EASTERLY GLOBAL REAL ESTATE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.3%
		Australia - 12.4%
	318,356	Goodman Group	$	7,235,555
	1,264,492	Lifestyle Communities Ltd.^(a)		4,750,633
	570,538	NEXTDC Ltd.^(a)		6,242,130
	1,631,138	Stockland		4,794,569
				23,022,887
		Belgium - 1.7%
	31,340	VGP N.V.		3,057,729

		Bermuda - 1.3%
	316,705	Hongkong Land Holdings Ltd.		2,413,292

		Canada - 4.4%
	451,754	Chartwell Retirement Residences		6,617,570
	117,524	Killam Apartment Real Estate Investment Trust		1,563,044
				8,180,614
		France - 2.0%
	32,278	Unibail-Rodamco-Westfield		3,731,916

		Germany - 2.3%
	306,159	Instone Real Estate Group S.E.^(b),(c)		2,987,576
	78,601	TAG Immobilien A.G.		1,300,898
				4,288,474
		Japan - 4.2%
	5,679	Japan Hotel REIT Investment Corporation		2,730,996
	2,540	Japan Prime Realty Investment Corporation		1,516,275
	78,185	Mitsubishi Estate Company Ltd.		1,975,558
	3,083	Nippon Prologis REIT, Inc.		1,650,496
				7,873,325
		Spain - 1.6%
	87,981	Cellnex Telecom S.A.^(b)		2,944,557

		Sweden - 1.8%
	70,293	Catena A.B.		3,316,601

EASTERLY GLOBAL REAL ESTATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 98.3% (Continued)
		United Kingdom - 8.4%
	2,658,663	Grainger PLC	$	5,648,383
	107,250	Segro PLC		1,039,740
	1,831,186	Tritax Big Box REIT PLC		3,699,454
	748,841	UNITE Group PLC (The)		5,184,417
				15,571,994
		United States - 58.2%
	165,838	American Healthcare REIT, Inc.		8,107,820
	108,723	American Homes 4 Rent, Class A		3,487,834
	31,384	American Tower Corporation, Class A		5,867,553
	108,179	COPT Defense Properties		3,468,219
	32,973	Digital Realty Trust, Inc.		6,264,870
	8,553	Equinix, Inc.		9,134,946
	120,095	First Industrial Realty Trust, Inc.		7,430,278
	34,196	Iron Mountain, Inc.		4,385,637
	253,253	Kite Realty Group Trust		6,944,197
	28,625	Mid-America Apartment Communities, Inc.		3,694,629
	215,630	National Healthcare Properties, Inc.^(a)		3,115,854
	347,186	NETSTREIT Corporation		7,033,988
	113,325	Omega Healthcare Investors, Inc.		5,299,077
	53,850	Prologis, Inc.		7,725,860
	94,752	Rexford Industrial Realty, Inc.		3,360,853
	33,674	Simon Property Group, Inc.		6,900,139
	31,940	Sun Communities, Inc.		3,949,700
	101,000	VICI Properties, Inc.		2,850,220
	43,444	Welltower, Inc.		8,920,357
				107,942,031

		TOTAL COMMON STOCKS (Cost $192,833,401)		182,343,420

		TOTAL INVESTMENTS - 98.3% (Cost $192,833,401)	$	182,343,420
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%		3,089,544
		NET ASSETS - 100.0%	$	185,432,964

EASTERLY GLOBAL REAL ESTATE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Portfolio Composition By Industry
Engineering & Construction	1.6	%	REIT	76.1	%
Health Care Facilities & Services	3.6	%	Telecommunications	3.4	%
Home Construction	2.5	%	Other Assets In Excess of Liabilities	1.7	%
Real Estate Owners & Developers	11.1	%	Net Assets	100.0	%

A.B.	- Aktiebolag

A.G.	- Aktiengesellschaft

Ltd.	- Limited Company

N.V.	- Naamioze Vennootschap

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S.A.	- Société Anonyme

S.E.	- Societas Europeae

^(a)	Non-income producing security.

^(b)	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 May 31, 2026 the total market value of 144A securities is 5,932,133 or 3.2% of net assets.

^(c)	Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. As of May 31, 2026, the value of securities amounted to $2,987,576 or 1.6% of net assets.

EASTERLY HEDGED EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Shares									Fair Value
		EXCHANGE-TRADED FUNDS — 88.6%
		EQUITY - 88.6%
	762,500	State Street SPDR S&P 500 ETF Trust^(a)							$	576,816,000
		TOTAL EXCHANGE-TRADED FUNDS (Cost $469,599,732)

Contracts^(b)			Counterparty	Expiration Date	Exercise Price		Notional Value
		INDEX OPTIONS PURCHASED - 1.5%
		PUT OPTIONS PURCHASED - 1.5%
	1,665	S&P 500 Index	PER	06/30/2026	$	7,420	$	1,262,079,990	$	9,498,825
		TOTAL PUT OPTIONS PURCHASED (Cost - $10,924,569)

		TOTAL INVESTMENTS – 90.1% (Cost $480,524,301)							$	586,314,825
		PUT OPTIONS WRITTEN - (0.4)% (Premiums received - $4,114,659)								(2,480,850	)
		CALL OPTIONS WRITTEN - (0.6)% (Premiums received - $3,420,063)								(3,942,600	)
		OTHER ASSETS IN EXCESS OF LIABILITIES – 10.9%								70,784,930
		NET ASSETS - 100.0%							$	650,676,305

Contracts^(b)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN INDEX OPTIONS - (0.4)%
		PUT OPTIONS WRITTEN - (0.4)%
	1,665	S&P 500 Index	PER	06/30/2026	$	7,000	$	1,262,079,990	$	2,480,850
		TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,114,659)

		WRITTEN EQUITY OPTIONS - (0.6)%
		CALL OPTIONS WRITTEN - (0.6)%
	4,800	State Street SPDR S&P 500 ETF Trust	PER	06/12/2026	$	760	$	363,110,400	$	2,688,000
	2,550	State Street SPDR S&P 500 ETF Trust	PER	06/30/2026		771		192,902,400		1,254,600
		TOTAL CALL OPTIONS WRITTEN (Premiums received - $3,420,063)								3,942,600

		TOTAL OPTIONS WRITTEN (Premiums received - $7,534,722)							$	6,423,450

ETF	- Exchange-Traded Fund

SPDR	- Standard & Poor’s Depositary Receipt

PER	- Pershing

^(a)	A portion of this security is held as collateral for written options.

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

EASTERLY HEDGED EQUITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

TOTAL RETURN SWAP

Upfront

Payment

Number Of

Maturity

Notional

Payments/

Unrealized

Description

Frequency

Long/Short

Currency

Index

Spread

Counterparty

Contracts

Date

Amount

Receipts

Appreciation

SPDR S&P 500 ETF Trust

Maturity

Long

USD

Federal Funds Rate

0.55%

Goldman Sachs

10,000

6/22/2026

5,942,800

—

1,421,777

SPDR S&P 500 ETF Trust

Maturity

Long

USD

Federal Funds Rate

0.70%

Goldman Sachs

25,000

7/2/2026

15,433,000

—

2,954,944

SPDR S&P 500 ETF Trust

Maturity

Long

USD

Federal Funds Rate

0.65%

Goldman Sachs

20,000

8/31/2026

12,720,000

—

2,027,831

SPDR S&P 500 ETF Trust

Maturity

Long

USD

Federal Funds Rate

0.55%

Goldman Sachs

82,500

9/8/2026

53,501,539

—

7,632,172

SPDR S&P 500 ETF Trust

Maturity

Long

USD

Federal Funds Rate

0.85%

Goldman Sachs

40,000

12/7/2026

26,838,800

—

2,886,685

SPDR S&P 500 ETF Trust

Maturity

Long

USD

Federal Funds Rate

0.83%

Goldman Sachs

20,000

3/3/2027

13,926,000

—

1,041,446

SPDR S&P 500 ETF Trust

Maturity

Long

USD

Federal Funds Rate

0.85%

Goldman Sachs

105,000

3/4/2027

68,877,438

—

8,969,798

SPDR S&P 500 ETF Trust

Maturity

Long

USD

Federal Funds Rate

0.65%

Goldman Sachs

15,000

3/29/2027

10,339,950

—

919,580

27,854,233

EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.8%
		AUTOMOTIVE - 3.4%
	13,431	Visteon Corporation	$	1,588,753

		BANKING - 18.3%
	50,441	Associated Banc-Corporation		1,402,764
	52,036	Columbia Banking System, Inc.		1,542,347
	24,421	First Commonwealth Financial Corporation		462,534
	84,730	Flagstar Financial, Inc.		1,191,304
	48,786	FNB Corporation		852,779
	57,428	Old National Bancorp		1,378,846
	28,679	Zions Bancorp NA		1,791,003
				8,621,577
		BIOTECH & PHARMA - 1.0%
	14,567	Collegium Pharmaceutical, Inc.^(a)		489,597

		CONSUMER SERVICES - 3.5%
	18,018	Stride, Inc.^(a)		1,664,503

		ELECTRICAL EQUIPMENT - 2.4%
	9,255	Ralliant Corporation		572,607
	11,262	Sensata Technologies Holding PLC		556,230
				1,128,837
		ENGINEERING & CONSTRUCTION - 1.7%
	10,136	Limbach Holdings, Inc.^(a)		785,033

		FOOD - 0.3%
	5,329	Pilgrim’s Pride Corporation		150,864

		HEALTH CARE FACILITIES & SERVICES - 7.8%
	8,593	Molina Healthcare, Inc.^(a)		1,491,745
	83,594	Progyny, Inc.^(a)		2,136,662
				3,628,407
		HOME CONSTRUCTION - 0.7%
	4,687	Meritage Homes Corporation		305,780

EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		INSURANCE - 5.2%
	9,832	CNO Financial Group, Inc.	$	451,977
	15,132	Jackson Financial, Inc.		1,560,261
	11,486	Lincoln National Corporation		405,341
				2,417,579
		INTERNET MEDIA & SERVICES - 1.9%
	62,697	Lyft, Inc., Class A^(a)		884,655

		LEISURE FACILITIES & SERVICES - 3.1%
	10,203	Brinker International, Inc.^(a)		1,452,703

		MACHINERY - 6.0%
	29,861	Astec Industries, Inc.		1,503,801
	6,745	Enerpac Tool Group Corporation		225,890
	18,902	Terex Corporation		1,099,718
				2,829,409
		MEDICAL EQUIPMENT & DEVICES - 3.0%
	6,392	Haemonetics Corporation^(a)		433,442
	31,460	Inmode Ltd.^(a)		438,238
	5,595	Lantheus Holdings, Inc.^(a)		555,583
				1,427,263
		METALS & MINING - 4.5%
	72,661	Hudbay Minerals, Inc.		2,118,795

		OIL & GAS PRODUCERS - 4.2%
	5,568	CNX Resources Corporation^(a)		187,586
	25,617	Delek US Holdings, Inc.		1,140,213
	28,626	Northern Oil & Gas, Inc.		623,188
				1,950,987
		REITS - 2.3%
	41,521	Highwoods Properties, Inc.		1,083,698

		RETAIL - DISCRETIONARY - 7.0%
	19,363	Abercrombie & Fitch Company, Class A^(a)		1,495,211
	72,896	American Eagle Outfitters, Inc.		1,151,757

EASTERLY SNOW SMALL CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		RETAIL - DISCRETIONARY - 7.0% (Continued)
	8,985	Urban Outfitters, Inc.^(a)	$	652,760
				3,299,728
		SEMICONDUCTORS - 9.5%
	18,051	Diodes, Inc.^(a)		1,901,131
	39,141	Photronics, Inc.^(a)		1,266,211
	4,602	Silicon Motion Technology Corporation - ADR		1,274,156
				4,441,498
		SOFTWARE - 3.1%
	61,758	Open Text Corporation		1,472,311

		STEEL - 8.9%
	169,603	Cleveland-Cliffs, Inc.^(a)		2,306,600
	24,593	Commercial Metals Company		1,870,298
				4,176,898

		TOTAL COMMON STOCKS (Cost $37,916,460)		45,918,875

		TOTAL INVESTMENTS - 97.8% (Cost $37,916,460)	$	45,918,875
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%		1,016,236
		NET ASSETS - 100.0%	$	46,935,111

ADR	- American Depositary Receipt

LTD	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

^(a)	Non-income producing security.

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 111.5%
		APPAREL & TEXTILE PRODUCTS - 4.3%
	31,800	Carter’s, Inc.	$	1,227,162
	38,217	PVH Corporation		3,564,881
				4,792,043
		AUTOMOTIVE - 3.6%
	79,100	Gentex Corporation		1,911,056
	18,000	Visteon Corporation		2,129,220
				4,040,276
		BANKING - 13.1%
	27,070	Bank of America Corporation		1,396,812
	25,740	Citigroup, Inc.		3,240,666
	96,070	Columbia Banking System, Inc.		2,847,515
	33,000	Fifth Third Bancorp		1,647,690
	12,900	JPMorgan Chase & Company		3,861,098
	66,700	Old National Bancorp		1,601,467
				14,595,248
		BEVERAGES - 1.2%
	9,600	Constellation Brands, Inc., Class A		1,332,672

		BIOTECH & PHARMA - 12.8%
	34,000	BioMarin Pharmaceutical, Inc.^(a)		1,947,860
	76,000	CorMedix, Inc.^(a)		641,440
	8,030	Johnson & Johnson		1,809,400
	138,400	Pacira BioSciences, Inc.^(a)		3,213,648
	81,600	Pfizer, Inc.		2,136,288
	2,820	Regeneron Pharmaceuticals, Inc.		1,733,680
	60,296	Sanofi - ADR - ADR		2,633,126
				14,115,442
		CHEMICALS - 1.9%
	125,130	Ecovyst, Inc.^(a)		1,650,465
	7,000	LyondellBasell Industries N.V., Class A		466,550
				2,117,015
		ELECTRICAL EQUIPMENT - 3.1%
	21,800	Atkore, Inc.		1,805,258

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 111.5% (Continued)
		ELECTRICAL EQUIPMENT - 3.1% (Continued)
	34,320	Sensata Technologies Holding PLC	$	1,695,065
				3,500,323
		ENTERTAINMENT CONTENT - 1.2%
	13,500	Walt Disney Company (The)		1,374,705

		GAS & WATER UTILITIES - 2.2%
	68,450	UGI Corporation		2,390,274

		HEALTH CARE FACILITIES & SERVICES - 4.6%
	33,000	Centene Corporation^(a)		1,966,800
	3,100	Elevance Health, Inc.		1,218,889
	76,000	Progyny, Inc.^(a)		1,942,560
				5,128,249
		HOUSEHOLD PRODUCTS - 1.9%
	121,000	Kenvue, Inc.		2,090,880

		INDUSTRIAL SUPPORT SERVICES - 1.2%
	3,660	WESCO International, Inc.		1,321,882

		INSURANCE - 4.5%
	9,330	Hartford Insurance Group, Inc. (The)		1,186,123
	15,400	Jackson Financial, Inc.		1,587,894
	26,375	MetLife, Inc.		2,180,949
				4,954,966
		INTERNET MEDIA & SERVICES - 0.6%
	45,000	Lyft, Inc., Class A^(a)		634,950

		LEISURE FACILITIES & SERVICES - 1.6%
	35,050	Las Vegas Sands Corporation		1,772,479

		MACHINERY - 1.1%
	15,800	Flowserve Corporation		1,193,058

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 111.5% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 1.5%
	24,400	Haemonetics Corporation^(a)	$	1,654,564

		METALS & MINING - 10.4%
	6,540	Agnico Eagle Mines Ltd.		1,197,801
	53,200	Alamos Gold, Inc., Class A		2,170,560
	999,832	B2Gold Corporation		4,759,200
	6,600	Freeport-McMoRan, Inc.		433,686
	102,800	Hudbay Minerals, Inc.		2,997,648
				11,558,895
		OIL & GAS PRODUCERS - 17.7%
	32,208	ConocoPhillips		3,671,068
	42,900	EQT Corporation		2,356,497
	10,795	Marathon Petroleum Corporation		2,685,472
	81,270	Northern Oil & Gas, Inc.		1,769,248
	88,680	Range Resources Corporation		3,454,086
	40,000	Sable Offshore Corporation^(a)		586,000
	35,389	Suncor Energy, Inc.		2,206,858
	272,317	Whitecap Resources, Inc.		3,126,199
				19,855,428
		RETAIL - CONSUMER STAPLES - 2.3%
	11,700	Sprouts Farmers Market, Inc.^(a)		966,654
	11,900	Target Corporation		1,512,133
				2,478,787
		RETAIL - DISCRETIONARY - 2.2%
	23,000	Abercrombie & Fitch Company, Class A^(a)		1,776,060
	40,000	American Eagle Outfitters, Inc.		632,000
				2,408,060
		SEMICONDUCTORS - 0.9%
	31,800	Photronics, Inc.^(a)		1,028,730

		SOFTWARE - 5.5%
	15,500	Akamai Technologies, Inc.^(a)		2,317,870
	7,000	Salesforce, Inc.		1,337,700
	16,930	Zoom Video Communications, Inc.^(a)		1,719,919

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares			Fair Value
		COMMON STOCKS — 111.5% (Continued)
		SOFTWARE - 5.5% (Continued)
	197,000	ZoomInfo Technologies, Inc., Class A^(a)	$	656,010
				6,031,499
		SPECIALTY FINANCE - 0.9%
	309,700	UWM Holdings Corporation		947,682

		STEEL - 2.8%
	55,000	Cleveland-Cliffs, Inc.^(a)		748,000
	31,043	Commercial Metals Company		2,360,820
				3,108,820
		TECHNOLOGY HARDWARE - 5.3%
	11,000	Dell Technologies, Inc., Class C		4,630,010
	14,000	NCR Atleos Corporation^(a)		624,400
	14,000	Super Micro Computer, Inc.^(a)		645,260
				5,899,670
		TRANSPORTATION & LOGISTICS - 1.9%
	12,000	Delta Air Lines, Inc.		989,760
	11,000	United Parcel Service, Inc., Class B		1,173,590
				2,163,350
		TRANSPORTATION EQUIPMENT - 1.2%
	11,575	PACCAR, Inc.		1,277,533

		TOTAL COMMON STOCKS (Cost $89,492,161)		123,767,480

		EXCHANGE-TRADED FUNDS — 2.6%
		COMMODITY - 0.5%
	10,000	United States Brent Oil Fund, L.P.^(a)		505,900

		EQUITY - 2.1%
	20,000	VanEck Junior Gold Miners ETF		2,385,800

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
		EXCHANGE-TRADED FUNDS — 2.6% (Continued)

		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,304,692)				$	2,891,700

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity
		CORPORATE BONDS — 3.4%
		CHEMICALS — 0.4%
	600,000	FMC Corporation^(b)	H15T5Y + 4.366%	8.4500	11/01/55		447,725

		OIL & GAS PRODUCERS — 0.9%
	1,000,000	PBF Holding Company, LLC / PBF Finance Corporation		6.0000	02/15/28		1,000,787

		RETAIL - DISCRETIONARY — 0.6%
	1,000,000	Kohl’s Corporation		5.5500	07/17/45		641,379

		SPECIALTY FINANCE — 0.9%
	1,000,000	Ally Financial, Inc.^(b)	H15T7Y + 3.481%	4.7000	08/15/69		973,429

		STEEL — 0.6%
	800,000	Cleveland-Cliffs, Inc.		6.2500	10/01/40		655,656

		TOTAL CORPORATE BONDS (Cost $3,178,772)					3,718,976

		TOTAL INVESTMENTS - 117.5% (Cost $93,975,625)				$	130,378,156
		CALL OPTIONS WRITTEN - (3.4)% (Premiums received - $2,163,559)					(3,736,705	)
		PUT OPTIONS WRITTEN - (0.3)% (Premiums received - $543,349)					(301,480	)
		LIABILITIES IN EXCESS OF OTHER ASSETS - (13.8)%					(15,376,276	)
		NET ASSETS - 100.0%				$	110,963,695

Contracts^(c)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (3.5)%
		CALL OPTIONS WRITTEN- (3.4)%
	70	Abercrombie & Fitch Company	JEF	08/21/2026	$	85	$	595,000	$	35,700
	75	Akamai Technologies, Inc.	JEF	06/18/2026		115		862,500		261,000
	40	Akamai Technologies, Inc.	JEF	11/20/2026		150		600,000		100,000
	40	Akamai Technologies, Inc.	JEF	11/20/2026		180		720,000		58,800
	152	Alamos Gold, Inc.	JEF	01/15/2027		45		684,000		83,600

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Contracts^(c)(continued)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (3.5)%
		CALL OPTIONS WRITTEN- (3.4)% (Continued)
	1,500	B2Gold Corporation	JEF	01/15/2027	$	6	$	900,000	$	90,000
	3,700	B2Gold Corporation	JEF	01/15/2027		8		2,960,000		92,500
	150	Centene Corporation	JEF	09/18/2026		65		975,000		57,750
	180	Cleveland-Cliffs, Inc.	JEF	06/18/2026		17		306,000		2,880
	100	Commercial Metals Company	JEF	06/18/2026		85		850,000		4,500
	100	ConocoPhillips	JEF	07/17/2026		130		1,300,000		11,000
	100	ConocoPhillips	JEF	09/18/2026		140		1,400,000		15,000
	30	Dell Technologies, Inc.	JEF	06/18/2026		180		540,000		688,980
	30	Dell Technologies, Inc.	JEF	12/18/2026		250		750,000		582,000
	30	Dell Technologies, Inc.	JEF	01/15/2027		400		1,200,000		332,610
	20	Dell Technologies, Inc.	JEF	01/15/2027		450		900,000		186,420
	120	Delta Air Lines, Inc.	JEF	06/18/2026		73		876,000		129,600
	300	Ecovyst, Inc.	JEF	06/18/2026		15		450,000		4,500
	94	Ecovyst, Inc.	JEF	09/18/2026		18		169,200		3,760
	100	EQT Corporation	JEF	09/18/2026		80		800,000		1,300
	66	Freeport-McMoRan, Inc.	JEF	06/18/2026		70		462,000		11,220
	300	Hudbay Minerals, Inc.	JEF	11/20/2026		25		750,000		219,000
	100	Hudbay Minerals, Inc.	JEF	11/20/2026		30		300,000		48,500
	100	Hudbay Minerals, Inc.	JEF	11/20/2026		35		350,000		31,700
	75	Jackson Financial, Inc.	JEF	06/18/2026		115		862,500		3,375
	30	JPMorgan Chase & Company	JEF	06/18/2026		330		990,000		1,020
	55	JPMorgan Chase & Company	JEF	07/17/2026		315		1,732,500		28,710
	120	Las Vegas Sands Corporation	JEF	06/18/2026		70		840,000		3,960
	50	Marathon Petroleum Corporation	JEF	06/18/2026		250		1,250,000		43,550
	25	Marathon Petroleum Corporation	JEF	09/18/2026		270		675,000		32,500
	150	Northern Oil & Gas, Inc.	JEF	06/18/2026		30		450,000		750
	50	PACCAR, Inc.	JEF	06/18/2026		135		675,000		1,875
	100	Photronics, Inc.	JEF	12/18/2026		60		600,000		20,500
	110	PVH Corporation	JEF	06/18/2026		70		770,000		250,800
	100	PVH Corporation	JEF	09/18/2026		115		1,150,000		39,000
	200	Range Resources Corporation	JEF	09/18/2026		55		1,100,000		6,000
	200	Sable Offshore Corporation	JEF	01/15/2027		25		500,000		38,000
	100	Suncor Energy, Inc.	JEF	06/18/2026		70		700,000		1,800
	64	Suncor Energy, Inc.	JEF	09/18/2026		75		480,000		6,400
	140	Super Micro Computer, Inc.	JEF	06/18/2026		45		630,000		62,160
	64	Target Corporation	JEF	06/18/2026		135		864,000		8,960
	80	Zoom Communications, Inc.	JEF	06/18/2026		95		760,000		63,200
	85	Zoom Communications, Inc.	JEF	11/20/2026		120		1,020,000		71,825
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $2,163,559)								3,736,705

		PUT OPTIONS WRITTEN - (0.1)%
	10	ASML Holding N.V.	JEF	06/18/2026	$	1,100	$	1,100,000	$	600
	70	BioMarin Pharmaceutical, Inc.	JEF	07/17/2026		53		371,000		10,500
	40	Boeing Company (The)	JEF	08/21/2026		170		680,000		3,400
	115	Docusign, Inc.	JEF	06/18/2026		45		517,500		13,225
	25	Home Depot, Inc. (The)	JEF	08/21/2026		300		750,000		26,000

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Contracts^(c)(continued)			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN EQUITY OPTIONS - (3.6)%
		PUT OPTIONS WRITTEN - (0.1)% (Continued)
	100	Las Vegas Sands Corporation	JEF	06/18/2026	$	50	$	500,000	$	12,800
	230	Lyft, Inc.	JEF	06/18/2026		15		345,000		26,910
	40	Molina Healthcare, Inc.	JEF	06/18/2026		110		440,000		9,600
	200	Northern Oil & Gas, Inc.	JEF	09/18/2026		19		380,000		22,000
	200	PBF Energy, Inc.	JEF	09/18/2026		38		760,000		95,000
	5	Regeneron Pharmaceuticals, Inc.	JEF	08/21/2026		650		325,000		29,150
	35	Salesforce, Inc.	JEF	08/21/2026		160		560,000		13,895
	80	Sprouts Farmers Market, Inc.	JEF	06/18/2026		70		560,000		2,400
	80	Sprouts Farmers Market, Inc.	JEF	09/18/2026		75		600,000		36,000
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $543,349)								301,480

		TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $2,706,908)							$	4,038,185

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)

May 31, 2026

Shares
			COMMON STOCKS — (5.8)%
			ASSET MANAGEMENT - (1.0)%
	(25,300	)	Carlyle Group, Inc. (The)	$	(1,149,379	)

			HOUSEHOLD PRODUCTS - (0.8)%
	(4,300	)	Church & Dwight Company, Inc.		(411,209	)
	(4,600	)	Colgate-Palmolive Company		(414,598	)
					(825,807	)
			INSTITUTIONAL FINANCIAL SERVICES - (1.8)%
	(1,900	)	Goldman Sachs Group, Inc. (The)		(1,948,564	)

			METALS & MINING - (1.4)%
	(14,700	)	Rio Tinto PLC - ADR		(1,563,933	)

EASTERLY SNOW LONG/SHORT OPPORTUNITY FUND

SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)

May 31, 2026

Shares				Fair Value
			COMMON STOCKS — (5.8)% (Continued)
			OIL & GAS PRODUCERS - (0.8)%
	(2,600	)	Chevron Corporation	$	(474,396	)
	(3,400	)	Exxon Mobil Corporation		(493,884	)
					(968,280	)

			EXCHANGE-TRADED FUNDS — (33.9)%
			COMMODITY - (2.9)%
	(7,600	)	SPDR Gold Shares		(3,170,112	)

			EQUITY - (30.9)%
	(26,000	)	iShares Russell 1000 Growth ETF		(3,324,100	)
	(17,000	)	State Street Energy Select Sector SPDR ETF		(956,930	)
	(61,800	)	State Street SPDR Portfolio S&P 500 Value ETF		(3,772,890	)
	(26,100	)	State Street SPDR S&P 500 ETF Trust		(19,744,128	)
	(7,000	)	VanEck Gold Miners ETF		(626,430	)
	(10,400	)	Vanguard Small-Cap Value ETF		(2,442,232	)
	(9,200	)	Vanguard Total Stock Market ETF		(3,427,368	)
					(34,294,078	)

			TOTAL SECURITIES SOLD SHORT - (Proceeds - $35,291,615)	$	(43,920,153	)

ADR	- American Depositary Receipt

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

NV	- Naamioze Vennootschap

PLC	- Public Limited Company

SPDR	- Standard & Poor’s Depositary Receipt

JEF	Jefferies

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

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

^(a)	Non-income producing security.

^(b)	Variable rate security; the rate shown represents the rate on May 31, 2026.

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

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2%
		AGENCY CMBS — 1.6%
	847,054	Freddie Mac Multifamily Structured Pass Through Series K092 X3^(a),(b)		2.3250	05/25/47	$	50,361
	2,173,151	FREMF Mortgage Trust Series 2019-KF63^(c),(d)	SOFR30A + 2.464%	6.1140	05/25/29		2,058,574
	1,466,854	Government National Mortgage Association Series 92 Z		4.7000	10/16/48		1,387,566
	51,632	Government National Mortgage Association Series 2012-27 IO^(a),(b)		0.1900	04/16/53		93
	130,104	Government National Mortgage Association Series 90 AC		2.6000	06/16/58		109,650
	91,735	Government National Mortgage Association Series 3 IO^(a),(b)		0.6400	02/16/61		3,850
	200,000	Government National Mortgage Association Series 4 B		1.9000	02/16/61		118,295
	1,943,304	Government National Mortgage Association Series 113 Z		2.0000	09/16/61		1,002,114
	51,166	Government National Mortgage Association Series 2012-H27 AI^(a),(b)		1.7470	10/20/62		1,806
	7,391,579	Government National Mortgage Association Series 55 IO^(a),(b)		0.5650	01/16/63		281,991
	1,838,401	Government National Mortgage Association Series 82 Z		2.0000	02/16/64		860,835
	216,806	Government National Mortgage Association Series 4 Z		1.9000	03/16/64		92,795
	900,000	Government National Mortgage Association Series 91 BW		2.2500	08/16/64		403,956
	677,558	Government National Mortgage Association Series 216 IO^(a),(b)		0.7500	07/16/65		35,623
	396,882	Government National Mortgage Association Series 2016-H24 AI^(a),(b)		2.6140	11/20/66		18,422
	705,516	Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10^(c),(d)	SOFR30A + 3.364%	6.9770	10/15/49		713,484
							7,139,415
		AGENCY MBS OTHER — 0.0%^(e)
	78,254	Small Business Administration Pools 521912^(d)	PRIME + 0.622%	7.3720	11/25/37		79,143

		AUTO LOAN — 0.7%
	125,000	Arivo Acceptance Auto Loan Receivables Trust Series 1A D^(c)		7.3800	09/17/29		122,814
	689,287	CPS Auto Receivables Trust Series 2022-B E^(c)		7.1400	10/15/29		695,315
	235,278	CPS Auto Securitization Trust Series 2021-1 A^(c)		7.8600	06/16/26		235,884
	1,000,000	Exeter Automobile Receivables Trust Series 2022-1A E^(c)		5.0200	10/15/29		994,952
	260,000	FHF Issuer Trust Series 2024-2A C^(c)		6.4300	07/15/30		258,856
	100,000	SFS Auto Receivables Securitization Trust Series 2023-1A C^(c),(f)		5.9700	02/20/31		101,752
	717,325	United Auto Credit Securitization Trust Series 2022-2 D^(c)		6.8400	01/10/28		719,006
	3,500,000	US Auto Funding Series 2021-1A D^(c)		4.3600	03/15/27		849
							3,129,428
		CDO — 0.5%
	1,950,223	Galleria CDO V Ltd. Series 5A B^(c),(d)	TSFR1M + 2.662%	7.4810	09/19/37		1,943,394
	3,417,418	Mid Ocean CBO Ltd. Series 2001-1X A1L^(d)	TSFR3M + 0.762%	2.3910	11/05/36		210,537
							2,153,931

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		CLO — 0.4%
	180,000	CarVal CLO XI C Ltd. Series 3A A1^(c),(d)	TSFR3M + 1.390%	5.0650	10/20/37	$	180,461
	500,000	Ellington Clo III Ltd. Series 2018-3A D^(c),(d)	TSFR3M + 4.002%	7.6770	07/20/30		516,911
	200,000	GC FTPYME Pastor FTA Series 4^(d)	EUR003M + 2.400%	4.6830	07/15/45		42,464
	146,712	Halcyon Loan Advisors Funding Ltd. Series 2013-2A D^(c),(d)	TSFR3M + 4.062%	7.7250	08/01/26		82,892
	500,000	Steele Creek CLO Ltd. Series 2018-2A D^(c),(d)	TSFR3M + 3.662%	7.3110	08/18/31		504,472
	500,000	TCW CLO Ltd. Series 2019-2A D1R2^(c),(d)	TSFR3M + 3.000%	6.6750	01/20/38		488,427
	120,000	Trestles CLO VII Ltd. Series 7A A1^(c),(d)	TSFR3M + 1.380%	5.0470	10/25/37		120,244
							1,935,871
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9%
	6,530,461	A&D Mortgage Trust Series 2025-NQM1 A1^(b),(c)		5.4300	03/25/70		6,541,383
	2,842,662	A&D Mortgage Trust Series 2025-NQM5 A1^(c),(g)		5.1200	12/25/70		2,830,284
	60,945	ABN Amro Mortgage Corporation Series 2003-11 A4		5.5000	10/25/33		60,913
	210,000	ACRA Trust Series 2024-NQM1 M1B^(b),(c)		7.1860	10/25/64		213,258
	103,341	Adjustable Rate Mortgage Trust Series 2005-7 2A21^(b)		4.3620	10/25/35		91,912
	447,362	Adjustable Rate Mortgage Trust Series 2005-6A 2A2^(d)	TSFR1M + 0.954%	4.5390	11/25/35		117,614
	12,190	Alternative Loan Trust Series 1998-4 IIA3^(g)		6.0460	08/25/28		12,137
	51,728	Alternative Loan Trust Series 2005-J1 3A1		6.5000	08/25/32		52,341
	12,958	Alternative Loan Trust Series 2004-J11 3A1		7.2500	08/25/32		13,088
	78,641	Alternative Loan Trust Series 2003-J2 A1		6.0000	10/25/33		79,997
	70,639	Alternative Loan Trust Series 2003-J3 1A3		5.2500	11/25/33		70,230
	37,255	Alternative Loan Trust Series 2003-22CB 1A1		5.7500	12/25/33		37,778
	33,670	Alternative Loan Trust Series 2003-J3 2A1		6.2500	12/25/33		33,794
	5,884	Alternative Loan Trust Series 2004-16CB 1A1		5.5000	07/25/34		5,821
	124,557	Alternative Loan Trust Series 2004-J8 2A1		7.0000	08/25/34		135,026
	15,993	Alternative Loan Trust Series 2004-J10 2CB1		6.0000	09/25/34		16,192
	337,560	Alternative Loan Trust Series 2004-J10 5CB1		5.5000	11/25/34		341,245
	235,943	Alternative Loan Trust Series 2004-27CB A1		6.0000	12/25/34		209,635
	307,558	Alternative Loan Trust Series 2004-28CB 2A4		5.7500	01/25/35		294,415
	63,992	Alternative Loan Trust Series 2004-28CB 3A1		6.0000	01/25/35		57,448
	27,494	Alternative Loan Trust Series 2004-28CB 6A1		6.0000	01/25/35		25,867
	24,448	Alternative Loan Trust Series 2005-3CB 1A9		5.0000	03/25/35		19,971
	100,004	Alternative Loan Trust Series 2005-6CB 1A6		5.5000	04/25/35		85,060

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	42,148	Alternative Loan Trust Series 2005-14 2A1^(d)	TSFR1M + 0.534%	4.1190	05/25/35	$	41,009
	127,139	Alternative Loan Trust Series 2005-J8 1A5		5.5000	07/25/35		85,501
	137,684	Alternative Loan Trust Series 2005-27 2A1^(d)	12MTA + 1.350%	4.8590	08/25/35		119,706
	35,750	Alternative Loan Trust Series 2005-J11 2A1		6.0000	10/25/35		15,800
	49,468	Alternative Loan Trust Series 2005-J11 1A3		5.5000	11/25/35		25,788
	26,738	Alternative Loan Trust Series 2005-54CB 1A11		5.5000	11/25/35		20,070
	80,024	Alternative Loan Trust Series 2005-61 2A1^(d)	TSFR1M + 0.674%	4.2590	12/25/35		76,938
	94,071	Alternative Loan Trust Series 2005-72 A3^(d)	TSFR1M + 0.714%	4.2990	01/25/36		95,909
	105,250	Alternative Loan Trust Series 2006-40T1 2A1		6.0000	12/25/36		28,507
	18,318	Alternative Loan Trust Series 2007-9T1		5.5000	05/25/62		9,489
	738,357	Alternative Loan Trust Resecuritization Series 2005-12R A4		6.0000	11/25/34		712,801
	29,972	Alternative Loan Trust Resecuritization Series 2005-12R A3		6.0000	11/25/34		28,900
	367,445	Alternative Loan Trust Resecuritization Series 2008-2R 2A1^(b)		14.7780	08/25/37		150,559
	73,853	American Home Mortgage Investment Trust Series 2004-1 2M1^(d)	TSFR6M + 2.428%	6.1040	04/25/44		69,954
	733,481	Angel Oak Mortgage Trust Series 2022-5 A3^(c),(g)		4.5000	05/25/67		732,171
	365,349	Angel Oak Mortgage Trust Series 2022-4 A1^(c),(g)		4.6500	05/25/67		364,536
	358,974	Angel Oak Mortgage Trust Series 2024-1 A1^(c),(g)		5.2100	08/25/68		358,404
	118,778	Banc of America Alternative Loan Trust Series 2003-8 1CB1		5.5000	10/25/33		119,549
	82,900	Banc of America Alternative Loan Trust Series 2004-6 3A1		6.0000	07/25/34		83,043
	39,991	Banc of America Alternative Loan Trust Series 2007-1 1A1^(b)		3.7900	02/25/57		36,765
	965,271	Banc of America Funding Trust Series 2004-B 3A2^(b)		4.4220	12/20/34		787,392
	36,471	Banc of America Funding Trust Series 2005-E 8A1^(d)	12MTA + 1.430%	5.1960	06/20/35		28,944
	857,933	Banc of America Funding Trust Series 2010-R3 4A3^(b),(c)		6.0000	06/26/36		732,337
	71,183	Banc of America Funding Trust Series 2007-2 1A8^(a)		6.0000	03/25/37		13,112
	537,895	Banc of America Funding Trust Series 2006-I 4A1^(b)		4.3550	10/20/46		438,602
	16,352	Banc of America Mortgage Trust Series 2002-L 1A1^(b)		3.1920	12/25/32		14,225
	18,378	Banc of America Mortgage Trust Series 2003-L 2A1^(b),(f)		6.3580	01/25/34		18,450
	28,605	Banc of America Mortgage Trust Series 2005-E 2A1^(b)		5.2870	06/25/35		25,846
	38,826	Banc of America Mortgage Trust Series 2005-F 3A1^(b)		5.4060	07/25/35		32,996
	18,166	Banc of America Mortgage Trust Series 2005-H 2A1^(b)		5.0500	09/25/35		16,377
	86,662	Banc of America Mortgage Trust Series 2005-L 2A4^(b)		5.0990	01/25/36		78,569
	183,907	BCAP, LLC Series 2014-RR2 7A2^(c),(d)	TSFR1M + 0.314%	4.1840	01/26/38		184,554
	616,653	BCAP, LLC Trust Series 2011-RR5 12A1^(c),(g)		4.4450	03/26/37		615,756
	609,580	BCAP, LLC Trust Series 2011-RR10 1A2^(b),(c)		5.0000	03/26/37		456,942

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	3,329	Bear Stearns ALT-A Trust Series 2004-11 2A1^(b)		5.1600	11/25/34	$	3,147
	18,993	Bear Stearns ALT-A Trust Series 2005-4 23A2^(b)		5.0880	05/25/35		18,430
	571,761	Bear Stearns ARM Trust Series 2003-1 1A1^(b)		3.8370	04/25/33		494,844
	45,778	Bear Stearns ARM Trust Series 2003-4 B1^(b)		5.9720	07/25/33		40,913
	20,978	Bear Stearns ARM Trust Series 2003-5 1A1^(b)		6.6250	08/25/33		20,681
	3,261	Bear Stearns ARM Trust Series 2003-7 6A^(b)		5.5960	10/25/33		3,183
	34,694	Bear Stearns ARM Trust Series 2003-8 2A1^(b)		5.7090	01/25/34		33,281
	126,564	Bear Stearns ARM Trust Series 2003-9 3A3^(b)		4.8430	02/25/34		117,315
	8,073	Bear Stearns ARM Trust Series 2004-1 21A1^(b)		2.1580	04/25/34		8,060
	80,368	Bear Stearns ARM Trust Series 2004-1 124M^(b)		2.1580	04/25/34		70,676
	75,612	Bear Stearns ARM Trust Series 2004-5^(b)		3.7950	07/25/34		71,833
	78,604	Bear Stearns ARM Trust Series 2004-6 3A^(b)		6.2660	09/25/34		76,594
	793,835	Bear Stearns ARM Trust Series 2004-8 13A1^(b)		3.9710	11/25/34		711,310
	23,281	Bear Stearns ARM Trust Series 2004-8 2A1^(b)		5.5960	11/25/34		21,959
	33,728	Bear Stearns ARM Trust Series 2004-10 12A5^(b)		4.8710	01/25/35		32,855
	582,637	Bear Stearns Asset Backed Securities I Trust Series 2006-AC2 21A6		6.0000	03/25/36		202,737
	445,790	Bear Stearns Asset Backed Securities Trust Series 2003-AC7 A1^(g)		5.5000	01/25/34		365,583
	115,518	Bear Stearns Structured Products, Inc. Trust Series 2007-R6 1A1^(b)		4.4430	01/26/36		84,531
	16,033	Bella Vista Mortgage Trust Series 2004-1 1A^(d),(f)	TSFR1M + 0.814%	4.4270	11/20/34		16,106
	47,393	BlackRock Capital Finance, L.P. Series 1997-R2 1B1^(b),(c)		3.5020	12/25/35		40,758
	339,158	BRAVO Residential Funding Trust Series 2023-NQM4 A1^(c),(g)		6.4350	05/25/63		338,371
	1,171,000	BRAVO Residential Funding Trust Series 2023-NQM7 B1^(b),(c),(f)		7.8720	09/25/63		1,181,797
	2,646,000	BRAVO Residential Funding Trust Series 2023-NQM7 B2^(b),(c)		7.8720	09/25/63		2,662,630
	960,000	BRAVO Residential Funding Trust Series 2024-NQM6 B1^(b),(c)		7.3020	08/01/64		973,780
	59,053	CDMC Mortgage Pass-Through Certificates Series 2004-4 A8^(b)		5.3600	09/25/34		58,587
	79,334	CDMC Mortgage Pass-Through Certificates Series 2005-1 A4^(b),(f)		5.1050	02/18/35		78,562
	755,025	Cendant Mortgage Capital, LLC CDMC Mortgage Pass Through Certificates Series 2004-1 A7		5.5000	02/25/34		744,423
	230,000	CFMT, LLC Series 2022-HB9 M3^(b),(c)		3.2500	09/25/37		221,506
	82,697	Chase Home Lending Mortgage Trust Series 2019-1 B4^(b),(c)		3.8760	03/25/50		73,443
	103,527	Chase Mortgage Finance Trust Series 2004-S2 2A4		5.5000	02/25/34		102,792
	220,641	Chase Mortgage Finance Trust Series 2006-A1 2A3^(b)		5.1630	09/25/36		195,783
	469,816	Chase Mortgage Finance Trust Series 2007-S3 AP^(h)		0.0000	05/25/37		14
	264,053	Chase Mortgage Finance Trust Series 2007-S3 1A17^(a)		4.0000	05/25/37		73,770
	278,395	Chevy Chase Funding, LLC Mortgage-Backed Series 2004-3A A1^(c),(d)	TSFR1M + 0.364%	3.9490	08/25/35		273,857

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	144,066	Chevy Chase Funding, LLC Mortgage-Backed Series 2005-4A A2^(c),(d)	TSFR1M + 0.364%	3.9490	10/25/36	$	110,314
	324,194	CHL Mortgage Pass-Through Trust Series 2002-19 1A1		6.2500	11/25/32		288,689
	64,390	CHL Mortgage Pass-Through Trust Series 2002-39 A37		5.7500	02/25/33		63,263
	91,273	CHL Mortgage Pass-Through Trust Series 2003-60 2A1^(b)		6.2410	02/25/34		88,166
	20,429	CHL Mortgage Pass-Through Trust Series 2004-3 A4		5.7500	04/25/34		20,317
	46,083	CHL Mortgage Pass-Through Trust Series 2004-5 2A9		5.2500	05/25/34		45,165
	51,656	CHL Mortgage Pass-Through Trust Series 2004-5 2A2		5.5000	05/25/34		51,071
	42,613	CHL Mortgage Pass-Through Trust Series 2004-6 2A1^(b)		5.8000	05/25/34		42,025
	15,692	CHL Mortgage Pass-Through Trust Series 2004-HYB2 2A^(b)		6.2410	07/20/34		15,169
	83,069	CHL Mortgage Pass-Through Trust Series 2004-J5 A4		5.5000	07/25/34		82,699
	28,019	CHL Mortgage Pass-Through Trust Series 2004-14 4A1^(b)		5.4280	08/25/34		26,662
	44,240	CHL Mortgage Pass-Through Trust Series 2004-J9 2A6		5.5000	01/25/35		43,865
	37,207	CHL Mortgage Pass-Through Trust Series 2004-HYB5 6A2^(b)		5.1740	04/20/35		34,881
	407,029	CHL Mortgage Pass-Through Trust Series 2005-14 A2		5.5000	07/25/35		149,304
	2,971,184	CHL Mortgage Pass-Through Trust Series 2005-14 A1		6.0000	07/25/35		1,116,181
	459,745	CHL Mortgage Pass-Through Trust Series 2005-J2 3A12		5.0000	08/25/35		270,614
	118,482	CHL Mortgage Pass-Through Trust Series 2006-J1 3A1		6.0000	02/25/36		35,555
	55,504	CHL Mortgage Pass-Through Trust Series 2007-HY1 2A1^(b)		3.9800	03/25/37		50,215
	288,658	CHL Mortgage Pass-Through Trust Series 2007-15 2A2		6.5000	09/25/37		95,941
	250,000	CHNGE Mortgage Trust Series 2023-1 M1^(b),(c)		8.0550	03/25/58		249,322
	5,219,000	CHNGE Mortgage Trust Series 2023-2 B2^(b),(c)		7.9410	06/25/58		5,206,143
	2,000,000	CHNGE Mortgage Trust Series 2023-2 M1^(b),(c)		7.9410	06/25/58		1,995,187
	1,500,000	CHNGE Mortgage Trust Series 2023-3 B1^(b),(c)		8.2130	07/25/58		1,496,063
	3,644,000	CHNGE Mortgage Trust Series 2023-4 B1^(b),(c)		8.3770	09/25/58		3,658,688
	3,599,680	CHNGE Mortgage Trust Series 2023-4 M1^(b),(c)		8.3770	09/25/58		3,615,032
	225,000	CHNGE Mortgage Trust Series 2022-2 B2^(b),(c)		4.5810	03/25/67		171,751
	84,301	Citicorp Mortgage Securities REMIC Pass-Through Series 2005-4 1A5		5.5000	07/25/35		83,544
	22,043	Citicorp Mortgage Securities Trust Series 2006-3 1A9		5.7500	06/25/36		19,472
	33,894	Citicorp Mortgage Securities Trust Series 2006-6 A4		6.0000	11/25/36		34,573
	62,874	Citicorp Mortgage Securities Trust Series 2007-2 APO^(h)		0.0000	02/25/37		33,487
	157,027	Citicorp Mortgage Securities Trust Series 2007-4 1A5		6.0000	05/25/37		137,147
	83,525	Citigroup Global Markets Mortgage Securities VII, Inc. Series 1997-HUD2 B2^(b)		7.0000	11/25/27		48
	3,348	Citigroup Global Markets Mortgage Securities VII, Inc. Series 2002-HYB1 B2^(b)		6.6070	09/25/32		3,143

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	130,740	Citigroup Mortgage Loan Trust Series 2009-10 6A2^(b),(c)		6.2660	09/25/34	$	121,459
	114,146	Citigroup Mortgage Loan Trust Series 2009-4 7A5^(b),(c),(f)		5.4960	05/25/35		108,235
	4,631	Citigroup Mortgage Loan Trust Series 2014-10 4A1^(c),(d)		3.9380	02/25/37		4,628
	32,273	Citigroup Mortgage Loan Trust Series 2015-RP2 A^(c)		4.2500	01/25/53		31,273
	300,000	Citigroup Mortgage Loan Trust Series 2020-EXP1 B1^(b),(c)		4.4670	05/25/60		257,276
	7,445	Citigroup Mortgage Loan Trust, Inc. Series 2003-1 3A4		5.2500	09/25/33		7,340
	14,835	Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A6^(b)		6.2250	08/25/34		14,312
	259,981	Citigroup Mortgage Loan Trust, Inc. Series 2004-UST1 A4^(b)		6.5320	08/25/34		248,501
	33,377	Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 1CB2		6.7500	08/25/34		34,129
	29,692	Citigroup Mortgage Loan Trust, Inc. Series 2005-2 2A11		5.5000	05/25/35		29,608
	20,164	COLT Funding, LLC Series 2021-3R A2^(b),(c)		1.2570	12/25/64		18,742
	400,000	COLT Mortgage Loan Trust Series 2023-2 B1^(b),(c)		7.9380	07/25/68		399,715
	3,000,000	COLT Mortgage Loan Trust Series 2023-4 B1^(b),(c)		8.2100	10/25/68		3,045,773
	120,000	Connecticut Avenue Securities Trust Series 2022-R01 1B1^(c),(d)	SOFR30A + 3.150%	6.7620	12/25/41		121,136
	105,383	Credit Suisse First Boston Mortgage Securities Series 2001-26 5A1^(b)		3.5340	11/25/31		105,211
	206,571	Credit Suisse First Boston Mortgage Securities Series 2002-NP14 M1^(c),(d)	TSFR1M + 2.302%	5.0360	11/25/31		104,177
	50,793	Credit Suisse First Boston Mortgage Securities Series 2003-11 1A31		5.5000	06/25/33		50,974
	287,200	Credit Suisse First Boston Mortgage Securities Series 2003-19 1A19		5.2500	07/25/33		282,955
	15,100	Credit Suisse First Boston Mortgage Securities Series 2003-21 1A4		5.2500	09/25/33		15,065
	39,928	Credit Suisse First Boston Mortgage Securities Series 2003-25 1A8		5.5000	10/25/33		39,154
	119,784	Credit Suisse First Boston Mortgage Securities Series 2003-25 1A11^(f)		5.5000	10/25/33		117,584
	70,693	Credit Suisse First Boston Mortgage Securities Series 23 1A11		6.0000	10/25/33		66,269
	104,337	Credit Suisse First Boston Mortgage Securities Series 2004-6 1A3		5.5000	10/25/34		100,367
	99,312	Credit Suisse First Boston Mortgage Securities Series 2005-8 9A9^(d)	TSFR1M + 0.764%	4.3490	09/25/35		64,733
	824,665	Credit Suisse First Boston Mortgage Securities Series 2005-8 5A1^(d)	-2.75*(TSFR1M + 0.114%) + 19.525%	9.3530	09/25/35		330,551
	156,886	Cross Mortgage Trust Series 2024-H6 A2^(c),(g)		5.3830	09/25/69		156,793
	5,706	CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 2A1		5.2500	04/25/27		—
	354,469	CSFB Mortgage-Backed Pass-Through Certificates Series 2002-9 1A2		7.5000	03/25/32		311,542
	58,548	CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24 3A1^(b)		5.7320	10/25/33		57,281
	68,399	CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 4A4		5.7500	11/25/33		68,883
	341,516	CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 1A5		6.0000	08/25/34		344,501
	7,673	CSFB Mortgage-Backed Pass-Through Certificates Series 2005-3 7A5		5.7500	07/25/35		7,645
	2,223,146	CSMC Trust Series 2014-10R 1A2^(b),(c)		7.2810	05/27/36		495,625

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	309,613	CSMC Trust Series 2007-5R A5		6.5000	07/26/36	$	62,689
	867,002	CSMC Trust Series 2015-6R 9A3^(b),(c)		11.0160	11/27/36		867,512
	15,821	CSMC Trust Series 2014-2R 28A1^(b),(c)		3.0000	06/27/37		15,570
	35,861	CSMC Trust Series 2010-18R 4A4^(b),(c)		3.5000	04/26/38		35,878
	89,987	CSMC Trust Series 2013-7 A2^(b),(c)		3.0000	08/25/43		81,602
	279,423	CSMC Trust Series 2021-RPL2 M3^(b),(c)		3.5050	01/25/60		186,890
	410,416	Deutsche Alt-B Securities Mortgage Loan Trust Series AB1 PO^(h)		0.0000	04/25/37		200,244
	24,258	Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1 1A1		5.5000	09/25/33		24,589
	248,296	DSLA Mortgage Loan Trust Series 2004-AR4 2A1A^(d)	TSFR1M + 0.834%	4.4470	01/19/45		188,200
	133,050	DSLA Mortgage Loan Trust Series 2005-AR5 2A1A^(d)	TSFR1M + 0.774%	4.3870	09/19/45		69,825
	828,779	EFMT Series 2024-RM2 A3^(c)		5.0000	07/25/54		723,216
	745,901	EFMT Series 2024-RM2 B1^(c)		5.0000	07/25/54		622,470
	1,000,000	EFMT Series 2026-RM1 A1^(b),(c)		4.7500	01/25/56		954,988
	2,000,000	Ellington Financial Mortgage Trust Series 2019-2 B2^(b),(c)		5.6390	11/25/59		1,992,737
	400,000	Ellington Financial Mortgage Trust Series 2022-1 B2^(b),(c)		3.8620	01/25/67		291,244
	501,397	Fannie Mae Grantor Trust Series 2004-T5 AB1^(b)		4.2690	05/28/35		479,284
	36,300	Fannie Mae REMIC Trust Series 2002-W2 AV1^(d)	SOFR30A + 0.374%	3.8570	06/25/32		35,620
	78,551	Fannie Mae REMIC Trust Series 2004-W14 3A		8.0000	07/25/44		80,304
	67,164	Fannie Mae REMICS Series 26 A1		7.0000	01/25/48		69,033
	127,866	Fannie Mae Trust Series 2005-W3 3A^(b)		4.8130	04/25/45		125,968
	41,117	Financial Asset Securities Corporation AAA Trust Series 2005-2 A3^(c),(d)	TSFR1M + 0.414%	4.0230	11/26/35		38,183
	95,205	First Horizon Alternative Mortgage Securities Series 2004-AA1 A1^(b)		5.5150	06/25/34		95,659
	5,967	First Horizon Alternative Mortgage Securities Series 2004-AA3 A1^(b)		4.7850	09/25/34		5,986
	13,083	First Horizon Alternative Mortgage Securities Series 2004-AA4 A1^(b)		4.7080	10/25/34		12,945
	43,850	First Horizon Alternative Mortgage Securities Series AA7 2A2^(b)		5.4150	02/25/35		40,727
	69,342	First Horizon Alternative Mortgage Securities Series 2007-FA4 1A8		6.2500	08/25/37		21,299
	29,935	First Horizon Mortgage Pass-Through Trust Series 2005-AR5 3A1^(b)		0.0000	10/25/35		—
	501	First Horizon Mortgage Pass-Through Trust Series 2005-AR5 1A1^(b)		0.0000	11/25/35		3
	76,587	First Horizon Mortgage Pass-Through Trust Series 2006-AR3 1A1^(b)		3.6970	11/25/36		33,887
	206,336	First Horizon Mortgage Pass-Through Trust Series 2007-AR3 1A1^(b),(f)		4.5280	11/25/37		72,766
	960,844	First Republic Mortgage Trust Series 2020-1 B1^(b),(c)		2.8800	04/25/50		931,749
	309,152	Flagstar Mortgage Trust Series 2018-3INV B4^(b),(c)		4.4340	05/25/48		285,303
	90,518	Flagstar Mortgage Trust Series 2021-13IN B5^(b),(c)		3.3520	12/30/51		73,742
	43,426	Freddie Mac REMICS Series 4203 PS^(a),(d)	-1*(SOFR30A + 0.114%) + 6.25%	2.4930	09/15/42		2,610

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	1,000,000	Freddie Mac STACR Trust Series 2019-DNA3 B2^(c),(d)	SOFR30A + 8.264%	11.8770	07/25/49	$	1,098,511
	101,623	Freddie Mac Structured Pass-Through Certificates Series T-61 1A1^(d)	12MTA + 1.400%	4.9090	07/25/44		99,480
	116,201	Freddie Mac Structured Pass-Through Certificates Series T-62 1A1^(d)	12MTA + 1.200%	4.7090	10/25/44		107,785
	16,730	Galton Funding Mortgage Trust Series 2017-1 A22^(b),(c)		3.0000	07/25/56		14,712
	87,593	GCAT Trust Series 2024-INV1 1A2^(b),(c)		5.5000	01/25/54		87,369
	886,783	GCAT Trust Series 2023-NQM2 A2^(c),(g)		6.2430	11/25/67		884,639
	231,413	Global Mortgage Securitization Ltd. Series 2004-A A3^(c),(d)		8.5990	11/25/32		227,081
	57,477	GMACM Mortgage Loan Trust Series 2004-J2 A8		5.7500	06/25/34		57,543
	1,209,313	GMACM Mortgage Loan Trust Series 2005-AR5 4A1^(b)		4.7470	09/19/35		1,027,802
	91,783	GMACM Mortgage Loan Trust Series 2006-AR1 1A1^(b)		3.6620	04/19/36		76,136
	102,096	GS Mortgage Securities Corporation II Series 2000-1A A^(c),(d)	TSFR1M + 0.464%	4.1400	06/20/29		72,367
	401,423	GS Mortgage-Backed Securities Corp Trust Series 2019-PJ1 B3^(b),(c)		4.0080	08/25/49		361,051
	4,340,923	GS Mortgage-Backed Securities Trust Series 2024-PJ5 A3^(b),(c)		6.0000	09/25/54		4,389,675
	14,244	GSMPS Mortgage Loan Trust Series 1998-1 A^(b),(c)		8.0000	09/19/27		14,037
	737,596	GSMPS Mortgage Loan Trust Series 2000-1 A^(b),(c)		8.5000	06/19/29		726,217
	8,269	GSMPS Mortgage Loan Trust Series 2004-2R A^(b),(c)		7.1390	02/25/34		1,406
	779,723	GSMPS Mortgage Loan Trust Series 2004-4 1AF^(c),(d)	TSFR1M + 0.514%	4.0990	06/25/34		713,217
	1,282,966	GSMPS Mortgage Loan Trust Series 2004-4 1A2^(c)		7.5000	06/25/34		1,275,002
	240,395	GSMPS Mortgage Loan Trust Series 2004-4 1A3^(c)		8.0000	06/25/34		237,847
	24,374	GSMPS Mortgage Loan Trust Series 2005-RP2 1AF^(c),(d)	TSFR1M + 0.464%	4.0490	03/25/35		22,994
	132,417	GSMPS Mortgage Loan Trust Series 2005-RP3 1AF^(c),(d)	TSFR1M + 0.464%	4.0490	09/25/35		114,891
	84,628	GSMPS Mortgage Loan Trust Series 2006-RP1 1A2^(c)		7.5000	01/25/36		74,543
	782,766	GSMSC Pass-Through Trust Series 2008-2R 2A1^(b),(c)		2.2490	10/25/36		75,634
	58,253	GSR Mortgage Loan Trust Series 2003-3F 1A6		6.0000	04/25/33		56,606
	85,098	GSR Mortgage Loan Trust Series 2004-7 1A1^(b)		4.3880	06/25/34		82,797
	237,765	GSR Mortgage Loan Trust Series 2004-13F 4A1^(d)	TSFR1M + 0.414%	3.9990	11/25/34		232,867
	556,835	GSR Mortgage Loan Trust Series 2004-12 1B1^(d)	TSFR1M + 0.714%	4.2990	12/25/34		116,147
	33,881	GSR Mortgage Loan Trust Series 2005-4F 6A1		6.5000	02/25/35		33,171
	16,492	GSR Mortgage Loan Trust Series 2005-AR3 1A1^(d)	TSFR1M + 0.554%	4.1390	05/25/35		15,740
	13,456	GSR Mortgage Loan Trust Series 2005-AR3 2A1^(d)	TSFR1M + 0.554%	4.1390	05/25/35		11,046
	1,746	GSR Mortgage Loan Trust Series 2005-6F 1A7		5.2500	07/25/35		1,671
	527,985	GSR Mortgage Loan Trust Series 2005-AR4 2A1^(b)		6.1890	07/25/35		264,172
	26,668	GSR Mortgage Loan Trust Series 2005-8F 3A4		6.0000	11/25/35		7,464
	103,934	GSR Mortgage Loan Trust Series 2006-1F 2A16		6.0000	02/25/36		39,577

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	2,329,247	GSR Mortgage Loan Trust Series 2006-10F 4A1^(d)	TSFR1M + 0.464%	4.0490	01/25/37	$	319,480
	70,609	GSR Mortgage Loan Trust Series 2007-AR2 2A1^(b)		4.9130	05/25/37		35,014
	126,562	HarborView Mortgage Loan Trust Series 2003-1 A^(b)		4.6160	05/19/33		115,724
	852,928	HarborView Mortgage Loan Trust Series 2004-7 4A^(b)		4.9260	11/19/34		779,163
	86,892	HarborView Mortgage Loan Trust Series 2005-4 3A1^(b)		4.6520	07/19/35		64,765
	143,730	HSI Asset Loan Obligation Trust Series 2007-AR1 4A1^(b)		4.9770	01/25/37		109,635
	191,888	HSI Asset Loan Obligation Trust Series 2007-1 2A12		6.5000	06/25/37		67,631
	148,083	HSI Asset Loan Obligation Trust Series 2007-AR2 4A1^(b),(f)		4.6260	09/25/37		114,342
	245,752	Hundred Acre Wood Trust Series 2021-INV1 B1^(b),(c)		3.2320	07/25/51		218,415
	154,987	Hundred Acre Wood Trust Series 2021-INV1 B2^(b),(c)		3.2320	07/25/51		136,150
	129,523	Hundred Acre Wood Trust Series 2021-INV3 B3^(b),(c)		3.3220	12/25/51		111,133
	17,127	Impac CMB Trust Series 2003-2F M2^(g)		6.5700	01/25/33		17,127
	28,701	Impac CMB Trust Series 2003-4 3M2^(g)		5.7290	07/25/33		28,472
	16,323	Impac CMB Trust Series 2004-10 3M2^(d)	TSFR1M + 0.999%	4.5840	03/25/35		15,962
	16,553	Impac CMB Trust Series 2004-10 3M3^(d)	TSFR1M + 1.089%	4.6740	03/25/35		15,998
	164,787	Impac CMB Trust Series 2005-4 2M1^(d)	TSFR1M + 0.614%	4.4490	05/25/35		161,769
	419,139	Impac CMB Trust Series 2005-4 2M2^(d)	TSFR1M + 0.864%	4.8240	05/25/35		425,626
	283,940	Impac CMB Trust Series 2005-8 2M1^(d)	TSFR1M + 0.864%	4.4490	02/25/36		272,036
	61,597	Impac CMB Trust Series 2005-8 2M3^(d)	TSFR1M + 2.364%	5.9490	02/25/36		62,988
	55,622	Impac CMB Trust Series 2005-8 2B^(d)	TSFR1M + 2.364%	5.9490	02/25/36		55,908
	163,434	Impac Secured Assets CMN Owner Trust Series 2003-2 A2		6.0000	08/25/33		124,580
	73,565	Impac Secured Assets Trust Series 2006-1 2A1^(d)	TSFR1M + 0.814%	4.3990	05/25/36		72,318
	16,487	IndyMac INDX Mortgage Loan Trust Series 2004-AR11 2A^(b)		4.3660	12/25/34		15,752
	186,902	IndyMac INDX Mortgage Loan Trust Series 2004-AR15 3A1^(b)		4.5150	02/25/35		182,121
	144,857	IndyMac INDX Mortgage Loan Trust Series 2005-AR8 2A1A^(d)	TSFR1M + 0.574%	4.1590	04/25/35		139,524
	183,656	IndyMac INDX Mortgage Loan Trust Series 2005-AR13 1A1^(b)		3.9030	08/25/35		87,335
	244,758	JP Morgan Alternative Loan Trust Series 2005-S1 1A8^(a),(d)	-1*(TSFR1M + 0.114%) + 7.15%	3.3800	12/25/35		32,225
	627,828	JP Morgan Alternative Loan Trust Series A1 1A2^(d)	TSFR1M + 0.714%	4.2990	03/25/36		537,638
	898,525	JP Morgan Alternative Loan Trust Series 2008-R4 1A1^(c),(f)		6.0000	12/27/36		413,772
	282,576	JP Morgan MBS Series 2006-R1 6A1^(b),(c)		4.6870	09/28/44		223,479
	17,762	JP Morgan Mortgage Trust Series 2006-A2 5A4^(b)		6.3070	11/25/33		17,605
	1,827	JP Morgan Mortgage Trust Series 2004-A3 3A3^(b)		5.3290	07/25/34		1,812
	15,928	JP Morgan Mortgage Trust Series 2004-S2 4A5		6.0000	11/25/34		14,466
	111,478	JP Morgan Mortgage Trust Series 2005-A3 7CA1^(b)		5.7370	06/25/35		95,584

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	19,590	JP Morgan Mortgage Trust Series 2005-A7 1A4^(b)		5.2050	10/25/35	$	18,991
	179,206	JP Morgan Mortgage Trust Series 2008-R2 2A^(b),(c)		5.5000	12/27/35		151,669
	818,189	JP Morgan Mortgage Trust Series 2005-S3 1A22		5.5000	01/25/36		324,252
	12,277	JP Morgan Mortgage Trust Series 2006-A4 3A1^(b)		4.3780	06/25/36		7,670
	115,550	JP Morgan Mortgage Trust Series 2006-A7 2A1R^(b)		4.3900	01/25/37		96,195
	140,720	JP Morgan Mortgage Trust Series 2006-A7 2A4R^(b)		4.3900	01/25/37		117,161
	16,260	JP Morgan Mortgage Trust Series 2018-8 A3^(b),(c)		4.0000	01/25/49		15,080
	162,608	JP Morgan Mortgage Trust Series 2019-8 B4^(b),(c)		4.1350	03/25/50		149,924
	33,755	JP Morgan Mortgage Trust Series 2020-5 A3^(b),(c)		3.0000	12/25/50		29,358
	338,772	JP Morgan Mortgage Trust Series 2024-12 A3^(b),(c)		5.5000	06/25/55		338,094
	949,239	JP Morgan Mortgage Trust Series 2026-NQX1 A1^(b),(c)		5.5000	07/25/66		953,208
	91,843	JP Morgan Tax-Emept Pass-Through Trust Series 2012-3 A^(b),(c)		3.0000	10/27/42		84,419
	117,807	JPMorgan Chase Bank Series 2020-CL1 M3^(d)	TSFR1M + 3.464%	7.0490	10/25/57		126,296
	2,257,060	La Hipotecaria Panamanian Mortgage Trust Series 2021-1 GA^(c)		5.1000	06/13/51		2,039,300
	97,532	Lehman Mortgage Trust Series 2006-2 2A3		5.7500	04/25/36		98,182
	39,773	MASTR Adjustable Rate Mortgages Trust Series 2003-1 2A1^(b)		4.2850	12/25/32		38,312
	15,856	MASTR Adjustable Rate Mortgages Trust Series 2003-2 4A1^(b)		5.2980	07/25/33		15,252
	25,472	MASTR Adjustable Rate Mortgages Trust Series 2003-6 2A1^(b)		4.8460	12/25/33		23,715
	14,299	MASTR Adjustable Rate Mortgages Trust Series 2003-6 7A1^(b)		6.2500	12/25/33		14,089
	25,733	MASTR Adjustable Rate Mortgages Trust Series 2003-7 B1^(b)		6.6720	01/25/34		25,150
	24,702	MASTR Adjustable Rate Mortgages Trust Series 2004-10^(b)		5.3640	10/25/34		21,298
	154,466	MASTR Adjustable Rate Mortgages Trust Series 2004-15 4A1^(b)		4.6700	12/25/34		154,177
	221,899	MASTR Adjustable Rate Mortgages Trust Series 2005-7 3A1^(b)		3.4190	09/25/35		133,140
	90,962	MASTR Adjustable Rate Mortgages Trust Series 2006-2 5A1^(b)		4.3670	05/25/36		26,940
	76,866	MASTR Alternative Loan Trust Series 2003-3 B2^(b)		6.1150	05/25/33		70,487
	451,919	MASTR Alternative Loan Trust Series 2003-5 8A1		5.5000	06/25/33		445,758
	35,140	MASTR Alternative Loan Trust Series 2003-7 6A1		6.5000	12/25/33		35,737
	89,530	MASTR Alternative Loan Trust Series 2004-1 2A1		7.0000	01/25/34		89,505
	111,343	MASTR Alternative Loan Trust Series 2004-1 4A1		5.5000	02/25/34		111,324
	230,722	MASTR Alternative Loan Trust Series 2004-4 11A1		6.0000	03/25/34		146,524
	39,789	MASTR Alternative Loan Trust Series 2004-3 2A1		6.2500	04/25/34		40,545
	146,292	MASTR Alternative Loan Trust Series 2004-3 6A1		6.5000	04/25/34		145,447
	16,384	MASTR Alternative Loan Trust Series 2004-4 1A1		5.5000	05/25/34		16,078
	45,363	MASTR Alternative Loan Trust Series 2004-7 10A1		6.0000	06/25/34		45,532

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	31,027	MASTR Alternative Loan Trust Series 2004-6 10A1		6.0000	07/25/34	$	30,979
	116,087	MASTR Alternative Loan Trust Series 2004-6 7A1^(f)		6.0000	07/25/34		113,508
	386,600	MASTR Alternative Loan Trust Series 2004-6 6A1		6.5000	07/25/34		386,852
	21,140	MASTR Alternative Loan Trust Series 2007-1 30PO^(h)		0.0000	10/25/36		11,345
	300,341	MASTR Alternative Loan Trust Series 2005-2 6A1		5.0000	03/25/43		230,372
	866,079	MASTR Alternative Loan Trust Series 2007-HF1 4PO^(h)		0.0000	10/25/47		9
	11,138	MASTR Asset Securitization Trust Series 2003-12 6A1		5.0000	12/25/33		9,165
	37,205	MASTR Asset Securitization Trust Series 2003-11 9A6		5.2500	12/25/33		36,793
	29,817	MASTR Asset Securitization Trust Series 2003-11 7A5		5.2500	12/25/33		30,048
	3,309	MASTR Asset Securitization Trust Series 2003-11 2A10^(f)		5.5000	12/25/33		3,380
	147,082	MASTR Asset Securitization Trust Series 2003-11 8A1		5.5000	12/25/33		134,481
	5,441	MASTR Asset Securitization Trust Series 2004-1 1A12		5.5000	02/25/34		5,368
	1,698,033	MASTR Asset Securitization Trust Series 2004-9 4A1		6.0000	09/25/34		1,162,547
	54,066	MASTR Asset Securitization Trust Series 2005-1 2A9		5.5000	05/25/35		40,596
	4,115,795	MASTR Asset Securitization Trust Series 2006-2 2A2^(d),(f)	TSFR1M + 0.614%	4.1990	06/25/36		767,108
	2,174,712	MASTR Asset Securitization Trust Series 2006-3 2A1^(d)	TSFR1M + 0.564%	4.1490	10/25/36		313,346
	14,035	MASTR Reperforming Loan Trust Series 2005-2 1A4^(c)		8.0000	05/25/35		9,689
	109,403	MASTR Reperforming Loan Trust Series 2006-2 2A1^(b),(c)		3.7630	05/25/36		101,750
	8,792	MASTR Seasoned Securitization Trust Series 2005-1 3A1^(b)		3.8960	10/25/32		8,211
	42,160	MASTR Seasoned Securitization Trust Series 2004-1 4A1^(b)		6.5320	10/25/32		41,636
	308,190	MASTR Seasoned Securitization Trust Series 2003-1 2A1		6.0000	02/25/33		307,633
	880,000	Mello Mortgage Capital Acceptance Series 2018-MTG2 B5^(b),(c)		4.3110	10/25/48		685,633
	520,328	Mello Mortgage Capital Acceptance Series 2021-MTG1 B1^(b),(c)		2.6470	04/25/51		431,884
	308,559	Merrill Lynch Alternative Note Asset Trust Series A2 A3B^(d)	TSFR1M + 0.514%	4.0990	03/25/37		70,901
	213,098	Merrill Lynch Mortgage Backed Securities Trust Series 2007-1 2A1^(b)		3.8460	04/25/37		185,951
	25,670	Merrill Lynch Mortgage Investors Trust Series 2003-A6 1A^(b),(f)		6.0540	09/25/33		25,050
	131,794	Merrill Lynch Mortgage Investors Trust Series A1 1A1^(b)		4.3170	03/25/36		69,600
	87,780	Merrill Lynch Mortgage Investors Trust MLCC Series B A1^(d)	TSFR1M + 0.794%	4.3790	04/25/28		75,735
	78,138	Merrill Lynch Mortgage Investors Trust MLCC Series 2004-HB1^(b)		3.1400	04/25/29		66,193
	170,316	Merrill Lynch Mortgage Investors Trust MLCC Series B B1^(d)	TSFR1M + 0.714%	4.2990	07/25/30		147,557
	38,070	Merrill Lynch Mortgage Investors Trust MLCC Series 2007-3 2A2^(b)		3.8360	09/25/37		29,057
	23,305	Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4 3A^(b)		6.5690	05/25/33		23,048
	1,001,092	MFA Trust Series 2022-CHM1 A1^(c),(g)		4.8750	09/25/56		981,475
	1,476,736	MFA Trust Series 2025-NQM2 A1^(c),(g)		5.6750	05/27/70		1,485,058

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	1,000,000	MOO Securitization Trust Series 2025-RM1 A1A^(b),(c)		4.5000	12/25/65	$	965,504
	480,000	MOO Securitization Trust Series 2025-RM1 M2^(c)		4.5000	12/25/65		424,895
	250,000	MOO Securitization Trust Series 2026-RM1 M2^(b),(c)		4.5000	03/25/66		218,721
	38,843	Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2003-HYB1 A3^(b)		4.8490	03/25/33		34,931
	8,783	Morgan Stanley Mortgage Loan Trust Series 2004-2AR 2A^(b)		5.3880	02/25/34		8,556
	14,901	Morgan Stanley Mortgage Loan Trust Series 2004-8AR 2A^(b)		3.7260	10/25/34		13,728
	13,766	Morgan Stanley Mortgage Loan Trust Series 2004-8AR 4A1^(b)		5.1820	10/25/34		13,473
	7,780	Morgan Stanley Mortgage Loan Trust Series 2004-10AR 2A2^(b)		5.1410	11/25/34		7,504
	308,813	Morgan Stanley Mortgage Loan Trust Series 2005-1 4A1^(d)	TSFR1M + 0.414%	3.9990	03/25/35		301,596
	73,860	Morgan Stanley Mortgage Loan Trust Series 2005-10 5A1		6.0000	12/25/35		25,938
	7,720	Morgan Stanley Mortgage Loan Trust Series 2006-8AR 4A2^(b)		6.0000	06/25/36		6,993
	266,913	Morgan Stanley Mortgage Loan Trust Series 2007-15AR 5A1^(b)		3.6610	12/25/37		170,881
	1,000,000	Morgan Stanley Residential Mortgage Loan Trust Series NQM1 B1^(b),(c)		7.3430	09/25/68		1,002,978
	85,864	MortgageIT Trust Series 2004-2 B2^(d)	TSFR1M + 3.339%	6.9240	12/25/34		86,422
	51,103	MortgageIT Trust Series 2005-2 2A^(d)	TSFR1M + 1.764%	5.4140	05/25/35		50,264
	123,512	MortgageIT Trust Series 2005-3 M2^(d)	TSFR1M + 0.909%	4.4940	08/25/35		121,572
	52,600	MRFC Mortgage Pass-Through Trust Series 2000-TBC3 B4^(b),(c)		4.5730	12/15/30		49,949
	365,016	National City Mortgage Capital Trust Series 2008-1 2A1		6.0000	03/25/38		369,038
	17,801	National City Mortgage Capital Trust Series 2008-1 2A2		6.0000	03/25/38		17,995
	5,681,807	New Residential Mortgage Loan Trust Series 2025-NQM4 A1^(b),(c)		5.3500	07/25/65		5,688,263
	113,401	Nomura Asset Acceptance Corp Alternative Loan Series 2004-R1 A2^(c)		7.5000	03/25/34		107,135
	374,666	Nomura Asset Acceptance Corp Alternative Loan Series 2005-AR3 1A1^(d)	TSFR1M + 0.634%	4.2190	07/25/35		344,315
	387,133	Nomura Asset Acceptance Corp Alternative Loan Series AF1 4A1^(b)		6.4370	06/25/36		356,834
	59,350	Nomura Asset Acceptance Corp Alternative Loan Series 2007-1 1A3^(g)		6.4570	03/25/47		55,842
	485,078	OBX Trust Series 2020-INV1 A21^(b),(c)		3.5000	12/25/49		434,696
	327,428	OBX Trust Series 2022-NQM1 A1^(b),(c)		2.3100	11/25/61		294,076
	3,401,647	Ocwen Residential MBS Corporation Series 1998-R3 AWAC^(b),(c)		—	09/25/38		92,482
	2,480	Ocwen Residential MBS Corporation Series 1999-R2 B2^(b),(c)		0.7170	06/25/39		8,208
	270,000	Onity Loan Investment Trust Series 2024-HB2 M2^(b),(c),(f)		5.0000	08/25/37		266,799
	58,271	PHH Mortgage Trust Series Series 2008-CIM1 21A1		6.0000	05/25/38		58,468
	239,117	Prime Mortgage Trust Series 2003-3 A9		5.5000	01/25/34		237,147
	391,452	PRKCM Trust Series 2021-AFC2 A1^(b),(c),(f)		2.0710	11/25/56		348,533
	600,162	PRKCM Trust Series 2023-AFC1 A3^(c),(g)		7.3040	02/25/58		599,451

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	935,777	PRPM Trust Series 2024-NQM2 A1^(c),(g)		6.3270	06/25/69	$	944,442
	10,597	RAAC Series Trust Series 2005-SP1 4A1		7.0000	09/25/34		5,310
	102,583	RALI Series Trust Series 2005-QA12 CB1^(b)		5.6450	12/25/35		37,303
	203,920	RAMP Series Trust Series 2002-SL1 AII4^(b)		3.7640	06/25/32		161,806
	8,680	RBSGC Mortgage Loan Trust Series 2007-B 3B1^(b)		5.6230	07/25/35		8,647
	247,972	RBSGC Structured Trust Series 2008-A A1^(b),(c)		5.5000	11/25/35		205,221
	91,873	Reperforming Loan REMIC Trust Series 2003-R4 2A^(b),(c)		4.7190	01/25/34		83,489
	8,296	Reperforming Loan REMIC Trust Series 2004-R1 2A^(c)		6.5000	11/25/34		8,139
	3,769	Reperforming Loan REMIC Trust Series 2005-R2 2A4^(c)		8.5000	06/25/35		3,909
	47,355	Reperforming Loan REMIC Trust Series 2006-R2 AF1^(c),(d)	TSFR1M + 0.534%	4.1190	07/25/36		45,250
	1,113,298	Residential Asset Securitization Trust Series 2003-A9 A3^(d)	TSFR1M + 0.664%	4.2490	08/25/33		1,013,784
	348,049	Residential Asset Securitization Trust Series 2003-A10 A5		5.2500	09/25/33		343,248
	5,210,000	RMF Buyout Issuance Trust Series 2022-HB1 M3^(b),(c)		4.5000	04/25/32		4,875,859
	2,529,000	RMF Buyout Issuance Trust Series 2020-HB1 M4^(b),(c)		6.0000	10/25/50		2,376,484
	1,414	Ryland Mortgage Securities Corporation Series 1994-1 B^(b)		—	04/29/30		—
	4,349,000	SBALR Commercial Mortgage Trust Series 2020-RR1 C^(b),(c)		3.9790	02/13/53		2,244,558
	45,765	Seasoned Credit Risk Transfer Trust Series 2017-3 B^(h)		—	07/25/56		7,375
	171,453	Sequoia Mortgage Trust Series 2003-4 1A1^(d)	TSFR1M + 0.734%	4.3370	07/20/33		159,786
	21,290	Sequoia Mortgage Trust Series 2004-10 A1A^(d)	TSFR1M + 0.734%	4.3370	11/20/34		20,424
	32,445	Sequoia Mortgage Trust Series 2004-10 A3B^(d)	TSFR6M + 1.208%	4.8960	11/20/34		30,250
	40,052	Sequoia Mortgage Trust Series 2005-2 A1^(d)	TSFR1M + 0.554%	4.1570	03/20/35		37,239
	209,549	Sequoia Mortgage Trust Series 2005-3 B1^(d)	TSFR1M + 0.669%	4.3300	05/20/35		141,514
	245,892	Sequoia Mortgage Trust Series 2007-4 1A1^(d)	TSFR1M + 0.894%	5.2770	01/20/36		183,569
	194,946	Sequoia Mortgage Trust Series 2007-2 1B1^(d)	TSFR1M + 0.714%	4.3170	06/20/36		172,896
	108,654	Sequoia Mortgage Trust Series 2007-3 1A1^(d)	TSFR1M + 0.514%	4.1170	07/20/36		93,243
	57,923	Sequoia Mortgage Trust Series 2013-6 B1^(b),(c)		3.5240	05/25/43		57,223
	9,973	Sequoia Mortgage Trust Series 2013-8 A1^(b)		3.0000	06/25/43		9,054
	223,316	Sequoia Mortgage Trust Series 2014-4 A6^(b),(c)		3.5000	11/25/44		207,495
	38,878	Sequoia Mortgage Trust Series 2007-1 4A1^(b)		3.4700	09/20/46		25,484
	57,602	Sequoia Mortgage Trust Series 2017-1 B3^(b),(c)		3.6010	02/25/47		46,932
	64,677	Shellpoint Co-Originator Trust Series 2017-1 B4^(b),(c)		3.5730	04/25/47		45,923
	35,619	SoFi Personal Loan Trust Series 2024-1A A^(c)		6.0600	02/12/31		35,835
	100,000	Spruce Hill Mortgage Loan Trust Series 2020-SH1 B2^(b),(c)		4.6760	01/28/50		94,656
	32,022	Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 4A1^(b)		4.7750	03/25/34		30,793

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	225,506	Structured Adjustable Rate Mortgage Loan Trust Series 2004-17 A1^(b)		3.8080	11/25/34	$	203,333
	51,017	Structured Adjustable Rate Mortgage Loan Trust Series 2004-18 1A3^(b)		4.6180	12/25/34		46,062
	155,794	Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 1A1^(b)		3.9240	03/25/35		130,138
	304,930	Structured Adjustable Rate Mortgage Loan Trust Series 2005-15 1A1^(b)		4.0890	07/25/35		152,402
	415,846	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1 2A2^(b)		4.5570	02/25/36		371,798
	6,008	Structured Adjustable Rate Mortgage Loan Trust Series 2006-8 3AF^(d)	TSFR1M + 0.494%	4.0790	09/25/36		5,505
	390,219	Structured Adjustable Rate Mortgage Loan Trust Series 4 1A1^(d)	TSFR1M + 0.594%	4.1790	05/25/37		358,730
	285,795	Structured Adjustable Rate Mortgage Loan Trust Series 9 2A1^(b)		4.1820	10/25/47		178,921
	102,498	Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A1^(b),(f)		4.6910	01/25/34		99,940
	18,088	Structured Asset Sec Corp Mort Passthr Certs Series 2003-40A 3A2^(b)		4.6910	01/25/34		17,637
	615	Structured Asset Securities Corporation Series 2003-37A B1I^(d)	TSFR1M + 0.894%	4.5590	12/25/33		594
	363,136	Structured Asset Securities Corporation Series 2004-4XS A3A^(g)		5.5000	02/25/34		355,405
	71,501	Structured Asset Securities Corporation Series 2004-4XS 1A5^(g)		5.9900	02/25/34		69,960
	391,934	Structured Asset Securities Corporation Series 2004-4XS 1M1^(g)		6.0500	02/25/34		413,771
	60,159	Structured Asset Securities Corporation Series 2005-RF2 A^(c),(d)	TSFR1M + 0.464%	4.0490	04/25/35		55,432
	64,922	Structured Asset Securities Corporation Series 2005-RF3 2A^(b),(c)		4.4530	06/25/35		59,589
	14,412	Structured Asset Securities Corporation Mortgage Series 2000-5 B3^(b)		—	11/25/30		10,629
	44,518	Suntrust Alternative Loan Trust Series 2005-1F 1A1^(d)	TSFR1M + 0.764%	4.3490	12/25/35		39,202
	184,413	TIAA Bank Mortgage Loan Trust Series 2018-2 B3^(b),(c),(f)		3.6560	07/25/48		168,361
	233,635	TIAA Bank Mortgage Loan Trust Series 2018-3 B4^(b),(c)		4.0700	11/25/48		183,833
	500,000	Towd Point Mortgage Trust Series 2022-SJ1 B1^(b),(c)		5.2500	03/25/62		497,097
	370,000	Verus Securitization Trust Series 2023-5 B1^(b),(c)		7.9730	06/25/68		368,971
	3,050,000	Verus Securitization Trust Series 2023-INV2 B1^(b),(c)		7.9960	08/25/68		3,048,143
	5,000,000	Verus Securitization Trust Series 2023-7 M1^(b),(c)		7.9060	10/25/68		5,031,146
	1,000,000	Verus Securitization Trust Series 2023-INV3 B1^(b),(c)		8.1700	11/25/68		1,007,963
	1,848,947	Verus Securitization Trust Series 2023-8 A2^(c),(g)		6.6640	12/25/68		1,858,310
	968,000	Verus Securitization Trust Series 2023-8 B1^(b),(c),(f)		8.0700	12/25/68		979,769
	534,826	Verus Securitization Trust Series 2024-4 A3^(c),(g)		6.6740	06/25/69		539,921
	2,409,970	Vista Point Securitization Trust Series 2024-CES2 A1^(c),(g)		5.6010	08/25/55		2,416,910
	36,449	WaMu Mortgage Pass-Through Certificates Series 2002-AR14 B1^(b)		4.2570	11/25/32		33,300
	28,460	WaMu Mortgage Pass-Through Certificates Series 2002-AR18 A^(b)		5.7970	01/25/33		28,446
	57,184	WaMu Mortgage Pass-Through Certificates Series 2003-S3 1A4		5.5000	06/25/33		56,439
	26,216	WaMu Mortgage Pass-Through Certificates Series 2003-S5 1A13		5.5000	06/25/33		26,283
	170,665	WaMu Mortgage Pass-Through Certificates Series 2003-AR9 1A7^(b)		5.2970	09/25/33		168,318

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 31.9% (Continued)
	11,180	WaMu Mortgage Pass-Through Certificates Series 2002-AR2 A^(d)	ECOFC + 1.250%	3.9760	02/27/34	$	10,951
	90,467	WaMu Mortgage Pass-Through Certificates Series CB3 2A		6.5000	10/25/34		93,303
	36,457	WaMu Mortgage Pass-Through Certificates Series 2006-AR2 1A1^(b)		4.3550	03/25/36		33,285
	64,150	WaMu Mortgage Pass-Through Certificates Series 2002-AR17 1A^(d)	12MTA + 1.200%	4.7090	11/25/42		62,437
	22,639	WaMu Mortgage Pass-Through Certificates Series AR8 2A1A^(d)	TSFR1M + 0.694%	4.2790	07/25/45		21,963
	88,929	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A1^(b)		4.4650	08/25/46		89,446
	135,328	Washington Mutual MSC Mortgage Pass-Through Series 2003-MS7 A12		5.5000	03/25/33		135,646
	26,379	Washington Mutual MSC Mortgage Pass-Through Series 2003-MS9 2A		7.5000	04/25/33		26,539
	107,701	Washington Mutual MSC Mortgage Pass-Through Series 2003-AR3 B1^(b)		4.7160	06/25/33		95,268
	3,387	Washington Mutual MSC Mortgage Pass-Through Series 2005-RA1 3B4^(b),(c)		3.4070	01/25/35		2,809
	83,495	Washington Mutual MSC Mortgage Pass-Through Series RA3 CB1^(b)		5.4220	08/25/38		79,752
	124,331	Wells Fargo Alternative Loan Trust Series 2007-PA1 A7		6.0000	03/25/37		115,082
	37,896	Wells Fargo Mortgage Backed Securities Series 2006-AR14 2A1^(b)		6.4870	10/25/36		35,126
	49,439	Wells Fargo Mortgage Backed Securities Series 2007-7 A6		6.0000	06/25/37		45,130
	234,000	Wells Fargo Mortgage Backed Securities Series 2018-1 B4^(b),(c)		3.6390	07/25/47		161,003
	49,170	Wells Fargo Mortgage Backed Securities Series 2019-4 A2^(b),(c)		3.0000	09/25/49		42,899
	184,786	WinWater Mortgage Loan Trust Series 2015-1 B2^(b),(c)		3.8700	01/20/45		172,840
	1,618,829	WinWater Mortgage Loan Trust Series 2016-1 B4^(b),(c)		3.7810	01/20/46		1,429,122
							142,649,575
		HOME EQUITY — 5.2%
	50,970	ABFC Trust Series 2004-OPT2 A2^(d)	TSFR1M + 0.674%	4.2590	10/25/33		49,977
	1,000,000	ACHM Trust Series 2023-HE1 B^(b),(c)		7.0000	11/25/37		1,030,324
	631,888	ACHM Trust Series 2023-HE2 A^(b),(c)		7.5000	10/25/38		658,128
	130,982	AFC Trust Series 1999-3 1A^(d)	TSFR1M + 1.094%	4.7490	09/28/29		113,738
	2,074,838	Argent Mortgage Loan Trust 2005-W1 Series W1 A2^(d)	TSFR1M + 0.594%	4.1790	05/25/35		1,770,339
	2,415,973	Bayview Financial Mortgage Pass-Through Trust Series 2004-B A1^(c),(d)	TSFR1M + 1.114%	4.7280	05/28/39		1,945,162
	951,992	Bayview Financial Mortgage Pass-Through Trust Series 2005-A M1^(c),(d)	TSFR1M + 1.614%	5.2280	02/28/40		941,658
	328,788	Bayview Financial Mortgage Pass-Through Trust Series A B1^(d)	TSFR1M + 2.139%	5.7530	02/28/41		329,063
	14,211	Bear Stearns Asset Backed Securities I Trust Series 2004-FR2 M4^(d)	TSFR1M + 2.214%	5.1820	06/25/34		14,233
	102,803	Bear Stearns Home Loan Owner Trust Series 2001-A B^(g)		10.5000	02/15/31		97,968
	22,436	CDC Mortgage Capital Trust Series 2003-HE4^(d)	ICE LIBOR USD 1 Month + 0.620%	4.3190	03/25/34		22,418
	1,194,986	CDC Mortgage Capital Trust Series 2004-HE3 M3^(d)	TSFR1M + 2.214%	5.7990	11/25/34		1,152,240

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		HOME EQUITY — 5.2% (Continued)
	97,942	CHEC Loan Trust Series 2004-1 M2^(c),(d)	TSFR1M + 1.089%	4.6740	07/25/34	$	97,865
	1,073	Citigroup Global Markets Mortgage Securities VII, Inc. Series 2002-WMC1 M1^(d)	TSFR1M + 1.464%	5.0490	01/25/32		1,074
	93,407	Delta Funding Home Equity Loan Trust Series 1999-3 A2F^(g)		8.0610	09/15/29		88,973
	215,854	Delta Funding Home Equity Loan Trust Series 2000-1 M2^(g)		8.5900	05/15/30		206,252
	52,355	Delta Funding Home Equity Loan Trust Series 1999-2 A1A^(d)	TSFR1M + 0.434%	4.3820	08/15/30		52,253
	24,959	GE Capital Mortgage Services, Inc. Trust Series 1999-HE1 A6^(b)		6.7000	04/25/29		25,083
	103,313	GMACM Mortgage Loan Trust Series 2004-GH1 M1^(g)		5.5000	07/25/35		102,127
	233,767	Home Equity Asset Trust Series 2002-2 A2^(d)	TSFR1M + 0.714%	4.2990	06/25/32		232,103
	757,299	MASTR Asset Backed Securities Trust Series 2004-FRE1 M7^(d)	TSFR1M + 2.814%	6.3990	07/25/34		707,111
	185,251	MASTR Asset Backed Securities Trust Series 2005-NC1 M2^(d)	TSFR1M + 0.864%	4.4490	12/25/34		192,690
	228,088	Morgan Stanley A.B.S Capital I, Inc. Trust Series 2003-SD1 M2^(d)	TSFR1M + 4.014%	7.5990	03/25/33		207,194
	807,726	Morgan Stanley A.B.S Capital I, Inc. Trust Series SD2 M2^(d)	TSFR1M + 2.289%	5.8740	04/25/34		809,219
	21,112	New Century Home Equity Loan Trust Series 2003-5 AII^(d)	TSFR1M + 0.914%	4.4990	11/25/33		13,938
	67,791	Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2006-HE2 M1^(d)	TSFR1M + 0.609%	4.1940	03/25/36		63,888
	141,442	NovaStar Mortgage Funding Trust Series 2003-4 A1^(d)	TSFR1M + 0.854%	4.4390	02/25/34		140,800
	18,270	RAAC Series Trust Series 2004-SP1 AII^(d)	TSFR1M + 0.814%	4.3990	03/25/34		18,253
	3,383	RBSSP Resecuritization Trust Series 2010-4 6A2^(c),(g)		5.8250	02/26/36		3,360
	392,928	Renaissance Home Equity Loan Trust Series 2002-3 M1^(d)	TSFR1M + 1.614%	5.1990	12/25/32		369,873
	83,936	Renaissance Home Equity Loan Trust Series 2002-3 M2^(d)	TSFR1M + 2.664%	6.2490	12/25/32		73,904
	2,000,000	Saluda Grade Alternative Mortgage Trust Series 2023-SEQ3 A2^(b),(c)		6.8890	06/01/53		2,032,064
	14,224	Saxon Asset Securities Trust Series 2001-2 AF5^(g)		3.2120	03/25/29		15,380
	30,005	Saxon Asset Securities Trust Series 2003-3 M2^(d)	TSFR1M + 2.514%	3.9010	12/25/33		27,266
	160,748	Saxon Asset Securities Trust Series 2003-3 AF5^(g)		4.0000	12/25/33		149,199
	1,500,000	Security National Mortgage Loan Trust Series 2005-2A A4^(b),(c)		7.6680	02/25/35		1,510,643
	170,391	Security National Mortgage Loan Trust Series 2005-2A A3^(b),(c)		6.2130	02/25/36		171,015
	82,318	Southern Pacific Secured Asset Corporation Series 1997-2 M1F		7.3200	05/25/27		131,790
	714,725	Structured Asset Securities Corporation Pass-Through Series 2002-AL1 A3		3.4500	02/25/32		89,447
	220,000	Towd Point Mortgage Trust Series 2024-CES4 M1^(c),(g)		5.5730	09/25/64		220,218
	3,069,000	Vista Point Securitization Trust Series 2024-CES1 M1^(c),(g)		7.4820	05/25/54		3,107,966
	1,000,000	Vista Point Securitization Trust Series 2024-CES1 B1^(b),(c)		8.8670	05/25/54		1,017,603
	2,943,576	Vista Point Securitization Trust Series 2024-CES2 A1^(c),(g)		5.2520	10/25/54		2,940,459
	305,816	Wells Fargo Home Equity Asset-Backed Securities Series 2 M9^(d)	TSFR1M + 2.514%	6.0990	12/25/34		305,875
							23,250,133

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		MANUFACTURED HOUSING — 0.3%
	1,500,000	Cascade MH Asset Trust Series 2019-MH1 M^(b),(c)		5.9850	11/01/44	$	1,331,382
	87,573	Conseco Finance Corporation Series 5 B1^(b)		8.1000	07/15/26		87,356
							1,418,738
		NON AGENCY CMBS — 23.0%
	3,204,350	Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B1^(b),(c)		3.6530	05/25/50		2,621,604
	2,124,264	Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 B2^(b),(c)		5.3780	05/25/50		1,681,317
	2,000,000	BAMLL Commercial Mortgage Securities Trust Series ISQ A^(c)		2.8480	08/14/34		1,676,981
	1,625,000	BANK Series 2019-BN19 B		3.6470	08/15/61		1,410,552
	980,000	BANK Series 2019-BNK20 B^(b)		3.3950	09/15/62		864,052
	474,000	BANK Series 2020-BNK27 B^(b)		2.9060	04/15/63		410,684
	19,385	Bayview Commercial Asset Trust Series 2005-2A M1^(c),(d)	TSFR1M + 0.759%	4.3440	08/25/35		18,845
	29,995	Bayview Commercial Asset Trust Series 2005-2A B1^(c),(d)	TSFR1M + 1.839%	5.4240	08/25/35		31,506
	16,383	Bayview Commercial Asset Trust Series 2005-4A M1^(c),(d)	TSFR1M + 0.789%	4.4440	01/25/36		15,757
	51,433	Bayview Commercial Asset Trust Series 2007-1 M2^(c),(d)	TSFR1M + 0.549%	4.1340	03/25/37		49,043
	500,000	Bayview Commercial Asset Trust Series 2008-1 M1^(c),(d)	TSFR1M + 3.264%	6.8490	01/25/38		476,056
	1,862,655	BBCMS Mortgage Trust Series 2020-C7 XA^(a),(b)		1.5860	04/15/53		71,855
	250,000	Benchmark Mortgage Trust Series 2020-IG3 A4^(c)		2.4370	09/15/48		214,695
	130,000	Benchmark Mortgage Trust Series 2019-B9 B		4.4680	03/15/52		120,385
	900,000	Benchmark Mortgage Trust Series 2020-B17 E^(c)		2.2500	03/15/53		534,097
	470,000	Benchmark Mortgage Trust Series 2020-B17 C^(b)		3.3710	03/15/53		357,482
	500,000	Benchmark Mortgage Trust Series 2020-B19 B		2.3510	09/15/53		392,554
	170,628	Benchmark Mortgage Trust Series 2021-B24 A2		1.9530	03/15/54		159,849
	328,000	Benchmark Mortgage Trust Series 2021-B31 C^(b)		3.1950	12/15/54		258,897
	350,000	BFLD Trust Series 2020-EYP A^(c),(d)	TSFR1M + 1.264%	4.8920	10/15/35		286,056
	555,000	BMD2 Re-Remic Trust Series 2019-FRR1 5A1^(b),(c)		3.4070	05/25/52		521,654
	4,290,000	Canal Center Lease-Backed Pass-Through Trust Series 1 A^(c)		3.0230	09/15/56		2,725,490
	2,768,639	Carbon Capital VI Commercial Mortgage Series 2019-FL2 B^(c),(d)	TSFR1M + 2.964%	6.5910	10/15/35		941,337
	1,366,977	CBA Commercial Small Balance Commercial Mortgage Series 2007-1A A^(c),(g)		6.2600	07/25/39		1,247,722
	300,000	CD Mortgage Trust Series 2016-CD1 AM		2.9260	08/10/49		295,624
	49,905	CD Mortgage Trust Series 2017-CD3 D^(c)		3.2500	02/10/50		1,633
	1,000,000	CD Mortgage Trust Series 2017-CD3 AS		3.8330	02/10/50		964,776
	128,521	CFCRE Commercial Mortgage Trust Series 2011-C2 D^(b),(c)		5.2490	12/15/47		126,505
	100,000	CFK Trust Series 2020-MF2 A^(c)		2.3870	03/15/39		93,522

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		NON AGENCY CMBS — 23.0% (Continued)
	50,000	Citigroup Commercial Mortgage Trust Series 2015-GC31 B^(b)		3.6890	06/10/48	$	32,839
	750,000	Citigroup Commercial Mortgage Trust Series 2015-GC35 D		3.2360	11/10/48		162,814
	900,000	Citigroup Commercial Mortgage Trust Series 2015-GC35 C^(b)		4.3680	11/10/48		666,707
	427,586	Citigroup Commercial Mortgage Trust Series 2015-GC33 B^(b)		4.3360	09/10/58		406,147
	94,028	CNL Commercial Mortgage Loan Trust Series 2003-1A A1^(c),(d)	TSFR1M + 0.614%	4.2420	05/15/31		93,831
	2,622,031	COMM Mortgage Trust Series 2013-CR12 AM		4.3000	10/10/46		2,515,103
	2,404,078	COMM Mortgage Trust Series 2013-CR12 B^(b)		4.7620	10/10/46		820,862
	22,232	COMM Mortgage Trust Series 2014-CCRE16 B		4.5820	04/10/47		22,179
	175,500	COMM Mortgage Trust Series 2016-COR1 C^(b)		4.2610	10/10/49		151,282
	420,000	CSAIL Commercial Mortgage Trust Series 2015-C3 D^(b)		3.1980	08/15/48		320,555
	1,372,469	CSAIL Commercial Mortgage Trust Series 2015-C3 C^(b)		4.1980	08/15/48		1,330,710
	265,000	CSAIL Commercial Mortgage Trust Series 2018-C14 D^(b),(c)		4.8760	11/15/51		189,672
	477,844	CSAIL Commercial Mortgage Trust Series 2015-C2 C^(b)		4.1780	06/15/57		459,085
	1,623,000	CSAIL Commercial Mortgage Trust Series 2015-C2 D^(b)		4.1780	06/15/57		1,435,033
	750,000	CSMC OA, LLC Series 2014-USA D^(c)		4.3730	09/15/37		621,590
	1,596,388	FREMF Mortgage Trust Series 2017-KF38 B^(c),(d)	SOFR30A + 2.614%	6.2640	08/25/26		1,596,102
	368,477	FREMF Mortgage Trust Series 2018-KF52^(c),(d)	SOFR30A + 2.064%	5.7140	09/25/28		356,824
	86,562	FREMF Mortgage Trust Series 2020-KF76 B^(c),(d)	SOFR30A + 2.864%	6.5140	01/25/30		84,915
	820,371	FRESB Mortgage Trust Series 2018-SB48 B^(c),(d)		4.4150	02/25/38		508,622
	5,970,000	GS Mortgage Securities Corp Trust Series 2013-PEMB A^(b),(c)		3.5490	03/05/33		4,864,000
	1,350,000	GS Mortgage Securities Corp Trust Series 2013-PEMB C^(b),(c)		3.5490	03/05/33		263,250
	3,862,000	GS Mortgage Securities Trust Series 2014-GC22 AS		4.1130	06/10/47		3,644,241
	117,792	GS Mortgage Securities Trust Series 2014-GC26 B^(b)		4.2150	11/10/47		109,828
	2,000,000	Harvest Commercial Capital Loan Trust Series 2020-1 M5^(b),(c)		5.9640	04/25/52		1,840,390
	37,534	Impac CMB Trust Series 2004-8 3B^(d)	TSFR1M + 2.739%	6.3240	08/25/34		38,421
	387,000	JP Morgan Chase Commercial Mortgage Series MINN A^(c),(d)	TSFR1M + 1.317%	4.9440	11/15/35		360,944
	143,486	JP Morgan Chase Commercial Mortgage Securities Series 2015-FL7 D^(c),(d)	PRIME + 0.693%	7.4430	05/15/28		121,088
	1,900,000	JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC A^(c),(d)	TSFR1M + 1.497%	5.1500	04/15/31		911,031
	3,197,983	JP Morgan Chase Commercial Mortgage Securities Series PHH A^(c),(d)	TSFR1M + 1.257%	4.8840	06/15/35		2,191,189
	560,000	JP Morgan Chase Commercial Mortgage Securities Series MKST A^(c),(d)	TSFR1M + 1.464%	5.0910	12/15/36		257,589
	193,000	JP Morgan Chase Commercial Mortgage Securities Series 2011-C3 E^(b),(c)		5.5260	02/15/46		154,289
	500,000	JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 E^(b),(c),(f)		3.2500	04/15/46		—

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		NON AGENCY CMBS — 23.0% (Continued)
	5,845,049	JP Morgan Chase Commercial Mortgage Securities Series 2007-LD11 AJ^(b)		5.8810	06/15/49	$	1,027,937
	345,000	JPMBB Commercial Mortgage Securities Trust Series 2015-C32 D^(b)		4.2310	11/15/48		14,462
	210,000	JPMDB Commercial Mortgage Securities Trust Series 2017-C5 AS^(b)		3.8580	03/15/50		194,329
	1,165,000	JPMDB Commercial Mortgage Securities Trust Series 2017-C5 B^(b)		4.0090	03/15/50		988,097
	165,000	JPMDB Commercial Mortgage Securities Trust Series COR7 B^(b)		3.2940	05/13/53		131,099
	1,985,543	Lehman Brothers Small Balance Commercial Mortgage Series 1A M1^(c),(d)	TSFR1M + 0.614%	4.1990	03/25/37		1,837,889
	544,000	Lehman Brothers Small Balance Commercial Mortgage Series 3A M2^(c),(d)	TSFR1M + 2.114%	5.6990	10/25/37		502,477
	688,625	LSTAR Commercial Mortgage Trust Series 2016-4 D^(b),(c)		4.4980	03/10/49		645,900
	1,500,000	LSTAR Commercial Mortgage Trust Series 2017-5 D^(b),(c)		4.6890	03/10/50		1,264,246
	3,047,646	ML-CFC Commercial Mortgage Trust Series 2007-5 AJ^(b)		5.4500	08/12/48		513,301
	460,000	Morgan Stanley Bank of America Merrill Lynch Trust		3.5610	04/15/48		435,419
	420,000	Morgan Stanley Capital I Trust Series 2014-150E AS^(c)		4.0120	09/09/32		380,824
	347,000	Morgan Stanley Capital I Trust Series 2014-150E D^(b),(c)		4.2950	09/09/32		293,566
	124,657	Morgan Stanley Capital I Trust Series 2018-BOP A^(c),(d)	TSFR1M + 0.897%	4.5250	08/15/33		98,460
	1,200,000	Morgan Stanley Capital I Trust Series 2015-MS1 D^(b),(c)		4.0270	05/15/48		972,103
	4,039,828	Morgan Stanley Capital I Trust Series 2015-420 A^(c),(g)		7.9820	10/12/50		4,143,870
	210,000	MRCD Mortgage Trust Series 2019-PARK A^(c)		2.7180	12/15/36		182,972
	1,000,000	OWS Real Estate Finance, LLC Series MARG2 A^(c),(d)	TSFR1M + 4.000%	7.7500	08/15/27		1,002,335
	2,250,000	Ready Capital Mortgage Trust Series 2019-5 E^(b),(c)		5.1550	02/25/52		2,062,423
	3,000,000	ReadyCap Commercial Mortgage Trust Series 2018-4 E^(b),(c)		5.2500	02/27/51		2,889,078
	6,438,000	ReadyCap Commercial Mortgage Trust Series 2019-6^(b),(c)		4.1270	10/25/52		6,043,730
	6,075,000	SBALR Commercial Mortgage Trust Series 2020-RR1 D^(b),(c)		4.0370	02/13/53		379,599
	110,000	Soho Trust Series 2021-SOHO B^(b),(c),(f)		2.6970	08/10/38		92,367
	27,568	Sutherland Commercial Mortgage Trust Series 2019-SBC8 A^(b),(c)		2.8600	04/25/41		26,326
	264,867	Sutherland Commercial Mortgage Trust Series 2021-SB10 A^(b),(c)		1.5500	12/25/41		248,343
	351,445	Sutherland Commercial Mortgage Trust Series 2021-SB10 C^(b),(c)		2.6400	12/25/41		324,460
	2,000,000	TPG Trust Series 2024-WLSC A^(c),(d)	TSFR1M + 2.133%	5.7600	11/15/29		1,995,416
	251,000	UBS Commercial Mortgage Trust Series 2019-C16 C^(b)		4.9230	04/15/52		225,351
	1,696,768	UBS-Barclays Commercial Mortgage Trust Series 2013-C6 D^(b),(c)		3.8920	04/10/46		1,583,154
	993,950	VCC Trust Series 2025-MC1 A1^(c),(g)		8.1630	05/25/55		1,006,732
	1,588,789	Velocity Commercial Capital Loan Trust Series 2017-2 M5^(b),(c)		6.4200	11/25/47		1,398,138
	1,539,808	Velocity Commercial Capital Loan Trust Series 2017-2 M6^(b),(c)		7.7500	11/25/47		1,342,174
	807,590	Velocity Commercial Capital Loan Trust Series 2018-1 M6^(c)		7.2600	04/25/48		734,165

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		NON AGENCY CMBS — 23.0% (Continued)
	1,014,516	Velocity Commercial Capital Loan Trust Series 2018-2 M6^(b),(c)	7.0500	10/26/48	$	883,435
	284,203	Velocity Commercial Capital Loan Trust Series 2019-1 M5^(b),(c)	5.7000	03/25/49		251,914
	682,714	Velocity Commercial Capital Loan Trust Series 2019-1 M6^(b),(c)	6.7900	03/25/49		591,031
	303,846	Velocity Commercial Capital Loan Trust Series 2019-2 M5^(b),(c)	4.9300	07/25/49		263,773
	1,847,042	Velocity Commercial Capital Loan Trust Series 2019-2 M6^(b),(c)	6.3000	07/25/49		1,595,994
	387,862	Velocity Commercial Capital Loan Trust Series 2019-3 M3^(b),(c)	3.3800	10/25/49		350,581
	315,679	Velocity Commercial Capital Loan Trust Series 2019-3 M6^(b),(c)	6.0300	10/25/49		263,801
	53,214	Velocity Commercial Capital Loan Trust Series 2020-1 M2^(b),(c)	2.9800	02/25/50		42,803
	143,258	Velocity Commercial Capital Loan Trust Series 2020-1 M5^(b),(c)	4.2900	02/25/50		111,412
	783,663	Velocity Commercial Capital Loan Trust Series 2021-1 M5^(b),(c)	3.9700	05/25/51		597,061
	369,354	Velocity Commercial Capital Loan Trust Series 2021-2 M4^(b),(c)	3.0800	08/25/51		281,435
	755,013	Velocity Commercial Capital Loan Trust Series 2021-2 M7^(b),(c)	6.5400	08/25/51		562,082
	1,256,751	Velocity Commercial Capital Loan Trust Series 2021-3 M6^(b),(c)	5.0300	10/25/51		989,404
	1,902,530	Velocity Commercial Capital Loan Trust Series 2021-4 M5^(b),(c)	5.6800	12/26/51		1,544,546
	1,598,274	Velocity Commercial Capital Loan Trust Series 2022-1 M5^(b),(c)	5.8200	02/25/52		1,296,730
	2,494,847	Velocity Commercial Capital Loan Trust Series 2022-2 M5^(b),(c)	5.7200	04/25/52		2,140,886
	624,155	Velocity Commercial Capital Loan Trust Series 2022-4 M4^(b),(c)	7.5190	08/25/52		594,666
	339,265	Velocity Commercial Capital Loan Trust Series 2023-1 M1^(b),(c)	7.1500	01/25/53		343,558
	3,241,614	Velocity Commercial Capital Loan Trust Series 2023-2 M4^(b),(c)	10.5220	05/25/53		3,314,306
	576,710	Velocity Commercial Capital Loan Trust Series 2023-3 M3^(b),(c)	9.3200	08/25/53		581,385
	189,203	Velocity Commercial Capital Loan Trust Series 2024-1 M2^(b),(c)	7.2300	01/25/54		191,647
	497,683	Velocity Commercial Capital Loan Trust Series 2025-5 M2^(b),(c)	6.3100	12/25/55		499,389
	47,714	Wachovia Bank Commercial Mortgage Trust Series 2004-C12 IO^(a),(b),(c)	0.8880	07/15/41		22
	525,000	Wells Fargo Commercial Mortgage Trust Series 2016-C36 C^(b)	4.0790	11/15/59		450,225
	187,408	WFRBS Commercial Mortgage Trust Series 2011-C4 D^(b),(c)	4.9840	06/15/44		183,885
	890,000	WFRBS Commercial Mortgage Trust Series 2012-C10 C^(b),(f)	4.2790	12/15/45		768,356
	455,000	WFRBS Commercial Mortgage Trust Series 2013-C15 C^(b)	4.1490	08/15/46		421,507
	1,257,969	WFRBS Commercial Mortgage Trust Series 2014-C20 B	4.3780	05/15/47		1,096,599
	855,583	WFRBS Commercial Mortgage Trust Series 2014-C22 AS^(b)	4.0690	09/15/57		817,062
	900,000	Worldwide Plaza Trust Series 2017-WWP A^(c)	3.5260	11/10/36		732,927
						101,844,826
		OTHER ABS — 3.0%
	803,966	AASET 2022-1, LLC Series 1A A^(c)	6.0000	05/16/47		804,769
	35,604	AASET Trust Series 2020-1A A^(c)	3.3510	01/16/40		35,355

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		OTHER ABS — 3.0% (Continued)
	900,606	Accelerated, LLC Series 2024-1A D^(c)	7.8500	08/22/44	$	860,430
	305,000	ALLO Issuer, LLC Series 1A C^(c)	12.1800	06/20/53		315,098
	1,747,731	CF Hippolyta Issuer, LLC Series 1X A1	1.5300	03/15/61		1,403,605
	150,000	Commercial Equipment Finance, LLC Series 2024-1A C^(c)	7.3600	04/15/31		152,507
	1,044,758	Corevest American Finance Trust Series 2019-3 XA^(a),(b),(c)	1.9930	10/15/52		127
	399,002	E3 Series 2019-1 A^(c)	3.1000	09/20/55		349,160
	805,786	EverBright Solar Trust Series 2024-A A^(c)	6.4300	06/22/54		678,863
	71,007	FNA VII, LLC Series 1A A1^(c)	6.9000	04/15/38		71,528
	430,776	FortiFi Series 2023-1A A^(c)	6.2300	09/20/59		425,672
	259,942	Goldman Home Improvement Trust Issuer Series 2022-GRN1 D^(c)	7.3000	06/25/52		263,531
	211,736	Golub Capital Partners A.B.S Funding Ltd. Series 2021-2A A^(c)	2.9440	10/19/29		195,478
	1,464,908	Goodgreen Trust Series 2021-1A C^(c)	5.7400	10/15/56		1,076,958
	41,366	HERO Funding Trust Series 2015-2A A^(c)	3.9900	09/20/40		39,991
	121,314	HERO Funding Trust Series 2021-1A A^(c)	2.2400	09/20/51		103,195
	165,164	HERO Funding Trust Series 2021-1A B^(c)	4.0000	09/20/51		157,346
	97,742	HINNT, LLC Series 2022-A C^(c)	5.5800	05/15/41		—
	139,038	Home Partners of America Trust Series 2020-2 F^(c)	4.0550	01/17/41		130,561
	44,190	JG Wentworth XLII, LLC Series 2A B^(c)	4.7000	10/15/77		39,898
	392,788	Mill City Solar Loan Ltd. Series 2019-1A A^(c)	4.3400	03/20/43		366,141
	84,977	Mosaic Solar Loan Trust Series 2018-1A B^(c)	2.0000	06/22/43		67,083
	1,171,578	Mosaic Solar Loan Trust Series 2024-1A B^(c)	6.2500	09/20/49		964,133
	400,000	Mosaic Solar Loan Trust Series 2024-1A C^(c)	9.0000	09/20/49		141,163
	63,625	Mosaic Solar Loan Trust Series 2024-2A A^(c)	5.6000	04/22/52		60,494
	435,000	Mosaic Solar Loan Trust Series 2023-4A C^(c)	8.8000	05/20/53		34,281
	123,320	Mosaic Solar Loan Trust Series 2023-3A A^(c)	5.9100	11/20/53		120,834
	84,471	Nassau CFO, LLC Series 2019 A^(c)	3.9800	08/15/34		78,252
	250,000	New Economy Assets Phase 1 Sponsor, LLC Series 1 B1^(c)	2.4100	10/20/61		146,756
	413,184	NP SPE X, L.P. Series 2A A2^(c)	3.0980	11/19/49		357,065
	1,991,018	NP SPE X, L.P. Series 1A A1^(c)	2.2300	03/19/51		1,740,792
	325,419	Sierra Timeshare Receivables Funding, LLC Series 2022-3A D^(c)	10.5200	07/20/39		337,207
	412,398	Sunnova Helios IX Issuer, LLC Series B A^(c)	5.0000	08/20/49		354,903
	477,458	Sunnova Helios X Issuer, LLC Series C A^(c)	5.3000	11/22/49		439,876
	142,400	Sunnova Helios X Issuer, LLC Series C C^(c)	6.0000	11/22/49		75,105
	464,831	Sunnova Sol IV Issuer, LLC Series A A^(c)	2.7900	02/22/49		387,775

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		OTHER ABS — 3.0% (Continued)
	114,532	Sunrun Demeter Issuer, LLC Series 2021-2A A^(c)		2.2700	01/30/57	$	104,725
	365,855	Sunrun Vulcan Issuer, LLC Series 2021-1A A^(c)		2.4600	01/30/52		336,898
	84,625	Textainer Marine Containers VII Ltd. Series 1A A^(c)		5.2500	08/20/49		84,247
	226,349	USQ Rail III, LLC Series 1A A^(c)		4.9900	09/28/54		222,800
	100,169	Vivint Solar Financing VII, LLC Series 1A A^(c)		2.2100	07/31/51		93,411
	172,356	Willis Engine Structured Trust VII Series A A^(c)		8.0000	10/15/48		174,891
							13,792,904
		RESIDENTIAL MORTGAGE — 1.5%
	372,122	Amresco Residential Securities Corp Mort Loan Series 1999-1 A^(d)	TSFR1M + 0.584%	4.6390	06/25/29		387,953
	3,922,993	Belvedere SPV Srl Series 1 A^(d)	EUR006M + 3.250%	5.3740	12/31/38		578,060
	3,523	Chase Funding Trust Series 2002-4 2A1^(d)	TSFR1M + 0.854%	4.4390	10/25/32		3,512
	21,233	Chase Funding Trust Series 2004-1 1A7^(g)		4.9850	11/25/33		21,055
	358,763	Credit-Based Asset Servicing and Securitization, LLC Series 2002-CB3 B2^(d)	TSFR1M + 3.489%	7.1440	06/25/32		358,106
	35,968	Credit-Based Asset Servicing and Securitization, LLC Series 2003-CB1 M1^(d)	TSFR1M + 1.539%	4.3240	01/25/33		35,882
	84,911	Credit-Based Asset Servicing and Securitization, LLC Series 2004-CB3 B1^(d),(f)	TSFR1M + 2.889%	3.2020	03/25/34		117,016
	1,360,918	Credit-Based Asset Servicing and Securitization, LLC Series 2004-RP1^(c),(d)	TSFR1M + 3.864%	7.4490	05/25/50		1,361,101
	11,961	CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6 2A3^(d)	TSFR1M + 1.314%	4.8990	11/25/34		11,968
	62,956	CWABS, Inc. Asset-Backed Certificates Trust Series 2005-13 AF4^(b)		5.8050	04/25/36		58,988
	109,307	Equity One Mortgage Pass-Through Trust Series 2004-3 M1^(g)		3.6990	07/25/34		101,529
	126,367	Fannie Mae Grantor Trust Series 2003-T4 1A^(d)	TSFR1M + 0.334%	2.8230	09/26/33		125,867
	362,293	First Franklin Mortgage Loan Trust Series 2002-FF1 M2^(d)	TSFR1M + 1.914%	5.4990	04/25/32		371,234
	86,522	GE-WMC Asset-Backed Pass-Through Certificates Series 2005-2 M1^(d)	TSFR1M + 0.774%	4.3590	12/25/35		70,678
	244,783	Legacy Mortgage Asset Trust Series 2019-SL2 A^(b),(c)		3.3750	02/25/59		239,857
	557,213	Lehman A.B.S Mortgage Loan Trust Series 2007-1 2A2^(c),(d)	TSFR1M + 0.314%	3.8990	06/25/37		346,924
	53,147	Long Beach Mortgage Loan Trust Series 2003-2 M2^(d)	TSFR1M + 2.964%	6.5490	06/25/33		61,592
	46,202	MASTR Specialized Loan Trust Series 2005-3 M1^(c),(d),(f)	TSFR1M + 1.239%	4.8240	11/25/35		43,948
	413,637	RAAC Series Trust Series 2007-RP3 A^(c),(d),(f)	TSFR1M + 0.494%	4.4590	10/25/46		407,657
	1,350,000	RMF Buyout Issuance Trust Series 2022-HB1 M4^(b),(c)		4.5000	04/25/32		1,171,204
	527,273	Structured Asset Investment Loan Trust Series 2003-BC9 M3^(d)	TSFR1M + 3.264%	6.8490	08/25/33		484,105
	145,141	Structured Asset Securities Corporation Mortgage Loan Series 2005-WF2 M7^(d)	TSFR1M + 1.764%	5.3490	05/25/35		144,190
	223,697	Structured Asset Securities Corporation Mortgage Loan Series WF1 A1^(d)	TSFR1M + 0.534%	4.1190	02/25/37		220,084
							6,722,510

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		STUDENT LOANS — 1.7%
	23,430	AccessLex Institute Series 2004-2 B^(d)	SOFR90A + 0.962%	4.6300	01/25/43	$	21,659
	350,000	Ascent Career Funding Trust Series 2024-1A B^(c),(f)		9.7300	10/25/32		355,821
	291,875	Brazos Education Loan Authority, Inc. Series 2 A1A		2.0600	01/25/72		256,073
	53,395	College Ave Student Loans, LLC Series 2019-A A1^(c),(d)	TSFR1M + 1.514%	5.0990	12/28/48		53,737
	40,671	College Ave Student Loans, LLC Series 2021-A D^(c)		4.1200	07/25/51		38,486
	230,836	College Ave Student Loans, LLC Series 2023-A A1^(c),(d)	SOFR30A + 1.900%	5.5120	05/25/55		234,666
	93,716	Commonbond Student Loan Trust Series 2021-B-GS A^(c)		1.1700	09/25/51		81,871
	798,784	Commonbond Student Loan Trust Series 2021-BGS B^(c)		1.6400	09/25/51		658,159
	46,102	EDvestinU Private Education Loan Issue No. 3, LLC Series A A^(c),(f)		1.8000	11/25/45		43,138
	270,171	ELFI Graduate Loan Program, LLC Series 2020-A A^(c)		1.7300	08/25/45		248,552
	92,512	ELFI Graduate Loan Program, LLC Series 2022-A A^(c)		4.5100	08/26/47		90,055
	218,609	Navient Private Education Refi Loan Trust Series 2021-D-DA A^(c),(d)	PRIME - 1.990%	4.7600	04/15/60		213,516
	225,000	Navient Private Education Refi Loan Trust Series 2019-FA B^(c)		3.1200	08/15/68		200,189
	107,243	Navient Private Education Refi Loan Trust Series 2020-H-IA A1B^(c),(d)	TSFR1M + 1.114%	4.7420	04/15/69		106,758
	165,000	Navient Private Education Refi Loan Trust Series 2020-FA B^(c)		2.6900	07/15/69		142,420
	235,000	Navient Private Education Refi Loan Trust Series 2021-FA B^(c)		2.1200	02/18/70		167,446
	77,710	Navient Student Loan Trust Series BA A1B^(c),(d)	SOFR30A + 1.700%	5.3430	03/15/72		78,180
	234,726	North Texas Higher Education Authority, Inc. Series 1 A1B^(d)	TSFR1M + 0.684%	4.2690	09/25/61		233,657
	595,191	SLM Private Credit Student Loan Trust Series 2004-B A4^(d)	TSFR3M + 0.692%	4.3660	09/15/33		589,158
	45,735	SLM Private Credit Student Loan Trust Series 2006-B A5^(d),(f)	TSFR3M + 0.532%	4.2060	12/15/39		44,899
	569,731	SLM Private Education Loan Trust Series 2010-C^(c),(d)	TSFR1M + 4.864%	8.4920	10/15/41		596,073
	265,944	SLM Student Loan Trust Series 2012-1 A3^(d)	SOFR30A + 1.064%	4.6770	09/25/28		263,350
	10,639	SLM Student Loan Trust Series 2005-5 B^(d)	SOFR90A + 0.512%	4.1800	10/25/40		10,145
	49,433	SLM Student Loan Trust Series 2005-8 B^(d)	SOFR90A + 0.572%	4.2400	01/25/55		47,562
	346,000	SLM Student Loan Trust Series 2008-4 B^(d)	SOFR90A + 2.112%	5.7800	04/25/73		370,025
	499,000	SLM Student Loan Trust Series 2008-5 B^(d)	SOFR90A + 2.112%	5.7800	07/25/73		534,840
	375,000	SLM Student Loan Trust Series 2008-2 B^(d)	SOFR90A + 1.462%	5.1300	01/25/83		406,000
	375,000	SLM Student Loan Trust Series 2008-3 B^(d)	SOFR90A + 1.462%	5.1300	04/26/83		393,805
	700,000	SLM Student Loan Trust Series 2008-6 B^(d)	ICE LIBOR USD 3 Month + 1.850%	5.7800	07/26/83		716,788
	401,758	SMB Private Education Loan Trust Series 2021-A C^(c)		2.9900	01/15/53		—
							7,197,028

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 71.2% (Continued)
		WHOLE BUSINESS — 1.4%
	1,597,841	Harvest SBA Loan Trust Series 2023-1 C^(c),(d)	SOFR30A + 8.500%	12.2690	10/25/50	$	1,706,341
	1,411,870	Harvest SBA Loan Trust Series 2024-1 B^(c),(d)	SOFR30A + 3.750%	7.5000	12/25/51		1,446,564
	1,116,892	KGS-Alpha SBA COOF Trust Series 2015-1 A^(a),(b),(c)		1.6530	10/25/35		25,309
	940,219	KGS-Alpha SBA COOF Trust Series 2014-5 A^(a),(b),(c)		3.0340	10/25/40		26,207
	17,404	Newtek Small Business Loan Trust Series 2021-1 A^(c),(d)	PRIME - 0.250%	6.5000	12/25/48		17,435
	156,845	Newtek Small Business Loan Trust Series 2021-1 B^(c),(d)	PRIME + 0.250%	7.0000	10/25/49		157,784
	370,894	Newtek Small Business Loan Trust Series 2023-1 A^(c),(d)	PRIME - 0.500%	6.2500	07/25/50		373,945
	61,993	ReadyCap Lending Small Business Loan Trust Series 2019-2 A^(c),(d)	PRIME - 0.500%	6.2500	12/27/44		61,988
	310,480	ReadyCap Lending Small Business Loan Trust Series 2023-3 A^(c),(d)	PRIME + 0.070%	6.8200	04/25/48		314,056
	2,157,259	VelocitySBA Loan Trust Series 2026-1 A^(c),(d)	SOFR30A + 2.500%	6.1400	01/20/51		2,132,007
							6,261,636
		TOTAL ASSET BACKED SECURITIES (Cost $327,548,592)					317,575,138

		CORPORATE BONDS — 13.9%
		ASSET MANAGEMENT — 0.2%
	274,000	Nomura America Finance, LLC^(b)	4*(USISOA30-USISOA02)	1.5490	12/31/33		187,348
	65,000	Nomura America Finance, LLC^(b)	4*(USISOA30-USISOA02)	1.5200	02/28/34		46,802
	890,000	Nomura America Finance, LLC^(b)	4*( USISOA30 - USISOA02)-1.00%	2.0840	07/29/34		600,750
							834,900
		BANKING — 2.0%
	190,000	Bank of Nova Scotia (The)^(b)	4*(USISOA30-USISOA02-0.75%)	0.5185	06/27/33		125,875
	120,000	Bank of Nova Scotia (The)^(b)	4*(USISOA30-USISOA02)-0.738%	2.3210	01/30/34		82,650
	100,000	Bank of Nova Scotia (The)^(b)	4*(USISOA30-USISOA02)-1.738%	0.0000	08/28/34		66,250
	525,000	Barclays Bank PLC^(b)	4.250*(USISOA30-USISOA02)	2.5870	09/13/28		469,219
	50,000	Barclays Bank PLC^(b)	4*(USISOA30-USISOA02)	0.0000	10/18/28		44,250

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 13.9% (Continued)
		BANKING — 2.0% (Continued)
	75,000	Barclays Bank PLC^(b)	4*(USISOA10-USISOA02)-1.00%	0.0000	08/15/33	$	49,500
	58,000	Barclays Bank PLC^(b)	4*(USISOA30-USISOA02)-2.00%	0.2170	04/25/34		38,425
	170,000	Barclays Bank PLC^(b)	8*(USISOA30 - USISOA05)-2.00%	1.9900	07/31/34		121,338
	177,000	BNP Paribas S.A.^(b)	4*(CMS30-CMS5)	1.9950	04/30/33		125,449
	1,037,000	Citigroup, Inc.^(b)	4.5*(USISOA30-USISOA05)	1.7490	11/26/33		793,305
	150,000	Citigroup, Inc.^(b)	4*(USISOA30-USISOA02)	2.2150	10/31/34		108,233
	507,000	Citigroup, Inc.^(b)	4*(USISOA30-USISOA02)-1.00 - 1.000%	0.4610	12/29/34		371,378
	55,000	Citigroup, Inc.^(b)	20*(USISOA30-USISOA02)-17.5%	0.0000	08/31/35		38,225
	500,000	Credit Agricole Corporate & Investment Bank S.A.^(b)	9.75*(USISOA30-USISOA02)	0.0000	04/22/36		390,000
	1,500,000	Credit Agricole Corporate & Investment Bank S.A.^(b),(f)	7.75*(USISOA30-USISOA02)	0.0000	05/24/36		1,079,999
	120,000	Deutsche Bank A.G.^(b)	4*(USISOA30-USISOA05)-2.20%	1.9400	01/31/33		80,250
	245,000	Deutsche Bank A.G.^(b)	4*(USISOA30-USISOA02)-1.60%	0.0000	06/30/34		164,763
	1,257,000	Deutsche Bank A.G.^(b)	4*(USISOA30-USISOA02)-2.000%	0.0000	08/28/34		848,475
	961,000	Deutsche Bank A.G.^(b)	4*(USISOA30 - USISOA02)-1.00%	0.7302	11/26/34		664,291
	738,000	Deutsche Bank A.G.^(b)	10*(USISOA30-USISOA02)-8.750%	0.0000	03/27/35		562,725
	75,000	Deutsche Bank A.G.^(b)	15*(USISOA30 - USISOA02)-13.125%	0.0000	12/23/35		50,625
	100,000	HSBC USA, Inc.^(b),(f)	6.250*(USISOA30-USISOA05)	2.3170	05/21/29		88,000

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 13.9% (Continued)
		BANKING — 2.0% (Continued)
	136,000	Lloyds Bank PLC^(b)	4*(USISOA30-USISOA02)-1.00%	0.9920	10/25/33	$	92,990
	655,000	Lloyds Bank PLC^(b)	4*(USISOA30-USISOA02)-1.400%	0.0880	11/27/33		418,445
	282,000	Natixis US Medium-Term Note Program, LLC^(b),(f)	4*(USISOA30-USISOA02)	11.0000	04/30/34		198,810
	125,000	NatWest Markets plc^(b)	4*(USISOA30-USISOA02)-0.25%	0.0000	08/18/31		99,219
	100,000	NatWest Markets plc^(b)	4*(USISOA30 - USISOA02)-0.50%	0.0000	08/26/31		75,000
	185,000	SG Structured Products, Inc.^(b)	4*(USISOA30 - USISOA02)-2.00%	0.0000	07/29/31		147,769
	744,000	Societe Generale S.A.^(b)	10*(USISOA30-USISOA02)	2.4920	10/29/32		669,600
	135,000	STRATS, LLC^(d)	TSFR1M + 1.428%	5.9990	02/15/34		109,629
	1,079,000	UBS A.G.^(b)	15*(USISOA30-USISOA02)	5.8350	10/31/31		949,519
							9,124,206
		INSTITUTIONAL FINANCIAL SERVICES — 8.0%
	41,000	Citigroup Global Markets Holdings, Inc.^(d)	8*(USISOA30-USISOA02)	3.7950	04/25/32		37,810
	35,000	Citigroup Global Markets Holdings, Inc.^(d)	9.5*(USISOA30-USISOA02)	1.7850	11/22/32		29,925
	60,000	Citigroup Global Markets Holdings, Inc.^(d)	50*(USISOA30-USISOA02)	10.0000	03/29/34		57,750
	200,000	Citigroup Global Markets Holdings, Inc.^(d),(f)	30*(USISOA30-USISOA02	10.0000	03/29/34		189,000
	1,350,000	Citigroup Global Markets Holdings, Inc.^(d)	50*(USISOA30-USISOA02)	9.3000	01/22/35		1,272,374
	71,000	Citigroup Global Markets Holdings, Inc.^(b)		0.0000	02/18/37		67,361
	150,000	Citigroup Global Markets Holdings, Inc.^(b)		0.0000	09/25/40		138,938
	295,000	Citigroup Global Markets Holdings, Inc.^(b)		7.0000	12/28/40		235,631
	553,000	Citigroup Global Markets Holdings, Inc.^(d)	30*(USISOA30-USISOA02)	11.0000	04/01/41		488,023
	1,700,000	Citigroup Global Markets Holdings, Inc.^(d)	25*(USISOA30-USISOA02)	8.7520	09/03/41		1,478,999
	45,000	Citigroup Global Markets Holdings, Inc.^(b)		11.2000	05/06/42		40,383
	353,000	Credit Suisse A.G.^(d)	8*(USISOA30-USISOA02)	4.0780	07/31/30		304,463

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 13.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)
	95,000	Credit Suisse A.G.^(d)	8*(USISOA30 - USISOA02)	4.0780	10/30/30	$	80,275
	500,000	GS Finance Corporation^(d)	7*(USISOA30-USISOA05)-1.75%	0.0000	03/24/31		372,500
	30,000	Jefferies Financial Group, Inc.^(d)	10*(USISOA10-USISOA02)	1.8020	06/30/37		22,050
	1,000,000	Jefferies Financial Group, Inc.^(d)	9*(USISOA30-USISOA02)	3.5010	07/31/37		762,500
	1,071,000	Jefferies Financial Group, Inc.^(d)	9*(USISOA10-USISOA02)	1.6210	08/31/37		781,830
	150,000	Jefferies Financial Group, Inc.^(d)	10*(USISOA10-USISOA02)	1.8020	08/31/37		110,250
	248,000	Jefferies Financial Group, Inc.^(d)	8*(USISOA10-USISOA02)	1.4410	09/30/37		178,870
	240,000	Jefferies Financial Group, Inc.^(d)	10*(USISOA10-USISOA02)	1.8020	10/31/37		178,500
	2,250,000	Jefferies Financial Group, Inc.^(d)	8.5*(USISOA30-USISOA02)	3.3060	10/31/37		1,738,124
	110,000	Jefferies Financial Group, Inc.^(d)	8*(USISOA30-USISOA02)	3.1120	01/31/38		81,675
	762,000	Jefferies Financial Group, Inc.^(d)	USISOA30 + 0.750%	5.2970	02/28/38		657,720
	280,000	Jefferies Financial Group, Inc.^(d)	TSFR3M + 4.262%	7.9470	03/20/40		289,160
	1,000,000	JPMorgan Chase Financial Company, LLC^(d)	10*(USISOA30-USISOA02)	6.0660	10/21/36		775,000
	125,000	Morgan Stanley^(d)	6*(USISOA30-USISOA02)	2.3520	08/31/26		115,000
	138,000	Morgan Stanley^(d)	7*(USISOA30-USISOA02)	2.7460	12/27/26		125,580
	115,000	Morgan Stanley^(b)		0.0000	03/21/27		115,144
	56,000	Morgan Stanley^(d)	4*(USISOA30-USISOA05)	9.0000	06/28/28		50,050
	100,000	Morgan Stanley^(d)	4.5*(USISOA30-USISOA05)	1.7100	07/31/28		85,647
	135,000	Morgan Stanley ^b)		1.9450	08/30/28		115,495
	1,015,000	Morgan Stanley^(d)	8*(USISOA30-USISOA05)	3.5610	09/27/28		905,888
	772,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	4.0450	10/15/28		680,325
	125,000	Morgan Stanley^(d)	4*(USISOA30-USISOA02)	2.7240	12/03/28		102,813
	100,000	Morgan Stanley^(b)		6.0000	06/29/29		98,000
	4,385,000	Morgan Stanley^(d)	10*(USISOA30-USISOA02)	3.8900	04/30/30		3,864,280

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 13.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)
	1,628,000	Morgan Stanley^(d)	10*(USISOA30-USISOA02)	3.8000	05/29/30	$	1,434,674
	865,000	Morgan Stanley^(d)	10*(USISOA30-USISOA02)	3.8900	06/30/30		764,444
	221,000	Morgan Stanley^(d)	8*(USISOA30-USISOA02)	3.1360	07/31/30		188,955
	390,000	Morgan Stanley^(d)	8.5*(USISOA30-USISOA02)	3.7620	08/19/30		334,913
	216,000	Morgan Stanley^(d),(f)	8*(USISOA30-USISOA02)	3.1120	08/31/30		184,680
	428,000	Morgan Stanley^(d)	10*(USISOA30-USISOA02)	3.8900	09/30/30		377,710
	171,000	Morgan Stanley Series 10^(d)	5*(USISOA30-USISOA02)	1.9600	10/30/30		126,019
	151,000	Morgan Stanley^(d)	7*(USISOA30-USISOA02)	2.7440	10/30/30		125,141
	50,000	Morgan Stanley^(d),(f)	5*(USISOA30-USISOA02)	1.9450	11/30/30		39,188
	66,000	Morgan Stanley^(d)	10*(USISOA30-USISOA02)	3.9200	11/30/30		57,998
	70,000	Morgan Stanley^(d)	10*(USISOA30-USISOA02)	3.8000	01/29/31		61,513
	20,000	Morgan Stanley^(b)		8.0000	03/31/31		16,850
	167,000	Morgan Stanley^(d),(f)	9*(USISOA30-USISOA02)	9.0000	03/31/31		159,068
	89,000	Morgan Stanley^(b)		8.5000	05/31/31		83,883
	114,000	Morgan Stanley^(b)		8.5000	07/29/31		107,445
	268,200	Morgan Stanley^(d)	7*(USISOA30-USISOA02)	10.0000	09/16/31		226,964
	231,000	Morgan Stanley^(d)	5*(USISOA30-USISOA05)	2.1990	02/15/33		159,390
	740,000	Morgan Stanley^(d)	8*(USISOA30-USISOA02)	3.1120	01/30/34		573,500
	345,000	Morgan Stanley^(d)	4*(USISOA30-USISOA02)	1.5520	02/28/34		235,031
	130,000	Morgan Stanley^(d)	4*(USISOA30-USISOA02)	1.5680	02/28/34		87,100
	209,000	Morgan Stanley^(d)	4*(USISOA30-USISOA02)	1.5560	03/31/34		142,381
	287,000	Morgan Stanley^(d)	4*(USISOA30-USISOA02)	1.5560	05/30/34		195,519
	613,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	10.0000	06/30/34		377,991
	450,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	1.9600	08/29/34		313,875

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 13.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)
	497,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	1.9600	08/29/34	$	345,415
	78,000	Morgan Stanley^(b)		2.7440	08/29/34		55,770
	382,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	1.9450	09/30/34		266,445
	231,000	Morgan Stanley^(d)	6*(USISOA30-USISOA02)	2.7230	09/30/34		157,347
	138,000	Morgan Stanley^(b)		2.7230	09/30/34		98,670
	279,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	2.4140	10/08/34		194,603
	169,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	1.9450	10/31/34		117,455
	295,000	Morgan Stanley^(d)	7*(USISOA30-USISOA02)	2.7230	10/31/34		210,925
	279,000	Morgan Stanley^(b)		7.2500	10/31/34		223,200
	185,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	1.9000	11/28/34		129,038
	111,000	Morgan Stanley^(d)	7*(USISOA30-USISOA02)	2.6600	11/28/34		80,753
	230,000	Morgan Stanley^(d)	4.5*(USISOA30-USISOA02)	1.7500	12/31/34		158,413
	450,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	1.9450	01/30/35		312,750
	685,000	Morgan Stanley^(d)	8*(USISOA30-USISOA02)	3.1120	01/30/35		506,044
	40,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	1.8590	02/27/35		27,800
	485,000	Morgan Stanley^(d)	5*(USISOA30-USISOA02)	1.9450	03/31/35		337,075
	888,000	Morgan Stanley^(d)	6*(USISOA30-USISOA02)	2.3340	03/31/35		622,710
	1,033,000	Morgan Stanley^(d)	9*(CMS30-CMS2)	9.0000	04/30/35		936,155
	100,000	Morgan Stanley^(d)	9*(CMS30-CMS2)	9.0000	05/29/35		90,625
	366,000	Morgan Stanley^(d)	9*(CMS30-CMS2)	9.0000	06/30/35		331,688
	608,000	Morgan Stanley^(d)	9*(CMS30-CMS2)	9.0000	07/31/35		551,000
	287,000	Morgan Stanley^(d)	9*(USISOA30-USISOA02)	9.0000	09/30/35		260,094
	176,000	Morgan Stanley^(d)	9*(USISOA30-USISOA02)	9.0000	11/30/35		159,500
	337,000	Morgan Stanley^(d)	9*(CMS30-CMS2)	8.0000	12/23/35		305,406

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 13.9% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 8.0% (Continued)
	83,000	Morgan Stanley^(b)		9.0000	01/29/36	$	75,011
	909,000	Morgan Stanley^(d)	10*(USISOA30-USISOA02)	3.9200	02/29/36		730,609
	105,000	Morgan Stanley^(b)		8.0000	02/29/36		95,025
	70,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.8390	08/31/36		60,113
	75,000	Morgan Stanley Finance, LLC^(d)	(USISOA30-USISOA02)	7.0000	09/30/36		61,125
	1,215,000	Morgan Stanley Finance, LLC^(d)	11*(USISOA30-USISOA02)	4.7580	05/26/37		935,549
	333,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.8390	06/30/37		224,775
	869,000	Morgan Stanley Finance, LLC^(d)	15*(USISOA30-USISOA02)	5.8790	08/31/37		708,235
	422,000	Morgan Stanley Finance, LLC^(d)	15*(USISOA30-USISOA02)	7.0410	11/22/37		325,995
	300,000	UBS A.G.^(d)	7.5*(USISOA30-USISOA02)	2.7030	09/30/30		252,000
	627,000	UBS A.G.^(d)	10*(USISOA30-USISOA02)	3.8900	09/30/30		541,571
	1,726,000	UBS A.G.^(d)	10*(USISOA30-USISOA02)	3.9200	01/29/31		1,508,092
	791,000	UBS A.G.^(d)	12*(USISOA30-USISOA02)	4.7030	04/29/31		690,148
							35,688,694
		LEISURE FACILITIES & SERVICES — 0.0%^(e)
	187,294	Times Square Hotel Trust^(c)		8.5280	08/01/26		187,327

		OIL & GAS PRODUCERS — 0.1%
	250,000	Petroleos Mexicanos^(c)		10.0000	02/07/33		293,852

		SPECIALTY FINANCE — 3.6%
	2,424,053	MM Community Funding III Ltd. / MM Community Funding III Corporation^(c),(d)	TSFR6M + 2.478%	6.1540	05/01/32		2,361,786
	737,000	Morgan Stanley Finance, LLC^(d)	15(USISOA30-USISOA02)	10.0000	04/30/33		646,718
	541,000	Morgan Stanley Finance, LLC^(d)	10*(USISOA30-USISOA02)	3.8900	06/30/36		434,829
	242,000	Morgan Stanley Finance, LLC^(d)	15*(USISOA30-USISOA02)	5.6990	07/29/36		195,718
	3,671,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.7800	08/31/36		3,138,704

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Spread	Coupon Rate (%)	Maturity	Fair Value
		CORPORATE BONDS — 13.9% (Continued)
		SPECIALTY FINANCE — 3.6% (Continued)
	1,143,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.7800	09/30/36	$	974,408
	3,883,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.8390	11/29/36		3,319,964
	40,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.8390	12/30/36		34,100
	1,707,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.7800	01/31/37		1,453,084
	100,000	Morgan Stanley Finance, LLC^(d)	15*(USISOA30-USISOA02)	5.8350	03/31/37		83,750
	767,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	9.0000	04/28/37		653,868
	290,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.7800	07/31/37		247,225
	2,014,000	Morgan Stanley Finance, LLC^(d)	10*(USISOA30-USISOA02)	3.9200	09/29/37		1,618,752
	168,000	Morgan Stanley Finance, LLC^(d)	20*(USISOA30-USISOA02)	7.8390	09/29/37		143,220
	634,876	Select Notes Trust LT		5.9100	02/22/33		571,114
							15,877,240
		TOTAL CORPORATE BONDS (Cost $65,245,739)					62,006,219

		MUNICIPAL BONDS — 0.1%
		STUDENT LOANS — 0.1%
	253,156	Massachusetts Educational Financing Authority		2.3000	02/25/40		236,201
	305,973	North Texas Higher Education Authority, Inc.^(d)	TSFR1M + 0.570%	4.2680	10/25/61		303,560
							539,761
		TOTAL MUNICIPAL BONDS (Cost $525,434)					539,761

		U.S. GOVERNMENT & AGENCIES — 9.3%
		AGENCY FIXED RATE — 2.2%
	10,000,000	Fannie Mae or Freddie Mac⁽ⁱ⁾		5.0000	06/15/56		9,838,311
	55,424	Ginnie Mae II Pool 786928		6.5000	09/20/53		58,579
							9,896,890
		AGENCY MBS OTHER — 0.0%^(e)
	30,743	Fannie Mae Pool 257064		4.5000	11/01/37		30,153

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Principal Amount ($)			Coupon Rate (%)	Maturity		Fair Value
		U.S. GOVERNMENT & AGENCIES — 9.3% (Continued)
		AGENCY MBS OTHER — 0.0%^(e) (Continued)
	1,286	Ginnie Mae II Pool BU6365^(b),(f)	4.6680	04/20/70		$	1,274
							31,427
		U.S. TREASURY BILLS — 2.2%
	10,000,000	United States Treasury Bill^(h)	3.5200	06/23/26			9,977,893

		U.S. TREASURY NOTES — 4.9%
	10,000,000	United States Treasury Note	3.8750	03/31/28			9,978,711
	12,000,000	United States Treasury Note	3.6250	12/31/30			11,749,421
							21,728,132
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $41,877,064)					41,634,342

		TOTAL INVESTMENTS - 94.5% (Cost $435,196,829)				$	421,755,460
		OTHER ASSETS IN EXCESS OF LIABILITIES- 5.5%					24,653,861
		NET ASSETS - 100.0%				$	446,409,321

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(j)		Value and Unrealized Appreciation
	180	CBOT 10 Year US Treasury Note Future	09/22/2026	$	19,769,063	$	44,223
	100	CBOT 3 Year US Treasury Note Future	10/01/2026		20,989,843		23,176
	70	CBOT 5 Year US Treasury Note Future	10/01/2026		7,504,766		11,630
		TOTAL LONG FUTURES CONTRACTS				$	79,029

CREDIT DEFAULT SWAP AGREEMENTS
Description	Payment Frequency	Counterparty	Fixed Deal (Pay) Rate	Maturity Date	Notional Value⁽¹⁾		Fair Value			Amortized Upfront Payments Paid			Unrealized Depreciation
CDX.NA.HY SERIES 46	Annual⁽²⁾	GS	5.00%	6/20/2031	$	49,500,000	$	(4,602,376	)	$	(2,452,713	)	$	(2,149,663	)
TOTAL													$	(2,149,663	)

⁽¹⁾

The maximum potential amount the Fund may pay or receive should a credit event take place as defined under the terms of the contract.

⁽²⁾

Buy Protection

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

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

EUR003M	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

USISOA10	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 May 31, 2026 the total market value of 144A securities is $238,474,447 or 53.4% of net assets.

^(d)	Variable rate security; the rate shown represents the rate on May 31, 2026.

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

^(f)	Illiquid security. The total fair value of these securities as of May 31, 2026 was $8,805,825, representing 2.0% of net assets.

^(g)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at May 31, 2026.

^(h)	Zero coupon bond.

⁽ⁱ⁾	Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2026.

^(j)	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.