USD	Deutsche Bank		179,159		12/13/2021		2,119			28.77	%
	(3	)	CAD/USD	Deutsche Bank		233,519		12/14/2021		1,494			20.29	%
	(5	)	EUR/USD	Deutsche Bank		647,046		12/13/2021		3,942			53.52	%
	(1	)	Eurodollar	Deutsche Bank		212,216		9/19/2022		(247	)		(3.35	)%
	(2	)	Eurodollar	Deutsche Bank		458,945		9/18/2023		(997	)		(13.54	)%
	(1	)	Eurodollar	Deutsche Bank		212,596		3/18/2024		(201	)		(2.73	)%
	(2	)	Eurodollar	Deutsche Bank		564,199		6/17/2024		2,002			27.18	%
	(1	)	Eurodollar	Deutsche Bank		224,925		9/16/2024		(441	)		(5.99	)%
	(3	)	GBP/USD	Deutsche Bank		277,419		12/13/2021		3,947			53.59	%
	(1	)	Hang Seng Index	Deutsche Bank		180,247		12/30/2021		2,416			32.80	%
	(4	)	JPY/USD	Deutsche Bank		474,459		12/13/2021		(21	)		(0.29	)%
	(1	)	Long Gilt Future	Deutsche Bank		233,825		3/29/2022		(173	)		(2.35	)%
										16,258

			TOTAL FUTURES CONTRACTS						$	18,528

PURCHASED CALL OPTIONS*

											Percentage of Total
			Notional Value at								Return Swap
Description		Counterparty	November 30, 2021		Expiration		Strike Price		Unrealized Appreciation		Unrealized Gain
	JPY/CAD	Deutsche Bank		693,548		12/1/2021		95.00	$	—		0.00	%
	JPY/USD	Deutsche Bank		277,419		12/9/2021		112.00		4,284		58.17	%
	JPY/USD	Deutsche Bank		346,774		12/13/2021		116.75		79		1.07	%
	USD/EUR	Deutsche Bank		277,419		12/6/2021		1.22		—		0.00	%
	USD/EUR	Deutsche Bank		520,161		1/3/2022		1.21		23		0.31	%
	USD/EUR	Deutsche Bank		277,419		1/6/2022		1.19		63		0.86	%
	USD/EUR	Deutsche Bank		208,064		1/19/2022		1.24		7		0.10	%
										4,456

WRITTEN CALL OPTIONS*

												Percentage of Total
			Notional Value at									Return Swap
Description		Counterparty	November 30, 2021		Expiration		Strike Price		Unrealized Appreciation			Unrealized Gain
	JPY/USD	Deutsche Bank		554,838		12/9/2021		114.00		(2,037	)		(27.66	)%
	JPY/USD	Deutsche Bank		277,419		12/9/2021		114.00		(1,095	)		(14.87	)%
	USD/GBP	Deutsche Bank		174,774		1/3/2022		1.41		(7	)		(0.10	)%
									$	(3,139	)

FORWARD CURRENCY CONTRACTS +*

											Unrealized			Percentage of Total
Settlement											Appreciation /			Return Swap
Date	Units to Receive/Deliver			Counterparty	In Exchange For				US Dollar Value		(Depreciation)			Unrealized Gain/Loss
To Buy:
12/7/2021		(211,527	)	Deutsche Bank	CHF	230,252		USD		231,066		814			11.05	%
12/7/2021		(230,825	)	Deutsche Bank	USD	308,454		AUD		296,605		(11,850	)		(160.90	)%
												(11,036	)
To Sell:
12/2/2021		420,911		Deutsche Bank	CHF	(457,055	)	USD		456,488		(567	)		(7.70	)%
12/2/2021		65,262,355		Deutsche Bank	JPY	(577,553	)	USD		574,860		(2,694	)		(36.58	)%
12/7/2021		17,485,731		Deutsche Bank	JPY	(154,239	)	USD		154,042		(197	)		(2.67	)%
12/7/2021		3,447,543		Deutsche Bank	MXN	(169,565	)	USD		160,313		(9,252	)		(125.62	)%
												(12,710	)
		TOTAL FORWARD CURRENCY CONTRACTS
					All Other Investments							11,266
					Total Unrealized Appreciation of Swap						$	7,365

Foreign currency transactions are done by notional and not by contracts

Non-income producing securities

Currency Abbreviations:

AUD - Australian Dollar

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

CAD - Canadian Dollar

CHF - Swiss Franc

CNH - Chinese Yuan Renminbi

EUR - Euro

GBP - Great Britain Pound

JPY - Japanese Yen

MXN - Mexican Peso

USD - U.S. Dollar

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

PURCHASED CALL OPTIONS

Number of				Notional Value at
Contracts		Open Purchased Call Options	Counterparty	November 30, 2021		Expiration		Exercise Price		Market Value
	6	S&P 500 Index	Goldman Sachs		28,108		12/17/2021	$	4,350	$	1,537
	8	S&P 500 Index	Goldman Sachs		38,366		12/17/2021	$	4,360		2,025
	11	S&P 500 Index	Goldman Sachs		51,730		12/17/2021	$	4,365		2,682
	5	S&P 500 Index	Goldman Sachs		24,978		12/17/2021	$	4,400		1,136
	5	S&P 500 Index	Goldman Sachs		22,238		12/17/2021	$	4,435		874
	5	S&P 500 Index	Goldman Sachs		21,207		12/17/2021	$	4,450		779
	5	S&P 500 Index	Goldman Sachs		24,770		12/17/2021	$	4,470		827
	5	S&P 500 Index	Goldman Sachs		24,476		12/17/2021	$	4,485		757
	3	S&P 500 Index	Goldman Sachs		15,861		12/17/2021	$	4,515		415
	3	S&P 500 Index	Goldman Sachs		15,860		12/17/2021	$	4,525		391
	4	S&P 500 Index	Goldman Sachs		17,207		12/17/2021	$	4,535		399
	7	S&P 500 Index	Goldman Sachs		31,312		12/17/2021	$	4,540		702
	4	S&P 500 Index	Goldman Sachs		18,540		12/17/2021	$	4,545		402
	5	S&P 500 Index	Goldman Sachs		24,062		12/17/2021	$	4,550		505
	5	S&P 500 Index	Goldman Sachs		21,239		12/17/2021	$	4,565		400
	5	S&P 500 Index	Goldman Sachs		22,451		12/17/2021	$	4,570		407
	15	S&P 500 Index	Goldman Sachs		69,882		12/17/2021	$	4,595		1,036
	6	S&P 500 Index	Goldman Sachs		26,563		12/17/2021	$	4,605		360
	6	S&P 500 Index	Goldman Sachs		28,043		12/17/2021	$	4,610		363
	6	S&P 500 Index	Goldman Sachs		29,323		12/17/2021	$	4,625		327
	16	S&P 500 Index	Goldman Sachs		75,351		12/17/2021	$	4,645		676
	16	S&P 500 Index	Goldman Sachs		71,504		12/17/2021	$	4,655		569
	7	S&P 500 Index	Goldman Sachs		31,636		12/17/2021	$	4,675		194
	18	S&P 500 Index	Goldman Sachs		80,389		12/17/2021	$	4,680		459
	20	S&P 500 Index	Goldman Sachs		89,132		12/17/2021	$	4,685		473
	21	S&P 500 Index	Goldman Sachs		94,034		12/17/2021	$	4,690		463
	20	S&P 500 Index	Goldman Sachs		89,518		12/17/2021	$	4,695		408
	27	S&P 500 Index	Goldman Sachs		123,399		12/17/2021	$	4,700		520
	13	S&P 500 Index	Goldman Sachs		59,078		12/17/2021	$	4,705		230
	4	S&P 500 Index	Goldman Sachs		19,764		1/21/2022	$	4,360		1,258
	7	S&P 500 Index	Goldman Sachs		29,841		1/21/2022	$	4,370		1,848
	4	S&P 500 Index	Goldman Sachs		17,598		1/21/2022	$	4,555		569
	6	S&P 500 Index	Goldman Sachs		27,106		1/21/2022	$	4,605		687
	6	S&P 500 Index	Goldman Sachs		29,142		1/21/2022	$	4,665		521
	9	S&P 500 Index	Goldman Sachs		40,527		1/21/2022	$	4,690		612
	7	S&P 500 Index	Goldman Sachs		31,964		1/21/2022	$	4,700		450
	8	S&P 500 Index	Goldman Sachs		38,243		1/21/2022	$	4,705		519
	9	S&P 500 Index	Goldman Sachs		39,088		1/21/2022	$	4,710		511
	3	S&P 500 Index	Goldman Sachs		14,785		2/18/2022	$	4,610		470
	3	S&P 500 Index	Goldman Sachs		15,807		2/18/2022	$	4,665		392
	6	S&P 500 Index	Goldman Sachs		28,784		2/18/2022	$	4,690		631
	3	S&P 500 Index	Goldman Sachs		15,569		2/18/2022	$	4,700		324
	5	S&P 500 Index	Goldman Sachs		22,189		2/18/2022	$	4,705		450
	5	S&P 500 Index	Goldman Sachs		20,829		2/18/2022	$	4,710		411
											29,969

WRITTEN CALL OPTIONS

	Number of				Notional Value at
	Contracts	Open Written Call Options	Counterparty		November 30, 2021		Expiration		Exercise Price		Market Value
	43	Accenture plc	Goldman Sachs		15,326		12/17/2021	$	370	$	221
	510	Cisco Systems, Inc.	Goldman Sachs		27,942		12/17/2021	$	58		154
	45	Deere & Company	Goldman Sachs		15,419		12/17/2021	$	360		212
	152	Medtronic plc	Goldman Sachs		16,201		12/17/2021	$	120		10
	299	Pfizer, Inc.	Goldman Sachs		16,062		12/17/2021	$	50		1,253
	119	Walmart, Inc.	Goldman Sachs		16,680		12/17/2021	$	150		38
											1,888

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

FUTURES CONTRACTS*

Number of

Notional Value at

Contracts

Open Long Future Contracts

Counterparty

November 30, 2021

Expiration

CBOT 2 Year US Treasury Note Future

Goldman Sachs

122,642

3/31/2022

CBOT 5 Year US Treasury Note

Goldman Sachs

103,265

3/31/2022

CBOT Corn Future

Goldman Sachs

28,058

5/13/2022

CBOT Soybean Future

Goldman Sachs

47,959

5/13/2022

CBOT US Long Bond Future

Goldman Sachs

33,159

3/22/2022

CBOT Wheat Future

Goldman Sachs

42,146

5/13/2022

CME E-Mini NASDAQ 100 Index Future

Goldman Sachs

26,232

12/17/2021

CME E-Mini Standard & Poor’s 500 Index Future

Goldman Sachs

25,471

12/17/2021

CME Live Cattle Future

Goldman Sachs

12,261

4/29/2022

COMEX Gold 100 Troy Ounces Future

Goldman Sachs

10,360

2/24/2022

Cotton No.2 Future

Goldman Sachs

20,725

5/6/2022

Eurex 10 Year Euro BUND Future

Goldman Sachs

8,983

12/8/2021

Eurex 10 Year Euro BUND Future

Goldman Sachs

17,681

3/8/2022

Eurex 2 Year Euro SCHATZ Future

Goldman Sachs

54,393

12/8/2021

Eurex 2 Year Euro SCHATZ Future

Goldman Sachs

108,743

3/8/2022

Eurex 5 Year Euro BOBL Future

Goldman Sachs

97,091

12/8/2021

Eurex 5 Year Euro BOBL Future

Goldman Sachs

12,471

12/8/2021

Eurex 5 Year Euro BOBL Future

Goldman Sachs

24,813

3/8/2022

Eurex EURO STOXX 50 Future

Goldman Sachs

7,374

12/17/2021

Eurex Swiss Market New Index Future

Goldman Sachs

24,580

12/17/2021

Euronext Amsterdam Index Future

Goldman Sachs

25,498

12/17/2021

Euronext CAC 40 Index Future

Goldman Sachs

12,139

12/17/2021

FTSE/MIB Index Future 12/17/2021

Goldman Sachs

8,892

12/17/2021

ICE Gas Oil Future

Goldman Sachs

7,522

1/12/2022

Live Cattle Future

Goldman Sachs

14,473

6/30/2022

Live Cattle Future

Goldman Sachs

7,618

8/31/2022

LME Copper Future

Goldman Sachs

7,587

1/17/2022

LME Copper Future

Goldman Sachs

18,754

1/17/2022

LME Copper Future

Goldman Sachs

22,870

2/14/2022

LME Copper Future

Goldman Sachs

7,555

2/14/2022

LME Nickel Future

Goldman Sachs

21,097

1/17/2022

LME Nickel Future

Goldman Sachs

7,739

1/17/2022

LME Nickel Future

Goldman Sachs

25,730

2/14/2022

LME Nickel Future

Goldman Sachs

9,438

2/14/2022

LME Primary Aluminum Future

Goldman Sachs

7,630

1/17/2022

LME Zinc Future

Goldman Sachs

7,389

1/17/2022

Montreal Exchange S&P/TSX 60 Index Future

Goldman Sachs

25,302

12/17/2021

NYBOT CSC C Coffee Future

Goldman Sachs

8,419

3/21/2022

NYBOT CSC Number 11 World Sugar Future

Goldman Sachs

22,092

4/29/2022

NYBOT CTN Number 2 Cotton Future

Goldman Sachs

7,352

3/9/2022

NYMEX Henry Hub Natural Gas Futures

Goldman Sachs

7,427

12/29/2021

NYMEX Henry Hub Natural Gas Futures

Goldman Sachs

9,987

3/29/2022

NYMEX Henry Hub Natural Gas Futures

Goldman Sachs

12,100

4/27/2022

OML Stockholm OMXS30 Index Future

Goldman Sachs

13,921

12/17/2021

SFE S&P ASX Share Price Index 200 Future

Goldman Sachs

11,236

12/16/2021

TSE Japanese 10 Year Bond Futures

Goldman Sachs

60,543

12/9/2021

620

TSE TOPIX (Tokyo Price Index) Future

Goldman Sachs

10,355

12/10/2021

CREDIT DEFAULT SWAPS

Number of

Notional Value at

Contracts

Open Credit Default Swaps

Counterparty

November 30, 2021

Expiration

Value

59,087

Markit CDX North America High Yield Index

Goldman Sachs

59,087

12/20/2026

1,331

8,687

Markit CDX North America Investment Grade Index

Goldman Sachs

8,687

12/20/2026

750

15,444

Markit iTraxx Europe Index

Goldman Sachs

17,384

12/20/2026

405

2,486

The GS i-Select invests in 15 Portfolio Constituents which do not trade individual futures, therefore the Futures do not have any individual unrealized gains/losses.

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Goldman Sachs Intraday Momentum ES Series 1 Excess Return Strategy Top 50 Holdings

No Open Positions

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

EQUITY FORWARDS

Number of				Notional Value at
Contracts		Open Long Equity Forwards	Counterparty	November 30, 2021		Expiration		Exercise Price		Market Value
	27	S&P 500 Index	Goldman Sachs		124,095		3/18/2022	$	4,660	$	2,745
	20	S&P 500 Index	Goldman Sachs		93,445		4/14/2022	$	4,660		2,107
	22	S&P 500 Index	Goldman Sachs		100,009		5/20/2022	$	4,660		2,336
	35	S&P 500 Index	Goldman Sachs		161,956		6/17/2022	$	4,650		3,546
	16	S&P 500 Index	Goldman Sachs		73,618		8/19/2022	$	4,650		1,674
	28	S&P 500 Index	Goldman Sachs		128,932		9/16/2022	$	4,650		2,995
	17	S&P 500 Index	Goldman Sachs		77,114		10/21/2022	$	4,650		1,807
	15	S&P 500 Index	Goldman Sachs		70,015		11/18/2022	$	4,650		1,672
	37	S&P 500 Index	Goldman Sachs		168,478		12/16/2022	$	4,650		4,110
											22,992

PURCHASED PUT OPTIONS

Number of				Notional Value at
Contracts		Open Purchased Put Options	Counterparty	November 30, 2021		Expiration		Exercise Price		Market Value
	16	S&P 500 Index	Goldman Sachs		72,337		12/17/2021	$	1,775	$	2
	18	S&P 500 Index	Goldman Sachs		80,629		12/17/2021	$	1,800		2
	15	S&P 500 Index	Goldman Sachs		69,147		12/17/2021	$	2,075		3
	19	S&P 500 Index	Goldman Sachs		87,507		12/17/2021	$	2,100		4
	37	S&P 500 Index	Goldman Sachs		169,319		12/17/2021	$	2,125		8
	30	S&P 500 Index	Goldman Sachs		136,540		12/17/2021	$	2,150		7
	29	S&P 500 Index	Goldman Sachs		130,429		12/17/2021	$	2,175		6
	23	S&P 500 Index	Goldman Sachs		103,368		12/17/2021	$	2,200		5
	27	S&P 500 Index	Goldman Sachs		123,847		12/17/2021	$	2,250		7
	18	S&P 500 Index	Goldman Sachs		82,239		12/17/2021	$	2,425		7
	26	S&P 500 Index	Goldman Sachs		119,661		12/17/2021	$	2,450		10
	25	S&P 500 Index	Goldman Sachs		114,222		12/17/2021	$	2,500		11
	36	S&P 500 Index	Goldman Sachs		162,237		12/17/2021	$	2,525		17
	25	S&P 500 Index	Goldman Sachs		115,078		12/17/2021	$	2,550		13
	23	S&P 500 Index	Goldman Sachs		107,229		12/17/2021	$	2,575		13
	16	S&P 500 Index	Goldman Sachs		74,722		12/17/2021	$	2,675		11
	17	S&P 500 Index	Goldman Sachs		76,384		12/17/2021	$	2,700		12
	34	S&P 500 Index	Goldman Sachs		153,919		12/17/2021	$	2,800		31
	20	S&P 500 Index	Goldman Sachs		90,796		12/17/2021	$	2,825		19
	25	S&P 500 Index	Goldman Sachs		112,768		3/18/2022	$	2,050		136
	26	S&P 500 Index	Goldman Sachs		117,080		3/18/2022	$	2,100		152
	35	S&P 500 Index	Goldman Sachs		157,580		3/18/2022	$	2,150		223
	16	S&P 500 Index	Goldman Sachs		74,462		3/18/2022	$	2,250		121
	21	S&P 500 Index	Goldman Sachs		94,082		3/18/2022	$	2,500		216
	16	S&P 500 Index	Goldman Sachs		73,411		3/18/2022	$	2,550		181
	22	S&P 500 Index	Goldman Sachs		98,738		3/18/2022	$	2,600		260
	15	S&P 500 Index	Goldman Sachs		69,253		3/18/2022	$	2,775		229
	17	S&P 500 Index	Goldman Sachs		78,353		3/18/2022	$	2,875		295
	17	S&P 500 Index	Goldman Sachs		79,452		3/18/2022	$	2,925		318
	23	S&P 500 Index	Goldman Sachs		103,314		4/14/2022	$	2,500		311
	16	S&P 500 Index	Goldman Sachs		75,053		6/17/2022	$	2,050		198
	19	S&P 500 Index	Goldman Sachs		86,291		6/17/2022	$	2,500		412
	16	S&P 500 Index	Goldman Sachs		70,901		6/17/2022	$	2,550		362
	22	S&P 500 Index	Goldman Sachs		101,237		7/15/2022	$	2,600		642
	15	S&P 500 Index	Goldman Sachs		69,158		8/19/2022	$	2,600		521
	16	S&P 500 Index	Goldman Sachs		73,289		8/19/2022	$	2,650		588
	20	S&P 500 Index	Goldman Sachs		93,491		9/16/2022	$	2,500		698
	21	S&P 500 Index	Goldman Sachs		94,330		9/16/2022	$	2,550		749
	17	S&P 500 Index	Goldman Sachs		79,447		9/16/2022	$	2,600		672
	15	S&P 500 Index	Goldman Sachs		70,491		10/21/2022	$	2,500		585
	16	S&P 500 Index	Goldman Sachs		71,157		11/18/2022	$	2,750		882
											8,939

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

EQUITY FORWARDS

Number of				Notional Value at
Contracts		Open Short Equity Forwards	Counterparty	November 30, 2021		Expiration		Exercise Price		Market Value
	269	S&P 500 Index	Goldman Sachs		1,226,881		12/17/2021	$	4,655	$	24,250
	205	S&P 500 Index	Goldman Sachs		934,077		1/21/2022	$	4,655		18,157
	132	S&P 500 Index	Goldman Sachs		601,903		2/18/2022	$	4,655		12,212
	41	S&P 500 Index	Goldman Sachs		185,654		3/18/2022	$	4,660		4,107
											58,726

PURCHASED PUT OPTIONS

Number of				Notional Value at
Contracts		Open Purchased Put Options	Counterparty	November 30, 2021		Expiration		Exercise Price		Market Value
	60	S&P 500 Index	Goldman Sachs		274,500		3/18/2022	$	2,450	$	590
	45	S&P 500 Index	Goldman Sachs		205,740		2/18/2022	$	2,250		213
	45	S&P 500 Index	Goldman Sachs		206,209		2/18/2022	$	2,300		231
	56	S&P 500 Index	Goldman Sachs		255,441		2/18/2022	$	2,550		410
	42	S&P 500 Index	Goldman Sachs		191,868		2/18/2022	$	2,600		330
	76	S&P 500 Index	Goldman Sachs		345,282		2/18/2022	$	2,650		641
	78	S&P 500 Index	Goldman Sachs		356,144		2/18/2022	$	2,700		709
	41	S&P 500 Index	Goldman Sachs		189,258		1/21/2022	$	2,300		97
	64	S&P 500 Index	Goldman Sachs		291,778		1/21/2022	$	2,500		221
	46	S&P 500 Index	Goldman Sachs		209,207		1/21/2022	$	2,800		251
	62	S&P 500 Index	Goldman Sachs		284,196		1/21/2022	$	2,825		354
	38	S&P 500 Index	Goldman Sachs		173,178		1/21/2022	$	2,850		225
	43	S&P 500 Index	Goldman Sachs		195,191		1/21/2022	$	2,925		283
	45	S&P 500 Index	Goldman Sachs		206,053		1/21/2022	$	2,950		308
	49	S&P 500 Index	Goldman Sachs		221,830		1/21/2022	$	3,000		352
	49	S&P 500 Index	Goldman Sachs		222,465		1/21/2022	$	3,025		373
	75	S&P 500 Index	Goldman Sachs		342,154		12/17/2021	$	2,500		34
	74	S&P 500 Index	Goldman Sachs		337,996		12/17/2021	$	2,525		36
	67	S&P 500 Index	Goldman Sachs		306,796		12/17/2021	$	2,550		34
	70	S&P 500 Index	Goldman Sachs		318,314		12/17/2021	$	2,575		38
	46	S&P 500 Index	Goldman Sachs		209,719		12/17/2021	$	2,650		30
	61	S&P 500 Index	Goldman Sachs		278,862		12/17/2021	$	2,700		45
	53	S&P 500 Index	Goldman Sachs		242,854		12/17/2021	$	2,800		49
	49	S&P 500 Index	Goldman Sachs		221,589		12/17/2021	$	2,825		47
	39	S&P 500 Index	Goldman Sachs		177,302		12/17/2021	$	3,000		54
	40	S&P 500 Index	Goldman Sachs		181,139		12/17/2021	$	3,075		65
	43	S&P 500 Index	Goldman Sachs		197,091		12/17/2021	$	3,100		74
	39	S&P 500 Index	Goldman Sachs		180,376		12/17/2021	$	3,125		72
	64	S&P 500 Index	Goldman Sachs		293,244		12/17/2021	$	3,200		137
	47	S&P 500 Index	Goldman Sachs		215,156		12/17/2021	$	3,225		106
	64	S&P 500 Index	Goldman Sachs		291,543		12/17/2021	$	3,400		206
											6,615

WRITTEN PUT OPTIONS

Number of				Notional Value at
Contracts		Open Written Put Options	Counterparty	November 30, 2021		Expiration		Exercise Price		Market Value
	39	S&P 500 Index	Goldman Sachs		177,035		12/17/2021	$	3,890	$	333
	53	S&P 500 Index	Goldman Sachs		242,854		12/17/2021	$	3,935		507
	59	S&P 500 Index	Goldman Sachs		267,392		12/17/2021	$	3,940		566
	45	S&P 500 Index	Goldman Sachs		206,021		12/17/2021	$	3,945		443
	40	S&P 500 Index	Goldman Sachs		183,020		12/17/2021	$	3,950		397
	55	S&P 500 Index	Goldman Sachs		252,906		12/17/2021	$	3,960		563
	39	S&P 500 Index	Goldman Sachs		177,302		12/17/2021	$	4,075		542
	40	S&P 500 Index	Goldman Sachs		181,139		12/17/2021	$	4,095		588
	43	S&P 500 Index	Goldman Sachs		197,091		12/17/2021	$	4,140		736
	39	S&P 500 Index	Goldman Sachs		180,376		12/17/2021	$	4,160		720
	41	S&P 500 Index	Goldman Sachs		185,321		12/17/2021	$	4,175		777
	39	S&P 500 Index	Goldman Sachs		178,729		12/17/2021	$	4,185		776
	59	S&P 500 Index	Goldman Sachs		270,902		12/17/2021	$	4,215		1,304
	53	S&P 500 Index	Goldman Sachs		239,980		1/21/2022	$	3,830		1,427
	43	S&P 500 Index	Goldman Sachs		197,491		1/21/2022	$	4,090		2,002
											11,681

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9%
		CMBS — 0.8%
	847,054	Freddie Mac Multifamily Structured Pass Through^(c)^,^(e)		2.2460		05/25/47	$	124,181
	2,457,346	FREMF 2018-KF46^(a)^,^(b)	US0001M + 1.950%	2.0370		03/25/28		2,402,927
	147,061	Government National Mortgage Association^(c)^,^(e)		0.7390		04/16/53		1,559
								2,528,667
		CDO — 5.7%
	109,993	ARCap 2003-1 Resecuritization Trust^(a)		7.1100		08/20/38		111,199
	899,045	Aspen Funding I Ltd.		9.0600		07/10/37		935,771
	7,603,080	DWRS 2016-1^(a)^,^(g)		1.0440		04/23/32		2,509,017
	4,008,978	Galleria CDO V Ltd.^(a),(b)	US0003M + 2.400%	2.5220		09/19/37		3,821,302
	3,817,593	Mid Ocean CBO 2001-1 Ltd.^(b)^,^(g)	US0003M + 0.500%	2.3910		11/05/36		1,142,350
	1,756,000	MMcapS Funding XVII Ltd.^(a)^,^(b)	US0003M + 0.600%	0.7200		12/01/35		1,492,600
	5,396,000	Trapeza Cdo Xii Ltd.^(a)^,^(b)	US0003M + 0.460%	0.5870		04/06/42		4,384,250
	3,000,000	Tropic CDO IV Ltd.^(a)^,^(b)	US0003M + 1.000%	1.1240		04/15/35		2,610,000
								17,006,489
		CLO — 7.4%
	750,000	BlueMountain CLO 2013-2 Ltd.^(a)^,^(b)	US0003M + 1.300%	1.4280		10/22/30		749,998
	828,620	Cutwater 2014-I Ltd.^(a)^,^(b)	US0003M + 1.700%	1.8240		07/15/26		828,956
	1,000,000	Deerpath Capital CLO 2018-1 LTD^(a)^,^(b)	US0003M + 3.500%	3.6240		01/15/31		1,001,110
	1,000,000	Deerpath Capital CLO 2020-1 LTD^(a)^,^(b)	US0003M + 3.900%	4.0220		04/17/32		998,987
	2,500,000	Ellington Clo II Ltd.^(a)^,^(b)	US0003M + 2.900%	3.0560		02/15/29		2,490,964
	500,000	Ellington Clo III Ltd.^(a)^,^(b)	US0003M + 3.740%	3.8720		07/20/30		484,618
	200,000	GC FTPYME Pastor 4 FTA	EUR003M + 2.400%	1.8370		07/15/45		123,081
	1,345,014	Halcyon Loan Advisors Funding 2013-1 Ltd.^(a)^,^(b)	US0003M + 3.500%	3.6240		04/15/25		1,316,621
	3,140,785	Halcyon Loan Advisors Funding 2013-2 Ltd.^(a)^,^(b)^,^(g)	US0003M + 3.800%	3.9320		08/01/25		2,788,087
	1,193,948	Halcyon Loan Advisors Funding 2014-2 Ltd.^(a)^,^(b)	US0003M + 2.700%	2.8360		04/28/25		1,196,073
	1,500,000	Halcyon Loan Advisors Funding 2014-2 Ltd.^(a)^,^(b)	US0003M + 3.500%	3.6360		04/28/25		1,469,604
	1,500,000	Halcyon Loan Advisors Funding 2014-3 Ltd.^(a)^,^(b)	US0003M + 3.650%	3.7780		10/22/25		1,303,332
	250,000	Nassau 2018-I Ltd.^(a)^,^(b)	US0003M + 5.850%	5.9740		07/15/31		216,743
	500,000	Peaks CLO 2 Ltd.^(a)^,^(b)	US0003M + 3.600%	3.7320		07/20/31		500,125
	2,750,000	Peaks CLO 2 Ltd.^(a)^,^(b)	US0003M + 5.000%	5.1320		07/20/31		2,709,665
	500,000	Steele Creek Clo 2018-2 Ltd.^(a)^,^(b)	US0003M + 3.400%	3.5600		08/18/31		489,108
	1,000,000	Z Capital Credit Partners CLO 2018-1 Ltd.^(a)^,^(b)	US0003M + 2.450%	2.5720		01/16/31		1,000,550
	500,000	Zais Clo 13 Ltd.^(a)^,^(b)	US0003M + 4.520%	4.6440		07/15/32		477,261

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		CLO — 7.4% (Continued)
	2,000,000	Zais CLO 2 Ltd^(a)^,^(b)	US0003M + 3.650%	3.7740		07/25/26	$	2,006,900
								22,151,783
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8%
	231,345	ABN Amro Mortgage Corporation		5.5000		10/25/33		238,050
	739,150	Adjustable Rate Mortgage Trust 2005-6A^(b)	US0001M + 0.840%	0.9320		11/25/35		274,578
	93,266	Agate Bay Mortgage Trust 2014-3^(a)^,^(b)		3.8300		11/25/44		93,893
	52,622	Alternative Loan Trust 1998-4^(d)		6.4920		08/25/28		53,957
	24,797	Alternative Loan Trust 2003-22CB		5.7500		12/25/33		25,836
	130,961	Alternative Loan Trust 2003-J2 Series 2003-J2 Class A1		6.0000		10/25/33		135,038
	157,168	Alternative Loan Trust 2003-J3		5.2500		11/25/33		162,106
	48,600	Alternative Loan Trust 2003-J3		6.2500		12/25/33		50,234
	67,370	Alternative Loan Trust 2004-15^(b)		2.2410		09/25/34		65,343
	13,684	Alternative Loan Trust 2004-16CB		5.5000		07/25/34		14,051
	9,177,588	Alternative Loan Trust 2004-24CB		6.0000		11/25/34		9,596,546
	526,466	Alternative Loan Trust 2004-28CB		5.7500		01/25/35		536,585
	99,894	Alternative Loan Trust 2004-28CB		6.0000		01/25/35		102,436
	140,697	Alternative Loan Trust 2004-J10		6.0000		09/25/34		146,517
	695,611	Alternative Loan Trust 2004-J10		5.5000		11/25/34		713,862
	26,377	Alternative Loan Trust 2004-J10		5.0000		10/25/53		26,332
	72,677	Alternative Loan Trust 2004-J11		7.2500		08/25/32		77,615
	150,444	Alternative Loan Trust 2004-J8		7.0000		08/25/34		146,904
	102,677	Alternative Loan Trust 2005-14^(b)	US0001M + 0.420%	0.3020		05/25/35		95,298
	237,938	Alternative Loan Trust 2005-27^(b)	12MTA + 1.350%	1.4330		08/25/35		214,072
	41,726	Alternative Loan Trust 2005-3CB		5.0000		03/25/35		37,567
	45,073	Alternative Loan Trust 2005-54CB		5.5000		11/25/35		42,104
	125,352	Alternative Loan Trust 2005-61^(b)	US0001M + 0.560%	0.6520		12/25/35		125,290
	172,536	Alternative Loan Trust 2005-6CB		5.5000		04/25/35		170,940
	180,511	Alternative Loan Trust 2005-72^(b)	US0001M + 0.600%	0.6920		01/25/36		161,787
	50,027	Alternative Loan Trust 2005-J11		6.0000		10/25/35		35,364
	58,138	Alternative Loan Trust 2005-J11		5.5000		11/25/35		43,873
	165,095	Alternative Loan Trust 2005-J8		5.5000		07/25/35		153,663
	106,976	Alternative Loan Trust 2006-40T1		6.0000		12/25/36		49,066
	50,000	Alternative Loan Trust Resecuritization 2005-12R		6.0000		11/25/34		50,636
	117,451	American Home Mortgage Investment Trust 2004-1^(b)	US0006M + 2.000%	2.1940		04/25/44		110,223

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8% (Continued)
	3,000,000	Angel Oak Mortgage Trust I, LLC 2019-2		6.2860		03/25/49	$	3,023,275
	3,000,000	Angel Oak Mortgage Trust I, LLC 2019-4^(a)^,^(c)		4.4120		07/26/49		3,004,808
	287,728	Banc of America Alternative Loan Trust 2003-8		5.5000		10/25/33		298,674
	203,617	Banc of America Alternative Loan Trust 2004-6		6.0000		07/25/34		209,575
	45,340	Banc of America Funding 2004-C Trust^(b)	US0001M + 0.660%	0.4210		12/20/34		45,042
	46,370	Banc of America Funding 2005-E Trust^(b)	COF 11 + 1.430%	1.6550		06/20/35		39,472
	1,052,075	Banc of America Funding 2006-I Trust^(c)		3.1740		10/20/46		927,704
	108,007	Banc of America Funding 2007-2 Trust^(e)		6.0000		03/25/37		21,557
	101,987	Banc of America Funding 2015-R4 Trust^(a)^,^(b)	US0001M + 0.150%	0.2390		10/25/36		100,920
	27,506	Banc of America Mortgage 2002-L Trust^(c)		3.0770		12/25/32		24,179
	56,464	Banc of America Mortgage 2005-F Trust^(c)		2.4790		07/25/35		51,114
	370,741	BCAP, LLC 2011-RR5-I Trust^(a)^,^(d)		4.7900		03/26/37		385,145
	6,712	Bear Stearns ALT-A Trust 2004-11^(c)		2.5290		11/25/34		6,637
	63,959	Bear Stearns ARM Trust 2003-5^(c)		2.2500		08/25/33		63,884
	6,825	Bear Stearns ARM Trust 2003-7^(c)		2.3230		10/25/33		7,037
	13,976	Bear Stearns ARM Trust 2004-1^(c)		2.0700		04/25/34		13,129
	156,424	Bear Stearns ARM Trust 2004-1^(c)		2.8000		04/25/34		153,784
	59,701	Bear Stearns ARM Trust 2004-10^(c)		2.7590		01/25/35		60,861
	150,238	Bear Stearns ARM Trust 2004-6^(c)		2.0880		09/25/34		138,549
	55,575	Bear Stearns ARM Trust 2004-8^(c)		2.1580		11/25/34		53,769
	603,472	Bear Stearns Asset Backed Securities I Trust		6.0000		03/25/36		291,237
	718,113	Bear Stearns Asset Backed Securities Trust^(d)		5.5000		01/25/34		733,844
	62,596	Bear Stearns Structured Products Inc Trust 2007-R6^(c)		2.7110		01/26/36		51,488
	54,772	Bella Vista Mortgage Trust 2004-1^(b)	US0001M + 0.700%	0.7890		11/20/34		54,236
	107,164	BlackRock Capital Finance, L.P.^(a)^,^(c)		3.5020		12/25/35		81,086
	562,822	Cascade Funding Mortgage Trust 2018-RM2^(a)^,^(c)^,^(f)		—		10/25/68		563,826
	275,238	Cascade Funding Mortgage Trust 2019-RM3^(a)^,^(c)		4.0000		06/25/69		271,403
	105,094	CDMC Mortgage Pass-Through Certificates Series^(c)		5.4790		09/25/34		106,532
	84,403	CDMC Mortgage Pass-Through Certificates Series^(c)		5.1050		02/18/35		86,581
	1,085,959	Cendant Mortgage Capital, LLC CDMC Mort Pas Thr Ce		5.5000		02/25/34		1,127,246
	203,635	Chase Mortgage Finance Trust Series 2004-S2		5.5000		02/25/34		210,299
	523,444	Chase Mortgage Finance Trust Series 2007-S3^(f)		—		05/25/37		174,957
	290,967	Chase Mortgage Finance Trust Series 2007-S3^(e)		6.0000		05/25/37		69,323
	282,057	Chevy Chase Funding, LLC Mortgage-Backed^(a)^,^(b)	US0001M + 0.250%	0.3420		10/25/36		209,466

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8% (Continued)
	125,996	CHL Mortgage Pass-Through Trust 2002-19		6.2500		11/25/32	$	127,657
	152,377	CHL Mortgage Pass-Through Trust 2002-39		5.7500		02/25/33		153,071
	850,779	CHL Mortgage Pass-Through Trust 2003-48^(c)		2.2870		10/25/33		804,826
	108,327	CHL Mortgage Pass-Through Trust 2003-60^(c)		2.2410		02/25/34		105,392
	44,122	CHL Mortgage Pass-Through Trust 2004-14^(c)		2.4440		08/25/34		43,608
	186,220	CHL Mortgage Pass-Through Trust 2004-23^(c)		2.1010		11/25/34		162,825
	41,487	CHL Mortgage Pass-Through Trust 2004-3		5.7500		04/25/34		42,612
	95,055	CHL Mortgage Pass-Through Trust 2004-5		5.2500		05/25/34		99,305
	118,695	CHL Mortgage Pass-Through Trust 2004-5		5.5000		05/25/34		124,160
	92,857	CHL Mortgage Pass-Through Trust 2004-6^(c)		2.3900		05/25/34		95,374
	29,000	CHL Mortgage Pass-Through Trust 2004-8		5.7500		07/25/34		29,616
	74,737	CHL Mortgage Pass-Through Trust 2004-HYB2^(c)		2.3660		07/20/34		72,482
	73,407	CHL Mortgage Pass-Through Trust 2004-HYB5^(c)		2.5030		04/20/35		70,146
	169,423	CHL Mortgage Pass-Through Trust 2004-J5		5.5000		07/25/34		169,848
	82,086	CHL Mortgage Pass-Through Trust 2004-J9		5.5000		01/25/35		84,391
	605,080	CHL Mortgage Pass-Through Trust 2005-J2		5.0000		08/25/35		455,716
	141,639	CHL Mortgage Pass-Through Trust 2006-J1		6.0000		02/25/36		91,965
	52,635	CHL Mortgage Pass-Through Trust 2007-15		6.5000		09/25/37		29,396
	166,058	Citicorp Mortgage Securities REMIC Pass-Through		5.5000		07/25/35		169,965
	31,299	Citicorp Mortgage Securities Trust Series 2005-7		5.0000		10/25/55		32,397
	55,462	Citicorp Mortgage Securities Trust Series 2006-6		6.0000		11/25/36		56,771
	82,896	Citicorp Mortgage Securities Trust Series 2007-2^(f)		—		02/25/37		52,978
	222,600	Citicorp Mortgage Securities Trust Series 2007-4		6.0000		05/25/37		224,801
	116,758	Citigroup Global Markets Mortgage Securities VII^(c)^,^(g)		5.7320		07/25/24		16,958
	4,582	Citigroup Global Markets Mortgage Securities VII^(c)		2.2320		09/25/32		4,132
	338,316	Citigroup Mortgage Loan Trust 2009-4^(a)^,^(c)		5.4750		05/25/35		340,117
	102,633	Citigroup Mortgage Loan Trust 2010-7^(a)^,^(c)		4.8260		07/25/36		102,466
	11,390	Citigroup Mortgage Loan Trust 2010-9^(a)^,^(d)		5.7020		03/25/37		11,298
	126,196	Citigroup Mortgage Loan Trust 2014-10^(a)^,^(c)		0.2580		02/25/37		122,872
	145,027	Citigroup Mortgage Loan Trust 2019-C^(a)^,^(d)		3.2280		09/25/59		145,318
	98,581	Citigroup Mortgage Loan Trust, Inc.		7.0000		06/25/31		98,646
	20,213	Citigroup Mortgage Loan Trust, Inc.		5.2500		09/25/33		19,960
	59,353	Citigroup Mortgage Loan Trust, Inc.		6.7500		08/25/34		63,017
	200,175	Citigroup Mortgage Loan Trust, Inc.^(c)		2.5310		10/25/35		132,367

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8% (Continued)
	71,741	CitiMortgage Alternative Loan Trust Series 2007-A6		6.0000		06/25/37	$	74,790
	300,000	COLT 2020-2 Mortgage Loan Trust^(a)^,^(c)		5.2500		03/25/65		305,277
	156,321	Credit Suisse First Boston Mortgage Securities^(c)		4.3820		11/25/31		159,099
	532,449	Credit Suisse First Boston Mortgage Securities^(c)		7.2000		01/25/32		532,504
	91,825	Credit Suisse First Boston Mortgage Securities Series 2003-11- 1A31		5.5000		06/25/33		94,321
	767,716	Credit Suisse First Boston Mortgage Securities		5.2500		07/25/33		786,386
	33,542	Credit Suisse First Boston Mortgage Securities		5.2500		09/25/33		33,479
	82,457	Credit Suisse First Boston Mortgage Securities		5.5000		10/25/33		86,711
	247,370	Credit Suisse First Boston Mortgage Securities		5.5000		10/25/33		260,464
	246,429	Credit Suisse First Boston Mortgage Securities		5.5000		10/25/34		248,154
	129,846	Credit Suisse First Boston Mortgage Securities^(b)	US0001M + 0.650%	0.7420		09/25/35		93,684
	7,154	CSFB Mortgage-Backed Pass-Through Certificates		5.2500		11/25/22		1,833
	358,379	CSFB Mortgage-Backed Pass-Through Certificates		7.5000		03/25/32		387,352
	109,159	CSFB Mortgage-Backed Pass-Through Certificates^(c)		1.8020		10/25/33		110,511
	83,839	CSFB Mortgage-Backed Pass-Through Certificates		5.7500		11/25/33		86,464
	134,100	CSFB Mortgage-Backed Pass-Through Certificates^(b)	US0001M + 0.740%	0.8320		06/25/34		135,104
	549,459	CSFB Mortgage-Backed Pass-Through Certificates		6.0000		08/25/34		556,562
	38,928	CSFB Mortgage-Backed Pass-Through Certificates		5.7500		07/25/35		40,314
	71,684	CSMC Series 2010-18R^(a)^,^(c)		2.4010		04/26/38		71,916
	312,818	CSMC Trust 2007-5R		6.5000		07/26/36		115,926
	1,346,980	CSMC Trust 2010-16^(a)^,^(c)		3.6220		06/25/50		1,233,563
	1,364,346	CSMC Trust 2013-IVR5^(a)^,^(c)		3.6130		10/25/43		1,372,985
	37,305	Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1		5.5000		09/25/33		38,549
	1,080,592	Deutsche Mortgage Securities Inc REMIC Trust^(a)^,^(c)		3.1800		04/28/37		1,089,929
	2,121	DLJ Mortgage Acceptance Corporation		6.7500		01/25/24		1,917
	50,785	DSLA Mortgage Loan Trust 2004-AR4^(b)	US0001M + 0.720%	0.8090		01/19/45		44,494
	281,667	Fannie Mae Trust 2005-W3^(c)		3.3050		04/25/45		293,537
	83,374	First Horizon Alternative Mortgage Securities		6.2500		08/25/37		52,916
	82,563	First Horizon Mortgage Pass-Through Trust 2005-AR5^(c)		2.6250		10/25/35		48,560
	66,464	First Horizon Mortgage Pass-Through Trust 2005-AR5^(c)		2.6250		11/25/35		64,558
	143,015	First Horizon Mortgage Pass-Through Trust 2006-AR3^(c)		2.5660		11/25/36		109,272
	28,809	Freddie Mac Structured Pass-Through Certificates^(b)	12MTA + 1.400%	1.4830		07/25/44		29,667
	27,337	Freddie Mac Structured Pass-Through Certificates^(b)	12MTA + 1.200%	1.2830		10/25/44		28,022
	2,149,379	Galton Funding Mortgage Trust 2017-1^(a)^,^(c)		4.3370		07/25/56		2,238,963

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8% (Continued)
	132,570	GMACM Mortgage Loan Trust 2004-J2		5.7500		06/25/34	$	135,126
	19,922	GMACM Mortgage Loan Trust 2005-AR3^(c)		2.7910		06/19/35		19,641
	1,937,549	GMACM Mortgage Loan Trust 2005-AR4^(c)		3.5600		07/19/35		1,897,297
	660,253	Government National Mortgage Association^(c)^,^(e)		1.7550		10/20/62		26,643
	1,725,779	Government National Mortgage Association^(c)^,^(e)		2.0670		11/20/66		130,546
	211,405	GS Mortgage Securities Corporation II^(a)^,^(b)	US0001M + 0.350%	0.4410		03/20/23		199,405
	749,351	GS Mortgage-Backed Securities Trust^(a)^,^(c)		2.4560		07/25/44		750,374
	1,576,046	GSMPS Mortgage Loan Trust^(a)^,^(c)		8.5000		06/19/29		1,546,955
	1,304,207	GSMPS Mortgage Loan Trust 2004-4^(a)^,^(b)	US0001M + 0.400%	0.4920		06/25/34		1,156,291
	738,353	GSMPS Mortgage Loan Trust 2004-4^(a)		7.5000		06/25/34		782,614
	403,153	GSMPS Mortgage Loan Trust 2004-4^(a)		8.0000		06/25/34		435,351
	40,672	GSMPS Mortgage Loan Trust 2005-RP2^(a)^,^(b)	US0001M + 0.350%	0.4420		03/25/35		38,651
	203,794	GSMPS Mortgage Loan Trust 2005-RP3^(a)^,^(b)	US0001M + 0.350%	0.4420		09/25/35		169,747
	147,192	GSMPS Mortgage Loan Trust 2006-RP1^(a)		7.5000		01/25/36		152,940
	847,901	GSMSC Pass-Through Trust 2008-2R^(a)^,^(c)		7.5000		10/25/36		331,942
	204,862	GSR Mortgage Loan Trust 2004-13F		4.2500		11/25/34		211,631
	52,495	GSR Mortgage Loan Trust 2005-4F		6.5000		02/25/35		53,398
	10,909	GSR Mortgage Loan Trust 2005-6F		5.2500		07/25/35		11,124
	29,068	GSR Mortgage Loan Trust 2005-8F		6.0000		11/25/35		16,998
	63,861	GSR Mortgage Loan Trust 2005-AR3^(b)	US0001M + 0.440%	0.5320		05/25/35		59,378
	14,846	GSR Mortgage Loan Trust 2005-AR3^(b)	US0001M + 0.440%	0.5320		05/25/35		14,190
	138,005	GSR Mortgage Loan Trust 2006-1F		6.0000		02/25/36		95,755
	87,884	GSR Mortgage Loan Trust 2007-AR2^(c)		2.7890		05/25/37		65,409
	85,000	HomeBanc Mortgage Trust 2005-3^(b)	US0001M + 0.765%	0.8570		07/25/35		85,411
	215,545	HSI Asset Loan Obligation Trust 2007-1		6.5000		06/25/37		119,956
	286,155	HSI Asset Loan Obligation Trust 2007-AR1^(c)		4.0540		01/25/37		263,156
	205,975	HSI Asset Loan Obligation Trust 2007-AR2^(c)		2.4390		09/25/37		187,509
	84,818	Impac CMB Trust Series 2003-2F^(d)		6.5700		01/25/33		86,555
	82,577	Impac CMB Trust Series 2003-4^(d)		5.7290		07/25/33		84,206
	37,436	Impac CMB Trust Series 2004-7^(b)	US0001M + 1.800%	1.8920		11/25/34		37,144
	168,489	Impac CMB Trust Series 2005-4^(b)	US0001M + 0.750%	1.2170		05/25/35		159,742
	261,712	Impac Secured Assets CMN Owner Trust		6.0000		08/25/33		263,509
	117,500	Impac Secured Assets Trust 2006-1 Series 2006-1-2A1^(b)	US0001M + 0.700%	0.7920		05/25/36		114,334
	10,170	IndyMac INDX Mortgage Loan Trust 2004-AR11^(c)		2.9210		12/25/34		10,539

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8% (Continued)
	255,698	JP Morgan Alternative Loan Trust^(b)^,^(e)	US0001M + 7.150%	7.0580		12/25/35	$	68,808
	31,633	JP Morgan Mortgage Trust 2004-S2		6.0000		11/25/34		32,126
	39,202	JP Morgan Mortgage Trust 2005-A7^(c)		2.8510		10/25/35		41,050
	20,515	JP Morgan Mortgage Trust 2006-A4^(c)		2.9750		06/25/36		16,869
	859,433	JP Morgan Mortgage Trust 2014-IVR3^(a)^,^(c)		2.3970		09/25/44		863,934
	3,450,838	JP Morgan Mortgage Trust 2014-IVR3^(a)^,^(c)		2.3970		09/25/44		3,467,697
	159,887	JP Morgan Tax-Exempt Pass-Through Trust Series^(a)^,^(c)		3.0000		10/27/42		166,810
	1,000,000	Multifamily Connecticut Avenue Securities Trust 2019-01^(a)^,^(c)		3.3416		10/15/49		1,008,451
	1,000,000	La Hipotecaria Panamanian Mortgage Trust 2021-1^(a)		4.3500		06/13/51		1,022,000
	180,850	Lehman Mortgage Trust 2006-2		5.7500		04/25/36		184,034
	39,988	MASTR Adjustable Rate Mortgages Trust 2003-1^(c)		2.9980		12/25/32		37,525
	28,862	MASTR Adjustable Rate Mortgages Trust 2003-2^(c)		2.2790		07/25/33		29,400
	34,658	MASTR Adjustable Rate Mortgages Trust 2003-6^(c)		1.8150		12/25/33		34,467
	23,921	MASTR Adjustable Rate Mortgages Trust 2003-6^(c)		2.2500		12/25/33		23,570
	246,193	MASTR Adjustable Rate Mortgages Trust 2004-15^(c)		2.1970		12/25/34		244,802
	201,684	MASTR Alternative Loan Trust 2003-3^(c)		6.1530		05/25/33		198,442
	54,596	MASTR Alternative Loan Trust 2003-5		5.5000		06/25/33		56,894
	61,629	MASTR Alternative Loan Trust 2003-7		6.5000		12/25/33		66,428
	203,756	MASTR Alternative Loan Trust 2004-1		5.5000		02/25/34		213,435
	95,706	MASTR Alternative Loan Trust 2004-3		6.2500		04/25/34		100,327
	530,125	MASTR Alternative Loan Trust 2004-3		6.5000		04/25/34		567,229
	41,933	MASTR Alternative Loan Trust 2004-4		5.5000		05/25/34		43,642
	439,455	MASTR Alternative Loan Trust 2004-6		5.5000		07/25/34		458,759
	90,758	MASTR Alternative Loan Trust 2004-6		6.0000		07/25/34		95,214
	76,886	MASTR Alternative Loan Trust 2004-6		6.0000		07/25/34		79,536
	1,430,112	MASTR Alternative Loan Trust 2004-6		6.2500		07/25/34		1,483,019
	594,952	MASTR Alternative Loan Trust 2004-6		6.5000		07/25/34		599,480
	62,529	MASTR Alternative Loan Trust 2004-7		6.0000		06/25/34		67,773
	1,556,517	MASTR Alternative Loan Trust 2004-7		6.0000		08/25/34		1,658,346
	2,336	MASTR Alternative Loan Trust 2005-1		5.5000		01/25/23		2,326
	300,341	MASTR Alternative Loan Trust 2005-2		5.0000		03/25/43		292,026
	36,312	MASTR Alternative Loan Trust 2007-1^(f)		—		10/25/36		24,315
	866,093	MASTR Alternative Loan Trust 2007-HF1^(f)		—		10/25/47		68,823
	50,016	MASTR Asset Securitization Trust 2003-11		5.5000		12/25/33		50,664

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8% (Continued)
	25,104	MASTR Asset Securitization Trust 2003-11		5.5000		12/25/33	$	25,597
	20,913	MASTR Asset Securitization Trust 2003-12		5.0000		12/25/33		21,338
	51,971	MASTR Asset Securitization Trust 2003-12		5.0000		12/25/33		47,443
	16,221	MASTR Asset Securitization Trust 2004-1		5.5000		02/25/34		16,443
	81,518	MASTR Asset Securitization Trust 2005-1		5.5000		05/25/35		73,324
	53,591	MASTR Reperforming Loan Trust 2005-1^(a)		8.0000		08/25/34		54,654
	21,251	MASTR Reperforming Loan Trust 2005-2^(a)		8.0000		05/25/35		20,805
	169,053	MASTR Reperforming Loan Trust 2006-2^(a)^,^(c)		3.4020		05/25/36		167,694
	394,050	MASTR Seasoned Securitization Trust 2003-1		6.0000		02/25/33		412,918
	51,512	MASTR Seasoned Securitization Trust 2005-1^(c)		2.3800		10/25/32		45,819
	880,000	Mello Mortgage Capital Acceptance 2018-MTG2^(a)^,^(c)		4.4040		10/25/48		886,820
	40,202	Merrill Lynch Mortgage Investors Trust MLMI Series^(c)		2.3310		05/25/33		38,596
	38,022	Merrill Lynch Mortgage Investors Trust Series^(c)		2.4640		09/25/33		38,001
	116,359	Morgan Stanley Dean Witter Capital I Inc Trust^(c)		1.5440		03/25/33		112,106
	47,029	Morgan Stanley Mortgage Loan Trust 2004-10AR^(c)		2.5070		11/25/34		47,124
	31,518	Morgan Stanley Mortgage Loan Trust 2004-8AR^(c)		1.0830		10/25/34		29,840
	33,027	Morgan Stanley Mortgage Loan Trust 2004-8AR^(c)		2.4150		10/25/34		33,868
	80,065	Morgan Stanley Mortgage Loan Trust 2005-10		6.0000		12/25/35		44,853
	24,755	Morgan Stanley Mortgage Loan Trust 2006-8AR^(c)		2.0000		06/25/36		24,973
	206,131	MortgageIT Trust 2004-2^(b)	US0001M + 3.225%	3.3170		12/25/34		213,384
	413,754	MortgageIT Trust 2005-3^(b)	US0001M + 0.795%	0.8870		08/25/35		406,150
	262,918	MRFC Mortgage Pass-Through Trust Series 2000-TBC3^(a)^,^(c)		2.4120		12/15/30		242,939
	946,390	National City Mortgage Capital Trust		6.0000		03/25/38		984,074
	46,153	National City Mortgage Capital Trust		6.0000		03/25/38		48,016
	418,179	New Residential Mortgage Loan Trust 2017-2^(a)^,^(c)		4.7500		03/25/57		425,611
	124,750	New Residential Mortgage Loan Trust 2020-1^(a)^,^(c)		3.5000		10/25/59		129,866
	188,221	Nomura Asset Acceptance Corp Alternative Loan^(a)		7.5000		03/25/34		193,439
	108,195	Nomura Asset Acceptance Corp Alternative Loan^(d)		5.9570		03/25/47		113,324
	2,113	PHH Mortgage Trust Series 2008-CIM1^(b)	US0001M + 2.250%	2.3360		05/25/38		2,123
	488,010	PHH Mortgage Trust Series 2008-CIM1		6.0000		05/25/38		513,048
	656,381	PHHMC Series 2005-4 Trust^(c)		5.3110		07/18/35		673,141
	1,923,055	Point Securitization Trust ^(a)^,^(c)		3.2280		02/25/52		1,930,266
	623,068	Prime Mortgage Trust 2003-3		5.5000		01/25/34		638,366
	34,526	RAAC Series 2005-SP1 Trust		7.0000		09/25/34		36,034

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8% (Continued)
	223,485	Radnor RE 2019-1 Ltd.^(a)^,^(b)	US0001M + 1.950%	2.0420		02/25/29	$	223,654
	121,394	RALI Series 2005-QA12 Trust^(c)		3.5040		12/25/35		68,381
	23,517	RBSGC Mortgage Loan Trust 2007-B^(c)		3.8120		07/25/35		21,816
	438,468	RBSGC Structured Trust 2008-A^(a)^,^(c)		5.5000		11/25/35		424,071
	16,797	RBSSP Resecuritization Trust 2009-10^(a)^,^(c)		35.7440		01/26/37		19,206
	132,204	Reperforming Loan REMIC Trust 2006-R2^(a)^,^(b)	US0001M + 0.420%	0.5120		07/25/36		120,284
	171,675	Resecuritization Pass-Through Trust 2005-8R		6.0000		10/25/34		179,156
	11,000	Residential Asset Securitization Trust 2002-A12		5.7500		11/25/32		11,370
	171,000	Residential Asset Securitization Trust 2003-A10		5.2000		09/25/33		175,729
	153,665	RESIMAC Bastille Trust Series 2019-1NC^(a)^,^(b)	US0001M + 0.930%	1.0150		09/05/57		154,456
	21,829	RFMSI Series 2005-SA4 Trust^(c)		2.2530		09/25/35		19,304
	1,000,000	RMF Proprietary Issuance Trust^(a)^,^(c)		2.1250		09/25/61		909,563
	2,916	Ryland Mortgage Securities Corporation^(c)		1.6150		04/29/30		2,928
	1,376,302	Saluda Grade Alternative Mortgage Trust 2020-FIG1^(a)		3.3210		09/25/50		1,384,333
	47,402	Seasoned Credit Risk Transfer Trust Series 2017-3^(a)^,^(f)		—		07/25/56		16,571
	52,441	Sequoia Mortgage Trust 2004-10^(b)	US0001M + 0.620%	0.7110		11/20/34		51,984
	80,369	Sequoia Mortgage Trust 2005-2^(b)	US0001M + 0.440%	0.5310		03/20/35		79,486
	1,377,610	Sequoia Mortgage Trust 2013-10^(a)^,^(c)		3.5500		08/25/43		1,393,302
	100,000	Spruce Hill Mortgage Loan Trust 2020-SH1^(a)^,^(c)		4.6760		01/28/50		100,477
	82,311	Structured Adjustable Rate Mortgage Loan Trust^(c)		2.6170		03/25/34		79,684
	79,508	Structured Adjustable Rate Mortgage Loan Trust^(c)		2.6470		12/25/34		76,957
	105,223	Structured Adjustable Rate Mortgage Loan Trust^(c)		2.5560		03/25/35		96,710
	445,937	Structured Adjustable Rate Mortgage Loan Trust^(c)		2.9670		07/25/35		332,581
	8,648	Structured Adjustable Rate Mortgage Loan Trust^(b)	US0001M + 0.380%	0.4720		09/25/36		8,184
	41,358	Structured Asset Sec Corp Mort Passthr Certs Ser^(c)		2.8320		01/25/34		42,011
	72,423	Structured Asset Securities Corp Mortgage^(c)		2.5200		11/25/30		37,369
	14,990	Structured Asset Securities Corporation^(b)	US0001M + 0.780%	0.8660		12/25/33		13,951
	17,878	Structured Asset Securities Corporation^(d)		5.1340		02/25/34		18,261
	98,772	Structured Asset Securities Corporation^(a)^,^(b)	US0001M + 0.350%	0.4420		04/25/35		93,303
	159,220	Structured Asset Securities Corporation^(a)^,^(c)		3.3980		06/25/35		146,102
	593,000	Verus Securitization Trust 2020-INV1^(a)^,^(c)		5.5000		04/25/60		622,298
	538,000	Vista Point Securitization Trust 2020-1^(a)^,^(c)		4.1510		03/25/65		548,365
	65,553	WaMu Mortgage Pass-Through Certificates Series^(c)		2.6670		11/25/32		61,514
	57,442	WaMu Mortgage Pass-Through Certificates Series^(c)		2.5720		01/25/33		59,247

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 28.8% (Continued)
	71,958	WaMu Mortgage Pass-Through Certificates Series		5.5000		06/25/33	$	72,627
	62,961	WaMu Mortgage Pass-Through Certificates Series		5.5000		06/25/33		63,092
	591,338	WaMu Mortgage Pass-Through Certificates Series^(c)		5.6350		06/25/33		616,232
	23,154	WaMu Mortgage Pass-Through Certificates Series^(c)		2.5140		09/25/33		22,246
	33,948	WaMu Mortgage Pass-Through Certificates Series Series 2002-AR2-A^(b)	COF 11 + 1.250%	1.4750		02/27/34		32,288
	101,276	WaMu Mortgage Pass-Through Certificates Series		6.0000		07/25/34		104,476
	61,859	WaMu Mortgage Pass-Through Certificates Series^(c)		2.9520		03/25/36		62,144
	57,138	WaMu Mortgage Pass-Through Certificates Series^(b)	US0001M + 0.640%	0.7320		01/25/45		57,064
	146,896	WaMu Mortgage Pass-Through Certificates Series^(c)		2.8550		08/25/46		108,398
	102,831	Washington Mutual MSC Mortgage Pass-Through		5.7500		02/25/33		103,927
	199,938	Washington Mutual MSC Mortgage Pass-Through		5.5000		03/25/33		207,237
	91,709	Washington Mutual MSC Mortgage Pass-Through		7.5000		04/25/33		94,395
	14,481	Washington Mutual MSC Mortgage Pass-Through^(a)^,^(c)		2.5390		01/25/35		12,563
	3,093,952	Wells Fargo Mortgage Backed Securities 2018-1^(a)^,^(c)		3.6940		07/25/47		3,142,881
								85,660,504
		CREDIT CARD — 0.3%
	750,000	Mercury Financial Credit Card Master Trust Series 2021-1A B^(a)		2.3300		03/20/26		750,765

		HOME EQUITY — 3.5%
	68,106	ABFC 2004-OPT2 Trust^(b)	US0001M + 0.560%	0.6520		10/25/33		66,127
	92,977	American Residential Home Equity Loan Trust 1998-1^(b)	US0001M + 2.175%	2.2670		05/25/29		97,009
	631,331	Ameriquest Mort Sec Inc Ass Bk Pas Thr Certs Ser^(b)	US0001M + 2.655%	2.7470		08/25/32		638,556
	104,608	Ameriquest Mortgage Securities, Inc.^(d)		3.9830		05/25/34		106,176
	571,948	Argent Securities Inc Asset-Backed Pass-Through^(b)	US0001M + 5.625%	3.9460		09/25/33		578,066
	634,261	Bayview Financial Asset Trust 2007-SSR1^(a)^,^(b)	US0001M + 0.450%	0.5420		03/25/37		618,860
	1,905,229	Bayview Financial Mortgage Pass-Through Trust^(a)^,^(b)	US0001M + 1.500%	1.5930		02/28/40		1,756,746
	177,898	Bear Stearns Asset Backed Securities I Trust^(b)	US0001M + 2.100%	2.1920		06/25/34		179,642
	470,576	Bear Stearns Asset Backed Securities Trust 2004-1^(b)	US0001M + 0.975%	1.0670		06/25/34		480,102
	224,633	Bear Stearns Home Loan Owner Trust 2001-A^(d)		10.5000		02/15/31		233,284
	48,899	Chase Funding Loan Acquisition Trust Series		4.7500		12/25/34		48,698
	318,985	CHEC Loan Trust 2004-1^(a)^,^(b)	US0001M + 0.975%	1.0670		07/25/34		317,287
	199,576	Delta Funding Home Equity Loan Trust 1999-2^(b)	US0001M + 0.320%	0.7300		08/15/30		189,106
	173,539	Delta Funding Home Equity Loan Trust 1999-3^(d)		8.0610		09/15/29		174,282

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		HOME EQUITY — 3.5% (Continued)
	424,490	Delta Funding Home Equity Loan Trust 2000-1^(d)		8.0900		05/15/30	$	422,326
	78,875	First Alliance Mortgage Loan Trust 1999-1^(d)		7.1800		06/20/30		81,228
	111,590	GE Capital Mortgage Services Inc 1999-HE1 Trust^(c)		6.7000		04/25/29		113,513
	1,389,000	Mastr Asset Backed Securities Trust 2004-FRE1^(b)	US0001M + 2.700%	2.7920		07/25/34		1,391,838
	288,094	Mastr Asset Backed Securities Trust 2005-NC1^(b)	US0001M + 0.750%	0.8420		12/25/34		287,047
	213,627	Morgan Stanley A.B.S Capital I Inc Trust Series^(b)	US0001M + 3.900%	3.9920		03/25/33		215,171
	279,823	New Century Home Equity Loan Trust Series 2003-B^(b)	US0001M + 0.975%	1.0670		10/25/33		265,999
	5,697	NovaStar Mortgage Funding Trust Series 2003-2^(b)	US0001M + 4.725%	4.8170		09/25/33		5,943
	66,480	RAAC Series 2004-SP1 Trust^(b)	US0001M + 0.700%	0.7920		03/25/34		64,256
	288,051	RBSSP Resecuritization Trust 2010-4^(a)^,^(d)		5.8250		02/26/36		292,252
	647,895	Renaissance Home Equity Loan Trust 2002-3^(b)	US0001M + 1.500%	1.5920		12/25/32		638,056
	139,036	Renaissance Home Equity Loan Trust 2002-3^(b)	US0001M + 2.550%	2.6420		12/25/32		138,994
	43,021	Saxon Asset Securities Trust 2001-2^(d)		7.1700		03/25/29		45,424
	61,432	Saxon Asset Securities Trust 2003-3^(b)	US0001M + 2.400%	2.4920		12/25/33		61,647
	283,651	Saxon Asset Securities Trust 2003-3^(d)		4.3170		12/25/33		280,288
	477,539	Security National Mortgage Loan Trust 2005-2^(a)^,^(c)		6.2130		02/25/36		488,393
	122,702	Soundview Home Loan Trust 2006-OPT4^(b)	US0001M + 0.300%	0.3920		06/25/36		121,752
	213,328	Southern Pacific Secured Asset Corporation		7.3200		05/25/27		225,044
								10,623,112
		MANUFACTURED HOUSING — 1.4%
	1,000,000	Cascade MH Asset Trust 2019-MH1 Series 2019-MH1 M^(a)^,^(c)		5.9850		11/01/44		1,046,712
	473,411	Mid-State Capital Corp 2004-1 Trust		8.1140		08/15/37		500,977
	2,500,000	Towd Point Mortgage Trust 2019-MH1^(a)^,^(c)		3.7500		11/25/58		2,528,889
								4,076,578
		NON AGENCY CMBS — 16.2%
	723,000	Arbor Multifamily Mortgage Securities Trust^(a)		1.7500		05/15/53		646,176
	1,000,000	Arbor Multifamily Mortgage Securities Trust^(a)		1.7500		05/15/53		859,715
	175,000	Bancorp Commercial Mortgage 2018-CRE3 Trust Series 2018-CR3 D^(a),(b)	US0001M + 2.700%	2.7890		01/15/33		174,445
	165,893	Bayview Commercial Asset Trust 2004-2^(a)^,^(b)	US0001M + 1.770%	1.8620		08/25/34		166,127
	70,092	Bayview Commercial Asset Trust 2005-2^(a)^,^(b)	US0001M + 1.725%	1.8170		08/25/35		66,705
	521,891	Bayview Commercial Asset Trust 2007-3^(a)^,^(b)	US0001M + 0.340%	0.4320		07/25/37		487,067
	1,290,101	Bayview Commercial Asset Trust 2007-3^(a)^,^(b)	US0001M + 0.500%	0.5920		07/25/37		1,177,819
	330,000	BMD2 Re-Remic Trust 2019-FRR1^(a)^,^(c)		3.4960		05/25/52		331,472

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		NON AGENCY CMBS — 16.2% (Continued)
	1,000,000	Capital Funding Mortgage Trust 2021-15^(a)^,^(b)	US0001M + 3.150%	4.1500		03/15/24	$	1,011,554
	72,000	CD 2017-CD3 Mortgage Trust^(a)		3.2500		02/10/50		57,153
	3,872	CFCRE Commercial Mortgage Trust 2011-C2^(a)^,^(c)		5.3590		12/15/47		3,742
	1,990,236	CG-CCRE Commercial Mortgage Trust 2014-FL1^(a)^,^(b)	US0001M + 1.150%	1.2400		06/15/31		1,944,042
	738,208	CG-CCRE Commercial Mortgage Trust 2014-FL2^(a)^,^(b)	US0001M + 1.854%	1.9430		11/15/31		708,397
	631,984	CNL Commercial Mortgage Loan Trust 2003-1^(a)^,^(b)	US0001M + 0.500%	0.5900		05/15/31		612,531
	23,845	COMM 2010-C1 Mortgage Trust^(a)^,^(c)		5.8070		07/10/46		23,898
	175,000	COMM 2012-LC4 Mortgage Trust^(c)		4.9340		12/10/44		175,112
	90,000	COMM 2013-CCRE12 Mortgage Trust^(c)		4.7620		10/10/46		90,756
	265,000	CSAIL 2018-C14 Commercial Mortgage Trust^(a)^,^(c)		5.0880		11/15/51		277,043
	520,000	CSMC 2014-USA OA, LLC^(a)		4.3730		09/15/37		488,855
	1,702,000	GS Mortgage Securities Trust 2014-GC18^(c)		4.8850		01/10/47		1,691,208
	26,000	GS Mortgage Securities Trust 2014-GC20^(c)		5.1210		04/10/47		25,317
	1,300,000	Harvest Commercial Capital Loan Trust 2019-1^(a)^,^(c)		5.7300		11/25/31		1,247,211
	900,000	Harvest Commercial Capital Loan Trust 2020-1^(a)^,^(c)		5.9640		04/25/52		883,861
	2,366,000	Hudsons Bay Simon JV Trust 2015-HBS^(a)		3.9140		08/05/34		2,299,162
	128,833	JP Morgan Chase Commercial Mortgage Securities^(a)^,^(b)	US0001M + 3.750%	1.6200		05/15/28		111,698
	3,169,733	JP Morgan Chase Commercial Mortgage Securities^(a)		3.9100		05/05/30		2,721,712
	331,786	JP Morgan Chase Commercial Mortgage Securities^(a)^,^(c)		3.9770		10/15/45		335,270
	193,000	JP Morgan Chase Commercial Mortgage Securities^(a)^,^(c)		5.7070		02/15/46		77,072
	500,000	JP Morgan Chase Commercial Mortgage Securities^(a)^,^(c)		3.2500		04/15/46		354,303
	612,222	JP Morgan Chase Commercial Mortgage Securities^(a)^,^(c)		5.5740		07/15/46		634,434
	1,109,640	JP Morgan Chase Commercial Mortgage Securities Series 2006-LDP9 Class A-MS		5.3370		05/15/47		972,748
	676,726	JP Morgan Chase Commercial Mortgage Securities^(b)		6.0180		06/15/49		239,137
	339,000	JPMBB Commercial Mortgage Securities Trust Series 2015- C29 Class C^(b)		4.3390		05/15/48		322,642
	50,750	LB-UBS Commercial Mortgage Trust 2007-C6^(c)		7.0880		07/15/40		40,468
	4,315,000	Morgan Stanley Bank of America Merrill Lynch Trust^(c)		4.4960		08/15/46		4,247,471
	200,000	Morgan Stanley Capital I Trust 2015-MS1^(a)^,^(c)		4.1660		05/15/48		186,998
	242,836	Multi Security Asset Trust, L.P. Commercial^(a)^,^(c)		4.7800		11/28/35		169,904
	190,000	Olympic Tower 2017-OT Mortgage Trust^(a)^,^(c)		4.0770		05/10/39		161,500
	2,000,000	ReadyCap Commercial Mortgage Trust 2015-SBC2^(a)^,^(c)		5.1240		06/25/55		2,009,238
	7,630,000	ReadyCap Commercial Mortgage Trust 2018-4^(a)^,^(c)		5.2460		02/27/51		7,979,683
	105,000	UBS-Barclays Commercial Mortgage Trust 2012-C2^(a)^,^(b)		4.9710		05/10/63		97,589

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		NON AGENCY CMBS — 16.2% (Continued)
	445,000	UBS-Barclays Commercial Mortgage Trust 2012-C2 Series 2012-C2 D^(a)^,^(c)		5.0430		05/10/63	$	89,791
	750,000	UBS-Barclays Commercial Mortgage Trust 2012-C4		2.7920		12/10/45		753,339
	171,000	UBS-Barclays Commercial Mortgage Trust 2012-C4^(a)^,^(c)		4.6100		12/10/45		153,280
	75,000	UBS-Barclays Commercial Mortgage Trust 2013-C5^(a)^,^(c)		4.2160		03/10/46		69,962
	176,450	Velocity Commercial Capital Loan Trust 2015-1^(a)^,^(c)		7.2040		06/25/45		176,872
	3,144,000	Velocity Commercial Capital Loan Trust 2016-2^(c)		8.2760		10/25/46		3,212,360
	3,055,000	Velocity Commercial Capital Loan Trust 2017-1^(a)^,^(c)		7.9500		05/25/47		3,099,305
	717,097	Velocity Commercial Capital Loan Trust 2018-1^(a)		7.2600		04/25/48		735,473
	686,321	Velocity Commercial Capital Loan Trust 2018-2^(a)^,^(c)		6.3600		10/26/48		707,150
	2,206,428	Wachovia Bank Commercial Mortgage Trust Series^(a)^,^(c)^,^(e)		0.8260		07/15/41		4,751
	246,000	Wells Fargo Commercial Mortgage Trust 2013-LC12^(c)		4.4410		07/15/46		245,177
	139,147	WFRBS Commercial Mortgage Trust 2011-C4^(a)^,^(c)		5.0240		06/15/44		136,327
	2,322,000	WFRBS Commercial Mortgage Trust 2012-C7^(c)		4.8810		06/15/45		2,233,987
	100,000	WFRBS Commercial Mortgage Trust 2014-C24^(c)		4.2040		11/15/47		100,147
	460,148	WFRBS Commercial Mortgage Trust 2014-C25^(a)^,^(c)		3.8030		11/15/47		417,364
								48,246,520
		OTHER ABS — 0.3%
	300,000	Finance of America HECM Buyout 2021-HB1 Series 2021-HB1 M3^(a),(c)		3.6400		02/25/31		296,906
	97,881	HERO Funding Trust 2015-2^(a)		3.9900		09/20/40		99,440
	5,424,000	LendingClub Issuance Trust Series 2016-NP1^(a)^,^(g)		—		06/15/22		—
	98,019	Longtrain Leasing III, LLC 2015-1 Series 2015-1A Class A2^(a)		4.0600		01/15/45		98,242
	300,135	Sprite 2017-1 Ltd.^(a)		4.2500		12/15/37		296,162
								790,750
		RESIDENTIAL MORTGAGE — 2.5%
	388,517	Amresco Residential Securities Corp Mort Loan^(b)	US0001M + 0.470%	1.0320		06/25/29		372,149
	1,638,146	Belvedere SPV Srl^(b)	EUR006M + 3.250%	2.7370		12/31/38		1,701,363
	81,736	Carrington Mortgage Loan Trust Series 2006-NC2^(b)	US0001M + 0.150%	0.2420		06/25/36		81,574
	9,889	Chase Funding Trust Series 2002-4^(b)	US0001M + 0.740%	0.8320		10/25/32		9,851
	75,256	Countrywide Asset-Backed Certificates^(a)^,^(b)	US0001M + 4.500%	4.5920		11/25/32		75,815
	104,213	Credit-Based Asset Servicing and Securitization,^(b)	US0001M + 2.775%	2.8670		03/25/34		111,503
	1,301,168	Credit-Based Asset Servicing and Securitization,^(d)		6.7800		05/25/35		1,334,489
	57,255	Credit-Based Asset Servicing and Securitization,^(a)^,^(d)		4.7740		12/25/37		57,591
	23,841	CWABS Asset-Backed Certificates Trust 2006-18^(b)	US0001M + 0.160%	0.2520		03/25/37		23,832

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		ASSET BACKED SECURITIES — 67.9% (Continued)
		RESIDENTIAL MORTGAGE — 2.5% (Continued)
	362,293	First Franklin Mortgage Loan Trust 2002-FF1^(b)	US0001M + 1.800%	1.8920		04/25/32	$	353,787
	82,457	GE-WMC Asset-Backed Pass-Through Certificates^(b)	US0001M + 0.660%	0.7520		12/25/35		84,312
	72,785	GSAMP Trust 2002-WF^(b)	US0001M + 1.100%	1.1910		10/20/32		72,797
	255,184	Interstar Millennium Series 2004-4E Trust^(b)	EUR003M + 0.400%	—		11/14/36		272,017
	127,722	Long Beach Mortgage Loan Trust 2003-2^(b)	US0001M + 2.850%	2.9420		06/25/33		133,598
	92,260	Mastr Specialized Loan Trust^(a)^,^(b)	US0001M + 0.750%	0.8420		11/25/35		92,421
	560,607	RAAC Series 2005-SP2 Trust^(b)	US0001M + 0.600%	0.6920		06/25/44		487,079
	734,527	RAAC Series 2007-RP3 Trust^(a)^,^(b)	US0001M + 0.380%	0.8520		10/25/46		724,905
	527,273	Structured Asset Investment Loan Trust 2003-BC9^(b)	US0001M + 3.150%	3.2420		08/25/33		550,797
	1,000,000	Towd Point Mortgage Trust 2019-SJ2^(a)^,^(c)		5.0000		11/25/58		1,012,867
								7,552,747
		STUDENT LOANS — 0.6%
	36,635	AccessLex Institute^(b)	US0003M + 0.700%	0.8240		01/25/43		35,145
	760,000	EdLinc Student Loan Funding Trust 2012-1^(a)^,^(b)	US0001M + 4.240%	4.3320		11/26/40		929,092
	488,989	EdLinc Student Loan Funding Trust 2017-A^(a)^,^(b)	Prime Rate - 1.150%	2.1000		12/01/47		464,661
	152,378	L2L Education Loan Trust 2006-1^(a)^,^(b)	US0001M + 0.340%	0.4300		06/15/31		146,713
	50,922	National Collegiate Trust 2005-GATE (The)^(a)^,^(b)	US0001M + 0.450%	0.5420		04/26/23		46,039
	35,818	SLM Student Loan Trust 2005-8^(b)	US0003M + 0.310%	0.4340		01/25/55		34,179
								1,655,829
		WHOLE BUSINESS — 0.4%
	37,752	Business Loan Express Business Loan Trust 2005-A^(a)^,^(b)	US0001M + 1.100%	1.1920		09/25/38		34,649
	174,504	Business Loan Express Business Loan Trust 2007-A^(a)^,^(b)	US0001M + 0.400%	0.4910		10/20/40		162,681
	92,928	Business Loan Express SBA Loan Trust 2006-1^(a)^,^(b)	US0001M + 0.950%	1.0410		10/20/38		85,615
	937,178	Harvest SBA Loan Trust 2021-1^(a)^,^(b)	US0001M + 2.000%	2.0890		04/25/48		922,410
								1,205,355
		TOTAL ASSET BACKED SECURITIES (Cost $198,104,866)						202,249,099

		CORPORATE BONDS — 15.2%
		ASSET MANAGEMENT — 0.2%
	70,000	Morgan Stanley & Company, LLC^(b)	(5(USISDA30USISDA02))	6.0800		01/21/26		70,175
	274,000	Nomura America Finance, LLC^(c)		5.8000		12/31/33		254,820
	65,000	Nomura America Finance, LLC^(b)	(4(USISDA30USISDA02))	3.7800		02/28/34		60,039
	355,000	Nomura America Finance, LLC^(c)		4.3960		07/29/34		318,612
								703,646

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		CORPORATE BONDS — 15.2% (Continued)
		BANKING — 5.3%
	190,000	Bank of Nova Scotia (The)^(b)	(4*(USISDA30-USISDA02))	2.7440		06/27/33	$	153,425
	120,000	Bank of Nova Scotia (The)^(b)	4*(CMS30-CMS2)	4.0800		01/30/34		108,000
	100,000	Bank of Nova Scotia (The)^(c)		1.7800		08/28/34		82,500
	75,000	Barclays Bank plc^(c)		—		01/23/26		74,996
	525,000	Barclays Bank plc^(c)		5.8740		09/13/28		509,250
	50,000	Barclays Bank plc^(c)		5.5320		10/18/28		48,313
	75,000	Barclays Bank plc^(c)		2.2880		08/15/33		65,250
	58,000	Barclays Bank plc^(c)		3.2840		04/25/34		47,560
	70,000	Barclays Bank plc^(c)		2.3920		07/31/34		59,238
	177,000	BNP Paribas S.A.^(b)	4*(CMS30-CMS5)	3.3720		04/30/33		155,760
	430,000	Citigroup, Inc.^(c)		2.1960		06/11/33		350,450
	1,037,000	Citigroup, Inc.^(c)		1.7960		11/26/33		887,931
	507,000	Citigroup, Inc.^(c)		4.4880		12/29/34		454,399
	55,000	Citigroup, Inc.^(c)		10.0000		08/31/35		46,750
	300,000	Credit Suisse A.G.^(c)		10.8970		09/30/30		303,000
	655,000	Credit Suisse A.G.^(c)		9.9960		04/29/31		671,375
	1,024,000	Credit Suisse A.G.^(c)		8.0000		10/31/31		1,064,960
	120,000	Deutsche Bank A.G.^(c)		1.9400		01/31/33		92,400
	245,000	Deutsche Bank A.G.^(c)		4.2000		06/30/34		199,981
	1,257,000	Deutsche Bank A.G.^(b)	(4*(USISDA30-USISDA02))	1.7800		08/28/34		1,005,600
	3,949,000	Deutsche Bank A.G.^(c)		3.9020		10/31/34		3,514,609
	961,000	Deutsche Bank A.G.^(c)		2.9520		11/26/34		837,271
	738,000	Deutsche Bank A.G.^(c)		4.1200		03/27/35		616,230
	75,000	Deutsche Bank A.G.^(c)		4.8720		12/23/35		62,250
	100,000	HSBC USA, Inc.^(c)		7.3310		05/21/29		97,500
	200,000	Lloyds Bank plc^(b)	USISDA30 - 0.500%	0.2110		01/31/33		155,750
	136,000	Lloyds Bank plc^(c)		4.2840		10/25/33		120,360
	655,000	Lloyds Bank plc^(c)		2.3800		11/27/33		574,196
	177,000	Natixis US Medium-Term Note Program, LLC^(c)		1.0800		04/30/34		167,486
	1,414,000	Natixis US Medium-Term Note Program, LLC^(b)	(7.5*(USISDA30-USISDA05))	2.2430		07/31/34		1,237,250
	194,000	Natixis US Medium-Term Note Program, LLC^(c)		10.0000		03/31/36		188,423
	125,000	NatWest Markets plc^(c)		3.1120		08/18/31		111,250
	100,000	NatWest Markets plc^(c)		1.9520		08/26/31		84,250

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		CORPORATE BONDS — 15.2% (Continued)
		BANKING — 5.3% (Continued)
	202,000	SG Structured Products, Inc.^(c)		1.0000		03/31/26		192,405
	185,000	SG Structured Products, Inc.^(c)		3.4680		07/29/31		161,875
	644,000	Societe Generale S.A.^(c)		12.7000		10/29/32		634,340
	203,000	Societe Generale S.A.^(b)		12.5000		01/31/35		201,477
	135,000	STRATS, LLC^(c)	US0006M + 1.000%	1.2280		02/15/34		106,127
								15,444,187
		INSTITUTIONAL FINANCIAL SERVICES — 5.2%
	41,000	Citigroup Global Markets Holdings, Inc.^(c)		11.7680		04/25/32		37,073
	35,000	Citigroup Global Markets Holdings, Inc.^(c)		1.7850		11/22/32		33,250
	200,000	Citigroup Global Markets Holdings, Inc.		10.0000		03/29/34		198,000
	50,000	Citigroup Global Markets Holdings, Inc.^(c)		5.5150		12/14/36		45,000
	365,000	Goldman Sachs Group, Inc. (The)^(c)		3.5500		03/19/29		338,081
	97,000	Jefferies Group, LLC / Jefferies Group Capital^(c)		7.1480		05/31/34		98,455
	30,000	Jefferies Group, LLC / Jefferies Group Capital^(c)		8.1800		06/30/37		30,750
	310,000	Jefferies Group, LLC / Jefferies Group Capital^(c)		8.5770		07/31/37		323,950
	229,000	Jefferies Group, LLC / Jefferies Group Capital^(b)	(9*(USISDA10-USISDA02))	8.0000		08/31/37		232,435
	150,000	Jefferies Group, LLC / Jefferies Group Capital^(c)		8.1800		08/31/37		153,750
	248,000	Jefferies Group, LLC / Jefferies Group Capital^(c)		6.5440		09/30/37		247,070
	110,000	Jefferies Group, LLC / Jefferies Group Capital^(c)		7.6240		01/31/38		113,575
	762,000	Jefferies Group, LLC / Jefferies Group Capital^(b)	(7.5*(USISDA30-USISDA02))	2.4300		02/28/38		640,080
	280,000	Jefferies Group, LLC / Jefferies Group Capital^(b)	US0003M + 4.000%	5.0000		03/20/40		279,192
	115,000	Morgan Stanley^(c)		8.0000		03/21/27		124,775
	1,015,000	Morgan Stanley^(c)		6.5360		09/27/28		990,894
	3,588,000	Morgan Stanley^(b)	(10*(USISDA30-USISDA02))	10.0000		04/30/30		3,767,399
	1,388,000	Morgan Stanley^(b)	(10*(USISDA30-USISDA02))	10.0000		05/29/30		1,460,870
	363,000	Morgan Stanley^(c)		10.0000		06/30/30		377,520
	182,000	Morgan Stanley^(b)	(8*(USISDA30-USISDA02))	8.9360		07/31/30		187,460
	290,000	Morgan Stanley^(b)	(8.5*(USISDA30-USISDA02))	10.0000		08/19/30		301,600
	216,000	Morgan Stanley^(b)	(8*(USISDA30-USISDA02))	8.9360		08/31/30		222,480
	285,000	Morgan Stanley^(c)		10.0000		09/30/30		294,263
	171,000	Morgan Stanley^(c)		7.2500		10/30/30		148,782
	151,000	Morgan Stanley^(b)	(5*(USISDA30-USISDA02))	9.4500		10/30/30		153,265
	50,000	Morgan Stanley^(c)		5.5850		11/30/30		48,500
	20,000	Morgan Stanley^(c)		8.0000		03/31/31		21,400

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		CORPORATE BONDS — 15.2% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 5.2% (Continued)
	89,000	Morgan Stanley^(c)		8.5000		05/31/31	$	96,231
	100,000	Morgan Stanley^(c)		9.0000		06/30/31		109,500
	114,000	Morgan Stanley^(c)		8.5000		07/29/31		122,123
	228,200	Morgan Stanley^(c)		8.1400		09/16/31		233,905
	117,000	Morgan Stanley^(c)		6.7020		01/30/34		118,901
	220,000	Morgan Stanley^(c)		4.4680		07/31/34		191,400
	121,000	Morgan Stanley^(c)		5.5450		08/29/34		107,690
	120,000	Morgan Stanley^(c)		6.7500		09/30/34		106,800
	238,000	Morgan Stanley^(b)	(5*(USISDA30-USISDA02))	7.0700		10/08/34		211,523
	233,000	Morgan Stanley^(c)		7.8190		10/31/34		226,010
	30,000	Morgan Stanley^(b)	(7*(USISDA30-USISDA02))	6.2750		11/28/34		26,663
	304,000	Morgan Stanley^(b)	(4.5*(USISDA30-USISDA02))	8.9360		01/30/35		307,040
	438,000	Morgan Stanley^(b)	(6*(USISDA30-USISDA02))	6.7020		03/31/35		416,100
	532,000	Morgan Stanley^(b)	(9*(USISDA30-USISDA02))	9.0000		04/30/35		579,880
	73,000	Morgan Stanley^(c)		9.0000		05/29/35		79,570
	120,000	Morgan Stanley^(c)		9.0000		06/30/35		131,100
	268,000	Morgan Stanley^(c)		9.0000		07/31/35		292,120
	79,000	Morgan Stanley^(c)		9.0000		09/30/35		86,110
	109,000	Morgan Stanley^(c)		9.0000		11/30/35		118,810
	134,000	Morgan Stanley^(b)	(9*(USISDA30-USISDA02))	9.0000		12/23/35		146,060
	816,000	Morgan Stanley^(b)	(10*(USISDA30-USISDA02))	10.0000		02/29/36		844,560
								15,421,965
		SPECIALTY FINANCE — 4.5%
	498,000	Morgan Stanley Finance, LLC^(c)		10.0000		04/30/33		521,033
	541,000	Morgan Stanley Finance, LLC^(b)	(10*(USISDA30-USISDA02))	10.0000		06/30/36		559,935
	215,000	Morgan Stanley Finance, LLC^(b)	(15*(USISDA30-USISDA02))	10.0000		07/29/36		226,288
	2,574,000	Morgan Stanley Finance, LLC^(b)	(20*(USISDA30-USISDA02))	9.0000		08/31/36		2,709,134
	788,000	Morgan Stanley Finance, LLC^(c)		9.0000		09/30/36		829,370
	4,218,000	Morgan Stanley Finance, LLC^(b)	(20*(USISDA30-USISDA02))	9.0000		11/29/36		4,439,444
	1,269,000	Morgan Stanley Finance, LLC^(b)	(20*(USISDA30-USISDA02))	9.0000		01/31/37		1,335,623
	361,000	Morgan Stanley Finance, LLC^(b)	(20*(USISDA30-USISDA02))	9.0000		04/28/37		379,050
	267,000	Morgan Stanley Finance, LLC^(c)		8.0000		07/31/37		280,350

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity		Fair Value
		CORPORATE BONDS — 15.2% (Continued)
		SPECIALTY FINANCE — 4.5% (Continued)
	158,000	Morgan Stanley Finance, LLC^(c)		8.0000		09/29/37	$	165,900
	996,000	Morgan Stanley Finance, LLC^(b)	10*(CMS30-CMS5)	10.0000		09/29/37		1,030,860
	359,284	Preferred Term Securities IV Ltd. / Preferred Term^(a)^,^(b)	US0003M + 2.250%	2.3720		12/23/31		352,098
	87,245	Preferred Term Securities X Ltd. / Preferred Term^(a)^,^(b)	US0003M + 0.860%	0.9890		07/03/33		82,525
	600,908	Select Notes Trust LT 2003-1		5.9100		02/22/33		607,847
								13,519,457
		TOTAL CORPORATE BONDS (Cost $43,286,078)						45,089,255

		NON U.S. GOVERNMENT & AGENCIES — 0.3%
		SOVEREIGN — 0.0%
	24,086	Argentine Republic Government International Bond		1.0000		07/09/29		8,069
	485,000	Argentine Republic Government International Bond^(d)		1.1250		07/09/35		137,139
								145,208
		SUPRANATIONAL — 0.3%
	964,000	International Bank for Reconstruction & Development^(c)		2.8120		06/30/34		804,940

		TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,205,997)						950,148

		U.S. GOVERNMENT & AGENCIES — 6.7%
		AGENCY MBS OTHER — 0.0%
	38,681	Fannie Mae Pool 257064		4.5000		11/01/37		39,937
		U.S. TREASURY BILLS — 4.4%
	8,000,000	United States Treasury Bill		0.0246		01/25/22		7,999,695
	5,000,000	United States Treasury Bill		0.0410		02/24/22		4,999,510
								12,999,205
		U.S. TREASURY NOTES — 2.3%
	4,000,000	United States Treasury Note		0.7500		03/31/26		3,942,656
	3,000,000	United States Treasury Note		1.6250		11/15/50		2,880,469
								6,823,125
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $20,039,688)						19,862,267

		TOTAL INVESTMENTS - 90.1% (Cost $262,636,629)					$	268,150,769
		OTHER ASSETS IN EXCESS OF LIABILITIES- 9.9%						29,420,222
		NET ASSETS - 100.0%					$	297,570,991

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

CREDIT DEFAULT SWAP AGREEMENTS

									Amortized Upfront			Unrealized
Description	Counterparty	Fixed Deal (Pay)Rate	Maturity Date	Notional Value		Fair Value			Payments Paid			Depreciation
Morgan Stanley, 3.75%, 02/25/2023	Goldman Sachs	1.00%	6/20/2025	$	20,000,000		(380,752	)		(279,419	)	$	(101,333	)

LLC

- Limited Liability Company

- Limited Partnership

LTD

- Limited Company

PLC

- Public Limited Company

REMIC

- Real Estate Mortgage Investment Conduit

S/A

- Société Anonyme

12MTA

Federal Reserve US 12 Month Cumulative Avg 1 Year CMT

CMS2

2 Year Constant Maturity Swap Rate

CMS5

5 Year Constant Maturity Swap Rate

CMS30

30 Year Constant Maturity Swap Rate

COF

11 Cost of Funds for the 11th District of San Francisco

EUR003M

Euribor 3 Month ACT/360

EUR006M

Euribor 6 Month ACT/360

Prime Rate

Prime Lending Rate by Country United States

US0001M

ICE LIBOR USD 1 Month

US0003M

ICE LIBOR USD 3 Month

US0006M

ICE LIBOR USD 6 Month

USISDA02

2 Year Swap

USISDA10

10 Year Swap

USISDA30

30 Year Swap

^(a)

Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2021 the total market value of 144A securities is $124,239,321 or 41.8% of net assets.

^(b)

Variable rate security; the rate shown represents the rate on November 30, 2021.

^(c)

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.

^(d)

Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at November 30, 2021.

^(e)

Interest only securities.

^(f)

Zero coupon bond.

^(g)

The security is illiquid; total illiquid securities represent 2.2% of net assets.

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2021

	Easterly			Easterly		Easterly
	EHS			Total Hedge		Structured Credit
	Fund			Portfolio		Value Fund
Assets:
Investments in Affiliates, at cost	$	301,699		$	7,037,989	$	—
Investments in Unaffiliated securities, at cost		915,670			27,975,901		262,636,629
Total Investments, at cost	$	1,217,369		$	35,013,890	$	262,636,629

Investments in Affiliates, at value	$	300,628		$	7,069,136	$	—
Investments in Unaffiliated securities, at value		892,021			27,239,621		268,150,769
Total Investments, at value	$	1,192,649		$	34,308,757	$	268,150,769
Cash		146,753			667,844		31,789,630
Foreign Cash ($9, $26 and $17,987)		9			26		17,675
Deposit in collateral account for Swaps		—			2,727,263		830,000
Unrealized appreciation on swaps		—			26,696		—
Unrealized appreciation on forward currency exchange contracts		669			13,311		—
Receivable for securities sold		—			9,088		16,654
Receivable for open swaps		496			—		—
Receivable for fund shares sold		—			—		398,135
Interest and dividends receivable		—			1,495		694,542
Receivable from manager		10,425			—		—
Prepaid expenses and other assets		5,195			8,233		342,353
Total Assets		1,356,196			37,762,713		302,239,758

Liabilities:
Options Written (premiums received $0, $9,088, $0)		—			37,194		—
Payable for securities purchased		—			38,788		3,843,821
Payable for fund shares redeemed		—			1,407		103,523
Unrealized depreciation on swaps		—			—		101,333
Premiums received on swaps		—			33,159		279,419
Interest Payable		—			1,042		—
Administration fees payable		4,644			8,114		28,268
Unrealized depreciation on forward currency exchange contracts		306			6,238		—
Payable to manager		—			20,467		259,212
Trustee fees payable		3,670			3,610		3,858
Payable for distribution (12b-1) fees		—			—		32,665
Accrued expenses and other liabilities		15,407			15,407		16,668
Total Liabilities		24,027			165,426		4,668,767

Net Assets	$	1,332,169		$	37,597,287	$	297,570,991

Net Assets:
Par value of shares of beneficial interest	$	1,195		$	31,585	$	269,444
Paid in capital		1,373,285			36,472,370		287,249,560
Accumulated earnings (loss)		(42,311	)		1,093,332		10,051,987
Net Assets	$	1,332,169		$	37,597,287	$	297,570,991

Net Asset Value Per Share
Class A
Net Assets	$	—		$	—	$	15,663,873
Shares of beneficial interest outstanding		—			—		1,391,208
Net asset value	$	—		$	—	$	11.26
Offering price per share (maximum sales charge of 2.00%)	$	—		$	—	$	11.49

Class C
Net Assets	$	—		$	—	$	5,615,580
Shares of beneficial interest outstanding		—			—		510,529
Net asset value/offering price per share	$	—		$	—	$	11.00

Class I
Net Assets	$	1,064,592		$	7,048,515	$	215,002,719
Shares of beneficial interest outstanding		95,683			597,274		19,544,038
Net asset value/offering price per share	$	11.13		$	11.80	$	11.00

Class R6
Net Assets	$	267,577		$	30,548,772	$	61,288,819
Shares of beneficial interest outstanding	$	23,789		$	2,561,236	$	5,498,627
Net asset value/offering price per share	$	11.25		$	11.93	$	11.15

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF OPERATIONS

For Year Ended November 30, 2021

	Easterly			Easterly			Easterly
	EHS			Total Hedge			Structured Credit
	Fund			Portfolio			Value Fund
Investment Income:
Dividend income	$	40,314		$	355,326		$	—
Interest income		11			58			12,333,792
Dividend income from Affiliates		10,744			80,801			—
Less: Foreign withholding taxes		(48	)		(98	)		—
Total Investment Income		51,021			436,087			12,333,792

Operating Expenses:
Management fees		36,693			212,420			3,005,465
Distribution (12b-1) fees
Class A Shares		—			43			38,157
Class C Shares		22			144			46,969
Administration fees		13,890			27,212			354,604
Supervisory fees		2,697			2,688			42,474
Registration fees		12,049			15,966			88,279
Custodian fees		18,063			19,097			44,745
Shareholder servicing fees		4,713			16,200			222,143
Transfer Agent fees		13,989			17,440			51,933
Legal fees		17,122			17,006			27,236
Audit fees		6,466			13,896			31,268
Printing and postage expense		3,178			5,392			52,542
Trustees’ fees		6,130			6,220			22,481
Interest expenses		2,279			6,123			62,954
Compliance officer fees		5,054			5,334			10,164
Insurance expense		139			387			6,903
Miscellaneous expenses		3,036			3,635			11,656
Total Operating Expenses		145,520			369,203			4,119,973

Less: Expenses waived		(99,399	)		(101,288	)		(472,087	)
Total Waivers		(99,399	)		(101,288	)		(472,087	)

Net Operating Expenses		46,121			267,915			3,647,886

Net Investment Income		4,900			168,172			8,685,906

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments and Foreign currency transactions		911,479			1,692,195			5,101,871
Distribution of realized gain (loss) by underlying
Affiliated Investments		18,885			57,367			—
Options Purchased		—			(83,615	)		—
Options Written		—			83,615			—
Swaps		6,064			24,835			(202,778	)
Net realized gain		936,428			1,774,397			4,899,093

Net change in unrealized appreciation (depreciation) on:
Investments and Foreign currency translations		(334,338	)		(1,172,954	)		(870,724	)
Affiliated Investments		(17,211	)		(41,817	)		—
Options Purchased		—			30,741			—
Options Written		—			(28,106	)		—
Swaps		—			(35,178	)		94,129
Net change in unrealized appreciation (depreciation)		(351,549	)		(1,247,314	)		(776,595	)
Net Realized and Unrealized Gain/(Loss) on investments		584,879			527,083			4,122,498

Net Increase in Net Assets Resulting From Operations	$	589,779		$	695,255		$	12,808,404

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Easterly EHS Fund						Easterly Total Hedge Portfolio						Easterly Structured Credit Value Fund

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	November 30, 2021			November 30, 2020			November 30, 2021			November 30, 2020			November 30, 2021			November 30, 2020
Operations:
Net investment income	$	4,900		$	31,553		$	168,172		$	240,858		$	8,685,906		$	4,504,190
Net realized gain (loss) on investments		936,428			66,619		$	1,774,397			240,514			4,899,093			5,597,564
Net change in unrealized appreciation on investments		(351,549	)		367,117		$	(1,247,314	)		462,562			(776,595	)		5,475,283
Net increase in net assets resulting from operations		589,779			465,289			695,255			943,934			12,808,404			15,577,037

Distributions to Shareholders:
From Return of Capital:
Class I		(1,937	)		—			—			—			—			—
Class R6		(7,639	)		—			—			—			—			—
Total Distributions:
Class I		(175,537	)		(5,181	)		(86,170	)		(192,097	)		(9,539,450	)		(2,386,869	)
Class A		—			(0	) *		(845	)		(1,656	)		(838,592	)		(292,186	)
Class C		—			(77	)		(745	)		(1,171	)		(215,709	)		(117,041	)
Class R6		(711,784	)		(39,002	)		(85,657	)		(208,942	)		(3,808,909	)		(2,931,598	)
Total Dividends and Distributions to Shareholders		(896,897	)		(44,260	)		(173,417	)		(403,866	)		(14,402,660	)		(5,727,694	)

Share Transactions of Beneficial Interest:
Net proceeds from shares sold
Class I		745,105	**		—			1,569,771	**		41,555			164,764,377			125,085,076
Class A		—			—			3,700			—			15,195,711			20,284,097
Class C		—			—			—			—			3,836,898			2,320,531
Class R6		610,482			2,803,013			28,113,250			1,865,826			22,396,032			43,689,978
Reinvestment of dividends and distributions
Class I		177,474			5,181			86,170			192,097			7,698,232			1,868,577
Class A		—			0	*		845			1,656			746,916			263,345
Class C		—			77			457			1,171			141,008			75,191
Class R6		556,028			24,865			67,479			157,561			2,820,353			1,517,647
Cost of shares redeemed
Class I		(8,673	)		(4,328	)		(240,231	)		(351,607	)		(68,480,268	)		(24,900,945	)
Class A		(14	) **		—			(58,467	) **		—			(12,679,013	)		(9,172,331	)
Class C		(7,270	) **		—			(47,536	) **		—			(1,586,860	)		(759,065	)
Class R6		(4,716,351	)		(923,515	)		(3,060,040	)		(2,557,176	)		(26,011,648	)		(16,892,252	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(2,643,219	)		1,905,293			26,435,398			(648,917	)		108,841,738			143,379,849

Total Increase (Decrease) in Net Assets		(2,950,337	)		2,326,322			26,957,236			(108,849	)		107,247,482			153,229,192

Net Assets:
Beginning of year/period		4,282,506			1,956,184			10,640,051			10,748,900			190,323,509			37,094,317
End of year	$	1,332,169		$	4,282,506		$	37,597,287		$	10,640,051		$	297,570,991		$	190,323,509

Share Activity
Shares sold
Class I		58,885	**		—			135,321	**		4,023			14,925,443			11,803,882
Class A		—			—			325			—			1,346,418			1,868,358
Class C		—			—			—			—			347,401			219,343
Class R6		46,286			258,687			2,333,709			186,794			2,002,196			4,142,915
Shares Reinvested
Class I		15,733			498			7,680			18,705			702,539			176,511
Class A		—			0	***		76			161			66,701			24,314
Class C		—			7			41			114			12,887			7,225
Class R6		48,728			2,386			5,972			15,297			255,138			144,072
Shares redeemed
Class I		(760	)		(399	)		(20,480	)		(33,555	)		(6,191,715	)		(2,348,929	)
Class A		(1	) **		—			(5,053	) **		—			(1,120,620	)		(834,692	)
Class C		(563	) **		—			(4,148	) **		—			(143,536	)		(73,332	)
Class R6		(405,197	)		(92,629	)		(254,635	)		(254,897	)		(2,327,404	)		(1,592,686	)
Net Increase (decrease) in shares of beneficial interest		(236,889	)		168,550			2,198,808			(63,358	)		9,875,448			13,536,981

Less than $1.00.

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

***

Less than 1 share.

See accompanying notes to financial statements.

EASTERLY FUNDS

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

	Easterly EHS Fund
	Class I
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,			November 30,
	2021			2020			2019			2018			2017 (1)
Net Asset Value, Beginning of Year/Period	$	11.95		$	10.40		$	10.37		$	10.58		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss) (2)		(0.09	)		0.16			0.13			0.11			0.00	**
Net realized and unrealized gain (loss)		1.52			1.63			0.45			(0.24	)		0.58
Total from investment operations		1.43			1.79			0.58			(0.13	)		0.58

Dividends and Distributions:
Dividends from return of capital		(0.02	)		—			—			—			—
Dividends from net investment income		(0.08	)		(0.24	)		(0.16	)		(0.04	)		—
Distributions from realized gains		(2.15	)		—			(0.39	)		(0.04	)		—
Total dividends and distributions		(2.25	)		(0.24	)		(0.56	)		(0.08	)		—
Net Asset Value, End of Year/Period	$	11.13		$	11.95		$	10.40		$	10.37		$	10.58

Total Return*		11.81	%		17.55	%		6.12	%		(1.20	)%		5.80	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	1,065		$	261		$	226		$	209		$	212

Ratio of gross operating expenses to average net assets including interest expense (3,6)		6.90	%		4.60	%		4.11	%		2.99	%		17.28	% (5)
Ratio of net operating expenses to average net assets including interest expense (3,7)		1.68	%		1.49	%		1.50	%		1.49	%		1.49	% (5)
Ratio of net investment income (loss) after expense reimbursement to average net assets (3,10)		(0.72	)%		1.52	%		1.35	%		0.99	%		0.12	% (5)
Portfolio Turnover Rate		400	%		145	%		143	%		181	%		125	% (4)

	Easterly EHS Fund
	Class R6
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,			November 30,
	2021			2020			2019			2018			2017 (1)
Net Asset Value, Beginning of Year/Period	$	12.02		$	10.42		$	10.37		$	10.59		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.05			0.19			0.19			0.10			0.00	**
Net realized and unrealized gain (loss)		1.43			1.65			0.41			(0.24	)		0.59
Total from investment operations		1.48			1.84			0.60			(0.14	)		0.59

Dividends and Distributions:
Dividends from return of capital		(0.02	)		—			—			—			—
Dividends from net investment income		(0.08	)		(0.24	)		(0.16	)		(0.04	)		—
Distributions from realized gains		(2.15	)		—			(0.39	)		(0.04	)		—
Total dividends and distributions		(2.25	)		(0.24	)		(0.56	)		(0.08	)		—
Net Asset Value, End of Year/Period	$	11.25		$	12.02		$	10.42		$	10.37		$	10.59

Total Return*		12.18	%		18.00	%		6.32	%		(1.30	)%		5.90	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	268		$	4,015		$	1,725		$	5,298		$	2,668

Ratio of gross operating expenses to average net assets including interest expense (3,8)		3.14	%		4.17	%		4.01	%		2.79	%		7.83	% (5)
Ratio of net operating expenses to average net assets including interest expense (3,9)		1.14	%		1.12	%		1.36	%		1.49	%		1.49	% (5)
Ratio of net investment income (loss) after expense reimbursement to average net assets (3,6)		0.38	%		1.85	%		1.90	%		0.90	%		(0.15	)% (5)
Portfolio Turnover Rate		400	%		145	%		143	%		181	%		125	% (4)

(1)

Class I and Class R6 commenced operations on August 18, 2017.

(2)

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

(3)

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

(4)

Not annualized.

(5)

Annualized for periods less than one year.

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (3)	6.70	%	4.60	%	4.10	%	2.99	%	17.28	% (5)

(7)	Ratio of net operating expenses to average net assets excluding interest expense (3)	1.48	%	1.49	%	1.49	%	1.49	%	1.49	% (5)

(8)	Ratio of gross operating expenses to average net assets excluding interest expense (3)	3.11	%	4.17	%	4.00	%	2.79	%	7.83	% (5)

(9)	Ratio of net operating expenses to average net assets excluding interest expense (3)	1.11	%	1.12	%	1.35	%	1.49	%	1.49	% (5)

(10)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.

Per share amount represents less than $0.01 per share.

See accompanying notes to financial statements.

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
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,			November 30,
	2021			2020			2019			2018			2017 (1)
Net Asset Value, Beginning of Year/Period	$	11.05		$	10.49		$	10.13		$	10.40		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.08			0.21			0.18			0.12			0.04
Net realized and unrealized gain (loss)		0.85			0.74			0.46			(0.30	)		0.36
Total from investment operations		0.93			0.95			0.64			(0.18	)		0.40

Dividends and Distributions:
Dividends from net investment income		—			(0.39	)		(0.17	)		(0.07	)		—
Distributions from realized gains		(0.18	)		—			(0.11	)		(0.02	)		—
Total dividends and distributions		(0.18	)		(0.39	)		(0.28	)		(0.09	)		—
Net Asset Value, End of Year/Period	$	11.80		$	11.05		$	10.49		$	10.13		$	10.40

Total Return*		8.51	%		9.39	%		6.54	%		(1.73	)%		4.00	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	7,049		$	5,247		$	5,095		$	4,523		$	520

Ratio of gross operating expenses to average net assets including interest expense (3,6)		1.89	%		2.25	%		2.53	%		2.50	%		12.24	% (5)
Ratio of net operating expenses to average net assets including interest expense (3,7)		1.51	%		1.52	%		1.52	%		1.49	%		1.49	% (5)
Ratio of net investment income (loss) after expense reimbursement to average net assets (3,10)		0.70	%		2.10	%		1.74	%		1.19	%		0.84	% (5)
Portfolio Turnover Rate		127	%		117	%		114	%		195	%		83	% (4)

	Easterly Total Hedge Portfolio
	Class R6
	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,			November 30,
	2021			2020			2019			2018			2017 (1)
Net Asset Value, Beginning of Year/Period	$	11.12		$	10.52		$	10.14		$	10.40		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.10			0.25			0.20			0.16			0.03
Net realized and unrealized gain (loss)		0.89			0.74			0.46			(0.33	)		0.37
Total from investment operations		0.99			0.99			0.66			(0.17	)		0.40

Dividends and Distributions:
Dividends from net investment income		—			(0.39	)		(0.17	)		(0.07	)		—
Distributions from realized gains		(0.18	)		—			(0.11	)		(0.02	)		—
Total dividends and distributions		(0.18	)		(0.39	)		(0.28	)		(0.09	)		—
Net Asset Value, End of Year/Period	$	11.93		$	11.12		$	10.52		$	10.14		$	10.40

Total Return*		9.01	%		9.75	%		6.73	%		(1.63	)%		4.00	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	30,549		$	5,297		$	5,565		$	8,233		$	1,753

Ratio of gross operating expenses to average net assets including interest expense (3,8)		1.66	%		2.25	%		2.53	%		2.38	%		6.30	% (5)
Ratio of net operating expenses to average net assets including interest expense (3,9)		1.14	%		1.15	%		1.35	%		1.39	%		1.49	% (5)
Ratio of net investment income after expense reimbursement to average net assets (3,10)		0.83	%		2.50	%		2.00	%		1.54	%		0.66	% (5)
Portfolio Turnover Rate		127	%		117	%		114	%		195	%		83	% (4)

(1)

Class I and Class R6 commenced operations on June 30, 2017.

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized for periods less than one year.

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (3)	1.86	%	2.22	%	2.50	%	2.50	%	12.24	% (5)

(7)	Ratio of net operating expenses to average net assets excluding interest expense (3)	1.48	%	1.49	%	1.49	%	1.49	%	1.49	% (5)

(8)	Ratio of gross operating expenses to average net assets excluding interest expense (3)	1.63	%	2.22	%	2.50	%	2.38	%	6.30	% (5)

(9)	Ratio of net operating expenses to average net assets excluding interest expense (3)	1.11	%	1.12	%	1.32	%	1.39	%	1.49	% (5)

(10)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

EASTERLY FUNDS

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

	Easterly Structured Credit Value Fund
	Class A
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,
	2021			2020			2019			2018 (1)
Net Asset Value, Beginning of Year/Period	$	11.35		$	10.68		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.36			0.42			0.41			0.10
Net realized and unrealized gain		0.24			0.95			0.46			0.06
Total from investment operations		0.60			1.37			0.87			0.16

Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.52	)		(0.34	)		—
Distributions from realized gains		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.69	)		(0.70	)		(0.35	)		—

Redemption Fees		—			—			0.00	**		—

Net Asset Value, End of Year/Period	$	11.26		$	11.35		$	10.68		$	10.16

Total Return*		5.44	% #		13.54	% #		8.67	% #		1.60	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	15,664		$	12,466		$	435		$	19

Ratio of gross operating expenses to average net assets including interest expense (5,6)		1.86	%		2.01	%		2.38	%		2.18	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,7)		1.76	%		1.79	%		1.74	%		1.74	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		3.18	%		3.89	%		3.84	%		3.27	% (3)
Portfolio Turnover Rate		84	%		132	%		111	%		37	% (4)

	Easterly Structured Credit Value Fund
	Class C
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,
	2021			2020			2019			2018 (1)
Net Asset Value, Beginning of Year/Period	$	11.10		$	10.45		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.27			0.33			0.32			0.10
Net realized and unrealized gain		0.24			0.93			0.31			0.06
Total from investment operations		0.51			1.26			0.63			0.16

Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.43	)		(0.33	)		—
Distributions from realized gains		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.61	)		(0.61	)		(0.34	)		—

Redemption Fees		—			—			—			—

Net Asset Value, End of Year/Period	$	11.00		$	11.10		$	10.45		$	10.16

Total Return*		4.71	%		12.62	%		6.24	% #		1.60	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	5,616		$	3,262		$	1,468		$	0	***

Ratio of gross operating expenses to average net assets including interest expense (5,8)		2.61	%		2.81	%		3.11	%		3.01	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,9)		2.51	%		2.54	%		2.49	%		2.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		2.41	%		3.12	%		3.09	%		3.27	% (3)
Portfolio Turnover Rate		84	%		132	%		111	%		37	% (4)

(1)

Class A and Class C commenced operations on August 14, 2018. Start of performance is August 21, 2018.

(2)

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

(3)

Annualized for periods less than one year.

(4)

Not annualized.

(5)

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	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	%	1.74	%	1.74	%	1.74	% (3)

(8)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	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	%	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.

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.

EASTERLY FUNDS

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

	Easterly Structured Credit Value Fund
	Class I
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Period Ended
	November 30,			November 30,			November 30,			November 30,
	2021			2020			2019			2018 (1)
Net Asset Value, Beginning of Year/Period	$	11.10		$	10.46		$	10.15		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.38			0.44			0.40			0.07
Net realized and unrealized gain		0.23			0.93			0.30			0.08
Total from investment operations		0.61			1.37			0.70			0.15

Dividends and Distributions:
Dividends from net investment income		(0.40	)		(0.55	)		(0.38	)		—
Distributions from realized gains		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.71	)		(0.73	)		(0.39	)		—

Redemption Fees		—			—			0.00	**		0.00	**

Net Asset Value, End of Year/Period	$	11.00		$	11.10		$	10.46		$	10.15

Total Return*		5.74	%		13.80	%		6.97	%		1.50	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	215,003		$	112,226		$	4,982		$	1,007

Ratio of gross operating expenses to average net assets including interest expense (5,6)		1.61	%		1.79	%		1.99	%		2.01	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,7)		1.51	%		1.54	%		1.49	%		1.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		3.40	%		4.11	%		3.88	%		2.30	% (3)
Portfolio Turnover Rate		84	%		132	%		111	%		37	% (4)

	Easterly Structured Credit Value Fund
	Class R6
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended
	November 30,			November 30,			November 30,			November 30,
	2021			2020			2019			2018 (1)
Net Asset Value, Beginning of Year/Period	$	11.20		$	10.51		$	10.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (2)		0.43			0.48			0.43			0.07
Net realized and unrealized gain		0.23			0.94			0.31			0.08
Total from investment operations		0.66			1.42			0.74			0.15

Dividends and Distributions:
Dividends from net investment income		(0.40	)		(0.55	)		(0.38	)		—
Distributions from realized gains		(0.31	)		(0.18	)		(0.01	)		—
Total dividends and distributions		(0.71	)		(0.73	)		(0.39	)		—

Redemption Fees		—			—			0.00	**		0.01

Net Asset Value, End of Year/Period	$	11.15		$	11.20		$	10.51		$	10.16

Total Return*		6.16	%		14.23	%		7.36	%		1.60	%
Ratios and Supplemental Data:
Net assets, end of period (000s)	$	61,289		$	62,369		$	30,209		$	34,604

Ratio of gross operating expenses to average net assets including interest expense (5,8)		1.63	%		1.80	%		1.93	%		1.87	% (3)
Ratio of net operating expenses to average net assets including interest expense (5,9)		1.14	%		1.17	%		1.13	%		1.49	% (3)
Ratio of net investment income (loss) after expense reimbursement to average net assets (5,10)		3.82	%		4.51	%		4.11	%		2.27	% (3)
Portfolio Turnover Rate		84	%		132	%		111	%		37	% (4)

(1)

Class I and Class R6 commenced operations on August 14, 2018. Start of performance is August 21, 2018.

(2)

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

(3)

Annualized for periods less than one year.

(4)

Not annualized.

(5)

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	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	%	1.49	%	1.49	%	1.49	% (3)

(8)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	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	%	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.

Per share amount represents less than $0.01 per share.

See accompanying notes to financial statements.

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

James Alpha Fund Trust dba Easterly Funds Trust (the “Trust”) was organized in 2020, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust currently consists of nine series. These financial statements include the following three series:

New Fund Name Effective August 23, 2021		Formerly Known As Prior to August 23, 2021
Easterly EHS Fund		James Alpha EHS Fund
Easterly Total Hedge Portfolio		James Alpha Total Hedge Portfolio
Easterly Structured Credit Value Fund		James Alpha Structured Credit Value Fund

The Easterly EHS Fund, Easterly Total Hedge Portfolio and Easterly Structured Credit Value Fund are diversified funds.

Easterly Funds LLC serves as the Funds’ Advisor. Orange Investment Advisors LLC serves as Easterly Structured Credit Value Fund’s Sub-Advisor.

The James Alpha EHS Portfolio, the James Alpha Total Hedge Portfolio and the James Alpha Structured Credit Value Portfolio (each an “Existing Fund”) were reorganized on March 19, 2021, from a series of The Saratoga Advantage Trust, a Delaware statutory trust, to a series of the Trust, into the Easterly EHS Fund, Easterly Total Hedge Portfolio and Easterly Structured Credit Value Fund (each a “Survivor Fund”). As a series of the Trust, Class I and Class S of the Existing Funds converted to Class I and Class R6 of the Surviving Funds, respectively. Class A and Class C for all Existing Funds except James Alpha Structured Credit Value Portfolio converted to Class I of the Surviving Fund. Easterly Structured Credit Value Fund is a continuation of the predecessor for Class A and Class C. Each Existing Fund and its corresponding Survivor Fund have the same investment objective, principal investment strategies. The details of this re-organization are shown below.

At the Close of Business on March 19, 2021

	James Alpha EHS Portfolio		Easterly EHS Fund		NAVs
Net Assets Class A		14		—
Net Assets Class C		7,270		—
Net Assets Class I		286,204		293,488		12.98
Net Asset Class S/R6		4,196,394		4,196,394		13.07

Shares Redeemed/ Received Class A		1		—
Shares Redeemed/ Received Class C		563		—
Shares Redeemed/ Received Class I		22,053		22,615
Shares Redeemed/ Received Class S/R6		321,018		321,018

	James Alpha Total Hedge		Easterly Total Hedge
	Portfolio		Portfolio		NAVs
Net Assets Class A		58,491		—
Net Assets Class C		47,516		—
Net Assets Class I		5,824,419		5,930,426		11.62
Net Asset Class S/R6		5,731,846		5,731,846		11.71

Shares Redeemed/ Received Class A		5,054		—
Shares Redeemed/ Received Class C		4,148		—
Shares Redeemed/ Received Class I		501,200		510,322
Shares Redeemed/ Received Class S/R6		489,476		489,476

	James Alpha Structured Credit		Easterly Structured Credit
	Value Portfolio		Value Fund		NAVs
Net Assets Class A		16,682,040		16,682,040		11.29
Net Assets Class C		3,897,359		3,897,359		11.04
Net Assets Class I		155,033,792		155,033,792		11.04
Net Asset Class S/R6		56,780,461		56,780,461		11.16

Shares Redeemed/ Received Class A		1,476,981		1,476,981
Shares Redeemed/ Received Class C		353,046		353,046
Shares Redeemed/ Received Class I		14,037,493		14,037,493
Shares Redeemed/ Received Class S/R6		5,089,090		5,089,090

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

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

Currently, Easterly Structured Credit Value Fund offers Class A, Class C, Class I and Class R6 shares and the Easterly EHS Fund, Easterly Total Hedge Portfolio offers Class I and Class R6. Class A shares are offered at net asset value plus a maximum sales load of 2.00%. Class C shares are offered subject to a CDSC of 1.00%. Class I and Class R6 shares are offered at net asset value. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges. Class R6 shares are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

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

(a) Valuation of Investments

Investment securities listed on a national securities exchange are valued at the last reported sale price on the valuation date. NASDAQ traded securities are valued at the NASDAQ Official Closing Price (NOCP). If there are no such reported sales, the securities are valued at the mean between current bid and ask. Short-term debt securities having a remaining maturity of sixty days or less may be valued at amortized cost or amortized value, which approximates market value. Debt securities may be valued at prices supplied by the Funds’ pricing services based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the last bid and ask price. Options not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean of the current bid and asked prices. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by the Board of Trustees (the “Board”). There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the board-appointed Fair Valuation Committee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; and (iii) possible valuation methodologies that could be used to determine the fair value of a security. Foreign currency and Forward currency exchange contracts are valued daily at the London close each day. Investments in foreign countries may involve certain considerations and risks not typically associated with domestic investments, including, but not limited to, the possibility of future political and economic developments and the level of government supervision and regulation of foreign securities markets.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2021, for the Fund’ assets and liabilities measured at fair value:

Easterly EHS

Assets*	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	891,741	$	—	$	—	$	891,741
Exchange Traded Note		280		—		—		280
Open Ended Funds		300,628		—		—		300,628
Total	$	1,192,649	$	—	$	—	$	1,192,649
Asset Derivatives
Forward Currency Contracts	$	—	$	669	$	—	$	669
Total Assets	$	1,192,649	$	669	$	—	$	1,193,318
Liability Derivatives
Forward Currency Contracts	$	—	$	306	$	—	$	306
Total Liabilities	$	—	$	306	$	—	$	306

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

Easterly Total Hedge

Assets*	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	26,526,731	$	—	$	—	$	26,526,731
Exchange Traded Notes		23,069		—		—		23,069
Open Ended Funds		7,719,128		—		—		7,719,128
Put Options Purchased		—		39,829		—		39,829
Total	$	34,268,928	$	39,829	$	—	$	34,308,757
Asset Derivatives
Forward Currency Contracts	$	—	$	13,311	$	—	$	13,311
Total Return Swap		—		26,696		—		26,696
Total Assets	$	34,268,928	$	79,836	$	—	$	34,348,764
Liability Derivatives
Forward Currency Contracts	$	—	$	6,238	$	—	$	6,238
Put Options Written		—		37,194		—		37,194
Total Liabilities	$	—	$	43,432	$	—	$	43,432

Easterly Structured Credit Value

Assets*	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	202,249,099	$	—	$	202,249,099
Corporate Bonds		—		45,089,255		—		45,089,255
Non U.S. Government & Agencies		—		950,148		—		950,148
U.S. Government & Agencies		—		19,862,267		—		19,862,267
Total Assets	$	—	$	268,150,769	$	—		268,150,769
Credit Default Swap	$	—	$	101,533	$	—	$	101,533
Total Liabilities	$	—	$	101,533	$	—	$	101,533

There were no level 3 securities held during the year.

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

(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, 2018 to November 30, 2020, or expected to be taken in the Funds’ November 30, 2021 year-end tax returns.

The Funds recognize the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in the Funds’ November 30, 2021 year-end tax returns. The Funds identify its major tax jurisdictions as U.S. Federal, Arizona and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended November 30, 2021, the Funds did not incur any interest or penalties.

(c) Security Transactions and Other Income

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

(d) Dividends and Distributions

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

Fund	Income Dividends	Capital Gains
Easterly EHS	Annually	Annually
Easterly Total Hedge	Annually	Annually
Easterly Structured Credit Value	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.

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

(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.

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

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

MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH AFFILIATES

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

(b) Pursuant to an operating expense limitation agreement between Easterly Funds LLC and the Funds, Easterly Funds LLC has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) do not exceed the expense limitation shown in the table below, and is based on the Funds’ average daily net assets. This operating expense limitation agreement cannot be terminated during its term. Easterly Funds LLC is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years of the end of the fiscal year in which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less. The expense limitation agreement will be in effect through March 19, 2023.

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

Management

Fee Waived/

Management

Expenses Limitation *

Expenses Reimbursed

Fund

Agreement

Cl A

Cl C

Cl I

CL R6

Expires

YTD 11/30/2021

Easterly EHS

1.00%

N/A

1.48%

1.11%

3/19/2023

99,399

Easterly Total Hedge

1.00%

N/A

1.48%

1.11%

3/19/2023

101,288

Easterly Structured Credit Value

1.20%

1.73%

2.48%

1.48%

1.11%

3/19/2023

472,087

Prior to March 19, 2021 the expense limitations were 1.74%, 2.49%, 1.49% and 1.12% for Class A, C, I and R6, respectively.

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

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

(c) Ultimus Fund Distributors, LLC (“UFD”) is the Trust’s Distributor. The Trust with respect to Easterly Structured Credit Value 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. Prior to March 19, 2021, Northern Lights Distributor, LLC (“NLD”) was the Funds’ Distributor.

For the year ended, November 30, 2021, NLD and UFD received sales charges on sales of the Funds’ Class A shares.

		Northern Lights Distributors, LLC
Fund		Sales Charges
		Class A
Easterly EHS		—
Easterly Total Hedge		—
Easterly Structured Credit Value		26,668

Fund		UFD Sales Charges
		Class A
Easterly Structured Credit Value		47,829

(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.

Prior to March 19, 2021, pursuant to the terms of the Trust’s Custody Administration Agreement with UFS (the “Custody Administration Agreement”), the Trust pays an asset-based fee in decreasing amounts as Trust assets reach certain breakpoints. The Trust also pays certain transaction fees and out-of-pocket expenses pursuant to the Custody Administration Agreement.

(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 November 30, 2021, are noted in the Fund’s Schedule of Investments.

													Change in
									Realized		Dividend		Unrealized			Value at
Fund	Affiliated Holding	Value at 11/30/20		Purchases		Sales			Gain/(Loss)		Income		Gain/(Loss)			11/30/21
Easterly EHS	Easterly Hedged Equity Fund, Cl R6	$	—	$	340,000	$	(343,847	)	$	3,847	$	—	$	—		$	—
	Easterly Structured Credit Value Fund, Cl R6		246,833		301,699		(245,731	)		15,038		10,744		(17,211	)		300,628
Easterly Total Hedge	Easterly Hedged Equity Fund, Cl R6		—		1,355,000		—			—		—		41,322			1,396,322
	Easterly Structured Credit Value Fund, Cl R6		949,115		5,499,471		(750,000	)		57,367		80,801		(83,139	)		5,672,814

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.

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

INVESTMENT TRANSACTIONS

(a) For the year ended November 30, 2021, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Funds were as follows:

Fund	Purchase		Sales
Easterly EHS	$	12,829,858	$	15,833,813
Easterly Total Hedge		49,530,844		25,193,114
Easterly Structured Credit Value		269,624,999		181,996,211

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

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

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

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

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

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

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

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

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Funds segregate liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive. The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at November 30, 2021, were as follows:

			Location of derivatives on Statements of	Fair value of asset/liability
Fund	Derivative	Risk Type	Assets and Liabilities	derivatives
Easterly EHS
	Forward Exchange Contracts	Foreign Exchange	Unrealized appreciation on forward currency exchange contracts	$	669
			Unrealized depreciation on forward currency exchange contracts		(306	)
			Totals	$	363
Easterly Total Hedge

	Forward Exchange Contracts	Foreign Exchange	Unrealized appreciation on forward currency exchange contracts	$	13,311
			Unrealized depreciation on forward currency exchange contracts		(6,238	)
	Swap Contracts	Equity	Unrealized appreciation on swaps		26,696
			Totals	$	33,769
Easterly Structured Credit
	Swap Contracts	Interest Rate	Unrealized depreciation on swaps	$	(101,333	)

The effect of derivative instruments on the Statements of Operations for the year ended November 30, 2021, were as follows:

				Realized and unrealized gain (loss) on
Portfolio	Derivative	Location of gain (loss) on derivatives	Risk Type	derivatives
Easterly EHS
	Swap Contracts
		Net realized gain on swaps
			Equity	$	6,064

	Forward Contracts
		Net realized gain from investments and foreign currency transactions	Foreign Exchange	$	1,874
		Net change in unrealized appreciation on investments and foreign currency transactions
			Foreign Exchange	$	608

Easterly Total Hedge
	Swap Contracts
		Net realized gain on swaps
			Equity	$	24,835
		Net change in unrealized depreciation on swaps
			Equity	$	(35,178	)
	Forward Contracts
		Net realized gain from investments and foreign currency transactions	Foreign Exchange	$	30,323
		Net change in unrealized appreciation on investments and foreign currency transactions	Foreign Exchange	$	8,198

Easterly Structured Credit
	Swap Contracts
		Net realized loss on swaps
			Interest Rate	$	(202,778	)
		Net change in unrealized appreciation on swaps
			Interest Rate	$	94,129

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.

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

The following table presents the Funds’ assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of November 30, 2021.

				Gross Amounts not offset in the Statements of Assets and Liabilities
	Gross Amounts Recognized in								Net Amount of Assets
	Statements of Assets and Liabilities			Financial Instruments Pledged		Cash Collateral Pledged *			(Liabilities)
EHS
Description of Asset:
Forward Foreign Currency Contracts	$	669			306	$	—		$	363
Total	$	669		$	306	$	—		$	363
Description of Liability:
Forward Foreign Currency Contracts	$	(306	)	$	306	$	—		$	—
	$	(306	)	$	306	$	—		$	—
Total Hedge
Description of Asset:
Forward Foreign Currency Contracts	$	13,311			6,238	$	—		$	7,073
Total Return Swaps		26,696			—		26,696			—
Total	$	40,007		$	6,238	$	26,696		$	7,073
Description of Liability:
Forward Foreign Currency Contracts	$	(6,238	)	$	6,238	$	—		$	—
	$	(6,238	)	$	6,238	$	—		$	—
Structured Credit
Description of Liability:
Credit Default Swap	$	(101,333	)		—	$	(101,333	)	$	—
Total	$	(101,333	)	$	—	$	(101,333	)	$	—

Excess collateral not included.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

	Cost for							Tax Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Portfolio	Purposes		Appreciation		Depreciation			App/Dep
Easterly EHS	$	1,221,948	$	6,442	$	(35,741	)	$	(29,299	)
Easterly Total Hedge		35,061,406		193,139		(982,982	)		(789,843	)
Easterly Structured Credit Value		262,420,742		8,646,714		(3,297,450	)		5,349,264

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

	For the period ended November 30, 2021:
	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Easterly EHS	$	812,198	$	75,123	$	9,576	$	896,897
Easterly Total Hedge		147,880		28,375		—		176,255
Easterly Structured Credit Value		14,323,193		79,467		—		14,402,660

	For the period ended November 30, 2020:
	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		Of Capital		Total
Easterly EHS	$	44,860	$	—	$	—	$	44,860
Easterly Total Hedge		403,866		—		—		403,866
Easterly Structured Credit Value		5,685,368		42,326		—		5,727,694

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

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

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

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

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

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

	Late Year
Portfolio	Losses
Easterly EHS	$	13,375
Easterly Total Hedge		—
Easterly Structured Credit Value		—

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

	Non-Expiring		Non-Expiring				CLCF
Portfolio	Short-Term		Long-Term		Total		Utilized
Easterly EHS	$	—	$	—	$	—	$	66,360
Easterly Total Hedge		—		—		—		—
Easterly Structured Credit Value		—		—		—		—

				Accumulated
Portfolio	Paid In Capital			Earnings (Losses)
Easterly EHS	$	(29	)	$	29
Easterly Total Hedge		—			—
Easterly Structured Credit Value		—			—

BENEFICIAL OWNERSHIP (Unaudited)

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of November 30, 2021, the shareholders that own 25% or more of the voting securities are as follows:

Fund	Shareholder	Ownership %
Easterly EHS Cl I	Denis Nayden	99.98%
Easterly EHS Cl R6	National Financial Services LLC	99.99%
Easterly Total Hedge Cl I	Denis Nayden	94.81%
Easterly Total Hedge Cl R6	National Financial Services LLC	100.00%
Easterly Structured Credit Value Cl A	LPL Financial	59.23%
Easterly Structured Credit Value Cl I	National Financial Services LLC	33.65%
Easterly Structured Credit Value Cl R6	National Financial Services LLC	47.14%

LINE OF CREDIT

Currently, the James Alpha Structured Credit Value Fund has a $22,000,000 line of credit provided by Cogent Bank (the “Bank”) under an agreement (the “Line of Credit”). Any advance under the Line of Credit is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable Monthly. During the year ended November 30, 2021, Easterly Structured Credit Value Fund did not access the line of credit.

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021 (Continued)

NEW ACCOUNTING PRONOUNCEMENTS

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

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

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

SUBSEQUENT EVENTS

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

Effective on December 22, 2021, the Easterly Structured Credit Fund changed its name to Easterly Income Opportunities Fund.

	taitweller.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

of James Alpha Funds Trust d/b/a Easterly

Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Easterly EHS Fund (formerly James Alpha EHS Fund), Easterly Total Hedge Portfolio (formerly James Alpha Total Hedge Portfolio), and Easterly Structured Credit Value Fund (formerly James Alpha Structured Credit Value Fund), (collectively referred to as the “Funds”) each a series of the James Alpha Funds Trust d/b/a Easterly Funds Trust, including the schedules of investments, as of November 30, 2021, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of November 30, 2021, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds constituting James Alpha Funds Trust d/b/a Easterly Funds Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Easterly EHS Fund	For the year ended November 30, 2021	For each of the two years in the period ended November 30, 2021	For each of the four years in the period ended November 30, 2021 and the period from August 18, 2017 (commencement of operations) through November 30, 2017

Easterly Total Hedge Portfolio	For the year ended November 30, 2021	For each of the two years in the period ended November 30, 2021	For each of the four years in the period ended November 30, 2021 and the period from June 30, 2017 (commencement of operations) through November 30, 2017

Easterly Structured Credit Value Portfolio	For the year ended November 30, 2021	For each of the two years in the period ended November 30, 2021	For each of the three years in the period ended November 30, 2021 and the period from August 14, 2018 (commencement of operations) through November 30, 2018

Basis for Opinion

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

To the Shareholders and Board of Trustees

of James Alpha Funds Trust d/b/a Easterly

Funds Trust

Page Two

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

January 28, 2022

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 June 1, 2021 through November 30, 2021.

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 - 06/01/2021	Value - 11/30/2021	06/01/2021-11/30/2021*	[Annualized]
Actual Expenses
Easterly EHS - Class I	1,000.00	992.30	7.39	1.48%
Easterly EHS - Class R6	1,000.00	993.20	5.55	1.11%
Easterly Total Hedge - Class I	1,000.00	989.10	7.38	1.48%
Easterly Total Hedge - Class R6	1,000.00	991.70	5.54	1.11%
Easterly Structured Credit Value - Class A	1,000.00	1,008.00	8.71	1.73%
Easterly Structured Credit Value - Class C	1,000.00	1,013.00	11.61	2.30%
Easterly Structured Credit Value - Class I	1,000.00	1,011.40	7.46	1.48%
Easterly Structured Credit Value - Class R6	1,000.00	1,014.70	5.61	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 - 06/01/2021	Value - 11/30/2021	06/01/2021-11/30/2021*	[Annualized]
[5% Return Before Expenses]
Easterly EHS - Class I	1,000.00	1,017.65	7.49	1.48%
Easterly EHS - Class R6	1,000.00	1,019.50	5.62	1.11%
Easterly Total Hedge - Class I	1,000.00	1,017.65	7.49	1.48%
Easterly Total Hedge - Class R6	1,000.00	1,019.50	5.62	1.11%
Easterly Structured Credit - Class I	1,000.00	1,017.65	7.49	1.48%
Easterly Structured Credit - Class A	1,000.00	1,016.39	8.74	1.73%
Easterly Structured Credit - Class C	1,000.00	1,013.54	11.61	2.30%
Easterly Structured Credit - Class R6	1,000.00	1,019.50	5.62	1.11%

Expenses are equal to the Funds annualized expense ratio multiplies by the number of days in the period (183) divided by the number of days in the fiscal year (365).

Name, Year of Birth, and Address	Position(s) Held with Trust	Term*/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen	Other Directorships Held by Trustee During Past 5 Years
INTERESTED TRUSTEE:
Darrell Crate, Year of Birth: 1967 515 Madison Avenue 24^thFloor New York, NY 10022	President and Chairperson of the Board	Since 2021	Chief Executive Officer of Easterly Funds LLC (May 2020 – Present) and Managing Principal of Easterly Asset Management LP	9	Chairman of the Board and Director of Easterly Government Properties Inc. (May 2015 – Present); Chairman of the Board and Director of Easterly Acquisition Corp. (August 2015 to November 2018)
INDEPENDENT TRUSTEES:
David Knowlton, Year of Birth: 1957 515 Madison Avenue 24^th Floor New York, NY 10022	Trustee	Since 2021	Managing Partner of Three Ocean Partners LLC	9	Director of Easterly Acquisition Corp. (August 2015 to November 2018)
Neil Medugno, Year of Birth: 1957 515 Madison Avenue 24^thFloor New York, NY 10022	Trustee	Since 2021	Retired; Partner, Wellington Management Company LLP, Chief Financial Officer, Wellington Funds Group (investment management) (1994 – 2017)	9	Trustee of Six Circles Trust (July 2017 – Present)
Patricia Walker, Year of Birth: 1966 515 Madison Avenue 24^thFloor New York, NY 10022	Trustee	Since 2021	Retired; Senior Advisor of Best Buy Co., Inc. (March 2020 – August 2020); President, Home and Services of Best Buy Co., Inc. (April 2016 – March 2020); Senior Managing Director of Accenture plc (July 2000 – April 2016)	9	Director of BUILD Boston (June 2020 – Present)
OFFICERS:
Michael Montague, Year of Birth: 1975 515 Madison Avenue 24^thFloor New York, NY 10022	Treasurer	Since 2021	Chief Operating Officer of Easterly Funds LLC and James Alpha Management, LLC	Not Applicable	Not Applicable

Emile Molineaux, Year of Birth: 1962 4221 North 203^rd Street, Ste. 100 Elkhorn, NE 68022	Chief Compliance Officer	Since 2021	Senior Compliance Officer (2011 – Present) Northern Lights Compliance Services, LLC	Not Applicable	Not Applicable
Chad Bitterman, Year of Birth: 1972 4221 North 203rd Street, Ste. 100 Elkhorn, NE 68022	Anti-Money Laundering Compliance Officer	Since 2021	Compliance Officer (2010 – Present) Northern Lights Compliance Services, LLC	Not Applicable	Not Applicable
Amaris Sahota, Year of Birth: 1992 515 Madison Avenue 24^th Floor New York, NY 10022	Secretary	Since 2021	Chief Operating Officer, Easterly Management Operations LLC (May 2021 – Present); Senior Management Consultant, The Poirier Group (2018 – 2021); Rotational Program, Sun Life Financial (2015 – 2018)	Not Applicable	Not Applicable
Eric Colandrea, Year of Birth: 1974 515 Madison Avenue 24^th Floor New York, NY 10022	Chief Legal Officer and Senior Vice President	Since 2021	General Counsel of Easterly Funds LLC (May 2020 – Present) and Easterly Asset Management LP (February 2016 – Present)	Not Applicable	Not Applicable
Erik Naviloff, Year of Birth: 1968 4221 North 203^rd Street, Ste. 100 Elkhorn, NE 68022	Assistant Treasurer	Since 2021	Vice President, Gemini Fund Services, LLC (2011 – present)	Not Applicable	Not Applicable
Timothy Burdick, Year of Birth: 1986 4221 North 203^rd Street, Ste. 100 Elkhorn, NE 68022	Assistant Secretary	Since 2021	Assistant Vice President, Gemini Fund Services, LLC (2019 – present); Senior Program Compliance Manager, CJ Affiliate (2016 – 2019).	Not Applicable	Not Applicable

Each Trustee will serve an indefinite term until they resign or retire and/or their successor, if any, is duly elected and qualified. Officers of the Trust serve at the pleasure of the Board.

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

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..

How to Obtain Proxy Voting Information

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Portfolios use to determine how to vote proxies is available without charge, upon request, by calling 1-888-672-4839 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

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

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

JAMES ALPHA1130-AR21

Item 2. Code of Ethics.

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

(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1)

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

	(2)	Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
	(3)	Compliance with applicable governmental laws, rules, and regulations;

	(4)	The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
	(5)	Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

	(a)	Audit Fees

Registrant

Advisor

FYE 11/30/21

$36,500

$ 0.00

(b)

Audit-Related Fees

Registrant

Advisor

FYE 11/30/21

$0.00

$ 0.00

(c)

Tax Fees

Registrant

Advisor

FYE 11/30/21

$14,500

$ 0.00

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

(d)

All Other Fees

Registrant

Advisor

FYE 11/30/21

$0.00

$ 0.00

(e)

(1) Audit Committee’s Pre-Approval Policies

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2)

Percentages of Services Approved by the Audit Committee

	Registrant	Advisor
Audit-Related Fees:	0.00%	0.00%
Tax Fees:	0.00%	0.00%
All Other Fees:	0.00%	0.00%

(f)

During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal year ended November 30, 2020, are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

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

Item 6. Schedule of Investments. See Item 1.

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

open-end investment companies.

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

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

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

Item 11. Controls and Procedures.

(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of November 30, 2020, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Code of Ethics filed herewith.

(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 08/26/22

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

* /s/ Darrell Crate

Darrell Crate, President and Chief Executive Officer

Date 08/26/22

By (Signature and Title)

* /s/ Michael Montague

Michael Montague, Treasurer and Principal Financial Officer

Date 08/26/22

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

EX-99.CERT 2 cert1.htm

Exhibit 99.CERT

CERTIFICATIONS

I, Darrell Crate, certify that:

1. I have reviewed this report on Form N-CSR of the Easterly EHS Fund, Easterly Total Hedge Portfolio and Easterly Structured Credit Value 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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) 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: 08/26/22

/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 EHS Fund, Easterly Total Hedge Portfolio and Easterly Structured Credit Value Fund (each a series of the James Alpha Funds Trust);

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: 08/26/22

/s/ Michael Montague

Michael Montague, Treasurer and Principal Financial Officer

EX-99.906 CERT 3 cert2.htm

certification

Darrell Crate, Chief Executive Officer, and Michael Montague, Chief 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 November 30, 2021, (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: 08/26/22		Date: 08/26/22

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Easterly 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.

EX-99.CODE ETH 4 coe.htm

CODE OF ETHICS OF

THE JAMES ALPHA FUNDS TRUST AND

JAMES ALPHA ADVISORS, LLC

Introduction

This Code of Ethics has been adopted by The James Alpha Funds Trust (the "Trust") and James Alpha Advisors, LLC (the "Advisor"), in compliance with Rule 17j-1 under the Investment Company Act of 1940 (the "Act") and with Rule 204A-1 of the Investment Adviser’s Act of 1940 (the “Adviser’s Act”) (unless specifically identified, Rule 17j-1 and Rule 204A-1 are collectively referred to as the “Rules”) to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Trust or any other investment company or client accounts managed and/or advised by the Advisor (referred to collectively herein as "Other Clients") may abuse their fiduciary duties to the Trust or Other Clients and to deal with other types of conflict of interest situations to which the Rules are addressed.

General Principles

The specific provisions and reporting requirements of the Rules and this Code of Ethics are concerned primarily with those investment activities of Access Persons, defined below, who are associated with the Adviser, Trust or Other Clients and who thus may benefit from or interfere with the purchase or sale of portfolio securities by the Trust or Other Clients. However, the Rules and this Code of Ethics apply to all affiliated persons of the Trust or Other Clients (including the Advisor) and affiliated persons of the Advisor ("Covered Persons").

The Rules make it "unlawful" for Covered Persons to engage in conduct which is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of securities by an investment company or the Advisor. Accordingly, under the Rules and this Code of Ethics no Covered Person shall use any information concerning the investments or investment intentions of the Trust or Other Clients, or his ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Trust or Other Clients.

In addition, no Covered Person shall, directly or indirectly in connection with the purchase or sale of a "security held or to be acquired" by the Trust or Other Clients:

employ any device, scheme or artifice to defraud the Trust or Other Clients;

make to the Trust or any Other Client, or [the Advisor] any untrue statement of a material fact or omit to state to any of the foregoing a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or Other Clients; or

engage in any manipulative practice with respect to the Trust or Other Clients.

This Code of Ethics acknowledges the general principles that Covered Persons: (i) owe a fiduciary obligation to the Trust and Other Clients; (ii) have the duty at all times to place the interests of the Trust and Other Clients and their respective shareholders, if any, first; (iii) must conduct all personal securities transactions in such a manner as to avoid any actual or potential conflict of interest or abuse of an individual's position of trust and responsibility; (iv) should not take inappropriate advantage of their positions in relation to the Trust or Other Clients; (v) must comply with the federal securities laws as that term is defined in Rule 204A-1; and (vi) to safeguard nonpublic information about the Trust and Other Clients and their accounts, securities, instructions and interests.

Each person receiving a copy of this Code of Ethics must acknowledge receipt in writing on the form supplied by the Administrator of the Code annexed hereto as Exhibit 1 and must promptly return the signed form to the Administrator.

Definitions (as used herein)

1. Access Person: (i) any officer, trustee, director or employee of the Advisor, including any such person who has access to nonpublic information regarding any client’s purchase or sale of securities or nonpublic information regarding the portfolio holdings of any reportable fund, including the Trust or any affiliated mutual fund, or who is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic, or of the Trust or Other Clients; (ii) any employee of any company in a control relationship to the Advisor or the Trust or Other Clients who, in connection with his regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of securities by the Trust or Other Clients, or whose functions or duties relate to the making of any recommendations with respect to such purchases or sales; and (iii) any natural person in a control relationship to the Advisor or the Trust or Other Clients who obtains information concerning recommendations made for the purchase or sale of securities by the Trust or Other Clients. Persons meeting the criteria set forth in (ii) and (iii) of this paragraph are referred to as “Investment Persons.”

2. Affiliated Person: (i) any person directly or indirectly owning, controlling or holding with power to vote, five percent or more of the outstanding voting securities of such other person; (ii) any person five percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by such other person; (iii) any person directly or indirectly controlling, controlled by, or under common control with, such other person; (iv) any officer, trustee, director, partner, copartner, or employee of such other person; and (v) any investment adviser of the Trust or Other Clients.

3. Beneficial Interest: any interest by which an Access Person or any member of his immediate family (relative by blood or marriage living in the same household), can directly or indirectly derive a monetary benefit from the purchase, sale (or other acquisition or disposition) or ownership of a security, except such interests as the Administrator of this Code of Ethics shall

determine to be too remote for the purpose of this Code of Ethics. (A transaction in which an Access Person acquires or disposes of a security in which he has or thereby acquires a direct or indirect Beneficial Interest will be referred to in this Code of Ethics as a "personal securities" transaction or as a transaction for the person's "own account").

4. Control: the power to exercise a controlling influence over the management or policies of a company (unless such power is solely the result of an official position with such company). Any person who owns beneficially, directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company. Natural persons shall be presumed not to be controlled persons.

5. Covered Person shall have the meaning set forth in Section 2 of this Code of Ethics.

6. Investment Person: an Access Person defined above and includes a trader, as defined below, in portfolio securities.

7. Portfolio Manager: an Access Person who is responsible for making decisions as to securities to be bought or sold for the Trust's portfolios or for Other Clients.

8. Trader: an Access Person who is responsible for effecting portfolio security transactions on behalf of the Trust or Other Clients.

9. Security includes all stock, debt obligations and other instruments comprising the investments of the Trust or Other Clients, including any warrant or option to acquire or sell a security and financial futures contracts, but excludes securities issued by the U.S. government or its agencies, bankers' acceptances, bank certificates of deposit, commercial paper and shares of a mutual fund (including money market funds). References to a "Security" in this Code of Ethics shall include any warrant for, option in, or security immediately convertible into that "Security."

A "security held or to be acquired" by the Trust or Other Clients means any Security (as defined above) which, within the most recent seven days: (i) is or has been held by the Trust or Other Clients; or (ii) is being or has been considered for purchase by the Trust or Other Clients.

A security is "being considered for purchase or sale" from the time an order is given by or on behalf of the Trust or Other Clients until all orders with respect to that security are completed or withdrawn.

Prohibited Transactions

Subject to any more limiting requirement set forth below, an Access Person may not effect a personal securities transaction if he knows or, in the ordinary course of business, should know at the time of entering into the transaction that: (i) the Trust or Other Clients have engaged in a transaction in the same security within the last seven days, or is engaging in a transaction or is going to engage in a

transaction in the same security in the next seven days; or (ii) within the last seven days a transaction in the same security for the Trust or Other Clients was considered or is being considered or within the next seven days is going to be considered, unless such Access Person obtains advance clearance of such transaction and reports to the Trust or Other Clients, as applicable, the information described in Section 7 of this Code of Ethics.

Initial Public Offerings and Private Placements. Advance clearance and approval for any acquisition of securities by an Access Person in an initial public offering or private placement must be obtained and any such acquisitions will be promptly reported to the Board of Trustees of the Trust.

Blackout Periods. An Investment Person may not effect a personal securities transaction on a day during which the Trust or Other Clients have a pending "buy" or "sell" order in that same security until that order is executed or withdrawn. In addition, a portfolio manager may not buy or sell a security for his own account within at least seven calendar days before and after a fund or account that he manages trades in that security. Any profits realized on trades within the proscribed periods will have to be disgorged.

3. Gifts. An Investment Person may not accept any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Trust or Other Clients.

Service as a Director. An Investment Person may not serve on the board of directors of any publicly traded company, without prior authorization of the Chief Executive Officer of the Advisor which is based upon a determination that the board service would not be inconsistent with the interests of the Trust and its shareholders and Other Clients and their shareholders, as applicable. If and when such board service is authorized, the Investment Person serving as a director will be isolated from other Investment Persons who make investment decisions involving that company through "Chinese Wall" or other procedures.

Advance Clearance Requirement

1. Procedures

From Whom Obtained. Advance clearance of a personal securities transaction required to be approved under this Code of Ethics must be obtained from the Administrator of this Code of Ethics.

b. Time of Clearance. Transaction clearances must be obtained no more than three (3) days prior to the transaction. If the trade is not made within three (3) days of the date of clearance, a new clearance must be obtained.

Form. Clearance must be obtained in writing by completing and signing a form provided for that purpose by the Trust or Other Clients, which form shall set forth the details of the proposed transaction, and obtaining the signature of the Administrator. An example of such Form is annexed hereto as Schedule A

Filing. A copy of all completed clearance forms, with all required signatures, shall be retained by the Administrator of this Code of Ethics.

Factors Considered in Clearance of Personal Transactions. The Administrator may refuse to grant clearance of a personal transaction in his sole discretion without being required to specify any reason for the refusal. Generally, the Administrator of this Code of Ethics will consider the following factors in determining whether or not to clear a proposed transaction:

(1)

Whether the amount or nature of the transaction or person making it is likely to affect the price or market for the Security;

(2)

Whether the individual making the proposed purchase or sale is likely to benefit from purchases or sales being made or being considered by the Trust or Other Clients;

(3)

Whether the Security proposed to be purchased or sold is one that would qualify for purchase or sale by the Trust or Other Clients;

(4)

Whether the transaction is nonvolitional on the part of the individual, such as receipt of a stock dividend or a sinking fund call.

Exempt Transactions

Neither the prohibitions nor the reporting requirements of this Code of Ethics apply to:

Purchase, sales, or other acquisitions or dispositions of Securities for an account over which the Covered Person or Access Person has no direct influence or control and does not exercise indirect influence or control;

Purchases, sales, or other acquisitions or dispositions of Securities which are not eligible for purchase or sale by the Trust or Other Clients;

Involuntary purchases or sales made by a Covered Person or an Access Person;

Purchases which are part of an automatic investment plan, including dividend reinvestment plans;

Purchases or other reacquisitions or dispositions resulting from the exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of Securities of such issuer and the sale of such rights;

Purchases, sales, or other acquisitions or dispositions which receive the prior approval of the Administrator upon consideration of the factors stated in paragraph e(2) above and/or because:

their potential harm to the Trust or Other Clients is remote;

they would be unlikely to affect a highly institutional market; or

they are clearly not related economically to Securities being considered for purchase or sale by the Trust or Other Clients.

Purchase or sale of securities issued by the U.S. government or its agencies, banker’s acceptances, bank certificates of deposit, commercial paper and shares of a mutual fund, provided, however, that investments in mutual funds that are advised by the Advisor or its affiliates, or for which the Advisor or its affiliates serves as principal underwriter must be reported in accordance with the terms of this Code.

Reporting Requirements

Reporting Requirements - Quarterly Transactions. Within 10 days after the end of each calendar quarter, each Access Person shall make a written report to the Administrator of this Code of Ethics of all non-exempt transactions occurring in the quarter by which they acquired or disposed of a Beneficial Interest in any Security, except if the report would duplicate information contained in broker trade confirmations or account statements held in records so long as the Administrator received such confirmations and statements no later than 30 days after the end of the applicable calendar quarter.

Such report must be dated and contain the following information with respect to each reportable transaction and/or brokerage account established by the Access Person in which he held any securities during the quarter and shall be current as of a date no more than 45 days prior to the date the person became an Access Person or the filing of the report, as the case may be: (i) date and nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (ii) title, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date (if applicable), number of share or principal amount of each Security and the price at which the transaction was effected; (iii) name of the broker, dealer or bank with or through whom the transaction was effected; and (iv) the name of the broker, dealer or bank with whom the Access Person established the account, and the date the account was established.

Such report may contain a statement that the report is not to be construed as an admission that the person making it has or had any direct or indirect Beneficial Interest in any Security to which the report relates.

Notwithstanding the quarterly reporting requirement set forth above, a Trustee of the Trust or a director of an investment company managed or advised by the Advisor who is not an "interested person" of the Trust or the investment company, respectively, as such term is defined in Section 2(a)(19) of the Act, shall not be subject to such reporting requirement except where such Trustee knew or, in the ordinary course of fulfilling his official duties as a Trustee of the Trust, should have known that during the seven day period immediately preceding or after the date of the transaction in a security by the Trustee, such security is or was purchased or sold by the Trust or such purchase or sale by the Trust is or was considered by the Trust or the Trust's Advisor or advisers.

Reporting Requirements - Initial and Annual Holdings. Each Access Person must disclose all personal holdings in securities (including any privately-placed securities) to the Administrator

of this Code of Ethics for review no later than 10 days after becoming an Access Person and annually thereafter. Each initial and annual holdings report must contain the following information: (i) the title, number of securities and principal amount of each Security in which the Access Person has any direct or indirect beneficial ownership; (ii) the name of the broker, dealer or financial institution with or through whom the Access Person maintains an account in which any securities were held for the direct or indirect benefit of the Access Person; and (iii) the date the report is submitted by the Access Person. Each report must be current as of a date no more than 45 days prior to the date the person became an access person or before the report is submitted, as the case may be.

Form of Reports. The reports may be on the form provided by the Trust or Other Clients or may consist of trade confirmations and/or broker account statements received by the Administrator of the Code in the prescribed time periods, which provide at least the same information. A copy of each of the Trust's and Advisor’s reporting forms is attached hereto as Schedule B.

Responsibility to Report. The responsibility for taking the initiative to report is imposed on each individual required to make a report. Any effort by the Trust or Other Clients to facilitate the reporting process does not change or alter that responsibility

Where to File Report. All reports must be filed with the Administrator of this Code of Ethics.

Certification of Compliance

Each Access Person must certify in writing, in the form attached hereto as Exhibit 1, within 30 days of each year that he has: (i) read this Code of Ethics, including any amendments thereto, and understood it; (ii) complied with the Code’s requirement during the past year; (iii) disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code; and (iv) reported all violations of this Code and the federal securities laws, as that term is defined in Rule 204A-1, to the Administrator.

Confidentiality of Transactions

Until disclosed in a public report to shareholders or to the SEC in the normal course, all information concerning Securities "being considered for purchase or sale" by the Trust or Other Clients shall be kept confidential by all Access Persons and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Administrator of this Code of Ethics to report any inadequacy found by him to the Board of Trustees of the Trust or the relevant parties with respect to Other Clients.

Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by the Chief Financial Officer of the Trust, or the Chief Compliance Officer of the Advisor of the Trust or Other Clients as may be deemed appropriate under the circumstances to achieve the purposes of the Rules and this Code of Ethics which may include suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Trust or Other Clients and the more advantageous price paid or received by the offending person.

Sanctions for violation of this Code of Ethics by a Trustee of the Trust will be determined by a majority vote of its Independent Trustees. Sanctions for violations of this Code of Ethics with respect to Other Clients will be determined by such parties as is determined by such Other Clients.

Administration and Construction

The administration of this Code of Ethics with respect to the Trust and the Advisor shall be the responsibility of the Chief Financial Officer of the Trust and the Advisor, as the case may be, who shall serve as the "Administrator" of this Code of Ethics. The Administrator of the Code with respect to Other Clients shall be the respective Chief Compliance Officer of such investment companies.

The duties of such Administrator shall include:

Continuous maintenance of a current list of the names of all Access Persons with an appropriate description of their title or employment;

Providing each Access Person a copy of this Code of Ethics and informing them of their duties and obligations thereunder, and assuring that Covered Persons who are not access persons are familiar with applicable requirements of this Code of Ethics;

Supervising the implementation of this Code of Ethics by the Advisor or Other Clients and the enforcement of the terms hereof by the Advisor;

Maintaining or supervising the maintenance of all records and reports required by this Code of Ethics;

Preparing listings of all transactions effected by any Access Person within seven days of the date on which the same security was held, purchased or sold by the Trust or Other Clients;

Determining whether any particular securities transaction should be exempted pursuant to the provisions of this Code of Ethics;

Issuing either personally or with the assistance of counsel as may be appropriate, any interpretation of this Code of Ethics which may appear consistent with the objectives of the Rules and this Code of Ethics;

Conducting of such inspections or investigations, including scrutiny of the listings referred to in the preceding subparagraph, as shall reasonably be required to detect and report, with his recommendations, any apparent violations of this Code of Ethics to the Board of Trustees of the Trust or the appropriate parties with respect to Other Clients;

Submitting a quarterly report to the Trustees of the Trust containing a description of any violation and the sanction imposed; transactions which suggest the possibility of a violation of interpretations issued by and any exemptions or waivers found appropriate by the Administrator; and any other significant information concerning the appropriateness of this Code of Ethics.

Required Records

The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records:

A copy of any Code of Ethics adopted pursuant to the Rule which has been in effect during the past five years;

A record of any violation of any such Code of Ethics and of any action taken as a result of such violation;

A copy of each report made by the Administrator within two years from the end of the fiscal year of the Trust or Other Client (or, in the case of a separate account, the opening of the account) in which such report or interpretation is made or issued and for an additional three years in a place which need not be easily accessible; and

A record of all written acknowledgements as required by Rule 204A-1(a)(5) of the Advisers Act and as required by this Code for each person who is currently or within the past five years, required to provide such written authorization;

A record of each report made by an Access Person as required by Rule 204A-1(b) of the Advisers Act and as required by this Code, including the following information provided in lieu of such reports as permitted by Rule 204A-1(b)(3)(iii): a transaction report if the report would duplicate information contained in broker trade confirmations or account statements that are held as records so long as they are received by the Administrator no later than 30 days after the end of the applicable calendar quarter.

A list of all persons who are, or within the past five years have been, required to make reports pursuant to the Rule and this Code of Ethics and a record of the names of persons who are currently, or within the past five years were, Access Persons of the Advisor.

The record of any decision and reasons supporting the decision to approve any acquisitions by Access Persons of private placements or Initial Public Offering securities for at least five years after the end of the fiscal year in which such approval was granted.

Amendments and Modifications

With respect to the Trust, this Code of Ethics may not be amended or modified except in a written form which is specifically approved by majority vote of the Independent Trustees of the Trust.

With respect to the Trust, this Code of Ethics was most recently adopted by the Board of Trustees of the Trust, including a majority of its Independent Trustees, at a meeting held on [ ].

Chairman and President of the Board of Trustees of the Trust, and Chairman, President and
Chief Executive Officer of the Advisor

Exhibit 1

ACKNOWLEDGEMENT AND COMPLIANCE CERTIFICATION

I have received a copy of the current Code of Ethics. I have read and understand the terms of the above Code of Ethics. I recognize the responsibilities and obligations that I have incurred as a result of my being subject to this Code of Ethics, and hereby agree to abide by the terms of the above Code of Ethics.

Signature Date

Print Name

SCHEDULE A

REQUEST FOR PERMISSION

TO ENGAGE IN PERSONAL TRANSACTION

I hereby request permission to effect a transaction in securities as indicated below for my own account or other account in which I have a beneficial interest or legal title.

(Use approximate dates and amounts of proposed transactions.)

PURCHASES AND ACQUISITIONS

SALES AND OTHER DISPOSITIONS

Signature Date

Print Name

SCHEDULE B

QUARTERLY SECURITIES TRANSACTIONS
CONFIDENTIAL REPORT

The following list of transactions in securities in which I had any direct or indirect beneficial ownership and a list of accounts I established during the last calendar quarter (if no transactions took place write “None”). Sign and return to the Chief Financial Officer of the Trust or the Chief Compliance Officer or the Advisor, as applicable, no later than the 10th day of the month following the end of the quarter. Use reverse side if additional space is needed.

PURCHASES AND ACQUISITIONS

SALES AND OTHER DISPOSITIONS

Date	Nature of Transaction	# of Shares or Principal Amount	Title of Security	Exchange Symbol or CUSIP	Interest Rate	Maturity Date	Unit Price	Total Price	Broker

BROKERAGE ACCOUNTS ESTABLISHED

Name of Brokerage Account and Account Number	Broker Name and Location	Date Account Established

Signature Date

Print Name

SCHEDULE B (Part 2)

SECURITIES HOLDINGS
CONFIDENTIAL REPORT

ANNUAL OR INITIAL HOLDINGS REPORT

I hereby confirm the following items represent all holding in securities in which I have direct or indirect beneficial ownership as of _(Date)_____________________________, and which must be reported pursuant to the Code of Ethics of The James Alpha Funds Trust and James Alpha Advisors, LLC:

Name of Security	No. of Shares of Principal Amount	Broker

I also hereby certify that set forth below is a listing of all brokerage accounts and other accounts holding securities maintained by me.

Name of Brokerage Account	Broker Name and Location	Account Number

Signature Date

Print Name

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