EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 97.8%
		APPAREL & TEXTILE PRODUCTS - 1.0%
	2,593	Carter’s, Inc.	$	199,791
		AUTOMOTIVE - 2.4%
	42,960	Modine Manufacturing Company(a)		507,787
		BANKING - 20.2%
	21,521	BankUnited, Inc.		896,565
	32,292	First Commonwealth Financial Corporation		452,411
	62,701	FNB Corporation		761,817
	17,434	OFG Bancorp		494,080
	38,140	Old National Bancorp		606,426
	17,142	PacWest Bancorp		541,344
	26,496	Umpqua Holdings Corporation		467,654
				4,220,297
		BIOTECH & PHARMA - 0.4%
	5,870	Collegium Pharmaceutical, Inc.(a)		91,689
		COMMERCIAL SUPPORT SERVICES - 3.4%
	5,820	ABM Industries, Inc.		281,397
	4,303	AMN Healthcare Services, Inc.(a)		416,960
				698,357
		CONSUMER SERVICES - 1.1%
	6,835	Matthews International Corporation, Class A		221,181
		ENTERTAINMENT CONTENT - 2.8%
	57,299	Lions Gate Entertainment Corporation, Class A(a)		586,169
		HOME & OFFICE PRODUCTS - 4.4%
	120,112	ACCO Brands Corporation		905,644
		INDUSTRIAL SUPPORT SERVICES - 0.8%
	1,395	WESCO International, Inc.(a)		175,184

EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		INSURANCE - 8.2%
	23,020	American Equity Investment Life Holding Company	$	926,786
	37,390	CNO Financial Group, Inc.		769,112
				1,695,898
		LEISURE FACILITIES & SERVICES - 9.6%
	30,348	Bloomin’ Brands, Inc.		640,646
	15,866	Brinker International, Inc.(a)		481,533
	52,420	Cinemark Holdings, Inc.(a)		890,092
				2,012,271
		MACHINERY - 2.1%
	2,500	Hillenbrand, Inc.		104,600
	4,005	Kennametal, Inc.		111,099
	6,157	Terex Corporation		217,896
				433,595
		MEDICAL EQUIPMENT & DEVICES - 1.8%
	30,240	Co-Diagnostics, Inc.(a)		152,712
	9,752	Zimvie, Inc.(a)		212,301
				365,013
		METALS & MINING - 1.1%
	14,082	Alamos Gold, Inc., Class A		105,193
	10,285	Century Aluminum Company(a)		121,363
				226,556
		OIL & GAS PRODUCERS - 11.0%
	14,447	Crescent Point Energy Corporation		127,711
	37,205	Delek US Holdings, Inc.(a)		1,084,898
	8,277	HF Sinclair Corporation		406,401
	73,599	Southwestern Energy Company(a)		671,223
				2,290,233
		RETAIL - DISCRETIONARY - 4.8%
	49,658	American Eagle Outfitters, Inc.		601,358
	6,137	Kohl’s Corporation		247,444
	7,305	Urban Outfitters, Inc.(a)		153,770
				1,002,572
		SEMICONDUCTORS - 8.5%
	39,807	Photronics, Inc.(a)		865,405

EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		SEMICONDUCTORS - 8.5% (Continued)
	6,423	Silicon Motion Technology Corporation - ADR	$	580,061
	15,743	Vishay Intertechnology, Inc.		321,787
				1,767,253
		SOFTWARE - 0.8%
	2,162	Ziff Davis, Inc.(a)		165,047
		STEEL - 3.3%
	17,092	Commercial Metals Company		679,065
		TECHNOLOGY HARDWARE - 5.8%
	2,870	Lumentum Holdings, Inc.(a)		247,050
	18,940	Super Micro Computer, Inc.(a)		948,136
				1,195,186
		TECHNOLOGY SERVICES - 1.6%
	11,499	Green Dot Corporation, Class A(a)		331,631
		TRANSPORTATION & LOGISTICS - 2.7%
	2,536	Atlas Air Worldwide Holdings, Inc.(a)		176,785
	35,465	JetBlue Airways Corporation(a)		380,894
				557,679
		TOTAL COMMON STOCKS (Cost $19,907,949)		20,328,098
		TOTAL INVESTMENTS - 97.8% (Cost $19,907,949)	$	20,328,098
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%		455,950
		NET ASSETS - 100.0%	$	20,784,048

ADR - American Depositary Receipt

^(a) Non-income producing security.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 81.7%
		AEROSPACE & DEFENSE - 1.2%
	2,700	Lockheed Martin Corporation	$	1,188,297
		APPAREL & TEXTILE PRODUCTS - 2.5%
	21,890	Carter’s, Inc.		1,686,624
	11,301	PVH Corporation		800,902
				2,487,526
		BANKING - 10.1%
	54,787	Bank of America Corporation		2,038,076
	16,270	Citigroup, Inc.		868,981
	13,410	JPMorgan Chase & Company		1,773,204
	63,930	Old National Bancorp		1,016,487
	41,445	Truist Financial Corporation		2,061,475
	54,855	Wells Fargo & Company		2,510,714
				10,268,937
		BEVERAGES - 1.1%
	19,210	Molson Coors Beverage Company, Class B		1,072,686
		BIOTECH & PHARMA - 6.6%
	6,154	AbbVie, Inc.		906,915
	12,550	Amgen, Inc.		3,222,086
	3,704	Biogen, Inc.(a)		740,800
	35,330	Pfizer, Inc.		1,873,903
				6,743,704
		CONTAINERS & PACKAGING - 1.1%
	22,180	International Paper Company		1,074,621
		ENTERTAINMENT CONTENT - 2.4%
	21,570	Walt Disney Company (The)(a)		2,382,191
		FOOD - 2.5%
	38,050	Lamb Weston Holdings, Inc.		2,571,419
		HEALTH CARE FACILITIES & SERVICES - 4.5%
	39,805	Cardinal Health, Inc.		2,241,818

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 81.7% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 4.5% (Continued)
	28,350	Centene Corporation(a)	$	2,308,824
				4,550,642
		HOME CONSTRUCTION - 2.1%
	15,265	Mohawk Industries, Inc.(a)		2,159,387
		INDUSTRIAL SUPPORT SERVICES - 1.8%
	14,360	WESCO International, Inc.(a)		1,803,329
		INSTITUTIONAL FINANCIAL SERVICES - 1.4%
	4,375	Goldman Sachs Group, Inc. (The)		1,429,969
		INSURANCE - 8.3%
	42,390	Argo Group International Holdings Ltd.		1,795,640
	91,590	CNO Financial Group, Inc.		1,884,006
	29,690	Hartford Financial Services Group, Inc. (The)		2,152,822
	38,435	MetLife, Inc.		2,590,135
				8,422,603
		LEISURE FACILITIES & SERVICES - 0.4%
	25,175	Norwegian Cruise Line Holdings Ltd.(a)		403,052
		LEISURE PRODUCTS - 2.7%
	30,710	Hasbro, Inc.		2,756,223
		MACHINERY - 2.9%
	44,875	Hillenbrand, Inc.		1,877,570
	28,920	Terex Corporation		1,023,479
				2,901,049
		MEDICAL EQUIPMENT & DEVICES - 2.4%
	19,855	Zimmer Biomet Holdings, Inc.		2,386,770
		METALS & MINING - 2.0%
	27,235	Freeport-McMoRan, Inc.		1,064,344
	12,770	Rio Tinto plc - ADR		937,829
				2,002,173

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Shares			Fair Value
		COMMON STOCKS — 81.7% (Continued)
		OIL & GAS PRODUCERS - 10.2%
	61,268	BP plc - ADR	$	1,983,245
	75,307	Coterra Energy, Inc.		2,585,289
	23,940	HF Sinclair Corporation		1,175,454
	7,690	Pioneer Natural Resources Company		2,137,359
	59,350	Suncor Energy, Inc.		2,396,553
				10,277,900
		RETAIL - DISCRETIONARY - 1.8%
	39,540	American Eagle Outfitters, Inc.		478,829
	32,090	Kohl’s Corporation		1,293,869
				1,772,698
		SEMICONDUCTORS - 2.7%
	11,410	Skyworks Solutions, Inc.		1,242,207
	70,500	Vishay Intertechnology, Inc.		1,441,019
				2,683,226
		STEEL - 1.6%
	41,930	Commercial Metals Company		1,665,879
		TECHNOLOGY HARDWARE - 2.6%
	19,120	Lumentum Holdings, Inc.(a)		1,645,850
	29,030	NCR Corporation(a)		1,007,051
				2,652,901
		TELECOMMUNICATIONS - 1.1%
	92,610	Lumen Technologies, Inc.		1,133,546
		TRANSPORTATION & LOGISTICS - 3.7%
	46,560	Southwest Airlines Company(a)		2,135,241
	8,370	United Parcel Service, Inc., Class B		1,525,433
				3,660,674
		TRANSPORTATION EQUIPMENT - 2.0%
	23,350	PACCAR, Inc.		2,027,714
		TOTAL COMMON STOCKS (Cost $69,944,035)		82,479,116

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Contracts(b)			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		EQUITY OPTIONS PURCHASED - 0.2%
		CALL OPTIONS PURCHASED - 0.2%
	225	American Eagle Outfitters, Inc.	JEF	11/18/2022	$	16	$	360,000	$	14,625
	20	Biogen, Inc.	JEF	10/21/2022		215		430,000		31,400
	160	Citigroup, Inc.	JEF	10/21/2022		55		880,000		55,520
	150	NCR Corporation	JEF	10/21/2022		35		525,000		83,250
		TOTAL CALL OPTIONS PURCHASED (Cost - $161,361)								184,795
		TOTAL EQUITY OPTIONS PURCHASED (Cost - $161,361)								184,795
		TOTAL INVESTMENTS – 81.9% (Cost $70,105,396)							$	82,663,911
		CALL OPTIONS WRITTEN - 0.0% (Proceeds - $39,068)								(28,000	)
		PUT OPTIONS WRITTEN - (1.5)% (Proceeds - $1,273,128)								(1,512,352	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 19.6%								19,814,617
		NET ASSETS - 100.0%							$	100,938,176

Contracts(b)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (1.5)%
		CALL OPTIONS WRITTEN- 0.0%(c)
	56	Centene Corporation	JEF	12/16/2022	$	90	$	504,000	$	28,000
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $39,068)
		PUT OPTIONS WRITTEN - (1.5)%
	450	American Eagle Outfitters, Inc.	JEF	11/18/2022	$	14	$	630,000	$	147,375
	152	Bank of America Corporation	JEF	11/18/2022		33		501,600		27,360
	80	Bread Financial Holdings, Inc.	JEF	06/17/2022		65		520,000		81,600
	100	Bread Financial Holdings, Inc.	JEF	09/16/2022		50		500,000		37,900
	55	Carter’s, Inc.	JEF	06/17/2022		90		495,000		73,150
	145	Cheesecake Factory, Inc. (The)	JEF	10/21/2022		35		507,500		79,750
	90	Citigroup, Inc.	JEF	09/16/2022		58		522,000		55,350
	160	Citigroup, Inc.	JEF	10/21/2022		48		768,000		33,600
	113	Freeport-McMoRan, Inc.	JEF	08/19/2022		46		519,800		92,943
	200	Intel Corporation	JEF	06/17/2022		50		1,000,000		109,000
	118	Intel Corporation	JEF	10/21/2022		43		507,400		32,804
	395	JetBlue Airways Corporation	JEF	06/17/2022		13		513,500		90,060
	105	Kohl’s Corporation	JEF	06/17/2022		48		504,000		97,125
	31	Mohawk Industries, Inc.	JEF	08/19/2022		170		527,000		94,705
	350	NCR Corporation	JEF	10/21/2022		28		980,000		90,125

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2022

Contracts(c) (continued)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (1.5)%
		PUT OPTIONS WRITTEN - (1.5)% (Continued)
	261	Norwegian Cruise Line Holdings Ltd.	JEF	06/17/2022	$	20	$	522,000	$	105,705
	120	PVH Corporation	JEF	12/16/2022		65		780,000		96,000
	45	Skyworks Solutions, Inc.	JEF	08/19/2022		110		495,000		40,725
	32	Target Corporation	JEF	10/21/2022		155		496,000		35,200
	30	United Parcel Service, Inc.	JEF	10/21/2022		170		510,000		28,200
	48	Walt Disney Company (The)	JEF	10/21/2022		105		504,000		31,440
	45	WESCO International, Inc.	JEF	09/16/2022		110		495,000		26,775
	105	Western Digital Corporation	JEF	07/15/2022		48		504,000		5,460
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,273,128)								1,512,352
		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $1,312,196)							$	1,540,352

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

May 31, 2022

Shares				Fair Value
			EXCHANGE-TRADED FUNDS — (8.8)%
			EQUITY - (8.8)%
	(3,600	)	Invesco QQQ Trust Series 1	$	(1,109,808	)
	(17,780	)	iShares Russell 1000 ETF, EQUITY		(4,042,994	)
	(7,980	)	iShares Russell 3000 ETF		(1,900,198	)
	(4,540	)	SPDR S&P 500 ETF Trust		(1,874,702	)
					(8,927,702	)
			TOTAL SECURITIES SOLD SHORT - (Proceeds - $9,149,310)	$	(8,927,702	)

ADR	- American Depositary Receipt
ETF	- Exchange-Traded Fund
LTD	- Limited Company
PLC	- Public Limited Company
SPDR	- Standard & Poor’s Depositary Receipt
JEF	Jefferies

^(a) Non-income producing security.

^(b) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

^(c) Percentage rounds to greater than (0.1%).