N-CSR 1 easterly-incomeopp_ncsr.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

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: 11/30/23

 

Amended to update trust name.

 

Item 1. Reports to Stockholders.

 

 

 

(LOGO)

 

 

 

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

 

 

 

 

 

 

CLASS A, C, I AND R6 SHARES

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT 

November 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 29, 2024

 

Dear Shareholder:

 

Easterly Income Opportunities Fund (JSVIX) posted 4.42% for the period from November 30, 2022, to November 30, 2023, outperforming the Bloomberg Aggregate Index by 3.24%. The main contributors were overweight allocations to RMBS and CMBS as well as a shorter duration compared to the Index. The main detractors were an overweight to Corporate Structured Notes (CMS spread floaters) and a High Yield hedge in the form of a CDX HY contract where we bought protection on a benchmark CDX index.

 

Based on all available statistics at the end of November 2023, the Federal Reserve can pat itself on the back as it was able to produce a near perfect script following a tumultuous 2022. After 150bp of interest rate hikes, the Fed has been able to bring down core CPI to 4.0% YoY in Q4 2023 from a high of 6.6% YoY in Q3 2022. The reduction in inflation didn’t come at the cost of a much-anticipated recession or even any meaningful rise in unemployment. Amazingly, the real GDP is set to increase to 2.6% YoY in 2023 after reaching 2.1% in 2022 while the unemployment rate only inched higher by 0.1% relative to Q4 2022 at 3.7%. In an even more stunning twist, the Fed and US economy were able to successfully navigate the regional banking crisis that produced 2 out of the 3 largest banking failures in US history while US equity markets, led by the Big Tech Magnificent 71 soared to new all-time highs. Jerome Powell did draw down $1.7 trillion from RRP (Reverse Repo Program) balances to offset $1.3 trillion of the Quantitative Tightening (QT) related reduction of the Fed’s balance sheet.

 

At the end of Q4 2023 the Federal reserve began to signal a likely end of interest rate hikes as the inflation rate was on the right trajectory to the Fed’s target of 2.0%. Interest rates exhibited an elevated volatility throughout 2023 with 10-year Treasury rising by 72bp while 2-year was up 37bp from November 2022 to November 2023. Higher rates were primarily driven by high US budget deficits that averaged 8% of GDP in 2023.

 

US credit markets had strong returns over the past 12 months with US Investment-grade Corporates up 4.01% while the Bloomberg Corporate High Yield index managed an impressive 9.37% return from 11/2022 to 11/2023 with around 100bp of spread tightening versus Treasuries. Structured credit sectors had mixed returns relative to corporate credit. New issue on-the-run sectors like GSE Credit Risk Transfer (CRTs) and BBB/BB Non-Qualified Mortgage (Non-QM) tranches saw 200-450bp of spread tightening relative to Treasuries as the credit curve flattened for the new issue RMBS. However, Legacy RMBS spreads were roughly flat in 2023 while CMBS on-the-run and legacy spreads widened over the last 12 months as a toxic mixture of higher interest rates, lower collateral values, declining credit availability and structural headwinds affecting office and retail collateral pushed many CMBS investors away amidst thin liquidity.

 

 

1The Magnificent 7 stocks include: Amazon.com (AMZN), Apple (AAPL), Google parent Alphabet (GOOGL), Meta Platforms (META), Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA). Not to be construed as an offer or solicitation of an offer to buy or sell specific securities. Past performance is not an indication of future results.

1

 

The Fund benefited from its opportunistic investment approach in RMBS and sections of the CMBS market. In RMBS our Prime 2.0 and Non-QM subordinate positions made the most contribution to the portfolio’s price return while Legacy RMBS contributed to the portfolio’s carry. In CMBS space, 12% allocation to Small Balance Commercial (SBC) and Agency CMBS sectors made the biggest contribution within the CMBS allocation. The portfolio’s hedges included a short interest rate hedge using an interest rate swap and a short exposure to US HY market via CDX HY protection hedge some of the credit exposure. Portfolio hedges subtracted 0.03% from the overall return as credit spreads tightened into Fiscal year end. The Fund does not have a policy or practice of maintaining a specified level of distribution or yield payout to shareholders.

 

20240130-3358128

2

 

Easterly Income Opportunities Fund

PORTFOLIO REVIEW (Unaudited)

November 30, 2023

 

The Fund’s performance figures* for each of the periods ended November 30, 2023, compared to its benchmarks:

 

    Annualized Annualized
  1 Year Return 5 Year Return Since Inception**
Class A 4.04% 4.75% 4.81%
Class A With Load 2.00% 3.51% 3.64%
Class C 3.37% 3.69% 3.80%
Class I 4.42% 4.66% 4.70%
Class R6 4.86% 5.05% 5.09%
Bloomberg US Aggregate Bond Index(a) 1.18% 0.71% 0.51%

 

*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 (833) 999-2636. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated April 1, 2023 and supplement dated November 6, 2023, is 1.86%, 2.61%, 1.61%, and 1.61% for the A, C, I and R6 Classes, respectively.

 

(a)The Bloomberg U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. 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 INCOME OPPORTUNITIES FUND VS. BENCHMARK

 

(LINE GRAPH)

 

Top 10 Holdings by Industry *     % of Net Assets 
Collateralized Mortgage Obligations   32.5%
Non Agency CMBS   25.7%
U.S. Treasury Notes   5.5%
Institutional Financial Services   4.2%
Home Equity   3.7%
Banking   3.7%
Specialty Finance   3.7%
Residential Mortgage   3.0%
CDO   2.3%
Agency CMBS   1.9%
Other/Cash & Equivalents   13.8%
    100.0%
      
*Does not include derivative holdings
   
Please refer to the Schedule of Investments for a more detailed breakdown of the Fund’s assets.

3

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8%              
     AGENCY CMBS — 1.9%              
 847,054   Freddie Mac Multifamily Structured Pass Through Series K092 X3(a),(b)     2.2490  05/25/47  $84,304 
 2,848,068   FREMF Mortgage Trust Series 2017-KF37 B(c),(d)  SOFR30A + 2.864%  8.1840  06/25/27   2,721,295 
 2,678,719   FREMF Mortgage Trust Series 2019-KF63(c),(d)  SOFR30A + 2.464%  7.7840  05/25/29   2,350,981 
 55,821   Government National Mortgage Association Series 2012-27 IO(a),(b)     0.2300  04/16/53   127 
 96,616   Government National Mortgage Association Series 3 IO(a),(b)     0.6400  02/16/61   4,452 
 692,796   Government National Mortgage Association Series 210 IO(a),(b)     0.6960  07/16/64   42,340 
 40,000   Government National Mortgage Association Series 196 BE(b)     3.0000  10/16/64   27,207 
 40,000   Government National Mortgage Association Series 220 E(b)     3.0000  10/16/64   25,110 
 695,273   Government National Mortgage Association Series 216 IO(a),(b)     0.7500  07/16/65   40,946 
 923,183   Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10(c),(d)  SOFR30A + 3.364%  8.6930  10/25/49   885,103 
                  6,181,865 
     AUTO LOAN — 0.9%              
 519,062   ACM Auto Trust Series 2023-2A A(c)     7.9700  06/20/30   520,384 
 334,000   Flagship Credit Auto Trust Series 2020-3 E(c)     4.9800  12/15/27   311,181 
 100,000   SFS Auto Receivables Securitization Trust Series 2023-1A C(c)     5.9700  02/20/31   98,755 
 3,500,000   US Auto Funding Series 2021-1A D(c)     4.3600  03/15/27   2,026,892 
                  2,957,212 
     CDO — 2.3%              
 109,353   Aspen Funding I Ltd. Series 2002-1x     9.0600  07/10/37   110,433 
 4,612,046   Galleria CDO V Ltd. Series 5A B(c),(d)  US0003M + 2.400%  8.0630  09/19/37   4,461,172 
 3,417,418   Mid Ocean CBO Ltd. Series 2001-1X A1L(d)  US0003M + 0.500%  2.3910  11/05/36   290,665 
 3,000,000   Tropic CDO IV Ltd. Series 2004-4A A3L(c),(d)  US0003M + 1.000%  6.6550  04/15/35   2,422,860 
                  7,285,130 
     CLO — 1.7%              
 500,000   Ellington Clo III Ltd. Series 2018-3A D(c),(d)  TSFR3M + 4.002%  9.4170  07/20/30   510,590 
 200,000   GC FTPYME Pastor FTA Series 4(d)  EUR003M + 2.400%  6.4020  07/15/45   73,554 
 142,544   Halcyon Loan Advisors Funding Ltd. Series 2014-2A C(c),(d)  TSFR3M + 3.762%  9.1520  04/28/25   142,547 
 957,044   Halcyon Loan Advisors Funding Ltd. Series 2013-2A D(c),(d)  TSFR3M + 4.062%  9.4390  08/01/25   647,562 
 250,000   Nassau Ltd. Series 2018-IA E(c),(d)  TSFR3M + 6.112%  11.5050  07/15/31   173,265 
 500,000   Peaks CLO 2 Ltd. Series 2017-2A CR(c),(d)  TSFR3M + 3.862%  9.2770  07/20/31   483,964 
 2,750,000   Peaks CLO 2 Ltd. Series 2017-2A DR(c),(d)  TSFR3M + 5.262%  10.6770  07/20/31   2,435,270 
 500,000   Steele Creek Clo Ltd. Series 2018-2A D(c),(d)  TSFR3M + 3.662%  9.0290  08/18/31   448,467 
                    

See accompanying notes to financial statements

4

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     CLO — 1.7% (Continued)              
 500,000   Zais Clo Ltd. Series 2019-13A D1(c),(d)  TSFR3M + 4.782%  10.1750  07/15/32  $458,750 
                  5,373,969 
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5%              
 80,146   ABN Amro Mortgage Corporation Series 2003-11 A4     5.5000  10/25/33   75,964 
 253,525   Adjustable Rate Mortgage Trust Series 2005-3 7A1(b)     5.3760  07/25/35   221,056 
 475,639   Adjustable Rate Mortgage Trust Series 2005-6A 2A2(d)  TSFR1M + 0.954%  6.2970  11/25/35   154,593 
 33,505   Alternative Loan Trust Series 1998-4 IIA3(e)     5.8320  08/25/28   32,178 
 89,123   Alternative Loan Trust Series 2005-J1 3A1     6.5000  08/25/32   86,039 
 26,623   Alternative Loan Trust Series 2004-J11 3A1     7.2500  08/25/32   26,699 
 108,968   Alternative Loan Trust Series 2003-J2 A1     6.0000  10/25/33   105,979 
 102,694   Alternative Loan Trust Series 2003-J3 1A3     5.2500  11/25/33   88,861 
 17,495   Alternative Loan Trust Series 2003-22CB 1A1     5.7500  12/25/33   17,037 
 33,670   Alternative Loan Trust Series 2003-J3 2A1(g)     6.2500  12/25/33   32,795 
 8,997   Alternative Loan Trust Series 2004-16CB 1A1     5.5000  07/25/34   8,669 
 136,090   Alternative Loan Trust Series 2004-J8 2A1     7.0000  08/25/34   120,023 
 54,247   Alternative Loan Trust Series 2004-J10 2CB1     6.0000  09/25/34   52,851 
 45,282   Alternative Loan Trust Series 2004-15 1A2(b)     6.2410  09/25/34   42,462 
 565,823   Alternative Loan Trust Series 2004-J10 5CB1     5.5000  11/25/34   534,960 
 427,471   Alternative Loan Trust Series 2004-28CB 2A4     5.7500  01/25/35   383,794 
 80,024   Alternative Loan Trust Series 2004-28CB 3A1     6.0000  01/25/35   69,536 
 38,709   Alternative Loan Trust Series 2004-28CB 6A1     6.0000  01/25/35   35,038 
 31,966   Alternative Loan Trust Series 2005-3CB 1A9     5.0000  03/25/35   25,663 
 132,574   Alternative Loan Trust Series 2005-6CB 1A6     5.5000  04/25/35   111,393 
 76,516   Alternative Loan Trust Series 2005-14 2A1(d)  TSFR1M + 0.534%  5.8770  05/25/35   63,854 
 136,479   Alternative Loan Trust Series 2005-J8 1A5     5.5000  07/25/35   95,134 
 182,461   Alternative Loan Trust Series 2005-27 2A1(d)  12MTA + 1.350%  6.1500  08/25/35   144,054 
 40,736   Alternative Loan Trust Series 2005-J11 2A1     6.0000  10/25/35   20,509 
 52,601   Alternative Loan Trust Series 2005-J11 1A3     5.5000  11/25/35   29,696 
 32,385   Alternative Loan Trust Series 2005-54CB 1A11     5.5000  11/25/35   24,612 
 96,551   Alternative Loan Trust Series 2005-61 2A1(d)  TSFR1M + 0.674%  6.0170  12/25/35   84,164 
 125,942   Alternative Loan Trust Series 2005-72 A3(d)  TSFR1M + 0.714%  6.0570  01/25/36   113,101 
 105,859   Alternative Loan Trust Series 2006-40T1 2A1     6.0000  12/25/36   31,770 
 43,355   Alternative Loan Trust Resecuritization Series 2005-12R A3     6.0000  11/25/34   40,396 
 1,068,047   Alternative Loan Trust Resecuritization Series 2005-12R A4     6.0000  11/25/34   995,145 
                    

See accompanying notes to financial statements

5

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 369,552   Alternative Loan Trust Resecuritization Series 2008-2R 2A1(b)     4.0150  08/25/37  $156,681 
 93,783   American Home Mortgage Investment Trust Series 2004-1 2M1(d)  TSFR6M + 2.428%  7.8630  04/25/44   83,730 
 1,879,000   Angel Oak Mortgage Trust Series 2021-6 M1(b),(c)     2.7720  09/25/66   1,058,469 
 127,371   APS Resecuritization Trust Series 2016-3 3A(c),(d)  TSFR1M + 2.964%  8.3070  09/27/46   127,243 
 188,063   Banc of America Alternative Loan Trust Series 2003-8 1CB1     5.5000  10/25/33   180,257 
 102,933   Banc of America Alternative Loan Trust Series 2004-6 3A1     6.0000  07/25/34   97,570 
 58,838   Banc of America Alternative Loan Trust Series 2007-1 1A1(b)     3.9860  02/25/57   48,260 
 216,710   Banc of America Funding Trust Series 2005-1 1A1     5.5000  02/25/35   194,578 
 42,326   Banc of America Funding Trust Series 2005-E 8A1(d)  12MTA + 1.430%  6.3590  06/20/35   29,919 
 30,526   Banc of America Funding Trust Series 2015-R4 5A1(c),(d)  TSFR1M + 0.264%  5.5890  10/25/36   30,288 
 88,269   Banc of America Funding Trust Series 2007-2 1A8(a)     6.0000  03/25/37   16,949 
 704,330   Banc of America Funding Trust Series 2006-I 4A1(b)     4.0840  10/20/46   575,923 
 16,582   Banc of America Mortgage Trust Series 2002-L 1A1(b)     3.5500  12/25/32   12,376 
 50,675   Banc of America Mortgage Trust Series 2005-E 2A1(b)     4.5840  06/25/35   42,109 
 43,789   Banc of America Mortgage Trust Series 2005-F 3A1(b)     5.2540  07/25/35   35,110 
 69,393   Banc of America Mortgage Trust Series 2005-G 2A1(b)     5.1300  08/25/35   58,672 
 25,414   Banc of America Mortgage Trust Series 2005-H 2A1(b)     5.1240  09/25/35   20,804 
 127,961   Banc of America Mortgage Trust Series 2005-L 2A4(b)     3.9890  01/25/36   102,191 
 841,585   BCAP, LLC Series 2014-RR2 7A2(c),(d)  TSFR1M + 0.314%  4.7810  01/26/38   803,594 
 1,595,920   BCAP, LLC Trust Series 2011-RR5 12A1(c),(e)     4.5260  03/26/37   1,547,251 
 838,498   BCAP, LLC Trust Series 2011-RR10 1A2(b),(c)     5.0000  03/26/37   655,139 
 3,598   Bear Stearns ALT-A Trust Series 2004-11 2A1(b)     3.0710  11/25/34   3,294 
 31,839   Bear Stearns ARM Trust Series 2003-5 1A1(b)     5.8670  08/25/33   29,518 
 4,211   Bear Stearns ARM Trust Series 2003-7 6A(b)     5.6140  10/25/33   3,932 
 43,250   Bear Stearns ARM Trust Series 2003-8 2A1(b)     3.8970  01/25/34   39,353 
 105,998   Bear Stearns ARM Trust Series 2004-1 124M(b)     4.1790  04/25/34   89,784 
 11,476   Bear Stearns ARM Trust Series 2004-1 21A1(b)     4.9230  04/25/34   10,281 
 111,760   Bear Stearns ARM Trust Series 2004-5(b)     3.6770  07/25/34   89,112 
 95,797   Bear Stearns ARM Trust Series 2004-6 3A(b)     5.8900  09/25/34   67,314 
 878,603   Bear Stearns ARM Trust Series 2004-8 13A1(b)     4.0640  11/25/34   785,497 
 47,095   Bear Stearns ARM Trust Series 2004-8 2A1(b)     4.7030  11/25/34   42,714 
 41,852   Bear Stearns ARM Trust Series 2004-10 12A5(b)     4.2950  01/25/35   39,297 
 916,814   Bear Stearns ARM Trust Series 2007-3 2A1(b)     3.7320  05/25/47   729,436 
 582,668   Bear Stearns Asset Backed Securities I Trust Series 2006-AC2 21A6     6.0000  03/25/36   235,459 

 

See accompanying notes to financial statements

6

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 588,796   Bear Stearns Asset Backed Securities Trust Series 2003-AC7 A1(e)     5.5000  01/25/34  $508,905 
 148,094   Bear Stearns Structured Products Inc Trust Series 2007-R6 1A1(b)     4.7580  01/26/36   118,577 
 35,215   Bella Vista Mortgage Trust Series 2004-1 1A(d)  TSFR1M + 0.814%  6.1460  11/20/34   32,834 
 65,119   BlackRock Capital Finance, L.P. Series 1997-R2 1B1(b),(c)     3.5020  12/25/35   48,839 
 240,421   Brean Asset Backed Securities Trust Series 2021-RM2 A(b),(c)     1.7500  10/25/61   197,374 
 169,288   Brean Asset Backed Securities Trust Series 2022-RM5 A(b),(c)     4.5000  09/25/62   147,247 
 2,133,511   Brean Asset Backed Securities Trust Series 2023-RM6 A2(c),(e)     5.2500  01/25/63   1,814,638 
 3,241,666   Brean Asset Backed Securities Trust Series 2021-RM1 M1(c)     1.6000  10/25/63   1,888,228 
 606,924   Cascade Funding Mortgage Trust Series 2018-RM2 D(b),(c)     4.0000  10/25/68   576,356 
 2,854,813   Cascade Funding Mortgage Trust Series 2019-RM3 D(b),(c)     4.0000  06/25/69   2,330,603 
 72,306   CDMC Mortgage Pass-Through Certificates Series 2004-4 A8(b)     5.4370  09/25/34   67,728 
 82,333   CDMC Mortgage Pass-Through Certificates Series 2005-1 A4(b)     5.1050  02/18/35   76,491 
 1,003,415   Cendant Mortgage Capital, LLC CDMC Mort Pas Thr Ce Series 2004-1 A7     5.5000  02/25/34   959,085 
 230,000   CFMT, LLC Series 2022-HB9 M3(b),(c)     3.2500  09/25/37   182,862 
 92,462   Chase Home Lending Mortgage Trust Series 2019-1 B4(b),(c)     3.8900  03/25/50   70,539 
 153,698   Chase Mortgage Finance Trust Series 2004-S2 2A4     5.5000  02/25/34   144,925 
 300,076   Chase Mortgage Finance Trust Series 2006-A1 2A3(b)     5.2130  09/25/36   244,796 
 483,864   Chase Mortgage Finance Trust Series 2007-S3 AP(f)     0.0000  05/25/37   7,285 
 267,879   Chase Mortgage Finance Trust Series 2007-S3 1A17(a)     4.0000  05/25/37   65,114 
 189,112   Chevy Chase Funding, LLC Mortgage-Backed Series 2005-4A A2(c),(d)  TSFR1M + 0.364%  5.7070  10/25/36   127,715 
 99,714   CHL Mortgage Pass-Through Trust Series 2002-19 1A1     6.2500  11/25/32   82,164 
 113,802   CHL Mortgage Pass-Through Trust Series 2002-39 A37     5.7500  02/25/33   104,802 
 112,883   CHL Mortgage Pass-Through Trust Series 2003-60 2A1(b)     4.1160  02/25/34   95,581 
 27,175   CHL Mortgage Pass-Through Trust Series 2004-3 A4     5.7500  04/25/34   25,752 
 49,733   CHL Mortgage Pass-Through Trust Series 2004-6 2A1(b)     4.7370  05/25/34   45,269 
 64,932   CHL Mortgage Pass-Through Trust Series 2004-5 2A9     5.2500  05/25/34   62,967 
 73,003   CHL Mortgage Pass-Through Trust Series 2004-5 2A2     5.5000  05/25/34   71,387 
 39,145   CHL Mortgage Pass-Through Trust Series 2004-HYB2 2A(b)     4.7410  07/20/34   36,324 
 112,697   CHL Mortgage Pass-Through Trust Series 2004-J5 A4     5.5000  07/25/34   105,286 
 39,424   CHL Mortgage Pass-Through Trust Series 2004-14 4A1(b)     5.3660  08/25/34   34,885 
 57,665   CHL Mortgage Pass-Through Trust Series 2004-J9 2A6     5.5000  01/25/35   55,479 
 53,750   CHL Mortgage Pass-Through Trust Series 2004-HYB5 6A2(b)     5.0120  04/20/35   47,653 
 2,971,198   CHL Mortgage Pass-Through Trust Series 2005-14 A1     6.0000  07/25/35   1,209,702 
                    
                    

See accompanying notes to financial statements

7

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 537,547   CHL Mortgage Pass-Through Trust Series 2005-J2 3A12     5.0000  08/25/35  $320,273 
 99,632   CHL Mortgage Pass-Through Trust Series 2006-J1 3A1     6.0000  02/25/36   40,413 
 81,098   CHL Mortgage Pass-Through Trust Series 2007-HY1 2A1(b)     3.7650  03/25/37   70,988 
 292,314   CHL Mortgage Pass-Through Trust Series 2007-15 2A2     6.5000  09/25/37   106,860 
 250,000   CHNGE Mortgage Trust Series 2023-1 M1(b),(c)      8.3630  03/25/58   243,816 
 225,000   CHNGE Mortgage Trust Series 2022-2 B2(b),(c)     4.6220  03/25/67   131,430 
 855,206   CIM Trust Series 2019-J1 B3(b),(c)     3.9440  08/25/49   682,617 
 123,458   Citicorp Mortgage Securities REMIC Pass-Through Series 2005-4 1A5     5.5000  07/25/35   115,431 
 36,708   Citicorp Mortgage Securities Trust Series Series 2006-6 A4     6.0000  11/25/36   35,069 
 74,496   Citicorp Mortgage Securities Trust Series Series 2007-2 APO(f)     0.0000  02/25/37   38,255 
 181,497   Citicorp Mortgage Securities Trust Series Series 2007-4 1A5     6.0000  05/25/37   155,899 
 1,469   Citicorp Mortgage Securities Trust Series Series 2005-7 2A1     5.0000  10/25/55   1,441 
 102,726   Citigroup Global Markets Mortgage Securities VII, Series 1997- HUD2 B2(b)     7.0000  07/25/24   2,527 
 3,789   Citigroup Global Markets Mortgage Securities VII, Series 2002- HYB1 B2(b)     6.2320  09/25/32   3,337 
 159,336   Citigroup Mortgage Loan Trust Series 2009-10 6A2(b),(c)     5.8900  09/25/34   136,895 
 176,996   Citigroup Mortgage Loan Trust Series 2009-4 7A5(b),(c)     5.4840  05/25/35   161,473 
 55,948   Citigroup Mortgage Loan Trust Series 2014-10 4A1(c),(b)     5.6080  02/25/37   55,203 
 561   Citigroup Mortgage Loan Trust Series 2010-9 5A3(c),(e)     5.7020  03/25/37   554 
 42,973   Citigroup Mortgage Loan Trust Series 2015-RP2 A(c)     4.2500  01/25/53   38,936 
 300,000   Citigroup Mortgage Loan Trust Series 2020-EXP1 B1(b),(c)     4.4670  05/25/60   230,432 
 258,543   CITIGROUP MORTGAGE LOAN TRUST Series 2021-J1 A4A(b),(c)     2.5000  04/25/51   196,565 
 11,432   Citigroup Mortgage Loan Trust, Inc. Series 2003-1 3A4     5.2500  09/25/33   10,139 
 101,878   Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A4(b)     5.7890  08/25/34   88,992 
 24,318   Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A6(b)     5.9110  08/25/34   20,874 
 43,963   Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 1CB2     6.7500  08/25/34   38,445 
 43,996   Citigroup Mortgage Loan Trust, Inc. Series 2005-2 2A11     5.5000  05/25/35   42,332 
 38,221   COLT Funding, LLC Series 2021-3R A2(b),(c)     1.2570  12/25/64   31,458 
 422,000   COLT Mortgage Loan Trust Series 2020-2 M1(b),(c)     5.2500  03/25/65   400,318 
 130,754   Credit Suisse First Boston Mortgage Securities Series 2001-26 5A1(b)     4.2590  11/25/31   130,315 
 238,030   Credit Suisse First Boston Mortgage Securities Series 2002-NP14 M1(c),(d)  TSFR1M + 2.302%  4.2990  11/25/31   142,298 
 139,173   Credit Suisse First Boston Mortgage Securities Series 2001-33 3B1(b)     7.2020  01/25/32   123,987 

 

See accompanying notes to financial statements

8

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 74,357   Credit Suisse First Boston Mortgage Securities Series 2003-11 1A31     5.5000  06/25/33  $71,076 
 522,049   Credit Suisse First Boston Mortgage Securities Series 2003-19 1A19     5.2500  07/25/33   505,176 
 21,884   Credit Suisse First Boston Mortgage Securities Series 2003-21 1A4     5.2500  09/25/33   20,000 
 72,553   Credit Suisse First Boston Mortgage Securities Series  2003-25 1A8(d)  8*(USISDA30-USISDA02)  5.5000  10/25/33   66,857 
 217,658   Credit Suisse First Boston Mortgage Securities Series 2003-25 1A11     5.5000  10/25/33   200,920 
 160,488   Credit Suisse First Boston Mortgage Securities Series 2004-6 1A3     5.5000  10/25/34   145,781 
 104,670   Credit Suisse First Boston Mortgage Securities Series 2005-8 9A9(d)  TSFR1M + 0.764%  6.1070  09/25/35   69,835 
 5,680   CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 2A1(g)     5.2500  01/01/24   — 
 418,201   CSFB Mortgage-Backed Pass-Through Certificates Series 2002-9 1A2     7.5000  03/25/32   381,251 
 87,021   CSFB Mortgage-Backed Pass-Through Certificates Series 2003- AR24 3A1(b)     4.7370  10/25/33   79,506 
 67,613   CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 4A4     5.7500  11/25/33   62,815 
 416,713   CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 1A5     6.0000  08/25/34   376,434 
 26,594   CSFB Mortgage-Backed Pass-Through Certificates Series 2005-3 7A5     5.7500  07/25/35   25,534 
 33,335   CSMC Series Series 2010-18R 4A4(b),(c)     3.5000  04/26/38   31,382 
 308,570   CSMC Trust Series 2007-5R A5     6.5000  07/26/36   77,628 
 279,423   CSMC Trust Series 2021-RPL2 M3(b),(c)     3.6040  01/25/60   175,486 
 506,774   Deutsche Alt-B Securities Mortgage Loan Trust Series AB1 PO(f)     0.0000  04/25/37   230,949 
 31,989   Deutsche Mortgage Sec Inc Mort Loan Tr Series 2004-1 1A1     5.5000  09/25/33   30,864 
 37,908   DSLA Mortgage Loan Trust Series 2004-AR4 2A1A(d)  TSFR1M + 0.834%  6.1660  01/19/45   28,392 
 400,000   Ellington Financial Mortgage Trust Series 2022-1 B2(b),(c)     3.8800  01/25/67   224,521 
 196,153   Fannie Mae Trust Series 2005-W3 3A(b)     4.0550  04/25/45   186,307 
 473,000   Finance of America HECM Buyout Series 2022-HB1 M3(b),(c)     5.0840  02/25/32   410,115 
 41,117   Financial Asset Securities Corp AAA Trust Series 2005-2 A3(c),(d)  TSFR1M + 0.414%  5.7620  11/26/35   34,709 
 151,536   First Horizon Alternative Mortgage Securities Series 2004-AA1 A1(b)     6.8450  06/25/34   139,854 
 9,071   First Horizon Alternative Mortgage Securities Series 2004-AA3 A1(b)     5.9430  09/25/34   8,574 
 59,789   First Horizon Alternative Mortgage Securities Series AA7 2A2(b)     6.4900  02/25/35   52,920 
 72,259   First Horizon Alternative Mortgage Securities Series 2007-FA4 1A8     6.2500  08/25/37   29,694 

 

See accompanying notes to financial statements

9

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value  
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 521,327   First Horizon Mortgage Pass-Through Trust Series 2005-AR3 2A1(b)     5.4650  08/25/35  $361,517 
 29,935   First Horizon Mortgage Pass-Through Trust Series 2005-AR5 3A1(b)     0.0000  10/25/35   16,476 
 501   First Horizon Mortgage Pass-Through Trust Series 2005-AR5 1A1(b)     0.0000  11/25/35   446 
 100,341   First Horizon Mortgage Pass-Through Trust Series 2006-AR3 1A1(b)     4.0270  11/25/36   55,245 
 237,346   First Horizon Mortgage Pass-Through Trust Series 2007-AR3 1A1(b)     4.8230  11/25/37   102,794 
 1,109,000   Flagstar Mortgage Trust Series 2017-1 B5(b),(c)     3.6190  03/25/47   623,518 
 355,470   Flagstar Mortgage Trust Series 2018-3INV B4(b),(c)     4.4610  05/25/48   282,529 
 274,399   Flagstar Mortgage Trust Series 2019-2 B3(b),(c)     4.0130  12/25/49   211,769 
 96,003   Flagstar Mortgage Trust Series 2021-13IN B5(b),(c)     3.3630  12/30/51   52,350 
 1,000,000   Freddie Mac STACR REMIC Trust Series 2022-HQA1 M2(c),(d)  SOFR30A + 5.250%  10.5780  03/25/42   1,063,258 
 420,000   Freddie Mac STACR REMIC Trust Series 2020-DNA6 B1(c),(d)  SOFR30A + 3.000%  8.3280  12/25/50   411,438 
 1,000,000   Freddie Mac STACR Trust Series 2019-DNA3 B2(c),(d)  SOFR30A + 8.264%  13.5930  07/25/49   1,111,255 
 89,994   Freddie Mac Structured Pass-Through Certificates Series T-61 1A1(d)  12MTA + 1.400%  6.2000  07/25/44   81,120 
 140,567   Freddie Mac Structured Pass-Through Certificates Series  T-62 1A1(d)  12MTA + 1.200%  6.2100  10/25/44   125,068 
 1,031,051   Global Mortgage Securitization Ltd. Series 2004-A A3(c),(b)     7.6030  11/25/32   1,015,243 
 84,995   GMACM Mortgage Loan Trust Series 2004-J2 A8     5.7500  06/25/34   81,783 
 65,839   GMACM Mortgage Loan Trust Series 2005-AR3 5A2(b)     3.8730  06/19/35   53,934 
 1,891,760   GMACM Mortgage Loan Trust Series 2005-AR5 4A1(b)     4.0100  09/19/35   1,581,284 
 114,849   GMACM Mortgage Loan Trust Series 2006-AR1 1A1(b)     3.3570  04/19/36   83,578 
 303,180   Government National Mortgage Association Series 2012-H27 AI(a),(b)     1.7240  10/20/62   6,813 
 1,213,077   Government National Mortgage Association Series 2016-H24 AI(a),(b)     0.1010  11/20/66   48,933 
 102,318   GS Mortgage Securities Corporation II Series 2000-1A A(c),(d)  TSFR1M + 0.464%  5.7960  06/20/24   96,446 
 401,423   GS Mortgage-Backed Securities Corp Trust Series 2019-PJ1 B3(b),(c)     4.0470  08/25/49   299,432 
 1,213,111   GSMPS Mortgage Loan Trust Series 2000-1 A(b),(c)     8.5000  06/19/29   1,095,906 
 1,049,579   GSMPS Mortgage Loan Trust Series 2004-4 1AF(c),(d)  TSFR1M + 0.514%  5.8570  06/25/34   924,213 
 1,824,819   GSMPS Mortgage Loan Trust Series 2004-4 1A2(c)     7.5000  06/25/34   1,761,989 
 296,772   GSMPS Mortgage Loan Trust Series 2004-4 1A3(c)     8.0000  06/25/34   285,477 
 31,531   GSMPS Mortgage Loan Trust Series 2005-RP2 1AF(c),(d)  TSFR1M + 0.464%  5.8070  03/25/35   27,614 
 164,841   GSMPS Mortgage Loan Trust Series 2005-RP3 1AF(c),(d)  TSFR1M + 0.464%  5.8070  09/25/35   132,206 
 114,384   GSMPS Mortgage Loan Trust Series 2006-RP1 1A2(c)     7.5000  01/25/36   98,539 

 

See accompanying notes to financial statements

10

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)
 785,500   GSMSC Pass-Through Trust Series 2008-2R 2A1(b),(c)     7.5000  10/25/36  $112,390 
 119,323   GSR Mortgage Loan Trust Series 2004-7 1A1(b)     4.2420  06/25/34   104,914 
 561,387   GSR Mortgage Loan Trust Series 2004-12 1B1(d)  TSFR1M + 0.714%  6.0570  12/25/34   244,552 
 42,833   GSR Mortgage Loan Trust Series 2005-4F 6A1     6.5000  02/25/35   39,849 
 29,482   GSR Mortgage Loan Trust Series 2005-AR3 1A1(d)  TSFR1M + 0.554%  5.8970  05/25/35   24,731 
 14,263   GSR Mortgage Loan Trust Series 2005-AR3 2A1(d)  TSFR1M + 0.554%  5.8970  05/25/35   10,506 
 527,985   GSR Mortgage Loan Trust Series 2005-AR4 2A1(b)     5.0980  07/25/35   280,011 
 5,027   GSR Mortgage Loan Trust Series 2005-6F 1A7     5.2500  07/25/35   4,721 
 27,593   GSR Mortgage Loan Trust Series 2005-8F 3A4     6.0000  11/25/35   10,627 
 112,415   GSR Mortgage Loan Trust Series 2006-1F 2A16     6.0000  02/25/36   54,128 
 71,370   GSR Mortgage Loan Trust Series 2007-AR2 2A1(b)     4.3050  05/25/37   41,108 
 222,274   HarborView Mortgage Loan Trust Series 2003-1 A(b)     5.2850  05/19/33   181,552 
 1,519,121   HarborView Mortgage Loan Trust Series 2004-7 4A(b)     5.0380  11/19/34   1,349,104 
 43,445   HarborView Mortgage Loan Trust Series 2005-14 2A1A(b)     5.8410  12/19/35   27,413 
 85,000   HomeBanc Mortgage Trust Series 2005-3 M3(d)  TSFR1M + 0.879%  6.2220  07/25/35   83,369 
 189,555   HSI Asset Loan Obligation Trust Series 2007-AR1 4A1(b)     4.4910  01/25/37   144,888 
 201,663   HSI Asset Loan Obligation Trust Series 2007-1 2A12     6.5000  06/25/37   77,036 
 160,964   HSI Asset Loan Obligation Trust Series 2007-AR2 4A1(b)     4.5320  09/25/37   116,630 
 267,372   Hundred Acre Wood Trust Series 2021-INV1 B1(b),(c)     3.2260  07/25/51   212,912 
 168,621   Hundred Acre Wood Trust Series 2021-INV1 B2(b),(c)     3.2260  07/25/51   126,976 
 272,957   Hundred Acre Wood Trust Series 2021-INV2 B3(b),(c)     3.2970  10/25/51   177,746 
 447,600   Hundred Acre Wood Trust Series 2021-INV2 B1(b),(c)     3.2970  10/25/51   319,173 
 294,904   Hundred Acre Wood Trust Series 2021-INV2 B2(b),(c)     3.2970  10/25/51   205,629 
 769,064   Hundred Acre Wood Trust Series 2021-INV3 B1(b),(c)     3.3230  10/25/51   608,616 
 216,526   Hundred Acre Wood Trust Series 2021-INV3 B2(b),(c)     3.3230  12/25/51   151,265 
 140,278   Hundred Acre Wood Trust Series 2021-INV3 B3(b),(c)     3.3230  12/25/51   93,312 
 53,575   Impac CMB Trust Series 2003-2F M2(e)     6.5700  01/25/33   51,825 
 62,150   Impac CMB Trust Series 2003-4 3M2(e)     5.7290  07/25/33   59,035 
 28,752   Impac CMB Trust Series 2004-7 M4(d)  TSFR1M + 1.914%  7.2570  11/25/34   28,069 
 36,261   Impac CMB Trust Series 2004-10 3M2(d)  TSFR1M + 0.999%  6.3420  03/25/35   31,944 
 282,162   Impac CMB Trust Series 2005-4 2M1(d)  TSFR1M + 0.614%  6.2070  05/25/35   258,764 
 717,685   Impac CMB Trust Series 2005-4 2M2(d)  TSFR1M + 0.864%  6.5820  05/25/35   665,479 
 590,118   Impac CMB Trust Series 2005-8 2M1(d)  TSFR1M + 0.864%  6.2070  02/25/36   530,068 
 36,773   Impac CMB Trust Series Series 2004-10 3M3(d)  TSFR1M + 1.089%  6.4320  03/25/35   32,948 

 

See accompanying notes to financial statements

11

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value  
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 37,881   Impac CMB Trust Series Series 2005-2 2B(d)  TSFR1M + 2.589%  7.9320  04/25/35  $35,758 
 128,019   Impac CMB Trust Series Series 2005-8 2M3(d)  TSFR1M + 2.364%  7.7070  02/25/36   120,186 
 115,601   Impac CMB Trust Series Series 2005-8 2B(d)  TSFR1M + 2.364%  7.7070  02/25/36   106,517 
 191,668   Impac Secured Assets CMN Owner Trust Series 2003-2 A2     6.0000  08/25/33   152,865 
 86,577   Impac Secured Assets Trust Series 2006-1 2A1(d)  TSFR1M + 0.814%  6.1570  05/25/36   80,889 
 18,306   IndyMac INDX Mortgage Loan Trust Series 2004-AR11 2A(b)     3.9920  12/25/34   16,182 
 252,065   IndyMac INDX Mortgage Loan Trust Series 2004-AR15 3A1(b)     4.0620  02/25/35   223,332 
 248,608   IndyMac INDX Mortgage Loan Trust Series 2005-AR8 2A1A(d)  TSFR1M + 0.574%  5.9170  04/25/35   200,762 
 197,557   IndyMac INDX Mortgage Loan Trust Series 2005-AR13 1A1(b)     3.9650  08/25/35   90,550 
 2,028   Interstar Millennium Series Trust Series 2003-3G A2(d)  US0003M + 0.500%  6.1530  09/27/35   1,849 
 23,963   Interstar Millennium Series Trust Series 2005-1G A(d)  US0003M + 0.400%  6.0590  12/08/36   20,962 
 245,916   JP Morgan Alternative Loan Trust Series 2005-S1 1A8(a),(d)  TSFR1M + 7.036%  1.6930  12/25/35   21,624 
 889,777   JP Morgan Alternative Loan Trust Series A1 1A2(d)  TSFR1M + 0.714%  6.0570  03/25/36   789,232 
 948,467   JP Morgan Alternative Loan Trust Series 2008-R4 1A1(c)     6.0000  12/27/36   497,683 
 376,562   JP Morgan MBS Series Series 2006-R1 6A1(b),(c)     5.2560  09/28/44   302,007 
 33,238   JP Morgan Mortgage Trust Series 2006-A2 5A4(b)     5.7410  11/25/33   29,926 
 5,250   JP Morgan Mortgage Trust Series 2004-A3 3A3(b)     4.8830  07/25/34   4,830 
 23,849   JP Morgan Mortgage Trust Series 2004-S2 4A5     6.0000  11/25/34   20,988 
 30,458   JP Morgan Mortgage Trust Series 2005-A7 1A4(b)     5.3500  10/25/35   29,049 
 829,281   JP Morgan Mortgage Trust Series 2005-S3 1A22     5.5000  01/25/36   352,979 
 15,906   JP Morgan Mortgage Trust Series 2006-A4 3A1(b)     4.0490  06/25/36   10,751 
 180,976   JP Morgan Mortgage Trust Series 2006-A7 2A4R(b)     3.9840  01/25/37   139,189 
 148,606   JP Morgan Mortgage Trust Series 2006-A7 2A1R(b)     3.9840  01/25/37   111,915 
 350,202   JP Morgan Mortgage Trust Series 2007-A2 2A3(b)     4.4990  04/25/37   229,098 
 19,655   JP Morgan Mortgage Trust Series 2018-8 A3(b),(c)     4.0000  01/25/49   17,023 
 183,370   JP Morgan Mortgage Trust Series 2019-8 B4(b),(c)     4.1700  03/25/50   143,647 
 225,262   JP Morgan Mortgage Trust Series Series 2008-R2 2A(b),(c)     5.5000  12/27/35   171,970 
 121,464   JP Morgan Tax-Emept Pass-Through Trust Series Series 2012-3 A(b),(c)     3.0000  10/27/42   106,944 
 163,768   JPMorgan Chase Bank NA - CHASE Series 2020-CL1 M3(d)  TSFR1M + 3.464%  8.8070  10/25/57   162,747 
 2,614,872   La Hipotecaria Panamanian Mortgage Trust Series 2021-1 GA(c)     4.3500  07/13/52   2,423,011 
 139,302   Lehman Mortgage Trust Series 2006-2 2A3     5.7500  04/25/36   133,047 
 97,663   LSTAR Securities Investment Ltd. Series 2020-1 A(c),(d)  TSFR1M + 2.914%  8.2350  02/01/26   93,750 
 39,884   MASTR Adjustable Rate Mortgages Trust Series 2003-1 2A1(b)     4.3720  12/25/32   35,655 
 16,539   MASTR Adjustable Rate Mortgages Trust Series 2003-2 4A1(b)     5.4870  07/25/33   14,787 

 

See accompanying notes to financial statements

12

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 39,335   MASTR Adjustable Rate Mortgages Trust Series 2003-6 2A1(b)     4.0570  12/25/33  $35,079 
 20,658   MASTR Adjustable Rate Mortgages Trust Series 2003-6 7A1(b)     5.1250  12/25/33   20,149 
 45,878   MASTR Adjustable Rate Mortgages Trust Series 2003-7 B1(b)     5.5190  01/25/34   40,153 
 50,399   MASTR Adjustable Rate Mortgages Trust Series 2004-4 1A1(b)     6.2880  04/25/34   44,044 
 175,335   MASTR Adjustable Rate Mortgages Trust Series 2004-15 4A1(b)     3.3840  12/25/34   163,954 
 222,804   MASTR Adjustable Rate Mortgages Trust Series 2005-7 3A1(b)     3.8190  09/25/35   134,754 
 108,864   MASTR Adjustable Rate Mortgages Trust Series 2006-2 5A1(b)     4.4280  05/25/36   40,376 
 154,596   MASTR Alternative Loan Trust Series 2003-3 B2(b)     6.1730  05/25/33   137,200 
 41,928   MASTR Alternative Loan Trust Series 2003-5 8A1     5.5000  06/25/33   37,993 
 54,003   MASTR Alternative Loan Trust Series 2003-7 6A1     6.5000  12/25/33   54,013 
 100,067   MASTR Alternative Loan Trust Series 2004-1 2A1     7.0000  01/25/34   92,512 
 184,065   MASTR Alternative Loan Trust Series 2004-1 4A1     5.5000  02/25/34   170,794 
 56,125   MASTR Alternative Loan Trust Series 2004-3 2A1     6.2500  04/25/34   55,168 
 208,190   MASTR Alternative Loan Trust Series 2004-3 6A1     6.5000  04/25/34   196,013 
 24,664   MASTR Alternative Loan Trust Series 2004-4 1A1     5.5000  05/25/34   23,466 
 52,763   MASTR Alternative Loan Trust Series 2004-7 10A1     6.0000  06/25/34   47,190 
 41,386   MASTR Alternative Loan Trust Series 2004-6 10A1     6.0000  07/25/34   38,722 
 164,779   MASTR Alternative Loan Trust Series 2004-6 7A1     6.0000  07/25/34   152,361 
 690,905   MASTR Alternative Loan Trust Series 2004-6 6A1     6.5000  07/25/34   664,364 
 870,220   MASTR Alternative Loan Trust Series 2004-7 9A1     6.0000  08/25/34   849,875 
 25,400   MASTR Alternative Loan Trust Series 2007-1 30PO(f)     0.0000  10/25/36   13,984 
 2,179   MASTR Alternative Loan Trust Series 2005-1 5A1     5.5000  12/25/41   1,855 
 300,341   MASTR Alternative Loan Trust Series 2005-2 6A1     5.0000  03/25/43   221,769 
 866,092   MASTR Alternative Loan Trust Series 2007-HF1 4PO(f)     0.0000  10/25/47   9 
 19,914   MASTR Asset Securitization Trust Series 2003-12 6A1     5.0000  12/25/33   18,603 
 47,857   MASTR Asset Securitization Trust Series 2003-12 6A2     5.0000  12/25/33   40,011 
 48,875   MASTR Asset Securitization Trust Series 2003-11 9A6     5.2500  12/25/33   46,689 
 63,181   MASTR Asset Securitization Trust Series 2003-11 7A5     5.2500  12/25/33   59,057 
 8,411   MASTR Asset Securitization Trust Series 2003-11 2A10     5.5000  12/25/33   7,854 
 185,009   MASTR Asset Securitization Trust Series 2003-11 8A1     5.5000  12/25/33   155,790 
 8,941   MASTR Asset Securitization Trust Series 2004-1 1A12     5.5000  02/25/34   8,374 
 2,874,522   MASTR Asset Securitization Trust Series 2004-9 4A1     6.0000  09/25/34   2,154,448 
 69,855   MASTR Asset Securitization Trust Series 2005-1 2A9     5.5000  05/25/35   54,175 
 4,115,554   MASTR Asset Securitization Trust Series 2006-2 2A2(d)  TSFR1M + 0.614%  5.9570  06/25/36   887,587 

 

See accompanying notes to financial statements

13

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 1,004,759   MASTR Asset Securitization Trust Series 2006-3 2A1(d)   TSFR1M + 0.564%  5.9070  10/25/36  $154,779 
 18,388   MASTR Reperforming Loan Trust Series 2005-2 1A4(c)      8.0000  05/25/35   13,769 
 138,809   MASTR Reperforming Loan Trust Series 2006-2 2A1(b),(c)      3.6090  05/25/36   124,686 
 16,786   MASTR Seasoned Securitization Trust Series 2005-1 3A1(b)      4.4330  10/25/32   13,701 
 57,266   MASTR Seasoned Securitization Trust Series 2004-1 4A1(b)      6.2190  10/25/32   51,351 
 362,849   MASTR Seasoned Securitization Trust Series 2003-1 2A1      6.0000  02/25/33   340,323 
 880,000   Mello Mortgage Capital Acceptance Series 2018-MTG2 B5(b),(c)      4.2740  10/25/48   587,379 
 560,849   Mello Mortgage Capital Acceptance Series 2021-MTG1 B1(b),(c)     2.6430  04/25/51   420,389 
 35,232   Merrill Lynch Mortgage Investors Trust MLMI Series Series 2003- A4 3A(b)     4.9700  05/25/33   31,447 
 159,601   Merrill Lynch Mortgage Investors Trust MLMI Series Series 2005- A4 1A(b)     4.3990  07/25/35   66,185 
 32,184   Merrill Lynch Mortgage Investors Trust Series Series 2003-A6 1A(b)     5.6190  09/25/33   29,569 
 148,323   Merrill Lynch Mortgage Investors Trust Series MLCC Series 2004- HB1(b)     5.1950  04/25/29   131,003 
 44,695   Merrill Lynch Mortgage Investors Trust Series MLCC Series 2007-3 2A2(b)     3.3710  09/25/37   32,586 
 1,000,000   MFA Trust Series 2022-RPL1 M1(b),(c)     4.1210  08/25/61   792,813 
 60,154   Morgan Stanley Dean Witter Capital I Inc Trust Series 2003-HYB1 A3(b)     5.8140  03/25/33   52,099 
 18,127   Morgan Stanley Mortgage Loan Trust Series 2004-2AR 2A(b)     6.4770  02/25/34   16,746 
 23,985   Morgan Stanley Mortgage Loan Trust Series 2004-8AR 2A(b)     3.3780  10/25/34   21,219 
 19,971   Morgan Stanley Mortgage Loan Trust Series 2004-8AR 4A1(b)     5.2880  10/25/34   17,366 
 15,965   Morgan Stanley Mortgage Loan Trust Series 2004-10AR 2A2(b)     5.9470  11/25/34   14,359 
 73,890   Morgan Stanley Mortgage Loan Trust Series 2005-10 5A1     6.0000  12/25/35   29,051 
 47,096   Morgan Stanley Mortgage Loan Trust Series 2006-8AR 4A2(b)     7.1250  06/25/36   42,931 
 2,899,257   Mortgage Equity Conversion Asset Trust Series 2007-FF2 A(c),(d)  H15T1Y + 0.470%  5.7400  02/25/42   2,840,181 
 139,107   MortgageIT Trust Series 2004-2 B2(d)   TSFR1M + 3.339%  8.6820  12/25/34   133,552 
 241,094   MortgageIT Trust Series 2005-3 M2(d)  TSFR1M + 0.909%  6.2520  08/25/35   225,223 
 144,303   MRFC Mortgage Pass-Through Trust Series Series 2000-TBC3 B4(b),(c)     5.8110  12/15/30   128,894 
 545,621   National City Mortgage Capital Trust Series 2008-1 2A1      6.0000  03/25/38   524,936 
 26,609   National City Mortgage Capital Trust Series 2008-1 2A2      6.0000  03/25/38   25,598 
 337,374   New Residential Mortgage Loan Trust Series 2017-2A B2(b),(c)      4.7500  03/25/57   282,239 
 720,000   New ResidentialMortgage Loan Trust Series 2020-RPL1 B3(b),(c)      3.8810  11/25/59   456,055 
 151,455   Nomura Asset Acceptance Corp Alternative Loan Series 2004-R1 A2(c)     7.5000  03/25/34   133,183 

 

See accompanying notes to financial statements

14

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 540,101   Nomura Asset Acceptance Corp Alternative Loan Series 2005-AR3 1A1(d)  TSFR1M + 0.634%  5.9770  07/25/35  $373,343 
 81,410   Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3(e)     5.9570  03/25/47   76,112 
 3,646,578   Ocwen Residential MBS Corporation Series 1998-R3 AWAC(b),(c)     0.0000  09/25/38   246,144 
 384,998   PHHMC Series Trust Series 2005-4 A8(b)     5.9010  07/18/35   364,540 
 361,299   Prime Mortgage Trust Series 2003-3 A9     5.5000  01/25/34   339,205 
 456,760   Provident Funding Mortgage Trust Series 2020-1 B3(b),(c)     3.2480  02/25/50   347,638 
 17,712   RAAC Series Trust Series 2005-SP1 4A1     7.0000  09/25/34   16,751 
 4,168   RALI Series Trust Series 2005-QA4 A41(b)     4.1630  04/25/35   3,997 
 107,445   RALI Series Trust Series 2005-QA12 CB1(b)     5.3050  12/25/35   48,166 
 382,342   RAMP Series Trust Series 2002-SL1 AII4(b)     4.3030  06/25/32   347,672 
 10,367   RBSGC Mortgage Loan Trust Series 2007-B 3B1(b)     5.6220  01/25/37   9,603 
 328,957   RBSGC Structured Trust Series 2008-A A1(b),(c)     5.5000  11/25/35   268,996 
 8,438,392   RBSSP Resecuritization Trust Series 2009-12 19A2(b),(c)     4.0430  12/25/35   5,626,776 
 105,134   Reperforming Loan REMIC Trust Series 2003-R4 2A(b),(c)     4.4410  01/25/34   82,175 
 17,693   Reperforming Loan REMIC Trust Series 2004-R1 2A(c)     6.5000  11/25/34   16,281 
 13,603   Reperforming Loan REMIC Trust Series 2005-R2 2A4(c)     8.5000  06/25/35   13,137 
 84,156   Reperforming Loan REMIC Trust Series 2006-R2 AF1(c),(d)  TSFR1M + 0.534%  5.8770  07/25/36   74,066 
 135,886   Resecuritization Pass-Through Trust Series 2005-8R A5     6.0000  10/25/34   128,490 
 1,412,122   Residential Asset Securitization Trust Series 2003-A9 A3(d)  TSFR1M + 0.664%  6.0070  08/25/33   1,231,498 
 513,469   Residential Asset Securitization Trust Series 2003-A10 A5     5.2500  09/25/33   464,050 
 26,052   RESIMAC Bastille Trust Series Series 2019-1NCA A1(c),(d)  TSFR1M + 1.044%  6.3740  09/05/57   26,250 
 5,210,000   RMF Buyout Issuance Trust Series 2022-HB1 M3(b),(c)     4.5000  04/25/32   4,260,578 
 280,087   RMF Proprietary Issuance Trust Series 2021-2 A(b),(c)     2.1250  09/25/61   223,078 
 1,045,030   RMF Proprietary Issuance Trust Series 2021-2 M1(b),(c)     2.1250  09/25/61   735,932 
 1,000,000   RMF Proprietary Issuance Trust Series 2022-1 M1(b),(c)     3.0000  01/25/62   699,395 
 232,741   RMF Proprietary Issuance Trust Series 2022-1 A1(b),(c)     3.0000  01/25/62   185,954 
 1,000,000   RMF Proprietary Issuance Trust Series 2022-2 M3(b),(c)     3.7500  06/25/62   562,539 
 225,000   RMF Proprietary Issuance Trust Series 2022-3 A(b),(c)     4.0000  08/25/62   172,743 
 1,414   Ryland Mortgage Securities Corporation Series 1994-1 B(b)     0.0000  04/29/30   — 
 650,000   SBALR Commercial Mortgage Trust Series 2020-RR1 C(b),(c)     3.9790  02/13/53   441,738 
 46,607   Seasoned Credit Risk Transfer Trust Series Series 2017-3 B(f)     0.0000  07/25/56   4,998 
 860,000   Seasoned Credit Risk Transfer Trust Series Series 2019-1 M(b)     4.7500  07/25/58   764,882 
 3,140,000   Seasoned Credit Risk Transfer Trust Series Series 2020-1 M(b)     4.2500  08/25/59   2,689,686 

 

See accompanying notes to financial statements

15

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 3,400,000   Seasoned Credit Risk Transfer Trust Series Series 2020-2 M(b)     4.2500  11/25/59  $3,007,881 
 382,811   Sequoia Mortgage Trust Series 2003-4 1A1(d)  TSFR1M + 0.734%  6.0660  07/20/33   333,773 
 32,243   Sequoia Mortgage Trust Series 2004-10 A1A(d)  TSFR1M + 0.734%  6.0660  11/20/34   29,102 
 43,273   Sequoia Mortgage Trust Series 2004-10 A3B(d)  TSFR6M + 1.208%  6.6970  11/20/34   35,032 
 64,557   Sequoia Mortgage Trust Series 2005-2 A1(d)  TSFR1M + 0.554%  5.8860  03/20/35   56,409 
 357,690   Sequoia Mortgage Trust Series 2005-3 B1(d)  TSFR1M + 0.669%  6.0010  05/20/35   252,040 
 349,192   Sequoia Mortgage Trust Series 2007-4 1A1(d)  TSFR1M + 0.894%  6.2260  01/20/36   244,030 
 273,509   Sequoia Mortgage Trust Series 2007-2 1B1(d)  TSFR1M + 0.714%  6.0460  06/20/36   208,748 
 152,644   Sequoia Mortgage Trust Series 2013-6 B1(b),(c)     3.5130  05/25/43   142,585 
 267,880   Sequoia Mortgage Trust Series 2014-4 A6(b),(c)     3.5000  11/25/44   233,973 
 77,265   Sequoia Mortgage Trust Series 2017-1 B3(b),(c)     3.6070  02/25/47   52,201 
 78,158   Shellpoint Co-Originator Trust Series 2017-1 B4(b),(c)     3.6020  04/25/47   50,552 
 434,926   Sofi Mortgage Trust Series 2016-1A B3(b),(c)     3.0990  11/25/46   263,218 
 100,000   Spruce Hill Mortgage Loan Trust Series 2020-SH1 B2(b),(c)     4.6760  01/28/50   79,919 
 548,521   STARM Mortgage Loan Trust Series 2007-4 3A1(b)     4.4290  10/25/37   432,480 
 48,502   Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 4A1(b)     5.8120  03/25/34   43,541 
 63,645   Structured Adjustable Rate Mortgage Loan Trust Series 2004-18 1A3(b)     4.9080  12/25/34   53,958 
 206,830   Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 1A1(b)     4.8170  03/25/35   170,279 
 337,645   Structured Adjustable Rate Mortgage Loan Trust Series 2005-15 1A1(b)     4.6170  07/25/35   179,568 
 783,236   Structured Adjustable Rate Mortgage Loan Trust Series 2006-1 2A2(b)     4.9580  02/25/36   674,869 
 7,611   Structured Adjustable Rate Mortgage Loan Trust Series 2006-8 3AF(d)  TSFR1M + 0.494%  5.8370  09/25/36   6,583 
 307,993   Structured Adjustable Rate Mortgage Loan Trust Series 9 2A1(b)     4.4180  10/25/47   176,359 
 163,521   Structured Asset Sec Corp Mort Passthr Certs Ser Series 2003-40A 3A1(b)     5.6660  01/25/34   142,221 
 28,857   Structured Asset Sec Corp Mort Passthr Certs Ser Series 2003-40A 3A2(b)     5.6660  01/25/34   27,597 
 57,114   Structured Asset Securities Corp Mortgage Series 2000-5 B3(b)     0.0000  11/25/30   35,220 
 2,309   Structured Asset Securities Corporation Series 2003-37A B1I(d)  TSFR1M + 0.894%  6.2090  12/25/33   2,106 
 13,381   Structured Asset Securities Corporation Series 2004-4XS A3A(e),(g)     4.9190  02/25/34   12,599 
 104,121   Structured Asset Securities Corporation Series 2004-4XS 1A5(e),(g)     4.9190  02/25/34   98,009 
 391,934   Structured Asset Securities Corporation Series 2004-4XS 1M1(e)     4.9190  02/25/34   323,031 
 78,630   Structured Asset Securities Corporation Series 2005-RF2 A(c),(d)  TSFR1M + 0.464%  5.8070  04/25/35   67,872 

 

See accompanying notes to financial statements

16

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 106,691   Structured Asset Securities Corporation Series 2005-RF3 2A(b),(c)     3.9680  06/25/35  $89,948 
 59,228   Suntrust Alternative Loan Trust Series Series 2005-1F 1A1(d)  TSFR1M + 0.764%  5.7500  12/25/35   44,221 
 212,710   TIAA Bank Mortgage Loan Trust Series 2018-2 B3(b),(c)     3.6760  07/25/48   170,106 
 233,635   TIAA Bank Mortgage Loan Trust Series 2018-3 B4(b),(c)     4.1490  11/25/48   158,664 
 230,000   Towd Point Mortgage Trust Series 2015-1 B1(b),(c)     4.3540  10/25/53   199,481 
 100,000   Verus Securitization Trust Series 2020-INV1 B2(b),(c)     6.0000  03/25/60   88,385 
 538,000   Vista Point Securitization Trust Series 2020-1 M1(b),(c)     4.1510  03/25/65   496,218 
 48,738   Wachovia Mortgage Loan Trust, LLC Series Series 2006-A 4A1(b)     6.2380  05/20/36   46,856 
 41,710   WaMu Mortgage Pass-Through Certificates Series Series 2002- AR14 B1(b)     4.4120  11/25/32   35,612 
 38,142   WaMu Mortgage Pass-Through Certificates Series Series 2002- AR18 A(b)     4.4690  01/25/33   36,893 
 35,946   WaMu Mortgage Pass-Through Certificates Series Series 2003-S3 1A4     5.5000  06/25/33   32,925 
 39,267   WaMu Mortgage Pass-Through Certificates Series Series 2003-S5 1A13     5.5000  06/25/33   37,571 
 240,824   WaMu Mortgage Pass-Through Certificates Series Series 2003- AR9 1A7(b)     5.6810  09/25/33   211,469 
 22,053   WaMu Mortgage Pass-Through Certificates Series Series 2002- AR2 A(d)  ECOFC + 1.250%  4.2640  02/27/34   19,006 
 42,995   WaMu Mortgage Pass-Through Certificates Series Series 2006- AR2 1A1(b)     3.8370  03/25/36   38,153 
 9,769   WaMu Mortgage Pass-Through Certificates Series Series 2002- AR17 1A(d)  12MTA + 1.200%  6.0000  11/25/42   8,283 
 41,627   WaMu Mortgage Pass-Through Certificates Series Series 2005- AR1 A1A(d)  TSFR1M + 0.754%  6.0970  01/25/45   38,501 
 122,180   WaMu Mortgage Pass-Through Certificates Series Series 2006- AR8 1A1(b)     4.4100  08/25/46   107,808 
 154,499   Washington Mutual MSC Mortgage Pass-Through Series 2003- MS7 A12     5.5000  03/25/33   147,463 
 51,815   Washington Mutual MSC Mortgage Pass-Through Series 2003- MS9 2A     7.5000  04/25/33   51,324 
 182,899   Washington Mutual MSC Mortgage Pass-Through Series 2003- AR3 B1(b)     4.3320  06/25/33   149,711 
 12,999   Washington Mutual MSC Mortgage Pass-Through Series 2005- RA1 3B4(b),(c)     4.1880  01/25/35   10,483 
 608,506   Wells Fargo Alternative Loan Trust Series 2005-1 2A1      5.5000  02/25/35   542,095 
 1,014,463   Wells Fargo Alternative Loan Trust Series 2005-1 2A3      5.5000  02/25/35   977,329 
 72,505   Wells Fargo Mortgage Backed Securities Series 2007-7 A6      6.0000  06/25/37   61,060 
 234,000   Wells Fargo Mortgage Backed Securities Series 2018-1 B4(b),(c)      3.6600  07/25/47   129,609 
 65,317   Wells Fargo Mortgage Backed Securities Series 2019-4 A2(b),(c)      3.0000  09/25/49   51,868 
 210,206   WinWater Mortgage Loan Trust Series 2015-1 B2(b),(c)     3.8700  01/20/45   188,207 
                   

 

See accompanying notes to financial statements

17

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 32.5% (Continued)        
 
     CREDIT CARD — 0.3%           $103,260,254 
 1,000,000   Continental Finance Credit Card A.B.S Master Trust Series 2022-A A(c)     6.1900  10/15/30  983,255 
                    
     HOME EQUITY — 3.7%              
 68,106   ABFC Trust Series 2004-OPT2 A2(d)  TSFR1M + 0.674%  6.0170  10/25/33   64,108 
 160,395   AFC Trust Series Series 1999-3 1A(d)  TSFR1M + 1.094%  6.4190  09/28/29   104,108 
 44,059   American Residential Home Equity Loan Trust Series 1998-1 B(d)  TSFR1M + 2.289%  7.6320  05/25/29   54,600 
 498,785   Bayview Financial Asset Trust Series 2007-SR1A A(c),(d)  TSFR1M + 0.564%  5.9070  03/25/37   489,875 
 2,989,822   Bayview Financial Mortgage Pass-Through Trust Series 2004-B A1(c),(d)  TSFR1M + 1.114%  6.4620  05/28/39   2,472,846 
 1,349,759   Bayview Financial Mortgage Pass-Through Trust Series 2005-A M1(c),(d)  TSFR1M + 1.614%  6.9620  02/28/40   1,286,335 
 29,194   Bear Stearns Asset Backed Securities I Trust Series 2004-FR2 M4(d)  TSFR1M + 2.214%  4.6260  06/25/34   26,236 
 330,763   Bear Stearns Home Loan Owner Trust Series 2001-A B(e)     10.5000  02/15/31   327,908 
 769,000   BRAVO Residential Funding Trust Series 2021-HE2 B2(c),(d)  SOFR30A + 3.400%  7.8930  11/25/69   684,903 
 236,253   CHEC Loan Trust Series 2004-1 M2(c),(d)  TSFR1M + 1.089%  6.4320  07/25/34   229,938 
 12,367   Citigroup Global Markets Mortgage Securities VII, Series 2002- WMC1 M1(d)  TSFR1M + 1.464%  6.8070  01/25/32   12,468 
 124,435   Delta Funding Home Equity Loan Trust Series 1999-3 A2F(e)     8.0610  09/15/29   118,002 
 296,744   Delta Funding Home Equity Loan Trust Series 2000-1 M2(e)     8.0900  05/15/30   275,554 
 109,370   Delta Funding Home Equity Loan Trust Series 1999-2 A1A(d)  TSFR1M + 0.434%  6.0770  08/15/30   107,742 
 174,738   EMC Mortgage Loan Trust Series 2001-A M1(c),(d)  TSFR1M + 1.164%  6.5070  05/25/40   172,391 
 168,757   Financial Asset Securities Corp AAA Trust Series 2005-1A 1A3B(c),(d)  TSFR1M + 0.524%  5.8760  02/27/35   149,197 
 65,241   GE Capital Mortgage Services Inc Trust Series 1999-HE1 A6(b)     6.7000  04/25/29   64,566 
 236,013   Home Equity Asset Trust Series 2002-2 A2(d)  TSFR1M + 0.714%  6.0390  06/25/32   226,735 
 1,018,165   Mastr Asset Backed Securities Trust Series 2004-FRE1 M7(d)  TSFR1M + 2.814%  8.1570  07/25/34   917,756 
 232,470   Mastr Asset Backed Securities Trust Series 2005-NC1 M2(d)  TSFR1M + 0.864%  6.2070  12/25/34   224,658 
 242,044   Mastr Asset Backed Securities Trust Series 2007-NCW A2(c),(d)  TSFR1M + 0.714%  6.0570  05/25/37   186,155 
 295,776   Morgan Stanley A.B.S Capital I Inc Trust Series Series 2003-SD1 M2(d)  TSFR1M + 4.014%  9.3570  03/25/33   270,618 
 100,449   Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE2 Series 2006-HE2 M1(d)  TSFR1M + 0.609%  5.9520  03/25/36   84,731 
 257,423   NovaStar Mortgage Funding Trust Series Series 2003-4 A1(d)  TSFR1M + 0.854%  6.1970  02/25/34   250,075 
 29,061   RAAC Series Trust Series 2004-SP1 AII(d)  TSFR1M + 0.814%  6.1570  03/25/34   27,164 
 262,136   RBSSP Resecuritization Trust Series 2010-4 6A2(c),(e)     5.8250  02/26/36   250,154 

 

See accompanying notes to financial statements

18

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     HOME EQUITY — 3.7% (Continued)              
 468,635   Renaissance Home Equity Loan Trust Series 2002-3 M1(d)  TSFR1M + 1.614%  6.9570  12/25/32  $424,667 
 93,979   Renaissance Home Equity Loan Trust Series 2002-3 M2(d)  TSFR1M + 2.664%  8.0070  12/25/32   75,386 
 26,304   Saxon Asset Securities Trust Series 2001-2 AF5(e)     7.1700  03/25/29   26,288 
 30,005   Saxon Asset Securities Trust Series 2003-3 M2(d)  TSFR1M + 2.514%  3.6930  12/25/33   25,942 
 211,327   Saxon Asset Securities Trust Series 2003-3 AF5(e)     4.2140  12/25/33   195,894 
 150,232   Saxon Asset Securities Trust Series 2004-1 A(d)  TSFR1M + 0.654%  2.0020  03/25/35   124,732 
 1,500,000   Security National Mortgage Loan Trust Series 2005-2A A4(b),(c)     6.8960  02/25/35   1,463,872 
 309,947   Security National Mortgage Loan Trust Series 2005-2A A3(b),(c)     6.2130  02/25/36   304,433 
 40,728   Soundview Home Loan Trust Series 2006-OPT4 1A1(d)  TSFR1M + 0.414%  5.7570  06/25/36   39,858 
 186,070   Southern Pacific Secured Asset Corporation Series 1997-2 M1F     7.3200  05/25/27   201,021 
                  11,960,916 
     MANUFACTURED HOUSING — 0.3%              
 1,000,000   Cascade MH Asset Trust Series 2019-MH1 M(b),(c)     5.9850  11/25/44   851,208 
                    
     NON AGENCY CMBS — 25.7%              
 3,204,350   Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B1(b),(c)     3.6530  05/25/50   2,281,571 
 2,124,264   Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B2(b),(c)     5.3780  05/25/50   1,479,520 
 723,000   Arbor Multifamily Mortgage Securities Trust Series 2020-MF1 D(c)     1.7500  05/15/53   411,083 
 1,000,000   Arbor Multifamily Mortgage Securities Trust Series 2020-MF1 E(c)     1.7500  05/15/53   530,055 
 300,000   BAMLL Commercial Mortgage Securities Trust Series 2014-520M C(b),(c)     4.3540  08/15/46   169,826 
 800,000   BANK Series 2019-BN17 E(c)     3.0000  04/15/52   401,123 
 1,735,000   BANK Series 2023-BNK45 E(c)     4.0000  02/15/56   898,256 
 868,000   BANK Series 2019-BN19 D(c)     3.0000  08/15/61   318,017 
 1,460,000   BANK Series 2019-BN19 B     3.6470  08/15/61   1,019,000 
 474,000   BANK Series 2020-BNK27 B(b)     2.9060  04/15/63   318,500 
 30,046   Bayview Commercial Asset Trust Series 2005-2A M1(c),(d)  TSFR1M + 0.759%  6.1020  08/25/35   26,086 
 46,492   Bayview Commercial Asset Trust Series 2005-2A B1(c),(d)  TSFR1M + 1.839%  7.1820  08/25/35   44,390 
 183,515   Bayview Commercial Asset Trust Series 2005-3A A1(c),(d)  TSFR1M + 0.594%  5.7770  11/25/35   162,149 
 24,419   Bayview Commercial Asset Trust Series 2005-4A M1(c),(d)  TSFR1M + 0.789%  6.1320  01/25/36   21,369 
 84,448   Bayview Commercial Asset Trust Series 2007-1 M2(c),(d)  TSFR1M + 0.549%  5.8920  03/25/37   70,074 
 1,598,553   Bayview Commercial Asset Trust Series 2007-3 M1(c),(d)  TSFR1M + 0.579%  5.9220  07/25/37   1,440,240 
 385,029   Bayview Commercial Asset Trust Series 2007-3 M2(c),(d)  TSFR1M + 0.624%  5.9670  07/25/37   326,607 
 504,740   Bayview Commercial Asset Trust Series 2007-3 M3(c),(d)  TSFR1M + 0.669%  6.0120  07/25/37   429,130 

 

See accompanying notes to financial statements

19

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     NON AGENCY CMBS — 25.7% (Continued)              
 951,781   Bayview Commercial Asset Trust Series 2007-3 M4(c),(d)  TSFR1M + 0.864%  6.2070  07/25/37  $821,429 
 324,000   BBCMS Mortgage Trust Series 2019-BWAY A(c),(d)  TSFR1M + 1.070%  6.3930  11/15/34   230,099 
 1,040,000   Benchmark Mortgage Trust Series 2020-IG2 B(b),(c)     3.4030  09/15/48   572,782 
 88,283   Benchmark Mortgage Trust Series 2018-B5 A2     4.0770  07/15/51   82,498 
 130,000   Benchmark Mortgage Trust Series 2019-B9 B     4.4680  03/15/52   99,565 
 900,000   Benchmark Mortgage Trust Series 2020-B17 E(c)     2.2500  03/15/53   371,451 
 495,000   Benchmark Mortgage Trust Series 2021-B24 A2     1.9530  03/15/54   427,575 
 328,000   Benchmark Mortgage Trust Series 2021-B31 C(b)     3.1950  12/15/54   195,224 
 555,000   BMD2 Re-Remic Trust Series 2019-FRR1 5A1(b),(c)     3.4800  05/25/52   431,423 
 500,000   Cantor Commercial Real Estate Lending Series 2019-CF3 E(b),(c)     2.5000  01/15/53   201,206 
 993,958   Capital Funding Mortgage Trust Series 2021-15 A(c),(d)  TSFR1M + 3.150%  8.4700  03/22/24   988,663 
 121,757   CARBON CAPITAL VI COMMERCIAL MORTGAGE Series 2019-FL2 B(c),(d)  TSFR1M + 2.964%  8.2870  10/15/35   98,076 
 2,677,443   CBA Commercial Small Balance Commercial Mortgage Series 2007-1A A(c),(e)     6.2600  07/25/39   2,417,525 
 1,000,000   CD Mortgage Trust Series 2016-CD2 B(b)     3.8790  11/10/49   767,284 
 72,000   CD Mortgage Trust Series 2017-CD3 D(c)     3.2500  02/10/50   21,685 
 1,000,000   CD Mortgage Trust Series 2017-CD3 AS     3.8330  02/10/50   770,740 
 385,453   CFCRE Commercial Mortgage Trust Series 2011-C2 D(b),(c)     5.0800  12/15/47   354,472 
 100,000   CFK Trust Series 2020-MF2 A(c)     2.3870  03/15/39   83,079 
 1,990,236   CG-CCRE Commercial Mortgage Trust Series 2014-FL1 B(c),(d)  TSFR1M + 1.264%  6.5870  06/15/31   1,987,863 
 1,471,526   CG-CCRE Commercial Mortgage Trust Series 2014-FL2 A(c),(d)  TSFR1M + 1.968%  7.2910  11/15/31   1,367,710 
 100,000   Citigroup Commercial Mortgage Trust Series 2016-C2 B     3.1760  08/10/49   84,671 
 349,345   CNL Commercial Mortgage Loan Trust Series 2003-1A A1(c),(d)  TSFR1M + 0.614%  5.9370  05/15/31   335,768 
 68,593   COMM Mortgage Trust Series 2012-LC4 B(b)     4.9340  12/10/44   61,848 
 210,000   COMM Mortgage Trust Series 2013-CCRE8 D(b),(c)     3.7200  06/10/46   176,238 
 1,940,000   COMM Mortgage Trust Series 2013-CR12 AM     4.3000  10/10/46   1,599,045 
 2,385,000   COMM Mortgage Trust Series 2013-CR12 B(b)     4.7620  10/10/46   1,442,925 
 979,033   Commercial Mortgage Loan Trust Series 2008-LS1 AM(b)     6.8090  12/10/49   97,145 
 1,850,000   Csail Commercial Mortgage Trust Series 2015-C2 C(b)     4.3140  06/15/57   1,496,363 
 165,000   CSAIL Commercial Mortgage Trust Series 2015-C3 C(b)     4.4960  08/15/48   122,589 
 265,000   CSAIL Commercial Mortgage Trust Series 2018-C14 D(b),(c)     5.0660  11/15/51   172,830 
 470,000   CSAIL Commercial Mortgage Trust Series 2019-C16 C(b)     4.2370  06/15/52   341,995 
 270,000   CSMC OA, LLC Series 2014-USA(c)     3.9500  09/15/37   216,143 
 1,390,000   CSMC OA, LLC Series 2014-USA D(c)     4.3730  09/15/37   998,368 

 

See accompanying notes to financial statements

20

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     NON AGENCY CMBS — 25.7% (Continued)              
 1,679,833   FREMF Mortgage Trust Series 2017-KF31 B(c),(d)  SOFR30A + 3.014%  8.3340  04/25/24  $1,673,564 
 524,337   FREMF Mortgage Trust Series 2017-KF38 B(c),(d)  SOFR30A + 2.614%  7.9340  09/25/24   478,189 
 55,105   FREMF Mortgage Trust Series 2018-KF49 B(c),(d)  SOFR30A + 2.014%  7.3340  06/25/25   50,735 
 272,180   GS Mortgage Securities Corp Trust Series 2013-G1 B(b),(c)     3.8450  04/10/31   219,421 
 1,000,000   GS Mortgage Securities Corp Trust Series 2013-PEMB A(b),(c)     3.6680  03/05/33   754,210 
 47,000   GS Mortgage Securities Corporation II Series 2005-ROCK F(c)     5.5150  05/03/32   40,720 
 1,500,000   GS Mortgage Securities Trust Series 2011-GC5 B(b),(c)     5.2980  08/10/44   1,249,143 
 1,882,000   GS Mortgage Securities Trust Series 2014-GC18 B(b)     4.8850  01/10/47   1,760,800 
 26,000   GS Mortgage Securities Trust Series 2014-GC20 C(b)     5.1620  04/10/47   23,557 
 1,000,000   GS Mortgage Securities Trust Series 2016-GS4 C(b)     4.0770  11/10/49   802,410 
 11,756   GS Mortgage Securities Trust Series 2018-GS9 A2     3.8390  03/10/51   10,998 
 1,300,000   Harvest Commercial Capital Loan Trust Series 2019-1 M5(b),(c)     5.7300  11/25/31   1,116,855 
 2,000,000   Harvest Commercial Capital Loan Trust Series 2020-1 M5(b),(c)     5.9640  04/25/52   1,667,515 
 700,000   HMH Trust Series 2017-NSS A(c)     3.0620  07/05/31   597,640 
 2,366,000   Hudsons Bay Simon JV Trust Series 2015-HB7 A7(c)     3.9140  08/05/34   2,091,122 
 100,000   Hudsons Bay Simon JV Trust Series 2015-HB10 A10(c)     4.1540  08/05/34   78,461 
 66,956   Hudsons Bay Simon JV Trust Series 2015-HBFL AFL(c),(d)  TSFR1M + 1.944%  7.2740  08/05/34   63,456 
 82,308   Impac CMB Trust Series 2004-8 3B(d)  TSFR1M + 2.739%  8.0820  08/25/34   74,867 
 100,000   J.P. Morgan Chase Commercial Mortgage Securities Series 2016- NINE A(b),(c)     2.9490  09/06/38   87,533 
 453,936   JP Morgan Chase Commercial Mortgage Securities Series 2015- FL7 D(c),(d)  PRIME + 0.693%  9.1930  05/15/28   401,756 
 1,900,000   JP Morgan Chase Commercial Mortgage Securities Series 2018- PTC A(c),(d)  TSFR1M + 1.497%  6.8200  04/15/31   1,295,339 
 193,000   JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 E(b),(c)     5.7100  02/15/46   76,148 
 500,000   JP Morgan Chase Commercial Mortgage Securities Series 2013- LC11 E(b),(c)     3.2500  04/15/46   142,144 
 5,651,392   JP Morgan Chase Commercial Mortgage Securities Series 2007- LD11 AJ(b)     6.0110  06/15/49   1,363,316 
 2,982,031   JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-WLDN A(c)     3.9100  05/05/30   2,314,727 
 339,000   JPMBB Commercial Mortgage Securities Trust Series 2015-C29 C(b)     4.3260  05/15/48   292,772 
 345,000   JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D(b)     4.3050  11/15/48   106,224 
 3,285,192   Lehman Brothers Small Balance Commercial Mortgage Series 1A M1(c),(d)  TSFR1M + 0.614%  5.9570  03/25/37   3,019,035 
 22,973   LSTAR Commercial Mortgage Trust Series 2015-3 AS(b),(c)     3.1190  04/20/48   22,304 
                    

See accompanying notes to financial statements

21

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     NON AGENCY CMBS — 25.7% (Continued)              
 1,500,000   LSTAR Commercial Mortgage Trust Series 2015-3 D(b),(c)     3.1190  04/20/48  $1,378,715 
 381,000   LSTAR Commercial Mortgage Trust Series 2016-4 C(b),(c)     4.7600  03/10/49   298,742 
 2,000,000   LSTAR Commercial Mortgage Trust Series 2016-4 D(b),(c)     4.7600  03/10/49   1,695,850 
 1,500,000   LSTAR Commercial Mortgage Trust Series 2017-5 D(b),(c)     4.8240  03/10/50   1,043,677 
 380,000   Morgan Stanley Bank of America Merrill Lynch Trust Series C10 E(b),(c)     4.1310  07/15/46   69,720 
 6,503,266   Morgan Stanley Bank of America Merrill Lynch Trust Series 2013- C11 AS(b)     4.2130  08/15/46   5,910,493 
 130,000   Morgan Stanley Bank of America Merrill Lynch Trust Series C16 C(b)     4.9670  06/15/47   96,728 
 500,000   Morgan Stanley Bank of America Merrill Lynch Trust Series 2017- C33 AS     3.8520  05/15/50   455,412 
 240,000   Morgan Stanley Capital I Trust Series 2014-150E A(c)     3.9120  09/09/32   193,250 
 420,000   Morgan Stanley Capital I Trust Series 2014-150E AS(c)     4.0120  09/09/32   309,313 
 347,000   Morgan Stanley Capital I Trust Series 2014-150E D(b),(c)     4.4380  09/09/32   194,092 
 600,000   Morgan Stanley Capital I Trust Series 2021-PLZA C(b),(c)     2.9030  11/09/43   402,293 
 200,000   Morgan Stanley Capital I Trust Series 2015-MS1 D(b),(c)     4.1570  05/15/48   110,886 
 72,000   Morgan Stanley Capital I Trust Series 2018-L1 B(b)     4.8690  10/15/51   59,050 
 226,787   Multi Security Asset Trust, L.P. Commercial Series 2005-RR4A N(b),(c)     0.0000  11/28/35   227,326 
 691,292   Multifamily Trust Series 2016-1 A(c),(d)  TSFR1M + 2.114%  7.4570  04/25/46   618,273 
 470,000   Olympic Tower Mortgage Trust Series 2017-OT E(b),(c)      4.0770  05/10/39   272,862 
 314,469   RBS Commercial Funding Inc Trust Series 2013-SMV A(c)      3.2600  03/11/31   254,202 
 500,000   Ready Capital Mortgage Trust Series 2019-5 E(b),(c)      5.3280  02/25/52   375,009 
 5,630,000   ReadyCap Commercial Mortgage Trust Series 2018-4 D(b),(c)      5.2140  02/27/51   4,970,684 
 842,500   SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE A1(b),(c)     3.8720  01/05/43   581,027 
 472,681   Sutherland Commercial Mortgage Trust Series 2021-SB10 C(b),(c)     2.6400  12/25/41   403,629 
 332,000   UBS Commercial Mortgage Trust Series 2017-C2 B(b)     3.9930  08/15/50   269,229 
 457,352   UBS-BAMLL Trust Series 2012-WRM A(c)     3.6630  06/10/30   422,822 
 799,842   UBS-Barclays Commercial Mortgage Trust Series 2013-C5 C(b),(c)     3.8700  03/10/46   539,266 
 679,408   Velocity Commercial Capital Loan Trust Series 2017-2 M5(b),(c)     6.4200  11/25/47   535,474 
 1,026,286   Velocity Commercial Capital Loan Trust Series 2017-2 M6(b),(c)     7.7500  11/25/47   730,922 
 625,231   Velocity Commercial Capital Loan Trust Series 2018-1 M6(c)     7.2600  04/25/48   416,553 
 354,597   Velocity Commercial Capital Loan Trust Series 2018-2 M5(b),(c)     6.3600  10/26/48   273,395 
 594,167   Velocity Commercial Capital Loan Trust Series 2019-3 M3(b),(c)     3.3800  10/25/49   457,156 
 80,373   Velocity Commercial Capital Loan Trust Series 2020-1 M2(b),(c)     2.9800  02/25/50   61,568 

 

See accompanying notes to financial statements

22

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     NON AGENCY CMBS — 25.7% (Continued)              
 2,194,465   Velocity Commercial Capital Loan Trust Series 2021-2 M1(b),(c)     1.8200  08/25/51  $1,662,704 
 1,315,510   Velocity Commercial Capital Loan Trust Series 2022-2 M1(b),(c)     5.4100  04/25/52   1,168,952 
 1,329,264   Velocity Commercial Capital Loan Trust Series 2022-3 M1(b),(c)     6.1300  06/25/52   1,269,507 
 492,801   Velocity Commercial Capital Loan Trust Series 2023-1 M1(b),(c)     7.1500  01/25/53   485,222 
 944,466   Wachovia Bank Commercial Mortgage Trust Series 2004-C12 IO(a),(b),(c)     0.9080  07/15/41   2,054 
 73,739   Waterfall Commercial Mortgage Trust Series 2015-SBC5 A(b),(c)     4.1040  12/14/32   70,671 
 672,690   Wells Fargo Commercial Mortgage Trust Series 2013-LC12 B(b)     4.0860  07/15/46   549,672 
 220,000   Wells Fargo Commercial Mortgage Trust Series 2016-C36 C(b)     4.2560  11/15/59   143,184 
 45,975   WFRBS Commercial Mortgage Trust Series 2011-C4 C(b),(c)     5.1450  06/15/44   42,093 
 950,000   WFRBS Commercial Mortgage Trust Series 2013-C14 B(b)     3.8410  06/15/46   753,255 
 460,148   WFRBS Commercial Mortgage Trust Series 2014-C25 D(b),(c)     3.8030  11/15/47   380,629 
 100,000   WFRBS Commercial Mortgage Trust Series 2014-C24 B(b)     4.2040  11/15/47   87,802 
                  81,901,597 
     OTHER ABS — 1.6%              
 257,382   321 Henderson Receivables I, LLC Series 2004-A A1(c),(d)  TSFR1M + 0.464%  5.7870  09/15/45   255,415 
 135,643   AASET Trust Series 2020-1A A(c)     3.3510  01/16/40   118,852 
 246,819   AFN A.B.SPROP001, LLC Series 2019-1A A2(c)     4.4600  05/20/49   183,557 
 13,075,261   Corevest American Finance Trust Series 2019-3 XA(a),(b),(c)     2.1870  10/15/52   301,863 
 1,000,000   CoreVest American Finance Trust Series 2021-2 D(c)     2.8310  07/15/54   775,006 
 82,376   FCI Funding, LLC Series 2021-1A A(c)     1.1300  04/15/33   76,128 
 839,090   Goldman Home Improvement Trust Issuer Series 2022-GRN1 D(c)     7.3000  06/25/52   817,669 
 1,936,804   Goodgreen Trust Series 2021-1A C(c)     5.7400  10/15/56   1,481,846 
 61,149   HERO Funding Trust Series 2015-2A A(c)     3.9900  09/20/40   54,589 
 145,499   Home Partners of America Trust Series 2020-2 F(c)     4.0550  01/17/41   107,884 
 519,765   HTS Fund I, LLC Series 2021-1 A(c)     1.4110  08/25/36   453,832 
 39,505   Longtrain Leasing III, LLC Series 2015-1A A1(c)     2.9800  01/15/45   36,117 
 350,002   Longtrain Leasing III, LLC Series 2015-1A A2(c)     4.0600  01/15/45   332,943 
 86,542   NP SPE II, LLC Series 2017-1A A1(c)     3.3720  10/21/47   75,347 
 10,173   Orange Lake Timeshare Trust Series 2019-A A(c)     3.0600  04/09/38   9,422 
 168,827   Orange Lake Timeshare Trust Series 2019-A D(c)     4.9300  04/09/38   155,744 
                  5,236,214 
     RESIDENTIAL MORTGAGE — 3.0%              
 337,505   Amresco Residential Securities Corp Mort Loan Series 1999-1 A(d)  TSFR1M + 0.584%  6.3970  06/25/29   312,013 

 

See accompanying notes to financial statements

23

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     RESIDENTIAL MORTGAGE — 3.0% (Continued)              
 7,377,272   Belvedere SPV Srl Series 1 A(d)  EUR006M + 3.250%  7.1800  12/31/38  $3,138,199 
 56,960   CFMT, LLC Series 2021-HB7 A(b),(c)     1.1510  10/27/31   52,727 
 100,000   CFMT, LLC Series 2021-HB7 M1(b),(c)     2.1250  10/27/31   89,525 
 7,396   Chase Funding Trust Series Series 2002-4 2A1(d)  TSFR1M + 0.854%  6.1970  10/25/32   7,131 
 50,429   Chase Funding Trust Series Series 2004-1 1A7(e)     4.9850  11/25/33   47,713 
 890,243   Credit-Based Asset Servicing and Securitization, Series 2002-CB3 B2(d)  TSFR1M + 3.489%  8.8320  06/25/32   876,501 
 92,241   Credit-Based Asset Servicing and Securitization, Series 2004-CB3 B1(d)  TSFR1M + 2.889%  3.1290  03/25/34   99,613 
 1,360,918   Credit-Based Asset Servicing and Securitization, Series 2004- RP1(c),(d)  TSFR1M + 3.864%  9.2070  05/25/50   1,228,441 
 1,111,820   CSMC Trust Series 2017-RPL1(b),(c)     2.9640  07/25/57   506,599 
 214,010   CWABS Asset-Backed Certificates Trust Series 2007-13 2A1(d)  TSFR1M + 1.014%  6.3570  10/25/47   184,464 
 11,961   CWABS Inc Asset-Backed Certificates Trust Series 2004-6 2A3(d)  TSFR1M + 1.314%  6.6570  11/25/34   10,626 
 45,595   Equity One Mortgage Pass-Through Trust Series 2002-3 M1(b)     6.0390  11/25/32   44,782 
 26,137   Fannie Mae Grantor Trust Series 2002-T10 A1(d)  TSFR1M + 0.354%  5.6970  06/25/32   25,522 
 362,293   First Franklin Mortgage Loan Trust Series 2002-FF1 M2(d)  TSFR1M + 1.914%  7.2570  04/25/32   346,373 
 84,675   GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2 M1(d)  TSFR1M + 0.774%  6.1170  12/25/35   65,012 
 23,517   GSAMP Trust Series 2002-WF A2B(d)  TSFR1M + 1.214%  6.5460  10/20/32   23,359 
 136,605   Interstar Millennium Series Trust Series 2004-4E A1(d)  EUR003M + 0.400%  4.3920  11/14/36   141,977 
 550,465   Legacy Mortgage Asset Trust Series 2019-SL2 A(b),(c)     3.3750  02/25/59   520,210 
 53,147   Long Beach Mortgage Loan Trust Series 2003-2 M2(d)  TSFR1M + 2.964%  8.3070  06/25/33   56,222 
 67,075   Mastr Specialized Loan Trust Series 2005-3 M1(c),(d)  TSFR1M + 1.239%  6.5820  11/25/35   62,547 
 585,000   Mill City Mortgage Trust Series 2015-2 B1(b),(c)     3.7020  09/25/57   526,553 
 396,473   RAAC Series Trust Series 2005-SP2 2A(d)  TSFR1M + 0.714%  6.0570  06/25/44   310,527 
 517,216   RAAC Series Trust Series 2007-RP3 A(c),(d)  TSFR1M + 0.494%  6.2170  10/25/46   488,044 
 527,273   Structured Asset Investment Loan Trust Series 2003-BC9 M3(d)  TSFR1M + 3.264%  8.3430  08/25/33   469,018 
                  9,633,698 
     STUDENT LOANS — 1.0%              
 36,147   AccessLex Institute Series 2004-2 B(d)  SOFR90A + 0.962%  6.2960  01/25/43   32,585 
 2,315,000   EdLinc Student Loan Funding Trust Series 2012-1 B(c),(d)  SOFR30A + 4.354%  9.6830  11/26/40   2,596,945 
 196,831   ELFI Graduate Loan Program, LLC Series 2020-A A(c)     1.7300  08/25/45   165,405 
 63,461   L2L Education Loan Trust Series 2006-1A A3(c),(d)  TSFR1M + 0.454%  5.7770  06/15/31   61,285 
 27,405   National Collegiate Trust (The) Series 2005-GATE B(c),(d)  US0001M + 0.450%  5.9070  07/27/26   25,128 
 16,287   SLM Student Loan Trust Series 2005-5 B(d)  SOFR90A + 0.512%  5.8460  10/25/40   13,119 

 

See accompanying notes to financial statements

24

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal
Amount ($)		      Spread  Coupon Rate
(%)		  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 75.8% (Continued)              
     STUDENT LOANS — 1.0% (Continued)              
 75,745   SLM Student Loan Trust Series 2005-8 B(d)  SOFR90A + 0.572%  5.9060  01/25/55  $69,726 
 99,997   Student Loan A.B.S Repackaging Trust Series Series 2007-1 3A1(c),(d)  TSFR3M + 0.477%  5.8560  11/27/30   99,733 
                  3,063,926 
     WHOLE BUSINESS — 0.9%              
 2,392,166   Business Loan Express Business Loan Trust Series 2007-AA A(c),(d)  TSFR1M + 0.514%  5.8460  10/20/40   2,156,149 
 57,225   Business Loan Express Business Loan Trust Series 2007-AA C(c),(d)  TSFR1M + 2.264%  7.5960  10/20/40   46,317 
 114,625   Business Loan Express Business Loan Trust Series 2007-AX C(d)  TSFR1M + 2.264%  7.5960  10/20/40   92,775 
 456,256   ReadyCap Lending Small Business Loan Trust Series 2019-2 A(c),(d)  PRIME - 0.500%  8.0000  12/27/44   439,439 
                  2,734,680 
     TOTAL ASSET BACKED SECURITIES (Cost $255,739,628)      241,423,924 
                    
     CORPORATE BONDS — 12.2%              
     ASSET MANAGEMENT — 0.3%              
 70,000   Morgan Stanley & Company, LLC(d)  5*(USISOA30-USISOA02)  0.0000  01/21/26   59,500 
 274,000   Nomura America Finance, LLC(d)  4*(USISDA30-USISDA02)  0.0000  12/31/33   168,510 
 65,000   Nomura America Finance, LLC(d)  4*(USISDA30-USISDA02)  0.0000  02/28/34   41,506 
 890,000   Nomura America Finance, LLC(d)  4*( USISDA30 - USISDA02 - 0.25%)  0.0000  07/29/34   544,012 
                  813,528 
     BANKING — 3.7%              
 190,000   Bank of Nova Scotia (The)(d)  (4*(USISDA30-USISDA02))  0.0000  06/27/33   112,100 
 120,000   Bank of Nova Scotia (The)(d)  4*(CMS30-CMS2)  0.0000  01/30/34   73,200 
 100,000   Bank of Nova Scotia (The)(d)  4*(CMS30-CMS2 - 0.50%)  0.0000  08/28/34   59,125 
 75,000   Barclays Bank PLC(b)     0.0000  01/23/26   74,579 
 525,000   Barclays Bank PLC(d)  4.250*(USISDA30- USISDA02)  0.0000  09/13/28   405,563 
 50,000   Barclays Bank PLC(d)  4*(USISDA30-USISDA02)  0.0000  10/18/28   38,438 
 75,000   Barclays Bank PLC(d)  4*(USISDA10-USISDA02)- 1.00%  0.0000  08/15/33   45,938 
 58,000   Barclays Bank PLC(d)  4*(USISDA30-USISDA02- 0.5%)  0.0000  04/25/34   34,293 
 70,000   Barclays Bank PLC(d)  8*(USISDA30 – USISDA05 - 0.25%)  0.0000  07/31/34   43,750 
 177,000   BNP Paribas S.A.(d)  4*(CMS30-CMS5)  0.0000  04/30/33   106,200 
 430,000   Citigroup, Inc.(d)  4*(CMS30-CMS5 - 0.25%)  0.0000  06/11/33   260,150 
 1,037,000   Citigroup, Inc.(d)  4.5*(USISDA30-USISDA05)  0.0000  11/26/33   639,051 

 

See accompanying notes to financial statements

25

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 12.2% (Continued)              
     BANKING — 3.7% (Continued)              
 507,000   Citigroup, Inc.(d)  4*(USISDA30-USISDA02) - 1.000%  0.0000  12/29/34  $309,270 
 55,000   Citigroup, Inc.(d)  20*(USISDA30-USISDA02 - 0.875%)  0.0000  08/31/35   33,000 
 170,000   Credit Suisse A.G.(d)  8*(USISDA30-USISDA02)  0.0000  07/31/30   96,900 
 627,000   Credit Suisse A.G.(d)  10*(USISDA30-USISDA02)  0.0000  09/30/30   382,470 
 300,000   Credit Suisse A.G.(d)  7.5*(USISDA30-USISDA02)  0.0000  09/30/30   180,000 
 220,000   Credit Suisse A.G.(d)  10*(USISDA30-USISDA02)  0.0000  01/29/31   135,300 
 791,000   Credit Suisse A.G.(d)  12*(USISDA30-USISDA02)  0.0000  04/29/31   492,398 
 1,024,000   Credit Suisse A.G.(d)  15*(USISDA30-USISDA02)  0.0000  10/31/31   637,440 
 120,000   Deutsche Bank A.G.(d)  4*(USISDA30-USISDA05- 0.550%)  0.0000  01/31/33   68,400 
 245,000   Deutsche Bank A.G.(d)  4*(USISDA30-USISDA02- 0.40%)  0.0000  06/30/34   141,488 
 1,257,000   Deutsche Bank A.G.(d)  4*(USISDA30-USISDA02- 0.500%)  0.0000  08/28/34   725,917 
 4,009,000   Deutsche Bank A.G.(d)  4.5*(USISDA30 - USISDA02 - 0.25%)  0.0000  10/31/34   2,340,253 
 961,000   Deutsche Bank A.G.(d)  4*(USISDA30 - USISDA02 - 0.25%)  0.0000  11/26/34   562,185 
 738,000   Deutsche Bank A.G.(d)  10*(USISDA30-USISDA02) - 8.750%  0.0000  03/27/35   421,583 
 75,000   Deutsche Bank A.G.(d)  15*(USISDA30 - USISDA02 - 0.875%)  0.0000  12/23/35   42,750 
 100,000   HSBC USA, Inc.(d)  6.250*(USISDA30- USISDA05)  0.0000  05/21/29   76,500 
 200,000   Lloyds Bank plc(d)  (USISDA30-USISDA05+0.500%) - 0.500%  0.0000  01/31/33   117,500 
 136,000   Lloyds Bank plc(d)  4*(USISDA30-USISDA02 - 0.25%)  0.0000  10/25/33   81,600 
 655,000   Lloyds Bank plc(d)  4*(USISDA30-USISDA02) - 1.400%  0.0000  11/27/33   408,307 
 282,000   Natixis US Medium-Term Note Program, LLC(d)  4*(USISDA30-USISDA02)  0.0000  04/30/34   174,135 
 1,414,000   Natixis US Medium-Term Note Program, LLC(d)  7.5*(USISDA30 -USISDA05- 0.25%)  0.0000  07/31/34   848,399 
 618,000   Natixis US Medium-Term Note Program, LLC(d)  8*(USISDA30-USISDA02)  0.0000  03/31/36   370,800 
 125,000   NatWest Markets plc(d)  4*(CMS30-CMS2 - 0.25%)  0.0000  08/18/31   78,125 
 100,000   NatWest Markets plc(d)  4*(USISDA30 - USISDA02 - 0.50%)  0.0000  08/26/31   61,750 
 202,000   SG Structured Products, Inc.(b)     0.0000  03/31/26   166,145 
 185,000   SG Structured Products, Inc.(d)  4*(USISDA30 - USISDA02 - 0.50%)  0.0000  07/29/31   123,950 

 

See accompanying notes to financial statements

26

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 12.2% (Continued)              
     BANKING — 3.7% (Continued)              
 744,000   Societe Generale S.A.(d)  10*(USISDA30-USISDA02)  0.0000  10/29/32  $465,000 
 203,000   Societe Generale S.A.(d)  50*(USISDA30-USISDA02)  0.0000  01/31/35   145,906 
 135,000   STRATS, LLC(d)  US0006M + 1.000%  6.8470  02/15/34   105,674 
                  11,685,532 
     INSTITUTIONAL FINANCIAL SERVICES — 4.2%          
 41,000   Citigroup Global Markets Holdings, Inc.(d)  8*(USISDA30-USISDA02)  0.0000  04/25/32   30,242 
 35,000   Citigroup Global Markets Holdings, Inc.(b)     0.0000  11/22/32   22,400 
 200,000   Citigroup Global Markets Holdings, Inc.     0.0000  03/29/34   142,000 
 60,000   Citigroup Global Markets Holdings, Inc.(d)  50*(USISDA30-USISDA02)  0.0000  03/29/34   41,700 
 95,000   Credit Suisse A.G.(b)     0.0000  10/30/30   57,950 
 365,000   Goldman Sachs Group, Inc. (The)(d)  5*(USISDA30-USISDA05)  0.0000  03/19/29   280,138 
 500,000   GS Finance Corporation(d)  7*(USISDA30-USISDA05)- 1.75%  0.0000  03/24/31   295,000 
 673,000   Jefferies Financial Group, Inc.(d)  TSFR3M + 1.762%  7.1500  08/31/39   538,269 
 97,000   Jefferies Group, LLC / Jefferies Group Capital(d)  (7.5*(USISDA30- USISDA02))  0.0000  05/31/34   58,685 
 30,000   Jefferies Group, LLC / Jefferies Group Capital(d)  (8*(USISDA30-USISDA02))  0.0000  06/30/37   19,725 
 1,168,000   Jefferies Group, LLC / Jefferies Group Capital(d)  (9*(USISDA30-USISDA02))  0.0000  07/31/37   687,660 
 446,000   Jefferies Group, LLC / Jefferies Group Capital(d)  (9*(USISDA10-USISDA02))  0.0000  08/31/37   263,140 
 150,000   Jefferies Group, LLC / Jefferies Group Capital(d)  (10*(USISDA10- USISDA02))  0.0000  08/31/37   88,500 
 248,000   Jefferies Group, LLC / Jefferies Group Capital(d)  (10*(USISDA10- USISDA02))  0.0000  09/30/37   133,231 
 240,000   Jefferies Group, LLC / Jefferies Group Capital(d)  8.5*(USISDA30-USISDA02)  0.0000  10/31/37   141,543 
 110,000   Jefferies Group, LLC / Jefferies Group Capital(d)  (8*(USISDA30-USISDA02))  0.0000  01/31/38   65,038 
 762,000   Jefferies Group, LLC / Jefferies Group Capital(d)  USISOA30 + 0.750%  4.8870  02/28/38   514,202 
 280,000   Jefferies Group, LLC / Jefferies Group Capital(d)  TSFR3M + 4.262%  5.0000  03/20/40   229,585 
 115,000   Morgan Stanley(b)     0.0000  03/21/27   96,600 
 56,000   Morgan Stanley(d)  (4*(USISDA30-USISDA05))  0.0000  06/28/28   42,630 
 1,015,000   Morgan Stanley(d)  (8*(USISDA30-USISDA05))  0.0000  09/27/28   776,475 
 753,000   Morgan Stanley(d)  (5*(USISDA30-USISDA02))  0.0000  10/15/28   578,869 
 100,000   Morgan Stanley(b)     0.0000  06/29/29   84,125 
 3,588,000   Morgan Stanley(d)  (10*(USISDA30- USISDA02))  0.0000  04/30/30   2,421,899 
 1,388,000   Morgan Stanley(d)  (10*(USISDA30- USISDA02))  0.0000  05/29/30   936,899 
 403,000   Morgan Stanley(d)  (10*(USISDA30- USISDA02))  0.0000  06/30/30   265,980 

 

See accompanying notes to financial statements

27

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 12.2% (Continued)           
     INSTITUTIONAL FINANCIAL SERVICES — 4.2% (Continued)        
 221,000   Morgan Stanley(d)  (8*(USISDA30-USISDA02))  0.0000  07/31/30  $145,860 
 290,000   Morgan Stanley(d)  (8.5*(USISDA30- USISDA02))  0.0000  08/19/30   193,213 
 216,000   Morgan Stanley(d)  (8*(USISDA30-USISDA02))  0.0000  08/31/30   142,830 
 285,000   Morgan Stanley(d)  (10*(USISDA30- USISDA02))  0.0000  09/30/30   188,100 
 151,000   Morgan Stanley(d)  (7*(USISDA30-USISDA02))  0.0000  10/30/30   99,471 
 171,000   Morgan Stanley Series 10(d)  (5*(USISDA30-USISDA02))  0.0000  10/30/30   113,488 
 50,000   Morgan Stanley(d)  (5*(USISDA30-USISDA02))  0.0000  11/30/30   33,058 
 167,000   Morgan Stanley(d)  9*(USISDA30-USISDA02)  0.0000  03/31/31   126,920 
 20,000   Morgan Stanley(b)     0.0000  03/31/31   14,200 
 89,000   Morgan Stanley(b)     0.0000  05/31/31   66,750 
 125,000   Morgan Stanley(d)  9*(USISDA30-USISDA02)  0.0000  06/30/31   95,000 
 114,000   Morgan Stanley(b)     0.0000  07/29/31   85,500 
 228,200   Morgan Stanley(d)  (7*(USISDA30-USISDA02))  0.0000  09/16/31   151,753 
 117,000   Morgan Stanley(d)  (6*(USISDA30-USISDA02))  0.0000  01/30/34   69,615 
 209,000   Morgan Stanley(d)  (4*(USISDA30-USISDA02))  0.0000  03/31/34   119,653 
 287,000   Morgan Stanley(d)  (4*(USISDA30-USISDA02))  0.0000  05/30/34   164,308 
 220,000   Morgan Stanley(d)  (4*(USISDA30-USISDA02))  0.0000  07/31/34   125,950 
 121,000   Morgan Stanley(d)  5*(USISDA30-USISDA02)  0.0000  08/29/34   70,483 
 120,000   Morgan Stanley(d)  (5*(USISDA30-USISDA02))  0.0000  09/30/34   69,600 
 238,000   Morgan Stanley(d)  (5*(USISDA30-USISDA02))  0.0000  10/08/34   138,040 
 233,000   Morgan Stanley(d)  (7*(USISDA30-USISDA02))  0.0000  10/31/34   140,091 
 30,000   Morgan Stanley(d)  (5*(USISDA30-USISDA02))  0.0000  11/28/34   17,400 
 230,000   Morgan Stanley(d)  (4.5*(USISDA30-USISDA02))  0.0000  12/31/34   132,250 
 304,000   Morgan Stanley(d)  (8*(USISDA30-USISDA02))  0.0000  01/30/35   182,780 
 473,000   Morgan Stanley(d)  (4*(USISDA30-USISDA02))  0.0000  02/27/35   270,793 
 438,000   Morgan Stanley(d)  (6*(USISDA30-USISDA02))  0.0000  03/31/35   256,230 
 532,000   Morgan Stanley(d)  (9*(USISDA30-USISDA02))  0.0000  04/30/35   364,420 
 73,000   Morgan Stanley(d)  9*(CMS30-CMS2)  0.0000  05/29/35   50,005 
 135,000   Morgan Stanley(d)  9*(CMS30-CMS2)  0.0000  06/30/35   92,475 
 268,000   Morgan Stanley(d)  9*(CMS30-CMS2)  0.0000  07/31/35   183,580 
 79,000   Morgan Stanley(d)  9*(USISDA30-USISDA02)  0.0000  09/30/35   54,115 
 109,000   Morgan Stanley(d)  9*(USISDA30-USISDA02)  0.0000  11/30/35   74,665 
 134,000   Morgan Stanley(d)  (9*(USISDA30-USISDA02))  0.0000  12/23/35   91,790 

 

See accompanying notes to financial statements

28

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 12.2% (Continued)           
     INSTITUTIONAL FINANCIAL SERVICES — 4.2% (Continued)           
 816,000   Morgan Stanley(d)  (10*(USISDA30- USISDA02))  0.0000  02/29/36  $497,760 
                  13,434,631 
     LEISURE FACILITIES & SERVICES — 0.1%              
 473,013   Times Square Hotel Trust(c)     8.5280  08/01/26   469,026 
                    
     OIL & GAS PRODUCERS — 0.2%              
 250,000   Petroleos Mexicanos(c)     10.0000  02/07/33   233,343 
 870,000   Petroleos Mexicanos     6.7500  09/21/47   532,655 
                  765,998 
     REAL ESTATE INVESTMENT TRUSTS — 0.0%(h)          
 110,000   American Tower Trust #1(c)     3.6520  03/23/28   101,778 
                    
     SPECIALTY FINANCE — 3.7%              
 183,643   Fort Knox Military Housing Privatization Project(d)  TSFR1M + 0.454%  5.7770  02/15/52   139,752 
 2,548,787   MM Community Funding III Ltd. / MM Community(c),(d)  TSFR6M + 2.478%  7.9130  05/01/32   2,300,279 
 498,000   Morgan Stanley Finance, LLC(d)  15(USISDA30-USISDA02)  0.0000  04/30/33   347,978 
 541,000   Morgan Stanley Finance, LLC(d)  (10*(USISDA30- USISDA02))  0.0000  06/30/36   331,363 
 215,000   Morgan Stanley Finance, LLC(d)  (15*(USISDA30- USISDA02))  0.0000  07/29/36   133,300 
 3,474,000   Morgan Stanley Finance, LLC(d)  (20*(USISDA30- USISDA02))  0.0000  08/31/36   2,179,935 
 788,000   Morgan Stanley Finance, LLC(d)  (20*(USISDA30- USISDA02))  0.0000  09/30/36   494,470 
 4,218,000   Morgan Stanley Finance, LLC(d)  (20*(USISDA30- USISDA02))  0.0000  11/29/36   2,646,794 
 1,269,000   Morgan Stanley Finance, LLC(d)  (20*(USISDA30- USISDA02))  0.0000  01/31/37   796,298 
 361,000   Morgan Stanley Finance, LLC(d)  (20*(USISDA30- USISDA02))  0.0000  04/28/37   226,528 
 267,000   Morgan Stanley Finance, LLC(d)  20*(USISDA30-USISDA02)  0.0000  07/31/37   167,543 
 2,014,000   Morgan Stanley Finance, LLC(d)  (10*(USISDA30- USISDA02))  0.0000  09/29/37   1,233,575 
 158,000   Morgan Stanley Finance, LLC(d)  (20*(USISDA30- USISDA02))  0.0000  09/29/37   99,145 
 25,433   Preferred Term Securities X Ltd. / Preferred Term(c),(d)  US0003M + 0.860%  6.5210  07/03/33   24,882 
 634,876   Select Notes Trust LT     5.9100  02/22/33   559,046 
                  11,680,888 
 
     TOTAL CORPORATE BONDS (Cost $55,206,949)        38,951,381 

 

See accompanying notes to financial statements

29

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 0.3%           
     SOVEREIGN — 0.1%           
 200,000   Argentina Bonar Bonds(e)  0.7500  07/09/30  $69,050 
 24,086   Argentine Republic Government International Bond  1.0000  07/09/29   8,793 
 1,185,000   Argentine Republic Government International Bond(e)  3.6250  07/09/35   387,412 
               465,255 
     SUPRANATIONAL — 0.2%           
 964,000   International Bank for Reconstruction & Development(b)  0.0000  06/30/34   607,320 
                 
     TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,463,239)         1,072,575 
                 
     U.S. GOVERNMENT & AGENCIES — 6.8%           
     AGENCY FIXED RATE — 1.3%           
 3,974,964   Fannie Mae Pool BY8354  6.0000  08/01/53   3,987,816 
                 
     AGENCY MBS OTHER — 0.0%(h)           
 35,385   Fannie Mae Pool 257064  4.5000  11/01/37   34,530 
 18,324   Ginnie Mae II Pool BU6365(b)  4.5690  04/20/70   18,032 
               52,562 
     U.S. TREASURY NOTES — 5.5%           
 1,000,000   United States Treasury Note  4.0000  06/30/28   986,309 
 1,000,000   United States Treasury Note  3.7500  06/30/30   964,590 
 12,000,000   United States Treasury Note  3.5000  02/15/33   11,213,437 
 5,000,000   United States Treasury Note  3.3750  05/15/33   4,619,531 
               17,783,867 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $22,528,317)         21,824,245 
                 
     TOTAL INVESTMENTS - 95.1% (Cost $334,938,133)        $303,272,125 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 4.9%         15,503,622 
     NET ASSETS - 100.0%        $318,775,747 
                 

See accompanying notes to financial statements

30

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2023
 
OPEN FUTURES CONTRACTS
Number of
Contracts		   Open Long Futures Contracts  Expiration  Notional
Amount(i)		   Value and
Unrealized
Appreciation		 
 120   Ultra 10-Year US Treasury Note Futures  03/19/2024  $13,621,875   $98,625 
                   
     TOTAL FUTURES CONTRACTS             
                   
OPEN FUTURES CONTRACTS
Number of
Contracts		   Open Short Futures Contracts  Expiration  Notional
Amount(i)		   Value and
Unrealized
Depreciation		 
 80   Cboe iBoxx iShares $ High Yield Corporate Bond  03/01/2024  $11,894,000   $(117,240)
                   
     TOTAL FUTURES CONTRACTS             
                   
CREDIT DEFAULT SWAP AGREEMENTS
Description  Payment
Frequency		  Counterparty  Fixed Deal
(Pay)Rate		  Maturity
Date		  Notional
Value		   Fair Value   Amortized
Upfront
Payments
Paid/
(Received)		   Unrealized
Appreciation/
(Depreciation)		 
CDX.NA.HY Series 40  Annual  GS  5.00%  6/20/2028  $29,700,000   $(1,579,810)  $(916,663)  $(663,147)
CDX.NA.HY Series 41  Annual  GS  5.00%  12/20/2028   10,890,000    (520,740)   (437,892)   (82,848)
                                 
Morgan Stanley 7.25% 04/01/2032  Annual  GS  1.00%  6/20/2025   20,000,000    (213,331)   (122,152)   (91,179)
TOTAL                   $(2,313,881)  $(1,476,707)  $(837,174)
                                 
INTEREST RATE SWAP
Reference Entity  Payment
Frequency		  Counterparty  Fixed Deal
(Pay)Rate		  Maturity
Date		  Notional
Value		   Fair Value   Amortized
Upfront
Payments
Paid/
(Received)		   Unrealized
Appreciation/
(Depreciation)		 
1 Year SOFR Compound Index  Annual  GS  0.9975%  1/25/2024  $100,000,000   $4,219,581   $—   $4,219,581 
                                 
GS - Goldman Sachs
LLC - Limited Liability Company
LP - Limited Partnership
LTD - Limited Company
PLC - Public Limited Company
REMIC - Real Estate Mortgage Investment Conduit
S.A. - Société Anonyme
12MTA Federal Reserve US 12 Month Cumulative Avg 1 Year Constant Maturity Treasury
CMS2 2 Year Constant Maturity Swap Rate
CMS5 5 Year Constant Maturity Swap Rate
CMS30 30 Year Constant Maturity Swap Rate
ECOFC Enterprise 11th District Cost of Funds Index
EUR003M Euribor 3 Month
EUR006M Euribor 6 Month
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
PRIME Prime Rate by U.S.
SOFR30A United States 30 Day Average SOFR Secured Overnight Financing Rate
SOFR90A United States 90 Day Average SOFR Secured Overnight Financing Rate
TSFR1M Secured Overnight Financing Rate 1 month
TSFR3M Secured Overnight Financing Rate 3 month
TSFR6M Secured Overnight Financing Rate 6 month
US0001M ICE LIBOR USD 1 Month
US0003M ICE LIBOR USD 3 Month
US0006M ICE LIBOR USD 6 Month
USISDA02 2 Year Dollar ICE Swap Rate
USISDA05 5 Year Dollar ICE Swap Rate
USISDA10 10 Year Dollar ICE Swap Rate
USISDA30 30 Year Dollar ICE Swap Rate
USISOA30 USD SOFR Spread-Adj. ICE Swap Rate 30Y
   
(a)Interest only securities.

 

(b)Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

(c)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2023 the total market value of 144A securities is $160,697,157 or 50.4% of net assets.

 

(d)Variable rate security; the rate shown represents the rate on November 30, 2023.

 

(e)Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at November 30, 2023.

 

(f)Zero coupon bond.

 

(g)Non-income producing security.

 

(h)Percentage rounds to less than 0.1%.

 

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

 

See accompanying notes to financial statements

31

 

EASTERLY INCOME OPPORTUNITIES FUND
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2023
 
Assets:     
Total Investments, at cost  $334,938,133 
      
Total Investments, at value  $303,272,125 
Cash   4,512,872 
Foreign cash ($29,600)   29,362 
Deposit in collateral account for swaps   3,611,781 
Deposit at broker for swaps   2,112,964 
Deposit at broker for futures   796,234 
Unrealized appreciation on swaps   4,219,581 
Unrealized appreciation on futures   98,625 
Receivable for securities sold   1,194,221 
Receivable for fund shares sold   300,773 
Interest and dividends receivable   1,651,869 
Prepaid expenses and other assets   238,937 
Total Assets   322,039,344 
      
Liabilities:     
Payable for securities purchased   76,102 
Payable for fund shares redeemed   273,695 
Premiums received on swaps   1,476,707 
Unrealized depreciation on swaps   837,174 
Unrealized depreciation on futures   117,240 
Administrator fees payable   96,138 
Payable to manager   254,194 
Trustee fees payable   5,839 
Payable for distribution (12b-1) fees   10,032 
Compliance officer fees payable   1,195 
Accrued expenses and other liabilities   115,281 
Total Liabilities   3,263,597 
      
Net Assets  $318,775,747 
      
Net Assets:     
Paid in capital  $356,329,075 
Accumulated loss   (37,553,328)
Net Assets  $318,775,747 
      
Net Asset Value Per Share     
Class A     
Net Assets  $6,031,186 
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]   618,270 
Net asset value  $9.75 
Offering price per share (maximum sales charge of 2.00%)  $9.95 
      
Class C     
Net Assets  $3,539,534 
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]   372,307 
Net asset value/offering price per share  $9.51 
      
Class I     
Net Assets  $229,746,912 
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]   24,167,503 
Net asset value/offering price per share  $9.51 
      
Class R6     
Net Assets  $79,458,115 
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]   8,169,094 
Net asset value/offering price per share  $9.73 
      

See accompanying notes to financial statements.

32

 

EASTERLY INCOME OPPORTUNITIES
FUND STATEMENT OF OPERATIONS
For the Year Ended November 30, 2023
 
Investment Income:     
Interest income  $20,294,074 
Total Investment Income   20,294,074 
      
Operating Expenses:     
Management fees   3,942,805 
Distribution (12b-1) fees     
Class A Shares   25,312 
Class C Shares   38,908 
Administration fees   465,525 
Interest expenses   363,353 
Shareholder servicing fees   259,379 
Transfer Agent fees   121,670 
Legal fees   97,056 
Registration fees   77,767 
Custodian fees   53,902 
Printing and postage expense   43,363 
Audit fees   22,731 
Trustees’ fees   22,307 
Insurance expense   18,000 
Compliance officer fees   6,167 
Miscellaneous expenses   12,829 
Total Operating Expenses   5,571,074 
      
Less: Expenses waived   (619,614)
Total Waivers   (619,614)
      
Net Operating Expenses   4,951,460 
      
Net Investment Income   15,342,614 
      
Realized and Unrealized Gain (Loss) on Investments:     
Net realized gain (loss) from:     
Investments   (1,542,816)
Futures   425,698 
Swaps   691,373 
Net realized (loss)   (425,745)
      
Net change in unrealized appreciation/(depreciation) on:     
Investments   646,171 
Futures   (18,615)
Swaps   (1,327,724)
Net change in unrealized depreciation   (700,168)
Net Realized and Unrealized (Loss) on investments   (1,125,913)
      
Net Increase in Net Assets Resulting From Operations  $14,216,701 
      
      

See accompanying notes to financial statements.

33

 

EASTERLY INCOME OPPORTUNITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
 
   Year Ended   Year Ended 
   November 30, 2023   November 30, 2022 
Operations:          
Net investment income  $15,342,614   $11,330,827 
Net realized (loss) on investments   (425,745)   (1,445,922)
Net change in unrealized (depreciation) on investments   (700,168)   (33,012,258)
Net increase/(decrease) in net assets resulting from operations   14,216,701    (23,127,353)
           
Distributions to Shareholders:          
Total Distributions:          
Class I   (15,460,411)   (11,276,015)
Class A   (659,176)   (694,638)
Class C   (233,492)   (220,813)
Class R6   (5,964,481)   (4,185,637)
Total Dividends and Distributions to Shareholders   (22,317,560)   (16,377,103)
           
Share Transactions of Beneficial Interest:          
Net proceeds from shares sold          
Class I   121,236,095    152,840,023 
Class A   4,102,974    5,758,497 
Class C   725,489    1,295,088 
Class R6   13,420,081    65,569,643 
Reinvestment of dividends and distributions          
Class I   13,780,377    9,641,868 
Class A   530,834    595,386 
Class C   164,808    145,951 
Class R6   4,724,777    3,151,949 
Cost of shares redeemed          
Class I   (105,969,267)   (144,056,411)
Class A   (9,568,819)   (9,048,548)
Class C   (1,716,476)   (1,958,764)
Class R6   (29,892,214)   (26,663,270)
Net increase in net assets from share transactions of beneficial interest   11,538,659    57,271,412 
           
Total Increase in Net Assets   3,437,800    17,766,956 
           
Net Assets:          
Beginning of year   315,337,947    297,570,991 
End of year  $318,775,747   $315,337,947 
           
Share Activity          
Shares sold          
Class I   12,562,281    14,665,435 
Class A   414,956    539,809 
Class C   75,174    124,464 
Class R6   1,360,347    6,108,852 
Shares Reinvested          
Class I   1,438,071    930,035 
Class A   53,971    55,732 
Class C   17,190    13,964 
Class R6   483,125    300,790 
Shares redeemed          
Class I   (11,001,893)   (13,970,464)
Class A   (975,479)   (861,927)
Class C   (177,742)   (191,272)
Class R6   (3,034,920)   (2,547,727)
Net Increase in shares of beneficial interest   1,215,081    5,167,691 
           

See accompanying notes to financial statements.

34

 

EASTERLY INCOME OPPORTUNITIES FUND
FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)
 
   Class A
   For the   For the   For the   For the   For the 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   November 30,   November 30,   November 30,   November 30,   November 30, 
   2023   2022   2021   2020   2019 
Net Asset Value, Beginning of Year  $10.00   $11.26   $11.35   $10.68   $10.16 
Income (Loss) from Investment Operations:                         
Net investment income (1)   0.43    0.32    0.36    0.42    0.41 
Net realized and unrealized gain (loss)   (0.04)   (1.07)   0.24    0.95    0.46 
Total from investment operations   0.39    (0.75)   0.60    1.37    0.87 
Dividends and Distributions:                         
Dividends from net investment income   (0.64)   (0.34)   (0.38)   (0.52)   (0.34)
Distributions from realized gains   —    (0.17)   (0.31)   (0.18)   (0.01)
Total dividends and distributions   (0.64)   (0.51)   (0.69)   (0.70)   (0.35)
                          
Redemption Fees   —    —    —    —    0.00 **
                          
Net Asset Value, End of Year  $9.75   $10.00   $11.26   $11.35   $10.68 
                          
Total Return*   4.04%   (6.84)%   5.44% #   13.54% #   8.67% #
Ratios and Supplemental Data:                         
Net assets, end of year (000s)  $6,031   $11,247   $15,664   $12,466   $435 
Ratio of gross operating expenses to average net assets including interest expense (2,3)   1.93%   1.86%   1.86%   2.01%   2.38%
Ratio of net operating expenses to average net assets including interest expense (2,4)   1.84%   1.80%   1.76%   1.79%   1.74%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,7)   4.32%   3.01%   3.18%   3.89%   3.84%
Portfolio Turnover Rate   42%   77%   84%   132%   111%
                          
   Class C
   For the   For the   For the   For the   For the 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   November 30,   November 30,   November 30,   November 30,   November 30, 
   2023   2022   2021   2020   2019 
Net Asset Value, Beginning of Year  $9.76   $11.00   $11.10   $10.45   $10.16 
Income (Loss) from Investment Operations:                         
Net investment income (1)   0.35    0.23    0.27    0.33    0.32 
Net realized and unrealized gain (loss)   (0.03)   (1.04)   0.24    0.93    0.31 
Total from investment operations   0.32    (0.81)   0.51    1.26    0.63 
Dividends and Distributions:                         
Dividends from net investment income   (0.57)   (0.26)   (0.30)   (0.43)   (0.33)
Distributions from realized gains   —    (0.17)   (0.31)   (0.18)   (0.01)
Total dividends and distributions   (0.57)   (0.43)   (0.61)   (0.61)   (0.34)
                          
Redemption Fees   —    —    —    —    — 
                          
Net Asset Value, End of Year  $9.51   $9.76   $11.00   $11.10   $10.45 
                          
Total Return*   3.37%   (7.50)%   4.71%   12.62%   6.24% #
Ratios and Supplemental Data:                         
Net assets, end of year (000s)  $3,540   $4,467   $5,616   $3,262   $1,468 
Ratio of gross operating expenses to average net assets including interest expense (2,5)   2.68%   2.61%   2.61%   2.81%   3.11%
Ratio of net operating expenses to average net assets including interest expense (2,6)   2.59%   2.55%   2.51%   2.54%   2.49%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,7)   3.58%   2.28%   2.41%   3.12%   3.09%
Portfolio Turnover Rate   42%   77%   84%   132%   111%
                          
(1)Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

 

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

 

(3) Ratio of gross operating expenses to average net assets excluding interest expense (2)   1.82%   1.79%   1.83%   1.96%   2.38%
                            
(4) Ratio of net operating expenses to average net assets excluding interest expense (2)   1.73%   1.73%   1.73%   1.74%   1.74%
                            
(5) Ratio of gross operating expenses to average net assets excluding interest expense (2)   2.57%   2.54%   2.58%   2.76%   3.11%
                            
(6) Ratio of net operating expenses to average net assets excluding interest expense (2)   2.48%   2.48%   2.48%   2.49%   2.49%
                            
(7)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

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

 

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

 

#Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. Adjustments may apply to some but not all years and classes.

 

See accompanying notes to financial statements.

35

 

EASTERLY INCOME OPPORTUNITIES FUND
FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)
 
   Class I
   For the   For the   For the   For the   For the 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   November 30,   November 30,   November 30,   November 30,   November 30, 
   2023   2022   2021   2020   2019 
Net Asset Value, Beginning of Year  $9.76   $11.00   $11.10   $10.46   $10.15 
Income (Loss) from Investment Operations:                         
Net investment income (1)   0.44    0.34    0.38    0.44    0.40 
Net realized and unrealized gain (loss)   (0.02)   (1.05)   0.23    0.93    0.30 
Total from investment operations   0.42    (0.71)   0.61    1.37    0.70 
Dividends and Distributions:                         
Dividends from net investment income   (0.67)   (0.36)   (0.40)   (0.55)   (0.38)
Distributions from realized gains   —    (0.17)   (0.31)   (0.18)   (0.01)
Total dividends and distributions   (0.67)   (0.53)   (0.71)   (0.73)   (0.39)
                          
Redemption Fees   —    —    —    —    0.00 **
                          
Net Asset Value, End of Year  $9.51   $9.76   $11.00   $11.10   $10.46 
                          
Total Return*   4.42%   (6.58)%   5.74%   13.80%   6.97%
Ratios and Supplemental Data:                         
Net assets, end of year (000s)  $229,747   $206,630   $215,003   $112,226   $4,982 
Ratio of gross operating expenses to average net assets including interest expense (2,3)   1.68%   1.61%   1.61%   1.79%   1.99%
Ratio of net operating expenses to average net assets including interest expense (2,4)   1.59%   1.55%   1.51%   1.54%   1.49%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,7)   4.59%   3.29%   3.40%   4.11%   3.88%
Portfolio Turnover Rate   42%   77%   84%   132%   111%
                          
   Class R6
   For the   For the   For the   For the   For the 
   Year Ended   Year Ended   Year Ended   Year Ended   Year Ended 
   November 30,   November 30,   November 30,   November 30,   November 30, 
   2023   2022   2021   2020   2019 
Net Asset Value, Beginning of Year  $9.93   $11.15   $11.20   $10.51   $10.16 
Income (Loss) from Investment Operations:                         
Net investment income (1)   0.49    0.38    0.43    0.48    0.43 
Net realized and unrealized gain (loss)   (0.02)   (1.07)   0.23    0.94    0.31 
Total from investment operations   0.47    (0.69)   0.66    1.42    0.74 
Dividends and Distributions:                         
Dividends from net investment income   (0.67)   (0.36)   (0.40)   (0.55)   (0.38)
Distributions from realized gains   —    (0.17)   (0.31)   (0.18)   (0.01)
Total dividends and distributions   (0.67)   (0.53)   (0.71)   (0.73)   (0.39)
                          
Redemption Fees   —    —    —    —    0.00 **
                          
Net Asset Value, End of Year  $9.73   $9.93   $11.15   $11.20   $10.51 
                          
Total Return*   4.86%   (6.30)%   6.16%   14.23%   7.36%
Ratios and Supplemental Data:                         
Net assets, end of year (000s)  $79,458   $92,994   $61,289   $62,369   $30,209 
Ratio of gross operating expenses to average net assets including interest expense (2,5)   1.68%   1.61%   1.63%   1.80%   1.93%
Ratio of net operating expenses to average net assets including interest expense (2,6)   1.20%   1.18%   1.14%   1.17%   1.13%
Ratio of net investment income (loss) after expense reimbursement to average net assets (2,7)   4.97%   3.68%   3.82%   4.51%   4.11%
Portfolio Turnover Rate   42%   77%   84%   132%   111%
                          
(1)Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

 

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

 

(3) Ratio of gross operating expenses to average net assets excluding interest expense (2)   1.57%   1.54%   1.58%   1.74%   2.00%
                            
(4) Ratio of net operating expenses to average net assets excluding interest expense (2)   1.48%   1.48%   1.48%   1.49%   1.49%
                            
(5) Ratio of gross operating expenses to average net assets excluding interest expense (2)   1.57%   1.54%   1.61%   1.75%   1.93%
                            
(6) Ratio of net operating expenses to average net assets excluding interest expense (2)   1.09%   1.11%   1.11%   1.12%   1.13%
                            
(7)Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

 

*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.

36

 

EASTERLY INCOME OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
Year Ended November 30, 2023

 

1.ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Easterly Income Opportunities Fund (the “Fund”) is a series of the James Alpha Fund Trust dba Easterly Funds Trust (the “Trust”) and was organized in 2020, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The Trust currently consists of five series. Easterly Funds LLC serves as the Fund’s Advisor. Orange Investment Advisors LLC serves as the Sub-Advisor.

 

Primary Objective

 

High level of risk adjusted current income and capital appreciation with a secondary objective of capital preservation.

 

Currently, the Fund offers Class A, Class C, Class I and Class R6 shares. 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 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 Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

 

The following is a summary of significant accounting policies followed by the Fund 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. The 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 Fund’s pricing services based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Swap transactions are valued through an independent pricing service. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by the Board of Trustees (the “Board”). There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the board-appointed Valuation Designee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (I) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; and (iii) possible valuation methodologies that could be used to determine the fair value of a security. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Foreign currency and Forward currency exchange contracts are valued daily at the London close each day. Investments in foreign countries may involve certain considerations and risks not typically associated with domestic investments, including, but not limited to, the possibility of future political and economic developments and the level of government supervision and regulation of foreign securities markets.

 

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

 

The Fund utilizes 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 Fund has 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 Fund’s 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.

37

 

EASTERLY INCOME OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
Year Ended November 30, 2023 (Continued)

 

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, 2023, for the Fund’s assets and liabilities measured at fair value:

 

Assets*  Level 1   Level 2   Level 3   Total 
Asset Backed Securities  $—   $241,423,924   $—   $241,423,924 
Corporate Bonds   —    38,951,381    —    38,951,381 
Non U.S. Government & Agencies   —    1,072,575    —    1,072,575 
U.S. Government & Agencies   —    21,824,245    —    21,824,245 
Total Assets  $—   $303,272,125   $—   $303,272,125 
Assets - Derivatives                    
Interest Rate Swap**  $—   $4,219,581   $—   $4,219,581 
Futures**   98,625    —    —    98,625 
Total Asset Derivatives  $98,625   $4,219,581   $—   $4,318,206 
Liabilities - Derivatives                    
Credit Default Swap**  $—   $837,174   $—   $837,174 
Futures**   117,240    —    —    117,240 
Total Liability Derivatives  $117,240   $837,174   $—   $954,414 

 

There were no level 3 securities held during the year.

 

*Refer to the Schedules of Investments for industry or category classifications.
**Amounts shown for swaps and futures are unrealized appreciation/depreciation.

 

(b) Federal Income Tax

 

It is the 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. The Fund recognizes 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 ended November 30, 2020, to November 30, 2022, or expected to be taken in the Fund’s November 30, 2023 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, New York and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes 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, 2023, the Fund 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 Statement 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 the Fund’s intended dividend and capital gain declaration policy:

 

Income Dividends   Capital Gains
Monthly   Annually

 

The 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 the Fund.

 

(e) Allocation of Expenses

 

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

 

(f) Indemnification

 

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s 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.

38

 

EASTERLY INCOME OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
Year Ended November 30, 2023 (Continued)

 

(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.

 

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.

 

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

 

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

 

(b) Pursuant to an operating expense limitation agreement between Easterly Funds LLC and the Fund, 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 Fund’s average daily net assets. This operating expense limitation agreement cannot be terminated during its term. Easterly Funds LLC is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years of the end of the fiscal year in which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less. The expense limitation agreement will be in effect through March 31, 2024.

 

                  Fee Waived/ 
Management  Expenses Limitation     Expenses Reimbursed 
Agreement  Cl A  Cl C  Cl I  CL R6  Expires  YTD 11/30/2023 
1.20%  1.73%  2.48%  1.48%  0.89%*  3/31/2024  $619,614 

 

*Prior to November 6, 2023, the Expense Limitations was 1.11%.

 

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

 

11/30/2024   11/30/2025   11/30/2026 
$472,087   $552,449   $619,614 

 

(c) Effective October 2, 2023, Easterly Securities LLC (the “Distributor”) is the Trust’s Distributor and is an affiliate of the Advisor. The Trust with respect to the Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the “Plan”) with respect to the sale and distribution of Class A and C shares of the Fund. The Plan provides that the Fund will pay the Distributor and other entities, including a broker-dealer affiliate of the Adviser, are paid pursuant to the Plans provided and the expenses borne by the distributor and others in the distribution of Fund shares a fee, which is accrued daily and paid monthly, at the annual 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 Fund’s Class C shares. Prior to October 2, 20023 Ultimus Fund Distributers, LLC (“UFD”) was the Funds distributor. For the year ended, November 30, 2023, sales charges on sales of the Fund’s Class A shares were as follows:

 

Sales Charges Class A 
Easterly Securities, LLC   Ultimus Fund Distributers, LLC 
$2,351    9,072 

 

(d) Ultimus Fund Solutions, LLC (“UFS”), an affiliate of UFD provides administrative, fund accounting and transfer agency services to the Fund pursuant to agreements with the Trust, for which it receives from the 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.

39

 

EASTERLY INCOME OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
Year Ended November 30, 2023 (Continued)

 

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 this agreement, NLCS receives customary fees from the Fund.

 

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 Fund.

 

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

 

3.INVESTMENT TRANSACTIONS

 

(a) For the year ended November 30, 2023, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Fund were $172,572,498 and $129,079,718, respectively.

 

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

 

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

 

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statement 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 Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund amortizes upfront payments and/or accrues 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 Statement 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 Statement of Operations. The Fund segregates 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 Statement of Assets and Liabilities. The Fund’s 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 Statement of Assets and Liabilities at November 30, 2023, was as follows:

 

      Location of derivatives on Statement of  Fair value of asset/liability 
Derivative  Risk Type  Assets and Liabilities  derivatives 
Swap Contracts  Interest Rate  Unrealized appreciation on swaps  $4,219,581 
Futures  Interest Rate  Unrealized appreciation on futures   98,625 
      Totals  $4,318,206 
            
Swap Contracts  Credit Default  Unrealized depreciation on swaps  $(837,174)
Futures  Interest Rate  Unrealized depreciation on futures   (117,240)
      Totals  $(954,414)

 

The effect of derivative instruments on the Statement of Operations for the year ended November 30, 2023, was as follows:

 

         Realized and unrealized 
Derivative  Location of gain (loss) on derivatives  Risk Type  gain (loss) on derivatives 
Swap Contracts           
   Net realized gain on swaps  Interest Rate  $691,373 
   Net change in unrealized (depreciation) on swaps  Interest Rate  $(1,327,724)
Futures           
   Net realized gain from futures  Interest Rate  $425,698 
   Net change in unrealized appreciation on futures  Interest Rate  $(18,615)

 

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

40

 

EASTERLY INCOME OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
Year Ended November 30, 2023 (Continued)

 

The following table presents the Fund’s assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of November 30, 2023.

 

       Gross Amounts not offset in the Statement of Assets     
       and Liabilities     
   Gross Amounts Recognized   Financial Instruments   Cash Collateral     
   Assets   Pledged   Pledged *   Net Amount of Assets 
Description of Asset:                
Interest Rate Swap  $4,219,581   $—   $(837,174)  $3,382,407 
Total  $4,219,581   $—   $(837,174)  $3,382,407 
                     
       Gross Amounts not offset in the Statement of Assets     
       and Liabilities     
   Gross Amounts of Recognized   Financial Instruments   Cash Collateral   Net Amount of 
   Liabilities   Pledged   Pledged *   Liabilities 
Description of Liability:                
Credit Default Swap  $(837,174)   —   $837,174   $— 
Total  $(837,174)  $—   $837,174   $— 

 

*Excess collateral not included.

 

4.AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

 

Cost for           Tax Net 
Federal Tax   Unrealized   Unrealized   Unrealized 
Purposes   Appreciation   Depreciation   App/Dep 
 335,250,686    8,358,418    (40,336,979)   (31,978,561)

 

5.DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

 

The tax character of fund distributions paid for the years ended November 30, 2023, and November 30, 2022, was as follows:

 

   Fiscal Year Ended   Fiscal Year Ended 
   November 30, 2023   November 30, 2022 
Ordinary Income  $22,317,560   $13,855,861 
Long-Term Capital Gains   —    2,521,242 
Return of Capital   —    — 
   $22,317,560   $16,377,103 

 

As of November 30, 2023, 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 
Income   Capital Gains   Late Year Loss   Forwards   Differences   (Depreciation)   Earnings/(Deficits) 
$638,788   $—   $(1,194,613)  $(5,019,971)  $—   $(31,977,532)  $(37,553,328)

 

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 adjustments for contingent convertible debt securities. The unrealized appreciation/(depreciation) in the table above includes unrealized foreign currency gains (losses) of $1,029 for the Fund.

 

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 Fund incurred and elected to defer such late year losses of $1,194,613.

 

At November 30, 2023, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

 

Non-             
Expiring   Non-Expiring       CLCF 
Short-Term   Long-Term   Total   Utilized 
$—   $5,019,971   $5,019,971   $— 

41

 

EASTERLY INCOME OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS
Year Ended November 30, 2023 (Continued)

 

6.LINE OF CREDIT

 

Currently, the Fund has a $33,000,000 line of credit provided by Cogent Bank (the “Bank”) under an agreement (the “Line of Credit”). Any advance under the Line of Credit is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable Monthly. There were no borrowings outstanding at year end.

 

7.RECENT REGULATORY UPDATES

 

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

 

8.SUBSEQUENT EVENTS

 

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

42

 

(LOGO) 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 Income Opportunities Fund, (the “Fund”) a series of the James Alpha Funds Trust d/b/a Easterly Funds Trust (the “Trust”), including the schedule of investments as of November 30, 2023, and the related statement of operations for the year then year ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, 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 Fund as of November 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2011.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2023 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 29, 2024

43

 

SUPPLEMENTAL INFORMATION (Unaudited)

 

On October 18, 2023, the Board of Trustees (the “Board”) of James Alpha Funds Trust dba Easterly Funds Trust (the “Trust”), a Delaware business trust, met to consider, among other things, (i) the renewal of the investment management agreement between the Trust, on behalf of the Easterly Income Opportunities Fund (the “Fund” or “Income Opportunities Fund”), and Easterly Funds LLC (“Easterly”) (the “Investment Management Agreement”) and (ii) the renewal of the amended and restated sub-advisory agreement for the Income Opportunities Fund between Easterly and Orange Investment Advisors, LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement,” and together with the Investment Management Agreement, the “Advisory Agreements”).

 

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

 

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

 

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

 

Nature, Extent and Quality of Services. In considering the renewal of the Investment Management Agreement with Easterly, the Board considered the nature, extent and quality of services that Easterly provided to the Fund, including Easterly’s personnel and resources. The Board reviewed the services Easterly provided in serving as investment adviser and the backgrounds of the personnel providing services to the Fund, including portfolio managers. They also reviewed information provided regarding risk management and compliance and regulatory matters. The Board acknowledged Easterly’s efforts and resources with respect to various regulatory initiatives, including with respect to derivatives and valuation. The Board also considered Easterly’s financial position and the entrepreneurial risk that Easterly was undertaking to maintain its financial commitment to the Trust.

 

The Board noted the responsibilities that Easterly has as the Fund’s investment manager, including(i) overseeing the investment decisions of the Sub-Adviser and conduct ongoing performance reviews; (ii) reviewing and monitoring the portfolio trading by the Sub-Adviser, including without limitation, trade allocation policies and procedures, best execution and the use of soft-dollars; (iii) overseeing the Sub-

44

 

SUPPLEMENTAL INFORMATION (Unaudited)

 

Adviser’s compliance with prospectus limitations and other relevant investment restrictions; (iv) coordinating communications with the Sub-Adviser; and (v) if deemed necessary, recommending to the Board changing a sub-adviser. The Board concluded that the services Easterly provided are satisfactory.

 

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

 

Performance. The Board reviewed performance information that Easterly provided for the Income Opportunities Fund compared to the Fund’s Benchmark Index and Peer Group for the one-, three-, five-, year and since inception periods ended August 31, 2023. The Board also received information on the construction of the Fund’s Peer Group.

 

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

 

Advisory and Sub-Advisory Fees and Fund Expenses. The Board reviewed the Fund’s contractual advisory fee and expense ratio taking into account the Fund’s net asset size, and reviewed information comparing the advisory fee and expense ratio to those of the Fund’s Peer Group. The Board noted that Easterly had entered into an Operating and Expense Limitation Agreement (“OELA”) to waive fees and/or limit expenses of the Fund in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each share class of the Fund. The Board noted that Easterly proposed to lower the expense limitation level of the Class R6 shares of the Income Opportunities Fund. The Board also considered the extent to which Easterly waives management fees and/or reimburses expenses for the Fund and its share classes, including the basis for Easterly’s determination that any such waivers and/or reimbursements do not and will not result in cross-subsidization by one share class of another share class of the Fund. The Board discussed the level of work involved in Easterly’s management and oversight of the Fund, including with respect to oversight of the Sub-Adviser, and the other services that Easterly provided to the Fund.

 

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

45

 

SUPPLEMENTAL INFORMATION (Unaudited)

 

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

 

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

 

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

 

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

46

 

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, 2023 through November 30, 2023.

 

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

 

   Beginning Account  Ending Account  Expense Paid  Expense Ratio
     Value - 06/01/2023    Value - 11/30/2023    06/01/2023-11/30/2023*    [Annualized]
Actual Expenses      
Easterly Income Opportunities - Class I  1,000.00  1,013.50  8.13  1.61%
Easterly Income Opportunities - Class A  1,000.00  1,011.80  9.38  1.86%
Easterly Income Opportunities - Class C  1,000.00  1,008.50  13.19  2.62%
Easterly Income Opportunities - Class R6  1,000.00  1,015.30  6.21  1.23%

 

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
   Value - 06/01/2023  Value - 11/30/2023  06/01/2023-11/30/2023*  [Annualized]
Hypothetical
[5% Return Before Expenses]		      
Easterly Income Opportunities - Class I  1,000.00  1,017.00  8.14  1.61%
Easterly Income Opportunities - Class A  1,000.00  1,015.74  9.40  1.86%
Easterly Income Opportunities - Class C  1,000.00  1,011.93  13.21  2.62%
Easterly Income Opportunities - Class R6  1,000.00  1,018.90  6.23  1.23%

 

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

47

 

Supplemental Information (Unaudited)(Continued)
November 30, 2023

 

LIQUIDITY RISK MANAGEMENT PROGRAM

 

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

 

During the fiscal year ended November 30, 2023, the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Fund’s investments and determined that the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Fund’s liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Fund’s liquidity risk management program has been effectively implemented.

48

 

EASTERLY INCOME OPPORTUNITIES FUND
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
Year Ended November 30, 2023

 

The Trustees and executive officers of the Trust, and their principal occupations during the past five years, are set forth in the table below. Darrell Crate is an “interested person” of the Trust (as that term is defined in the 1940 Act) by virtue of their position as an officer of Easterly.

 

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
24th Floor
New York, NY 10022		 President and Chairperson of the Board Since 2021 Chief Executive Officer of Easterly Funds LLC (2020 – Present); Managing Principal of Easterly Asset Management LP (2016 – Present); Managing Partner of Easterly Capital LLC (2015 – Present) 5 Chairman of the Board and Director of Easterly Government Properties Inc. (2015 – Present); Chairman of the Board and Director of Easterly Acquisition Corp. (2015 to 2018)
INDEPENDENT TRUSTEES:
Neil Medugno,
Year of Birth: 1957
515 Madison Avenue
24th Floor
New York, NY 10022		 Trustee Since 2021 Retired; Partner, Wellington Management Company LLP, Chief Financial Officer, Wellington Funds Group (investment management) (1994 – 2017) 5 Trustee of Six Circles Trust (2018 – Present)
A. Clayton
Spencer,
Year of Birth:
1954
515 Madison
Avenue
24th Floor
New York, NY
10022		 Trustee Since 2023 President of Bates College (2012 – 2023). 5 None

49

 

EASTERLY INCOME OPPORTUNITIES FUND
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
Year Ended November 30, 2023

 

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
OFFICERS:
Michael Montague,
Year of Birth: 1975
515 Madison Avenue
24th Floor
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 203rd
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
24th Floor
New York, NY 10022		 Secretary Since 2021 Chief Operating Officer, Easterly Management Operations LLC (2021 – Present); Senior Management Consultant, The Poirier Group (2018 – 2021); Investment Consultant, Sun Life Financial (2015 – 2018) Not Applicable Not Applicable
Ken Juster,
Year of Birth: 1976
515 Madison Avenue
24th Floor
New York, NY 10022		 Chief Legal Officer Since 2022 General Counsel of Easterly Asset Management LP (2022 – Present); Partner, Cooley LLP (2018 – 2022); Partner, White & Case LLP (2017 – 2018) Not Applicable Not Applicable
Erik Naviloff,
Year of Birth: 1968
4221 North 203rd
Street,
Ste. 100
Elkhorn, NE 68022		 Assistant Treasurer Since 2021 Vice President, Ultimus Fund Solutions, LLC (2011 – present) Not Applicable Not Applicable
Timothy Burdick,
Year of Birth: 1986
4221 North 203rd
Street,
Ste. 100
Elkhorn, NE 68022		 Assistant Secretary Since 2021 Vice President, Ultimus Fund Solutions, LLC (2022 – present); Assistant Vice President, Ultimus Fund Solutions, LLC (2019 – 2022); 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.

50

 

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    

51

 

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.

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 1-833-999-2636 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

 

How to Obtain 1st and 3rd 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.

 

 

 

 

 

EASTERLY1130-AR23

 

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)        N/A

 

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

 

Audit Fees

                            Registrant        Advisor

FYE 11/30/23        $20,500            $ 0

FYE 11/30/22       $32,000             $ 0

 

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

 

(c)Tax Fees

                               Registrant

FYE 11/30/23          $2,500

FYE 11/30/22          $5,000

 

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.   There were no fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

 

 

 
 

 

(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.

 

 

(e)(2)              There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)              Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).
(g)              All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for each of the last two fiscal years are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.
(h) Not applicable.

(i)

(j)

Not applicable.

Not applicable.

 

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)       The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), are effective, as of a date within 90 days of the filing date of this report, based

 
 

on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b)       There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 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 for Principal Executive and Senior Financial Officers is attached hereto.

 

(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.

 

(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 02/05/2024

 

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 02/05/2024

 

By (Signature and Title)

* /s/ Michael Montague

Michael Montague, Treasurer and Principal Financial Officer

 

Date 02/05/2024

 

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