0001752724-24-094130.txt : 20240429 0001752724-24-094130.hdr.sgml : 20240429 20240429163341 ACCESSION NUMBER: 0001752724-24-094130 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240229 FILED AS OF DATE: 20240429 DATE AS OF CHANGE: 20240429 PERIOD START: 20241130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: James Alpha Funds Trust CENTRAL INDEX KEY: 0001829774 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23611 FILM NUMBER: 24891594 BUSINESS ADDRESS: STREET 1: 515 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 888-814-8180 MAIL ADDRESS: STREET 1: 515 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 0001829774 S000070607 Easterly Income Opportunities Fund C000224285 Easterly Income Opportunities Fund Class A JASVX C000224286 Easterly Income Opportunities Fund Class C JSVCX C000224287 Easterly Income Opportunities Fund Class R6 JASSX C000224288 Easterly Income Opportunities Fund Class I JSVIX NPORT-P 1 primary_doc.xml NPORT-P false 0001829774 XXXXXXXX S000070607 C000224285 C000224287 C000224286 C000224288 James Alpha Funds Trust 811-23611 0001829774 5493007JDS1R5QEQGK05 515 Madison Ave New York 10022 646-201-4042 Easterly Income Opportunity Fund S000070607 5493001V2WFB1F6L7V25 2024-11-30 2024-02-29 N 320342963.20 1945516.83 318397446.37 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 10879419.95000000 EUR USD N U.S. Aggregate I00001US-USD CSMC 2021-RPL2 TRUST N/A CSMC 2021-RPL2 M3 12656TAF5 279423.00000000 PA USD 194330.57000000 0.061033959981 Long ABS-O CORP US Y 2 2060-01-25 Floating 3.62178400 N N N N N N Credit Suisse, Nassau Branch N/A UBS Float 01/29/31 22546VTV8 220000.00000000 PA USD 138600.00000000 0.043530499876 Long DBT CORP CH N 2 2031-01-29 Fixed 0.00000000 N N N N N N Washington Mut Mtg N/A WAMMS 2003-AR3 B1 939336H30 178722.00380000 PA USD 146613.77000000 0.046047407625 Long ABS-O CORP US N 2 2033-06-25 Floating 4.74356200 N N N N N N Indymac MBS Inc N/A RAST 2003-A10 A5 45660NUH6 489689.61610000 PA USD 444751.27000000 0.139684308109 Long ABS-O CORP US N 2 2033-09-25 Fixed 5.25000000 N N N N N N SEQUOIA MORTGAGE TRUST N/A SEMT 2017-1 B3 81746TCD5 76009.93900000 PA USD 56142.69000000 0.017632895816 Long ABS-O CORP US Y 2 2047-02-25 Floating 3.60679700 N N N N N N SHELLPOINT CO-ORIGINATOR TRUST N/A SCOT 2017-1 B4 82280RCE7 76906.77100000 PA USD 54545.70000000 0.017131324582 Long ABS-O CORP US Y 2 2047-04-25 Floating 3.59387600 N N N N N N Residential Asset Mortgage Products, Inc. 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N N N N N N SG Structured Products, Inc. 549300D8JJ608SOIGA98 SOCGEN 0 07/29/31 78423A2D3 185000.00000000 PA USD 133200.00000000 0.041834506375 Long DBT CORP US N 2 2031-07-29 Fixed 0.00000000 N N N N N N BENCHMARK MORTGAGE TRUST N/A BMARK 2021-B24 A2 08163CAZ2 495000.00000000 PA USD 436598.78000000 0.137123832171 Long ABS-O CORP US N 2 2054-03-15 Fixed 1.95330000 N N N N N N Benchmark Mortgage Trust N/A BMARK 2018-B5 A2 08160BAB0 88283.07840000 PA USD 83735.86000000 0.026299161929 Long ABS-O CORP US N 2 2051-07-15 Fixed 4.07650000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 MS 10 02/28/34 61760QDZ4 345000.00000000 PA USD 207431.25000000 0.065148528157 Long DBT CORP US N 2 2034-02-28 Floating 0.00009900 N N N N N N Sequoia Mtg Trust N/A SEMT 2004-10 A3B 81744FEX1 40317.42000000 PA USD 32441.11000000 0.010188872545 Long ABS-O CORP US N 2 2034-11-20 Floating 6.69651800 N N N N N N Jefferies Financial Group Inc 549300HOF34RGOJ5YL07 JEF 10 06/30/37 47233JAQ1 30000.00000000 PA USD 19425.00000000 0.006100865513 Long DBT CORP US N 2 2037-06-30 Fixed 0.00000000 N N N N N N VERUS SECURITIZATION TRUST N/A VERUS 2020-INV1 B2 92537TAH8 100000.00000000 PA USD 91496.27000000 0.028736496175 Long ABS-O CORP US Y 2 2060-03-25 Floating 6.00000100 N N N N N N CWMBS Inc N/A CWHL 2004-5 2A2 12669FVW0 67202.58150000 PA USD 65991.83000000 0.020726243489 Long ABS-O CORP US N 2 2034-05-25 Fixed 5.50000000 N N N N N N Barclays Bank plc G5GSEF7VJP5I7OUK5573 BACR FLOAT 04/25/34 06741UBA1 58000.00000000 PA USD 36105.00000000 0.011339600996 Long DBT CORP GB N 2 2034-04-25 Fixed 0.00000000 N N N N N N GS Mortgage Backed Securities Trust 2019-PJ1 N/A GSMBS 2019-PJ1 B3 36257TAS9 401423.12500000 PA USD 310637.19000000 0.097562714004 Long ABS-O CORP US Y 2 2049-08-25 Floating 4.04425400 N N N N N N Deutsche Bank AG N/A DB FLOAT 10/31/34 25152RXF5 4009000.00000000 PA USD 2525670.00000000 0.793244427301 Long DBT CORP DE N 2 2034-10-31 Fixed 0.00000000 N N N N N N Impac CMB Trust N/A IMM 2005-2 2B 45254NNN3 37006.62400000 PA USD 35057.36000000 0.011010565693 Long ABS-O CORP US N 2 2035-04-25 Floating 7.91041000 N N N N N N Petroleos Mexicanos 549300CAZKPF4HKMPX17 PEMEX 6 3/4 09/21/47 71654QCC4 870000.00000000 PA USD 552764.94000000 0.173608471519 Long DBT CORP MX N 2 2047-09-21 Fixed 6.75000000 N N N N N N Tiaa Bank Mortgage Loan Trust N/A TBMLT 2018-2 B3 886312CD7 210775.67000000 PA USD 174737.21000000 0.054880217160 Long ABS-O CORP US Y 2 2048-07-25 Floating 3.67546000 N N N N N N Credit Suisse, Nassau Branch N/A UBS Float 10/30/30 22546VNQ5 95000.00000000 PA USD 60325.00000000 0.018946445924 Long DBT CORP CH N 2 2030-10-30 Floating 0.00009900 N N N N N N VELOCITY COMMERCIAL CAPITAL LOAN TRUST 2024-1 N/A VCC 2024-1 M2 92261CAG9 248919.66750000 PA USD 248432.28000000 0.078025839350 Long ABS-O CORP US Y 2 2054-01-25 Floating 7.22999900 N N N N N N GS Mortgage Securities Corp N/A GSR 2005-4F 6A1 36242DY31 41999.66820000 PA USD 39249.29000000 0.012327137182 Long ABS-O CORP US N 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0.003869324374 Long ABS-O CORP US N 2 2032-12-25 Floating 3.20743800 N N N N N N Citicorp Mortgage Securities Trust N/A CMSI 2007-2 APO 173107AP8 73298.94690000 PA USD 37924.60000000 0.011911087991 Long ABS-O CORP US N 2 2037-02-25 Fixed 0.00000000 N N N N N N Fremf Mtg Tr 2017-Kf38 N/A FREMF 2017-KF38 B 30305MAG5 524336.98960000 PA USD 480997.34000000 0.151068215365 Long ABS-O USGSE US Y 2 2024-09-25 Floating 7.94584100 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 MS FLOAT 05/31/31 61745ER60 89000.00000000 PA USD 68975.00000000 0.021663176255 Long DBT CORP US N 2 2031-05-31 Fixed 0.00000000 N N N N N N COREVEST AMERICAN FINANCE TRUST N/A CAFL 2019-3 XA 21872NAC4 12145849.02000000 PA USD 193329.12000000 0.060719431705 Long ABS-O CORP US Y 2 2052-10-15 Floating 2.01742200 N N N N N N Wf-Rbs Com Mg Tst N/A WFRBS 2011-C4 C 92936CAU3 45699.27120000 PA USD 42347.71000000 0.013300266846 Long ABS-O CORP US Y 2 2044-06-15 Floating 4.97855200 N N N N N N Master Asset Securitization Trust N/A MASTR 2006-2 2A2 55274QBN4 4115554.17000000 PA USD 842016.87000000 0.264454655525 Long ABS-O CORP US N 2 2036-06-25 Floating 5.93541000 N N N N N N Banc America Mortgage Securitites Inc 549300IE5TDZLY0T0V30 BOAMS 2005-F 3A1 05949CCD6 43308.53860000 PA USD 34812.11000000 0.010933539322 Long ABS-O CORP US N 2 2035-07-25 Floating 5.24077900 N N N N N N Structured Adj Rate Mtg Loan Trust N/A SARM 2006-8 3AF 86361JAT7 7394.78610000 PA USD 6450.35000000 0.002025879941 Long ABS-O CORP US N 2 2036-09-25 Floating 5.81541100 N N N N N N CHNGE MORTGAGE TRUST 2022-2 N/A CHNGE 2022-2 B2 12546YAD3 225000.00000000 PA USD 136847.45000000 0.042980071467 Long ABS-O CORP US Y 2 2067-03-25 Floating 4.61918900 N N N N N N 2024-03-28 James Alpha Funds Trust Erik Naviloff Erik Naviloff Asst Treasurer XXXX NPORT-EX 2 incomeopp_nport.htm EASTERLY INCOME OPPORTUNITY NQ 2.29.24

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0%      
    AGENCY CMBS — 2.0%      
847,054   Freddie Mac Multifamily Structured Pass Through  Series K092 X3(a),(b)   2.3260 05/25/47 $ 83,575
2,848,068   FREMF Mortgage Trust  Series 2017-KF37 B(c),(d) SOFR30A + 2.864% 8.1960 06/25/27   2,735,850
2,678,719   FREMF Mortgage Trust  Series 2019-KF63(c),(d) SOFR30A + 2.464% 7.7960 05/25/29   2,373,967
55,421   Government National Mortgage Association  Series 2012-27 IO(a),(b)   0.2270 04/16/53   122
96,142   Government National Mortgage Association  Series 3 IO(a),(b)   0.6400 02/16/61   4,407
255,203   Government National Mortgage Association  Series 2012-H27 AI(a),(b)   1.7410 10/20/62   5,996
692,796   Government National Mortgage Association  Series 210 IO(a),(b)   0.6970 07/16/64   42,161
40,000   Government National Mortgage Association  Series 196 BE(b)   3.0000 10/16/64   29,353
40,000   Government National Mortgage Association  Series 220 E(b)   3.0000 10/16/64   27,567
693,894   Government National Mortgage Association  Series 216 IO(a),(b)   0.7500 07/16/65   40,899
1,175,555   Government National Mortgage Association  Series 2016-H24 AI(a),(b)   0.7260 11/20/66   45,722
918,418   Multifamily Connecticut Avenue Securities Trust  Series 2019-01 M10(c),(d) SOFR30A + 3.364% 8.6860 10/25/49   906,592
              6,296,211
    AUTO LOAN — 0.7%      
402,181   ACM Auto Trust  Series 2023-2A A(c)   7.9700 06/20/30   404,524
334,000   Flagship Credit Auto Trust  Series 2020-3 E(c)   4.9800 12/15/27   315,841
100,000   SFS Auto Receivables Securitization Trust  Series 2023-1A C(c)   5.9700 02/20/31   101,465
3,500,000   US Auto Funding  Series 2021-1A D(c)   4.3600 03/15/27   1,309,873
23,916   US Auto Funding Trust  Series 2022-1A A(c)   3.9800 04/15/25   23,339
              2,155,042
    CDO — 2.2%      
17,082   Aspen Funding I Ltd.  Series 2002-1x   9.0600 07/10/37   17,256
4,388,976   Galleria CDO V Ltd.  Series 5A B(c),(d) TSFR3M + 2.400% 8.0260 09/19/37   4,247,176
3,417,418   Mid Ocean CBO Ltd.  Series 2001-1X A1L(d) TSFR3M + 0.500% 2.3910 11/05/36   292,692
3,000,000   Tropic CDO IV Ltd.  Series 2004-4A A3L(c),(d) TSFR3M + 1.000% 6.5780 04/15/35   2,352,000
              6,909,124
    CLO — 1.8%      
500,000   Ellington Clo III Ltd.  Series 2018-3A D(c),(d) TSFR3M + 4.002% 9.3190 07/20/30   523,418
200,000   GC FTPYME Pastor FTA  Series 4 EUR003M + 2.400% 6.3010 07/15/45   76,270
29,481   Halcyon Loan Advisors Funding Ltd.  Series 2014-2A C(c),(d) TSFR3M + 3.762% 9.0810 04/28/25   29,495
957,044   Halcyon Loan Advisors Funding Ltd.  Series 2013-2A D(c),(d) TSFR3M + 4.062% 9.3680 08/01/25   729,223
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    CLO — 1.8% (Continued)      
250,000   Nassau Ltd.  Series 2018-IA E(c),(d) TSFR3M + 6.112% 11.4260 07/15/31 $ 169,381
500,000   Peaks CLO 2 Ltd.  Series 2017-2A CR(c),(d) TSFR3M + 3.862% 9.1790 07/20/31   490,296
2,750,000   Peaks CLO 2 Ltd.  Series 2017-2A DR(c),(d) TSFR3M + 5.262% 10.5790 07/20/31   2,621,331
500,000   Steele Creek Clo Ltd.  Series 2018-2A D(c),(d) TSFR3M + 3.662% 8.9810 08/18/31   483,377
500,000   Zais Clo Ltd.  Series 2019-13A D1(c),(d) TSFR3M + 4.782% 10.0960 07/15/32   467,514
              5,590,305
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3%      
78,492   ABN Amro Mortgage Corporation  Series 2003-11 A4   5.5000 10/25/33   74,739
249,618   Adjustable Rate Mortgage Trust  Series 2005-3 7A1(b)   5.4800 07/25/35   220,128
475,639   Adjustable Rate Mortgage Trust  Series 2005-6A 2A2(d) TSFR1M + 0.954% 6.2750 11/25/35   153,468
31,846   Alternative Loan Trust  Series 1998-4 IIA3(f)   5.7860 08/25/28   30,642
87,334   Alternative Loan Trust  Series 2005-J1 3A1   6.5000 08/25/32   84,537
24,398   Alternative Loan Trust  Series 2004-J11 3A1   7.2500 08/25/32   24,530
106,958   Alternative Loan Trust  Series 2003-J2 A1   6.0000 10/25/33   104,406
100,250   Alternative Loan Trust  Series 2003-J3 1A3   5.2500 11/25/33   87,500
16,772   Alternative Loan Trust  Series 2003-22CB 1A1   5.7500 12/25/33   16,410
33,670   Alternative Loan Trust  Series 2003-J3 2A1   6.2500 12/25/33   33,396
8,810   Alternative Loan Trust  Series 2004-16CB 1A1   5.5000 07/25/34   8,521
132,183   Alternative Loan Trust  Series 2004-J8 2A1   7.0000 08/25/34   116,513
53,131   Alternative Loan Trust  Series 2004-J10 2CB1   6.0000 09/25/34   51,959
42,615   Alternative Loan Trust  Series 2004-15 1A2(b)   6.2410 09/25/34   40,546
557,912   Alternative Loan Trust  Series 2004-J10 5CB1   5.5000 11/25/34   531,870
416,524   Alternative Loan Trust  Series 2004-28CB 2A4   5.7500 01/25/35   375,780
78,626   Alternative Loan Trust  Series 2004-28CB 3A1   6.0000 01/25/35   68,560
38,156   Alternative Loan Trust  Series 2004-28CB 6A1   6.0000 01/25/35   34,671
1,584,315   Alternative Loan Trust  Series 2004-35T2 A2   6.0000 02/25/35   1,175,770
30,753   Alternative Loan Trust  Series 2005-3CB 1A9   5.0000 03/25/35   24,679
130,235   Alternative Loan Trust  Series 2005-6CB 1A6   5.5000 04/25/35   108,532
75,857   Alternative Loan Trust  Series 2005-14 2A1(d) TSFR1M + 0.534% 5.8550 05/25/35   63,935
135,789   Alternative Loan Trust  Series 2005-J8 1A5   5.5000 07/25/35   94,980
177,391   Alternative Loan Trust  Series 2005-27 2A1(d) 12MTA + 1.350% 6.4310 08/25/35   141,024
39,496   Alternative Loan Trust  Series 2005-J11 2A1   6.0000 10/25/35   19,675
32,149   Alternative Loan Trust  Series 2005-54CB 1A11   5.5000 11/25/35   24,526
52,527   Alternative Loan Trust  Series 2005-J11 1A3   5.5000 11/25/35   29,663
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
95,877   Alternative Loan Trust  Series 2005-61 2A1(d) TSFR1M + 0.674% 5.9950 12/25/35 $ 83,688
118,741   Alternative Loan Trust  Series 2005-72 A3(d) TSFR1M + 0.714% 4.4550 01/25/36   109,770
105,858   Alternative Loan Trust  Series 2006-40T1 2A1   6.0000 12/25/36   31,872
40,192   Alternative Loan Trust Resecuritization  Series 2005-12R A3   6.0000 11/25/34   37,860
990,123   Alternative Loan Trust Resecuritization  Series 2005-12R A4   6.0000 11/25/34   932,681
369,552   Alternative Loan Trust Resecuritization  Series 2008-2R 2A1(b)   9.6430 08/25/37   155,945
93,577   American Home Mortgage Investment Trust  Series 2004-1 2M1(d) TSFR6M + 2.428% 7.5740 04/25/44   84,034
72,965   APS Resecuritization Trust  Series 2016-3 3A(c),(d) TSFR1M + 2.964% 8.2850 09/27/46   72,968
183,167   Banc of America Alternative Loan Trust  Series 2003-8 1CB1   5.5000 10/25/33   176,269
101,060   Banc of America Alternative Loan Trust  Series 2004-6 3A1   6.0000 07/25/34   96,282
58,095   Banc of America Alternative Loan Trust  Series 2007-1 1A1(b)   3.9850 02/25/57   48,118
42,068   Banc of America Funding Trust  Series 2005-E 8A1(d) 12MTA + 1.430% 6.5110 06/20/35   30,367
24,986   Banc of America Funding Trust  Series 2015-R4 5A1(c),(d) TSFR1M + 0.264% 5.6000 10/25/36   24,864
87,630   Banc of America Funding Trust  Series 2007-2 1A8(a)   6.0000 03/25/37   16,792
701,016   Banc of America Funding Trust  Series 2006-I 4A1(b)   4.4530 10/20/46   573,620
16,520   Banc of America Mortgage Trust  Series 2002-L 1A1(b)   3.2070 12/25/32   12,320
50,054   Banc of America Mortgage Trust  Series 2005-E 2A1(b)   4.5760 06/25/35   42,863
43,309   Banc of America Mortgage Trust  Series 2005-F 3A1(b)   5.2410 07/25/35   34,812
68,456   Banc of America Mortgage Trust  Series 2005-G 2A1(b)   5.1180 08/25/35   57,986
25,134   Banc of America Mortgage Trust  Series 2005-H 2A1(b)   5.1370 09/25/35   20,605
126,563   Banc of America Mortgage Trust  Series 2005-L 2A4(b)   5.4270 01/25/36   101,119
807,839   BCAP, LLC  Series 2014-RR2 7A2(c),(d) TSFR1M + 0.314% 4.7470 01/26/38   782,894
1,528,275   BCAP, LLC Trust  Series 2011-RR5 12A1(c),(f)   4.5310 03/26/37   1,481,219
752,330   BCAP, LLC Trust  Series 2011-RR10 1A2(b),(c)   5.0000 03/26/37   585,658
3,575   Bear Stearns ALT-A Trust  Series 2004-11 2A1(b)   3.2050 11/25/34   3,280
31,225   Bear Stearns ARM Trust  Series 2003-5 1A1(b)   6.2270 08/25/33   29,088
4,116   Bear Stearns ARM Trust  Series 2003-7 6A(b)   5.6660 10/25/33   3,853
42,420   Bear Stearns ARM Trust  Series 2003-8 2A1(b)   5.7180 01/25/34   38,780
103,799   Bear Stearns ARM Trust  Series 2004-1 124M(b)   4.3690 04/25/34   88,272
11,262   Bear Stearns ARM Trust  Series 2004-1 21A1(b)   5.2860 04/25/34   10,109
110,547   Bear Stearns ARM Trust  Series 2004-5(b)   3.6680 07/25/34   88,128
94,316   Bear Stearns ARM Trust  Series 2004-6 3A(b)   5.8840 09/25/34   66,632
869,074   Bear Stearns ARM Trust  Series 2004-8 13A1(b)   4.0490 11/25/34   776,638
46,759   Bear Stearns ARM Trust  Series 2004-8 2A1(b)   4.6910 11/25/34   42,126
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
41,405   Bear Stearns ARM Trust  Series 2004-10 12A5(b)   4.8920 01/25/35 $ 38,858
909,169   Bear Stearns ARM Trust  Series 2007-3 2A1(b)   3.7290 05/25/47   743,205
582,640   Bear Stearns Asset Backed Securities I Trust  Series 2006-AC2 21A6   6.0000 03/25/36   234,538
588,796   Bear Stearns Asset Backed Securities Trust  Series 2003-AC7 A1(f)   5.5000 01/25/34   501,146
145,026   Bear Stearns Structured Products Inc Trust  Series 2007-R6 1A1(b)   4.8570 01/26/36   116,221
34,683   Bella Vista Mortgage Trust  Series 2004-1 1A(d) TSFR1M + 0.814% 6.1340 11/20/34   32,881
65,119   BlackRock Capital Finance, L.P.  Series 1997-R2 1B1(b),(c)   3.5020 12/25/35   50,142
237,430   Brean Asset Backed Securities Trust  Series 2021-RM2 A(b),(c)   1.7500 10/25/61   200,003
170,272   Brean Asset Backed Securities Trust  Series 2022-RM5 A(b),(c)   4.5000 09/25/62   148,124
2,133,511   Brean Asset Backed Securities Trust  Series 2023-RM6 A2(c),(f)   5.2500 01/25/63   1,912,631
3,254,650   Brean Asset Backed Securities Trust  Series 2021-RM1 M1(c)   1.6000 10/25/63   1,966,531
615,057   Cascade Funding Mortgage Trust  Series 2018-RM2 D(b),(c)   4.0000 10/25/68   531,736
2,883,456   Cascade Funding Mortgage Trust  Series 2019-RM3 D(b),(c)   4.0000 06/25/69   2,407,115
71,069   CDMC Mortgage Pass-Through Certificates  Series 2004-4 A8(b)   5.4310 09/25/34   67,001
82,054   CDMC Mortgage Pass-Through Certificates  Series 2005-1 A4(b)   5.1050 02/18/35   76,776
1,003,415   Cendant Mortgage Capital, LLC CDMC Mort Pas Thr Ce  Series 2004-1 A7   5.5000 02/25/34   959,402
230,000   CFMT, LLC  Series 2022-HB9 M3(b),(c)   3.2500 09/25/37   185,457
91,873   Chase Home Lending Mortgage Trust  Series 2019-1 B4(b),(c)   3.8860 03/25/50   75,175
150,779   Chase Mortgage Finance Trust  Series 2004-S2 2A4   5.5000 02/25/34   143,079
291,262   Chase Mortgage Finance Trust  Series 2006-A1 2A3(b)   5.1200 09/25/36   238,534
483,864   Chase Mortgage Finance Trust  Series 2007-S3 AP(g)   0.0000 05/25/37   7,578
267,879   Chase Mortgage Finance Trust  Series 2007-S3 1A17(a)   4.0000 05/25/37   64,733
177,548   Chevy Chase Funding, LLC Mortgage-Backed  Series 2005-4A A2(c),(d) TSFR1M + 0.364% 5.6850 10/25/36   125,264
98,784   CHL Mortgage Pass-Through Trust  Series 2002-19 1A1   6.2500 11/25/32   81,683
92,721   CHL Mortgage Pass-Through Trust  Series 2002-39 A37   5.7500 02/25/33   85,385
110,869   CHL Mortgage Pass-Through Trust  Series 2003-60 2A1(b)   6.1160 02/25/34   92,639
26,672   CHL Mortgage Pass-Through Trust  Series 2004-3 A4   5.7500 04/25/34   25,359
49,024   CHL Mortgage Pass-Through Trust  Series 2004-6 2A1(b)   4.7320 05/25/34   44,606
59,953   CHL Mortgage Pass-Through Trust  Series 2004-5 2A9   5.2500 05/25/34   58,437
67,203   CHL Mortgage Pass-Through Trust  Series 2004-5 2A2   5.5000 05/25/34   65,992
36,751   CHL Mortgage Pass-Through Trust  Series 2004-HYB2 2A(b)   4.7410 07/20/34   34,413
109,959   CHL Mortgage Pass-Through Trust  Series 2004-J5 A4   5.5000 07/25/34   103,036
38,825   CHL Mortgage Pass-Through Trust  Series 2004-14 4A1(b)   5.3630 08/25/34   34,466
57,074   CHL Mortgage Pass-Through Trust  Series 2004-J9 2A6   5.5000 01/25/35   52,524
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
52,581   CHL Mortgage Pass-Through Trust  Series 2004-HYB5 6A2(b)   5.0070 04/20/35 $ 46,650
2,971,184   CHL Mortgage Pass-Through Trust  Series 2005-14 A1   6.0000 07/25/35   1,226,124
532,796   CHL Mortgage Pass-Through Trust  Series 2005-J2 3A12   5.0000 08/25/35   318,302
100,021   CHL Mortgage Pass-Through Trust  Series 2006-J1 3A1   6.0000 02/25/36   40,311
80,266   CHL Mortgage Pass-Through Trust  Series 2007-HY1 2A1(b)   3.7750 03/25/37   70,076
292,608   CHL Mortgage Pass-Through Trust  Series 2007-15 2A2   6.5000 09/25/37   105,673
250,000   CHNGE Mortgage Trust  Series 2023-1 M1(b),(c)   8.3220 03/25/58   249,777
225,000   CHNGE Mortgage Trust  Series 2022-2 B2(b),(c)   4.6190 03/25/67   136,847
121,508   Citicorp Mortgage Securities REMIC Pass-Through  Series 2005-4 1A5   5.5000 07/25/35   113,398
36,486   Citicorp Mortgage Securities Trust Series  Series 2006-6 A4   6.0000 11/25/36   35,133
73,299   Citicorp Mortgage Securities Trust Series  Series 2007-2 APO(g)   0.0000 02/25/37   37,925
179,525   Citicorp Mortgage Securities Trust Series  Series 2007-4 1A5   6.0000 05/25/37   153,718
101,219   Citigroup Global Markets Mortgage Securities VII,  Series 1997-HUD2 B2(b)   6.9650 07/25/24   164
3,735   Citigroup Global Markets Mortgage Securities VII,  Series 2002-HYB1 B2(b)   6.2320 09/25/32   3,306
156,873   Citigroup Mortgage Loan Trust  Series 2009-10 6A2(b),(c)   5.8840 09/25/34   136,924
174,516   Citigroup Mortgage Loan Trust  Series 2009-4 7A5(b),(c)   5.4830 05/25/35   158,302
50,866   Citigroup Mortgage Loan Trust  Series 2014-10 4A1(c),(d)   5.6190 02/25/37   50,271
396   Citigroup Mortgage Loan Trust  Series 2010-9 5A3(c),(f)   5.7020 03/25/37   391
40,695   Citigroup Mortgage Loan Trust  Series 2015-RP2 A(c)   4.2500 01/25/53   37,665
300,000   Citigroup Mortgage Loan Trust  Series 2020-EXP1 B1(b),(c)   4.4670 05/25/60   242,822
254,931   CITIGROUP MORTGAGE LOAN TRUST  Series 2021-J1 A4A(b),(c)   2.5000 04/25/51   202,776
11,213   Citigroup Mortgage Loan Trust, Inc.  Series 2003-1 3A4   5.2500 09/25/33   10,022
91,585   Citigroup Mortgage Loan Trust, Inc.  Series 2004-UST1 A4(b)   5.7020 08/25/34   80,475
23,856   Citigroup Mortgage Loan Trust, Inc.  Series 2004-UST1 A6(b)   5.9110 08/25/34   20,577
42,380   Citigroup Mortgage Loan Trust, Inc.  Series 2004-NCM2 1CB2   6.7500 08/25/34   41,674
41,920   Citigroup Mortgage Loan Trust, Inc.  Series 2005-2 2A11   5.5000 05/25/35   40,528
37,990   COLT Funding, LLC  Series 2021-3R A2(b),(c)   1.2570 12/25/64   31,473
422,000   COLT Mortgage Loan Trust  Series 2020-2 M1(b),(c)   5.2500 03/25/65   407,984
129,218   Credit Suisse First Boston Mortgage Securities  Series 2001-26 5A1(b)   4.0200 11/25/31   128,804
238,030   Credit Suisse First Boston Mortgage Securities  Series 2002-NP14 M1(c),(d) TSFR1M + 2.302% 4.6990 11/25/31   141,363
139,173   Credit Suisse First Boston Mortgage Securities  Series 2001-33 3B1(b)   7.2030 01/25/32   123,747
68,433   Credit Suisse First Boston Mortgage Securities  Series 2003-11 1A31   5.5000 06/25/33   65,628
519,046   Credit Suisse First Boston Mortgage Securities  Series 2003-19 1A19   5.2500 07/25/33   501,529
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
21,422   Credit Suisse First Boston Mortgage Securities  Series 2003-21 1A4   5.2500 09/25/33 $ 19,696
71,616   Credit Suisse First Boston Mortgage Securities  Series 2003-25 1A8(d) 8*(USISOA30-USISOA02) 5.5000 10/25/33   66,346
214,847   Credit Suisse First Boston Mortgage Securities  Series 2003-25 1A11   5.5000 10/25/33   199,393
158,009   Credit Suisse First Boston Mortgage Securities  Series 2004-6 1A3   5.5000 10/25/34   144,559
104,308   Credit Suisse First Boston Mortgage Securities  Series 2005-8 9A9(d) TSFR1M + 0.764% 6.0850 09/25/35   69,363
5,680   CSFB Mortgage-Backed Pass-Through Certificates  Series 2005-10 2A1   5.2500 01/01/25   —
413,919   CSFB Mortgage-Backed Pass-Through Certificates  Series 2002-9 1A2   7.5000 03/25/32   374,626
85,063   CSFB Mortgage-Backed Pass-Through Certificates  Series 2003-AR24 3A1(b)   5.2630 10/25/33   78,320
65,233   CSFB Mortgage-Backed Pass-Through Certificates  Series 2003-27 4A4   5.7500 11/25/33   60,932
398,227   CSFB Mortgage-Backed Pass-Through Certificates  Series 2004-4 1A5   6.0000 08/25/34   362,258
25,985   CSFB Mortgage-Backed Pass-Through Certificates  Series 2005-3 7A5   5.7500 07/25/35   25,191
33,335   CSMC Series  Series 2010-18R 4A4(b),(c)   3.5000 04/26/38   31,573
308,713   CSMC Trust  Series 2007-5R A5   6.5000 07/26/36   76,723
279,423   CSMC Trust  Series 2021-RPL2 M3(b),(c)   3.6220 01/25/60   194,331
503,799   Deutsche Alt-B Securities Mortgage Loan Trust  Series AB1 PO(g)   0.0000 04/25/37   234,220
31,279   Deutsche Mortgage Sec Inc Mort Loan Tr  Series 2004-1 1A1   5.5000 09/25/33   30,304
2,893,180   Deutsche Mortgage Securities Inc Mortgage Loan  Series PR1 5AF4(c),(d) TSFR1M + 0.454% 5.7720 04/15/36   2,322,707
37,619   DSLA Mortgage Loan Trust  Series 2004-AR4 2A1A(d) TSFR1M + 0.834% 6.1540 01/19/45   28,431
400,000   Ellington Financial Mortgage Trust  Series 2022-1 B2(b),(c)   3.8760 01/25/67   263,289
191,130   Fannie Mae Trust  Series 2005-W3 3A(b)   4.1370 04/25/45   182,126
473,000   Finance of America HECM Buyout  Series 2022-HB1 M3(b),(c)   5.0840 02/25/32   431,393
41,117   Financial Asset Securities Corp AAA Trust  Series 2005-2 A3(c),(d) TSFR1M + 0.414% 5.7390 11/26/35   34,336
140,863   First Horizon Alternative Mortgage Securities  Series 2004-AA1 A1(b)   6.9750 06/25/34   130,825
8,922   First Horizon Alternative Mortgage Securities  Series 2004-AA3 A1(b)   5.8160 09/25/34   8,512
57,844   First Horizon Alternative Mortgage Securities  Series AA7 2A2(b)   6.8680 02/25/35   49,573
72,258   First Horizon Alternative Mortgage Securities  Series 2007-FA4 1A8   6.2500 08/25/37   29,510
516,810   First Horizon Mortgage Pass-Through Trust  Series 2005-AR3 2A1(b)   5.4630 08/25/35   357,830
29,935   First Horizon Mortgage Pass-Through Trust  Series 2005-AR5 3A1(b)   0.0000 10/25/35   16,595
501   First Horizon Mortgage Pass-Through Trust  Series 2005-AR5 1A1(b)   0.0000 11/25/35   446
99,199   First Horizon Mortgage Pass-Through Trust  Series 2006-AR3 1A1(b)   4.0190 11/25/36   53,156
237,324   First Horizon Mortgage Pass-Through Trust  Series 2007-AR3 1A1(b)   4.8210 11/25/37   102,057
1,109,000   Flagstar Mortgage Trust  Series 2017-1 B5(b),(c)   3.6140 03/25/47   738,017
351,539   Flagstar Mortgage Trust  Series 2018-3INV B4(b),(c)   4.4600 05/25/48   286,782
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
272,578   Flagstar Mortgage Trust  Series 2019-2 B3(b),(c)   4.0070 12/25/49 $ 214,089
95,480   Flagstar Mortgage Trust  Series 2021-13IN B5(b),(c)   3.3600 12/30/51   61,655
1,000,000   Freddie Mac STACR REMIC Trust  Series 2022-HQA1 M2(c),(d) SOFR30A + 5.250% 10.5720 03/25/42   1,075,686
1,000,000   Freddie Mac STACR Trust  Series 2019-DNA3 B2(c),(d) SOFR30A + 8.264% 13.5860 07/25/49   1,154,770
87,890   Freddie Mac Structured Pass-Through Certificates  Series T-61 1A1(d) 12MTA + 1.400% 6.4810 07/25/44   81,575
137,137   Freddie Mac Structured Pass-Through Certificates  Series T-62 1A1(d) 12MTA + 1.200% 6.2810 10/25/44   124,397
934,898   Global Mortgage Securitization Ltd.  Series 2004-A A3(c),(d)   7.5750 11/25/32   921,016
83,164   GMACM Mortgage Loan Trust  Series 2004-J2 A8   5.7500 06/25/34   80,279
45,327   GMACM Mortgage Loan Trust  Series 2005-AR3 5A2(b)   3.5160 06/19/35   33,320
1,876,740   GMACM Mortgage Loan Trust  Series 2005-AR5 4A1(b)   4.1470 09/19/35   1,569,665
114,037   GMACM Mortgage Loan Trust  Series 2006-AR1 1A1(b)   3.6030 04/19/36   84,506
102,318   GS Mortgage Securities Corporation II  Series 2000-1A A(c),(d) TSFR1M + 0.464% 5.7840 06/20/24   96,459
401,423   GS Mortgage-Backed Securities Corp Trust  Series 2019-PJ1 B3(b),(c)   4.0440 08/25/49   310,637
1,160,933   GSMPS Mortgage Loan Trust  Series 2000-1 A(b),(c)   8.5000 06/19/29   1,059,139
1,016,319   GSMPS Mortgage Loan Trust  Series 2004-4 1AF(c),(d) TSFR1M + 0.514% 5.8350 06/25/34   894,078
1,764,798   GSMPS Mortgage Loan Trust  Series 2004-4 1A2(c)   7.5000 06/25/34   1,699,161
288,648   GSMPS Mortgage Loan Trust  Series 2004-4 1A3(c)   8.0000 06/25/34   276,974
30,668   GSMPS Mortgage Loan Trust  Series 2005-RP2 1AF(c),(d) TSFR1M + 0.464% 5.7850 03/25/35   27,848
161,640   GSMPS Mortgage Loan Trust  Series 2005-RP3 1AF(c),(d) TSFR1M + 0.464% 5.7850 09/25/35   130,587
112,413   GSMPS Mortgage Loan Trust  Series 2006-RP1 1A2(c)   7.5000 01/25/36   97,155
784,959   GSMSC Pass-Through Trust  Series 2008-2R 2A1(b),(c)   7.5000 10/25/36   108,573
97,340   GSR Mortgage Loan Trust  Series 2004-7 1A1(b)   4.2380 06/25/34   83,781
557,965   GSR Mortgage Loan Trust  Series 2004-12 1B1(d) TSFR1M + 0.714% 6.0350 12/25/34   239,428
42,000   GSR Mortgage Loan Trust  Series 2005-4F 6A1   6.5000 02/25/35   39,249
14,187   GSR Mortgage Loan Trust  Series 2005-AR3 2A1(d) TSFR1M + 0.554% 5.8750 05/25/35   10,433
28,992   GSR Mortgage Loan Trust  Series 2005-AR3 1A1(d) TSFR1M + 0.554% 5.8750 05/25/35   24,306
527,985   GSR Mortgage Loan Trust  Series 2005-AR4 2A1(b)   5.0950 07/25/35   278,976
4,957   GSR Mortgage Loan Trust  Series 2005-6F 1A7   5.2500 07/25/35   4,641
27,593   GSR Mortgage Loan Trust  Series 2005-8F 3A4   6.0000 11/25/35   10,702
112,163   GSR Mortgage Loan Trust  Series 2006-1F 2A16   6.0000 02/25/36   54,106
71,216   GSR Mortgage Loan Trust  Series 2007-AR2 2A1(b)   5.0560 05/25/37   40,400
217,535   HarborView Mortgage Loan Trust  Series 2003-1 A(b)   5.6220 05/19/33   180,820
1,420,664   HarborView Mortgage Loan Trust  Series 2004-7 4A(b)   5.2030 11/19/34   1,281,801
41,933   HarborView Mortgage Loan Trust  Series 2005-14 2A1A(b)   6.3190 12/19/35   26,707
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
85,000   HomeBanc Mortgage Trust  Series 2005-3 M3(d) TSFR1M + 0.879% 6.2000 07/25/35 $ 84,077
188,403   HSI Asset Loan Obligation Trust  Series 2007-AR1 4A1(b)   4.4880 01/25/37   144,495
201,637   HSI Asset Loan Obligation Trust  Series 2007-1 2A12   6.5000 06/25/37   78,561
159,697   HSI Asset Loan Obligation Trust  Series 2007-AR2 4A1(b)   4.5250 09/25/37   116,714
167,312   Hundred Acre Wood Trust  Series 2021-INV1 B2(b),(c)   3.2230 07/25/51   132,439
265,295   Hundred Acre Wood Trust  Series 2021-INV1 B1(b),(c)   3.2230 07/25/51   221,130
271,197   Hundred Acre Wood Trust  Series 2021-INV2 B3(b),(c)   3.2970 10/25/51   198,980
763,426   Hundred Acre Wood Trust  Series 2021-INV3 B1(b),(c)   3.3210 10/25/51   632,167
214,938   Hundred Acre Wood Trust  Series 2021-INV3 B2(b),(c)   3.3210 12/25/51   157,973
139,249   Hundred Acre Wood Trust  Series 2021-INV3 B3(b),(c)   3.3210 12/25/51   103,849
51,728   Impac CMB Trust  Series 2003-2F M2(f)   6.5700 01/25/33   50,193
56,773   Impac CMB Trust  Series 2003-4 3M2(f)   5.7290 07/25/33   54,157
27,288   Impac CMB Trust  Series 2004-7 M4(d) TSFR1M + 1.914% 7.2350 11/25/34   26,733
35,650   Impac CMB Trust  Series 2004-10 3M2(d) TSFR1M + 0.999% 6.3200 03/25/35   31,336
279,862   Impac CMB Trust  Series 2005-4 2M1(d) TSFR1M + 0.614% 6.1850 05/25/35   258,578
711,837   Impac CMB Trust  Series 2005-4 2M2(d) TSFR1M + 0.864% 6.5600 05/25/35   665,240
583,246   Impac CMB Trust  Series 2005-8 2M1(d) TSFR1M + 0.864% 6.1850 02/25/36   529,124
36,153   Impac CMB Trust Series  Series 2004-10 3M3(d) TSFR1M + 1.089% 6.4100 03/25/35   32,816
37,007   Impac CMB Trust Series  Series 2005-2 2B(d) TSFR1M + 2.589% 7.9100 04/25/35   35,057
126,528   Impac CMB Trust Series  Series 2005-8 2M3(d) TSFR1M + 2.364% 7.6850 02/25/36   119,970
114,254   Impac CMB Trust Series  Series 2005-8 2B(d) TSFR1M + 2.364% 7.6850 02/25/36   106,441
189,561   Impac Secured Assets CMN Owner Trust  Series 2003-2 A2   6.0000 08/25/33   151,177
81,461   Impac Secured Assets Trust  Series 2006-1 2A1(d) TSFR1M + 0.814% 6.1350 05/25/36   77,681
18,088   IndyMac INDX Mortgage Loan Trust  Series 2004-AR11 2A(b)   4.6960 12/25/34   15,562
248,476   IndyMac INDX Mortgage Loan Trust  Series 2004-AR15 3A1(b)   5.0370 02/25/35   221,084
244,142   IndyMac INDX Mortgage Loan Trust  Series 2005-AR8 2A1A(d) TSFR1M + 0.574% 5.8950 04/25/35   201,539
196,970   IndyMac INDX Mortgage Loan Trust  Series 2005-AR13 1A1(b)   4.0680 08/25/35   89,948
245,962   JP Morgan Alternative Loan Trust  Series 2005-S1 1A8(a),(d) TSFR1M + 7.036% 1.7150 12/25/35   21,625
882,338   JP Morgan Alternative Loan Trust  Series A1 1A2(d) TSFR1M + 0.714% 6.0350 03/25/36   786,977
940,514   JP Morgan Alternative Loan Trust  Series 2008-R4 1A1(c)   6.0000 12/27/36   491,611
369,627   JP Morgan MBS Series  Series 2006-R1 6A1(b),(c)   5.3170 09/28/44   298,782
28,469   JP Morgan Mortgage Trust  Series 2006-A2 5A4(b)   6.1330 11/25/33   25,601
5,154   JP Morgan Mortgage Trust  Series 2004-A3 3A3(b)   4.9900 07/25/34   4,757
22,351   JP Morgan Mortgage Trust  Series 2004-S2 4A5   6.0000 11/25/34   19,785
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
28,897   JP Morgan Mortgage Trust  Series 2005-A7 1A4(b)   5.3410 10/25/35 $ 27,514
829,281   JP Morgan Mortgage Trust  Series 2005-S3 1A22   5.5000 01/25/36   355,647
15,710   JP Morgan Mortgage Trust  Series 2006-A4 3A1(b)   4.0470 06/25/36   10,401
179,556   JP Morgan Mortgage Trust  Series 2006-A7 2A4R(b)   4.3600 01/25/37   136,599
147,440   JP Morgan Mortgage Trust  Series 2006-A7 2A1R(b)   4.3600 01/25/37   109,833
19,383   JP Morgan Mortgage Trust  Series 2018-8 A3(b),(c)   4.0000 01/25/49   17,176
182,439   JP Morgan Mortgage Trust  Series 2019-8 B4(b),(c)   4.1750 03/25/50   150,122
210,886   JP Morgan Mortgage Trust Series  Series 2008-R2 2A(b),(c)   5.5000 12/27/35   161,756
118,357   JP Morgan Tax-Emept Pass-Through Trust Series  Series 2012-3 A(b),(c)   3.0000 10/27/42   106,496
158,662   JPMorgan Chase Bank NA - CHASE  Series 2020-CL1 M3(d) TSFR1M + 3.464% 8.7850 10/25/57   164,778
2,572,741   La Hipotecaria Panamanian Mortgage Trust  Series 2021-1 GA(c)   4.3500 07/13/52   2,290,589
136,159   Lehman Mortgage Trust  Series 2006-2 2A3   5.7500 04/25/36   130,937
39,884   MASTR Adjustable Rate Mortgages Trust  Series 2003-1 2A1(b)   4.3570 12/25/32   35,692
16,452   MASTR Adjustable Rate Mortgages Trust  Series 2003-2 4A1(b)   5.5500 07/25/33   14,696
37,951   MASTR Adjustable Rate Mortgages Trust  Series 2003-6 2A1(b)   4.5110 12/25/33   33,985
20,285   MASTR Adjustable Rate Mortgages Trust  Series 2003-6 7A1(b)   6.1250 12/25/33   20,070
44,925   MASTR Adjustable Rate Mortgages Trust  Series 2003-7 B1(b)   5.9460 01/25/34   39,648
48,952   MASTR Adjustable Rate Mortgages Trust  Series 2004-4 1A1(b)   6.2870 04/25/34   43,049
28,939   MASTR Adjustable Rate Mortgages Trust  Series 2004-10(b)   5.2780 10/25/34   22,431
173,119   MASTR Adjustable Rate Mortgages Trust  Series 2004-15 4A1(b)   4.5970 12/25/34   162,289
222,731   MASTR Adjustable Rate Mortgages Trust  Series 2005-7 3A1(b)   3.8640 09/25/35   133,582
108,864   MASTR Adjustable Rate Mortgages Trust  Series 2006-2 5A1(b)   4.3640 05/25/36   39,441
146,427   MASTR Alternative Loan Trust  Series 2003-3 B2(b)   6.1810 05/25/33   130,725
515,686   MASTR Alternative Loan Trust  Series 2003-5 8A1   5.5000 06/25/33   470,954
53,231   MASTR Alternative Loan Trust  Series 2003-7 6A1   6.5000 12/25/33   53,789
98,977   MASTR Alternative Loan Trust  Series 2004-1 2A1   7.0000 01/25/34   92,358
182,245   MASTR Alternative Loan Trust  Series 2004-1 4A1   5.5000 02/25/34   169,997
54,608   MASTR Alternative Loan Trust  Series 2004-3 2A1   6.2500 04/25/34   53,976
200,541   MASTR Alternative Loan Trust  Series 2004-3 6A1   6.5000 04/25/34   189,818
22,973   MASTR Alternative Loan Trust  Series 2004-4 1A1   5.5000 05/25/34   21,929
52,008   MASTR Alternative Loan Trust  Series 2004-7 10A1   6.0000 06/25/34   47,299
163,127   MASTR Alternative Loan Trust  Series 2004-6 7A1   6.0000 07/25/34   152,223
40,304   MASTR Alternative Loan Trust  Series 2004-6 10A1   6.0000 07/25/34   37,845
676,618   MASTR Alternative Loan Trust  Series 2004-6 6A1   6.5000 07/25/34   655,373
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
850,011   MASTR Alternative Loan Trust  Series 2004-7 9A1   6.0000 08/25/34 $ 833,730
1,651,491   MASTR Alternative Loan Trust  Series 2004-13 10A3   5.7500 01/25/35   1,392,375
25,079   MASTR Alternative Loan Trust  Series 2007-1 30PO(g)   0.0000 10/25/36   13,925
2,159   MASTR Alternative Loan Trust  Series 2005-1 5A1   5.5000 12/25/41   1,863
300,341   MASTR Alternative Loan Trust  Series 2005-2 6A1   5.0000 03/25/43   227,291
866,090   MASTR Alternative Loan Trust  Series 2007-HF1 4PO(g)   0.0000 10/25/47   9
47,283   MASTR Asset Securitization Trust  Series 2003-12 6A2   5.0000 12/25/33   39,816
19,812   MASTR Asset Securitization Trust  Series 2003-12 6A1   5.0000 12/25/33   18,635
47,200   MASTR Asset Securitization Trust  Series 2003-11 9A6   5.2500 12/25/33   45,372
61,983   MASTR Asset Securitization Trust  Series 2003-11 7A5   5.2500 12/25/33   58,235
8,377   MASTR Asset Securitization Trust  Series 2003-11 2A10   5.5000 12/25/33   7,910
181,456   MASTR Asset Securitization Trust  Series 2003-11 8A1   5.5000 12/25/33   156,280
8,706   MASTR Asset Securitization Trust  Series 2004-1 1A12   5.5000 02/25/34   8,183
2,874,522   MASTR Asset Securitization Trust  Series 2004-9 4A1   6.0000 09/25/34   2,175,160
68,786   MASTR Asset Securitization Trust  Series 2005-1 2A9   5.5000 05/25/35   53,341
4,115,554   MASTR Asset Securitization Trust  Series 2006-2 2A2(d) TSFR1M + 0.614% 5.9350 06/25/36   842,017
1,004,759   MASTR Asset Securitization Trust  Series 2006-3 2A1(d) TSFR1M + 0.564% 5.8850 10/25/36   153,064
18,194   MASTR Reperforming Loan Trust  Series 2005-2 1A4(c)   8.0000 05/25/35   13,636
135,912   MASTR Reperforming Loan Trust  Series 2006-2 2A1(b),(c)   3.6060 05/25/36   121,545
16,366   MASTR Seasoned Securitization Trust  Series 2005-1 3A1(b)   4.8320 10/25/32   13,432
55,807   MASTR Seasoned Securitization Trust  Series 2004-1 4A1(b)   6.2190 10/25/32   50,228
358,629   MASTR Seasoned Securitization Trust  Series 2003-1 2A1   6.0000 02/25/33   338,769
880,000   Mello Mortgage Capital Acceptance  Series 2018-MTG2 B5(b),(c)   4.3180 10/25/48   659,201
557,006   Mello Mortgage Capital Acceptance  Series 2021-MTG1 B1(b),(c)   2.6470 04/25/51   435,028
34,488   Merrill Lynch Mortgage Investors Trust MLMI Series  Series 2003-A4 3A(b)   4.9700 05/25/33   30,954
158,334   Merrill Lynch Mortgage Investors Trust MLMI Series  Series 2005-A4 1A(b)   2.1580 07/25/35   64,673
31,540   Merrill Lynch Mortgage Investors Trust Series  Series 2003-A6 1A(b)   5.6180 09/25/33   29,099
139,055   Merrill Lynch Mortgage Investors Trust Series MLCC  Series 2004-HB1(b)   5.2380 04/25/29   121,944
278,436   Merrill Lynch Mortgage Investors Trust Series MLCC  Series B B1(d) TSFR1M + 0.714% 6.0350 07/25/30   239,268
44,303   Merrill Lynch Mortgage Investors Trust Series MLCC  Series 2007-3 2A2(b)   3.6650 09/25/37   31,981
1,000,000   MFA Trust  Series 2022-RPL1 M1(b),(c)   4.2220 08/25/61   815,218
51,548   Morgan Stanley Dean Witter Capital I Inc Trust  Series 2003-HYB1 A3(b)   6.2910 03/25/33   44,335
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
16,609   Morgan Stanley Mortgage Loan Trust  Series 2004-2AR 2A(b)   6.9390 02/25/34 $ 15,338
23,549   Morgan Stanley Mortgage Loan Trust  Series 2004-8AR 2A(b)   3.5190 10/25/34   20,927
19,257   Morgan Stanley Mortgage Loan Trust  Series 2004-8AR 4A1(b)   5.4890 10/25/34   16,746
15,696   Morgan Stanley Mortgage Loan Trust  Series 2004-10AR 2A2(b)   5.9710 11/25/34   14,107
713,439   Morgan Stanley Mortgage Loan Trust  Series 2005-1 4A1(d) TSFR1M + 0.414% 5.7350 03/25/35   651,011
73,884   Morgan Stanley Mortgage Loan Trust  Series 2005-10 5A1   6.0000 12/25/35   29,139
46,242   Morgan Stanley Mortgage Loan Trust  Series 2006-8AR 4A2(b)   7.1250 06/25/36   39,650
2,388,152   Mortgage Equity Conversion Asset Trust  Series 2007-FF2 A(c),(d) H15T1Y + 0.470% 5.4700 02/25/42   2,331,011
134,354   MortgageIT Trust  Series 2004-2 B2(d) TSFR1M + 3.339% 8.6600 12/25/34   129,294
231,407   MortgageIT Trust  Series 2005-3 M2(d) TSFR1M + 0.909% 6.2300 08/25/35   217,217
125,469   MRFC Mortgage Pass-Through Trust Series  Series 2000-TBC3 B4(b),(c)   6.0670 12/15/30   112,646
537,671   National City Mortgage Capital Trust  Series 2008-1 2A1   6.0000 03/25/38   519,164
26,221   National City Mortgage Capital Trust  Series 2008-1 2A2   6.0000 03/25/38   25,317
326,353   New Residential Mortgage Loan Trust  Series 2017-2A B2(b),(c)   4.7500 03/25/57   274,784
720,000   New Residential Mortgage Loan Trust  Series 2020-RPL1 B3(b),(c)   3.8770 11/25/59   502,818
147,085   Nomura Asset Acceptance Corp Alternative Loan  Series 2004-R1 A2(c)   7.5000 03/25/34   130,594
535,970   Nomura Asset Acceptance Corp Alternative Loan  Series 2005-AR3 1A1(d) TSFR1M + 0.634% 5.9550 07/25/35   372,490
77,837   Nomura Asset Acceptance Corp Alternative Loan  Series 2007-1 1A3(f)   5.9570 03/25/47   73,168
3,630,323   Ocwen Residential MBS Corporation  Series 1998-R3 AWAC(b),(c)   0.0000 09/25/38   208,744
143,994   Ocwen Residential MBS Corporation  Series 1999-R2 B2(b),(c)   0.6670 06/25/39   102,714
377,895   PHHMC Series Trust  Series 2005-4 A8(b)   5.8920 07/18/35   358,023
353,268   Prime Mortgage Trust  Series 2003-3 A9   5.5000 01/25/34   333,474
453,637   Provident Funding Mortgage Trust  Series 2020-1 B3(b),(c)   3.2460 02/25/50   366,600
17,693   RAAC Series Trust  Series 2005-SP1 4A1   7.0000 09/25/34   16,858
3,284   RALI Series Trust  Series 2005-QA4 A41(b)   4.3360 04/25/35   3,154
107,352   RALI Series Trust  Series 2005-QA12 CB1(b)   5.9270 12/25/35   47,838
359,117   RAMP Series Trust  Series 2002-SL1 AII4(b)   4.8290 06/25/32   328,998
10,209   RBSGC Mortgage Loan Trust  Series 2007-B 3B1(b)   5.6220 01/25/37   9,536
324,133   RBSGC Structured Trust  Series 2008-A A1(b),(c)   5.5000 11/25/35   266,273
8,398,307   RBSSP Resecuritization Trust  Series 2009-12 19A2(b),(c)   4.3240 12/25/35   5,650,334
102,033   Reperforming Loan REMIC Trust  Series 2003-R4 2A(b),(c)   4.4830 01/25/34   81,059
16,496   Reperforming Loan REMIC Trust  Series 2004-R1 2A(c)   6.5000 11/25/34   15,240
12,482   Reperforming Loan REMIC Trust  Series 2005-R2 2A4(c)   8.5000 06/25/35   12,093
80,275   Reperforming Loan REMIC Trust  Series 2006-R2 AF1(c),(d) TSFR1M + 0.534% 5.8550 07/25/36   70,855
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
133,863   Resecuritization Pass-Through Trust  Series 2005-8R A5   6.0000 10/25/34 $ 127,046
30,000   Residential Asset Securitization Trust  Series 2003-A7 A8   5.0000 07/25/33   27,625
1,348,098   Residential Asset Securitization Trust  Series 2003-A9 A3(d) TSFR1M + 0.664% 5.9850 08/25/33   1,179,252
489,690   Residential Asset Securitization Trust  Series 2003-A10 A5   5.2500 09/25/33   444,751
5,210,000   RMF Buyout Issuance Trust  Series 2022-HB1 M3(b),(c)   4.5000 04/25/32   4,350,159
274,310   RMF Proprietary Issuance Trust  Series 2021-2 A(b),(c)   2.1250 09/25/61   234,905
1,052,462   RMF Proprietary Issuance Trust  Series 2021-2 M1(b),(c)   2.1250 09/25/61   804,392
1,000,000   RMF Proprietary Issuance Trust  Series 2022-1 M1(b),(c)   3.0000 01/25/62   728,577
231,813   RMF Proprietary Issuance Trust  Series 2022-1 A1(b),(c)   3.0000 01/25/62   190,956
1,000,000   RMF Proprietary Issuance Trust  Series 2022-2 M3(b),(c)   3.7500 06/25/62   586,826
225,000   RMF Proprietary Issuance Trust  Series 2022-3 A(b),(c)   4.0000 08/25/62   177,759
1,414   Ryland Mortgage Securities Corporation  Series 1994-1 B(b)   0.0000 04/29/30   —
650,000   SBALR Commercial Mortgage Trust  Series 2020-RR1 C(b),(c)   3.9790 02/13/53   458,032
46,489   Seasoned Credit Risk Transfer Trust Series  Series 2017-3 B(g)   0.0000 07/25/56   5,547
860,000   Seasoned Credit Risk Transfer Trust Series  Series 2019-1 M(b)   4.7500 07/25/58   807,737
3,400,000   Seasoned Credit Risk Transfer Trust Series  Series 2020-2 M(b)   4.2500 11/25/59   3,075,755
316,672   Sequoia Mortgage Trust  Series 2003-4 1A1(d) TSFR1M + 0.734% 6.0540 07/20/33   271,242
31,378   Sequoia Mortgage Trust  Series 2004-10 A1A(d) TSFR1M + 0.734% 6.0540 11/20/34   28,845
40,317   Sequoia Mortgage Trust  Series 2004-10 A3B(d) TSFR6M + 1.208% 6.6970 11/20/34   32,441
57,389   Sequoia Mortgage Trust  Series 2005-2 A1(d) TSFR1M + 0.554% 5.8740 03/20/35   49,843
345,646   Sequoia Mortgage Trust  Series 2005-3 B1(d) TSFR1M + 0.669% 5.9890 05/20/35   223,834
337,934   Sequoia Mortgage Trust  Series 2007-4 1A1(d) TSFR1M + 0.894% 6.2140 01/20/36   232,765
313,558   Sequoia Mortgage Trust  Series 2007-2 1B1(d) TSFR1M + 0.714% 6.0340 06/20/36   241,827
140,145   Sequoia Mortgage Trust  Series 2013-6 B1(b),(c)   3.5180 05/25/43   131,896
265,355   Sequoia Mortgage Trust  Series 2014-4 A6(b),(c)   3.5000 11/25/44   238,038
76,010   Sequoia Mortgage Trust  Series 2017-1 B3(b),(c)   3.6070 02/25/47   56,143
76,907   Shellpoint Co-Originator Trust  Series 2017-1 B4(b),(c)   3.5940 04/25/47   54,546
434,926   Sofi Mortgage Trust  Series 2016-1A B3(b),(c)   3.1010 11/25/46   241,607
100,000   Spruce Hill Mortgage Loan Trust  Series 2020-SH1 B2(b),(c)   4.6760 01/28/50   82,783
527,280   STARM Mortgage Loan Trust  Series 2007-4 3A1(b)   4.4240 10/25/37   416,963
46,615   Structured Adjustable Rate Mortgage Loan Trust  Series 2004-2 4A1(b)   5.9230 03/25/34   42,023
62,885   Structured Adjustable Rate Mortgage Loan Trust  Series 2004-18 1A3(b)   5.2750 12/25/34   53,240
197,631   Structured Adjustable Rate Mortgage Loan Trust  Series 2005-4 1A1(b)   4.6640 03/25/35   162,531
336,513   Structured Adjustable Rate Mortgage Loan Trust  Series 2005-15 1A1(b)   4.7550 07/25/35   177,856
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
774,655   Structured Adjustable Rate Mortgage Loan Trust  Series 2006-1 2A2(b)   5.0800 02/25/36 $ 677,674
7,395   Structured Adjustable Rate Mortgage Loan Trust  Series 2006-8 3AF(d) TSFR1M + 0.494% 5.8150 09/25/36   6,450
306,885   Structured Adjustable Rate Mortgage Loan Trust  Series 9 2A1(b)   4.4300 10/25/47   175,276
27,769   Structured Asset Sec Corp Mort Passthr Certs Ser  Series 2003-40A 3A2(b)   5.9190 01/25/34   26,593
157,359   Structured Asset Sec Corp Mort Passthr Certs Ser  Series 2003-40A 3A1(b)   5.9190 01/25/34   137,049
58,115   Structured Asset Securities Corp Mortgage  Series 2000-5 B3(b)   0.0000 11/25/30   34,655
1,763   Structured Asset Securities Corporation  Series 2003-37A B1I(d) TSFR1M + 0.894% 6.2230 12/25/33   1,615
391,934   Structured Asset Securities Corporation  Series 2004-4XS 1M1(f)   4.8900 02/25/34   332,530
16,497   Structured Asset Securities Corporation  Series 2004-4XS A3A(f)   4.8900 02/25/34   15,599
101,723   Structured Asset Securities Corporation  Series 2004-4XS 1A5(f)   4.8900 02/25/34   96,158
76,580   Structured Asset Securities Corporation  Series 2005-RF2 A(c),(d) TSFR1M + 0.464% 5.7850 04/25/35   66,275
96,372   Structured Asset Securities Corporation  Series 2005-RF3 2A(b),(c)   3.9970 06/25/35   80,856
58,335   Suntrust Alternative Loan Trust Series  Series 2005-1F 1A1(d) TSFR1M + 0.764% 5.7500 12/25/35   43,668
210,776   TIAA Bank Mortgage Loan Trust  Series 2018-2 B3(b),(c)   3.6750 07/25/48   174,737
233,635   TIAA Bank Mortgage Loan Trust  Series 2018-3 B4(b),(c)   4.1470 11/25/48   166,328
230,000   Towd Point Mortgage Trust  Series 2015-1 B1(b),(c)   4.4260 10/25/53   208,976
100,000   Verus Securitization Trust  Series 2020-INV1 B2(b),(c)   6.0000 03/25/60   91,496
538,000   Vista Point Securitization Trust  Series 2020-1 M1(b),(c)   4.1510 03/25/65   506,650
40,160   Wachovia Mortgage Loan Trust, LLC Series  Series 2006-A 4A1(b)   6.2380 05/20/36   39,023
41,214   WaMu Mortgage Pass-Through Certificates Series  Series 2002-AR14 B1(b)   4.3990 11/25/32   35,805
37,381   WaMu Mortgage Pass-Through Certificates Series  Series 2002-AR18 A(b)   6.1560 01/25/33   35,927
35,439   WaMu Mortgage Pass-Through Certificates Series  Series 2003-S3 1A4   5.5000 06/25/33   32,593
38,632   WaMu Mortgage Pass-Through Certificates Series  Series 2003-S5 1A13   5.5000 06/25/33   37,032
236,538   WaMu Mortgage Pass-Through Certificates Series  Series 2003-AR9 1A7(b)   5.6590 09/25/33   207,940
21,413   WaMu Mortgage Pass-Through Certificates Series  Series 2002-AR2 A(d) ECOFC + 1.250% 4.3760 02/27/34   18,558
42,108   WaMu Mortgage Pass-Through Certificates Series  Series 2006-AR2 1A1(b)   4.2340 03/25/36   37,062
86,443   WaMu Mortgage Pass-Through Certificates Series  Series 2002-AR17 1A(d) 12MTA + 1.200% 6.2810 11/25/42   73,721
119,615   WaMu Mortgage Pass-Through Certificates Series  Series 2006-AR8 1A1(b)   4.4050 08/25/46   115,387
151,061   Washington Mutual MSC Mortgage Pass-Through  Series 2003-MS7 A12   5.5000 03/25/33   144,657
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    COLLATERALIZED MORTGAGE OBLIGATIONS — 32.3% (Continued)      
49,206   Washington Mutual MSC Mortgage Pass-Through  Series 2003-MS9 2A   7.5000 04/25/33 $ 48,888
178,722   Washington Mutual MSC Mortgage Pass-Through  Series 2003-AR3 B1(b)   4.7440 06/25/33   146,614
12,747   Washington Mutual MSC Mortgage Pass-Through  Series 2005-RA1 3B4(b),(c)   4.3810 01/25/35   10,431
131,623   Washington Mutual MSC Mortgage Pass-Through  Series RA3 CB1(b)   5.7000 08/25/38   109,109
953,012   Wells Fargo Alternative Loan Trust  Series 2005-1 2A3   5.5000 02/25/35   919,299
571,646   Wells Fargo Alternative Loan Trust  Series 2005-1 2A1   5.5000 02/25/35   516,945
71,347   Wells Fargo Mortgage Backed Securities  Series 2007-7 A6   6.0000 06/25/37   61,245
234,000   Wells Fargo Mortgage Backed Securities  Series 2018-1 B4(b),(c)   3.6600 07/25/47   152,348
64,216   Wells Fargo Mortgage Backed Securities  Series 2019-4 A2(b),(c)   3.0000 09/25/49   52,629
207,836   WinWater Mortgage Loan Trust  Series 2015-1 B2(b),(c)   3.8700 01/20/45   188,351
              102,944,638
    CREDIT CARD — 0.3%      
1,000,000   Continental Finance Credit Card A.B.S Master Trust  Series 2022-A A(c)   6.1900 10/15/30   987,272
             
    HOME EQUITY — 3.8%      
68,106   ABFC Trust  Series 2004-OPT2 A2(d) TSFR1M + 0.674% 5.9950 10/25/33   65,214
156,823   AFC Trust Series  Series 1999-3 1A(d) TSFR1M + 1.094% 6.4300 09/28/29   101,713
39,702   American Residential Home Equity Loan Trust  Series 1998-1 B(d) TSFR1M + 2.289% 7.6100 05/25/29   51,893
482,585   Bayview Financial Asset Trust  Series 2007-SR1A A(c),(d) TSFR1M + 0.564% 5.8850 03/25/37   475,504
1,112,000   Bayview Financial Mortgage Pass-Through Trust  Series D M2(b)   5.5000 12/28/35   1,045,993
2,887,953   Bayview Financial Mortgage Pass-Through Trust  Series 2004-B A1(c),(d) TSFR1M + 1.114% 6.4430 05/28/39   2,407,737
1,309,863   Bayview Financial Mortgage Pass-Through Trust  Series 2005-A M1(c),(d) TSFR1M + 1.614% 6.9430 02/28/40   1,249,062
29,194   Bear Stearns Asset Backed Securities I Trust  Series 2004-FR2 M4(d) TSFR1M + 2.214% 5.4712 06/25/34   27,156
308,550   Bear Stearns Home Loan Owner Trust  Series 2001-A B(f)   10.5000 02/15/31   306,752
228,801   CHEC Loan Trust  Series 2004-1 M2(c),(d) TSFR1M + 1.089% 6.4100 07/25/34   224,673
11,210   Citigroup Global Markets Mortgage Securities VII,  Series 2002-WMC1 M1(d) TSFR1M + 1.464% 5.2100 01/25/32   11,545
121,075   Delta Funding Home Equity Loan Trust  Series 1999-3 A2F(f)   8.0610 09/15/29   115,158
294,866   Delta Funding Home Equity Loan Trust  Series 2000-1 M2(f)   8.0900 05/15/30   274,670
103,151   Delta Funding Home Equity Loan Trust  Series 1999-2 A1A(d) TSFR1M + 0.434% 6.0720 08/15/30   102,141
174,738   EMC Mortgage Loan Trust  Series 2001-A M1(c),(d) TSFR1M + 1.164% 6.4850 05/25/40   174,480
167,557   Financial Asset Securities Corp AAA Trust  Series 2005-1A 1A3B(c),(d) TSFR1M + 0.524% 5.8530 02/27/35   148,882
62,094   GE Capital Mortgage Services Inc Trust  Series 1999-HE1 A6(b)   6.7000 04/25/29   61,583
236,013   Home Equity Asset Trust  Series 2002-2 A2(d) TSFR1M + 0.714% 6.0500 06/25/32   228,731
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    HOME EQUITY — 3.8% (Continued)      
968,142   Mastr Asset Backed Securities Trust  Series 2004-FRE1 M7(d) TSFR1M + 2.814% 8.1350 07/25/34 $ 891,460
226,440   Mastr Asset Backed Securities Trust  Series 2005-NC1 M2(d) TSFR1M + 0.864% 6.1850 12/25/34   221,346
239,071   Mastr Asset Backed Securities Trust  Series 2007-NCW A2(c),(d) TSFR1M + 0.714% 6.0350 05/25/37   191,470
272,316   Morgan Stanley A.B.S Capital I Inc Trust Series  Series 2003-SD1 M2(d) TSFR1M + 4.014% 9.3350 03/25/33   253,769
38,504   New Century Home Equity Loan Trust Series 2003-5  Series 2003-5 AII(d) TSFR1M + 0.914% 3.8430 11/25/33   29,752
97,559   Nomura Home Equity Loan Inc Home Equity Loan Trust Series 2006-HE2  Series 2006-HE2 M1(d) TSFR1M + 0.609% 5.9300 03/25/36   82,993
241,876   NovaStar Mortgage Funding Trust Series  Series 2003-4 A1(d) TSFR1M + 0.854% 6.1750 02/25/34   237,326
28,723   RAAC Series Trust  Series 2004-SP1 AII(d) TSFR1M + 0.814% 6.1350 03/25/34   26,876
228,218   RBSSP Resecuritization Trust  Series 2010-4 6A2(c),(f)   5.8250 02/26/36   219,350
439,601   Renaissance Home Equity Loan Trust  Series 2002-3 M1(d) TSFR1M + 1.614% 6.9350 12/25/32   402,434
92,748   Renaissance Home Equity Loan Trust  Series 2002-3 M2(d) TSFR1M + 2.664% 7.9850 12/25/32   77,349
24,676   Saxon Asset Securities Trust  Series 2001-2 AF5(f)   7.1700 03/25/29   24,555
30,005   Saxon Asset Securities Trust  Series 2003-3 M2(d) TSFR1M + 2.514% 3.8290 12/25/33   26,657
207,708   Saxon Asset Securities Trust  Series 2003-3 AF5(f)   4.1740 12/25/33   193,726
147,130   Saxon Asset Securities Trust  Series 2004-1 A(d) TSFR1M + 0.654% 1.9630 03/25/35   123,605
1,500,000   Security National Mortgage Loan Trust  Series 2005-2A A4(b),(c)   7.1110 02/25/35   1,467,750
289,609   Security National Mortgage Loan Trust  Series 2005-2A A3(b),(c)   6.2130 02/25/36   284,558
36,724   Soundview Home Loan Trust  Series 2006-OPT4 1A1(d) TSFR1M + 0.414% 5.7350 06/25/36   36,069
177,173   Southern Pacific Secured Asset Corporation  Series 1997-2 M1F   7.3200 05/25/27   196,805
              12,060,737
    MANUFACTURED HOUSING — 0.3%      
1,000,000   Cascade MH Asset Trust  Series 2019-MH1 M(b),(c)   5.9850 11/25/44   875,133
87,573   Conseco Finance Corporation  Series 5 B1(b)   8.1000 07/15/26   73,528
              948,661
    NON AGENCY CMBS — 25.4%      
3,204,350   Angel Oak SB Commercial Mortgage Trust  Series 2020-SBC1 B1(b),(c)   3.6530 05/25/50   2,328,306
2,124,264   Angel Oak SB Commercial Mortgage Trust  Series 2020-SBC1 B2(b),(c)   5.3780 05/25/50   1,491,984
723,000   Arbor Multifamily Mortgage Securities Trust  Series 2020-MF1 D(c)   1.7500 05/15/53   496,495
1,000,000   Arbor Multifamily Mortgage Securities Trust  Series 2020-MF1 E(c)   1.7500 05/15/53   642,374
300,000   BAMLL Commercial Mortgage Securities Trust  Series 2014-520M C(b),(c)   4.2140 08/15/46   167,127
175,000   BANK  Series 2017-BNK8 C(b)   4.0940 11/15/50   135,904
800,000   BANK  Series 2019-BN17 E(c)   3.0000 04/15/52   480,823
1,735,000   BANK  Series 2023-BNK45 E(c)   4.0000 02/15/56   1,096,251
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    NON AGENCY CMBS — 25.4% (Continued)      
868,000   BANK  Series 2019-BN19 D(c)   3.0000 08/15/61 $ 368,463
1,460,000   BANK  Series 2019-BN19 B   3.6470 08/15/61   1,158,257
474,000   BANK  Series 2020-BNK27 B(b)   2.9060 04/15/63   349,606
28,581   Bayview Commercial Asset Trust  Series 2005-2A M1(c),(d) TSFR1M + 0.759% 6.0800 08/25/35   25,233
44,226   Bayview Commercial Asset Trust  Series 2005-2A B1(c),(d) TSFR1M + 1.839% 7.1600 08/25/35   43,222
177,625   Bayview Commercial Asset Trust  Series 2005-3A A1(c),(d) TSFR1M + 0.594% 5.9150 11/25/35   162,172
23,676   Bayview Commercial Asset Trust  Series 2005-4A M1(c),(d) TSFR1M + 0.789% 6.1100 01/25/36   21,310
78,183   Bayview Commercial Asset Trust  Series 2007-1 M2(c),(d) TSFR1M + 0.549% 5.8700 03/25/37   65,485
1,526,777   Bayview Commercial Asset Trust  Series 2007-3 M1(c),(d) TSFR1M + 0.579% 5.9000 07/25/37   1,376,936
367,740   Bayview Commercial Asset Trust  Series 2007-3 M2(c),(d) TSFR1M + 0.624% 5.9450 07/25/37   319,668
482,077   Bayview Commercial Asset Trust  Series 2007-3 M3(c),(d) TSFR1M + 0.669% 5.9900 07/25/37   414,306
909,045   Bayview Commercial Asset Trust  Series 2007-3 M4(c),(d) TSFR1M + 0.864% 6.1850 07/25/37   816,187
324,000   BBCMS Mortgage Trust  Series 2019-BWAY A(c),(d) TSFR1M + 1.070% 6.3880 11/15/34   211,300
350,000   BBCMS Mortgage Trust  Series 2024-C24 D(c)   4.2500 02/15/57   228,751
350,000   BBSG Mortgage Trust  Series 2016-MRP A(c)   3.2750 06/05/36   250,399
1,000,000   Benchmark Mortgage Trust  Series 2020-IG3 B(b),(c)   3.2910 09/15/48   556,468
2,390,000   Benchmark Mortgage Trust  Series 2020-IG2 B(b),(c)   3.2930 09/15/48   1,419,860
88,283   Benchmark Mortgage Trust  Series 2018-B5 A2   4.0770 07/15/51   83,736
130,000   Benchmark Mortgage Trust  Series 2019-B9 B   4.4680 03/15/52   105,447
900,000   Benchmark Mortgage Trust  Series 2020-B17 E(c)   2.2500 03/15/53   459,164
495,000   Benchmark Mortgage Trust  Series 2021-B24 A2   1.9530 03/15/54   436,599
328,000   Benchmark Mortgage Trust  Series 2021-B31 C(b)   3.1950 12/15/54   229,660
350,000   BFLD Trust  Series 2020-EYP A(c),(d) TSFR1M + 1.264% 6.5820 10/15/35   283,482
555,000   BMD2 Re-Remic Trust  Series 2019-FRR1 5A1(b),(c)   3.4770 05/25/52   436,889
500,000   Cantor Commercial Real Estate Lending  Series 2019-CF3 E(b),(c)   2.5000 01/15/53   246,530
182,274   Capital Funding Mortgage Trust  Series 2021-15 A(c),(d) TSFR1M + 3.150% 8.4800 03/12/25   181,634
121,757   CARBON CAPITAL VI COMMERCIAL MORTGAGE  Series 2019-FL2 B(c),(d) TSFR1M + 2.964% 8.2820 10/15/35   100,293
2,601,468   CBA Commercial Small Balance Commercial Mortgage  Series 2007-1A A(c),(f)   6.2600 07/25/39   2,407,508
1,000,000   CD Mortgage Trust  Series 2016-CD2 B(b)   3.8790 11/10/49   808,968
72,000   CD Mortgage Trust  Series 2017-CD3 D(c)   3.2500 02/10/50   24,282
1,000,000   CD Mortgage Trust  Series 2017-CD3 AS   3.8330 02/10/50   792,764
385,453   CFCRE Commercial Mortgage Trust  Series 2011-C2 D(b),(c)   5.0800 12/15/47   360,109
100,000   CFK Trust  Series 2020-MF2 A(c)   2.3870 03/15/39   84,305
1,990,236   CG-CCRE Commercial Mortgage Trust  Series 2014-FL1 B(c),(d) TSFR1M + 1.264% 6.5820 06/15/31   1,990,119
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    NON AGENCY CMBS — 25.4% (Continued)      
2,005,308   CG-CCRE Commercial Mortgage Trust  Series 2014-FL2 A(c),(d) TSFR1M + 1.968% 7.2860 11/15/31 $ 1,934,022
50,000   Citigroup Commercial Mortgage Trust  Series 2015-GC31 B(b)   4.0340 06/10/48   38,386
100,000   Citigroup Commercial Mortgage Trust  Series 2016-C2 B   3.1760 08/10/49   88,410
312,028   CNL Commercial Mortgage Loan Trust  Series 2003-1A A1(c),(d) TSFR1M + 0.614% 5.9320 05/15/31   303,270
64,410   COMM Mortgage Trust  Series 2012-LC4 B(b)   4.9340 12/10/44   59,076
1,940,000   COMM Mortgage Trust  Series 2013-CR12 AM   4.3000 10/10/46   1,654,335
2,385,000   COMM Mortgage Trust  Series 2013-CR12 B(b),(h)   4.7620 10/10/46   1,392,469
979,033   Commercial Mortgage Loan Trust  Series 2008-LS1 AM(b),(h)   6.8090 12/10/49   35,851
1,850,000   Csail Commercial Mortgage Trust  Series 2015-C2 C(b)   4.1740 06/15/57   1,597,851
165,000   CSAIL Commercial Mortgage Trust  Series 2015-C3 C(b)   4.3500 08/15/48   138,485
265,000   CSAIL Commercial Mortgage Trust  Series 2018-C14 D(b),(c)   4.8780 11/15/51   200,987
470,000   CSAIL Commercial Mortgage Trust  Series 2019-C16 C(b)   4.2370 06/15/52   373,961
270,000   CSMC OA, LLC  Series 2014-USA(c)   3.9500 09/15/37   221,356
1,390,000   CSMC OA, LLC  Series 2014-USA D(c)   4.3730 09/15/37   945,244
1,679,833   FREMF Mortgage Trust  Series 2017-KF31 B(c),(d) SOFR30A + 3.014% 8.3460 04/25/24   1,674,723
524,337   FREMF Mortgage Trust  Series 2017-KF38 B(c),(d) SOFR30A + 2.614% 7.9460 09/25/24   480,997
55,105   FREMF Mortgage Trust  Series 2018-KF49 B(c),(d) SOFR30A + 2.014% 7.3460 06/25/25   51,088
1,000,000   GS Mortgage Securities Corp Trust  Series 2013-PEMB A(b),(c)   3.5490 03/05/33   783,274
47,000   GS Mortgage Securities Corporation II  Series 2005-ROCK F(c)   5.5150 05/03/32   41,051
1,500,000   GS Mortgage Securities Trust  Series 2011-GC5 B(b),(c)   5.1530 08/10/44   1,330,737
526,275   GS Mortgage Securities Trust  Series 2014-GC18 B(b)   4.8850 01/10/47   512,197
26,000   GS Mortgage Securities Trust  Series 2014-GC20 C(b)   4.9520 04/10/47   23,895
1,000,000   GS Mortgage Securities Trust  Series 2016-GS4 C(b)   3.9520 11/10/49   826,015
1,300,000   Harvest Commercial Capital Loan Trust  Series 2019-1 M5(b),(c)   5.7300 11/25/31   1,144,222
2,000,000   Harvest Commercial Capital Loan Trust  Series 2020-1 M5(b),(c)   5.9640 04/25/52   1,708,903
700,000   HMH Trust  Series 2017-NSS A(c)   3.0620 07/05/31   596,994
1,955,790   Hudsons Bay Simon JV Trust  Series 2015-HB7 A7(c)   3.9140 08/05/34   1,889,729
100,000   Hudsons Bay Simon JV Trust  Series 2015-HB10 A10(c)   4.1540 08/05/34   84,057
80,001   Impac CMB Trust  Series 2004-8 3B(d) TSFR1M + 2.739% 8.0600 08/25/34   73,202
100,000   J.P. Morgan Chase Commercial Mortgage Securities  Series 2016-NINE A(b),(c)   2.8540 09/06/38   90,373
453,936   JP Morgan Chase Commercial Mortgage Securities  Series 2015-FL7 D(c),(d) PRIME + 0.693% 9.1930 05/15/28   395,719
1,900,000   JP Morgan Chase Commercial Mortgage Securities  Series 2018-PTC A(c),(d) TSFR1M + 1.497% 6.8150 04/15/31   1,293,900
560,000   JP Morgan Chase Commercial Mortgage Securities  Series MKST A(c),(d) TSFR1M + 1.464% 6.7820 12/15/36   445,267
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    NON AGENCY CMBS — 25.4% (Continued)      
193,000   JP Morgan Chase Commercial Mortgage Securities  Series 2011-C3 E(b),(c)   5.5250 02/15/46 $ 84,924
500,000   JP Morgan Chase Commercial Mortgage Securities  Series 2013-LC11 E(b),(c)   3.2500 04/15/46   142,906
5,648,906   JP Morgan Chase Commercial Mortgage Securities  Series 2007-LD11 AJ(b)   5.9290 06/15/49   1,363,005
2,971,339   JP Morgan Chase Commercial Mortgage Securities Trust  Series 2012-WLDN A(c)   3.9100 05/05/30   2,382,435
339,000   JPMBB Commercial Mortgage Securities Trust  Series 2015-C29 C(b)   4.1860 05/15/48   297,299
345,000   JPMBB Commercial Mortgage Securities Trust  Series 2015-C32 D(b)   4.1670 11/15/48   41,488
2,962,447   Lehman Brothers Small Balance Commercial Mortgage  Series 1A M1(c),(d) TSFR1M + 0.614% 5.9350 03/25/37   2,740,985
20,680   LSTAR Commercial Mortgage Trust  Series 2015-3 AS(b),(c)   3.2850 04/20/48   20,244
1,500,000   LSTAR Commercial Mortgage Trust  Series 2015-3 D(b),(c)   3.2850 04/20/48   1,417,483
381,000   LSTAR Commercial Mortgage Trust  Series 2016-4 C(b),(c)   4.6260 03/10/49   301,682
2,000,000   LSTAR Commercial Mortgage Trust  Series 2016-4 D(b),(c)   4.6260 03/10/49   1,687,472
1,500,000   LSTAR Commercial Mortgage Trust  Series 2017-5 D(b),(c)   4.6680 03/10/50   1,090,645
380,000   Morgan Stanley Bank of America Merrill Lynch Trust  Series C10 E(b),(c)   4.0280 07/15/46   75,102
6,364,193   Morgan Stanley Bank of America Merrill Lynch Trust  Series 2013-C11 AS(b)   4.0770 08/15/46   5,790,496
130,000   Morgan Stanley Bank of America Merrill Lynch Trust  Series C16 C(b)   4.7830 06/15/47   101,204
500,000   Morgan Stanley Bank of America Merrill Lynch Trust  Series 2017-C33 AS   3.8520 05/15/50   466,441
240,000   Morgan Stanley Capital I Trust  Series 2014-150E A(c)   3.9120 09/09/32   203,076
420,000   Morgan Stanley Capital I Trust  Series 2014-150E AS(c)   4.0120 09/09/32   344,665
347,000   Morgan Stanley Capital I Trust  Series 2014-150E D(b),(c)   4.2950 09/09/32   179,400
600,000   Morgan Stanley Capital I Trust  Series 2021-PLZA C(b),(c)   2.8100 11/09/43   403,486
200,000   Morgan Stanley Capital I Trust  Series 2015-MS1 D(b),(c)   4.0230 05/15/48   129,940
72,000   Morgan Stanley Capital I Trust  Series 2018-L1 B(b)   4.7090 10/15/51   62,200
500,000   MSSG Trust  Series 2017-237P A(c)   3.3970 09/13/39   402,121
226,787   Multi Security Asset Trust, L.P. Commercial  Series 2005-RR4A N(b),(c)   0.0000 11/28/35   229,435
686,342   Multifamily Trust  Series 2016-1 A(c),(d) TSFR1M + 2.114% 7.4350 04/25/46   616,378
470,000   Olympic Tower Mortgage Trust  Series 2017-OT E(b),(c)   3.9450 05/10/39   282,368
309,702   RBS Commercial Funding Inc Trust  Series 2013-SMV A(c)   3.2600 03/11/31   263,651
500,000   Ready Capital Mortgage Trust  Series 2019-5 E(b),(c)   5.3050 02/25/52   417,163
1,342,500   SFAVE Commercial Mortgage Securities Trust  Series 2015-5AVE A1(b),(c)   3.8720 01/05/43   1,036,144
432,338   Sutherland Commercial Mortgage Trust  Series 2021-SB10 C(b),(c)   2.6400 12/25/41   346,977
457,352   UBS-BAMLL Trust  Series 2012-WRM A(c)   3.6630 06/10/30   422,039
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    NON AGENCY CMBS — 25.4% (Continued)      
1,305,026   UBS-Barclays Commercial Mortgage Trust  Series 2013-C5 C(b),(c)   3.7630 03/10/46 $ 1,038,891
679,408   Velocity Commercial Capital Loan Trust  Series 2017-2 M5(b),(c)   6.4200 11/25/47   557,711
1,026,286   Velocity Commercial Capital Loan Trust  Series 2017-2 M6(b),(c)   7.7500 11/25/47   751,648
807,590   Velocity Commercial Capital Loan Trust  Series 2018-1 M6(c)   7.2600 04/25/48   575,447
345,644   Velocity Commercial Capital Loan Trust  Series 2018-2 M5(b),(c)   6.3600 10/26/48   270,108
578,559   Velocity Commercial Capital Loan Trust  Series 2019-3 M3(b),(c)   3.3800 10/25/49   457,746
77,738   Velocity Commercial Capital Loan Trust  Series 2020-1 M2(b),(c)   2.9800 02/25/50   62,149
2,097,378   Velocity Commercial Capital Loan Trust  Series 2021-2 M1(b),(c)   1.8200 08/25/51   1,631,153
1,291,434   Velocity Commercial Capital Loan Trust  Series 2022-2 M1(b),(c)   5.4100 04/25/52   1,186,267
1,300,699   Velocity Commercial Capital Loan Trust  Series 2022-3 M1(b),(c)   6.1300 06/25/52   1,273,194
877,774   Velocity Commercial Capital Loan Trust  Series 2022-4 M4(b),(c)   7.5350 08/25/52   758,998
487,266   Velocity Commercial Capital Loan Trust  Series 2023-1 M1(b),(c)   7.1500 01/25/53   490,270
248,920   Velocity Commercial Capital Loan Trust  Series 2024-1 M2(b),(c)   7.2300 01/25/54   248,432
781,839   Wachovia Bank Commercial Mortgage Trust  Series 2004-C12 IO(a),(b),(c)   0.7420 07/15/41   1,784
69,428   Waterfall Commercial Mortgage Trust  Series 2015-SBC5 A(b),(c)   4.1040 12/14/32   67,054
655,943   Wells Fargo Commercial Mortgage Trust  Series 2013-LC12 B(b)   3.9560 07/15/46   612,815
220,000   Wells Fargo Commercial Mortgage Trust  Series 2016-C36 C(b)   4.1200 11/15/59   161,959
45,699   WFRBS Commercial Mortgage Trust  Series 2011-C4 C(b),(c)   4.9790 06/15/44   42,348
950,000   WFRBS Commercial Mortgage Trust  Series 2013-C14 B(b)   3.8410 06/15/46   821,291
460,148   WFRBS Commercial Mortgage Trust  Series 2014-C25 D(b),(c)   3.8030 11/15/47   407,301
110,000   WFRBS Commercial Mortgage Trust  Series 2014-C24 B(b)   4.2040 11/15/47   99,748
40,000   WFRBS Commercial Mortgage Trust  Series 2014-C22 B(b)   4.3710 09/15/57   34,282
              80,981,872
    OTHER ABS — 2.4%      
187,321   321 Henderson Receivables I, LLC  Series 2004-A A1(c),(d) TSFR1M + 0.464% 5.7820 09/15/45   186,477
131,228   AASET Trust  Series 2020-1A A(c)   3.3510 01/16/40   117,386
246,503   AFN A.B.SPROP001, LLC  Series 2019-1A A2(c)   4.4600 05/20/49   183,272
12,145,849   Corevest American Finance Trust  Series 2019-3 XA(a),(b),(c)   2.0170 10/15/52   193,329
1,000,000   CoreVest American Finance Trust  Series 2021-2 D(c)   2.8310 07/15/54   780,567
54,787   FCI Funding, LLC  Series 2021-1A A(c)   1.1300 04/15/33   50,954
740,736   Goldman Home Improvement Trust Issuer  Series 2022-GRN1 D(c)   7.3000 06/25/52   723,242
1,897,769   Goodgreen Trust  Series 2021-1A C(c)   5.7400 10/15/56   1,486,352
60,098   HERO Funding Trust  Series 2015-2A A(c)   3.9900 09/20/40   54,394
145,246   Home Partners of America Trust  Series 2020-2 F(c)   4.0550 01/17/41   112,198
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    OTHER ABS — 2.4% (Continued)      
495,222   HTS Fund I, LLC  Series 2021-1 A(c)   1.4110 08/25/36 $ 434,136
39,505   Longtrain Leasing III, LLC  Series 2015-1A A1(c)   2.9800 01/15/45   36,455
350,002   Longtrain Leasing III, LLC  Series 2015-1A A2(c)   4.0600 01/15/45   337,836
78,577   NP SPE II, LLC  Series 2017-1A A1(c)   3.3720 10/21/47   69,033
9,482   Orange Lake Timeshare Trust  Series 2019-A A(c)   3.0600 04/09/38   8,846
157,372   Orange Lake Timeshare Trust  Series 2019-A D(c)   4.9300 04/09/38   146,567
2,600,000   VCP RRL A.B.S II Ltd.  Series 1A A(c)   5.4800 01/20/33   2,427,945
400,000   VCP RRL A.B.S II Ltd.  Series 1A B(c)   6.4800 01/20/33   330,873
              7,679,862
    RESIDENTIAL MORTGAGE — 3.0%      
321,478   Amresco Residential Securities Corp Mort Loan  Series 1999-1 A(d) TSFR1M + 0.584% 6.3750 06/25/29   300,760
7,332,870   Belvedere SPV Srl  Series 1 A(d) EUR006M + 3.250% 7.1350 12/31/38   3,017,328
50,796   CFMT, LLC  Series 2021-HB7 A(b),(c)   1.1510 10/27/31   47,338
100,000   CFMT, LLC  Series 2021-HB7 M1(b),(c)   2.1250 10/27/31   90,523
6,756   Chase Funding Trust Series  Series 2002-4 2A1(d) TSFR1M + 0.854% 6.1750 10/25/32   6,594
47,321   Chase Funding Trust Series  Series 2004-1 1A7(f)   4.9850 11/25/33   44,981
837,323   Credit-Based Asset Servicing and Securitization,  Series 2002-CB3 B2(d) TSFR1M + 3.489% 8.8100 06/25/32   828,095
92,241   Credit-Based Asset Servicing and Securitization,  Series 2004-CB3 B1(d) TSFR1M + 2.889% 3.6565 03/25/34   101,592
1,360,918   Credit-Based Asset Servicing and Securitization,  Series 2004-RP1(c),(d) TSFR1M + 3.864% 9.1850 05/25/50   1,235,467
1,111,820   CSMC Trust  Series 2017-RPL1(b),(c)   2.9640 07/25/57   614,464
211,103   CWABS Asset-Backed Certificates Trust  Series 2007-13 2A1(d) TSFR1M + 1.014% 6.3350 10/25/47   185,278
11,961   CWABS Inc Asset-Backed Certificates Trust  Series 2004-6 2A3(d) TSFR1M + 1.314% 4.9576 11/25/34   10,843
32,310   Equity One Mortgage Pass-Through Trust  Series 2002-3 M1(b)   6.0390 11/25/32   31,936
18,228   Fannie Mae Grantor Trust  Series 2002-T10 A1(d) TSFR1M + 0.354% 5.6750 06/25/32   17,800
400,000   Finance of America HECM Buyout  Series 2022-HB2 M3(b),(c)   6.0000 08/01/32   369,922
362,293   First Franklin Mortgage Loan Trust  Series 2002-FF1 M2(d),(h) TSFR1M + 1.914% 7.2350 04/25/32   352,852
84,675   GE-WMC Asset-Backed Pass-Through Certificates  Series 2005-2 M1(d) TSFR1M + 0.774% 6.0950 12/25/35   67,490
15,444   GSAMP Trust  Series 2002-WF A2B(d) TSFR1M + 1.214% 6.5340 10/20/32   15,400
522,894   Legacy Mortgage Asset Trust  Series 2019-SL2 A(b),(c)   3.3750 02/25/59   498,777
53,147   Long Beach Mortgage Loan Trust  Series 2003-2 M2(d) TSFR1M + 2.964% 8.2850 06/25/33   57,617
65,992   Mastr Specialized Loan Trust  Series 2005-3 M1(c),(d) TSFR1M + 1.239% 6.5600 11/25/35   62,368
585,000   Mill City Mortgage Trust  Series 2015-2 B1(b),(c)   3.5990 09/25/57   536,647
389,522   RAAC Series Trust  Series 2005-SP2 2A(d) TSFR1M + 0.714% 6.0350 06/25/44   307,418
496,885   RAAC Series Trust  Series 2007-RP3 A(c),(d) TSFR1M + 0.494% 6.1950 10/25/46   475,940
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 76.0% (Continued)      
    RESIDENTIAL MORTGAGE — 3.0% (Continued)      
527,273   Structured Asset Investment Loan Trust  Series 2003-BC9 M3(d) TSFR1M + 3.264% 8.5850 08/25/33 $ 475,804
              9,753,234
    STUDENT LOANS — 0.9%      
34,711   AccessLex Institute  Series 2004-2 B(d) SOFR90A + 0.962% 6.3220 01/25/43   31,434
2,314,677   EdLinc Student Loan Funding Trust  Series 2012-1 B(c),(d) SOFR30A + 4.354% 9.6760 11/26/40   2,672,603
188,473   ELFI Graduate Loan Program, LLC  Series 2020-A A(c)   1.7300 08/25/45   160,876
51,997   L2L Education Loan Trust  Series 2006-1A A3(c),(d) TSFR1M + 0.454% 5.7720 06/15/31   50,219
25,631   National Collegiate Trust (The)  Series 2005-GATE B(c),(d) TSFR1M + 0.450% 5.8890 07/27/26   23,712
15,649   SLM Student Loan Trust  Series 2005-5 B(d) SOFR90A + 0.512% 5.8720 10/25/40   13,001
72,682   SLM Student Loan Trust  Series 2005-8 B(d) SOFR90A + 0.572% 5.9330 01/25/55   68,295
10,080   Student Loan A.B.S Repackaging Trust Series  Series 2007-1 3A1(c),(d) TSFR3M + 0.477% 5.8560 11/27/30   10,065
              3,030,205
    WHOLE BUSINESS — 0.9%      
2,238,298   Business Loan Express Business Loan Trust  Series 2007-AA A(c),(d) TSFR1M + 0.514% 5.8340 10/20/40   2,035,845
53,544   Business Loan Express Business Loan Trust  Series 2007-AA C(c),(d) TSFR1M + 2.264% 7.5840 10/20/40   43,926
107,252   Business Loan Express Business Loan Trust  Series 2007-AX C(d) TSFR1M + 2.264% 7.5840 10/20/40   87,987
2,382,382   KGS-Alpha SBA COOF Trust  Series 2015-1 A(a),(b),(c)   1.7480 10/25/35   83,255
3,895,243   KGS-Alpha SBA COOF Trust  Series 2014-5 A(a),(b),(c)   1.7860 10/25/40   164,228
398,445   ReadyCap Lending Small Business Loan Trust  Series 2019-2 A(c),(d) PRIME - 0.500% 8.0000 12/27/44   397,537
              2,812,778
  TOTAL ASSET BACKED SECURITIES (Cost $251,457,010)    

242,149,941

             
    CORPORATE BONDS — 13.3%      
    ASSET MANAGEMENT — 0.3%      
70,000   Morgan Stanley & Company, LLC(d) 5*(USISOA30-USISOA02) 0.0000 01/21/26   61,075
274,000   Nomura America Finance, LLC(d) 4*(USISOA30-USISOA02) 0.0000 12/31/33   174,333
65,000   Nomura America Finance, LLC(d) 4*(USISOA30-USISOA02) 0.0000 02/28/34   42,392
890,000   Nomura America Finance, LLC(d) 4*( USISOA30 - USISOA02 - 1.00%) 0.0000 07/29/34   567,375
              845,175
           
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.3% (Continued)      
    BANKING — 3.5%      
190,000   Bank of Nova Scotia (The)(d) 4*(USISOA30-USISOA02-2.738%) 0.0000 06/27/33 $ 117,800
120,000   Bank of Nova Scotia (The)(d) 4*(USISOA30-USISOA02-0.738%)) 0.0000 01/30/34   76,500
100,000   Bank of Nova Scotia (The)(d) 4*(USISOA30-USISOA02-1.738%) 0.0000 08/28/34   62,250
75,000   Barclays Bank PLC(b)   0.0000 01/23/26   74,584
525,000   Barclays Bank PLC(d) 4.250*(USISOA30-USISOA02) 0.0000 09/13/28   414,750
50,000   Barclays Bank PLC(d) 4*(USISOA30-USISOA02) 0.0000 10/18/28   39,000
75,000   Barclays Bank PLC(d) 4*(USISOA10-USISOA02)-1.00% 0.0000 08/15/33   47,250
58,000   Barclays Bank PLC(d) 4*(USISOA30-USISOA02-2.00%) 0.0000 04/25/34   36,105
70,000   Barclays Bank PLC(d) 8*(USISOA30 - USISOA05 - 2.00%) 0.0000 07/31/34   44,275
177,000   BNP Paribas S.A.(d) 4*(CMS30-CMS5) 0.0000 04/30/33   110,846
430,000   Citigroup, Inc.(d) 4*(USISOA30 - USISOA05 - 1.00%) 0.0000 06/11/33   274,663
1,037,000   Citigroup, Inc.(d) 4.5*(USISOA30-USISOA05) 0.0000 11/26/33   670,161
507,000   Citigroup, Inc.(d) 4*(USISOA30-USISOA02) - 1.00% 0.0000 12/29/34   323,846
55,000   Citigroup, Inc.(d) 20*(USISOA30-USISOA02 -17.50%) 0.0000 08/31/35   34,375
220,000   Credit Suisse A.G.(d) 10*(USISOA30-USISOA02) 0.0000 01/29/31   138,600
1,024,000   Credit Suisse A.G.(d) 15*(USISOA30-USISOA02) 0.0000 10/31/31   657,920
120,000   Deutsche Bank A.G.(d) 4*(USISOA30-USISOA05-2.20%) 0.0000 01/31/33   72,900
245,000   Deutsche Bank A.G.(d) 4*(USISOA30-USISOA02-1.60%) 0.0000 06/30/34   151,900
1,257,000   Deutsche Bank A.G.(d) 4*(USISOA30-USISOA02-2.00%) 0.0000 08/28/34   760,485
4,009,000   Deutsche Bank A.G.(d) 4.5*(USISOA30 - USISOA02 - 0.25%) 0.0000 10/31/34   2,525,669
 
 

 

 

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.3% (Continued)      
    BANKING — 3.5% (Continued)      
961,000   Deutsche Bank A.G.(d) 4*(USISOA30 - USISOA02 - 1.00%) 0.0000 11/26/34 $ 595,820
738,000   Deutsche Bank A.G.(d) 10*(USISOA30-USISOA02) - 8.750% 0.0000 03/27/35   451,103
75,000   Deutsche Bank A.G.(d) 15*(USISOA30 - USISOA02 - 13.125%) 0.0000 12/23/35   44,063
100,000   HSBC USA, Inc.(d) 6.250*(USISOA30-USISOA05) 0.0000 05/21/29   78,000
200,000   Lloyds Bank plc(d) (USISOA30-USISOA05+0.500%) - 0.500% 0.0000 01/31/33   125,500
136,000   Lloyds Bank plc(d) 4*(USISOA30-USISOA02 -1.00%) 0.0000 10/25/33   86,360
655,000   Lloyds Bank plc(d) 4*(USISOA30-USISOA02- 1.400%) 0.0000 11/27/33   417,515
282,000   Natixis US Medium-Term Note Program, LLC(d) 4*(USISOA30-USISOA02) 0.0000 04/30/34   180,128
1,414,000   Natixis US Medium-Term Note Program, LLC(d) 7.5*(USISOA30-USISOA05-1.875%) 0.0000 07/31/34   887,285
618,000   Natixis US Medium-Term Note Program, LLC(d) 8*(USISOA30-USISOA02) 0.0000 03/31/36   373,890
125,000   NatWest Markets plc(d) 4*(USISOA30-USISOA02 -0.25%) 0.0000 08/18/31   82,031
100,000   NatWest Markets plc(d) 4*(USISOA30 - USISOA02 - 0.50%) 0.0000 08/26/31   63,250
202,000   SG Structured Products, Inc.(b)   0.0000 03/31/26   170,690
185,000   SG Structured Products, Inc.(d) 4*(USISOA30 - USISOA02 - 2.00%) 0.0000 07/29/31   133,200
744,000   Societe Generale S.A.(d) 10*(USISOA30-USISOA02) 0.0000 10/29/32   515,220
203,000   Societe Generale S.A.(d) 50*(USISOA30-USISOA02) 0.0000 01/31/35   150,220
135,000   STRATS, LLC(d) TSFR6M + 1.000% 6.6240 02/15/34   105,829
              11,093,983
    INSTITUTIONAL FINANCIAL SERVICES — 5.2%      
41,000   Citigroup Global Markets Holdings, Inc.(d) 8*(USISOA30-USISOA02) 0.0000 04/25/32   30,874
35,000   Citigroup Global Markets Holdings, Inc.(b)   0.0000 11/22/32   24,500
200,000   Citigroup Global Markets Holdings, Inc.   0.0000 03/29/34   140,500
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.3% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES — 5.2% (Continued)      
60,000   Citigroup Global Markets Holdings, Inc.(d) 50*(USISOA30-USISOA02) 0.0000 03/29/34 $ 45,600
170,000   Credit Suisse A.G.(d) 8*(USISOA30-USISOA02) 0.0000 07/31/30   96,900
627,000   Credit Suisse A.G.(d) 10*(USISOA30-USISOA02) 0.0000 09/30/30   395,010
300,000   Credit Suisse A.G.(d) 7.5*(USISOA30-USISOA02) 0.0000 09/30/30   189,375
95,000   Credit Suisse A.G.(b) 8*(USISOA30-USISOA02) 0.0000 10/30/30   60,325
791,000   Credit Suisse A.G.(d) 12*(USISOA30-USISOA02) 0.0000 04/29/31   506,240
365,000   Goldman Sachs Group, Inc. (The)(d) 5*(USISOA30-USISOA05) 0.0000 03/19/29   288,350
500,000   GS Finance Corporation(d) 7*(USISOA30-USISOA05)-1.75% 0.0000 03/24/31   295,000
97,000   Jefferies Financial Group, Inc.(d) (7.5*(USISOA30-USISOA02)) 0.0000 05/31/34   62,201
30,000   Jefferies Financial Group, Inc.(d) (10*(USISOA10-USISOA02)) 0.0000 06/30/37   19,425
1,168,000   Jefferies Financial Group, Inc.(d) (9*(USISOA30-USISOA02)) 0.0000 07/31/37   763,579
1,071,000   Jefferies Financial Group, Inc.(d) (9*(USISOA10-USISOA02)) 0.0000 08/31/37   692,133
150,000   Jefferies Financial Group, Inc.(d) (10*(USISOA10-USISOA02)) 0.0000 08/31/37   97,125
248,000   Jefferies Financial Group, Inc.(d) (8*(USISOA10-USISOA02)) 0.0000 09/30/37   158,100
240,000   Jefferies Financial Group, Inc.(d) 10*(USISOA10-USISOA02) 0.0000 10/31/37   156,000
110,000   Jefferies Financial Group, Inc.(d) (8*(USISOA30-USISOA02)) 0.0000 01/31/38   70,538
762,000   Jefferies Financial Group, Inc.(d) USISOA30 + 0.750% 4.7220 02/28/38   506,597
673,000   Jefferies Financial Group, Inc.(d) TSFR3M + 1.762% 7.0000 08/31/39   527,888
280,000   Jefferies Financial Group, Inc.(d) TSFR3M + 4.262% 5.0000 03/20/40   238,007
115,000   Morgan Stanley(b)   0.0000 03/21/27   97,750
56,000   Morgan Stanley(d) (4*(USISOA30-USISOA05)) 0.0000 06/28/28   43,540
1,015,000   Morgan Stanley(d) (8*(USISOA30-USISOA05)) 0.0000 09/27/28   789,162
753,000   Morgan Stanley(d) (5*(USISOA30-USISOA02)) 0.0000 10/15/28   585,458
100,000   Morgan Stanley(b)   0.0000 06/29/29   85,000
3,588,000   Morgan Stanley(d) (10*(USISOA30-USISOA02)) 0.0000 04/30/30   2,520,569
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.3% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES — 5.2% (Continued)      
1,593,000   Morgan Stanley(d) (10*(USISOA30-USISOA02)) 0.0000 05/29/30 $ 1,123,064
403,000   Morgan Stanley(d) (10*(USISOA30-USISOA02)) 0.0000 06/30/30   283,108
221,000   Morgan Stanley(d) (8*(USISOA30-USISOA02)) 0.0000 07/31/30   152,490
290,000   Morgan Stanley(d) (8.5*(USISOA30-USISOA02)) 0.0000 08/19/30   201,188
216,000   Morgan Stanley(d) (8*(USISOA30-USISOA02)) 0.0000 08/31/30   149,850
428,000   Morgan Stanley(d) (10*(USISOA30-USISOA02)) 0.0000 09/30/30   300,670
151,000   Morgan Stanley(d) (7*(USISOA30-USISOA02)) 0.0000 10/30/30   104,190
171,000   Morgan Stanley  Series 10(d) (5*(USISOA30-USISOA02)) 0.0000 10/30/30   107,108
50,000   Morgan Stanley(d) (5*(USISOA30-USISOA02)) 0.0000 11/30/30   33,375
20,000   Morgan Stanley(b)   0.0000 03/31/31   14,600
167,000   Morgan Stanley(d)   0.0000 03/31/31   129,425
89,000   Morgan Stanley(b)   0.0000 05/31/31   68,975
125,000   Morgan Stanley(d)   0.0000 06/30/31   98,125
114,000   Morgan Stanley(b)   0.0000 07/29/31   88,350
228,200   Morgan Stanley(d) (7*(USISOA30-USISOA02)) 0.0000 09/16/31   153,465
117,000   Morgan Stanley(d) (8*(USISOA30-USISOA02)) 0.0000 01/30/34   71,516
345,000   Morgan Stanley(b) (4*(USISOA30-USISOA02)) 0.0000 02/28/34   207,431
209,000   Morgan Stanley(d) (4*(USISOA30-USISOA02)) 0.0000 03/31/34   125,661
287,000   Morgan Stanley(d) (4*(USISOA30-USISOA02)) 0.0000 05/30/34   172,559
628,000   Morgan Stanley(d) (4*(USISOA30-USISOA02)) 0.0000 07/31/34   377,585
121,000   Morgan Stanley(d) 5*(USISOA30-USISOA02) 0.0000 08/29/34   73,810
120,000   Morgan Stanley(d) (5*(USISOA30-USISOA02)) 0.0000 09/30/34   73,200
238,000   Morgan Stanley(d) (5*(USISOA30-USISOA02)) 0.0000 10/08/34   145,180
233,000   Morgan Stanley(d) (7*(USISOA30-USISOA02)) 0.0000 10/31/34   143,295
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.3% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES — 5.2% (Continued)      
30,000   Morgan Stanley(d) (5*(USISOA30-USISOA02)) 0.0000 11/28/34 $ 18,300
230,000   Morgan Stanley(d) (4.5*(USISOA30-USISOA02)) 0.0000 12/31/34   138,863
467,000   Morgan Stanley(d) (8*(USISOA30-USISOA02)) 0.0000 01/30/35   289,540
473,000   Morgan Stanley(d) (4*(USISOA30-USISOA02)) 0.0000 02/27/35   284,391
438,000   Morgan Stanley(d) (6*(USISOA30-USISOA02)) 0.0000 03/31/35   269,370
652,000   Morgan Stanley(d) 9*(CMS30-CMS2) 0.0000 04/30/35   458,030
73,000   Morgan Stanley(d) 9*(CMS30-CMS2) 0.0000 05/29/35   51,100
185,000   Morgan Stanley(d) 9*(CMS30-CMS2) 0.0000 06/30/35   129,963
384,000   Morgan Stanley(d) 9*(CMS30-CMS2) 0.0000 07/31/35   268,800
134,000   Morgan Stanley(d) 9*(USISOA30-USISOA02) 0.0000 09/30/35   93,800
109,000   Morgan Stanley(d) 9*(USISOA30-USISOA02) 0.0000 11/30/35   76,300
134,000   Morgan Stanley(d) 9*(CMS30-CMS2) 0.0000 12/23/35   94,135
816,000   Morgan Stanley(d) (10*(USISOA30-USISOA02)) 0.0000 02/29/36   516,120
              16,572,678
    LEISURE FACILITIES & SERVICES — 0.1%      
434,437   Times Square Hotel Trust(c)   8.5280 08/01/26   433,458
             
    OIL & GAS PRODUCERS — 0.3%      
250,000   Petroleos Mexicanos(c)   10.0000 02/07/33   242,988
870,000   Petroleos Mexicanos   6.7500 09/21/47   552,764
              795,752
    REAL ESTATE INVESTMENT TRUSTS — 0.0%(e)      
110,000   American Tower Trust #1  Series 2018-1 A(c)   3.6520 03/23/28   103,296
             
    SPECIALTY FINANCE — 3.9%      
183,035   Fort Knox Military Housing Privatization Project(d) TSFR1M + 0.454% 5.7720 02/15/52   142,733
2,548,787   MM Community Funding III Ltd. / MM Community(c),(d) TSFR6M + 2.478% 7.9130 05/01/32   2,370,372
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 13.3% (Continued)      
    SPECIALTY FINANCE — 3.9% (Continued)      
737,000   Morgan Stanley Finance, LLC(d) 15(USISOA30-USISOA02) 0.0000 04/30/33 $ 519,585
541,000   Morgan Stanley Finance, LLC(d) (10*(USISOA30-USISOA02)) 0.0000 06/30/36   340,830
215,000   Morgan Stanley Finance, LLC(d) (15*(USISOA30-USISOA02)) 0.0000 07/29/36   136,794
3,474,000   Morgan Stanley Finance, LLC(d) (20*(USISOA30-USISOA02)) 0.0000 08/31/36   2,223,360
968,000   Morgan Stanley Finance, LLC(d) (20*(USISOA30-USISOA02)) 0.0000 09/30/36   619,520
4,238,000   Morgan Stanley Finance, LLC(d) (20*(USISOA30-USISOA02)) 0.0000 11/29/36   2,712,319
1,497,000   Morgan Stanley Finance, LLC(d) (20*(USISOA30-USISOA02)) 0.0000 01/31/37   958,080
100,000   Morgan Stanley Finance, LLC(b) (15*(USISOA30-USISOA02)) 0.0000 03/31/37   63,250
361,000   Morgan Stanley Finance, LLC(d) (20*(USISOA30-USISOA02)) 0.0000 04/28/37   231,040
267,000   Morgan Stanley Finance, LLC(d) 20*(USISOA30-USISOA02) 0.0000 07/31/37   170,880
2,014,000   Morgan Stanley Finance, LLC(d) (10*(USISOA30-USISOA02)) 0.0000 09/29/37   1,261,268
158,000   Morgan Stanley Finance, LLC(d) (20*(USISOA30-USISOA02)) 0.0000 09/29/37   101,120
25,433   Preferred Term Securities X Ltd. / Preferred Term(c),(d) TSFR3M + 1.122% 6.4820 07/03/33   24,335
634,876   Select Notes Trust LT   5.9100 02/22/33   539,446
              12,414,932
  TOTAL CORPORATE BONDS (Cost $57,191,223)    

42,259,274

             
    NON U.S. GOVERNMENT & AGENCIES — 0.4%      
    SOVEREIGN — 0.2%      
200,000   Argentina Bonar Bonds(f)   0.7500 07/09/30   86,760
24,086   Argentine Republic Government International Bond   1.0000 07/09/29   11,198
1,185,000   Argentine Republic Government International Bond(f)   3.6250 07/09/35   441,572
              539,530
    SUPRANATIONAL — 0.2%      
964,000   International Bank for Reconstruction & Development(b)   0.0000 06/30/34   621,780
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
  NON U.S. GOVERNMENT & AGENCIES — 0.4% (Continued)          
  TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $1,472,114)    

$ 1,161,310

             
    U.S. GOVERNMENT & AGENCIES — 5.8%      
    AGENCY FIXED RATE — 1.2%      
3,950,371   Fannie Mae Pool BY8354   6.0000 08/01/53 3,971,802
             
    AGENCY MBS OTHER — 0.0%(e)      
34,950   Fannie Mae Pool 257064   4.5000 11/01/37   34,151
14,218   Ginnie Mae II Pool BU6365(b)   4.5570 04/20/70   14,009
              48,160
    U.S. TREASURY NOTES — 4.6%      
1,000,000   United States Treasury Note   4.0000 06/30/28   987,598
1,000,000   United States Treasury Note   3.7500 06/30/30   970,273
9,000,000   United States Treasury Note   3.5000 02/15/33   8,485,840
4,004,000   United States Treasury Note   4.5000 11/15/33   4,077,511
              14,521,222
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $18,853,643)    

18,541,184

             
    TOTAL INVESTMENTS - 95.5% (Cost $328,973,990)     $ 304,111,709
    OTHER ASSETS IN EXCESS OF LIABILITIES- 4.5%    

14,285,737

    NET ASSETS - 100.0%        

$ 318,397,446

           
           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount(i) Value and Unrealized Appreciation
245   Ultra 10-Year US Treasury Note Futures   06/18/2024 $ 27,972,109 $ 84,218
    TOTAL FUTURES CONTRACTS  
 
         
         
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts     Expiration Notional Amount(i) Value and Unrealized Appreciation
40   Cboe iBoxx iShares $ High Yield Corporate Bond   06/03/2024 $ 6,198,000 $ 4,590
    TOTAL FUTURES CONTRACTS  
 
         
                 
 
 

 

EASTERLY INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
February 29, 2024
 

 

 

CREDIT DEFAULT SWAP AGREEMENTS
Description Payment Frequency Counterparty Fixed Deal (Pay)Rate Maturity Date Notional Value Fair Value Amortized Upfront Payments Paid/ (Received) Unrealized Appreciation/ Depreciation
                 
CDX.NA.HY Series 40 Annual GS 5.00% 6/20/2028 $29,700,000 $(2,223,613) $(866,503) $(1,357,110)
CDX.NA.HY Series 41 Annual GS 5.00% 12/20/2028 22,770,000 (1,665,210) (1,123,205) (542,005)
Morgan Stanley 7.25% 04/01/2032 Annual GS 1.00% 6/20/2025 20,000,000 (212,326) (102,548) (109,778)
TOTAL           $(4,101,149) $(2,092,256) $(2,008,893)

  

 

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

CMS2

CMS5

CMS30

Federal Reserve US 12 Month Cumulative Avg 1 Year Constant Maturity Treasury

2 Year Constant Maturity Swap Rate

5 Year Constant Maturity Swap Rate

30 Year Constant Maturity Swap Rate

ECOFC Enterprise 11th District Cost of Funds Index
EUR003M Euribor 3 Month
EUR006M Euribor 6 Month
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
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

USISOA05

USISOA10

USISOA30

 

USD SOFR Spread-Adj. ICE Swap Rate 2Y

USD SOFR Spread-Adj. ICE Swap Rate 5Y

USD SOFR Spread-Adj. ICE Swap Rate 10Y

USD SOFR Spread-Adj. ICE Swap Rate 30Y

 

   
 
 

EASTERLY INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

February 29, 2024

 

 

 

(a) Interest only securities.
(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(c) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of February 29, 2024 the total market value of 144A securities is $161,578,916 or 50.7% of net assets.
(d) Variable rate security; the rate shown represents the rate on February 29, 2024.
(e) Percentage rounds to less than 0.1%.
(f) Step bond.  Coupon rate is fixed rate that changes on a specified date.  The rate shown is the current rate at February 29, 2024.

(g)

(h)

Zero coupon bond.

Non-income producing security.

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