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

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

Easterly Funds Trust

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Emile R. Molineaux, Gemini Fund Services, LLC

80 Arkay Drive, Suite 110, Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code: 623-266-4567

Date of fiscal year end: 11/30

Date of reporting period: 11/30/21

Item 1. Reports to Stockholders.

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

CLASS A, C, I AND R6 SHARES

ANNUAL REPORT

NOVEMBER 30, 2021

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

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

January 26, 2022

Dear Shareholder:

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

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

ECONOMIC OVERVIEW

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

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

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

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

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

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

COMPARING THE FUND PERFORMANCE TO BENCHMARKS

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

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

ELECTRONIC DELIVERY AVAILABLE

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

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

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

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

14360851-UFD-01272022

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

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

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

Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed, may be worth more or less than their original cost. For more performance numbers current to the most recent month-end please call (800) 807-FUND. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated March 22, 2021, is 4.96% and 4.53% for the I and R6 Classes, respectively.

(a)

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

Inception date is August 18, 2017.

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

EASTERLY EHS FUND VS. BENCHMARKS

(LINE GRAPH)

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

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

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

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

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

Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed, may be worth more or less than their original cost. For more performance numbers current to the most recent month-end please call (800) 807-FUND. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated March 22, 2021, is 2.69% and 2.69% for the I and R6 Classes, respectively.

(a)

The HFRI Fund Weighted Composite Index is a global, equal-weighted index of appx. 1,900 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.

Inception date is June 30, 2017.

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

EASTERLY TOTAL HEDGE PORTFOLIO VS. BENCHMARKS

(LINE GRAPH)

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

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

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

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

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

Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed, may be worth more or less than their original cost. For more performance numbers current to the most recent month-end please call (800) 807-FUND. The total operating expense ratio as stated in the fee table to the Portfolio’s prospectus dated March 22, 2021, is 1.80%, 2.60%, 1.58%%, and 1.59% for the A, C, I and R6 Classes, respectively.

(a)

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

Inception date is August 21, 2018.

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

EASTERLY STRUCTURED CREDIT VALUE FUND VS. BENCHMARKS

(LINE GRAPH)

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

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

EASTERLY EHS FUND
SCHEDULE OF INVESTMENTS
November 30, 2021

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

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

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

		TOTAL EXCHANGE-TRADED NOTES (Cost $223)		280

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

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

See accompanying notes to financial statements.

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

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

EAFE	- Europe, Australasia and Far East

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

SPDR	- Standard & Poor’s Depositary Receipt

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

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

Total							$	363

^(a)

Non-income producing security.

^(b)

Affiliate issuer.

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO
SCHEDULE OF INVESTMENTS
November 30, 2021

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

See accompanying notes to financial statements.

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

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

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

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

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

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

See accompanying notes to financial statements.

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

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

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

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

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

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

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

Total							$	7,073

See accompanying notes to financial statements.

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

GS	Goldman Sachs

EAFE	- Europe, Australasia and Far East

ETF	- Exchange-Traded Fund

LP	- Limited Partnership

MSCI	- Morgan Stanley Capital International

REIT	- Real Estate Investment Trust

SPDR	- Standard & Poor’s Depositary Receipt

^(a)

Non-income producing security.

^(b)

Affiliated issuer.

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

TOTAL RETURN SWAP - 0.0%

Unrealized

Appreciation/

Notional Amount

Reference Entity

Counterparty

Maturity Date

Pay/Receive Fixed Rate

Variable Rate

(Depreciation)

205,619

S&P 500 Equal Weighted Index

Goldman Sachs

5/20/2022

Pay

0.1196

—

1,439,329

S&P 500 Equal Weighted Index

231

Goldman Sachs

5/20/2022

Pay

0.1196

—

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

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

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

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

TOTAL RETURN SWAP - 0.1%

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

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

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

Easterly Deutsche Bank Swap Top 50 Holdings

FUTURES CONTRACTS*

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

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

			TOTAL FUTURES CONTRACTS						$	18,528

PURCHASED CALL OPTIONS*

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

WRITTEN CALL OPTIONS*

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

FORWARD CURRENCY CONTRACTS +*

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

Foreign currency transactions are done by notional and not by contracts

Non-income producing securities

Currency Abbreviations:

AUD - Australian Dollar

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

CAD - Canadian Dollar

CHF - Swiss Franc

CNH - Chinese Yuan Renminbi

EUR - Euro

GBP - Great Britain Pound

JPY - Japanese Yen

MXN - Mexican Peso

USD - U.S. Dollar

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

PURCHASED CALL OPTIONS

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

WRITTEN CALL OPTIONS

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

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

FUTURES CONTRACTS*

Number of

Notional Value at

Contracts

Open Long Future Contracts

Counterparty

November 30, 2021

Expiration

CBOT 2 Year US Treasury Note Future

Goldman Sachs

122,642

3/31/2022

CBOT 5 Year US Treasury Note

Goldman Sachs

103,265

3/31/2022

CBOT Corn Future

Goldman Sachs

28,058

5/13/2022

CBOT Soybean Future

Goldman Sachs

47,959

5/13/2022

CBOT US Long Bond Future

Goldman Sachs

33,159

3/22/2022

CBOT Wheat Future

Goldman Sachs

42,146

5/13/2022

CME E-Mini NASDAQ 100 Index Future

Goldman Sachs

26,232

12/17/2021

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

Goldman Sachs

25,471

12/17/2021

CME Live Cattle Future

Goldman Sachs

12,261

4/29/2022

COMEX Gold 100 Troy Ounces Future

Goldman Sachs

10,360

2/24/2022

Cotton No.2 Future

Goldman Sachs

20,725

5/6/2022

Eurex 10 Year Euro BUND Future

Goldman Sachs

8,983

12/8/2021

Eurex 10 Year Euro BUND Future

Goldman Sachs

17,681

3/8/2022

Eurex 2 Year Euro SCHATZ Future

Goldman Sachs

54,393

12/8/2021

Eurex 2 Year Euro SCHATZ Future

Goldman Sachs

108,743

3/8/2022

Eurex 5 Year Euro BOBL Future

Goldman Sachs

97,091

12/8/2021

Eurex 5 Year Euro BOBL Future

Goldman Sachs

12,471

12/8/2021

Eurex 5 Year Euro BOBL Future

Goldman Sachs

24,813

3/8/2022

Eurex EURO STOXX 50 Future

Goldman Sachs

7,374

12/17/2021

Eurex Swiss Market New Index Future

Goldman Sachs

24,580

12/17/2021

Euronext Amsterdam Index Future

Goldman Sachs

25,498

12/17/2021

Euronext CAC 40 Index Future

Goldman Sachs

12,139

12/17/2021

FTSE/MIB Index Future 12/17/2021

Goldman Sachs

8,892

12/17/2021

ICE Gas Oil Future

Goldman Sachs

7,522

1/12/2022

Live Cattle Future

Goldman Sachs

14,473

6/30/2022

Live Cattle Future

Goldman Sachs

7,618

8/31/2022

LME Copper Future

Goldman Sachs

7,587

1/17/2022

LME Copper Future

Goldman Sachs

18,754

1/17/2022

LME Copper Future

Goldman Sachs

22,870

2/14/2022

LME Copper Future

Goldman Sachs

7,555

2/14/2022

LME Nickel Future

Goldman Sachs

21,097

1/17/2022

LME Nickel Future

Goldman Sachs

7,739

1/17/2022

LME Nickel Future

Goldman Sachs

25,730

2/14/2022

LME Nickel Future

Goldman Sachs

9,438

2/14/2022

LME Primary Aluminum Future

Goldman Sachs

7,630

1/17/2022

LME Zinc Future

Goldman Sachs

7,389

1/17/2022

Montreal Exchange S&P/TSX 60 Index Future

Goldman Sachs

25,302

12/17/2021

NYBOT CSC C Coffee Future

Goldman Sachs

8,419

3/21/2022

NYBOT CSC Number 11 World Sugar Future

Goldman Sachs

22,092

4/29/2022

NYBOT CTN Number 2 Cotton Future

Goldman Sachs

7,352

3/9/2022

NYMEX Henry Hub Natural Gas Futures

Goldman Sachs

7,427

12/29/2021

NYMEX Henry Hub Natural Gas Futures

Goldman Sachs

9,987

3/29/2022

NYMEX Henry Hub Natural Gas Futures

Goldman Sachs

12,100

4/27/2022

OML Stockholm OMXS30 Index Future

Goldman Sachs

13,921

12/17/2021

SFE S&P ASX Share Price Index 200 Future

Goldman Sachs

11,236

12/16/2021

TSE Japanese 10 Year Bond Futures

Goldman Sachs

60,543

12/9/2021

620

TSE TOPIX (Tokyo Price Index) Future

Goldman Sachs

10,355

12/10/2021

CREDIT DEFAULT SWAPS

Number of

Notional Value at

Contracts

Open Credit Default Swaps

Counterparty

November 30, 2021

Expiration

Value

59,087

Markit CDX North America High Yield Index

Goldman Sachs

59,087

12/20/2026

1,331

8,687

Markit CDX North America Investment Grade Index

Goldman Sachs

8,687

12/20/2026

750

15,444

Markit iTraxx Europe Index

Goldman Sachs

17,384

12/20/2026

405

2,486

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

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

No Open Positions

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

EQUITY FORWARDS

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

PURCHASED PUT OPTIONS

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

See accompanying notes to financial statements.

EASTERLY TOTAL HEDGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

EQUITY FORWARDS

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

PURCHASED PUT OPTIONS

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

WRITTEN PUT OPTIONS

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

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

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

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

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

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

See accompanying notes to financial statements.

EASTERLY STRUCTURED CREDIT VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2021

CREDIT DEFAULT SWAP AGREEMENTS

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

LLC

- Limited Liability Company

- Limited Partnership

LTD

- Limited Company

PLC

- Public Limited Company

REMIC

- Real Estate Mortgage Investment Conduit

S/A

- Société Anonyme

12MTA

Federal Reserve US 12 Month Cumulative Avg 1 Year CMT

CMS2

2 Year Constant Maturity Swap Rate

CMS5

5 Year Constant Maturity Swap Rate

CMS30

30 Year Constant Maturity Swap Rate

COF

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

EUR003M

Euribor 3 Month ACT/360

EUR006M

Euribor 6 Month ACT/360

Prime Rate

Prime Lending Rate by Country United States

US0001M

ICE LIBOR USD 1 Month

US0003M

ICE LIBOR USD 3 Month

US0006M

ICE LIBOR USD 6 Month

USISDA02

2 Year Swap

USISDA10

10 Year Swap

USISDA30

30 Year Swap

^(a)

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

^(b)

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

^(c)

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

^(d)

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

^(e)

Interest only securities.

^(f)

Zero coupon bond.

^(g)

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

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2021

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

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF OPERATIONS

For Year Ended November 30, 2021

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

EASTERLY FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

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

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

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

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

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

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

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

Less than $1.00.

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

***

Less than 1 share.

See accompanying notes to financial statements.

EASTERLY FUNDS

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

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

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

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

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

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

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

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

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

(1)

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

(2)

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

(3)

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

(4)

Not annualized.

(5)

Annualized for periods less than one year.

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

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

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

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

(10)

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

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

Per share amount represents less than $0.01 per share.

See accompanying notes to financial statements.

EASTERLY FUNDS

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

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

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

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

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

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

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

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

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

(1)

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

(2)

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

(3)

(4)

Not annualized.

(5)

Annualized for periods less than one year.

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

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

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

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

(10)

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

See accompanying notes to financial statements.

EASTERLY FUNDS

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

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

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

Redemption Fees		—			—			0.00	**		—

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

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

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

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

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

Redemption Fees		—			—			—			—

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

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

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

(1)

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

(2)

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

(3)

Annualized for periods less than one year.

(4)

Not annualized.

(5)

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	1.83	%	1.96	%	2.38	%	2.18	% (3)

(7)	Ratio of net operating expenses to average net assets excluding interest expense (5)	1.73	%	1.74	%	1.74	%	1.74	% (3)

(8)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	2.58	%	2.76	%	3.11	%	3.01	% (3)

(9)	Ratio of net operating expenses to average net assets excluding interest expense (5)	2.48	%	2.49	%	2.49	%	2.49	% (3)

(10)

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

Per share amount represents less than $0.01 per share.

***

Less than 1,000.

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

See accompanying notes to financial statements.

EASTERLY FUNDS

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

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

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

Redemption Fees		—			—			0.00	**		0.00	**

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

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

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

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

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

Redemption Fees		—			—			0.00	**		0.01

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

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

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

(1)

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

(2)

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

(3)

Annualized for periods less than one year.

(4)

Not annualized.

(5)

(6)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	1.58	%	1.74	%	2.00	%	2.01	% (3)

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

(8)	Ratio of gross operating expenses to average net assets excluding interest expense (5)	1.61	%	1.75	%	1.93	%	1.87	% (3)

(9)	Ratio of net operating expenses to average net assets excluding interest expense (5)	1.11	%	1.12	%	1.13	%	1.49	% (3)

(10)

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

Per share amount represents less than $0.01 per share.

See accompanying notes to financial statements.

EASTERLY FUNDS

NOTES TO FINANCIAL STATEMENTS

Year Ended November 30, 2021

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

At the Close of Business on March 19, 2021

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

Shares Redeemed/ Received Class A		1		—
Shares Redeemed/ Received Class C		563		—
Shares Redeemed/ Re

James Alpha Funds Trust N-CSRCertified annual shareholder report (management investment company)