Easterly Global Real Estate Fund

Class A (JAREX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

This semi-annual shareholder report contains important information about Easterly Global Real Estate Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://funds.easterlyam.com/resources/. You can also request this information by contacting us at (833) 999-2636.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$79	1.54%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$196,206,088
Number of Portfolio Holdings	37
Advisory Fee (net of waivers)	$781,540
Portfolio Turnover	95%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	7.4%
France	0.8%
Bermuda	1.4%
Sweden	2.2%
Germany	2.5%
Spain	3.8%
Canada	5.7%
United Kingdom	9.4%
Australia	12.5%
United States	54.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Equinix, Inc.	4.5%
NETSTREIT Corporation	4.5%
Goodman Group	4.2%
Grainger PLC	3.7%
Welltower, Inc.	3.7%
Kite Realty Group Trust	3.6%
Simon Property Group, Inc.	3.5%
UNITE Group PLC (The)	3.4%
American Healthcare REIT, Inc.	3.3%
American Tower Corporation, Class A	3.3%

Easterly Global Real Estate Fund - Class A (JAREX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

To reduce expenses, the Fund will mail only one copy of the prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at (833) 999-2636 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty days after receiving your request.

TSR-SAR 022826-JAREX

Easterly Global Real Estate Fund

Class C (JACRX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$118	2.29%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$196,206,088
Number of Portfolio Holdings	37
Advisory Fee (net of waivers)	$781,540
Portfolio Turnover	95%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	7.4%
France	0.8%
Bermuda	1.4%
Sweden	2.2%
Germany	2.5%
Spain	3.8%
Canada	5.7%
United Kingdom	9.4%
Australia	12.5%
United States	54.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Equinix, Inc.	4.5%
NETSTREIT Corporation	4.5%
Goodman Group	4.2%
Grainger PLC	3.7%
Welltower, Inc.	3.7%
Kite Realty Group Trust	3.6%
Simon Property Group, Inc.	3.5%
UNITE Group PLC (The)	3.4%
American Healthcare REIT, Inc.	3.3%
American Tower Corporation, Class A	3.3%

Easterly Global Real Estate Fund - Class C (JACRX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JACRX

Easterly Global Real Estate Fund

Class I (JARIX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$54	1.04%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$196,206,088
Number of Portfolio Holdings	37
Advisory Fee (net of waivers)	$781,540
Portfolio Turnover	95%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	7.4%
France	0.8%
Bermuda	1.4%
Sweden	2.2%
Germany	2.5%
Spain	3.8%
Canada	5.7%
United Kingdom	9.4%
Australia	12.5%
United States	54.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Equinix, Inc.	4.5%
NETSTREIT Corporation	4.5%
Goodman Group	4.2%
Grainger PLC	3.7%
Welltower, Inc.	3.7%
Kite Realty Group Trust	3.6%
Simon Property Group, Inc.	3.5%
UNITE Group PLC (The)	3.4%
American Healthcare REIT, Inc.	3.3%
American Tower Corporation, Class A	3.3%

Easterly Global Real Estate Fund - Class I (JARIX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JARIX

Easterly Global Real Estate Fund

Class R6 (JARSX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$48	0.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$196,206,088
Number of Portfolio Holdings	37
Advisory Fee (net of waivers)	$781,540
Portfolio Turnover	95%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	7.4%
France	0.8%
Bermuda	1.4%
Sweden	2.2%
Germany	2.5%
Spain	3.8%
Canada	5.7%
United Kingdom	9.4%
Australia	12.5%
United States	54.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Equinix, Inc.	4.5%
NETSTREIT Corporation	4.5%
Goodman Group	4.2%
Grainger PLC	3.7%
Welltower, Inc.	3.7%
Kite Realty Group Trust	3.6%
Simon Property Group, Inc.	3.5%
UNITE Group PLC (The)	3.4%
American Healthcare REIT, Inc.	3.3%
American Tower Corporation, Class A	3.3%

Easterly Global Real Estate Fund - Class R6 (JARSX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JARSX

Easterly Hedged Equity Fund

Class A (JDAEX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

This semi-annual shareholder report contains important information about Easterly Hedged Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://funds.easterlyam.com/resources/. You can also request this information by contacting us at (833) 999-2636.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$79	1.56%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$532,888,945
Number of Portfolio Holdings	19
Advisory Fee (net of waivers)	$2,241,277
Portfolio Turnover	7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	97.2%
Purchased Options	2.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	9.5%
Equity Option	-0.2%
Index Option	1.6%
Equity	89.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street SPDR S&P 500 ETF Trust	89.1%
S&P 500 Index, 03/31/26 6800.0 Put	1.5%
S&P 500 Index, 03/20/26 6800.0 Put	0.7%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2026	0.4%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 3/4/2027	0.4%
S&P 500 Index, 03/20/26 6750.0 Put	0.3%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026	0.2%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026	0.1%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026	0.1%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 12/7/2026	0.1%

Easterly Hedged Equity Fund - Class A (JDAEX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JDAEX

Easterly Hedged Equity Fund

Class C (JDCEX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$117	2.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$532,888,945
Number of Portfolio Holdings	19
Advisory Fee (net of waivers)	$2,241,277
Portfolio Turnover	7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	97.2%
Purchased Options	2.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	9.5%
Equity Option	-0.2%
Index Option	1.6%
Equity	89.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street SPDR S&P 500 ETF Trust	89.1%
S&P 500 Index, 03/31/26 6800.0 Put	1.5%
S&P 500 Index, 03/20/26 6800.0 Put	0.7%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2026	0.4%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 3/4/2027	0.4%
S&P 500 Index, 03/20/26 6750.0 Put	0.3%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026	0.2%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026	0.1%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026	0.1%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 12/7/2026	0.1%

Easterly Hedged Equity Fund - Class C (JDCEX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JDCEX

Easterly Hedged Equity Fund

Class I (JDIEX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$66	1.31%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$532,888,945
Number of Portfolio Holdings	19
Advisory Fee (net of waivers)	$2,241,277
Portfolio Turnover	7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	97.2%
Purchased Options	2.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	9.5%
Equity Option	-0.2%
Index Option	1.6%
Equity	89.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street SPDR S&P 500 ETF Trust	89.1%
S&P 500 Index, 03/31/26 6800.0 Put	1.5%
S&P 500 Index, 03/20/26 6800.0 Put	0.7%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2026	0.4%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 3/4/2027	0.4%
S&P 500 Index, 03/20/26 6750.0 Put	0.3%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026	0.2%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026	0.1%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026	0.1%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 12/7/2026	0.1%

Easterly Hedged Equity Fund - Class I (JDIEX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JDIEX

Easterly Hedged Equity Fund

Class R6 (JDSEX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$53	1.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$532,888,945
Number of Portfolio Holdings	19
Advisory Fee (net of waivers)	$2,241,277
Portfolio Turnover	7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	97.2%
Purchased Options	2.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	9.5%
Equity Option	-0.2%
Index Option	1.6%
Equity	89.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street SPDR S&P 500 ETF Trust	89.1%
S&P 500 Index, 03/31/26 6800.0 Put	1.5%
S&P 500 Index, 03/20/26 6800.0 Put	0.7%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 9/8/2026	0.4%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 3/4/2027	0.4%
S&P 500 Index, 03/20/26 6750.0 Put	0.3%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 7/2/2026	0.2%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 6/22/2026	0.1%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 8/31/2026	0.1%
State Street SPDR S&P 500 ETF Trust Total Return Swap, 12/7/2026	0.1%

Easterly Hedged Equity Fund - Class R6 (JDSEX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JDSEX

Easterly Income Opportunities Fund

Class A (JASVX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

This semi-annual shareholder report contains important information about Easterly Income Opportunities Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://funds.easterlyam.com/resources/. You can also request this information by contacting us at 1-833-999-2636.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$86	1.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$424,851,266
Number of Portfolio Holdings	866
Advisory Fee (net of waivers)	$1,871,462
Portfolio Turnover	27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	73.1%
Corporate Bonds	16.8%
Municipal Bonds	0.3%
U.S. Government & Agencies	9.8%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	11.0%
Other Industries	1.6%
Whole Business	0.9%
CDO	1.2%
Agency CMBS	1.7%
Residential Mortgage	1.7%
Student Loans	1.6%
Banking	2.5%
U.S. Treasury Notes	2.8%
Specialty Finance	4.0%
Other ABS	4.3%
Home Equity	4.6%
U.S. Treasury Bills	5.9%
Institutional Financial Services	8.1%
Non Agency CMBS	22.0%
CMO	26.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, , 3.360%, 03/24/26	3.5%
United States Treasury Note, , 3.625%, 12/31/30	2.8%
United States Treasury Bill, , 3.580%, 04/30/26	2.3%
New Residential Mortgage Loan Trust, 2025-NQM4, 5.350%, 07/25/65	1.5%
CHNGE Mortgage Trust, 2023-2, 7.962%, 06/25/58	1.2%
RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32	1.2%
GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33	1.1%
Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50	1.0%
Morgan Stanley, , 10.000%, 04/30/30	0.9%
CHNGE Mortgage Trust, 2023-4, 8.399%, 09/25/58	0.9%

Easterly Income Opportunities Fund - Class A (JASVX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JASVX

Easterly Income Opportunities Fund

Class C (JSVCX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$124	2.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$424,851,266
Number of Portfolio Holdings	866
Advisory Fee (net of waivers)	$1,871,462
Portfolio Turnover	27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	73.1%
Corporate Bonds	16.8%
Municipal Bonds	0.3%
U.S. Government & Agencies	9.8%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	11.0%
Other Industries	1.6%
Whole Business	0.9%
CDO	1.2%
Agency CMBS	1.7%
Residential Mortgage	1.7%
Student Loans	1.6%
Banking	2.5%
U.S. Treasury Notes	2.8%
Specialty Finance	4.0%
Other ABS	4.3%
Home Equity	4.6%
U.S. Treasury Bills	5.9%
Institutional Financial Services	8.1%
Non Agency CMBS	22.0%
CMO	26.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, , 3.360%, 03/24/26	3.5%
United States Treasury Note, , 3.625%, 12/31/30	2.8%
United States Treasury Bill, , 3.580%, 04/30/26	2.3%
New Residential Mortgage Loan Trust, 2025-NQM4, 5.350%, 07/25/65	1.5%
CHNGE Mortgage Trust, 2023-2, 7.962%, 06/25/58	1.2%
RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32	1.2%
GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33	1.1%
Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50	1.0%
Morgan Stanley, , 10.000%, 04/30/30	0.9%
CHNGE Mortgage Trust, 2023-4, 8.399%, 09/25/58	0.9%

Easterly Income Opportunities Fund - Class C (JSVCX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JSVCX

Easterly Income Opportunities Fund

Class I (JSVIX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$73	1.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$424,851,266
Number of Portfolio Holdings	866
Advisory Fee (net of waivers)	$1,871,462
Portfolio Turnover	27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	73.1%
Corporate Bonds	16.8%
Municipal Bonds	0.3%
U.S. Government & Agencies	9.8%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	11.0%
Other Industries	1.6%
Whole Business	0.9%
CDO	1.2%
Agency CMBS	1.7%
Residential Mortgage	1.7%
Student Loans	1.6%
Banking	2.5%
U.S. Treasury Notes	2.8%
Specialty Finance	4.0%
Other ABS	4.3%
Home Equity	4.6%
U.S. Treasury Bills	5.9%
Institutional Financial Services	8.1%
Non Agency CMBS	22.0%
CMO	26.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, , 3.360%, 03/24/26	3.5%
United States Treasury Note, , 3.625%, 12/31/30	2.8%
United States Treasury Bill, , 3.580%, 04/30/26	2.3%
New Residential Mortgage Loan Trust, 2025-NQM4, 5.350%, 07/25/65	1.5%
CHNGE Mortgage Trust, 2023-2, 7.962%, 06/25/58	1.2%
RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32	1.2%
GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33	1.1%
Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50	1.0%
Morgan Stanley, , 10.000%, 04/30/30	0.9%
CHNGE Mortgage Trust, 2023-4, 8.399%, 09/25/58	0.9%

Easterly Income Opportunities Fund - Class I (JSVIX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JSVIX

Easterly Income Opportunities Fund

Class R6 (JASSX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$50	0.99%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$424,851,266
Number of Portfolio Holdings	866
Advisory Fee (net of waivers)	$1,871,462
Portfolio Turnover	27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Asset Backed Securities	73.1%
Corporate Bonds	16.8%
Municipal Bonds	0.3%
U.S. Government & Agencies	9.8%

What did the Fund invest in?

Industry Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	11.0%
Other Industries	1.6%
Whole Business	0.9%
CDO	1.2%
Agency CMBS	1.7%
Residential Mortgage	1.7%
Student Loans	1.6%
Banking	2.5%
U.S. Treasury Notes	2.8%
Specialty Finance	4.0%
Other ABS	4.3%
Home Equity	4.6%
U.S. Treasury Bills	5.9%
Institutional Financial Services	8.1%
Non Agency CMBS	22.0%
CMO	26.1%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, , 3.360%, 03/24/26	3.5%
United States Treasury Note, , 3.625%, 12/31/30	2.8%
United States Treasury Bill, , 3.580%, 04/30/26	2.3%
New Residential Mortgage Loan Trust, 2025-NQM4, 5.350%, 07/25/65	1.5%
CHNGE Mortgage Trust, 2023-2, 7.962%, 06/25/58	1.2%
RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32	1.2%
GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33	1.1%
Morgan Stanley Capital I Trust, 2015-420, 7.982%, 10/12/50	1.0%
Morgan Stanley, , 10.000%, 04/30/30	0.9%
CHNGE Mortgage Trust, 2023-4, 8.399%, 09/25/58	0.9%

Easterly Income Opportunities Fund - Class R6 (JASSX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-JASSX

Easterly Snow Long/Short Opportunity Fund

Class A (SNOAX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

This semi-annual shareholder report contains important information about Easterly Snow Long/Short Opportunity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://funds.easterlyam.com/resources/. You can also request this information by contacting us at 1-833-999-2636.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$102	1.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

What did the Fund invest in?

Fund Statistics

Table Summary
Net Assets	$109,173,897
Number of Portfolio Holdings	125
Advisory Fee	$404,135
Portfolio Turnover	23%

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-15.5%
Communications	2.2%
Utilities	2.3%
Equity	2.9%
Consumer Staples	4.4%
Industrials	8.7%
Consumer Discretionary	10.4%
Technology	10.6%
Health Care	15.6%
Materials	18.7%
Energy	19.3%
Financials	20.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
B2Gold Corporation	5.1%
JPMorgan Chase & Company	3.5%
Range Resources Corporation	3.4%
ConocoPhillips	3.3%
Alamos Gold, Inc.	3.1%
Agnico Eagle Mines Ltd.	3.1%
Whitecap Resources, Inc.	3.0%
VanEck Junior Gold Miners ETF	2.9%
Pacira BioSciences, Inc.	2.8%
Sanofi - ADR	2.7%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Energy	-0.9%
Consumer Staples	-0.9%
Materials	-1.3%
Financials	-2.7%
Call Options Written	-3.0%
Commodity	-3.4%
Equity	-28.2%

May represent asset weighting given the Fund's investment approach/investments in other investment companies.

Easterly Snow Long/Short Opportunity Fund - Class A (SNOAX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-SNOAX

Easterly Snow Long/Short Opportunity Fund

Class C (SNOCX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$142	2.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

What did the Fund invest in?

Fund Statistics

Table Summary
Net Assets	$109,173,897
Number of Portfolio Holdings	125
Advisory Fee	$404,135
Portfolio Turnover	23%

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-15.5%
Communications	2.2%
Utilities	2.3%
Equity	2.9%
Consumer Staples	4.4%
Industrials	8.7%
Consumer Discretionary	10.4%
Technology	10.6%
Health Care	15.6%
Materials	18.7%
Energy	19.3%
Financials	20.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
B2Gold Corporation	5.1%
JPMorgan Chase & Company	3.5%
Range Resources Corporation	3.4%
ConocoPhillips	3.3%
Alamos Gold, Inc.	3.1%
Agnico Eagle Mines Ltd.	3.1%
Whitecap Resources, Inc.	3.0%
VanEck Junior Gold Miners ETF	2.9%
Pacira BioSciences, Inc.	2.8%
Sanofi - ADR	2.7%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Energy	-0.9%
Consumer Staples	-0.9%
Materials	-1.3%
Financials	-2.7%
Call Options Written	-3.0%
Commodity	-3.4%
Equity	-28.2%

May represent asset weighting given the Fund's investment approach/investments in other investment companies.

Easterly Snow Long/Short Opportunity Fund - Class C (SNOCX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-SNOCX

Easterly Snow Long/Short Opportunity Fund

Class I (SNOIX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$89	1.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

What did the Fund invest in?

Fund Statistics

Table Summary
Net Assets	$109,173,897
Number of Portfolio Holdings	125
Advisory Fee	$404,135
Portfolio Turnover	23%

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-15.5%
Communications	2.2%
Utilities	2.3%
Equity	2.9%
Consumer Staples	4.4%
Industrials	8.7%
Consumer Discretionary	10.4%
Technology	10.6%
Health Care	15.6%
Materials	18.7%
Energy	19.3%
Financials	20.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
B2Gold Corporation	5.1%
JPMorgan Chase & Company	3.5%
Range Resources Corporation	3.4%
ConocoPhillips	3.3%
Alamos Gold, Inc.	3.1%
Agnico Eagle Mines Ltd.	3.1%
Whitecap Resources, Inc.	3.0%
VanEck Junior Gold Miners ETF	2.9%
Pacira BioSciences, Inc.	2.8%
Sanofi - ADR	2.7%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Energy	-0.9%
Consumer Staples	-0.9%
Materials	-1.3%
Financials	-2.7%
Call Options Written	-3.0%
Commodity	-3.4%
Equity	-28.2%

May represent asset weighting given the Fund's investment approach/investments in other investment companies.

Easterly Snow Long/Short Opportunity Fund - Class I (SNOIX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-SNOIX

Easterly Snow Long/Short Opportunity Fund

Class R6 (SNORX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$80	1.51%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

What did the Fund invest in?

Fund Statistics

Table Summary
Net Assets	$109,173,897
Number of Portfolio Holdings	125
Advisory Fee	$404,135
Portfolio Turnover	23%

Long Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-15.5%
Communications	2.2%
Utilities	2.3%
Equity	2.9%
Consumer Staples	4.4%
Industrials	8.7%
Consumer Discretionary	10.4%
Technology	10.6%
Health Care	15.6%
Materials	18.7%
Energy	19.3%
Financials	20.4%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
B2Gold Corporation	5.1%
JPMorgan Chase & Company	3.5%
Range Resources Corporation	3.4%
ConocoPhillips	3.3%
Alamos Gold, Inc.	3.1%
Agnico Eagle Mines Ltd.	3.1%
Whitecap Resources, Inc.	3.0%
VanEck Junior Gold Miners ETF	2.9%
Pacira BioSciences, Inc.	2.8%
Sanofi - ADR	2.7%

Short Sector Weighting (% of net assets)

Table Summary
Value	Value
Energy	-0.9%
Consumer Staples	-0.9%
Materials	-1.3%
Financials	-2.7%
Call Options Written	-3.0%
Commodity	-3.4%
Equity	-28.2%

May represent asset weighting given the Fund's investment approach/investments in other investment companies.

Easterly Snow Long/Short Opportunity Fund - Class R6 (SNORX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-SNORX

Easterly Snow Small Cap Value Fund

Class A (SNWAX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

This semi-annual shareholder report contains important information about Easterly Snow Small Cap Value Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://funds.easterlyam.com/resources/. You can also request this information by contacting us at 1-833-999-2636.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$63	1.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$42,641,163
Number of Portfolio Holdings	45
Advisory Fee (net of waivers)	$38,105
Portfolio Turnover	63%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.1%
Consumer Staples	0.5%
Communications	2.0%
Real Estate	4.7%
Energy	5.6%
Industrials	6.7%
Technology	10.7%
Materials	10.8%
Health Care	13.1%
Consumer Discretionary	18.8%
Financials	26.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Molina Healthcare, Inc.	4.8%
Photronics, Inc.	4.4%
Astec Industries, Inc.	4.1%
Abercrombie & Fitch Company, Class A	4.1%
Cleveland-Cliffs, Inc.	4.0%
Jackson Financial, Inc.	3.9%
Zions Bancorp National Association	3.9%
Progyny, Inc.	3.7%
Commercial Metals Company	3.7%
Open Text Corporation	3.6%

Easterly Snow Small Cap Value Fund - Class A (SNWAX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-SNWAX

Easterly Snow Small Cap Value Fund

Class C (SNWCX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$103	1.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$42,641,163
Number of Portfolio Holdings	45
Advisory Fee (net of waivers)	$38,105
Portfolio Turnover	63%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.1%
Consumer Staples	0.5%
Communications	2.0%
Real Estate	4.7%
Energy	5.6%
Industrials	6.7%
Technology	10.7%
Materials	10.8%
Health Care	13.1%
Consumer Discretionary	18.8%
Financials	26.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Molina Healthcare, Inc.	4.8%
Photronics, Inc.	4.4%
Astec Industries, Inc.	4.1%
Abercrombie & Fitch Company, Class A	4.1%
Cleveland-Cliffs, Inc.	4.0%
Jackson Financial, Inc.	3.9%
Zions Bancorp National Association	3.9%
Progyny, Inc.	3.7%
Commercial Metals Company	3.7%
Open Text Corporation	3.6%

Easterly Snow Small Cap Value Fund - Class C (SNWCX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-SNWCX

Easterly Snow Small Cap Value Fund

Class I (SNWIX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$50	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$42,641,163
Number of Portfolio Holdings	45
Advisory Fee (net of waivers)	$38,105
Portfolio Turnover	63%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.1%
Consumer Staples	0.5%
Communications	2.0%
Real Estate	4.7%
Energy	5.6%
Industrials	6.7%
Technology	10.7%
Materials	10.8%
Health Care	13.1%
Consumer Discretionary	18.8%
Financials	26.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Molina Healthcare, Inc.	4.8%
Photronics, Inc.	4.4%
Astec Industries, Inc.	4.1%
Abercrombie & Fitch Company, Class A	4.1%
Cleveland-Cliffs, Inc.	4.0%
Jackson Financial, Inc.	3.9%
Zions Bancorp National Association	3.9%
Progyny, Inc.	3.7%
Commercial Metals Company	3.7%
Open Text Corporation	3.6%

Easterly Snow Small Cap Value Fund - Class I (SNWIX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-SNWIX

Easterly Snow Small Cap Value Fund

Class R6 (SNWRX)

Semi-Annual Shareholder Report - February 28, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$45	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$42,641,163
Number of Portfolio Holdings	45
Advisory Fee (net of waivers)	$38,105
Portfolio Turnover	63%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	1.1%
Consumer Staples	0.5%
Communications	2.0%
Real Estate	4.7%
Energy	5.6%
Industrials	6.7%
Technology	10.7%
Materials	10.8%
Health Care	13.1%
Consumer Discretionary	18.8%
Financials	26.0%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Molina Healthcare, Inc.	4.8%
Photronics, Inc.	4.4%
Astec Industries, Inc.	4.1%
Abercrombie & Fitch Company, Class A	4.1%
Cleveland-Cliffs, Inc.	4.0%
Jackson Financial, Inc.	3.9%
Zions Bancorp National Association	3.9%
Progyny, Inc.	3.7%
Commercial Metals Company	3.7%
Open Text Corporation	3.6%

Easterly Snow Small Cap Value Fund - Class R6 (SNWRX)

Semi-Annual Shareholder Report - February 28, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funds.easterlyam.com/resources/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 022826-SNWRX

(a) The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

James Alpha 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 consists of six series. Easterly Investment Partners LLC serves as the Funds’ advisor. These financial statements include the following five series which are all diversified:

Ultimus Fund Solutions, LLC (the “Administrator”), serves the Trust as administrator, custody administrator, transfer agent and fund accounting agent.

Hedged Equity is a “fund of funds”, in that the Fund will generally invest in other investment companies. Currently, each Fund offers Class A, Class C, Class I and Class R6 shares. Class A shares of each fund are offered at net asset value plus a maximum sales load of 5.75% except Income Opportunities which has a 2.00% maximum sales load. Class C shares are offered subject to a CDSC of 1.00%. Class I and Class R6 shares are offered at net asset value. Each class represents an interest in the same assets of the applicable Fund, and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges. Class R6 shares are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Fund level income and expenses and realized and unrealized capital gains and losses are allocated to each class of shares based on their relative net assets within each Fund. Class specific expenses are allocated to that share class.

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

Operating Segments – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Funds operate as a single operating segment. The Funds’ income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

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

Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The Valuation Designee has developed fair value methodologies/formulas for odd lot bond pricing in light of the fact that pricing services typically only provide valuations for round lots. The Valuation Designee shall obtain from the sub-adviser fair valuation recommendations that take into account the accuracy of available pricing, the discounted price at the time of purchase, the size of the odd lot and other factors, including historical market data, that reflect the discounted valuation at the time of purchase and going forward. To the extent that odd lot pricing is available directly from a pricing service provider, the valuation designee may consider pricing its odd lots using said service.

Valuation of Underlying Funds – The Funds may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”). Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 28, 2026, for the Funds’ assets and liabilities measured at fair value:

It is the Funds’ policy to recognize transfers into and out of Levels at the end of the reporting period.

It is each Fund’s policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on its 2023-2025 returns and expected to be taken in the Funds’ 2026 returns and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Funds identify its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended February 28, 2026, the Funds did not incur any interest or penalties.

Security transactions are reflected for financial reporting purposes as of the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis including premium amortized and discount accreted. All paydown gains and losses are classified as interest income in the accompanying Statements of Operations in accordance with U.S. GAAP. Discounts and premiums on securities purchased are accreted and amortized, over the lives of the respective securities with a corresponding increase/decrease in the cost basis of that security using the yield to maturity method, or where applicable, the first call date of the security. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.

The following table summarizes each Fund’s intended dividend and capital gain declaration policy:

Each Fund records dividends and distributions to its shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book-tax” differences are either permanent or temporary in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the net asset accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as distributions of paid-in-surplus or tax return of capital. These reclassifications have no effect on net assets, results from operations or net asset value per share of each Fund.

Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds on an equal basis or another reasonable basis.

In connection with transactions in repurchase agreements, it is the Trust’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Trust may be delayed or limited.

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Foreign currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the company’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Real Estate Investment Trust (“REIT”). The Global Real Estate Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be estimated based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.

Market Disruptions Risk. The Funds are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19), which can negatively impact the securities markets and cause the Funds to lose value.

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

(b) Pursuant to an operating expense limitation agreement between Easterly Investment Partners LLC and the Funds, Easterly Investment Partners LLC has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) do not exceed the expense limitation shown in the table below, and is based on the Funds’ average daily net assets. This operating expense limitation agreement cannot be terminated during its term. Easterly Investment Partners LLC is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses paid within three (3) years of the end of the fiscal year in which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

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

(c) Easterly Securities LLC (the “Distributor”) is the Trust’s Distributor and is an affiliate of the Advisor. The Trust with respect to the Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the “Plan”) with respect to the sale and distribution of Class A shares, Class C shares and Investor Class of Shares of the Fund as shown in the chart below. The Plan provides that the Fund will pay the Distributor and other entities, including a broker-dealer affiliate of the Adviser, are paid pursuant to the Plans provided and the expenses borne by the distributor and others in the distribution of Fund shares a fee, which is accrued daily and paid monthly, at the annual rates of the average daily net assets as shown in the chart below.

For the six months ended, February 28, 2026, sales charges on sales of the Fund’s Class A and Class C shares were as follows:

(d) Ultimus Fund Solutions, LLC (“UFS”), an affiliate of UFD provides administrative, fund accounting and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) a minimum annual fee or basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses.

In addition, certain affiliates of the Distributor provide services to the Trust as follows:

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Trust on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

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

(a) For the six months ended February 28, 2026, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Funds were as follows:

(b) Certain Funds may enter into options contracts. An option contract is a contract in which the writer of the option grants the buyer of the option the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices, will require cash settlement by the Fund if the option is exercised.

Premiums paid when put or call options are purchased by the Fund, represent investments, which are marked-to-market daily. When a purchase option expires, the Fund will realize a loss in the amount of the premium paid. When the Fund enters into a closing sales transaction, the Fund will realize a gain or loss depending on whether the proceeds from the closing sales transaction are greater or less than the premium paid for the option. When the Fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When the Fund exercises a call option, the cost of the security, which the Fund purchases upon exercise, will be increased by the premium originally paid.

Certain Funds may write covered call options. This means that the Fund will own the security subject to the option or an option to purchase the same underlying security, having an exercise price equal to or less than the exercise price of the covered option, or will establish and maintain with its custodian for the term of the option, an account consisting of cash, U.S. government securities or other liquid securities having a value equal to the fluctuating market value of the securities on which the Fund holds a covered call position.

When a Fund writes a call option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily. When a written option expires, the Fund realizes a gain equal to the amount of the premium received. When the Fund enters into a closing purchase transaction, the Fund realizes a gain or loss depending upon whether the cost of the closing transaction is greater or less than the premium originally received, without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised the proceeds of the security sold will be increased by the premium originally received.

The liability representing a Fund’s obligation under an exchange traded written option or investment in a purchased option is valued at the last sale price or, in the absence of a sale, the last available bid price.

The Funds may enter into options for hedging purposes. The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a covered call option is that the Fund gives up the opportunity to participate in any increase in the price of the underlying security beyond the exercise price.

(c) Certain Funds may enter into foreign currency exchange contracts. Because various Funds may invest in securities denominated in foreign currencies, they may seek to hedge foreign currency risks by engaging in foreign currency exchange transactions. These may include buying or selling foreign currencies on a spot basis, entering into foreign currency forward contracts, and buying and selling foreign currency options, foreign currency futures, and options on foreign currency futures. Currency exchange rates may fluctuate significantly over short periods and can be subject to unpredictable change based on such factors as political developments and currency controls by foreign governments.

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

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

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Funds amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Funds segregate liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive.

(f) Other Investment Companies or Exchange Traded Funds – Certain Funds may invest up to 100% of their net assets in shares of affiliated and unaffiliated investment companies, including money market mutual funds, other mutual funds or exchange-traded funds (“ETFs”). An ETF generally is an open-end investment company, unit investment trust or a portfolio of securities deposited with a depository in exchange for depository receipts. ETFs provide investors the opportunity to buy or sell throughout the day an entire portfolio of securities in a single security. Although index mutual funds are similar to index-based ETFs, they are generally sold and redeemed only once per day at market close. The ETFs in which a Fund invests may be subject to liquidity risk. Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the sale of the security at an advantageous time or price. To the extent that the ETFs in which a Fund invests hold securities of companies with smaller market capitalizations or securities with substantial market risk, they will have a greater exposure to liquidity risk. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds that can be found in “Exchange-Traded Funds” below: (1) the market price of the ETF’s shares may trade at a discount to their net asset value; (2) an active trading market for an ETF’s shares may not develop or be maintained; or (3) trading of an ETF’s shares may be halted if the listing exchange deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Additionally, ETFs have management fees, which increase their cost. In addition to the advisory and operational fees a Fund bears directly in connection with its own operation, the Fund also bears its pro rata portion of the advisory and operational expenses incurred indirectly through investments in other investment companies.

(g) The Easterly Long/Short Opportunity Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. For financial statement purposes, an amount equal to the settlement amount is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked to market to reflect the current value of the short positions. Subsequent fluctuations in the market prices of the securities sold, but not yet purchased, may require purchasing the securities at prices which could differ from the amount reflected in the Statement of Assets and Liabilities. The Fund is liable for any dividends or interest payable on securities while those securities are in a short position. Such amounts are recorded on the ex-dividend date as dividend or interest expense.

The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statements of Assets and Liabilities at February 28, 2026, were as follows:

The effect of derivative instruments on the Statements of Operations for the six months ended February 28, 2026, were as follows:

The average notional value of the derivative instruments for the Funds during the six months ended February 28, 2026 was as follows:

During the six months ended February 28, 2026, the Funds were not subject to any master netting arrangements. The following table shows additional information regarding the offsetting of assets and liabilities at February 28, 2026 for the Funds.

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at February 28, 2026, were as follows:

The tax character of dividends paid during the period ended August 31, 2025 was as follows:

During the prior year, the following funds had a change of fiscal year end to August 31:

The tax character of dividends paid during the prior fiscal periods ended was as follows:

As of August 31, 2025 (for the Global Real Estate Fund in which its December 31, 2024 components of distributable earnings have been adjusted for August 31, 2025 activity), the components of distributable earnings on a tax basis were as follows:

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from security transactions are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on swaps, 1256 futures and option contracts, and adjustments for partnerships, perpetual bonds, passive foreign investment companies, contingent convertible debt securities, and C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above may include unrealized foreign currency gains (losses). In addition, the amount listed under other book/tax differences for the Hedged Equity Fund are primarily attributable to the tax deferral of losses on straddles.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Hedged Equity Fund incurred and elected to defer such late year losses of $821,874.

Capital loss carry forwards, as of each Fund’s most recent tax year-ended August 31, 2025 (for the tax year ended December 31, 2024 for the Global Real Estate Fund), available to offset future capital gains, utilized capital gains, if any, are as follows:

During the fiscal period ended August 31, 2025, certain funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and distributions in excess, resulted in reclassifications for the Funds for the fiscal year ended August 31, 2025 as follows:

Each underlying fund, including each exchange-traded fund (“ETF”), is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund’s direct fees and expenses.

The performance of the Hedged Equity Fund will be directly affected by the performance of the SPDR S&P 500 ETF Trust. The Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index. The financial statements of the SPDR S&P 500 ETF Trust, including the schedule of investments, can be found on the Securities and Exchange Commission’s (“SEC”) website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of February 28, 2026, the percentage of net assets invested in the SPDR S&P 500 ETF Trust was 89.1%.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of February 28, 2026, the below entities held more than 25% of the voting securities for each of the Funds listed.

Income Opportunities has a $33,000,000 line of credit provided by Cogent Bank (the “Bank”) under an agreement (the “Line of Credit” ). The Line of Credit has an interest rate of the Prime Rate which is dependent upon the effective borrowing date (“Borrowing Date”). Income Opportunities pays the Lender a Commitment Fee of 1.00% based upon the Committed Loan Limit. For the six months ended February 28, 2026, the Fund did not incur any commitment fees, which are included in the Interest expenses in the Statement of Operations. Any advance under the Line of Credit is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable monthly. There were no borrowings outstanding for period end.

Income Opportunities entered into a Master Repurchase Agreement (the “Reverse Repo Facility”) with UMB Bank NA (“UMB”), which provides for financing primarily through UMB purchase of certain assets from the Fund and an agreement by the Fund to repurchase such assets back at an agreed-upon future date and price. In the event of the Fund’s default of the obligation to repurchase, UMB has the right to liquidate the assets and apply the proceeds in satisfaction of the Fund’s obligation to repurchase. The Reverse Repo Facility carries a rolling term which is reset monthly and advances thereunder may be made based on Federal Funds Target Range – Upper Limit (“FFTRU”) plus 125 basis points (FFTRU + 125 bps), and the Price Differential shall be calculated daily and paid by the Seller to Buyer on the first day of each month or on any Repurchase Date. During the six months ended February 28, 2026, there was no borrowings under the Reverse Repo Facility.

The Funds have adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.

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

There were no changes in or disagreements with accountants during the period covered by this report.

Refer to the Statement of Operations within the financial statements included herein.

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Portfolios use to determine how to vote proxies is available without charge, upon request, by calling 1-833-999-2636 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Refer to the Statement of Operations within the financial statements included under Item 7

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

515 Madison Avenue, 24^th Floor, New York, NY	10022
(Address of principal executive offices)	(Zip code)

Date of fiscal year end:	8/31

Date of reporting period:	2/28/26

Shares			Fair Value
		COMMON STOCKS — 92.6%
		Australia - 12.5%
	398,356	Goodman Group	$	8,195,418
	1,264,492	Lifestyle Communities Ltd.^(a)		4,464,809
	597,544	NEXTDC Ltd.^(a)		5,897,464
	1,631,138	Stockland		5,932,581
				24,490,272
		Bermuda - 1.4%
	316,705	Hongkong Land Holdings Ltd.		2,745,832

		Canada - 5.7%
	221,704	Chartwell Retirement Residences		3,611,630
	324,474	Killam Apartment Real Estate Investment Trust		4,020,242
	278,065	Minto Apartment Real Estate Investment Trust		3,577,742
				11,209,614
		France - 0.8%
	11,844	Unibail-Rodamco-Westfield		1,484,626

		Germany - 2.5%
	306,159	Instone Real Estate Group S.E. ^(b),(c)		3,399,585
	78,601	TAG Immobilien A.G.		1,533,882
				4,933,467
		Spain - 3.8%
	159,581	Cellnex Telecom S.A.^(b)		6,067,935
	82,281	Merlin Properties Socimi S.A.		1,453,669
				7,521,604
		Sweden - 2.2%
	77,493	Catena A.B.		4,272,394

		United Kingdom - 9.4%
	2,827,663	Grainger PLC		7,297,430
	1,956,186	Tritax Big Box REIT PLC		4,532,442
	987,591	UNITE Group PLC (The)		6,694,746
				18,524,618
		United States - 54.3%
	122,838	American Healthcare REIT, Inc.		6,417,057

Shares			Fair Value
		COMMON STOCKS — 92.6% (Continued)
		United States - 54.3% (Continued)
	145,013	American Homes 4 Rent, Class A	$	4,350,390
	33,274	American Tower Corporation, Class A		6,383,950
	108,179	COPT Defense Properties		3,437,929
	32,973	Digital Realty Trust, Inc.		5,842,816
	114,681	Ellington Financial, Inc.		1,424,338
	9,018	Equinix, Inc.		8,785,876
	91,571	First Industrial Realty Trust, Inc.		5,781,793
	49,596	Iron Mountain, Inc.		5,372,735
	273,653	Kite Realty Group Trust		7,128,661
	28,625	Mid-America Apartment Communities, Inc.		3,831,743
	421,086	NETSTREIT Corporation		8,745,955
	121,265	Omega Healthcare Investors, Inc.		5,853,462
	26,644	Prologis, Inc.		3,798,635
	151,852	Rexford Industrial Realty, Inc.		5,689,894
	13,630	SBA Communications Corporation, Class A		2,741,811
	34,139	Simon Property Group, Inc.		6,959,236
	7,517	Sun Communities, Inc.		1,025,770
	185,185	VICI Properties, Inc.		5,594,439
	35,180	Welltower, Inc.		7,286,482
				106,452,972

		TOTAL COMMON STOCKS (Cost $189,452,718)		181,635,399

		TOTAL INVESTMENTS - 92.6% (Cost $189,452,718)	$	181,635,399
		OTHER ASSETS IN EXCESS OF LIABILITIES - 7.4%		14,570,689
		NET ASSETS - 100.0%	$	196,206,088

Portfolio Composition By Industry - Unaudited
Engineering & Construction	3.1%	REIT	71.8%
Health Care Facilities & Services	1.9%	Specialty Finance	0.7%
Home Construction	2.3%	Telecommunications	3.0%
Real Estate Owners & Developers	9.8%	Other Assets In Excess of Liabilities	7.4%
		Net Assets	100.0%

A.B.	- Aktiebolag

A.G.	- Aktiengesellschaft

Ltd.	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

S.E.	- Societas Europeae

Shares									Fair Value
		EXCHANGE-TRADED FUNDS — 89.1%
		EQUITY - 89.1%
	692,500	State Street SPDR S&P 500 ETF Trust ^(a)							$	475,048,075
		TOTAL EXCHANGE-TRADED FUNDS (Cost$407,507,146)

Contracts^(b)			Counterparty	Expiration Date	Exercise Price		Notional Value
		INDEX OPTIONS PURCHASED - 2.6%
		PUT OPTIONS PURCHASED - 2.6%
	250	S&P 500 Index	PER	03/20/2026	$	6,750	$	171,972,000	$	1,751,250
	500	S&P 500 Index	PER	03/20/2026		6,800		343,944,000		3,902,500
	800	S&P 500 Index	PER	03/31/2026		6,800		550,310,400		8,092,000
		TOTAL PUT OPTIONS PURCHASED (Cost - $13,398,688)								13,745,750

		TOTAL INVESTMENTS - 91.7% (Cost $420,905,834)							$	488,793,825
		PUT OPTIONS WRITTEN - (1.0)% (Premiums received - $5,301,703)								(5,109,000	)
		CALL OPTIONS WRITTEN - (0.2)% (Premiums received - $3,024,369)								(1,033,025	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%								50,237,145
		NET ASSETS - 100.0%							$	532,888,945

Contracts^(b)			Counterparty	Expiration Date	Exercise Price		Notional Value
		WRITTEN INDEX OPTIONS - (1.0)%
		PUT OPTIONS WRITTEN - (1.0)%
	300	S&P 500 Index	PER	03/20/2026	$	6,400	$	206,366,400	$	646,500
	450	S&P 500 Index	PER	03/20/2026		6,450		309,549,600		1,174,500
	800	S&P 500 Index	PER	03/31/2026		6,450		550,310,400		3,288,000
		TOTAL PUT OPTIONS WRITTEN (Premiums received - $5,301,703)								5,109,000

		WRITTEN EQUITY OPTIONS - (0.2)%
		CALL OPTIONS WRITTEN - (0.2)%
	1,050	State Street SPDR S&P 500 ETF Trust	PER	03/13/2026		700		72,028,950		219,450
	1,425	State Street SPDR S&P 500 ETF Trust	PER	03/20/2026		705		97,753,575		269,325
	2,100	State Street SPDR S&P 500 ETF Trust	PER	03/20/2026		707		144,057,900		294,000
	2,750	State Street SPDR S&P 500 ETF Trust	PER	03/20/2026		710		188,647,250		250,250
		TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,024,369)								1,033,025

		TOTAL OPTIONS WRITTEN (Premiums received - $8,326,072)							$	6,142,025

ETF	- Exchange-Traded Fund

SPDR	- Standard & Poor’s Depositary Receipt

PER	- Pershing

Shares			Fair Value
		COMMON STOCKS — 98.9%
		AUTOMOTIVE - 3.0%
	13,431	Visteon Corporation	$	1,284,944

		BANKING - 18.7%
	39,353	Associated Banc-Corporation		1,039,313
	52,036	Columbia Banking System, Inc.		1,480,424
	24,421	First Commonwealth Financial Corporation		428,100
	65,242	Flagstar Financial, Inc.		827,921
	68,719	FNB Corporation		1,167,536
	57,428	Old National Bancorp		1,326,587
	28,679	Zions Bancorp National Association		1,642,732
				7,912,613
		BIOTECH & PHARMA - 1.4%
	14,567	Collegium Pharmaceutical, Inc.^(a)		607,007

		COMMERCIAL SUPPORT SERVICES - 0.5%
	25,200	Cross Country Healthcare, Inc.^(a)		219,240

		CONSUMER SERVICES - 3.6%
	18,018	Stride, Inc.^(a)		1,520,359

		FOOD - 0.5%
	5,329	Pilgrim’s Pride Corporation		230,000

		HEALTH CARE FACILITIES & SERVICES - 8.5%
	13,189	Molina Healthcare, Inc.^(a)		2,031,766
	90,344	Progyny, Inc.^(a)		1,598,185
				3,629,951
		HOME & OFFICE PRODUCTS - 0.7%
	4,401	Whirlpool Corporation		301,160

		HOME CONSTRUCTION - 0.8%
	4,687	Meritage Homes Corporation		353,494

Shares			Fair Value
		COMMON STOCKS — 98.9% (Continued)
		HOTEL REIT - 0.5%
	18,873	Park Hotels & Resorts, Inc.	$	213,454

		INDUSTRIAL REIT - 0.5%
	4,421	LXP Industrial Trust		219,105

		INDUSTRIAL SUPPORT SERVICES - 1.0%
	1,494	WESCO International, Inc.		432,513

		INSURANCE - 7.3%
	20,525	CNO Financial Group, Inc.		858,150
	15,132	Jackson Financial, Inc.		1,656,651
	17,983	Lincoln National Corporation		616,817
				3,131,618
		INTERNET MEDIA & SERVICES - 2.0%
	62,697	Lyft, Inc., Class A^(a)		867,726

		LEISURE FACILITIES & SERVICES - 3.5%
	10,203	Brinker International, Inc.^(a)		1,512,085

		MACHINERY - 5.2%
	28,361	Astec Industries, Inc.		1,760,935
	6,485	Terex Corporation		446,103
				2,207,038
		MEDICAL EQUIPMENT & DEVICES - 3.2%
	21,353	Avanos Medical, Inc.^(a)		301,077
	6,392	Haemonetics Corporation^(a)		404,741
	31,460	Inmode Ltd.^(a)		432,576
	2,930	Lantheus Holdings, Inc.^(a)		219,486
				1,357,880
		METALS & MINING - 3.1%
	47,308	Hudbay Minerals, Inc.		1,340,236

		OIL & GAS PRODUCERS - 5.6%
	5,568	CNX Resources Corporation^(a)		232,631

ADR	- American Depositary Receipt

LTD	- Limited Company

REIT	- Real Estate Investment Trust

Shares			Fair Value
		COMMON STOCKS — 108.8%
		APPAREL & TEXTILE PRODUCTS - 2.7%
	31,800	Carter’s, Inc.	$	1,066,890
	27,217	PVH Corporation		1,867,086
				2,933,976
		AUTOMOTIVE - 3.0%
	64,400	Gentex Corporation		1,506,960
	18,000	Visteon Corporation		1,722,060
				3,229,020
		BANKING - 11.8%
	27,070	Bank of America Corporation		1,348,898
	25,740	Citigroup, Inc.		2,836,291
	80,470	Columbia Banking System, Inc.		2,289,372
	21,000	Fifth Third Bancorp		1,038,870
	12,900	JPMorgan Chase & Company		3,873,869
	66,700	Old National Bancorp		1,540,770
				12,928,070
		BEVERAGES - 1.4%
	9,600	Constellation Brands, Inc., Class A		1,515,456

		BIOTECH & PHARMA - 12.5%
	26,800	BioMarin Pharmaceutical, Inc.^(a)		1,654,364
	10,030	Johnson & Johnson		2,491,753
	138,400	Pacira BioSciences, Inc.^(a)		3,032,344
	81,600	Pfizer, Inc.		2,256,240
	1,620	Regeneron Pharmaceuticals, Inc.		1,266,305
	60,296	Sanofi - ADR - ADR		2,934,003
				13,635,009
		CHEMICALS - 1.3%
	125,130	Ecovyst, Inc.^(a)		1,410,215

		ELECTRICAL EQUIPMENT - 2.5%
	12,300	Atkore, Inc.		795,933
	51,320	Sensata Technologies Holding PLC		1,916,288
				2,712,221

Shares			Fair Value
		COMMON STOCKS — 108.8% (Continued)
		ENTERTAINMENT CONTENT - 1.0%
	10,200	Walt Disney Company (The)	$	1,081,608

		GAS & WATER UTILITIES - 2.3%
	68,450	UGI Corporation		2,560,715

		HEALTH CARE FACILITIES & SERVICES - 2.3%
	33,000	Centene Corporation^(a)		1,481,040
	3,100	Elevance Health, Inc.		992,000
				2,473,040
		HOUSEHOLD PRODUCTS - 1.8%
	102,000	Kenvue, Inc.		1,950,240

		INDUSTRIAL SUPPORT SERVICES - 2.5%
	9,360	WESCO International, Inc.		2,709,720

		INSURANCE - 6.0%
	9,330	Hartford Insurance Group, Inc. (The)		1,313,944
	15,400	Jackson Financial, Inc.		1,685,992
	49,190	Lincoln National Corporation		1,687,217
	26,375	MetLife, Inc.		1,900,846
				6,587,999
		INTERNET MEDIA & SERVICES - 1.2%
	2,100	Alphabet, Inc., Class C		654,003
	45,000	Lyft, Inc., Class A^(a)		622,800
				1,276,803
		LEISURE FACILITIES & SERVICES - 1.8%
	35,050	Las Vegas Sands Corporation		1,988,036

		MEDICAL EQUIPMENT & DEVICES - 0.8%
	14,400	Haemonetics Corporation^(a)		911,808

		METALS & MINING - 14.5%
	13,540	Agnico Eagle Mines Ltd.		3,406,664
	63,000	Alamos Gold, Inc., Class A		3,413,970

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 3.8% (Continued)
		RETAIL - DISCRETIONARY — 0.6%
	1,000,000	Kohl’s Corporation		5.5500	07/17/45	$	665,042

		SPECIALTY FINANCE — 1.3%
	500,000	Ally Financial, Inc. Series B^(b)	H15T5Y + 3.868%	4.7000	08/15/69		499,026
	1,000,000	Ally Financial, Inc.^(b)	H15T7Y + 3.481%	4.7000	08/15/69		949,956
							1,448,982
		STEEL — 0.6%
	800,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		683,258

		TOTAL CORPORATE BONDS (Cost $3,519,616)					4,189,044

		TOTAL INVESTMENTS - 115.5% (Cost $88,428,606)				$	126,090,120
		CALL OPTIONS WRITTEN - (2.7)% (Premiums received - $1,357,259)					(2,923,303	)
		PUT OPTIONS WRITTEN - (0.3)% (Premiums received - $374,169)					(337,868	)
		LIABILITIES IN EXCESS OF OTHER ASSETS - (12.5)%					(13,655,052	)
		NET ASSETS - 100.0%				$	109,173,897

Contracts^(c)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (3.0)%
		CALL OPTIONS WRITTEN- (2.7)%
	200	Abercrombie & Fitch Company	JEF	03/20/2026	$	120	$	2,400,000	$	33,000
	70	Agnico Eagle Mines Ltd.	JEF	03/20/2026		160		1,120,000		641,900
	75	Akamai Technologies, Inc.	JEF	06/18/2026		115		862,500		30,750
	250	Alamos Gold, Inc.	JEF	03/20/2026		35		875,000		476,250
	21	Alphabet, Inc.	JEF	05/15/2026		330		693,000		27,615
	150	American Eagle Outfitters, Inc.	JEF	05/15/2026		27		405,000		26,250
	5	ASML Holding N.V.	JEF	03/20/2026		1,100		550,000		177,575
	5	ASML Holding N.V.	JEF	03/20/2026		1,200		600,000		132,500
	500	B2Gold Corporation	JEF	04/17/2026		6		300,000		42,000
	1,200	B2Gold Corporation	JEF	05/15/2026		6		720,000		133,200
	3,700	B2Gold Corporation	JEF	01/15/2027		8		2,960,000		388,500
	180	Cleveland-Cliffs, Inc.	JEF	06/18/2026		17		306,000		5,220
	100	Commercial Metals Company	JEF	06/18/2026		85		850,000		28,750
	30	Dell Technologies, Inc.	JEF	03/20/2026		200		600,000		180
	120	Delta Air Lines, Inc.	JEF	03/20/2026		70		840,000		19,440
	66	Freeport-McMoRan, Inc.	JEF	06/18/2026		70		462,000		45,870
	300	Hudbay Minerals, Inc.	JEF	04/17/2026		23		690,000		187,500
	75	Jackson Financial, Inc.	JEF	03/20/2026		120		900,000		8,438
	55	JPMorgan Chase & Company	JEF	03/20/2026		310		1,705,000		23,650
	30	JPMorgan Chase & Company	JEF	06/18/2026		330		990,000		19,860

Contracts(c) (continued)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (3.0)%
		CALL OPTIONS WRITTEN- (2.7)% (Continued)
	120	Las Vegas Sands Corporation	JEF	06/18/2026	$	70	$	840,000	$	11,940
	15	Oracle Corporation	JEF	03/20/2026		400		600,000		15
	50	PACCAR, Inc.	JEF	06/18/2026		135		675,000		23,000
	200	Sable Offshore Corporation	JEF	04/17/2026		15		300,000		4,200
	200	Sable Offshore Corporation	JEF	01/15/2027		25		500,000		16,000
	170	Sensata Technologies Holding PLC	JEF	05/15/2026		40		680,000		30,600
	140	Super Micro Computer, Inc.	JEF	06/18/2026		45		630,000		24,500
	40	WESCO International, Inc.	JEF	03/20/2026		230		920,000		241,600
	30	WESCO International, Inc.	JEF	03/20/2026		250		750,000		123,000
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $1,357,259)								2,923,303

		PUT OPTIONS WRITTEN - (0.3)%
	75	Advanced Micro Devices, Inc.	JEF	05/15/2026	$	160	$	1,200,000	$	43,500
	60	Apple, Inc.	JEF	04/17/2026		240		1,440,000		19,200
	46	International Flavors & Fragrances, Inc.	JEF	03/20/2026		55		253,000		2,668
	230	Lyft, Inc.	JEF	06/18/2026		15		345,000		54,510
	15	Microsoft Corporation	JEF	04/17/2026		400		600,000		28,290
	40	Molina Healthcare, Inc.	JEF	06/18/2026		110		440,000		13,700
	100	PayPal Holdings, Inc.	JEF	03/20/2026		55		550,000		96,300
	110	PVH Corporation	JEF	03/20/2026		65		715,000		15,180
	7	Regeneron Pharmaceuticals, Inc.	JEF	05/15/2026		700		490,000		17,640
	80	Sprouts Farmers Market, Inc.	JEF	03/20/2026		65		520,000		4,000
	80	Sprouts Farmers Market, Inc.	JEF	06/18/2026		70		560,000		42,880
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $374,169)								337,868

		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $1,731,428)							$	3,261,171

Shares				Fair Value
			COMMON STOCKS — (5.8)%
			ASSET MANAGEMENT - (1.2)%
	(25,300	)	Carlyle Group, Inc. (The)	$	(1,315,347	)

			HOUSEHOLD PRODUCTS - (0.9)%
	(7,500	)	Clorox Company (The)		(953,700	)

			INSTITUTIONAL FINANCIAL SERVICES - (1.5)%
	(1,900	)	Goldman Sachs Group, Inc. (The)		(1,633,183	)

			METALS & MINING - (1.3)%
	(14,700	)	Rio Tinto PLC - ADR		(1,460,298	)

			OIL & GAS PRODUCERS - (0.9)%
	(2,600	)	Chevron Corporation		(485,576	)
	(3,400	)	Exxon Mobil Corporation		(518,500	)
					(1,004,076	)
			EXCHANGE-TRADED FUNDS — (31.6)%
			COMMODITY - (3.4)%
	(7,600	)	SPDR Gold Shares		(3,676,500	)

			EQUITY - (28.2)%
	(6,500	)	iShares Russell 1000 Growth ETF		(2,926,235	)
	(26,100	)	SPDR S&P 500 ETF		(17,904,339	)
	(61,800	)	State Street SPDR Portfolio S&P 500 Value ETF		(3,677,100	)
	(7,000	)	VanEck Gold Miners ETF		(810,880	)
	(10,400	)	Vanguard Small-Cap Value ETF		(2,390,960	)
	(9,200	)	Vanguard Total Stock Market ETF		(3,116,684	)
					(30,826,198	)

			TOTAL SECURITIES SOLD SHORT - (Proceeds - $34,559,276)	$	(40,869,302	)

ADR	- American Depositary Receipt

ETF	- Exchange-Traded Fund

JEF	- Jefferies

LLC	- Limited Liability Company

LTD	- Limited Company

NV	- Naamioze Vennootschap

PLC	- Public Limited Company

SPDR	- Standard & Poor’s Depositary Receipt

H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

H15T7Y	US Treasury Yield Curve Rate T Note Constant Maturity 7 Year

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount⁽ⁱ⁾		Value and Unrealized Appreciation
	180	CBOT 10 Year US Treasury Note Future	06/22/2026	$	20,486,250	$	88,097
	100	CBOT 3 Year US Treasury Note Future	07/01/2026		21,419,531		39,740
	70	CBOT 5 Year US Treasury Note Future	07/01/2026		7,709,844		21,583
		TOTAL LONG FUTURES CONTRACTS				$	149,420

CREDIT DEFAULT SWAP AGREEMENTS
Description	Payment Frequency	Counterparty	Fixed Deal (Pay)Rate	Maturity Date	Notional Value⁽¹⁾			Fair Value			Amortized Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY Series 43	Annual⁽²⁾	GS	5.00%	12/20/2029	$	54,450,000		$	(4,342,835	)	$	(3,192,430	)	$	(1,150,405	)
CDX.NA.HY Series 44	Annual⁽³⁾	GS	(5.00%)	6/20/2030		(4,950,000	)		401,912			104,244			297,668
TOTAL								$	(3,940,923	)	$	(3,088,186	)	$	(852,737	)

GS	- Goldman Sachs

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

PLC	- Public Limited Company

REMIC	- Real Estate Mortgage Investment Conduit

S.A.	- Société Anonyme

12MTA	Federal Reserve US 12 Month Cumulative Avg 1 Year CMT

CMS2	2 Year Constant Maturity Swap Rate

CMS5	5 Year Constant Maturity Swap Rate

CMS30	30 Year Constant Maturity Swap Rate

ECOFC	Enterprise 11th District Cost of Funds Index

EUR006M	Euribor 3 Month

EUR006M	Euribor 6 Month

PRIME	Prime Rate by U.S.

SOFR30A	United States 30 Day Average Secured Overnight Financing Rate

SOFR90A	United States 90 Day Average Secured Overnight Financing Rate

TSFR1M	Secured Overnight Financing Rate 1 Month

TSFR3M	Secured Overnight Financing Rate 3 Month

TSFR6M	Secured Overnight Financing Rate 6 Month

USISOA02	USD SOFR Spread-Adj. ICE Swap Rate 2Y

USISOA05	USD SOFR Spread-Adj. ICE Swap Rate 5Y

USISOA010	USD SOFR Spread-Adj. ICE Swap Rate 10Y

USISOA030	USD SOFR Spread-Adj. ICE Swap Rate 30Y

^(a)	Interest only securities.

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

^(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026 the total market value of 144A securities is $202,634,813 or 47.7% of net assets.

^(d)	Variable rate security; the rate shown represents the rate on February 28, 2026.

^(e)	Illiquid security. The total fair value of these securities as of February 28, 2026 was $12,935,998, representing 3.10% of net assets.

^(f)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at February 28, 2026.

^(g)	Zero coupon bond.

^(h)	Percentage rounds to less than 0.1%.

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

	Easterly			Easterly		Easterly			Easterly			Easterly
	Global Real Estate			Hedged Equity		Snow Small Cap			Snow Long/Short			Income
	Fund			Fund		Value Fund			Opportunity Fund			Opportunities Fund
Assets:
Total Investments, at cost	$	189,452,718		$	420,905,834	$	36,068,365		$	88,428,606		$	384,980,804
Total Investments, at value		181,635,399			488,793,825		42,167,424			126,090,120			377,930,686
Cash		9,125,302			19,976,462		—			4,433,306			34,661,566
Cash Collateral Held at Custodian		—			24,097,471		—			2,050,852			—
Foreign Cash (Cost $126,846, $0, $0, $0, $198,000)		126,807			—		—			—			197,532
Deposit at custodian for collateral for swaps		—			—		—			—			1,390,000
Deposit at broker		—			—		—			20,442,455			—
Deposit at broker for swaps		—			—		—			—			6,952,513
Deposit at broker for futures		—			—		—			—			4,561,096
Unrealized appreciation on swaps		—			7,080,239		—			—			297,668
Unrealized appreciation on futures		—			—		—			—			149,420
Interest and dividends receivable		1,073,944			255,394		70,822			382,850			2,259,619
Receivable for securities sold		4,648,090			247,427		8,162,048			—			555,826
Receivable for fund shares sold		69,236			620,971		20,286			—			621,956
Prepaid expenses and other assets		75,441			164,434		74,900			48,156			213,485
Total Assets		196,754,219			541,236,223		50,495,480			153,447,739			429,791,367

Liabilities:
Due to Broker		—			679,512		—			—			—
Options Written (premiums received $0, $8,326,072, $0, $1,731,428, $0)		—			6,142,025		—			3,261,171			—
Securities sold short (premiums received $0, $0, $0, $34,559,276, $0)		—			—		—			40,869,302			—
Cash Overdraft		—			—		7,763,468			—			—
Payable for securities purchased		26,951			397,276		—			—			48,097
Payable to manager		97,119			403,893		15,299			54,701			283,933
Payable for distribution (12b-1) fees		26,467			30,528		6,946			19,333			8,376
Payable for dividends on short sales		—			—		—			8,130			—
Payable for fund shares redeemed		210,401			629,512		25,157			—			183,570
Administration fees payable		26,866			54,800		12,616			18,865			111,968
Trustee fees payable		5,632			5,698		5,483			5,491			5,424
Premiums received on swaps		—			—		—			—			3,088,186
Unrealized depreciation on swaps		—			—		—			—			1,150,405
Accrued expenses and other liabilities		154,695			4,034		25,348			36,849			60,142
Total Liabilities		548,131			8,347,278		7,854,317			44,273,842			4,940,101

Net Assets	$	196,206,088		$	532,888,945	$	42,641,163		$	109,173,897		$	424,851,266

Net Assets:
Paid in capital		557,135,202			457,990,459		31,878,451			73,213,115			434,602,965
Accumulated earnings (loss)		(360,929,114	)		74,898,486		10,762,712			35,960,782			(9,751,699	)
Net Assets	$	196,206,088		$	532,888,945	$	42,641,163		$	109,173,897		$	424,851,266

Net Asset Value Per Share
Class A
Net Assets	$	34,971,682		$	10,189,947	$	15,533,145		$	53,599,171		$	11,128,441
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		2,318,584			693,431		213,046			1,382,043			1,066,283
Net asset value, redemption price per share (a)	$	15.08		$	14.69	$	72.91		$	38.78		$	10.44
Offering price per share (maximum sales charge of 5.75%, 5.75%, 5.75%, 5.75% and 2.00%, respectively)	$	16.00		$	15.59	$	77.36		$	41.15		$	10.65

Class C
Net Assets	$	13,003,447		$	5,433,001	$	2,294,964		$	2,168,957		$	4,759,412
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		859,895			386,191		35,146			60,372			469,566
Net asset value, offering price per share (b)	$	15.12		$	14.07	$	65.30		$	35.93		$	10.14

Class I
Net Assets	$	145,727,846		$	516,674,681	$	24,812,975		$	53,405,716		$	317,827,483
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		9,045,803			34,392,767		329,292			1,360,587			31,363,641
Net asset value, redemption price and offering price per share	$	16.11		$	15.02	$	75.35		$	39.25		$	10.13

Class R6
Net Assets	$	2,503,113		$	591,316	$	79		$	53		$	91,135,930
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		152,325			37,951		1			1			8,645,609
Net asset value, redemption price and offering price per share	$	16.43		$	15.58	$	75.36	(c)	$	39.25	(c)	$	10.54

										Easterly Snow			Easterly
	Easterly Global			Easterly			Easterly Snow			Long/Short			Income
	Real Estate			Hedged Equity			Small Cap			Opportunity			Opportunities
	Fund			Fund			Value Fund			Fund			Fund
Investment Income:
Dividend income	$	3,892,806		$	2,158,341		$	344,142		$	1,179,144		$	—
Interest income		160,285			302,887			22,794			262,911			14,326,863
Less: Foreign withholding taxes		(136,510	)		—			(2,572	)		(28,862	)		—
Total Investment Income		3,916,581			2,461,228			364,364			1,413,193			14,326,863

Operating Expenses:
Management fees		1,003,414			2,633,364			139,056			404,135			2,445,684
Distribution (12b-1) fees
Class A Shares		41,496			12,629			17,769			62,787			13,923
Class C Shares		69,815			24,983			8,827			10,025			23,774
Shareholder servicing fees		158,917			173,327			9,845			27,636			166,306
Administration fees		70,395			117,477			18,689			39,980			282,036
Transfer Agent		34,397			78,916			16,648			16,255			55,644
Legal fees		29,836			31,011			28,414			27,158			35,252
Registration fees		27,569			38,296			21,261			16,806			35,513
Audit fees		20,841			9,776			7,633			9,776			11,970
Custodian fees		18,974			11,328			11,901			13,912			25,566
Printing and postage expense		14,367			14,840			4,179			5,836			22,951
Trustees’ fees		12,684			12,695			12,450			12,450			12,685
Insurance expense		10,183			6,151			872			2,925			12,059
Compliance officer fees		10,097			12,391			4,492			6,946			14,660
Interest Expense		—			122,265			—			—			200,753
Dividend Expense		—			—			—			256,739			—
Miscellaneous expenses		26,688			1,734			1,982			1,933			1,734
Total Operating Expenses		1,549,673			3,301,183			304,018			915,299			3,360,510
Less: Expenses waived and/or reimbursed		(221,874	)		(392,087	)		(100,951	)		—			(574,222	)
Net Operating Expenses		1,327,799			2,909,096			203,067			915,299			2,786,288

Net Investment Income (Loss)		2,588,782			(447,868	)		161,297			497,894			11,540,575

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments and Foreign currency transactions		(11,454,472	)		8,442,317			4,543,647			8,060,598			222,627
Short sales		—			—			—			(625,343	)		—
Options purchased		—			(42,101,566	)		—			(12,649	)		—
Options written		—			27,849,188			—			1,331,536			—
Futures		—			—			—			—			319,831
Swaps		—			11,323,094			—			—			(79,130	)
Net realized gain (loss):		(11,454,472	)		5,513,033			4,543,647			8,754,142			463,328

Net change in unrealized appreciation (depreciation) on:
Investments and Foreign currency transactions		22,619,138			13,183,143			(641,906	)		9,356,899			5,924,869
Short sales		—			—			—			(3,306,844	)		—
Options purchased		—			(45,006	)		—			—			—
Options written		—			2,030,855			—			(1,415,493	)		—
Futures		—			—			—			—			29,954
Swaps		—			(5,066,643	)		—			—			(1,072,835	)
Net change in unrealized appreciation (depreciation)		22,619,138			10,102,349			(641,906	)		4,634,562			4,881,988

Net Realized and Unrealized Gain On Investments		11,164,666			15,615,382			3,901,741			13,388,704			5,345,316

Net Increase in Net Assets Resulting From Operations	$	13,753,448		$	15,167,514		$	4,063,038		$	13,886,598		$	16,885,891

	Easterly						Easterly
	Global Real Estate Fund						Hedged Equity Fund
	Six Months Ended						Six Months Ended
	February 28, 2026			Year Ended			February 28, 2026			Year Ended
	(Unaudited)			August 31, 2025			(Unaudited)			August 31, 2025
Operations:
Net investment income (loss)	$	2,588,782		$	5,141,173		$	(447,868	)	$	(486,790	)
Net realized gain (loss) on investments, options, swaps and foreign currency transactions		(11,454,472	)		(22,334,749	)		5,513,033			7,601,997
Net change in unrealized appreciation on investments, options, swaps and foreign currency transactions		22,619,138			16,726,888			10,102,349			19,823,929
Net increase (decrease) in net assets resulting from operations		13,753,448			(466,688	)		15,167,514			26,939,136

Distributions to Shareholders:
Total Distributions Paid:
Class A		(662,434	)		(942,765	)		—			—
Class C		(252,061	)		(364,963	)		—			—
Class I		(3,526,504	)		(5,202,071	)		—			(192,550	)
Class R6		(46,863	)		(76,686	)		—			(638	)
Total Dividends and Distributions to Shareholders		(4,487,862	)		(6,586,485	)		—			(193,188	)

Share Transactions of Beneficial Interest:
Beneficial Interest:
Net proceeds from shares sold
Class A		1,968,793			2,384,284			2,129,212			5,178,798
Class C		85,599			276,207			1,695,823			2,094,863
Class I		9,213,379			23,758,697			245,563,789			225,560,471
Class R6		12,972			54,492			—			348
Reinvestment of dividends and distributions
Class A		595,254			849,239			—			—
Class C		235,912			335,406			—			—
Class I		2,821,438			4,010,241			—			167,856
Class R6		9,553			17,885			—			427
Cost of shares redeemed
Class A		(5,144,428	)		(12,566,128	)		(1,631,826	)		(2,471,686	)
Class C		(4,581,302	)		(8,996,436	)		(423,194	)		(238,809	)
Class I		(68,571,598	)		(72,577,662	)		(61,243,776	)		(100,567,486	)
Class R6		(274,805	)		(1,338,717	)		(71,524	)		(373,604	)

Net increase (decrease) in net assets from share transactions of beneficial interest		(63,629,233	)		(63,792,492	)		186,018,504			129,351,178

Total Increase (Decrease) in Net Assets		(54,363,647	)		(70,845,665	)		201,186,018			156,097,126

Net Assets:
Beginning of year/period		250,569,735			321,415,400			331,702,927			175,605,801
End of year/period	$	196,206,088		$	250,569,735		$	532,888,945		$	331,702,927

Share Activity
Shares sold
Class A		138,803			169,411			145,813			389,199
Class C		5,950			19,227			121,699			163,561
Class I		615,806			1,601,372			16,463,197			16,560,405
Class R6		871			3,589			—			24
Shares reinvested
Class A		43,355			60,237			—			—
Class C		17,102			23,490			—			—
Class I		192,751			267,811			—			12,361
Class R6		640			1,172			—			30
Shares redeemed
Class A		(370,660	)		(901,790	)		(111,467	)		(184,803	)
Class C		(326,545	)		(641,606	)		(30,134	)		(18,610	)
Class I		(4,614,073	)		(4,909,096	)		(4,084,320	)		(7,432,477	)
Class R6		(17,900	)		(88,032	)		(4,636	)		(27,257	)
Net increase (decrease) in shares of beneficial interest		(4,313,900	)		(4,394,215	)		12,500,152			9,462,433

	Easterly									Easterly
	Snow Small Cap Value Fund									Snow Long/Short Opportunitiy Fund
	Six Months Ended			Six Months Ended			Year ended			Six Months Ended			Six Months Ended			Year ended
	February 28, 2026			August 31, 2025			February 28, 2025			February 28, 2026			August 31, 2025			February 28, 2025
	(Unaudited)									(Unaudited)
Operations:
Net investment income	$	161,297		$	357,411		$	392,150		$	497,894		$	567,274		$	1,118,104
Net realized gain (loss) on investments		4,543,647			927,736			1,853,654			8,754,142			3,369,738			2,666,490
Net change in unrealized appreciation (depreciation) on investments		(641,906	)		2,705,657			(385,968	)		4,634,562			4,389,861			2,874,386
Net increase in net assets resulting from operations		4,063,038			3,990,804			1,859,836			13,886,598			8,326,873			6,658,980

Distributions to Shareholders:
Total Distributions Paid:
Class A		(530,035	)		—			(87,006	)		(3,304,691	)		—			(2,164,412	)
Class C		(60,596	)		—			(658	)		(125,720	)		—			(83,971	)
Class I		(732,270	)		—			(135,554	)		(3,245,929	)		—			(2,067,795	)
Class R6		(3	)		—			(1	)		(3	)		—			(2	)
Total Dividends and Distributions to Shareholders		(1,322,904	)		—			(223,219	)		(6,676,343	)		—			(4,316,180	)

Share Transactions of Beneficial Interest:
Beneficial Interest:
Net proceeds from shares sold
Class A		1,437,831			66,570			697,159			2,665,842			529,771			1,597,655
Class C		794,752			13,408			203,782			14,000			0	*		—
Class I		16,809,408			789,099			3,328,458			798,693			39,082			735,386
Class R6		—			—			—			—			—			—
Reinvestment of dividends and distributions
Class A		113,998			—			20,607			848,783			—			600,527
Class C		60,596			—			658			109,851			—			78,708
Class I		420,929			—			69,427			2,852,717			—			1,711,635
Class R6		—			—			1			3			—			2
Cost of shares redeemed
Class A		(249,340	)		(101,103	)		(973,993	)		(2,437,041	)		(1,891,578	)		(6,128,890	)
Class C		(27,622	)		(136,231	)		(169,245	)		(78,874	)		(177,435	)		(817,724	)
Class I		(10,947,013	)		(445,918	)		(1,785,490	)		(697,687	)		(316,356	)		(5,736,162	)
Class R6		—			—			—			—			—			—

Net increase (decrease) in net assets from share transactions of beneficial interest		8,413,539			185,825			1,391,364			4,076,287			(1,816,516	)		(7,958,863	)

Total Increase (Decrease) in Net Assets		11,153,673			4,176,629			3,027,981			11,286,542			6,510,357			(5,616,063	)

Net Assets:
Beginning of year/period		31,487,490			27,310,861			24,282,880			97,887,355			91,376,998			96,993,061
End of year/period	$	42,641,163		$	31,487,490		$	27,310,861		$	109,173,897		$	97,887,355		$	91,376,998

Share Activity
Shares sold
Class A		19,932			1,164			11,903			74,089			15,554			47,451
Class C		12,459			268			3,864			416			0	**		—
Class I		217,194			13,698			53,947			21,629			1,133			21,764
Class R6		—			—			—			—			—			—
Shares reinvested
Class A		1,645			—			322			23,702			—			17,868
Class C		975			—			11			3,306			—			2,510
Class I		5,881			—			1,050			78,761			—			50,387
Class R6		—			—			0	**		—			—			0	**
Shares redeemed
Class A		(3,466	)		(1,749	)		(16,659	)		(66,277	)		(56,766	)		(182,699	)
Class C		(433	)		(2,701	)		(3,175	)		(2,332	)		(5,791	)		(26,165	)
Class I		(140,623	)		(7,672	)		(29,084	)		(18,743	)		(9,567	)		(167,726	)
Class R6		—			—			—			—			—			—
Net increase (decrease) in shares of beneficial interest		113,564			3,008			22,179			114,551			(55,437	)		(236,610	)

	Easterly
	Income Opportunities Fund
	Six Months Ended			Nine Months Ended			Year Ended
	February 28, 2026			August 31, 2025			November 30, 2024
	(Unaudited)
Operations:
Net investment income	$	11,540,575		$	14,551,162		$	18,451,876
Net realized gain (loss) on investments		463,328			3,716,329			389,319
Net change in unrealized appreciation (depreciation) on investments		4,881,988			3,433,911			12,258,607
Net increase in net assets resulting from operations		16,885,891			21,701,402			31,099,802

Distributions to Shareholders:
Total Distributions Paid:
Class A		(289,576	)		(346,618	)		(287,003	)
Class C		(109,020	)		(126,856	)		(149,225	)
Class I		(8,434,096	)		(10,741,451	)		(12,036,395	)
Class R6		(2,409,587	)		(2,999,160	)		(3,958,808	)
Return of Capital
Class A		—			(14,588	)		(54,370	)
Class C		—			(6,401	)		(33,420	)
Class I		—			(433,107	)		(2,162,099	)
Class R6		—			(120,533	)		(712,009	)
Total Dividends and Distributions to Shareholders		(11,242,279	)		(14,788,714	)		(19,393,329	)

Share Transactions of Beneficial Interest:
Beneficial Interest:
Net proceeds from shares sold
Class A		1,546,248			23,675,477			4,016,462
Class C		742,460			1,156,279			1,215,430
Class I		55,633,485			99,776,062			97,962,493
Class R6		9,530,866			31,919,721			6,435,020
Reinvestment of dividends and distributions
Class A		216,548			280,563			241,860
Class C		80,507			109,486			139,923
Class I		7,161,621			9,639,758			12,566,999
Class R6		1,936,167			2,580,988			3,912,798
Cost of shares redeemed
Class A		(1,242,539	)		(21,375,605	)		(2,742,648	)
Class C		(568,725	)		(724,755	)		(1,183,255	)
Class I		(51,159,708	)		(65,710,266	)		(94,652,808	)
Class R6		(18,520,744	)		(16,163,396	)		(16,620,026	)

Net increase in net assets from share transactions of beneficial interest		5,356,186			65,164,312			11,292,248

Total Increase in Net Assets		10,999,798			72,077,000			22,998,721

Net Assets:
Beginning of year/period		413,851,468			341,774,468			318,775,747
End of year/period	$	424,851,266		$	413,851,468		$	341,774,468

Share Activity
Shares sold
Class A		149,275			2,317,757			399,333
Class C		73,775			117,046			124,840
Class I		5,522,247			10,080,160			10,122,470
Class R6		911,613			3,108,125			647,404
Shares reinvested
Class A		20,915			27,568			24,366
Class C		8,005			11,069			14,484
Class I		712,330			975,037			1,301,067
Class R6		185,390			252,294			394,574
Shares redeemed
Class A		(119,600	)		(2,095,046	)		(276,555	)
Class C		(56,445	)		(73,310	)		(122,205	)
Class I		(5,081,756	)		(6,629,756	)		(9,805,661	)
Class R6		(1,775,871	)		(1,585,200	)		(1,661,814	)
Net increase in shares of beneficial interest		549,878			6,505,744			1,162,303

	CLASS A
	For the Six
	Months Ended
	February 28,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2026			August 31,			August 31,			August 31,			August 31,			August 31,
	(Unaudited)			2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year/Period	$	14.28		$	14.56		$	12.96		$	14.56		$	18.94		$	15.56
Income (Loss) from Investment Operations:
Net investment income (1)		0.13			0.22			0.29			0.20			0.14			0.11
Net realized and unrealized gain (loss)		0.94			(0.17	)		1.68			(1.25	)		(2.93	)		4.85
Total from investment operations		1.07			0.05			1.97			(1.05	)		(2.79	)		4.96
Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.33	)		(0.37	)		(0.19	)		(0.41	)		(0.28	)
Distributions from realized gains		—			—			—			(0.36	)		(1.18	)		(1.30	)
Total dividends and distributions		(0.27	)		(0.33	)		(0.37	)		(0.55	)		(1.59	)		(1.58	)
Net Asset Value, End of Year/Period	$	15.08		$	14.28		$	14.56		$	12.96		$	14.56		$	18.94
Total Return*		7.70	% +		0.43	%		15.57	%		(7.06	)%		(16.03	)%		33.47	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	34,972		$	35,809		$	46,281		$	56,487		$	97,639		$	118,587
Ratio of gross operating expenses to average net assets (2)		1.54	% (6)		1.50	%		1.46	%		1.42	%		1.36	%		1.51	%
Ratio of net operating expenses to average net assets (3)		1.54	% (6)		1.50	%		1.46	%		1.42	%		1.36	%		1.51	%
Ratio of net investment income after expense reimbursement/recoupment to average net assets		1.91	% (6)		1.58	%		2.23	%		1.53	%		0.80	%		0.64	%
Portfolio Turnover Rate		95	% (7)		186	%		141	%		12	%		116	%		160	%

	CLASS C
	For the Six
	Months Ended
	February 28,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2026			August 31,			August 31,			August 31,			August 31,			August 31,
	(Unaudited)			2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year/Period	$	14.33		$	14.62		$	13.00		$	14.63		$	19.06		$	15.68
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.08			0.12			0.19			0.10			0.01			(0.02	)
Net realized and unrealized gain (loss)		0.95			(0.17	)		1.69			(1.26	)		(2.94	)		4.89
Total from investment operations		1.03			(0.05	)		1.88			(1.16	)		(2.93	)		4.87
Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.24	)		(0.26	)		(0.11	)		(0.32	)		(0.19	)
Distributions from realized gains		—			—			—			(0.36	)		(1.18	)		(1.30	)
Total dividends and distributions		(0.24	)		(0.24	)		(0.26	)		(0.47	)		(1.50	)		(1.49	)
Net Asset Value, End of Year/Period	$	15.12		$	14.33		$	14.62		$	13.00		$	14.63		$	19.06
Total Return*		7.32	% +		(0.30	)% +		14.70	%		(7.80	)%		(16.64	)%		32.51	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	13,003		$	16,677		$	25,767		$	34,243		$	52,362		$	75,701
Ratio of gross operating expenses to average net assets (4)		2.29	% (6)		2.25	%		2.21	%		2.17	%		2.11	%		2.26	%
Ratio of net operating expenses to average net assets (5)		2.29	% (6)		2.25	%		2.21	%		2.17	%		2.11	%		2.26	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		1.20	% (6)		0.83	%		1.47	%		0.79	%		0.05	%		(0.11	)%
Portfolio Turnover Rate		95	% (7)		186	%		141	%		12	%		116	%		160	%

Fund	Sub-Advisor
Easterly Global Real Estate Fund (“Global Real Estate”)
Easterly Hedged Equity Fund (“Hedged Equity”)	EAB Investment Group, LLC
Easterly Snow Small Cap Value Fund (“Small Cap Value”)
Easterly Snow Long/Short Opportunity Fund (“Long/Short Opportunity”)
Easterly Income Opportunities Fund (“Income Opportunities”)	Orange Investment Advisors LLC

Fund	Primary Objective
Global Real Estate	Total return through a combination of current income and capital appreciation
Hedged Equity	Capital appreciation
Small Cap Value	Long Term Capital Appreciation
Long/Short Opportunity	Long Term Capital Appreciation and protection of principal investment
Income Opportunities	High level of risk adjusted current income and capital appreciation with a secondary objective of capital preservation.

Global Real Estate

Assets*	Level 1			Level 2			Level 3		Total
Common Stock	$	120,408,416		$	61,226,983		$	—	$	181,635,399
Total	$	120,408,416		$	61,226,983		$	—	$	181,635,399

Hedged Equity

Assets*	Level 1			Level 2			Level 3		Total
Exchange Traded Funds	$	475,048,075		$	—		$	—	$	475,048,075
Put Options Purchased		—			13,745,750			—		13,745,750
Total	$	475,048,075		$	13,745,750		$	—	$	488,793,825
Derivatives* - Assets
Total Return Swaps	$	—		$	7,080,239		$	—	$	7,080,239
Total	$	—		$	7,080,239		$	—	$	7,080,239
Derivatives* - Liabilities
Call Options Written	$	(1,033,025	)	$	—		$	—	$	(1,033,025	)
Put Options Written		—			(5,109,000	)		—		(5,109,000	)
Total	$	(1,033,025	)	$	(5,109,000	)	$	—	$	(6,142,025	)

Small Cap Value

Assets*	Level 1			Level 2			Level 3		Total
Common Stock	$	42,167,424		$	—		$	—	$	42,167,424
Total	$	42,167,424		$	—		$	—	$	42,167,424

Long/Short Opportunity

Assets*	Level 1			Level 2			Level 3		Total
Common Stocks	$	118,777,276		$	—		$	—	$	118,777,276
Exchange Traded Funds		3,123,800			—			—		3,123,800
Corporate Bonds		—			4,189,044			—		4,189,044
Total Assets	$	121,901,076		$	4,189,044		$	—	$	126,090,120
Liability Derivatives
Call Options Written	$	—		$	(2,923,303	)	$	—	$	(2,923,303	)
Put Options Written		—			(337,868	)		—		(337,868	)
Common Stocks		(6,366,604	)		—			—		(6,366,604	)
Exchange Traded Funds		(34,502,698	)		—			—		(34,502,698	)
Total Liabilities	$	(40,869,302	)	$	(3,261,171	)	$	—	$	(44,130,473	)

	Income	Capital
Fund	Dividends	Gains
Global Real Estate	Quarterly	Annually
Hedged Equity	Annually	Annually
Small Cap Value	Annually	Annually
Long/Short Opportunity	Annually	Annually
Income Opportunities	Monthly	Annually