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James Alpha Funds Trust

Filed: 8 Nov 21, 3:36pm

 

 

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-23611

 

James Alpha Funds Trust

(Exact name of registrant as specified in charter)

 

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

(Address of principal executive offices) (Zip code)

 

Emile R. Molineaux, Gemini Fund Services, LLC

80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 888-814-8180

 

Date of fiscal year end: 8/31

 

Date of reporting period: 8/31/2021

 

 

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 

AUGUST 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

James Alpha Funds Trust d/b/a Easterly Funds Trust 

ANNUAL REPORT TO SHAREHOLDERS

 

October 12, 2021

 

Dear Shareholder:

 

We are pleased to provide you with this annual report on the investment strategies and performance of the funds in the James Alpha Funds Trust d/b/a Easterly Funds Trust (the “Trust”). This report covers the twelve months from September 1, 2020 through August 31, 2021.

 

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

 

ECONOMIC OVERVIEW

 

As measured by Real Gross Domestic Product (GDP), the value of the production of goods and services in the United States increased by an annualized growth rate (AGR) of 12.2% during the second quarter of 2021, a massive growth rate driven by technical ‘base effects’ from Q2 2020. The primary driver of strong performance in the markets in the past 12 months has been the continued recovery in the post-Covid world. Successful vaccination programs, continued support from both monetary and fiscal sources, and consumers who are ready to spend have all supported a robust recovery. New Home Sales were down from their cycle high (around 1 million) to an annualized 740 thousand units in August 2021, still far above average from the past decade. The auto industry suffered a massive decline in sales during the first half of 2020, experienced a cycle high in April 2021 (where an annualized 18.5 million auto sales occurred; a five year high), but has been on a decline each month since. The unemployment rate declined from 14.8% in April 2020 to 5.2% in August 2021. The unemployment claims is an important leading indicator in our work, specifically the 4-week sum of weekly Initial Claims data. That number has dropped to 1.4 million from a pandemic peak of over 21 million claims. For perspective, the historic average from 1967 to present is about 1.5 million. The overall economy in 2021 could be characterized as a ‘boom’ economy, with expanding equity valuations, rising interest rates, and shortages of good and services across the economy driven by robust consumer demand and lingering supply chain issues that have been morphing since the beginning of the pandemic. This market has been largely controlled by the Federal Reserve, who have signaled their commitment to support economic demand through extremely easy monetary policy and continued massive liquidity injections. The Fed’s language around inflation in the past year has meaningfully changed from an absolute target to an inflation averaging target where they have let inflation run hot (above target) in order to achieve a long-term average of their target of 2%. The Fed continues to sustain historic emergency measures even with the strong economic backdrop.

 

Monetary Policy: The Federal Reserve has remained extraordinarily accommodative since the beginning of the pandemic, but with falling unemployment, strong demand, and persistently high inflation, the tone at the Fed has begun to shift towards reining in their emergency measures. In its most recent FOMC statement, the Committee stated that “last December, the Committee indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until substantial further progress has been made towards its maximum employment and price stability goals. Since then, the economy has made progress towards these goals. If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted.” During the press conference, Powell said “while no decisions were made, participants generally viewed that so long as the recovery remains on track, a

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gradual tapering process that concludes around the middle of next year is likely to be appropriate.” In terms of the benchmark Fed Funds rate, the Committee’s updated projection (i.e., the Dot Plot) signaled that rate hikes may come sooner than expected with the median forecast showing one rate hike in 2022 and three more hikes in 2023.

 

Interest Rates: Treasury yields bottomed in August 2020 and have generally increased ever since, although the rise has been volatile. In the twelve months since the end of August 2020, the yield curve has steepened with the 5-year treasury rate moving from 0.27% to 0.78%, the 10 year rate going from 0.70% to 1.31%, and the 30 year rate going from 1.47% to 1.93%. Short term rates are largely unchanged. With the Fed setting the stage for tapering their asset purchases (and raising the Fed Funds rate soon thereafter), we believe the environment is supportive of rates and yields will remain steady to higher over the next 12 months.

 

Equity Valuations: Equity markets have rebounded strongly off the pandemic lows with the S&P 500 up 31.2% since the end of August 2020. During 2021, the S&P 500 achieved a new record high close on 54 separate trading sessions with a maximum drawdown of only 4.2%. Depending on the metric, valuations range anywhere from fairly valued to strongly overvalued. As an example, Warren Buffett’s favorite indicator is the ratio of total equity market cap to GDP (termed “the Buffett Indicator”) is at a record high level of 207% with the previous record high of 143% set in March 2000, indicating the market is strongly overvalued. However, the S&P 500 is currently trading at a forward P/E ratio of approximately 23.4 times, which is only modestly above it’s 30 year average of 21.2 times.

 

Inflation: Inflation, as measured by the consumer price index (CPI) was up 5.25% y-o-y in August 2021, a rate not seen since July 2008 and not experienced on a sustained basis since the early 1980’s. For the last year and a half, the Fed’s objective has been to run the economy hot through ultra-easy monetary policy with the intention of spurring inflation above their target to achieve a long-term average of 2%. Inflation data has come in higher than forecast throughout 2021, which the Fed has called ‘transitory’ due to shortages and supply chain issues. Recently, they have stopped using the term ‘transitory’ with Powell now calling inflation pressures ‘frustrating’, a possible signal of future monetary tightening if inflation persists above forecast into next year.

 

COMPARING THE FUND PERFORMANCE TO BENCHMARKS

 

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

 

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

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ELECTRONIC DELIVERY AVAILABLE

 

This report can be delivered to you electronically. Electronic delivery can help simplify your record keeping. With electronic delivery, you’ll receive an email with a link to your James Alpha Funds Trust quarterly statement, daily confirmations and/or semi-annual and annual reports each time one is available. You have the ability to choose which items you want delivered electronically. Choose one item or all items. It’s up to you. Please call our Customer Service Department toll-free at (888) 814-8180 for instructions on how to establish electronic delivery.

 

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

 

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

 

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

 

13681984-UFD-10202021 

3

 

Easterly Global Macro Fund 

PORTFOLIO REVIEW (Unaudited) 

August 31, 2021

 

The Fund’s performance figures* for the year ended August 31, 2021, as compared to its benchmark:

 

  AnnualizedAnnualizedAnnualizedAnnualized
 One YearFive YearTen YearSince Inception (a)Since Inception (b)
Class I13.16%2.84%1.02%1.23%n/a
Class R613.86%n/an/an/a4.67%
Bank of America Merrill Lynch 3-Month Treasury Bill Index (c)0.08%1.17%0.63%0.60%1.30%

 

 

Comparison of the Change in Value of a $1,000,000 Investment 

 (LINE GRAPH)

 

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 Fund’s prospectus dated March 22, 2021 as amended August 23, 2021, is 2.96% and 2.96% for the I and R6 Classes, respectively.

 

(a)Inception date for Class I is February 11, 2011.

 

(b)Inception date for Class R6 is August 17, 2017

 

(c)The Bank of America Merrill Lynch 3-Month Treasury Bill Index consists of U.S. Treasury Bills maturing in 90 days.

 

Top 10 Holdings by Industry    % of Net Assets 
Open End Funds - Fixed Income  33.2%
Exchange Traded Funds - Fixed Income  16.4%
Exchange Traded Funds - Equity  10.9%
Exchange Traded Funds - Commodity  7.6%
Exchange Traded Funds - Mixed Allocation  3.6%
Open End Funds - Alternative  2.2%
Exchange Traded Funds - Specialty  0.8%
Other/Cash & Equivalents  25.3%
   100.0%

 

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

4

 

Easterly Global Real Estate Fund 

PORTFOLIO REVIEW (Unaudited) 

August 31, 2021

 

The Fund’s performance figures* for the year ended August 31, 2021, as compared to its benchmark:

 

  AnnualizedAnnualizedAnnualizedAnnualizedAnnualizedAnnualized
 One YearFive YearTen YearSince Inception (a)Since Inception (b)Since Inception (c)Since Inception (d)
Class A33.47%10.44%10.20%10.42%n/an/an/a
Class A With Load25.79%9.14%9.55%9.87%n/an/an/a
Class C32.51%9.62%n/an/a10.13%n/an/a
Class I34.06%10.92%10.75%n/an/a9.78%n/a
Class R634.29%n/an/an/an/an/a11.34%
FTSE EPRA/NAREIT Developed Net Index (e)34.55%6.56%8.46%8.96%9.42%7.69%8.12%

 

Comparison of the Change in Value of a $1,000,000 Investment

 

(LINE GRAPH)

 

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 Fund’s prospectus dated March 22, 2021 as amended August 23, 2021, is 1.44%, 2.19%, 1.19% and 1.21% for the A, C, I and R6 Classes, respectively.

 

(a)Inception date for Class A is October 26, 2009.

 

(b)Inception date for Class C is January 5, 2012.

 

(c)Inception date for Class I is August 1, 2011.

 

(d)Inception date for Class R6 is August 17, 2017.

 

(e)The FTSE EPRA/NAREIT Developed Net Index Series is designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate.

 

Top 10 Holdings by Country      % of Net Assets 
United States  49.6%
Japan  11.2%
Cayman Islands  10.3%
United Kingdom  6.2%
Hong Kong  6.0%
Bermuda  4.3%
France  3.9%
Italy  1.6%
Singapore  1.6%
Ireland  1.5%
Other/Cash & Equivalents  3.8%
   100.0%

 

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

5

 

Easterly Multi Strategy Alternative Income Fund 

PORTFOLIO REVIEW (Unaudited) 

August 31, 2021

 

The Fund’s performance figures* for the year ended August 31, 2021, as compared to its benchmark:

 

  AnnualizedAnnualizedAnnualized
 One YearFive YearSince Inception (a)Since Inception (b)
Class A14.90%6.57%3.72%n/a
Class A With Load8.33%5.32%2.84%n/a
Class C13.86%5.75%2.94%n/a
Class I15.14%6.81%3.95%n/a
Class R615.59%n/an/a8.95%
Russel 2000 Total Return Index (c)47.08%14.38%12.30%15.07%

 

Comparison of the Change in Value of a $1,000,000 Investment

 

(LINE GRAPH)  

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 Fund’s prospectus dated March 22, 2021 as amended August 23, 2021, is 4.79%, 5.54%, 4.54% and 4.54% for the A, C, I and R6 Classes, respectively.

 

(a)Inception date for Class A, C and I is September 29, 2014.

 

(b)Inception date for Class R6 is August 17, 2017.

 

(c)The Russell 2000 Total Return Index is an unmanaged market capitalization-weighted index which measures the performance of the small-cap sector of the U.S. stock market. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly. Unlike the Fund’s returns, the Index does not reflect any fees or expenses.

 

Top 10 Holdings by Industry/Security Type *    % of Net Assets 
Closed End Funds - Fixed Income  21.5%
REITS  18.7%
Software  13.1%
Liesure Facilities & Services  4.6%
Technology Services  4.4%
Real Estate Owners & Developers  4.4%
Exchanged Traded Funds - Fixed Income  4.2%
Telecommunications  3.6%
Health Care Facilities & Services  3.4%
Banking  3.2%
Other/Cash & Equivalents  18.9%
   100.0%

 

*Does not include securities sold short in which the Fund invests.

 

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

6

 

Easterly Hedged Equity Fund 

PORTFOLIO REVIEW (Unaudited) 

August 31, 2021

 

The Fund’s performance figures* for the year ended August 31, 2021, as compared to its benchmark:

 

  AnnualizedAnnualizedAnnualized
 One YearFive YearSince Inception (a)Since Inception (b)
Class A10.67%6.84%5.54%n/a
Class A With Load4.31%5.58%4.52%n/a
Class C9.77%6.00%4.72%n/a
Class I10.91%7.20%5.91%n/a
Class R611.49%n/an/a8.64%
S&P 500 Total Return Index (c)31.17%18.02%15.64%18.80%

 

Comparison of the Change in Value of a $1,000,000 Investment

 

(LINE GRAPH)

 

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 Fund’s prospectus dated March 22, 2021 as amended August 23, 2021, is 1.95%, 2.69%, 1.70% and 1.69% for the A, C, I and R6 Classes, respectively.

 

(a)Inception date for Class A, C and I is July 31, 2015,

 

(b)Inception date for Class R6 is August 17, 2017.

 

(c)The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly. Unlike the Fund’s returns, the Index does not reflect any fees or expenses.

 

Top 10 Holdings by Security Type *     % of Net Assets 
Exchange Traded Funds  91.0%
Other/Cash & Equivalents  9.0%
   100.0%

 

*Does not include derivatives in which the Fund invests.

 

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

7

 

Easterly Hedged High Income Fund 

PORTFOLIO REVIEW (Unaudited) 

August 31, 2021

 

The Fund’s performance figures* for the year ended August 31, 2021, as compared to its benchmark:

 

  AnnualizedAnnualizedAnnualized
 One YearFive YearSince Inception (a)Since Inception (b)
Class A7.56%4.04%3.14%n/a
Class A With Load1.40%2.80%2.34%n/a
Class C7.05%3.42%2.50%n/a
Class I8.12%4.55%3.60%n/a
Class R68.55%n/an/a3.92%
Bloomberg Capital U.S. Aggregate Bond Index(0.08)%3.11%3.63%3.84%

 

Comparison of the Change in Value of a $1,000,000 Investment

 

(LINE GRAPH)

 

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 Fund’s prospectus dated March 22, 2021 as amended August 23, 2021, is 3.16%, 3.92%, 2.93% and 2.91% for the A, C, I and R6 Classes, respectively.

 

(a)Inception date for Class A, C and I is December 31, 2013.

 

(b)Inception date for Class R6 is August 17, 2017.

 

(c)The Bloomberg Capital U.S. Aggregate Bond Index, is made up of the Barclays Capital U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million. Investors cannot invest directly in an index.

 

Top 10 Holdings by Industry     % of Net Assets 
Closed End Funds - Fixed Income  18.3%
Exchange Traded Fund - Equity  0.9%
Other/Cash & Equivalents  80.8%
   100.0%

 

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

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EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
August 31, 2021

 

Shares    Fair Value 
    EXCHANGE-TRADED FUNDS — 39.3%    
    ALTERNATIVE - 0.0%(a)    
 65  IQ Merger Arbitrage ETF $2,135 
         
    COMMODITY - 7.6%    
 63  Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF  1,262 
 53  iShares GSCI Commodity Dynamic Roll Strategy ETF  1,825 
 22,687  iShares S&P GSCI Commodity Indexed Trust(b)  360,951 
 257  SPDR Gold Shares(b),(c)  43,610 
 5,629  United States Commodity Index Fund(b)  224,970 
 1,926  United States Natural Gas Fund, L.P.(b)  29,506 
 68  United States Oil Fund, L.P.(b)  3,267 
       665,391 
    EQUITY - 10.9%    
 146  AdvisorShares STAR Global Buy-Write ETF  5,939 
 9  CI Active Utility & Infrastructure ETF  99 
 611  Core Alternative ETF  18,489 
 90  Direxion NASDAQ-100 Equal Weighted Index Shares  7,847 
 516  First Trust Financial AlphaDEX Fund  23,555 
 177  Global X MSCI Argentina ETF  6,496 
 950  Invesco KBW High Dividend Yield Financial ETF  19,646 
 3,731  Invesco S&P 500 Equal Weight ETF  583,156 
 114  iShares Currency Hedged MSCI EAFE ETF  3,985 
 105  iShares Exponential Technologies ETF  6,917 
 375  iShares Latin America 40 ETF  11,096 
 832  iShares Mortgage Real Estate ETF  30,900 
 509  iShares MSCI All Country Asia ex Japan ETF  45,179 
 572  iShares MSCI Brazil ETF  20,821 
 878  iShares MSCI Chile ETF  25,093 
 1,639  iShares MSCI Global Multifactor ETF  63,858 
 57  iShares MSCI Japan ETF  3,899 
 26  iShares S&P/TSX Global Gold Index ETF  374 
 1  SPDR EURO STOXX 50 ETF  48 
 321  SPDR S&P Metals & Mining ETF  14,217 
 387  VanEck Africa Index ETF  8,487 
 547  VanEck Russia ETF  16,016 

 

See accompanying notes to financial statements.

9

 

EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    EXCHANGE-TRADED FUNDS — 39.3% (Continued)    
    EQUITY - 10.9% (Continued)    
 583  Vanguard FTSE Emerging Markets ETF $30,450 
 57  WisdomTree Global ex-US Quality Dividend Growth Fund  2,458 
       949,025 
    FIXED INCOME - 16.4%    
 933  Highland/iBoxx Senior Loan ETF  14,975 
 17  iShares 20+ Year Treasury Bond ETF  2,530 
 354  iShares 7-10 Year Treasury Bond ETF  41,478 
 8,787  iShares Barclays USD Asia High Yield Bond Index  85,673 
 499  iShares Floating Rate Bond ETF  25,339 
 2,661  iShares iBoxx High Yield Corporate Bond ETF  234,407 
 1,734  iShares JP Morgan USD Emerging Markets Bond ETF  196,618 
 171  iShares MBS ETF  18,569 
 3,898  SPDR Bloomberg Barclays Euro High Yield Bond UCITS ETF  264,333 
 29  SPDR Bloomberg Barclays High Yield Bond ETF  3,190 
 1,049  SPDR Doubleline Total Return Tactical ETF  50,897 
 2,537  VanEck Vectors Emerging Markets High Yield Bond ETF  60,203 
 4,119  Vanguard Total International Bond ETF  237,337 
 5,969  WisdomTree Emerging Markets Local Debt Fund  193,217 
       1,428,766 
    MIXED ALLOCATION - 3.6%    
 6,126  iShares Morningstar Multi-Asset Income ETF  149,568 
 5,842  SPDR SSgA Multi-Asset Real Return ETF  167,548 
       317,116 
    SPECIALTY - 0.8%    
 1,935  Invesco DB US Dollar Index Bullish Fund(b)  48,162 
 372  ProShares Short VIX Short-Term Futures ETF(b)  21,546 
       69,708 
         
    TOTAL EXCHANGE-TRADED FUNDS (Cost $3,290,865)  3,432,141 

 

See accompanying notes to financial statements.

10

 

EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    EXCHANGE-TRADED NOTES — 0.0%(a)    
    COMMODITY - 0.0%(a)    
 44  iPath Series B Bloomberg Grains Subindex Total Return ETN(b) $2,742 
         
    TOTAL EXCHANGE-TRADED NOTES (Cost $1,731)  2,742 
         
    OPEN END FUNDS — 35.4%    
    ALTERNATIVE - 2.2%    
 1,248  AQR Managed Futures Strategy Fund, Class I  9,538 
 15,889  Easterly Hedged Equity Fund, Class R6(d)  183,999 
       193,537 
    FIXED INCOME - 33.2%    
 259,678  Easterly Structured Credit Value Fund, Class R6(d)  2,903,195 
         
         
    TOTAL OPEN END FUNDS (Cost $3,019,704)  3,096,732 
         
    TOTAL INVESTMENTS - 74.7% (Cost $6,312,300) $6,531,615 
    OTHER ASSETS IN EXCESS OF LIABILITIES- 25.3%  2,215,248 
    NET ASSETS - 100.0% $8,746,863 
         
EAFE- Europe, Australasia and Far East

 

ETF- Exchange-Traded Fund

 

LP- Limited Partnership

 

MSCI- Morgan Stanley Capital International

 

SPDR- Standard & Poor's Depositary Receipt

 

(a)Percentage rounds to less than 0.1%.

 

(b)Non-income producing security.

 

(c)All or a portion of this investment is a holding of the of the James Alpha Cayman Commodity Fund I Ltd.

 

(d)Affiliated investment.

 

See accompanying notes to financial statements.

11

 

EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Forward Currency Contracts
Settlement Units to           US Dollar    Appreciation/ 
Date Receive/Deliver   Counterparty In Exchange For   Value   (Depreciation) 
To Buy:                        
9/24/2021  2,630  AUD Brown Brothers Harriman $1,911  USD $1,922   $11 
9/24/2021  6,715  CHF Brown Brothers Harriman  7,360  USD  7,335     (25)
9/24/2021  475,145  EUR Brown Brothers Harriman  557,573  USD  561,147     3,574 
                    Total Unrealized: $3,560 
To Sell:                        
9/24/2021  (28,225) CAD Brown Brothers Harriman $(22,377) USD $(22,335)   $42 
9/24/2021  (11,903) GBP Brown Brothers Harriman  (16,371) USD  (16,383)    (12)
9/24/2021  (60,866,012) JPY Brown Brothers Harriman  (555,951) USD  (554,145)    1,806 
9/24/2021  (246,592) MXN Brown Brothers Harriman  (12,276) USD  (12,267)    9 
                    Total Unrealized: $1,845 

 

Currency Abbreviations:

 

AUD- Australian Dollar

 

CAD- Canadian Dollar

 

CHF- Swiss Franc

 

EUR- Euro

 

GBP- British Pound

 

JPY- Japanese Yen

 

MXN- Mexican Peso

 

USD - U.S. Dollar

 

TOTAL RETURN SWAP - 9.9 % Unrealized Gain 
The Deutsche Bank Total Return Swap provides exposure to the daily, total returns of the James Alpha Index, a proprietary index of the London Branch of Deutsche Bank AG. The number of shares is 80,351, with a receivable rate of 0.39%. The James Alpha Index features a basket of commodity trading advisor (“CTA”) programs selected by James Alpha Advisors, LLC from an approved list of third-party managers offered through Deutsche Bank AG on its DB Select platform. The James Alpha Index comprises a diversified collection of strategy and style types, including trend following, short-term trading, discretionary, global macro, and sector specialists. According to the terms of the swap, James Alpha Advisors, LLC can modify the James Alpha Index as frequently as daily, on a T+1 basis, by adjusting the notional value of the James Alpha Index, or by adding, deleting, or re-weighting the constituent CTA programs. The swap became effective on December 7, 2016. The maturity date of the swap is December 9, 2022. (Notional Value $8,240,337) $868,317 
  $868,317 
     
TOTAL RETURN SWAP - (0.2) % Unrealized Loss 
The Goldman Sachs i-Select III Series 88 Excess Return Strategy (“GS i-Select”) is a synthetic rules-based proprietary strategy created by Goldman Sachs International as strategy sponsor. The GS i-Select Index includes strategies of the GS Risk Premia Universe that were selected by James Alpha. The GS i-Select Index is actively managed by James Alpha. The Index features 15 Portfolio Constituents that James Alpha Advisors, LLC determines the daily weighting of each constituent within the GS i-Select Index. The GS i-Select Index is comprised a diversified collection of strategy and style types, including equity, interest rates, FX, commodities, and credit based strategies such as imbalance, volatility carry, carry, momentum, low beta, and quality. According to the terms of the GS i-Select Index, James Alpha Advisors, LLC can modify the GS i-Select Index as frequently as daily, by adjusting the notional value of the GS i-Select Index, or by adding, deleting, or re-weighting the constituent Indexes in the GS i-Select Index. The swap became effective on May 28, 2021, and has a maturity date of February 4, 2022. The number of shares is 25,578. (Notional Value $2,555,489) $ 
  $ 
     
TOTAL RETURN SWAP - (0.0) % Unrealized Loss 
The Goldman Sachs Intraday Momentum ES Series 1 Excess Return Strategy (“GS Intraday Momentum”) aims to capture intraday trend risk premium on the S&P 500. There is empirical evidence that the returns in the earlier part of the day tend to continue in the same direction in the subsequent part of the day, across several markets, including equities. The strategy attempts to monetize this historical tendency for intraday trends from the previous close to extend unto the following close: 1) Every day after the open, the strategy buys futures if markets are rising since the previous close; conversely, it sells futures if markets are falling since previous close. 2) The strategy monitors market moves every 30-minutes to reactively modify its positioning if a new trend appears. 3) All positions are exited at the close. The swap became effective on May 3, 2021, and has a maturity date of February 1, 2022. The number of shares is 1,766. (Notional Value $202,934) $(782)
  $(782)
     
TOTAL RETURN SWAP - 0.0 % Unrealized Gain 
The Goldman Sachs Long Gamma US Series 10 Excess Return Strategy (“GS Long Gamma”) attempts to provide protection in tail scenarios through a levered position in delta-hedged put options. The strategy buys 12m 10-delta S&P Put options and delta-hedges them to attempt to neutralize the inherent short market exposure in typical markets. The strategy takes a long position in volatility and is best-positioned for left-tail events with very high realized volatility. The swap became effective on May 3, 2021, and has a maturity date of February 1, 2022. The number of shares is 1,521. (Notional Value $215,065) $907 
  $907 
     
TOTAL RETURN SWAP - (0.0) % Unrealized Loss 
The Goldman Sachs Calls-vs-Calls US Series 2 Total Return Strategy (“GS Calls vs Calls”) is designed to extract dislocated call premiums from S&P 500 constituents; the strategy sells call options on a daily basis across top 100 constituents of the SPX where the term structure is most inverted. The stocks are picked with constraints on leverage, beta towards SPX and tracking error. The strategy also purchases an ATM call option on SPX to mitigate market risk. The swap became effective on May 28, 2021, and has a maturity date of February 1, 2022. The number of shares is 1,641. (Notional Value $203,000) $ 
  $ 
     
TOTAL RETURN SWAP - 0.0 % Unrealized Gain 
The Goldman Sachs Systematic Skew US Series 1D Total Return Strategy (“GS Systematic Skew”) is designed to capture the spot-volatility covariance risk premium in equity markets, while minimizing exposure to volatility risk. The strategy sells 3m 15d puts and buys 3m 40d calls (delta and gamma hedged) that target a constant exposure to skew, with performance driven by Vanna. The strategy also buys 5d tail puts for added risk management. The swap became effective on May 28, 2021, and has a maturity date of February 1, 2022. The number of shares is 1,502. (Notional Value $203,000) $ 
  $ 

 

See accompanying notes to financial statements.

12

 

EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

James Alpha Index Swap Top 50 Holdings

FUTURES CONTRACTS

 

               Percentage of 
            Unrealized  Total Return 
Number of     Notional Value at     Appreciation /  Swap Unrealized 
Contracts Open Long Future Contracts Counterparty August 31, 2021  Expiration  (Depreciation)  Gain/(Loss) 
4 2 year Euro-Schatz Deutsche Bank $528,421   12/8/2021  $(14)  (0.00)%
4 2 year Euro-Schatz Deutsche Bank  504,266   9/8/2021   (47)  (0.01)%
10 3 month Euro (EURIBOR) Deutsche Bank  3,107,677   6/19/2023   74   0.01%
2 3 month Euro (EURIBOR) Deutsche Bank  732,373   12/18/2023   194   0.02%
1 3 month Euro (EURIBOR) Deutsche Bank  227,139   3/14/2022   4   0.00%
7 3 year Australian Treasury Bond Deutsche Bank  576,051   9/15/2021   1,356   0.16%
7 10 year Australian Treasury Bond Future Deutsche Bank  722,258   9/15/2021   388   0.04%
4 10 year Canadian Govt Bond Deutsche Bank  452,598   12/20/2021   (843)  (0.10)%
4 10 year Italian Bond Deutsche Bank  781,835   9/8/2021   (2,596)  (0.30)%
1 10 year Japanese Government Bond Deutsche Bank  1,514,730   9/13/2021   (107)  (0.01)%
8 10 year US Treasury Notes Deutsche Bank  1,133,894   12/21/2021   1,140   0.13%
3 30 year US Treasury Bonds Deutsche Bank  501,072   12/21/2021   616   0.07%
4 90 Day Bank Accepted Bill Future Deutsche Bank  799,881   6/9/2022   306   0.04%
5 Brent Crude Monthly Future Deutsche Bank  348,133   9/30/2021   3,546   0.41%
1 DAX Index Future Deutsche Bank  361,528   9/17/2021   (1,105)  (0.13)%
64 DJ EURO STOXX Banks Future Deutsche Bank  362,516   9/17/2021   (548)  (0.06)%
3 E-Mini Nasdaq-100 Deutsche Bank  799,113   9/17/2021   4,997   0.58%
1 E-Mini S&P 500 Deutsche Bank  315,675   9/17/2021   6,323   0.73%
10 Euro-BOBL Deutsche Bank  1,602,822   9/8/2021   1,114   0.13%
14 Euro-BUND Deutsche Bank  2,879,513   9/8/2021   1,911   0.22%
1 Euro-BUXL Deutsche Bank  249,230   9/8/2021   (3,155)  (0.36)%
2 Eurodollar Deutsche Bank  463,799   9/19/2022   81   0.01%
2 Eurodollar Deutsche Bank  399,746   3/14/2022   25   0.00%
1 Eurodollar Deutsche Bank  369,980   6/13/2022   (18)  (0.00)%
1 Eurodollar Deutsche Bank  229,738   12/18/2023   (25)  (0.00)%
1 Eurodollar Deutsche Bank  222,560   6/19/2023   20   0.00%
3 Euro-OAT Future Deutsche Bank  578,374   9/8/2021   (1,243)  (0.14)%
2 Long Gilt Future Deutsche Bank  412,118   12/29/2021   (2,319)  (0.27)%
2 Mini Japanese Goverment Bond Future Deutsche Bank  233,361   9/10/2021   42   0.00%
1 S&P Canada 60 Index Future Deutsche Bank  234,259   9/16/2021   4,387   0.51%
3 Three Month Canadian Bankers Acceptance Future Deutsche Bank  502,483   6/13/2022   85   0.01%
1 Three Month Canadian Bankers Acceptance Future Deutsche Bank  227,367   12/19/2022   386   0.04%
2 Ultra Long-Term T Bond Deutsche Bank  433,734   12/21/2021   1,005   0.12%
              $15,980     

 

               Percentage of 
            Unrealized  Total Return 
Number of     Notional Value at     Appreciation /  Swap Unrealized 
Contracts Open Short Future Contracts Counterparty August 31, 2021  Expiration  (Depreciation)  Gain/(Loss) 
(2) 2 year US Treasury Notes Deutsche Bank $(397,878)  12/31/2021  $(189)  (0.02)%
(2) 3 month Sterling Deutsche Bank  (305,436)  6/15/2022   (108)  (0.01)%
(11) 3 month Sterling Deutsche Bank  (1,886,785)  6/21/2023   (312)  (0.04)%
(3) 5 year US Treasury Notes Deutsche Bank  (430,351)  12/31/2021   (95)  (0.01)%
(4) AUD/USD Future Deutsche Bank  (309,279)  9/13/2021   2,221   0.26%
(3) CAD/USD Future Deutsche Bank  (273,055)  9/14/2021   344   0.04%
(2) CME E-Mini Russell 2000 Index Deutsche Bank  (244,959)  9/17/2021   1,402   0.16%
(6) EUR/USD Future Deutsche Bank  (851,343)  9/13/2021   423   0.05%
(2) Eurodollar Deutsche Bank  (382,077)  6/17/2024   (865)  (0.10)%
(4) JPY/USD Future Deutsche Bank  (483,830)  9/13/2021   968   0.11%
(2) Three Month Canadian Bankers Acceptance Future Deutsche Bank  (301,382)  3/14/2022   5   0.00%
              $3,794     
                     
  TOTAL FUTURES CONTRACTS           $19,774     

 

PURCHASED PUT OPTIONS

 

                 Percentage of 
                 Total Return 
      Notional Value at       Unrealized  Swap Unrealized 
 Description Counterparty August 31, 2021  Expiration Strike Price  Appreciation  Gain 
 CNH/USD Deutsche Bank  $374,707  11/17/2021 $6.00   $0   0.00%
  TOTAL PURCHASED PUT OPTIONS       0     

 

James Alpha Index Swap Top 50 Holdings (Continued) 

 

FORWARD CURRENCY CONTRACTS +

 

                 Unrealized 
Settlement Units to           US Dollar  Appreciation / 
Date Receive/Deliver    Counterparty In Exchange For    Value  (Depreciation) 
To Buy:                      
9/29/2021  593,479  USD Deutsche Bank $504,362  EUR $506,535  $2,173 
9/29/2021  276,750  USD Deutsche Bank  381,907  AUD  384,161   2,254 
9/29/2021  328,504  CHF Deutsche Bank  360,928  USD  363,237   2,309 
To Sell:                      
9/1/2021  313,130  CHF Deutsche Bank  290,888  EUR  289,250   (1,639)
9/29/2021  4,104,287  MXN Deutsche Bank  201,224  USD  203,759   2,535 
TOTAL FORWARD CURRENCY CONTRACTS      7,632 

 

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

 

Currency Abbreviations:

 

AUD- Australian Dollar

 

CHF- Swiss Franc

 

EUR- Euro

 

MXN- Mexican Peso

 

USD- U.S. Dollar

 

See accompanying notes to financial statements.

13

 

EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

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

FUTURES CONTRACTS *

 

Number of      Notional Value at    
Contracts Open Long Future Contracts  Counterparty August 31, 2021  Expiration 
0 CBOT 10 Year US Treasury Note 12/21/2021  Goldman Sachs $51,374  12/21/2021 
1 CBOT 2 Year US Treasury Note Future 12/31/2021  Goldman Sachs  281,387  12/31/2021 
2 CBOT 5 Year US Treasury Note 12/31/2021  Goldman Sachs  284,800  12/31/2021 
1 CBOT 5 Year US Treasury Note 12/31/2021  Goldman Sachs  93,887  12/31/2021 
0 CBOT Soybean Future 03/14/2022  Goldman Sachs  11,733  3/14/2022 
0 CBOT US Long Bond Future 12/21/2021  Goldman Sachs  25,179  12/21/2021 
1 CBOT Wheat Future 03/14/2022  Goldman Sachs  22,104  3/14/2022 
1 CME 3 Month Eurodollar Future 03/14/2022  Goldman Sachs  280,951  3/14/2022 
1 CME 3 Month Eurodollar Future 06/13/2022  Goldman Sachs  280,846  6/13/2022 
1 CME 3 Month Eurodollar Future 09/19/2022  Goldman Sachs  280,677  9/19/2022 
1 CME 3 Month Eurodollar Future 12/13/2021  Goldman Sachs  280,936  12/13/2021 
1 CME 3 Month Eurodollar Future 12/19/2022  Goldman Sachs  280,424  12/19/2022 
2 CME E-Mini NASDAQ 100 Index Future 09/17/2021  Goldman Sachs  34,108  9/17/2021 
7 CME E-Mini Standard & Poor's 500 Index Future 09/17/2021  Goldman Sachs  31,338  9/17/2021 
1 Corn Future  Goldman Sachs  16,048  3/14/2022 
0 Cotton No.2 Future  Goldman Sachs  12,305  3/9/2022 
0 Eurex 10 Year Euro BUND Future 09/08/2021  Goldman Sachs  19,561  9/8/2021 
0 Eurex 10 Year Euro BUND Future 12/08/2021  Goldman Sachs  39,493  12/8/2021 
0 Eurex 2 Year Euro SCHATZ Future 44447  Goldman Sachs  58,787  9/8/2021 
1 Eurex 2 Year Euro SCHATZ Future 44538  Goldman Sachs  117,612  12/8/2021 
0 Eurex 5 Year Euro BOBL Future  Goldman Sachs  69,058  12/8/2021 
2 Eurex 5 Year Euro BOBL Future 44447  Goldman Sachs  273,542  9/8/2021 
0 Eurex 5 Year Euro BOBL Future 44447  Goldman Sachs  34,411  9/8/2021 
2 Eurex Swiss Market New Index Future 09/17/2021  Goldman Sachs  33,722  9/17/2021 
0 Euro-BTP Future  Goldman Sachs  17,870  12/8/2021 
34 Euronext Amsterdam Index Future 44456  Goldman Sachs  31,269  9/17/2021 
2 Euronext CAC 40 Index Future 09/17/2021  Goldman Sachs  15,474  9/17/2021 
61,985 KOPSI 200 Index Future  Goldman Sachs  22,427  9/9/2021 
0 LME Copper Future  Goldman Sachs  9,965  10/18/2021 
0 LME Nickel Future  Goldman Sachs  10,131  10/18/2021 
0 LME Primary Aluminum Future  Goldman Sachs  14,405  2/14/2022 
0 LME Primary Aluminum Future  Goldman Sachs  10,818  1/17/2022 
0 LME Primary Aluminum Future 10/18/2021  Goldman Sachs  10,111  10/18/2021 
0 LME Zinc Future  Goldman Sachs  10,731  11/15/2021 
0 LME Zinc Future 10/18/2021  Goldman Sachs  9,855  10/18/2021 
0 Montreal Exchange 10 Year Canadian Bond Future 12/20/2021  Goldman Sachs  28,823  12/20/2021 
30 Montreal Exchange S&P/TSX 60 Index Future 09/16/2021  Goldman Sachs  28,863  9/17/2021 
0 NYBOT CSC C Coffee Future  Goldman Sachs  26,815  3/21/2022 
0 NYBOT CSC C Coffee Future 12/20/2021  Goldman Sachs  10,038  12/20/2021 
1 NYBOT CSC Number 11 World Sugar Future 02/28/2022  Goldman Sachs  28,792  2/28/2022 
123 OML Stockholm OMXS30 Index Future 09/17/2021  Goldman Sachs  33,469  9/17/2021 
0 SFE 10 Year Australian Bond Future 09/15/2021  Goldman Sachs  29,418  9/15/2021 
5 SFE S&P ASX Share Price Index 200 Future 09/16/2021  Goldman Sachs  25,492  9/16/2021 
0 TSE Japanese 10 Year Bond Futures 09/13/2021  Goldman Sachs  33,756  9/9/2021 

 

CREDIT DEFAULT SWAP

 

Number of     Notional Value at      
Contracts Open Credit Default Swap Counterparty August 31, 2021  Expiration Value 
84,435 Markit CDX North America Investment Grade Index Goldman Sachs  84,435  6/20/2026 $(2,309)
12,949 Markit CDX North America High Yield Index Goldman Sachs  12,949  6/20/2026  (1,400)
             (3,709)

 

PURCHASED CALL OPTIONS

 

Number of     Notional Value at    Exercise    
Contracts Open Put Options Counterparty August 31, 2021  Expiration Price  Market Value 
76 Apple, Inc. Goldman Sachs $11,574  9/17/2021 $130  $1,676 
86 Apple, Inc. Goldman Sachs  13,117  9/17/2021  135   1,482 
83 Apple, Inc. Goldman Sachs  12,657  9/17/2021  140   1,025 
71 Apple, Inc. Goldman Sachs  10,798  9/17/2021  145   549 
                 4,732 

 

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

 

See accompanying notes to financial statements.

14

 

EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

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

NO OPEN POSITIONS

             

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

EQUITY FORWARDS

         

Number of     Notional Value at    Exercise    
Contracts Open Short Equity Forwards Counterparty August 31, 2021  Expiration Price  Market Value 
4 S&P 500 Index Goldman Sachs $18,461  12/17/2021 $4,530   (79)
3 S&P 500 Index Goldman Sachs  15,073  3/18/2022  4,525   (72)
6 S&P 500 Index Goldman Sachs  26,825  6/17/2022  4,525   (185)
                 (336)

 

PURCHASED PUT OPTIONS

 

Number of     Notional Value at    Exercise    
Contracts Open Put Options Counterparty August 31, 2021  Expiration Price  Market Value 
9 S&P 500 Index Goldman Sachs $41,080  9/17/2021 $1,850  $ 
6 S&P 500 Index Goldman Sachs  29,192  12/17/2021  2,125   15 
6 S&P 500 Index Goldman Sachs  27,971  12/17/2021  2,525   28 
6 S&P 500 Index Goldman Sachs  27,851  9/17/2021  2,250    
6 S&P 500 Index Goldman Sachs  27,435  9/17/2021  1,900    
6 S&P 500 Index Goldman Sachs  27,169  3/18/2022  2,150   45 
6 S&P 500 Index Goldman Sachs  26,537  12/17/2021  2,800   43 
5 S&P 500 Index Goldman Sachs  23,761  9/17/2021  2,225    
5 S&P 500 Index Goldman Sachs  23,541  12/17/2021  2,150   12 
5 S&P 500 Index Goldman Sachs  23,105  9/17/2021  2,500    
5 S&P 500 Index Goldman Sachs  22,487  12/17/2021  2,175   12 
5 S&P 500 Index Goldman Sachs  21,353  12/17/2021  2,250   13 
5 S&P 500 Index Goldman Sachs  20,631  12/17/2021  2,450   18 
4 S&P 500 Index Goldman Sachs  20,186  3/18/2022  2,100   31 
4 S&P 500 Index Goldman Sachs  19,841  12/17/2021  2,550   21 
4 S&P 500 Index Goldman Sachs  19,693  12/17/2021  2,500   19 
4 S&P 500 Index Goldman Sachs  19,443  3/18/2022  2,050   28 
4 S&P 500 Index Goldman Sachs  18,832  9/17/2021  2,325    
4 S&P 500 Index Goldman Sachs  18,512  9/17/2021  2,275    
4 S&P 500 Index Goldman Sachs  18,487  12/17/2021  2,575   20 
4 S&P 500 Index Goldman Sachs  18,466  9/17/2021  1,800    
4 S&P 500 Index Goldman Sachs  17,822  12/17/2021  2,200   10 
4 S&P 500 Index Goldman Sachs  17,812  4/14/2022  2,500   62 
4 S&P 500 Index Goldman Sachs  17,725  9/17/2021  1,950    
4 S&P 500 Index Goldman Sachs  17,454  7/15/2022  2,600   114 
4 S&P 500 Index Goldman Sachs  17,156  9/17/2021  2,400    
4 S&P 500 Index Goldman Sachs  17,023  3/18/2022  2,600   56 
4 S&P 500 Index Goldman Sachs  16,221  3/18/2022  2,500   46 
3 S&P 500 Index Goldman Sachs  15,778  9/17/2021  2,525    
3 S&P 500 Index Goldman Sachs  15,654  12/17/2021  2,825   26 
3 S&P 500 Index Goldman Sachs  15,262  9/17/2021  2,050    
3 S&P 500 Index Goldman Sachs  15,205  9/17/2021  2,475    
3 S&P 500 Index Goldman Sachs  15,087  12/17/2021  2,100   7 
3 S&P 500 Index Goldman Sachs  14,877  6/17/2022  2,500   75 
3 S&P 500 Index Goldman Sachs  14,179  12/17/2021  2,425   12 
3 S&P 500 Index Goldman Sachs  14,092  9/17/2021  2,200    
3 S&P 500 Index Goldman Sachs  13,901  12/17/2021  1,800   4 
3 S&P 500 Index Goldman Sachs  13,869  9/17/2021  2,550    
3 S&P 500 Index Goldman Sachs  13,766  9/17/2021  2,000    
3 S&P 500 Index Goldman Sachs  13,357  9/17/2021  1,750    
3 S&P 500 Index Goldman Sachs  13,170  12/17/2021  2,700   18 
3 S&P 500 Index Goldman Sachs  12,940  6/17/2022  2,050   33 
3 S&P 500 Index Goldman Sachs  12,883  12/17/2021  2,675   17 
3 S&P 500 Index Goldman Sachs  12,838  3/18/2022  2,250   25 
3 S&P 500 Index Goldman Sachs  12,837  9/17/2021  2,350    
3 S&P 500 Index Goldman Sachs  12,657  3/18/2022  2,550   39 
3 S&P 500 Index Goldman Sachs  12,647  9/17/2021  2,450    
                 849 

 

See accompanying notes to financial statements.

15

 

EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

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

PURCHASED CALL OPTIONS

 

Number of     Notional Value at    Exercise    
Contracts Open Call Options Counterparty August 31, 2021  Expiration Price  Market Value 
6 S&P 500 Index Goldman Sachs $27,382  9/17/2021 $4,400  $825 
5 S&P 500 Index Goldman Sachs  21,135  9/17/2021  4,475   333 
4 S&P 500 Index Goldman Sachs  18,031  9/17/2021  4,445   384 
3 S&P 500 Index Goldman Sachs  15,657  9/17/2021  4,435   363 
3 S&P 500 Index Goldman Sachs  13,466  9/17/2021  4,405   392 
3 S&P 500 Index Goldman Sachs  12,573  9/17/2021  4,440   280 
3 S&P 500 Index Goldman Sachs  11,366  9/17/2021  4,420   297 
2 S&P 500 Index Goldman Sachs  11,096  9/17/2021  4,485   156 
2 S&P 500 Index Goldman Sachs  10,907  10/15/2021  4,400   405 
2 S&P 500 Index Goldman Sachs  10,362  9/17/2021  4,495   128 
2 S&P 500 Index Goldman Sachs  9,718  9/17/2021  4,470   162 
2 S&P 500 Index Goldman Sachs  9,586  9/17/2021  4,385   318 
2 S&P 500 Index Goldman Sachs  9,022  9/17/2021  4,465   159 
2 S&P 500 Index Goldman Sachs  8,963  9/17/2021  4,505   97 
2 S&P 500 Index Goldman Sachs  8,695  9/17/2021  4,455   169 
2 S&P 500 Index Goldman Sachs  8,327  10/15/2021  4,470   208 
2 S&P 500 Index Goldman Sachs  8,281  9/17/2021  4,525   65 
2 S&P 500 Index Goldman Sachs  7,845  9/17/2021  4,430   190 
2 S&P 500 Index Goldman Sachs  7,220  9/17/2021  4,425   182 
2 S&P 500 Index Goldman Sachs  6,907  10/15/2021  4,430   219 
2 S&P 500 Index Goldman Sachs  6,901  10/15/2021  4,525   115 
2 S&P 500 Index Goldman Sachs  6,886  9/17/2021  4,355   271 
2 S&P 500 Index Goldman Sachs  6,800  10/15/2021  4,480   159 
1 S&P 500 Index Goldman Sachs  6,502  9/17/2021  4,325   296 
1 S&P 500 Index Goldman Sachs  6,473  9/17/2021  4,245   405 
1 S&P 500 Index Goldman Sachs  6,432  9/17/2021  4,370   233 
1 S&P 500 Index Goldman Sachs  6,378  10/15/2021  4,510   120 
1 S&P 500 Index Goldman Sachs  6,212  10/15/2021  4,420   208 
1 S&P 500 Index Goldman Sachs  6,063  9/17/2021  4,225   405 
1 S&P 500 Index Goldman Sachs  6,039  9/17/2021  4,395   188 
1 S&P 500 Index Goldman Sachs  5,977  9/17/2021  4,320   279 
1 S&P 500 Index Goldman Sachs  5,718  9/17/2021  4,415   155 
1 S&P 500 Index Goldman Sachs  5,716  10/15/2021  4,370   244 
1 S&P 500 Index Goldman Sachs  5,461  9/17/2021  4,290   289 
1 S&P 500 Index Goldman Sachs  5,354  10/15/2021  4,495   113 
1 S&P 500 Index Goldman Sachs  5,294  10/15/2021  4,410   187 
1 S&P 500 Index Goldman Sachs  5,136  10/15/2021  4,360   229 
1 S&P 500 Index Goldman Sachs  4,855  10/15/2021  4,485   110 
1 S&P 500 Index Goldman Sachs  4,849  10/15/2021  4,450   137 
1 S&P 500 Index Goldman Sachs  4,605  11/19/2021  4,440   176 
1 S&P 500 Index Goldman Sachs  4,550  11/19/2021  4,400   205 
1 S&P 500 Index Goldman Sachs  4,440  9/17/2021  4,410   125 
1 S&P 500 Index Goldman Sachs  4,298  9/17/2021  4,240   273 
1 S&P 500 Index Goldman Sachs  4,160  9/17/2021  4,200   300 
1 S&P 500 Index Goldman Sachs  4,155  9/17/2021  4,365   155 
1 S&P 500 Index Goldman Sachs  3,971  9/17/2021  4,220   270 
1 S&P 500 Index Goldman Sachs  3,923  11/19/2021  4,470   131 
1 S&P 500 Index Goldman Sachs  3,842  10/15/2021  4,440   115 
1 S&P 500 Index Goldman Sachs  3,818  11/19/2021  4,480   122 
1 S&P 500 Index Goldman Sachs  3,519  10/15/2021  4,325   180 
                 11,527 

 

See accompanying notes to financial statements.

16

 

EASTERLY GLOBAL MACRO FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

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

 

Number of     Notional Value at    Exercise    
Contracts Open Call Options Counterparty August 31, 2021  Expiration Price  Market Value 
5 S&P 500 Index Goldman Sachs  $24,235  9/17/2021 $4,330  $1,080 
                 1,080 

 

Number of     Notional Value at    Exercise    
Contracts Open Put Options Counterparty August 31, 2021  Expiration Price  Market Value 
20 S&P 500 Index Goldman Sachs $90,774  10/15/2021 $2,500  $12 
16 S&P 500 Index Goldman Sachs  74,497  10/15/2021  2,450   8 
16 S&P 500 Index Goldman Sachs  74,298  9/17/2021  2,650   1 
16 S&P 500 Index Goldman Sachs  73,776  10/15/2021  2,550   10 
15 S&P 500 Index Goldman Sachs  68,260  11/19/2021  2,600   42 
15 S&P 500 Index Goldman Sachs  67,343  10/15/2021  2,600   11 
14 S&P 500 Index Goldman Sachs  62,910  10/15/2021  2,700   12 
13 S&P 500 Index Goldman Sachs  61,055  10/15/2021  2,800   15 
13 S&P 500 Index Goldman Sachs  61,024  9/17/2021  2,740   1 
13 S&P 500 Index Goldman Sachs  56,974  10/15/2021  2,900   17 
12 S&P 500 Index Goldman Sachs  56,065  11/19/2021  2,300   19 
12 S&P 500 Index Goldman Sachs  53,887  9/17/2021  2,500    
10 S&P 500 Index Goldman Sachs  46,010  11/19/2021  2,350   18 
10 S&P 500 Index Goldman Sachs  44,959  11/19/2021  2,250   14 
10 S&P 500 Index Goldman Sachs  43,660  9/17/2021  2,900   1 
10 S&P 500 Index Goldman Sachs  43,096  9/17/2021  2,475    
9 S&P 500 Index Goldman Sachs  41,436  11/19/2021  2,650   28 
9 S&P 500 Index Goldman Sachs  39,687  9/17/2021  2,960   1 
9 S&P 500 Index Goldman Sachs  39,333  9/17/2021  2,625   1 
9 S&P 500 Index Goldman Sachs  39,069  9/17/2021  2,975   2 
8 S&P 500 Index Goldman Sachs  37,802  9/17/2021  2,825   1 
8 S&P 500 Index Goldman Sachs  37,562  11/19/2021  2,550   21 
8 S&P 500 Index Goldman Sachs  36,584  11/19/2021  2,400   15 
8 S&P 500 Index Goldman Sachs  35,704  10/15/2021  2,940   12 
8 S&P 500 Index Goldman Sachs  35,439  11/19/2021  2,450   16 
8 S&P 500 Index Goldman Sachs  34,326  9/17/2021  2,700    
7 S&P 500 Index Goldman Sachs  33,840  9/17/2021  2,325    
7 S&P 500 Index Goldman Sachs  30,907  10/15/2021  2,300   2 
7 S&P 500 Index Goldman Sachs  30,848  9/17/2021  3,200   2 
7 S&P 500 Index Goldman Sachs  30,760  9/17/2021  2,425    
7 S&P 500 Index Goldman Sachs  30,622  10/15/2021  2,250   2 
7 S&P 500 Index Goldman Sachs  30,470  10/15/2021  2,400   3 
7 S&P 500 Index Goldman Sachs  30,136  10/15/2021  3,020   12 
6 S&P 500 Index Goldman Sachs  28,986  9/17/2021  3,080   2 
6 S&P 500 Index Goldman Sachs  28,714  9/17/2021  3,220   2 
6 S&P 500 Index Goldman Sachs  28,650  12/17/2021  2,400   23 
6 S&P 500 Index Goldman Sachs  28,429  10/15/2021  3,080   13 
6 S&P 500 Index Goldman Sachs  28,126  10/15/2021  3,100   13 
6 S&P 500 Index Goldman Sachs  28,038  9/17/2021  3,150   2 
6 S&P 500 Index Goldman Sachs  27,826  10/15/2021  3,025   11 
6 S&P 500 Index Goldman Sachs  27,802  9/17/2021  2,450    
6 S&P 500 Index Goldman Sachs  27,766  10/15/2021  3,180   15 
6 S&P 500 Index Goldman Sachs  27,722  9/17/2021  3,320   3 
6 S&P 500 Index Goldman Sachs  26,931  9/17/2021  3,100   2 
6 S&P 500 Index Goldman Sachs  26,842  9/17/2021  2,100    
6 S&P 500 Index Goldman Sachs  26,754  11/19/2021  2,500   14 
6 S&P 500 Index Goldman Sachs  25,041  12/17/2021  2,225   15 
5 S&P 500 Index Goldman Sachs  24,628  9/17/2021  3,030   1 
5 S&P 500 Index Goldman Sachs  24,423  9/17/2021  2,850   1 
                 416 

 

See accompanying notes to financial statements.

17

 

EASTERLY GLOBAL REAL ESTATE FUND
SCHEDULE OF INVESTMENTS
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — 98.5%    
    Australia - 1.4%    
 1,322,939  NEXTDC Ltd.(a) $12,753,300 
         
    Bermuda - 4.3%    
 9,230,837  Hongkong Land Holdings Ltd.  38,769,515 
         
    Canada - 0.9%    
 808,074  NorthWest Healthcare Properties Real Estate Investment Trust  8,473,059 
         
    Cayman Islands - 10.3%    
 4,797,909  CK Asset Holdings Ltd.  31,244,833 
 4,840,342  ESR Cayman Ltd.(a)  14,745,758 
 753,839  GDS Holdings Ltd. - ADR(a)  44,084,504 
 568,505  Wharf Real Estate Investment Company Ltd.  2,815,390 
       92,890,485 
    France - 3.9%    
 644,621  Accor S.A.(a)  22,223,770 
 546,727  Klepierre S.A.  13,400,186 
       35,623,956 
    Hong Kong - 6.0%    
 5,890,693  Link REIT  54,162,107 
         
    Ireland - 1.5%    
 10,960,197  Glenveagh Properties PLC(a)  14,016,069 
         
    Italy - 1.6%    
 981,321  COIMA RES SpA  7,983,979 
 563,103  Infrastrutture Wireless Italiane SpA  6,697,771 
       14,681,750 
    Japan - 11.2%    
 3,887  Daiwa House REIT Investment Corporation  11,496,174 
 43,357  Japan Hotel REIT Investment Corporation  25,634,232 
 4,115,901  Mitsubishi Estate Company Ltd.  64,531,004 
       101,661,410 

 

See accompanying notes to financial statements.

18

 

EASTERLY GLOBAL REAL ESTATE FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — 98.5% (Continued)    
    Singapore - 1.6%    
 5,698,133  Keppel DC REIT $10,574,774 
 2,658,897  Mapletree Commercial Trust  4,003,632 
       14,578,406 
    United Kingdom - 6.2%    
 5,064,313  Assura PLC  5,502,822 
 2,165,857  Cushman & Wakefield PLC(a)  39,288,647 
 4,867,684  Empiric Student Property PLC(a)  6,485,281 
 411,379  Great Portland Estates PLC  4,425,064 
       55,701,814 
    United States - 49.6%    
 979,675  Acadia Realty Trust  20,788,704 
 5,675  American Tower Corporation  1,658,065 
 49,001  Americold Realty Trust  1,800,297 
 1,192,505  CatchMark Timber Trust, Inc.  13,761,508 
 534,310  CoreCivic, Inc.  5,193,493 
 225,376  Corporate Office Properties Trust  6,351,096 
 5,496,432  DigitalBridge Group, Inc.(a)  37,925,380 
 680,978  Easterly Government Properties, Inc.  14,552,500 
 987,419  Ellington Financial, Inc.  18,287,000 
 943,652  GEO Group, Inc.  7,313,303 
 1,000,500  Independence Realty Trust, Inc.  20,490,240 
 999,914  Kennedy-Wilson Holdings, Inc.  21,988,109 
 426,803  Kilroy Realty Corporation  28,019,617 
 297,277  Marriott International, Inc. (a)  40,174,014 
 297,151  National Retail Properties, Inc.  14,147,359 
 29,379  National Storage Affiliates Trust  1,681,948 
 348,824  New Senior Investment Group, Inc.  3,045,234 
 1,161,533  Retail Opportunity Investments Corporation  21,000,517 
 504,346  Ventas, Inc.  28,213,115 
 980,339  VICI Properties, Inc.  30,302,278 
 95,396  Welltower, Inc.  8,350,012 
 1,661,635  Weyerhaeuser Company  59,818,859 
 547,576  WP Carey, Inc.  42,776,636 
       447,639,284 

 

See accompanying notes to financial statements.

19

 

EASTERLY GLOBAL REAL ESTATE FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

   Fair Value 
     
 TOTAL COMMON STOCKS (Cost $1,015,324,959) $890,951,155 
      
 TOTAL INVESTMENTS - 98.5% (Cost $1,015,324,959) $890,951,155 
 OTHER ASSETS IN EXCESS OF LIABILITIES- 1.5%  13,815,732 
 NET ASSETS - 100.0% $904,766,887 
      
ADR- American Depositary Receipt

 

LTD- Limited Company

 

PLC- Public Limited Company

 

REIT- Real Estate Investment Trust

 

S.A.- Société Anonyme

 

(a)Non-income producing security.

 

See accompanying notes to financial statements.

20

 

EASTERLY GLOBAL REAL ESTATE FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Forward Currency Contracts

 

            

Settlement Units to           US Dollar    Unrealized 
Date Receive/Deliver   Counterparty In Exchange For   Value   Appreciation/(Depreciation) 
To Buy:                        
9/1/2021 $344,640  HKD Brown Brothers Harriman $44,258  USD $44,313    $55 
9/1/2021  182,482  SGD Brown Brothers Harriman  135,698  USD  135,665     (33)
9/2/2021  12,792,472  HKD Brown Brothers Harriman  1,644,672  USD  1,644,837     165 
9/2/2021  914,426,730  JPY Brown Brothers Harriman  8,314,104  USD  8,323,564     9,460 
9/2/2021  1,505,313  SGD Brown Brothers Harriman  1,119,325  USD  1,119,109     (216)
                    Total Unrealized: $9,431 
                         
To Sell:                        
9/2/2021 $(198,247) CAD Brown Brothers Harriman $(157,117) USD $(156,885)   $232 
                    Total Unrealized: $232 

 

Currency Abbreviations:

 

CAD- Canadian Dollar

 

HKD- Hong Kong Dollar

 

JPY- Japanes Yen

 

SGD- Singapore Dollar

 

USD- U.S. Dollar

21

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS
August 31, 2021

 

Shares    Fair Value 
    CLOSED END FUNDS — 21.5%    
    FIXED INCOME - 21.5%    
 6,500  Apollo Tactical Income Fund, Inc. $103,220 
 8,000  BlackRock Core Bond Trust  130,560 
 10,000  BlackRock Corporate High Yield Fund, Inc.  126,000 
 10,482  BlackRock Credit Allocation Income Trust  160,689 
 10,000  BlackRock Limited Duration Income Trust  173,600 
 8,000  Blackstone / GSO Strategic Credit Fund  110,880 
 2,000  DoubleLine Income Solutions Fund  35,800 
 10,000  Eaton Vance Ltd. Duration Income Fund  133,300 
 10,000  First Trust High Income Long/Short Fund  159,900 
 12,000  Franklin Ltd. Duration Income Trust  111,960 
 10,800  Invesco Dynamic Credit Opportunities Fund  126,360 
 40,000  Invesco Senior Income Trust  175,200 
 7,000  John Hancock Preferred Income Fund III  136,430 
 25,000  Nuveen Credit Strategies Income Fund  162,500 
 7,000  Nuveen Global High Income Fund  113,540 
 7,000  Nuveen Preferred & Income Term Fund  178,220 
 10,000  PGIM Global High Yield Fund, Inc.  157,100 
 10,000  PGIM High Yield Bond Fund, Inc.  163,000 
 17,000  PIMCO Income Strategy Fund II  193,460 
 20,000  Wells Fargo Income Opportunities Fund  181,800 
 15,000  Western Asset High Income Opportunity Fund, Inc.  78,750 
       2,912,269 
         
    TOTAL CLOSED END FUNDS (Cost $2,552,761)  2,912,269 
         
    COMMON STOCKS — 80.9%    
    APPAREL & TEXTILE PRODUCTS - 0.5%    
 1,263  Canada Goose Holdings, Inc.(a),(b)  48,462 
 219  Carter's, Inc.(a)  22,421 
       70,883 
    ASSET MANAGEMENT - 1.8%    
 979  Hamilton Lane, Inc. (a)  84,263 
 2,819  Kennedy-Wilson Holdings, Inc.  61,990 

22

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

  

Shares    Fair Value 
    COMMON STOCKS — 80.9% (Continued)    
    ASSET MANAGEMENT - 1.8% (Continued)    
 574  LPL Financial Holdings, Inc.(a) $84,865 
       231,118 
    BANKING - 3.2%    
 400  Atlantic Capital Bancshares, Inc.(b)  9,692 
 4,100  Cadence BanCorporation(a)  88,191 
 4,400  CIT Group, Inc.(a)  243,849 
 1,112  Eagle Bancorp Montana, Inc.(a)  24,620 
 2,700  Sterling Bancorp(a)  61,803 
       428,155 
    BEVERAGES - 0.2%    
 1,808  Primo Water Corporation(a)  32,110 
         
    BIOTECH & PHARMA - 0.7%    
 714  AbCellera Biologics, Inc.(a),(b)  11,981 
 900  Translate Bio, Inc.(a),(b)  33,660 
 1,302  TransMedics Group, Inc.(a),(b)  42,550 
       88,191 
    CHEMICALS - 1.0%    
 300  Lydall, Inc.(b)  18,594 
 1,600  W R Grace & Company(a)  111,424 
       130,018 
    COMMERCIAL SUPPORT SERVICES - 1.1%    
 127  Avalara, Inc.(a),(b)  22,822 
 983  Clean Harbors, Inc.(a),(b)  100,875 
 1,100  Covanta Holding Corporation  22,055 
       145,752 
    CONSTRUCTION MATERIALS - 0.0%(c)    
 100  Forterra, Inc.(b)  2,304 
         
    E-COMMERCE DISCRETIONARY - 0.9%    
 1,892  Leslie's, Inc.(a),(b)  45,635 
 605  MYT Netherlands Parent BV - ADR(b)  17,327 
 1,087  Revolve Group, Inc.(a),(b)  62,459 
       125,421 

23

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — 80.9% (Continued)    
    ELECTRIC UTILITIES - 0.5%    
 1,251  Portland General Electric Company(a) $64,239 
         
    ELECTRICAL EQUIPMENT - 0.3%    
 673  BWX Technologies, Inc.(a)  38,650 
         
    ENGINEERING & CONSTRUCTION - 0.2%    
 2,609  Infrastrutture Wireless Italiane SpA  31,014 
         
    ENTERTAINMENT CONTENT - 0.2%    
 1,800  Sciplay Corporation(b)  33,678 
         
    FORESTRY, PAPER & WOOD PRODUCTS - 1.1%    
 2,800  Domtar Corporation(a)  153,524 
         
    HEALTH CARE FACILITIES & SERVICES - 3.4%    
 532  Accolade, Inc.(a),(b)  25,206 
 1,018  Invitae Corporation(a),(b)  30,163 
 2,200  Magellan Health, Inc.(a),(b)  208,165 
 2,057  NeoGenomics, Inc.(a),(b)  100,011 
 1,000  PPD, Inc.(a),(b)  46,310 
 861  Progyny, Inc.(a),(b)  48,104 
       457,959 
    HOME CONSTRUCTION - 0.4%    
 38,237  Glenveagh Properties PLC(b)  48,928 
         
    INDUSTRIAL SUPPORT SERVICES - 0.3%    
 696  Ritchie Bros Auctioneers, Inc.(a)  43,563 
         
    INSURANCE - 2.5%    
 300  Athene Holding Ltd.(b)  20,091 
 1,500  Willis Towers Watson PLC(a)  331,080 
       351,171 
    INTERNET MEDIA & SERVICES - 0.6%    
 182  Fiverr International Ltd.(a),(b)  32,671 

24

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — 80.9% (Continued)    
    INTERNET MEDIA & SERVICES - 0.6% (Continued)    
 352  Marqeta, Inc.(b) $10,222 
 391  MediaAlpha, Inc.(a),(b)  8,672 
 2,900  Sogou, Inc. - ADR(a),(b)  25,607 
       77,172 
    LEISURE FACILITIES & SERVICES - 4.6%    
 2,490  Accor S.A.(b)  85,711 
 900  Cineplex, Inc.  9,359 
 1,620  GAN Ltd.(a),(b)  27,702 
 2,000  Great Canadian Gaming Corporation(b)  69,880 
 300  Great Canadian Gaming Corporation(b)  10,458 
 1,248  Marriott International, Inc.  168,654 
 2,471  Norwegian Cruise Line Holdings Ltd.(a),(b)  63,851 
 989  Red Rock Resorts, Inc.(a)  46,295 
 648  Shake Shack, Inc.(a),(b)  56,214 
 460  Wingstop, Inc.(a)  79,088 
       617,212 
    MACHINERY - 0.3%    
 113  Hydrofarm Holdings Group, Inc.(a),(b)  5,713 
 586  Tennant Company(a)  43,353 
       49,066 
    MEDICAL EQUIPMENT & DEVICES - 1.1%    
 873  Acutus Medical, Inc.(a),(b)  11,166 
 409  Axonics, Inc.(a),(b)  30,667 
 210  CareDx, Inc.(a),(b)  15,389 
 137  Inspire Medical Systems, Inc.(a),(b)  30,628 
 1,079  Silk Road Medical, Inc.(a),(b)  63,962 
       151,812 
    REAL ESTATE OWNERS & DEVELOPERS - 4.4%    
 18,354  CK Asset Holdings Ltd.  119,648 
 2,502  COIMA RES SpA  20,350 
 600  Deutsche Wohnen S.E.  37,227 
 14,872  Empiric Student Property PLC  19,792 
 35,285  Hongkong Land Holdings Ltd.  148,197 

25

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — 80.9% (Continued)    
    REAL ESTATE OWNERS & DEVELOPERS - 4.4% (Continued)    
 15,849  Mitsubishi Estate Company Ltd. $248,281 
       593,495 
    REAL ESTATE SERVICES - 1.5%    
 8,342  Cushman & Wakefield PLC(b)  151,324 
 18,544  ESR Cayman Ltd.(b)  56,509 
       207,833 
    REITS - 18.7%    
 2,650  Acadia Realty Trust  56,233 
 62  American Tower Corporation  18,115 
 900  Americold Realty Trust(a)  33,066 
 28,684  Assura PLC  31,147 
 4,633  CatchMark Timber Trust, Inc.  53,465 
 2,340  CoreCivic, Inc.  22,745 
 687  Corporate Office Properties Trust  19,360 
 497  CyrusOne, Inc.(a)  38,259 
 15  Daiwa House REIT Investment Corporation  44,443 
 19,443  DigitalBridge Group, Inc.(b)  134,157 
 3,083  Easterly Government Properties, Inc.  65,884 
 2,365  GEO Group, Inc.  18,329 
 3,780  Global Medical REIT, Inc.(a)  58,288 
 804  Great Portland Estates PLC  8,636 
 3,840  Independence Realty Trust, Inc.  78,643 
 166  Japan Hotel REIT Investment Corporation  98,216 
 21,843  Keppel DC REIT  40,597 
 1,634  Kilroy Realty Corporation  107,272 
 1,332  Klepierre S.A.  32,548 
 14,813  Link REIT  136,277 
 9,673  Mapletree Commercial Trust  14,598 
 1,076  National Retail Properties, Inc.  51,228 
 133  National Storage Affiliates Trust  7,614 
 1,018  New Senior Investment Group, Inc.  8,887 
 3,093  NorthWest Healthcare Properties Real Estate Investment Trust  32,432 
 3,999  QTS Realty Trust, Inc.(a)  311,841 
 4,451  Retail Opportunity Investments Corporation  80,474 

26

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — 80.9% (Continued)    
    REITS - 18.7% (Continued)    
 1,942  Ventas, Inc. $108,635 
 5,700  VEREIT, Inc.(a)  288,021 
 3,738  VICI Properties, Inc.  115,542 
 369  Welltower, Inc.  32,299 
 6,376  Weyerhaeuser Company  229,536 
 1,942  WP Carey, Inc.  151,709 
       2,528,496 
    RETAIL - CONSUMER STAPLES - 2.3%    
 264  Five Below, Inc.(a),(b)  56,182 
 1,261  Ollie's Bargain Outlet Holdings, Inc.(a),(b)  91,271 
 2,480  OptimizeRx Corporation(a),(b)  164,127 
       311,580 
    RETAIL - DISCRETIONARY - 0.2%    
 499  Designer Brands, Inc.(a)  7,236 
 458  Driven Brands Holdings, Inc.(b)  13,685 
       20,921 
    SEMICONDUCTORS – 4.2%    
 1,449  Analog Devices, Inc.  236,115 
 200  Coherent, Inc.(a),(b)  50,534 
 1,800  Xilinx, Inc.(a)  280,062 
       566,711 
    SOFTWARE - 13.1%    
 1,010  1Life Healthcare, Inc.(a),(b)  24,755 
 140  Alkami Technology, Inc.(b)  3,998 
 380  Alteryx, Inc.(a),(b)  28,109 
 216  Bandwidth, Inc.(a),(b)  22,226 
 463  BigCommerce Holdings, Inc.(a),(b)  27,567 
 439  Bill.com Holdings, Inc.(a),(b)  120,456 
 481  Black Knight, Inc.(a),(b)  36,397 
 913  Blackline, Inc.(a),(b)  99,608 
 155  C3.ai, Inc.(a),(b)  7,989 
 4,467  Cantaloupe, Inc.(a),(b)  45,742 
 700  Change Healthcare, Inc.(b)  15,281 
 2,500  Cloudera, Inc.(a),(b)  39,825 

27

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — 80.9% (Continued)    
    SOFTWARE - 13.1% (Continued)    
 800  Cornerstone OnDemand, Inc.(a),(b) $45,840 
 1,129  Domo, Inc.(a),(b)  101,046 
 1,105  Duck Creek Technologies, Inc.(a),(b)  51,526 
 1,471  Dynatrace, Inc.(a),(b)  101,102 
 1,511  eGain Corporation(a),(b)  17,800 
 475  Guidewire Software, Inc.(a),(b)  56,268 
 635  Health Catalyst, Inc.(a),(b)  34,677 
 1,972  Jamf Holding Corporation(a),(b)  69,316 
 589  JFrog Ltd.(a),(b)  22,641 
 200  Medallia, Inc.(b)  6,754 
 1,324  N-Able, Inc.(a),(b)  17,914 
 518  nCino, Inc.(a),(b)  32,121 
 4,500  Nuance Communications, Inc.(a),(b)  247,724 
 913  Nutanix, Inc.(a),(b)  33,699 
 642  Oak Street Health, Inc.(a),(b)  30,001 
 133  ON24, Inc.(b)  3,007 
 54  Paycor HCM, Inc.(b)  1,995 
 263  Paylocity Holding Corporation(a),(b)  70,800 
 49  Paymentus Holdings, Inc.(b)  1,257 
 801  Phreesia, Inc.(a),(b)  57,312 
 886  Ping Identity Holding Corporation(a),(b)  22,992 
 112  Privia Health Group, Inc.(b)  3,339 
 50  Procore Technologies, Inc.(b)  4,535 
 1,231  PROS Holdings, Inc.(a),(b)  53,228 
 842  Sailpoint Technologies Holdings, Inc.(a),(b)  39,456 
 198  Signify Health, Inc.(a),(b)  5,146 
 1,132  SolarWinds Corporation(a)  19,323 
 194  Sprinklr, Inc.(b)  3,042 
 445  Sprout Social, Inc.(a),(b)  54,112 
 1,446  Tenable Holdings, Inc.(a),(b)  64,159 
 425  Vertex, Inc.(a),(b)  8,797 
 1,990  Zeta Global Holdings Corporation(b)  13,472 
       1,766,354 

28

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — 80.9% (Continued)    
    SPECIALTY FINANCE - 0.6%    
 3,521  Ellington Financial, Inc. $65,208 
 48  Flywire Corporation(b)  2,108 
 844  International Money Express, Inc.(b)  15,395 
       82,711 
    TECHNOLOGY HARDWARE - 0.2%    
 845  Pure Storage, Inc.(a),(b)  21,826 
         
    TECHNOLOGY SERVICES - 4.4%    
 52  Dlocal Ltd.(b)  3,328 
 4,200  IHS Markit Ltd.(a)  506,520 
 939  Paya Holdings, Inc.(a),(b)  9,061 
 641  Repay Holdings Corporation(a),(b)  14,749 
 525  Shift4 Payments, Inc.(a),(b)  44,998 
 601  Telos Corporation(a),(b)  19,833 
 91  WEX, Inc.(a),(b)  16,705 
       615,194 
    TELECOMMUNICATIONS - 3.6%    
 4,777  GDS Holdings Ltd. - ADR(b)  279,359 
 5,067  NEXTDC Ltd.(b)  49,031 
 8,700  ORBCOMM, Inc.(a),(b)  99,963 
 4,213  Vonage Holdings Corporation(a),(b)  59,403 
       487,756 
    TRANSPORTATION & LOGISTICS - 2.5%    
 3,360  AFC Gamma, Inc.  71,602 
 1,585  CryoPort, Inc.(a),(b)  100,758 
 400  Kansas City Southern(a)  112,268 
 987  Knight-Swift Transportation Holdings, Inc.(a)  51,255 
       335,883 
    WHOLESALE - DISCRETIONARY - 0.3%    
 854  IAA, Inc.(a),(b)  45,364 
         
    TOTAL COMMON STOCKS (Cost $9,831,929)  10,956,064 

29

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Shares    Fair Value 
    EXCHANGE-TRADED FUNDS — 4.2%    
    EQUITY - 0.0%(c)    
 1  ProShares UltraPro Short S&P 500(b) $15 
 1  ProShares UltraShort Russell2000(b)  14 
       29 
    FIXED INCOME - 4.2%    
 7,000  Invesco Senior Loan ETF  154,980 
 6,500  iShares 0-5 Year High Yield Corporate Bond ETF  298,285 
 3,000  iShares Preferred & Income Securities ETF  118,200 
 1  ProShares UltraShort 20+ Year Treasury  17 
       571,482 
         
    TOTAL EXCHANGE-TRADED FUNDS (Cost $571,975)  571,511 
         
    TOTAL INVESTMENTS – 106.6% (Cost $12,956,665) $14,439,844 
    LIABILITIES IN EXCESS OF OTHER ASSETS - (6.6)%  (888,388)
    NET ASSETS - 100.0% $13,551,456 

30

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF SECURITIES SOLD SHORT
August 31, 2021

 

Shares    Fair Value 
    COMMON STOCKS — (17.2)%    
    ASSET MANAGEMENT - (0.2)%    
 (345) Apollo Global Management, Inc. $(20,624)
         
    BANKING - (3.0)%    
 (2,870) BancorpSouth Bank  (84,177)
 (271) First Citizens BancShares, Inc.  (243,277)
 (4) Huntington Bancshares, Inc.  (62)
 (1) Prosperity Bancshares, Inc.  (70)
 (144) SouthState Corporation  (9,875)
 (1,251) Webster Financial Corporation  (63,200)
       (400,661)
    BIOTECH & PHARMA - (0.3)%    
 (572) Atara Biotherapeutics, Inc.  (8,569)
 (237) Ionis Pharmaceuticals, Inc.  (9,423)
 (1,597) Sinovac Biotech Ltd. (d)  (10,333)
       (28,325)
    INSURANCE - (3.1)%    
 (1,512) Aon PLC  (433,732)
         
    LEISURE FACILITIES & SERVICES - (0.2)%    
 (450) Scientific Games Corporation  (32,557)
         
    MACHINERY - 0.0% (a)    
 (77) Astec Industries, Inc.  (4,708)
         
    REITS - (2.1)%    
 (4,021) Realty Income Corporation  (290,397)
         
    SEMICONDUCTORS - (4.4)%    
 (3,096) Advanced Micro Devices, Inc.  (342,789)
 (1,449) Analog Devices, Inc.  (236,115)
 (182) II-VI, Inc.  (11,462)
       (590,366)

31

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF SECURITIES SOLD SHORT (Continued)
August 31, 2021

 

Shares   Fair Value 
    COMMON STOCKS — (17.2)% (Continued)    
    TECHNOLOGY SERVICES — (3.8)%    
 (1,190) S&P Global, Inc. $(528,145)
         
    TRANSPORTATION & LOGISTICS - (0.1)%    
 (288) Canadian Pacific Railway Ltd.  (19,812)
         
    EXCHANGE TRADED FUNDS - (13.0)%    
    EQUITY - (13.0)%    
 (1,602) iShares Russell 2000 ETF $(361,924)
 (4,570) iShares Russell 2000 Growth ETF  (1,396,637)
       (1,758,561)
         
    TOTAL SECURITIES SOLD SHORT - (Proceeds - $3,005,801) $(4,107,888)

 

ADR- American Depositary Receipt

 

ETF- Exchange-Traded Fund

 

LTD- Limited Company

 

PLC- Public Limited Company

 

REIT- Real Estate Investment Trust

 

S/A- Société Anonyme

 

(a)All or a portion of this security is held as collateral for securities sold short.

 

(b)Non-income producing security.

 

(c)Percentage rounds to less than 0.1%.

 

(d)The value of this security has been determined in good faith under policies of the Board of Trustees.

32

 

EASTERLY MULTI STRATEGY ALTERNATIVE INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Forward Currency Contracts             

 

Settlement Units to           US Dollar    Unrealized 
Date Receive/Deliver    Counterparty In Exchange For    Value   Appreciation/(Depreciation) 
To Buy:                        
9/1/2021 $1,317  HKD Brown Brothers Harriman $169  USD $169    $ 
9/1/2021  696  SGD Brown Brothers Harriman  517  USD  517      
9/2/2021  48,933  HKD Brown Brothers Harriman  6,291  USD  6,292     1 
9/2/2021  3,621,492  JPY Brown Brothers Harriman  32,931  USD  32,965     34 
9/2/2021  5,757  SGD Brown Brothers Harriman  4,281  USD  4,280     (1)
                    Total Unrealized: $34 
To Sell:                        
9/2/2021 $(757) CAD Brown Brothers Harriman $(600) USD $(599)   $1 
                    Total Unrealized: $1 

 

Currency Abbreviations:

 

CAD- Canadian Dollar

 

HKD- Hong Kong Dollar

 

JPY- Japanes Yen

 

SGD- Singapore Dollar

 

USD- U.S. Dollar

 

See accompanying notes to financial statements.

33

 

EASTERLY HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31, 2021

 

Shares              Fair Value 
    EXCHANGE-TRADED FUNDS — 91.0%       
    EQUITY - 91.0%                
 109,000  SPDR S&P 500 ETF Trust(a)             $49,220,040 
                     
    TOTAL EXCHANGE-TRADED FUNDS (Cost $37,723,431)     49,220,040 
                     
                    
  Contracts(b)   Counterparty Expiration Date Exercise Price  Notional Value     
    INDEX OPTIONS PURCHASED - 1.4%                
    CALL OPTIONS PURCHASED - 0.1%                
 100  Chicago Board Options Exchange Volatility Index PER 09/15/2021 $20  $164,800  $11,000 
 200  Chicago Board Options Exchange Volatility Index PER 10/20/2021  20   329,600   66,000 
    TOTAL CALL OPTIONS PURCHASED (Cost - $97,145)     77,000 
                     
    PUT OPTIONS PURCHASED - 1.3%                
 135  S&P 500 Index PER 10/01/2021 $4,350  $61,056,180  $368,550 
 105  S&P 500 Index PER 10/01/2021  4,410   47,488,140   362,250 
    TOTAL PUT OPTIONS PURCHASED (Cost - $1,428,800)     730,800 
                     
    TOTAL INDEX OPTIONS PURCHASED (Cost - $1,525,945)     807,800 
                     
    TOTAL INVESTMENTS - 92.4% (Cost $39,249,376)    $50,027,840 
    PUT OPTIONS WRITTEN - (0.9)% (Proceeds - $656,485)     (268,125)
    CALL OPTIONS WRITTEN - (0.4)% (Proceeds - $393,688)     (491,838)
    OTHER ASSETS IN EXCESS OF LIABILITIES- 8.9%     4,824,628 
    NET ASSETS - 100.0%    $54,092,505 
                     
                     
     Counterparty Expiration Date Exercise Price  Notional Value     
    WRITTEN INDEX OPTIONS - (0.4)%       
    PUT OPTIONS WRITTEN - (0.4)%       
 50  S&P 500 Index PER 09/17/2021 $4,100  $22,613,400  $23,500 
 55  S&P 500 Index PER 10/01/2021  4,100   24,874,740   67,100 
 135  S&P 500 Index PER 10/01/2021  4,125   61,056,180   177,525 
    TOTAL PUT OPTIONS WRITTEN (Proceeds - $656,485)     268,125 
                     
    TOTAL INDEX OPTIONS WRITTEN (Proceeds - $656,485)    $268,125 
                     
                     
     Counterparty Expiration Date Exercise Price  Notional Value     
    WRITTEN EQUITY OPTIONS - (0.9)%       
    CALL OPTIONS WRITTEN- (0.9)%       
 250  SPDR S&P 500 ETF Trust PER 09/07/2021 $445  $11,289,000  $195,750 

 

See accompanying notes to financial statements.

34

 

EASTERLY HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

Contracts(b)   Counterparty Expiration Date Exercise Price  Notional Value  Fair Value 
    WRITTEN EQUITY OPTIONS - (0.9)%                
    CALL OPTIONS WRITTEN- (0.9)% (Continued)                
 475  SPDR S&P 500 ETF Trust PER 09/07/2021 $450  $21,449,100  $166,963 
 250  SPDR S&P 500 ETF Trust PER 09/17/2021  450   11,289,000   129,125 
    TOTAL CALL OPTIONS WRITTEN (Proceeds - $393,688)     491,838 
                     
    TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $393,688)    $491,838 
                     
ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor's Depositary Receipt

 

PER- Pershing

 

(a)All or a portion of this security is held as collateral for written options.

 

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

 

See accompanying notes to financial statements.

35

 

EASTERLY HEDGED EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2021

 

   TOTAL RETURN SWAPS - 1.1 %               
Notional         Expiration Pay/Receive Variable  Unrealized 
Amount  Reference Entity Shares  Counterparty Date Fixed Rate Rate (%)  Gain/(Loss) 
$2,192,550  SPY SPDR SP 500 ETF Trust  5,000  Goldman Sachs 6/29/2022 Pay  0.0905* $ 
 6,577,650  SPY SPDR SP 500 ETF Trust  15,000  Goldman Sachs 9/21/2021 Pay  0.0905#    
 3,069,570  SPY SPDR SP 500 ETF Trust  7,000  Goldman Sachs 11/12/2021 Pay  0.0905*   
 8,770,200  SPY SPDR SP 500 ETF Trust  20,000  Goldman Sachs 12/1/2021 Pay  0.0905*   
                    $ 

 

#Variable rate is Libor plus 0.50%

 

*Variable rate is Libor plus 0.40%

 

See accompanying notes to financial statements.

36

 

EASTERLY HEDGED HIGH INCOME FUND
SCHEDULE OF INVESTMENTS
August 31, 2021

 

Shares    Fair Value 
    CLOSED END FUNDS — 18.3%    
    FIXED INCOME - 18.3%    
 10,499  BlackRock Corporate High Yield Fund, Inc. $132,287 
 10,224  BlackRock Credit Allocation Income Trust  156,734 
 11,997  BlackRock Limited Duration Income Trust  208,268 
 5,000  Blackstone / GSO Strategic Credit Fund  69,300 
 10,000  DoubleLine Income Solutions Fund  179,000 
 9,666  PGIM Global High Yield Fund, Inc.  151,853 
 15,744  PGIM High Yield Bond Fund, Inc.  256,628 
 15,980  PIMCO Income Strategy Fund II  181,852 
 10,520  Wells Fargo Income Opportunities Fund  95,627 
       1,431,549 
         
    TOTAL CLOSED END FUNDS (Cost $1,330,524)  1,431,549 
         
    EXCHANGE-TRADED FUNDS — 0.9%    
    EQUITY - 0.9%    
 5,001  ProShares UltraShort Russell2000(a)  66,764 
         
    TOTAL EXCHANGE-TRADED FUNDS (Cost $77,590)  66,764 
         
    TOTAL INVESTMENTS - 19.2% (Cost $1,408,114) $1,498,313 
    OTHER ASSETS IN EXCESS OF LIABILITIES- 80.8%  6,314,114 
    NET ASSETS - 100.0% $7,812,427 
         
(a)Non-income producing security.

 

See accompanying notes to financial statements.

37

 

STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2021

 

  Easterly     Easterly 
  Global Macro  Easterly  Multi Strategy 
  Fund  Global Real Estate  Alternative Income 
  (Consolidated)  Fund  Fund 
Assets:         
Investments in Affiliates, at cost $3,009,704  $  $ 
Investments in Unaffilated securities, at cost  3,302,596   1,015,324,959   12,956,665 
Total Investments, at cost $6,312,300  $1,015,324,959  $12,956,665 
Investments Affiliates, at value $3,087,194  $  $ 
Investments in Unaffiated securities, at value  3,444,421   890,951,155   14,439,844 
Total Investments, at value $6,531,615  $890,951,155  $14,439,844 
Cash  503,841   14,815,465   1,429,683 
Foreign Cash (Cost $18, $0, $0)  18       
Deposit at Broker  869,067      1,642,261 
Unrealized appreciation on swaps  868,442       
Unrealized appreciation on forward currency contracts  5,405   9,663   35 
Receivable for securities sold     8,079,218   67,313 
Receivable for fund shares sold  612   1,735,518    
Interest and dividends receivable  1,082   1,579,312   347,565 
Receivable from manager  3,564       
Prepaid expenses and other assets  20,393   144,549   9,017 
Total Assets  8,804,039   917,314,880   17,935,718 
             
Liabilities:            
Due to Broker  13,513       
Securities sold short (Proceeds $0, $0, $3,005,801)        4,107,888 
Foreign Cash Overdraft (cost $0, $1,596, $120,713)     1,596   118,954 
Payable for securities purchased     11,267,487   83,792 
Payable for fund shares redeemed  574   150,642    
Payable to manager     682,133   18,932 
Administration fees payable  3,027   110,518   3,626 
Custody fees payable  9,554   34,234   19,007 
Trustee fees payable  3,539   3,782   4,074 
Compliance officer fees payable  1,232   772   1,231 
Payable for distribution (12b-1) fees  256   148,929   212 
Dividend Payable        947 
Accrued expenses and other liabilities  25,481   147,900   25,599 
Total Liabilities  57,176   12,547,993   4,384,262 
             
Net Assets $8,746,863  $904,766,887  $13,551,456 
             
Net Assets:            
Par value of shares of beneficial interest $8,776  $460,267  $13,713 
Paid in capital  10,555,272   995,816,675   12,357,374 
Accumulated earnings (loss)  (1,817,185)  (91,510,055)  1,180,369 
Net Assets $8,746,863  $904,766,887  $13,551,456 
             
Net Asset Value Per Share            
Class A            
Net Assets     $118,586,976  $487,566 
Shares of beneficial interest outstanding      6,261,344   49,417 
Net asset value, redemption price per share     $18.94  $9.87 
Offering price per share (maximum sales charge of 0.00%, 5.75% and 2.00%, respectively)     $20.10  $10.07 
             
Class C            
Net Assets     $75,700,804  $17,125 
Shares of beneficial interest outstanding      3,971,847   1,782 
Net asset value, offering price per share (a)     $19.06  $9.61 
             
Class I            
Net Assets $3,713,941  $678,440,049  $13,018,185 
Shares of beneficial interest outstanding  375,436   34,198,457   1,317,292 
Net asset value, redemption price and offering price per share $9.89  $19.84  $9.88 
             
Class R6            
Net Assets $5,032,922  $32,039,058  $28,580 
Shares of beneficial interest outstanding  502,202   1,595,092   2,837 
Net asset value, redemption price and offering price per share $10.02  $20.09  $10.07 

 

(a)Redemption price per C share varies based on length of time shares are held.

 

See accompanying notes to financial statements. 

38

 

STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2021

 

     Easterly 
  Easterly  Hedged 
  Hedged Equity  High Income 
  Fund  Fund 
Assets:        
Investments, at cost $39,249,376  $1,408,114 
Investments, at value  50,027,840   1,498,313 
Cash  5,745,429   5,785,662 
Receivable for securities sold     584,094 
Receivable on open swap contracts  604,677    
Receivable for fund shares sold  4,817    
Interest and dividends receivable     6,624 
Prepaid expenses and other assets  29,631   19,739 
Total Assets  56,412,394   7,894,432 
         
Liabilities:        
Options written (premiums received $1,050,173, $0)  759,963    
Due to Broker  1,452,260    
Payable for fund shares redeemed  21,133    
Payable to manager  40,626   15,056 
Administration fees payable  9,700   14,925 
Custody fees payable  3,335   7,398 
Trustee fees payable  2,844   4,952 
Compliance officer fees payable  1,192   1,110 
Payable for distribution (12b-1) fees  1,586   2,851 
Expense Recapture  1,909    
Accrued expenses and other liabilities  25,341   35,713 
Total Liabilities  2,319,889   82,005 
         
Net Assets $54,092,505  $7,812,427 
         
Net Assets:        
Par value of shares of beneficial interest $47,454  $8,557 
Paid in capital  50,103,091   11,893,691 
Accumulated earnings (loss)  3,941,960   (4,089,821)
Net Assets $54,092,505  $7,812,427 
         
Net Asset Value Per Share        
Class A        
Net Assets $1,899,475  $1,140,092 
Shares of beneficial interest outstanding  169,885   126,274 
Net asset value, redemption price per share $11.18  $9.03 
Offering price per share (maximum sales charge of 5.75% and 2.00%, respectively) $11.86  $9.21 
         
Class C        
Net Assets $745,737  $218,458 
Shares of beneficial interest outstanding  68,399   24,033 
Net asset value, offering price per share (a) $10.90  $9.09 
         
Class I        
Net Assets $33,477,593  $5,889,658 
Shares of beneficial interest outstanding  2,954,771   644,899 
Net asset value, redemption price and offering price per share $11.33  $9.13 
         
Class R6        
Net Assets $17,969,700  $564,219 
Shares of beneficial interest outstanding  1,552,305   60,485 
Net asset value, redemption price and offering price per share $11.58  $9.33 

 

 

(a)Redemption price per C share varies based on length of time shares are held.

 

See accompanying notes to financial statements. 

39

 

STATEMENTS OF OPERATIONS
For the Year Ended August 31, 2021

 

  Easterly     Easterly 
  Global Macro  Easterly  Multi Strategy 
  Fund  Global Real Estate  Alternative Income 
  (Consolidated)  Fund  Fund 
          
Investment Income:            
Dividend income $86,835  $17,614,158  $497,375 
Interest income  113   923   33,788 
Dividend income from Affiliates  180,157      32,382 
Less: Foreign withholding taxes     (538,717)  (1,793)
Total Investment Income  267,105   17,076,364   561,752 
             
Operating Expenses:            
Management fees  91,896   7,166,312   277,847 
Supervisory fees  4,814   269,058   4,874 
Distribution (12b-1) fees            
Class A Shares  374   249,526   216 
Class C Shares  1,571   704,222   675 
Administration fees  32,267   1,109,828   42,249 
Printing and postage expense  5,317   219,987   5,904 
Custodian fees  14,751   197,788   36,500 
Registration fees  30,414   236,913   14,213 
Audit fees  16,613   39,297   19,145 
Legal fees  13,174   61,221   12,863 
Compliance officer fees  3,773   67,831   4,119 
Trustees’ fees  5,440   61,122   6,199 
Shareholder servicing fees  4,830   592,420   123 
Insurance expense  264   24,794   387 
Dividend Expense        31,086 
Interest Expense  6,251   5,271   138,829 
Miscellaneous expenses  5,492   4,247   3,542 
Total Operating Expenses  237,241   11,009,837   598,771 
Less: Expenses waived and/or reimbursed  (122,020)  (951,023)  (154,226)
Net Operating Expenses  115,221   10,058,814   444,545 
             
Net Investment Income  151,884   7,017,550   117,207 
             
Realized and Unrealized Gain (Loss) on Investments:            
Net realized gain (loss) from:            
Investments and Foreign currency transactions  201,369   66,259,354   1,475,995 
Affiliated Investments  151,625      66,010 
Securities sold short        (415,549)
Options purchased        (23,629)
Options written        354 
Swaps  (19,202)      
Distribution of realized gains by underlying affiliated and non affiliated investment companies  1,542      287 
Net realized gain  335,334   66,259,354   1,103,468 
             
Net change in unrealized appreciation (depreciation) on:            
Investments and Foreign currency transactions  49,844   153,550,412   1,484,193 
Affiliated Investments  (81,368)  (49,833)    
Securities sold short        (710,519)
Swaps  654,774       
Net change in unrealized appreciation  623,250   153,550,412   723,841 
             
Net Realized and Unrealized Gain on investments  958,584   219,809,766   1,827,309 
             
Net Increase in Net Assets Resulting From Operations $1,110,468  $226,827,316  $1,944,516 

 

See accompanying notes to financial statements. 

40

 

STATEMENTS OF OPERATIONS
For the Year Ended August 31, 2021

 

     Easterly 
  Easterly  Hedged 
  Hedged Equity  High Income 
  Fund  Fund 
Investment Income:        
Dividend income $613,226  $243,868 
Interest income  276   903,692 
Dividend income from Affiliates     121,779 
Total Investment Income  613,502   1,269,339 
         
Operating Expenses:        
Management fees  562,785   402,582 
Supervisory fees  18,247   9,685 
Distribution (12b-1) fees        
Class A Shares  4,126   3,406 
Class C Shares  11,445   3,909 
Administration fees  83,325   87,405 
Registration fees  40,625   36,646 
Audit fees  18,605   19,588 
Legal fees  12,047   10,781 
Custodian fees  10,999   33,001 
Trustees’ fees  9,016   6,935 
Compliance officer fees  7,454   5,817 
Printing and postage expense  22,457   11,034 
Insurance expense  1,271   857 
Shareholder servicing fees  52,667   27,736 
Interest Expense  22,009   94,862 
Miscellaneous expenses  3,450   3,000 
Total Operating Expenses  880,528   757,244 
Less: Expenses waived  (44,773)  (268,707)
Net Operating Expenses  835,755   488,537 
         
Net Investment Income (Loss)  (222,253)  780,802 
         
Realized and Unrealized Gain (Loss) on Investments:        
Net realized gain (loss) from:        
Investments and Foreign currency transactions  3,997,444   (1,910,907)
Affiliated Investments     333,580 
Options purchased  (17,248,547)   
Options written  6,756,643    
Swaps  5,311,082   (537,911)
Securities sold short     36,446 
Futures contracts     102,538 
Distribution of realized gains by underlying affiliated and non affiliated investment companies     879 
Net realized loss  (1,183,378)  (1,975,375)
         
Net change in unrealized appreciation (depreciation) on:        
Investments and Foreign currency transactions  6,074,541   3,391,585 
Affiliated Investments     (258,381)
Options purchased  (622,519)   
Options written  703,906    
Swaps     236,378 
Securities sold short  35,685   13,424 
Futures contracts     14,918 
Net change in unrealized appreciation  6,191,613   3,397,924 
         
Net Realized and Unrealized Gain on investments  5,008,235   1,422,549 
         
Net Increase in Net Assets Resulting From Operations $4,785,982  $2,203,351 

 

See accompanying notes to financial statements. 

41

 

STATEMENTS OF CHANGES IN NET ASSETS

 

  Easterly  Easterly  Easterly Multi Strategy 
  Global Macro Fund  Global Real Estate Fund  Alternative Income Fund 
  (Consolidated)             
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31, 2021  August 31, 2020  August 31, 2021  August 31, 2020  August 31, 2021  August 31, 2020 
                   
Operations:                        
Net investment income $151,884  $165,707  $7,017,550  $13,439,570  $117,207  $46,742 
Net realized gain (loss) on investments, swaps and foreign currency transactions  333,792   (551,644)  66,259,354   78,812,147   1,103,181   1,397,326 
Distribution of realized gains by underlying investment companies  1,542   1,961         287   748 
Net change in unrealized appreciation (depreciation) on investments, short sells, swaps and foreign currency transactions  623,250   (168,896)  153,550,412   (154,651,589)  723,841   (571,647)
Net increase (decrease) in net assets resulting from operations  1,110,468   (552,872)  226,827,316   (62,399,872)  1,944,516   873,169 
                         
Distributions to Shareholders:                        
Total Distributions Paid:                        
Class A     (16,834)  (8,868,934)  (11,550,263)  (348)  (1,077)
Class C     (24,761)  (5,974,859)  (8,308,065)  (5,930)  (2,658)
Class I     (541,958)  (52,450,299)  (75,761,135)  (1,199,291)  (381,517)
Class R6     (280,551)  (3,011,924)  (2,046,015)  (45,105)  (37,008)
Return of Capital                        
Class A     (101)            
Class C     (178)            
Class I     (3,134)            
Class R6     (1,623)            
Total Dividends and Distributions to Shareholders     (869,140)  (70,306,016)  (97,665,478)  (1,250,674)  (422,260)
                         
Share Transactions of Beneficial Interest:                        
                         
Beneficial Interest:                        
Net proceeds from shares sold                        
Class A  548,771   1,130   26,087,332   18,808,078   486,620   564 
Class C     653   6,482,935   11,744,939   9   35 
Class I  1,554,963*  447,234   176,356,375   504,892,742   158,369   114,291 
Class R6  3,099,330   1,934,180   8,289,805   31,231,154   8,694   100,438 
Reinvestment of dividends and distributions                        
Class A     14,047   6,959,103   9,065,900   348   1,077 
Class C     22,918   4,645,136   6,529,449   5,930   2,544 
Class I     541,433   32,278,948   42,134,779   1,199,158   381,306 
Class R6     188,893   2,767,217   1,709,364   22,495   23,796 
Redemption fee proceeds                        
Class A           5       
Cost of shares redeemed                        
Class A  (712,389)*  (74,619)  (21,783,889)  (30,137,619)  (532)  (64,426)
Class C  (319,081)*  (100,981)  (14,944,020)  (20,767,479)  (60,227)  (117,747)
Class I  (4,559,893)  (1,254,422)  (191,507,550)  (515,782,732)  (1,634,926)  (121,820)
Class R6  (1,311,366)  (2,348,459)  (17,301,151)  (10,414,985)  (760,026)  (922,187)
Net increase (decrease) in net assets from share transactions of beneficial interest  (1,699,665)  (627,993)  18,330,241   49,013,595   (574,088)  (602,129)
                         
Total Increase (Decrease) in Net Assets  (589,197)  (2,050,005)  174,851,541   (111,051,755)  119,754   (151,220)
                         
Net Assets:                        
Beginning of year  9,336,060   11,386,065   729,915,346   840,967,101   13,431,702   13,582,922 
End of year $8,746,863  $9,336,060  $904,766,887  $729,915,346  $13,551,456  $13,431,702 
                         
Share Activity                        
Shares sold                        
Class A  58,507   135   1,447,209   1,115,239   49,006   62 
Class C     75   358,950   663,725   1   3 
Class I  163,382*  48,080   9,640,463   28,509,376   16,478   12,714 
Class R6  312,630   218,041   452,945   1,781,574   899   11,693 
Shares Reinvested                        
Class A     1,564   410,411   550,089   37   124 
Class C     2,674   272,684   391,753   652   293 
Class I     60,092   1,821,853   2,466,466   128,283   43,844 
Class R6     20,895   154,821   108,398   2,376   2,695 
Shares Redeemed                        
Class A  (74,331)*  (9,028)  (1,266,516)  (1,880,732)  (57)  (7,324)
Class C  (35,480)*  (11,979)  (862,722)  (1,312,245)  (6,318)  (14,017)
Class I  (476,994)  (141,252)  (10,884,194)  (32,304,180)  (168,647)  (14,069)
Class R6  (138,280)  (267,045)  (929,981)  (632,371)  (77,343)  (102,188)
Net increase (decrease) in shares of beneficial interest  (190,566)  (77,748)  615,923   (542,908)  (54,633)  (66,170)

 

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

 

See accompanying notes to (consolidated) financial statements. 

42

 

STATEMENTS OF CHANGES IN NET ASSETS

 

  Easterly  Easterly 
  Hedged Equity Fund  Hedged High Income Fund 
             
  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31, 2021  August 31, 2020  August 31, 2021  August 31, 2020 
                 
Operations:                
Net investment income (loss)  (222,253) $(141,749) $780,802  $1,740,982 
Net realized loss on investments  (1,183,378)  (1,868,377)  (1,976,254)  (671,773)
Distribution of realized gains by underlying investment companies        879   4,387 
Net change in unrealized appreciation (depreciation) on investments  6,191,613   4,838,914   3,397,924   (1,003,481)
Net increase in net assets resulting from operations  4,785,982   2,828,788   2,203,351   70,115 
                 
Distributions to Shareholders:                
Total Distributions Paid:                
Class A  (117,453)  (25,194)  (41,781)  (139,790)
Class C  (89,191)  (40,715)  (10,221)  (25,123)
Class I  (2,714,717)  (785,323)  (332,202)  (788,835)
Class R6  (509,805)  (289,991)  (403,660)  (775,851)
Return of Capital                
Class A        (11,546)  (9,654)
Class C        (2,003)  (2,615)
Class I        (63,550)  (87,524)
Class R6        (44,075)  (99,529)
Total Dividends and Distributions to Shareholders  (3,431,166)  (1,141,223)  (909,038)  (1,928,921)
                 
Share Transactions of Beneficial Interest:                
Beneficial Interest:                
Net proceeds from shares sold                
Class A  816,869   1,215,699   190,105   1,409,882 
Class C  114,916   1,372,262   26,509   67,000 
Class I  11,255,894   33,839,328   1,573,388   3,527,409 
Class R6  11,960,114   2,374,471   1,498,696   4,610,520 
Reinvestment of dividends and distributions                
Class A  108,960   21,319   47,755   139,789 
Class C  89,191   40,272   3,727   5,727 
Class I  1,582,085   622,819   337,321   737,112 
Class R6  335,590   225,164   267,692   605,210 
Redemption fee proceeds                
Class C           60 
Cost of shares redeemed                
Class A  (609,057)  (296,846)  (750,410)  (4,559,390)
Class C  (1,249,874)  (197,692)  (388,984)  (425,362)
Class I  (21,367,349)  (14,156,733)  (10,144,806)  (12,911,259)
Class R6  (4,461,045)  (6,666,196)  (17,479,369)  (12,345,170)
Net increase (decrease) in net assets from share transactions of beneficial interest  (1,423,706)  18,393,867   (24,818,376)  (19,138,472)
Total Increase (decrease) in Net Assets  (68,890)  20,081,432   (23,524,063)  (20,997,278)
                 
Net Assets:                
Beginning of year  54,161,395   34,079,963   31,336,490   52,333,768 
End of year $54,092,505  $54,161,395  $7,812,427  $31,336,490 
                 
Share Activity                
Shares sold                
Class A  74,276   118,773   20,757   161,079 
Class C  11,320   133,175   2,889   7,417 
Class I  1,039,218   3,233,242   171,930   396,497 
Class R6  1,048,515   226,381   161,097   518,448 
Shares Reinvested                
Class A  10,558   2,036   5,328   15,778 
Class C  8,813   3,925   413   652 
Class I  151,541   58,920   37,374   83,728 
Class R6  31,570   21,065   29,034   67,700 
Shares Redeemed                
Class A  (56,858)  (28,666)  (82,840)  (510,224)
Class C  (119,990)  (19,800)  (42,813)  (49,371)
Class I  (1,990,538)  (1,406,776)  (1,112,370)  (1,390,599)
Class R6  (399,153)  (631,852)  (1,873,525)  (1,508,195)
Net increase (decrease) in shares of beneficial interest  (190,728)  1,710,423   (2,682,726)  (2,207,090)

 

See accompanying notes to financial statements. 

43

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Global Macro Fund (Consolidated)

 

  CLASS I 
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $8.74  $9.95  $9.15  $9.16  $9.34 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.17   0.13   0.09   0.10   0.03 
Net realized and unrealized gain (loss)  0.98   (0.57)  0.71   (0.11)  (0.21)
Total from investment operations  1.15   (0.44)  0.80   (0.01)  (0.18)
Dividends and Distributions:                    
Dividends from net investment income     (0.77)         
Distributions from return of capital     (0.00) **         
Total dividends and distributions     (0.77)         
Redemption Fees        (0.00) **     (0.00) **
Net Asset Value, End of Year/Period $9.89  $8.74  $9.95  $9.15  $9.16 
Total Return*  13.16%  (4.58)%  8.74%  (0.11)%  (1.93)%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $3,714  $6,020  $7,187  $6,849  $8,448 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (2)  2.80%  2.57%  2.46%  2.36%  2.36%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (3)  1.57%  1.45%  1.28%  1.30%  1.25%
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  1.87%  1.50%  1.00%  1.03%  0.36%
Portfolio Turnover Rate  145%  125%  133%  103%  83%
                     
  CLASS R6 
                
             For the Period 
             August 17, 
  Year Ended  Year Ended  Year Ended  Year Ended  2017 (4) to 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $8.80  $9.97  $9.16  $9.17  $9.05 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.18   0.18   0.10   0.13   0.00 **
Net realized and unrealized gain (loss)  1.04   (0.58)  0.71   (0.14)  0.12 
Total from investment operations  1.22   (0.40)  0.81   (0.01)  0.12 
Dividends and Distributions:                    
Dividends from net investment income     (0.77)         
Distributions from realized gains     (0.00) **         
Total dividends and distributions     (0.77)         
Redemption Fees        0.00 **  0.00 **  0.00 **
Net Asset Value, End of Year/Period $10.02  $8.80  $9.97  $9.16  $9.17 
Total Return*  13.86%  (4.15)%  8.84%  (0.11)%  1.33%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $5,033  $2,885  $3,550  $4,636  $109 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (5)  2.89%  2.57%  2.41%  2.39%  2.36% (7)
Ratio of net operating expenses (including dividend and interest expense) to average net assets (6)  1.01%  0.98%  1.20%  1.30%  1.25% (7)
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  1.91%  1.97%  1.08%  1.39%  0.36% (7)
Portfolio Turnover Rate  145%  125%  133%  103%  83% (8)
 
(1)     Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Macro Fund - Class I:
                     
   2.72%  2.53%  2.43%  2.31%  2.36% (7)
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Macro Fund - Class I:
                     
   1.49%  1.41%  1.25%  1.25%  1.25% (7)
 
(4)     Commencement of offering.
 
(5)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Macro Fund - Class R6:
                     
   2.81%  2.53%  2.38%  2.30%  2.36% (7)
 
(6)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Macro Fund - Class R6:
                     
   0.93%  0.94%  1.17%  1.20%  1.25% (7)
 
(7)      Annualized for periods less than one year.
 
(8)      Not annualized

 

*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.

 

44

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Global Real Estate Fund

 

  CLASS A
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $15.56  $17.81  $18.73  $18.98  $19.03 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.11   0.19   0.09   0.33   0.27 
Net realized and unrealized gain (loss)  4.85   (0.51)  0.65   1.22   1.51 
Total from investment operations  4.96   (0.32)  0.74   1.55   1.78 
Dividends and Distributions:                    
Dividends from net investment income  (0.28)  (0.28)  (0.64)  (0.69)  (0.28)
Distributions from realized gains  (1.30)  (1.65)  (1.02)  (1.11)  (1.55)
Total dividends and distributions  (1.58)  (1.93)  (1.66)  (1.80)  (1.83)
Redemption Fees              0.00 **
Net Asset Value, End of Year/Period $18.94  $15.56  $17.81  $18.73  $18.98 
Total Return*  33.47%  (1.93)%  4.67%  8.75%  10.27%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $118,587  $88,222  $104,815  $109,634  $94,239 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (2)  1.51%  1.60%  1.60%  1.62%  1.93%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (3)  1.51%  1.60%  1.60%  1.62%  1.92%
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  0.64%  1.16%  0.52%  1.80%  1.46%
Portfolio Turnover Rate  160%  187%  172%  204%  141%
                     
  CLASS C 
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $15.68  $17.95  $18.89  $19.13  $19.15 
Income (Loss) from Investment Operations:                    
Net investment income (loss) (1)  (0.02)  0.07   (0.04)  0.20   0.13 
Net realized and unrealized gain (loss)  4.89   (0.51)  0.65   1.22   1.54 
Total from investment operations  4.87   (0.44)  0.61   1.42   1.67 
Dividends and Distributions:                    
Dividends from net investment income  (0.19)  (0.18)  (0.53)  (0.55)  (0.14)
Distributions from realized gains  (1.30)  (1.65)  (1.02)  (1.11)  (1.55)
Total dividends and distributions  (1.49)  (1.83)  (1.55)  (1.66)  (1.69)
Redemption Fees              0.00 **
Net Asset Value, End of Year/Period $19.06  $15.68  $17.95  $18.89  $19.13 
Total Return*  32.51%  (2.62)%  3.87%  7.90%  9.56%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $75,701  $65,907  $80,048  $82,262  $73,602 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (4)  2.26%  2.35%  2.37%  2.37%  2.68%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (5)  2.26%  2.35%  2.37%  2.37%  2.61%
Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  (0.11)%  0.42%  (0.25)%  1.06%  0.73%
Portfolio Turnover Rate  160%  187%  172%  204%  141%
 
(1)     Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Real Estate Fund - Class A:
                     
   1.51%  1.60%  1.60%  1.62%  1.93%
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Real Estate Fund - Class A:
                     
   1.51%  1.60%  1.60%  1.62%  1.92%
 
(4)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Real Estate Fund - Class C:
                     
   2.26%  2.35%  2.37%  2.37%  2.68%
 
(5)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Real Estate Fund - Class C:
                     
   2.26%  2.35%  2.37%  2.37%  2.61%

 

*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.

 

45

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Global Real Estate Fund

 

  CLASS I
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $16.19  $18.42  $19.29  $19.46  $19.42 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.18   0.28   0.17   0.41   0.34 
Net realized and unrealized gain (loss)  5.08   (0.54)  0.66   1.27   1.58 
Total from investment operations  5.26   (0.26)  0.83   1.68   1.92 
Dividends and Distributions:                    
Dividends from net investment income  (0.31)  (0.32)  (0.68)  (0.74)  (0.33)
Distributions from realized gains  (1.30)  (1.65)  (1.02)  (1.11)  (1.55)
Total dividends and distributions  (1.61)  (1.97)  (1.70)  (1.85)  (1.88)
Redemption Fees              0.00 **
Net Asset Value, End of Year/Period $19.84  $16.19  $18.42  $19.29  $19.46 
Total Return*  34.06%  (1.51)%  5.06%  9.22%  10.82%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $678,440  $544,432  $643,866  $591,437  $314,904 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (2)  1.26%  1.35%  1.33%  1.37%  1.68%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (3)  1.12%  1.19%  1.19%  1.19%  1.43%
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  1.02%  1.68%  0.93%  2.13%  1.79%
Portfolio Turnover Rate  160%  187%  172%  204%  141%
                     
  CLASS R6 
    
             For the Period 
              August 17, 
  Year Ended  Year Ended  Year Ended  Year Ended  2017 (4) to 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $16.35  $18.55  $19.35  $19.46  $19.30 
Income (Loss) from Investment Operations:                    
Net investment income (loss) (1)  0.22   0.31   0.22   0.42   (0.36)
Net realized and unrealized gain (loss)  5.13   (0.54)  0.69   1.32   0.52 
Total from investment operations  5.35   (0.23)  0.91   1.74   0.16 
Dividends and Distributions:                    
Dividends from net investment income  (0.31)  (0.32)  (0.69)  (0.74)   
Distributions from realized gains  (1.30)  (1.65)  (1.02)  (1.11)   
Total dividends and distributions  (1.61)  (1.97)  (1.71)  (1.85)   
Redemption Fees           0.00 **  0.00 **
Net Asset Value, End of Year/Period $20.09  $16.35  $18.55  $19.35  $19.46 
Total Return*  34.29%  (1.32)%  5.44%  9.54%  0.83%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $32,039  $31,355  $12,238  $21,284  $285 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (5)  1.26%  1.36%  1.33%  1.37%  1.68% (7)
Ratio of net operating expenses (including dividend and interest expense) to average net assets (6)  0.97%  1.00%  0.88%  0.90%  1.19% (7)
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  1.18%  1.86%  1.20%  2.23%  1.79% (7)
Portfolio Turnover Rate  160%  187%  172%  204%  141% (8)
 
(1)     Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Real Estate Fund - Class I:
                     
   1.26%  1.35%  1.33%  1.37%  1.68% (7)
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Real Estate Fund - Class I:
                     
   1.12%  1.19%  1.19%  1.19%  1.43% (7)
 
(4)     Commencement of offering.
 
(5)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Real Estate Fund - Class R6:
                     
   1.26%  1.36%  1.33%  1.37%  1.68% (7)
 
(6)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Global Real Estate Fund - Class R6:
                     
   0.97%  1.00%  0.88%  0.90%  1.19% (7)
 
(7)     Annualized for periods less than one year.
 
(8)     Not annualized.

 

*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.

 

46

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Multi Strategy Alternative Income Fund

 

  CLASS A
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $9.40  $9.07  $9.59  $8.85  $9.07 
Income (Loss) from Investment Operations:                    
Net investment income (loss) (1)  0.43   0.01   0.03   (0.01)  (0.02)
Net realized and unrealized gain (loss)  0.91   0.57   (0.22)  1.10   0.16 
Total from investment operations  1.34   0.58   (0.19)  1.09   0.14 
Dividends and Distributions:                    
Dividends from net investment income  (0.19)  (0.25)  (0.18)      
Distributions from realized gains  (0.68)           (0.20)
Distributions from return of capital        (0.15)  (0.35)  (0.16)
Total dividends and distributions  (0.87)  (0.25)  (0.33)  (0.35)  (0.36)
Net Asset Value, End of Year/Period $9.87  $9.40  $9.07  $9.59  $8.85 
Total Return*  14.90%  6.66%  (1.92)%  12.62%  1.53%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $488  $4  $69  $78  $99 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (2)  4.55%  4.75%  4.78%  4.35%  4.03%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (3)  3.46%  3.22%  3.39%  3.63%  3.51%
Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  4.26%  0.25%  0.28%  (0.13)%  (0.25)%
Portfolio Turnover Rate  229%  185%  414%  183%  118%
                     
  CLASS C 
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $9.21  $8.90  $9.42  $8.69  $8.96 
Income (Loss) from Investment Operations:                    
Net investment loss (1)  (0.02)  (0.06)  (0.04)  (0.07)  (0.09)
Net realized and unrealized gain (loss)  1.24   0.57   (0.23)  1.08   0.17 
Total from investment operations  1.22   0.51   (0.27)  1.01   0.08 
Dividends and Distributions:                    
Dividends from net investment income  (0.14)  (0.20)  (0.14)      
Distributions from realized gains  (0.68)           (0.20)
Distributions from return of capital        (0.11)  (0.28)  (0.15)
Total dividends and distributions  (0.82)  (0.20)  (0.25)  (0.28)  (0.35)
Net Asset Value, End of Year/Period $9.61  $9.21  $8.90  $9.42  $8.69 
Total Return*  13.86%  5.89%  (2.72)%  11.88%  0.79%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $17  $69  $188  $270  $318 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (4)  5.30%  5.50%  5.53%  5.11%  4.79%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (5)  4.21%  3.97%  4.14%  4.38%  4.26%
Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  (0.24)%  (0.61)%  (0.50)%  (0.84)%  (1.03)%
Portfolio Turnover Rate  229%  185%  414%  183%  118%
 
(1)     Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Multi Strategy Alternative Fund - Class A:
                     
   3.33%  3.77%  3.80%  3.47%  3.27%
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Multi Strategy Alternative Fund - Class A:
                     
   2.24%  2.24%  2.41%  2.75%  2.75%
 
(4)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Multi Strategy Alternative Fund - Class C:
                     
   4.08%  4.52%  4.53%  4.23%  4.03%
 
(5)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Multi Strategy Alternative Fund - Class C:
                     
   2.99%  2.99%  3.17%  3.50%  3.50%

 

*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.

 

47

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Multi Strategy Alternative Income Fund

 

  CLASS I
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $9.41  $9.10  $9.62  $8.88  $9.09 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.08   0.03   0.05   0.01    
Net realized and unrealized gain (loss)  1.28   0.57   (0.22)  1.10   0.16 
Total from investment operations  1.36   0.60   (0.17)  1.11   0.16 
Dividends and Distributions:                    
Dividends from net investment income  (0.21)  (0.29)  (0.19)     (0.00) **
Distributions from realized gains  (0.68)           (0.20)
Distributions from return of capital        (0.16)  (0.37)  (0.17)
Total dividends and distributions  (0.89)  (0.29)  (0.35)  (0.37)  (0.37)
Net Asset Value, End of Year/Period $9.88  $9.41  $9.10  $9.62  $8.88 
Total Return*  15.14%  6.90%  (1.66)%  12.88%  1.75%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $13,018  $12,625  $11,815  $12,034  $13,380 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (2)  4.30%  4.50%  4.53%  4.11%  3.78%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (3)  3.21%  2.97%  3.14%  3.38%  3.26%
Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  0.81%  0.32%  0.52%  0.14%  (0.02)%
Portfolio Turnover Rate  229%  185%  414%  183%  118%
                     
  CLASS R6 
    
              For the Period 
              August 17, 
  Year Ended  Year Ended  Year Ended  Year Ended  2017 (4) to 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $9.54  $9.17  $9.67  $8.87  $8.73 
Income (Loss) from Investment Operations:                    
Net investment income (loss) (1)  0.12   0.07   0.07   0.06   (0.01)
Net realized and unrealized gain (loss)  1.30   0.59   (0.22)  1.11   0.15 
Total from investment operations  1.42   0.66   (0.15)  1.17   0.14 
Dividends and Distributions:                    
Dividends from net investment income  (0.21)  (0.29)  (0.19)      
Distributions from realized gains  (0.68)            
Distributions from return of capital        (0.16)  (0.37)   
Total dividends and distributions  (0.89)  (0.29)  (0.35)  (0.37)   
Net Asset Value, End of Year/Period $10.07  $9.54  $9.17  $9.67  $8.87 
Total Return*  15.59%  7.51%  (1.44)%  13.59%  1.60%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $29  $734  $1,511  $3,206  $89 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (5)  4.30%  4.50%  4.45%  4.34%  3.78% (7) 
Ratio of net operating expenses (including dividend and interest expense) to average net assets (6)  2.71%  2.47%  2.87%  3.08%  3.26% (7) 
Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  1.26%  0.87%  0.75%  0.66%  (0.02)% (7) 
Portfolio Turnover Rate  229%  185%  414%  183%  118% (8) 
 
(1)    Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Multi Strategy Alternative Fund - Class I:
                     
   3.08%  3.52%  3.55%  3.23%  3.02% (7)
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Multi Strategy Alternative Fund - Class I:
                     
   1.99%  1.99%  2.16%  2.50%  2.50% (7) 
 
(4)     Commencement of offering.
 
(5)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Multi Strategy Alternative Fund - Class R6:
                     
   3.08%  3.52%  3.47%  3.34%  3.02% (7) 
 
(6)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Multi Strategy Alternative Fund - Class R6:
                     
   1.49%  1.49%  1.89%  2.09%  2.50% (7) 
 
(7)     Annualized for periods less than one year.
 
(8)     Not annualized

 

*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.

 

48

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Hedged Equity Fund

 

  CLASS A 
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $10.83  $10.42  $10.80  $10.33  $9.94 
Income (Loss) from Investment Operations:                    
Net investment (loss) (1)  (0.08)  (0.05)  (0.13)  (0.11)  (0.08)
Net realized and unrealized gain  1.17   0.72   0.75   0.81   0.46 
Total from investment operations  1.09   0.67   0.62   0.70   0.38 
Dividends and Distributions:                    
Dividends from net investment income  (0.74)     (0.31)  (0.23)   
Distributions from realized gains     (0.26)  (0.69)      
Total dividends and distributions  (0.74)  (0.26)  (1.00)  (0.23)   
Redemption Fees              0.01 
Net Asset Value, End of Year/Period $11.18  $10.83  $10.42  $10.80  $10.33 
Total Return*  10.67%  6.56%  6.26%  6.91%  3.92%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $1,899  $1,537  $519  $230  $373 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (2)  2.04%  2.07%  2.22%  2.70%  3.20%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (3)  2.04%  2.01%  2.20%  2.76%  2.67%
Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  (0.73)%  (0.44)%  (1.28)%  (1.04)%  (0.81)%
Portfolio Turnover Rate  44%  173%  245%  84%  11%
                     
  CLASS C
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $10.57  $10.28  $10.66  $10.21  $9.89 
Income (Loss) from Investment Operations:                    
Net investment loss (1)  (0.14)  (0.14)  (0.18)  (0.19)  (0.15)
Net realized and unrealized gain  1.12   0.69   0.72   0.81   0.46 
Total from investment operations  0.98   0.55   0.54   0.62   0.31 
Dividends and Distributions:                    
Dividends from net investment income  (0.65)     (0.23)  (0.17)   
Distributions from realized gains     (0.26)  (0.69)      
Total dividends and distributions  (0.65)  (0.26)  (0.92)  (0.17)   
Redemption Fees              0.01 
Net Asset Value, End of Year/Period $10.90  $10.57  $10.28  $10.66  $10.21 
Total Return*  9.77%  5.47% +  5.51% +   6.11%  3.24%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $746  $1,781  $524  $322  $307 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (4)  2.68%  2.81%  2.96%  3.45%  3.94%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (5)  2.68%  2.94%  2.96%  3.51%  3.42%
Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  (1.31)%  (1.36)%  (1.74)%  (1.83)%  (1.52)%
Portfolio Turnover Rate  44%  173%  245%  84%  11%
 
(1)     Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A:
                     
   1.99%  2.05%  2.19%  2.39%  2.98%
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class A:
                     
   1.99%  1.99%  2.17%  2.45%  2.45%
 
(4)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C:
                     
   2.63%  2.79%  2.93%  3.14%  3.72%
 
(5)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class C:
                     
   2.63%  2.92%  2.93%  3.20%  3.20%

 

+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.

 

*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.

 

49

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Hedged Equity Fund

 

  CLASS I 
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $10.96  $10.53  $10.90  $10.41  $9.98 
Income (Loss) from Investment Operations:                    
Net investment loss (1)  (0.06)  (0.03)  (0.10)  (0.06)  (0.04)
Net realized and unrealized gain  1.19   0.72   0.76   0.82   0.47 
Total from investment operations  1.13   0.69   0.66   0.76   0.43 
Dividends and Distributions:                    
Dividends from net investment income  (0.76)     (0.34)  (0.27)  (0.01)
Distributions from realized gains     (0.26)  (0.69)      
Total dividends and distributions  (0.76)  (0.26)  (1.03)  (0.27)  (0.01)
Redemption Fees              0.01 
Net Asset Value, End of Year/Period $11.33  $10.96  $10.53  $10.90  $10.41 
Total Return*  10.91%  6.69%  6.68%  7.40%  4.42%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $33,478  $41,145  $19,673  $3,742  $4,705 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (3)  1.84%  1.82%  1.99%  2.25%  2.96%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (4)  1.84%  1.81%  1.86%  2.30%  2.21%
Ratio of net investment loss (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  (0.51)%  (0.29)%  (0.93)%  (0.61)%  (0.37)%
Portfolio Turnover Rate  44%  173%  245%  84%  11%
                     
  CLASS R6 
    
              For the Period 
              August 17, 
  Year Ended  Year Ended  Year Ended  Year Ended  2017 (4) to 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $11.13  $10.64  $10.95  $10.38  $10.30 
Income (Loss) from Investment Operations:                    
Net investment income (loss) (1)  (0.02)  0.02      (0.01)  (0.08)
Net realized and unrealized gain  1.23   0.73   0.72   0.85   0.16 
Total from investment operations  1.21   0.75   0.72   0.84   0.08 
Dividends and Distributions:                    
Dividends from net investment income  (0.76)     (0.34)  (0.27)   
Distributions from realized gains     (0.26)  (0.69)      
Total dividends and distributions  (0.76)  (0.26)  (1.03)  (0.27)   
Redemption Fees           0.00 **  0.00 **
Net Asset Value, End of Year/Period $11.58  $11.13  $10.64  $10.95  $10.38 
Total Return*  11.49%  7.19%  7.23%  8.21%  0.78%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $17,970  $9,702  $13,365  $21,023  $369 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (5)  1.84%  1.81%  1.94%  2.22%  2.96% (7)
Ratio of net operating expenses (including dividend and interest expense) to average net assets (6)  1.38%  1.36%  1.33%  1.62%  2.21% (7)
Ratio of net investment income (loss) (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  (0.20)%  0.16%  (0.03)%  (0.13)%  (0.37)% (7)
Portfolio Turnover Rate  44%  173%  245%  84%  11% (8)
 
(1)     Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I:
                     
   1.79%  1.79%  1.95%  1.93%  2.74% (7)
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class I:
                     
   1.79%  1.79%  1.82%  1.99%  1.99% (7)
 
(4)     Commencement of operations.
 
(5)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6:
                     
   1.79%  1.78%  1.90%  1.89%  2.74% (7)
 
(6)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged Equity Fund - Class R6:
                     
   1.33%  1.34%  1.30%  1.29%  1.99% (7)
 
(7)     Annualized for periods less than one year.
 
(8)     Not annualized

 

*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.

 

50

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Hedged High Income Fund

 

  CLASS A 
    
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $8.72  $9.02  $9.25  $9.46  $9.10 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.21   0.32   0.32   0.36   0.43 
Net realized and unrealized gain (loss)  0.44   (0.24)  (0.17)  (0.19)  0.32 
Total from investment operations  0.65   0.08   0.15   0.17   0.75 
Dividends and Distributions:                    
Dividends from net investment income  (0.25)  (0.33)  (0.32)  (0.34)  (0.39)
Distributions from return of capital  (0.09)  (0.05)  (0.06)  (0.04)   
Total dividends and distributions  (0.34)  (0.38)  (0.38)  (0.38)  (0.39)
Net Asset Value, End of Year/Period $9.03  $8.72  $9.02  $9.25  $9.46 
Total Return*  7.56%  0.97%  1.63%  1.84%  8.43%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $1,140  $1,595  $4,659  $2,931  $1,308 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (2)  3.72%  3.10%  3.11%  2.76%  3.12%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (3)  2.82%  2.65%  2.68%  2.52%  2.39%
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  2.38%  3.57%  3.50%  3.85%  4.68%
Portfolio Turnover Rate  310%  277%  195%  171%  106%
                     
  CLASS C 
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $8.75  $9.04  $9.26  $9.45  $9.10 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.18   0.24   0.27   0.30   0.38 
Net realized and unrealized gain (loss)  0.43   (0.22)  (0.18)  (0.17)  0.32 
Total from investment operations  0.61   0.02   0.09   0.13   0.70 
Dividends and Distributions:                    
Dividends from net investment income  (0.20)  (0.27)  (0.26)  (0.29)  (0.35)
Distributions from return of capital  (0.07)  (0.04)  (0.05)  (0.03)   
Total dividends and distributions  (0.27)  (0.31)  (0.31)  (0.32)  (0.35)
Net Asset Value, End of Year/Period $9.09  $8.75  $9.04  $9.26  $9.45 
Total Return*  7.05%  0.29%  0.96%  1.34%  7.76%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $218  $556  $948  $824  $717 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (4)  4.31%  3.86%  3.82%  3.46%  3.75%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (5)  3.41%  3.25%  3.28%  3.10%  2.99%
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  1.99%  2.74%  2.90%  3.32%  4.06%
Portfolio Turnover Rate  310%  277%  195%  171%  106%
 
(1)     Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged High Income Fund - Class A:
                     
   3.29%  2.84%  2.81%  2.64%  2.39%
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged High Income Fund - Class A:
                     
   2.39%  2.39%  2.39%  2.39%  2.39%
 
(4)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged High Income Fund - Class C:
                     
   3.89%  3.60%  3.53%  3.35%  3.75%
 
(5)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged High Income Fund - Class C:
                     
   2.99%  2.99%  2.99%  2.99%  2.99%

 

*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.

 

51

 

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)
Easterly Hedged High Income Fund

 

  CLASS I 
                
  Year Ended  Year Ended  Year Ended  Year Ended  Year Ended 
  August 31,  August 31,  August 31,  August 31,  August 31, 
   2021   2020   2019   2018   2017 
Net Asset Value, Beginning of Year/Period $8.79  $9.07  $9.27  $9.46  $9.10 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.28   0.35   0.37   0.40   0.47 
Net realized and unrealized gain (loss)  0.43   (0.23)  (0.18)  (0.18)  0.32 
Total from investment operations  0.71   0.12   0.19   0.22   0.79 
Dividends and Distributions:                    
Dividends from net investment income  (0.27)  (0.35)  (0.33)  (0.37)  (0.43)
Distributions from return of capital  (0.10)  (0.05)  (0.06)  (0.04)   
Total dividends and distributions  (0.37)  (0.40)  (0.39)  (0.41)  (0.43)
Net Asset Value, End of Year/Period $9.13  $8.79  $9.07  $9.27  $9.46 
Total Return*  8.12%  1.45%  2.36% +   2.36%+   8.86%+ 
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $5,890  $13,601  $24,647  $24,647  $16,820 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (2)  3.18%  2.86%  2.45%  2.45%  2.70%
Ratio of net operating expenses (including dividend and interest expense) to average net assets (3)  2.28%  2.11%  2.04%  2.04%  1.99%
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  3.10%  3.93%  4.37%  4.37%  5.07%
Portfolio Turnover Rate  310%  277%  171%  171%  106%
                     
  CLASS R6 
                
              For the Period 
              August 17, 
  Year Ended  Year Ended  Year Ended  Year Ended  2017 (4) to 
  August 31,  August 31,  August 31,  August 31,  August 31, 
  2021  2020  2019  2018  2017 
Net Asset Value, Beginning of Year/Period $8.94  $9.17  $9.33  $9.47  $9.48 
Income (Loss) from Investment Operations:                    
Net investment income (1)  0.34   0.39   0.41   0.46   0.01 
Net realized and unrealized gain (loss)  0.42   (0.22)  (0.18)  (0.19)  (0.02)
Total from investment operations  0.76   0.17   0.23   0.27   (0.01)
Dividends and Distributions:                    
Dividends from net investment income  (0.27)  (0.34)  (0.33)  (0.37)   
Distributions from return of capital  (0.10)  (0.06)  (0.06)  (0.04)   
Total dividends and distributions  (0.37)  (0.40)  (0.39)  (0.41)   
Redemption Fees              0.00 **
Net Asset Value, End of Year/Period $9.33  $8.94  $9.17  $9.33  $9.47 
Total Return*  8.55%  1.99%  2.63%  2.89%  (0.11)%
Ratios and Supplemental Data:                    
Net assets, end of year/period (000s) $564  $15,584  $23,374  $39,016  $621 
Ratio of gross operating expenses (including dividend and interest expense) to average net assets (5)  3.18%  2.85%  2.78%  2.50%  2.70% (7)
Ratio of net operating expenses (including dividend and interest expense) to average net assets (6)  1.82%  1.64%  1.68%  1.51%  1.99% (7)
Ratio of net investment income (including dividend and interest expense) after expense reimbursement/recoupment to average net assets  3.63%  4.34%  4.48%  4.74%  5.07% (7)
Portfolio Turnover Rate  310%  277%  195%  171%  106% (8)
 
(1)     Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
 
(2)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged High Income Fund - Class I:
                     
   2.75%  2.60%  1.95%  1.93%  2.74% (7)
 
(3)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged High Income Fund - Class I:
                     
   1.85%  1.85%  1.82%  1.99%  1.99% (7)
 
(4)     Commencement of offering.
 
(5)     Ratio of gross expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged High Income Fund - Class R6:
                     
   2.75%  2.60%  2.49%  2.35%  2.70% (7)
 
(6)     Ratio of net operating expenses to average net assets (excluding dividend and interest expenses) for the Easterly Hedged High Income Fund - Class R6:
                     
   1.39%  1.39%  1.39%  1.35%  1.99% (7)
 
(7)     Annualized for periods less than one year.
 
(8)     Not annualized

 

+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.

 

*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.

52

 

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
Year Ended August 31, 2021

 

1.ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

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

 

New Fund Name Effective August 23, 2021Formerly Known As Prior to August 23, 2021
Easterly Global Macro FundJames Alpha Macro Fund
Easterly Global Real Estate FundJames Alpha Global Real Estate Investments Fund
Easterly Multi Strategy Alternative Income FundJames Alpha Multi Strategy Alternative Income Fund
Easterly Hedged Equity FundJames Alpha Managed Risk Domestic Equity Fund
Easterly Hedged High Income FundJames Alpha Hedged High Income Fund
 

Easterly Funds LLC serves as the Funds’ Advisor.

 

The following serve as Sub-Advisors (the “Sub-Advisors”) to their respective Fund(s):

 

FundSub-Advisor
Easterly Global Real Estate FundRanger Global Real Estate Advisors, LLC
Easterly Multi Strategy Alternative Income FundRanger Global Real Estate Advisors, LLC
 Bullseye Asset Management LLC
 Kellner Private Fund Management, LP
 Lazard Asset Management LLC
Easterly Hedged Equity FundEAB Investment Group, LLC
Easterly Hedged High Income Fund *Lazard Asset Management LLC.

 

*Prior to August 5, 2021 Concise Capital Management, LP and Amundi Asset Management US, Inc. served as sub-advisors to the Easterly Hedged High Income Fund.

 

Ultimus Fund Solutions, LLC (the “Administrator”), serves the Trust as administrator, custody administrator, transfer agent and fund accounting agent. Ultimus Fund Distributors, LLC (“NLD” or the “Distributor”) is the Trust’s Distributor.

 

The Easterly Global Macro Fund, the Easterly Global Real Estate Fund, the Easterly Multi Strategy Alternative Income Fund, the Easterly Hedged Equity Fund and the Easterly Hedged High Income Fund are diversified Funds.

 

The James Alpha Global Macro Portfolio, the James Alpha Global Real Estate Investments Portfolio, the James Alpha Multi Strategy Alternative Income Portfolio, the James Alpha Managed Risk Domestic Equity Portfolio, and the James Alpha Hedged High Income Portfolio (each an “Existing Fund”) were reorganized on March 19, 2021, from a series of The Saratoga Advantage Trust, a Delaware statutory trust, to a series of the Trust, into the Easterly Global Macro Fund, Easterly Global Real Estate Fund, Easterly Multi Strategy Alternative Income Fund, the Easterly Hedged Equity Fund and the Easterly Hedged High Income Fund (each a “Survivor Fund”). As a series of the Trust, Class A, Class C, Class I and Class S of the Existing Funds converted to Class A, Class C, Class I and Class R6 of the Surviving Funds, respectively. Class A and Class C of the James Alpha Global Macro Portfolio converted to Class I of the Surviving Fund. Each Existing Fund and its corresponding Survivor Fund have the same investment objective, principal investment strategies. The details of this re-organization are shown below.

 

At the Close of Business on March 19, 2021

 

 James Alpha Global Macro FundEasterly Global Macro FundNAVs
Net Assets Class A688,653 
Net Assets Class C280,090 
Net Assets Class I2,508,8113,475,5789.65
Net Asset Class S/R63,074,9593,074,9599.75
    
Shares Redeemed/ Received Class A71,823 
Shares Redeemed/ Received Class C30,907 
Shares Redeemed/ Received Class I259,965360,150 
Shares Redeemed/ Received Class S/R6315,369315,278 

 

 James Alpha Global Real Estate
Portfolio
Easterly Global Real Estate
Fund
NAVs
Net Assets Class A98,594,39498,594,39417.94
Net Assets Class C71,454,43171,454,43118.05
Net Assets Class I598,977,506598,977,50618.75
Net Asset Class S/R635,516,30335,516,30318.97
    
Shares Redeemed/ Received Class A5,495,2625,495,867 
Shares Redeemed/ Received Class C3,957,9553,957,691 
Shares Redeemed/ Received Class I31,938,90131,949,125 
Shares Redeemed/ Received Class S/R61,872,1781,872,501 

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
Year Ended August 31, 2021 (Continued)

 

 James Alpha Multi Strategy
Alternative Income Portfolio
Easterly Multi Strategy
Alternative Income Fund
NAVs
Net Assets Class A3,8943,8949.57
Net Assets Class C70,47170,4719.33
Net Assets Class I13,261,92613,261,9269.58
Net Asset Class S/R6370,352370,3529.75
    
Shares Redeemed/ Received Class A407407 
Shares Redeemed/ Received Class C7,5567,556 
Shares Redeemed/ Received Class I1,383,8871,383,680 
Shares Redeemed/ Received Class S/R637,97337,973 

 

 James Alpha Managed Risk
Domestic Equity Portfolio
Easterly Hedged Equity
Fund
NAVs
Net Assets Class A1,582,6401,582,64010.67
Net Assets Class C951,173951,17310.44
Net Assets Class I31,579,98631,579,98610.80
Net Asset Class S/R67,860,0697,860,06911.02
    
Shares Redeemed/ Received Class A148,295148,295 
Shares Redeemed/ Received Class C91,07491,074 
Shares Redeemed/ Received Class I2,922,8353,054,198 
Shares Redeemed/ Received Class S/R6713,439713,285 

 

 James Alpha Hedged High
Income Portfolio
Easterly Hedged High
Income Fund
NAVs
Net Assets Class A1,212,9191,212,9199.15
Net Assets Class C304,557304,5579.20
Net Assets Class I9,463,8989,463,8989.24
Net Asset Class S/R613,085,70513,085,7059.43
    
Shares Redeemed/ Received Class A132,539132,539 
Shares Redeemed/ Received Class C33,10433,104 
Shares Redeemed/ Received Class I1,023,8471,023,847 
Shares Redeemed/ Received Class S/R61,387,9141,387,757 

 

FundPrimary Objective
Easterly Global MacroAttractive long-term risk-adjusted returns relative to traditional financial market indices
Easterly Global Real EstateTotal return through a combination of current income and capital appreciation
Easterly Multi Strategy Alternative IncomeLong-term capital appreciation as its primary objective, with a secondary objective of providing income for its shareholders.
Easterly Hedged EquityCapital appreciation
Easterly Hedged High IncomeHigh current income as its primary investment objective and, as a secondary investment objective, seeks capital preservation, with the potential for capital appreciation.

 

Currently, all Funds offer Class A, Class C, Class I shares and Class R6 shares with the exception of the Easterly Global Macro Fund which offers Class I and Class R6 Shares. Class A shares of Easterly Multi Strategy Alternative Income Fund and the Easterly Hedged High Income Fund are offered at net asset value plus a maximum sales load of 2.00%. Class A shares of the Easterly Global Real Estate Investments Fund and the Easterly Hedged Equity Fund are offered at net asset value plus a maximum sales load of 5.75%. Class C shares are offered subject to a CDSC of 1.00%. Class I and Class R6 shares are offered at net asset value. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges. Class R6 shares are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

 

The following is a summary of significant accounting policies followed by the Funds in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.

 

(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. Debt securities

54

 

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
Year Ended August 31, 2021 (Continued)

 

(other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees using methods which include current market quotations from a major market maker in the securities and trader-reviewed “matrix” prices. 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. U.S. Government Money Market values all of its securities on the basis of amortized cost, which approximates market value. Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the last bid and ask price. Options not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean of the current bid and asked prices. Futures are valued based on their daily settlement value. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by the Board of Trustees. There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the board-appointed Fair Valuation Committee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; and (iii) possible valuation methodologies that could be used to determine the fair value of a security. The Easterly Global Real Estate Fund uses fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange. Foreign currency and Forward currency exchange contracts are valued daily at the London close each day. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic or political developments in a specific state, industry or region. Investments in foreign countries may involve certain considerations and risks not typically associated with domestic investments, including, but not limited to, the possibility of future political and economic developments and the level of government supervision and regulation of foreign securities markets.

 

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

 

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

 

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

 

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

 

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

 

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

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of August 31, 2021, for the Funds’ assets and liabilities measured at fair value:

 

Easterly Global Macro Fund  
             
Assets* Level 1  Level 2  Level 3  Total 
Exchange Traded Funds $3,432,141  $  $  $3,432,141 
Exchange Traded Notes  2,742         2,742 
Open End Funds  3,096,732         3,096,732 
Total $6,531,615  $  $  $6,531,615 
                 
Derivatives                
Total Return Swaps $  $868,442  $  $868,442 
Forward Currency Contracts     5,405      5,405 
                 
Easterly Global Real Estate Fund  
                 
Assets* Level 1  Level 2  Level 3  Total 
Common Stock $578,255,009  $312,696,146  $  $890,951,155 
Total $578,255,009  $312,696,146  $  $890,951,155 
Derivatives                
Forward Currency Contracts    $9,663     $9,663 

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CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
Year Ended August 31, 2021 (Continued)

 

Easterly Multi Strategy Alternative Income Fund  
             
Assets* Level 1  Level 2  Level 3  Total 
Closed End Funds $2,912,269  $  $  $2,912,269 
Common Stock  10,956,064         10,956,064 
Exchange Traded Funds  571,511         571,511 
Total $14,439,844  $  $  $14,439,844 
Liabilities*                
Securities Sold Short $(4,097,555) $  $(10,333)  (4,107,888)
Total $(4,097,555) $  $(10,333) $(4,107,888)
Derivatives                
Forward Currency Contracts $  $35  $  $35 
Total $  $35  $  $35 
                 
Easterly Hedged Equity Fund  
                 
Assets* Level 1  Level 2  Level 3  Total 
Exchange Traded Funds $49,220,040  $  $  $49,220,040 
Call Options Purchased     77,000      77,000 
Put Options Purchased     730,800      730,800 
Total $49,220,040  $807,800  $  $50,027,840 
Derivatives* - Assets                
Total Return Swaps $  $  $  $ 
Total $  $  $  $ 
Derivatives* - Liabilities                
Call Options Written $  $(491,838) $  $(491,838)
Put Options Written     (268,125)     (268,125)
Total $  $(759,963) $  $(759,963)
                 
Easterly Hedged High Income Fund  
                 
Assets* Level 1  Level 2  Level 3  Total 
Closed End Funds $1,431,549  $  $