James Alpha Funds Trust NCSR/A Certified annual shareholder report (management investment company) (amended)

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

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-23611

James Alpha Funds Trust

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Emile R. Molineaux, Gemini Fund Services, LLC

80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 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

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).

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

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:

		Annualized	Annualized	Annualized	Annualized
	One Year	Five Year	Ten Year	Since Inception (a)	Since Inception (b)
Class I	13.16%	2.84%	1.02%	1.23%	n/a
Class R6	13.86%	n/a	n/a	n/a	4.67%
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.

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:

		Annualized	Annualized	Annualized	Annualized	Annualized	Annualized
	One Year	Five Year	Ten Year	Since Inception (a)	Since Inception (b)	Since Inception (c)	Since Inception (d)
Class A	33.47%	10.44%	10.20%	10.42%	n/a	n/a	n/a
Class A With Load	25.79%	9.14%	9.55%	9.87%	n/a	n/a	n/a
Class C	32.51%	9.62%	n/a	n/a	10.13%	n/a	n/a
Class I	34.06%	10.92%	10.75%	n/a	n/a	9.78%	n/a
Class R6	34.29%	n/a	n/a	n/a	n/a	n/a	11.34%
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

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.

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:

		Annualized	Annualized	Annualized
	One Year	Five Year	Since Inception (a)	Since Inception (b)
Class A	14.90%	6.57%	3.72%	n/a
Class A With Load	8.33%	5.32%	2.84%	n/a
Class C	13.86%	5.75%	2.94%	n/a
Class I	15.14%	6.81%	3.95%	n/a
Class R6	15.59%	n/a	n/a	8.95%
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.

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:

		Annualized	Annualized	Annualized
	One Year	Five Year	Since Inception (a)	Since Inception (b)
Class A	10.67%	6.84%	5.54%	n/a
Class A With Load	4.31%	5.58%	4.52%	n/a
Class C	9.77%	6.00%	4.72%	n/a
Class I	10.91%	7.20%	5.91%	n/a
Class R6	11.49%	n/a	n/a	8.64%
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.

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:

		Annualized	Annualized	Annualized
	One Year	Five Year	Since Inception (a)	Since Inception (b)
Class A	7.56%	4.04%	3.14%	n/a
Class A With Load	1.40%	2.80%	2.34%	n/a
Class C	7.05%	3.42%	2.50%	n/a
Class I	8.12%	4.55%	3.60%	n/a
Class R6	8.55%	n/a	n/a	3.92%
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.

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.

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.

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

- 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.

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.

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

0.00

TOTAL PURCHASED PUT OPTIONS

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.

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

CBOT 10 Year US Treasury Note 12/21/2021

Goldman Sachs

51,374

12/21/2021

CBOT 2 Year US Treasury Note Future 12/31/2021

Goldman Sachs

281,387

12/31/2021

CBOT 5 Year US Treasury Note 12/31/2021

Goldman Sachs

284,800

12/31/2021

CBOT 5 Year US Treasury Note 12/31/2021

Goldman Sachs

93,887

12/31/2021

CBOT Soybean Future 03/14/2022

Goldman Sachs

11,733

3/14/2022

CBOT US Long Bond Future 12/21/2021

Goldman Sachs

25,179

12/21/2021

CBOT Wheat Future 03/14/2022

Goldman Sachs

22,104

3/14/2022

CME 3 Month Eurodollar Future 03/14/2022

Goldman Sachs

280,951

3/14/2022

CME 3 Month Eurodollar Future 06/13/2022

Goldman Sachs

280,846

6/13/2022

CME 3 Month Eurodollar Future 09/19/2022

Goldman Sachs

280,677

9/19/2022

CME 3 Month Eurodollar Future 12/13/2021

Goldman Sachs

280,936

12/13/2021

CME 3 Month Eurodollar Future 12/19/2022

Goldman Sachs

280,424

12/19/2022

CME E-Mini NASDAQ 100 Index Future 09/17/2021

Goldman Sachs

34,108

9/17/2021

CME E-Mini Standard & Poor's 500 Index Future 09/17/2021

Goldman Sachs

31,338

9/17/2021

Corn Future

Goldman Sachs

16,048

3/14/2022

Cotton No.2 Future

Goldman Sachs

12,305

3/9/2022

Eurex 10 Year Euro BUND Future 09/08/2021

Goldman Sachs

19,561

9/8/2021

Eurex 10 Year Euro BUND Future 12/08/2021

Goldman Sachs

39,493

12/8/2021

Eurex 2 Year Euro SCHATZ Future 44447

Goldman Sachs

58,787

9/8/2021

Eurex 2 Year Euro SCHATZ Future 44538

Goldman Sachs

117,612

12/8/2021

Eurex 5 Year Euro BOBL Future

Goldman Sachs

69,058

12/8/2021

Eurex 5 Year Euro BOBL Future 44447

Goldman Sachs

273,542

9/8/2021

Eurex 5 Year Euro BOBL Future 44447

Goldman Sachs

34,411

9/8/2021

Eurex Swiss Market New Index Future 09/17/2021

Goldman Sachs

33,722

9/17/2021

Euro-BTP Future

Goldman Sachs

17,870

12/8/2021

Euronext Amsterdam Index Future 44456

Goldman Sachs

31,269

9/17/2021

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

LME Copper Future

Goldman Sachs

9,965

10/18/2021

LME Nickel Future

Goldman Sachs

10,131

10/18/2021

LME Primary Aluminum Future

Goldman Sachs

14,405

2/14/2022

LME Primary Aluminum Future

Goldman Sachs

10,818

1/17/2022

LME Primary Aluminum Future 10/18/2021

Goldman Sachs

10,111

10/18/2021

LME Zinc Future

Goldman Sachs

10,731

11/15/2021

LME Zinc Future 10/18/2021

Goldman Sachs

9,855

10/18/2021

Montreal Exchange 10 Year Canadian Bond Future 12/20/2021

Goldman Sachs

28,823

12/20/2021

Montreal Exchange S&P/TSX 60 Index Future 09/16/2021

Goldman Sachs

28,863

9/17/2021

NYBOT CSC C Coffee Future

Goldman Sachs

26,815

3/21/2022

NYBOT CSC C Coffee Future 12/20/2021

Goldman Sachs

10,038

12/20/2021

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

SFE 10 Year Australian Bond Future 09/15/2021

Goldman Sachs

29,418

9/15/2021

SFE S&P ASX Share Price Index 200 Future 09/16/2021

Goldman Sachs

25,492

9/16/2021

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.

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.

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.

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

S&P 500 Index

Goldman Sachs

24,235

9/17/2021

4,330

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.

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.

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.

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.

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

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

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

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

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

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

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

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

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

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

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	)

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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	%

Per share amount represents less than $0.01 per share.

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.

Per share amount represents less than $0.01 per share.

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	%

Per share amount represents less than $0.01 per share.

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

Per share amount represents less than $0.01 per share.

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.

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

Per share amount represents less than $0.01 per share.

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	%

Per share amount represents less than $0.01 per share.

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

Per share amount represents less than $0.01 per share.

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
Year Ended August 31, 2021

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, 2021	Formerly Known As Prior to August 23, 2021
Easterly Global Macro Fund	James Alpha Macro Fund
Easterly Global Real Estate Fund	James Alpha Global Real Estate Investments Fund
Easterly Multi Strategy Alternative Income Fund	James Alpha Multi Strategy Alternative Income Fund
Easterly Hedged Equity Fund	James Alpha Managed Risk Domestic Equity Fund
Easterly Hedged High Income Fund	James 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):

Fund	Sub-Advisor
Easterly Global Real Estate Fund	Ranger Global Real Estate Advisors, LLC
Easterly Multi Strategy Alternative Income Fund	Ranger Global Real Estate Advisors, LLC
	Bullseye Asset Management LLC
	Kellner Private Fund Management, LP
	Lazard Asset Management LLC
Easterly Hedged Equity Fund	EAB 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 Fund	Easterly Global Macro Fund	NAVs
Net Assets Class A	688,653	—
Net Assets Class C	280,090	—
Net Assets Class I	2,508,811	3,475,578	9.65
Net Asset Class S/R6	3,074,959	3,074,959	9.75

Shares Redeemed/ Received Class A	71,823	—
Shares Redeemed/ Received Class C	30,907	—
Shares Redeemed/ Received Class I	259,965	360,150
Shares Redeemed/ Received Class S/R6	315,369	315,278

	James Alpha Global Real Estate Portfolio	Easterly Global Real Estate Fund	NAVs
Net Assets Class A	98,594,394	98,594,394	17.94
Net Assets Class C	71,454,431	71,454,431	18.05
Net Assets Class I	598,977,506	598,977,506	18.75
Net Asset Class S/R6	35,516,303	35,516,303	18.97

Shares Redeemed/ Received Class A	5,495,262	5,495,867
Shares Redeemed/ Received Class C	3,957,955	3,957,691
Shares Redeemed/ Received Class I	31,938,901	31,949,125
Shares Redeemed/ Received Class S/R6	1,872,178	1,872,501

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 A	3,894	3,894	9.57
Net Assets Class C	70,471	70,471	9.33
Net Assets Class I	13,261,926	13,261,926	9.58
Net Asset Class S/R6	370,352	370,352	9.75

Shares Redeemed/ Received Class A	407	407
Shares Redeemed/ Received Class C	7,556	7,556
Shares Redeemed/ Received Class I	1,383,887	1,383,680
Shares Redeemed/ Received Class S/R6	37,973	37,973

	James Alpha Managed Risk Domestic Equity Portfolio	Easterly Hedged Equity Fund	NAVs
Net Assets Class A	1,582,640	1,582,640	10.67
Net Assets Class C	951,173	951,173	10.44
Net Assets Class I	31,579,986	31,579,986	10.80
Net Asset Class S/R6	7,860,069	7,860,069	11.02

Shares Redeemed/ Received Class A	148,295	148,295
Shares Redeemed/ Received Class C	91,074	91,074
Shares Redeemed/ Received Class I	2,922,835	3,054,198
Shares Redeemed/ Received Class S/R6	713,439	713,285

	James Alpha Hedged High Income Portfolio	Easterly Hedged High Income Fund	NAVs
Net Assets Class A	1,212,919	1,212,919	9.15
Net Assets Class C	304,557	304,557	9.20
Net Assets Class I	9,463,898	9,463,898	9.24
Net Asset Class S/R6	13,085,705	13,085,705	9.43

Shares Redeemed/ Received Class A	132,539	132,539
Shares Redeemed/ Received Class C	33,104	33,104
Shares Redeemed/ Received Class I	1,023,847	1,023,847
Shares Redeemed/ Received Class S/R6	1,387,914	1,387,757

Fund	Primary Objective
Easterly Global Macro	Attractive long-term risk-adjusted returns relative to traditional financial market indices
Easterly Global Real Estate	Total return through a combination of current income and capital appreciation
Easterly Multi Strategy Alternative Income	Long-term capital appreciation as its primary objective, with a secondary objective of providing income for its shareholders.
Easterly Hedged Equity	Capital appreciation
Easterly Hedged High Income	High 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

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

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		$	—		$	—		$	1,431,549
Exchange Traded Fund		66,764			—			—

James Alpha Funds Trust N-CSR/ACertified annual shareholder report (management investment company) (amended)