Easterly Income Opportunities Fund

Class A (JASVX)

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Easterly Income Opportunities Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://funds.easterlyam.com/resources/. You can also request this information by contacting us at 1-833-999-2636.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$94	1.85%^{Footnote Reference*}

* Annualized

Average Annual Total Returns

	6 months	1 Year	5 Years	Since Inception (August 21, 2018)
Easterly Income Opportunities Fund
Without Load	3.50%	10.00%	4.99%	5.68%
With Load	1.40%	7.79%	3.75%	4.76%
Bloomberg U.S. Aggregate Bond Index	0.77%	5.46%	-0.90%	1.50%

Load Information: 2% is the maximum sales charge on purchase of A Shares.

The Fund's past performance is not a good predictor of the Fund's future performance. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

For the most recent month-end performance, visit funds.easterlyam.com/income-opportunities-fund/ or call 888-814-8180.

The Fund has adopted the performance of the James Alpha Structured Credit Value Portfolio, a series of The Saratoga Advantage Trust (the “Predecessor Portfolio”) as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the “Reorganization”). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class A shares of the Predecessor Portfolio. Class A shares of the Predecessor Portfolio were reorganized into Class A of the Fund, respectively, after the close of business on March 19, 2021. Class A shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class A shares as they have different expenses.

Performance information reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. If terminated, future expenses may be higher which would impact the Fund’s performance. Periods less than one year are not annualized.

Fund Statistics

Net Assets	$391,348,214
Number of Portfolio Holdings	856
Advisory Fee (net of waivers)	$1,866,993
Portfolio Turnover	20%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	81.2%
Corporate Bonds	17.7%
Non U.S. Government & Agencies	0.1%
U.S. Government & Agencies	1.0%

What did the Fund invest in?

Industry Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	16.5%
Other Industries	2.3%
Agency Fixed Rate	0.9%
Student Loans	1.2%
Auto Loan	1.4%
Agency CMBS	1.9%
Residential Mortgage	2.4%
Banking	2.6%
CDO	2.6%
Other ABS	3.1%
Home Equity	3.5%
Specialty Finance	4.1%
Institutional Financial Services	7.3%
CMO	24.0%
Non Agency CMBS	26.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Multifamily Trust, 2016-1, 6.439%, 04/25/46	1.8%
Benchmark Mortgage Trust, 2020-IG1, 2.909%, 09/15/43	1.5%
RBSSP Resecuritization Trust, 2009-12, 4.675%, 12/25/35	1.4%
RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32	1.2%
United Auto Credit Securitization Trust, 2022-2, 6.840%, 01/10/28	1.1%
Soloso CDO Ltd., 2007-1A, 4.806%, 10/7/37	1.1%
GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33	1.1%
RBSSP Resecuritization Trust, 2013-5, 5.031%, 07/26/33	1.1%
COMM Mortgage Trust, 2013-CR12, 4.300%, 10/10/46	0.9%
Morgan Stanley, , –%, 04/30/30	0.9%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

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

TSR-SAR 053125-JASVX

Easterly Income Opportunities Fund

Class C (JSVCX)

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$132	2.60%^{Footnote Reference*}

* Annualized

Average Annual Total Returns

	6 months	1 Year	5 Years	Since Inception (August 21, 2018)
Easterly Income Opportunities Fund
Without Load	3.11%	9.24%	4.22%	4.71%
With Load	2.11%	8.24%	4.22%	4.71%
Bloomberg U.S. Aggregate Bond Index	0.77%	5.46%	-0.90%	1.50%

Class C charges a maximum contingent deferred sales charge of 1.00% if you redeem Class C shares within one year after purchase.

For the most recent month-end performance, visit funds.easterlyam.com/income-opportunities-fund/ or call 888-814-8180.

The Fund has adopted the performance of the James Alpha Structured Credit Value Portfolio, a series of The Saratoga Advantage Trust (the “Predecessor Portfolio”) as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the “Reorganization”). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class C shares of the Predecessor Portfolio. Class C shares of the Predecessor Portfolio were reorganized into Class C of the Fund, respectively, after the close of business on March 19, 2021. Class C shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class C shares as they have different expenses.

Fund Statistics

Net Assets	$391,348,214
Number of Portfolio Holdings	856
Advisory Fee (net of waivers)	$1,866,993
Portfolio Turnover	20%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	81.2%
Corporate Bonds	17.7%
Non U.S. Government & Agencies	0.1%
U.S. Government & Agencies	1.0%

What did the Fund invest in?

Industry Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	16.5%
Other Industries	2.3%
Agency Fixed Rate	0.9%
Student Loans	1.2%
Auto Loan	1.4%
Agency CMBS	1.9%
Residential Mortgage	2.4%
Banking	2.6%
CDO	2.6%
Other ABS	3.1%
Home Equity	3.5%
Specialty Finance	4.1%
Institutional Financial Services	7.3%
CMO	24.0%
Non Agency CMBS	26.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Multifamily Trust, 2016-1, 6.439%, 04/25/46	1.8%
Benchmark Mortgage Trust, 2020-IG1, 2.909%, 09/15/43	1.5%
RBSSP Resecuritization Trust, 2009-12, 4.675%, 12/25/35	1.4%
RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32	1.2%
United Auto Credit Securitization Trust, 2022-2, 6.840%, 01/10/28	1.1%
Soloso CDO Ltd., 2007-1A, 4.806%, 10/7/37	1.1%
GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33	1.1%
RBSSP Resecuritization Trust, 2013-5, 5.031%, 07/26/33	1.1%
COMM Mortgage Trust, 2013-CR12, 4.300%, 10/10/46	0.9%
Morgan Stanley, , –%, 04/30/30	0.9%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053125-JSVCX

Easterly Income Opportunities Fund

Class I (JSVIX)

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$81	1.60%^{Footnote Reference*}

* Annualized

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception (August 21, 2018)
Easterly Income Opportunities Fund	3.53%	10.23%	5.24%	5.63%
Bloomberg U.S. Aggregate Bond Index	0.77%	5.46%	-0.90%	1.50%

For the most recent month-end performance, visit funds.easterlyam.com/income-opportunities-fund/ or call 888-814-8180.

The Fund has adopted the performance of the James Alpha Structured Credit Value Portfolio, a series of The Saratoga Advantage Trust (the “Predecessor Portfolio”) as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the “Reorganization”). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class I shares of the Predecessor Portfolio. Class I shares of the Predecessor Portfolio were reorganized into Class I of the Fund, respectively, after the close of business on March 19, 2021. Class I shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class I shares as they have different expenses.

Fund Statistics

Net Assets	$391,348,214
Number of Portfolio Holdings	856
Advisory Fee (net of waivers)	$1,866,993
Portfolio Turnover	20%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	81.2%
Corporate Bonds	17.7%
Non U.S. Government & Agencies	0.1%
U.S. Government & Agencies	1.0%

What did the Fund invest in?

Industry Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	16.5%
Other Industries	2.3%
Agency Fixed Rate	0.9%
Student Loans	1.2%
Auto Loan	1.4%
Agency CMBS	1.9%
Residential Mortgage	2.4%
Banking	2.6%
CDO	2.6%
Other ABS	3.1%
Home Equity	3.5%
Specialty Finance	4.1%
Institutional Financial Services	7.3%
CMO	24.0%
Non Agency CMBS	26.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Multifamily Trust, 2016-1, 6.439%, 04/25/46	1.8%
Benchmark Mortgage Trust, 2020-IG1, 2.909%, 09/15/43	1.5%
RBSSP Resecuritization Trust, 2009-12, 4.675%, 12/25/35	1.4%
RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32	1.2%
United Auto Credit Securitization Trust, 2022-2, 6.840%, 01/10/28	1.1%
Soloso CDO Ltd., 2007-1A, 4.806%, 10/7/37	1.1%
GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33	1.1%
RBSSP Resecuritization Trust, 2013-5, 5.031%, 07/26/33	1.1%
COMM Mortgage Trust, 2013-CR12, 4.300%, 10/10/46	0.9%
Morgan Stanley, , –%, 04/30/30	0.9%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053125-JSVIX

Easterly Income Opportunities Fund

Class R6 (JASSX)

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$51	1.01%^{Footnote Reference*}

* Annualized

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception (August 21, 2018)
Easterly Income Opportunities Fund	3.93%	10.90%	5.71%	6.09%
Bloomberg U.S. Aggregate Bond Index	0.77%	5.46%	-0.90%	1.50%

For the most recent month-end performance, visit funds.easterlyam.com/income-opportunities-fund/ or call 888-814-8180.

The Fund has adopted the performance of the James Alpha Structured Credit Value Portfolio, a series of The Saratoga Advantage Trust (the “Predecessor Portfolio”) as the result of a reorganization of the Predecessor Portfolio into the Fund, which was consummated after the close of business on March 19, 2021 (the “Reorganization”). Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to March 19, 2021 are those of the Class S shares of the Predecessor Portfolio. Class S shares of the Predecessor Portfolio were reorganized into Class R6 of the Fund, respectively, after the close of business on March 19, 2021. Class R6 shares' returns of the Fund will be different from the returns of the Predecessor Portfolio's Class S shares as they have different expenses.

Fund Statistics

Net Assets	$391,348,214
Number of Portfolio Holdings	856
Advisory Fee (net of waivers)	$1,866,993
Portfolio Turnover	20%

Asset Weighting (% of total investments)

Value	Value
Asset Backed Securities	81.2%
Corporate Bonds	17.7%
Non U.S. Government & Agencies	0.1%
U.S. Government & Agencies	1.0%

What did the Fund invest in?

Industry Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	16.5%
Other Industries	2.3%
Agency Fixed Rate	0.9%
Student Loans	1.2%
Auto Loan	1.4%
Agency CMBS	1.9%
Residential Mortgage	2.4%
Banking	2.6%
CDO	2.6%
Other ABS	3.1%
Home Equity	3.5%
Specialty Finance	4.1%
Institutional Financial Services	7.3%
CMO	24.0%
Non Agency CMBS	26.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Multifamily Trust, 2016-1, 6.439%, 04/25/46	1.8%
Benchmark Mortgage Trust, 2020-IG1, 2.909%, 09/15/43	1.5%
RBSSP Resecuritization Trust, 2009-12, 4.675%, 12/25/35	1.4%
RMF Buyout Issuance Trust, 2022-HB1, 4.500%, 04/25/32	1.2%
United Auto Credit Securitization Trust, 2022-2, 6.840%, 01/10/28	1.1%
Soloso CDO Ltd., 2007-1A, 4.806%, 10/7/37	1.1%
GS Mortgage Securities Corp Trust, 2013-PEMB, 3.549%, 03/5/33	1.1%
RBSSP Resecuritization Trust, 2013-5, 5.031%, 07/26/33	1.1%
COMM Mortgage Trust, 2013-CR12, 4.300%, 10/10/46	0.9%
Morgan Stanley, , –%, 04/30/30	0.9%

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 053125-JASSX

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

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

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

Easterly Income Opportunities Fund (the “Fund”) is a series of the James Alpha Fund Trust dba Easterly Funds Trust (the “Trust”) and was organized in 2020, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The Trust currently consists of seven series. Easterly Investment Partners LLC serves as the Fund’s Advisor. Orange Investment Advisors LLC serves as the Sub-Advisor.

High level of risk adjusted current income and capital appreciation with a secondary objective of capital preservation.

Currently, the Fund offers Class A, Class C, Class I and Class R6 shares. Class A shares are offered at net asset value plus a maximum sales load of 2.00%. Purchases of $250,000 or more of Class A shares may be subject to a contingent deferred sales charge (“CDSC”) on shares redeemed within eighteen months of purchase of up to 1.00%. Class C shares are offered subject to a CDSC of 1.00%. Class I and Class R6 shares are offered at net asset value. Each class represents an interest in the same assets of the Fund, and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges. Class R6 shares are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

Operating Segments - The Fund has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Fund. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights

Investment securities listed on a national securities exchange are valued at the last reported sale price on the valuation date. NASDAQ traded securities are valued at the NASDAQ Official Closing Price (NOCP). If there are no such reported sales, the securities are valued at the mean between current bid and ask. Short-term debt securities having a remaining maturity of sixty days or less may be valued at amortized cost or amortized value, which approximates market value. Debt securities may be valued at prices supplied by the Fund’s pricing services based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Swap transactions are valued through an independent pricing service. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by the Board of Trustees (the “Board”). There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the board-appointed Valuation Designee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (I) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; and (iii) possible valuation methodologies that could be used to determine the fair value of a security. Futures, which are traded on an exchange, are valued at the settlement price determined by the exchange. Foreign currency and Forward currency exchange contracts are valued daily at the London close each day. Investments in foreign countries may involve certain considerations and risks not typically associated with domestic investments, including, but not limited to, the possibility of future political and economic developments and the level of government supervision and regulation of foreign securities markets.

Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. Easterly and the sub-adviser to the Fund may, in their discretion, value an odd lot fixed income security at what Easterly and the sub-adviser believe is a fair price and not the pricing service price if Easterly and the sub-adviser deem the price provided by the pricing service to not represent its fair value.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2025, for the Fund’s assets and liabilities measured at fair value:

It is the Fund’s policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. The Fund recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended November 30, 2022, to November 30, 2024, or expected to be taken in the Fund’s November 30, 2025 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, New York and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended May 31, 2025, the Fund did not incur any interest or penalties.

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

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

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

Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

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

Foreign currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

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

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

(b) Pursuant to an operating expense limitation agreement between Easterly Investment Partners LLC and the Fund, Easterly Investment Partners LLC has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund so that total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) do not exceed the expense limitation shown in the table below, and is based on the Fund’s average daily net assets. This operating expense limitation agreement cannot be terminated during its term. Easterly Investment Partners LLC is permitted to seek reimbursement from the Fund, subject to limitations, for management fees waived and Fund expenses it paid within three (3) years of the end of the fiscal year in which such management fees were waived or expenses paid, as long as the reimbursement does not cause the Fund’s operating expenses to exceed (i) the expense cap in place at the time the fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less. The expense limitation agreement will be in effect through March 31, 2026.

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

(c) Easterly Securities LLC (the “Distributor”) is the Trust’s Distributor and is an affiliate of the Advisor. The Trust with respect to the Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the “Plan”) with respect to the sale and distribution of Class A and C shares of the Fund. The Plan provides that the Fund will pay the Distributor and other entities, including a broker-dealer affiliate of the Adviser, are paid pursuant to the Plans provided and the expenses borne by the distributor and others in the distribution of Fund shares a fee, which is accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of Class A shares and 1.00% of the average daily net assets of each of the Fund’s Class C shares. For the six months ended, May 31, 2025, sales charges on sales of the Fund’s Class A shares were $17,230.

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

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

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

(a) For the six months ended May 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Fund were $92,354,835 and $63,471,050, respectively.

(b) Futures Contracts – The Fund may purchase and sell futures contracts. The Fund may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains and losses. When the contract is

closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

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

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statement of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive. The derivatives are not accounted for as hedging instruments under GAAP. The effect of derivative instruments on the Statement of Assets and Liabilities at May 31, 2025, was as follows:

The effect of derivative instruments on the Statement of Operations for the six months ended May 31, 2025, was as follows:

The amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

The following table presents the Fund’s assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of May 31, 2025.

The tax character of fund distributions paid for the years ended November 30, 2024, and November 30, 2023, was as follows:

As of November 30, 2024, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized gains (losses), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on open forward foreign currency contracts, 1256 options, swaps, and adjustments for contingent convertible debt securities. The unrealized appreciation/(depreciation) in the table above includes unrealized foreign currency gains (losses) of ($14,646) for the Fund.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $1,325,916.

At November 30, 2024, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

Permanent book and tax differences, primarily attributable to tax adjustments for the book/tax basis treatment of non-deductible expenses resulted in reclassifications for the Fund for the fiscal year ended November 30, 2024, as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of May 31, 2025, the shareholders that own 25% or more of the voting securities are as follows:

Currently, the Fund has a $ 33,000,000 line of credit provided by Cogent Bank (the “Bank”) under an agreement (the “Line of Credit”). The Line of Credit has an interest rate of the Prime Rate which is dependent upon the effective borrowing date (“Borrowing Date”). The Fund pays the Lender a Commitment Fee of 1.00% based upon the Committed Loan Limit. For the six months ended May 31, 2025, the Fund incurred $330,000 in commitment fees, which are included in the Interest expenses in the Statement of Operations. Any advance under the Line of Credit is contemplated primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable Monthly. There were no borrowings outstanding for period end.

During the six months ended May 31, 2025, the Fund entered into a Master Repurchase Agreement (the “Reverse Repo Facility”) with UMB Bank NA (“UMB”), which provides for financing primarily through UMB purchase of certain assets from the Fund and an agreement by the Fund to repurchase such assets back at an agreed-upon future date and price. In the event of the Fund’s default of the obligation to repurchase, UMB has the right to liquidate the assets and apply the proceeds in satisfaction of the Fund’s obligation to repurchase. The Reverse Repo Facility carries a rolling term which is reset monthly and advances thereunder may be made based on Federal Funds Target Range – Upper Limit (“FFTRU”) plus 125 basis points (FFTRU + 125 bps), and the Price Differential shall be calculated daily and paid by the Seller to Buyer on the first day of each month or on any Repurchase Date. During the six months ended May 31, 2025, there was no borrowings under the Reverse Repo Facility.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Date of fiscal year end:	11/30

Date of reporting period:	5/31/25

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 67.8%
		AGENCY CMBS — 1.9%
	847,054	Freddie Mac Multifamily Structured Pass Through Series K092 X3^(a),(b)		2.3250	05/25/47	$	65,698
	2,605,178	FREMF Mortgage Trust Series 2019-KF63^(c),(d)	SOFR30A + 2.464%	6.8150	05/25/29		2,351,051
	1,394,175	Government National Mortgage Association Series 92 Z		4.7000	10/16/48		1,321,438
	53,357	Government National Mortgage Association Series 2012-27 IO^(a),(b)		0.2070	04/16/53		118
	165,654	Government National Mortgage Association Series 90 AC		2.6000	06/16/58		133,638
	93,725	Government National Mortgage Association Series 3 IO^(a),(b)		0.6400	02/16/61		4,178
	200,000	Government National Mortgage Association Series 4 B		1.9000	02/16/61		106,640
	1,267,791	Government National Mortgage Association Series 113 Z		2.0000	09/16/61		600,553
	114,227	Government National Mortgage Association Series 2012-H27 AI^(a),(b)		1.7470	10/20/62		2,203
	7,543,918	Government National Mortgage Association Series 55 IO^(a),(b)		0.5650	01/16/63		308,771
	1,587,380	Government National Mortgage Association Series 82 Z		2.0000	02/16/64		715,718
	213,066	Government National Mortgage Association Series 4 Z		1.9000	03/16/64		81,495
	900,000	Government National Mortgage Association Series 91 BW		2.2500	08/16/64		402,823
	140,000	Government National Mortgage Association Series 220 E^(b)		3.0000	10/16/64		86,885
	365,000	Government National Mortgage Association Series 196 BE^(b)		3.0000	10/16/64		242,372
	685,572	Government National Mortgage Association Series 216 IO^(a),(b)		0.7490	07/16/65		38,100
	759,581	Government National Mortgage Association Series 2016-H24 AI^(a),(b)		2.2980	11/20/66		28,802
	847,464	Multifamily Connecticut Avenue Securities Trust Series 2019-01 M10^(c),(d)	SOFR30A + 3.364%	7.6860	10/25/49		854,187
							7,344,670
		AUTO LOAN — 1.4%
	956,700	CPS Auto Securitization Trust Series 2021-1 A^(c)		7.8600	06/16/26		950,433
	100,000	SFS Auto Receivables Securitization Trust Series 2023-1A C^(c)		5.9700	02/20/31		102,317
	4,495,344	United Auto Credit Securitization Trust Series 2022-2 D^(c)		6.8400	01/10/28		4,475,392
	3,500,000	US Auto Funding Series 2021-1A D^(c)		4.3600	03/15/27		75,109
	3,979	US Auto Funding Trust Series 2022-1A A^(c)		3.9800	04/15/25		3,958
							5,607,209
		CDO — 2.6%
	2,907,566	Galleria CDO V Ltd. Series 5A B^(c),(d)	TSFR1M + 2.662%	7.2540	09/19/37		2,865,590
	3,417,418	Mid Ocean CBO Ltd. Series 2001-1X A1L^(d)	TSFR1M + 0.762%	2.3910	11/05/36		267,635
	4,718,271	Soloso CDO Ltd. Series 2007-1A A1LA^(c),(d)	TSFR3M + 0.522%	4.8060	10/07/37		4,338,398
	2,745,563	TruPS Financials Note Securitization Ltd. Series 2019-2A A1^(c),(d)	TSFR3M + 2.562%	6.8920	02/28/39		2,745,563
							10,217,186

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 67.8% (Continued)
		CLO — 0.7%
	180,000	CarVal CLO XI C Ltd. Series 3A A1^(c),(d)	TSFR3M + 1.390%	5.6590	10/20/37	$	175,896
	500,000	Ellington Clo III Ltd. Series 2018-3A D^(c),(d)	TSFR3M + 4.002%	8.2710	07/20/30		511,603
	200,000	GC FTPYME Pastor FTA Series 4^(d)	EUR003M + 2.400%	4.5430	07/15/45		47,257
	197,192	Halcyon Loan Advisors Funding Ltd. Series 2013-2A D^(c),(d)	TSFR3M + 4.062%	8.3380	08/01/25		111,414
	250,000	Nassau Ltd. Series 2018-IA E^(c),(d)	TSFR3M + 6.112%	10.3680	07/15/31		194,016
	500,000	Steele Creek Clo Ltd. Series 2018-2A D^(c),(d)	TSFR3M + 3.662%	7.9860	08/18/31		500,888
	389,464	STWD Ltd. Series 2022-FL3 A^(c),(d)	SOFR30A + 1.350%	5.6820	11/15/38		389,089
	408,500	STWD Ltd. Series 2022-FL3 C^(c),(d)	SOFR30A + 2.200%	6.5320	11/15/38		374,849
	120,000	Trestles CLO VII Ltd. Series 7A A1^(c),(d)	TSFR3M + 1.380%	5.6620	10/25/37		120,296
	500,000	Zais Clo Ltd. Series 2019-13A D1^(c),(d)	TSFR3M + 4.782%	9.0380	07/15/32		500,645
							2,925,953
		COLLATERALIZED MORTGAGE OBLIGATIONS — 24.0%
	69,619	ABN Amro Mortgage Corporation Series 2003-11 A4		5.5000	10/25/33		69,205
	117,488	Adjustable Rate Mortgage Trust Series 2005-7 2A21^(b)		4.9420	10/25/35		103,639
	447,362	Adjustable Rate Mortgage Trust Series 2005-6A 2A2^(d)	TSFR1M + 0.954%	5.2790	11/25/35		124,667
	22,619	Alternative Loan Trust Series 1998-4 IIA3^(e)		5.3160	08/25/28		22,228
	18,394	Alternative Loan Trust Series 2007-9T1		5.5000	05/25/32		9,399
	76,279	Alternative Loan Trust Series 2005-J1 3A1		6.5000	08/25/32		75,577
	17,774	Alternative Loan Trust Series 2004-J11 3A1		7.2500	08/25/32		18,319
	86,662	Alternative Loan Trust Series 2003-J2 A1		6.0000	10/25/33		87,965
	77,752	Alternative Loan Trust Series 2003-J3 1A3		5.2500	11/25/33		76,654
	13,296	Alternative Loan Trust Series 2003-22CB 1A1		5.7500	12/25/33		13,546
	33,670	Alternative Loan Trust Series 2003-J3 2A1		6.2500	12/25/33		36,842
	7,683	Alternative Loan Trust Series 2004-16CB 1A1		5.5000	07/25/34		7,754
	129,118	Alternative Loan Trust Series 2004-J8 2A1		7.0000	08/25/34		131,931
	3,960	Alternative Loan Trust Series 2004-15 1A2^(b)		0.0000	09/25/34		3,891
	24,562	Alternative Loan Trust Series 2004-J10 2CB1		6.0000	09/25/34		24,805
	498,552	Alternative Loan Trust Series 2004-J10 5CB1		5.5000	11/25/34		500,350
	257,760	Alternative Loan Trust Series 2004-27CB A1		6.0000	12/25/34		231,542
	384,637	Alternative Loan Trust Series 2004-28CB 2A4		5.7500	01/25/35		353,788
	30,728	Alternative Loan Trust Series 2004-28CB 6A1		6.0000	01/25/35		28,560
	72,377	Alternative Loan Trust Series 2004-28CB 3A1		6.0000	01/25/35		63,862
	27,413	Alternative Loan Trust Series 2005-3CB 1A9		5.0000	03/25/35		22,590
	112,245	Alternative Loan Trust Series 2005-6CB 1A6		5.5000	04/25/35		95,303

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		ASSET BACKED SECURITIES — 67.8% (Continued)
		COLLATERALIZED MORTGAGE OBLIGATIONS — 24.0% (Continued)
	58,174	Alternative Loan Trust Series 2005-14 2A1^(d)	TSFR1M + 0.534%	4.8590	05/25/35	$	52,425
	132,121	Alternative Loan Trust Series 2005-J8 1A5		5.5000	07/25/35		91,219
	146,119	Alternative Loan Trust Series 2005-27 2A1^(d)	12MTA + 1.350%	5.8470	08/25/35		125,311
	37,246	Alternative Loan Trust Series 2005-J11 2A1		6.0000	10/25/35		17,568
	28,257	Alternative Loan Trust Series 2005-54CB 1A11		5.5000	11/25/35		21,575
	50,775	Alternative Loan Trust Series 2005-J11 1A3		5.5000	11/25/35		27,800
	86,105	Alternative Loan Trust Series 2005-61 2A1^(d)	TSFR1M + 0.674%	4.9990	12/25/35		77,829
	100,374	Alternative Loan Trust Series 2005-72 A3^(d)	TSFR1M + 0.714%	5.0390	01/25/36		99,949
	104,768	Alternative Loan Trust Series 2006-40T1 2A1		6.0000	12/25/36		28,184
	33,800	Alternative Loan Trust Resecuritization Series 2005-12R A3		6.0000	11/25/34		32,685
	832,661	Alternative Loan Trust Resecuritization Series 2005-12R A4		6.0000	11/25/34		805,189
	367,207	Alternative Loan Trust Resecuritization Series 2008-2R 2A1^(b)		4.0860	08/25/37		144,636
	92,599	American Home Mortgage Investment Trust Series 2004-1 2M1^(d)	TSFR6M + 2.428%	6.5400	04/25/44		87,136
	148,022	Banc of America Alternative Loan Trust Series 2003-8 1CB1		5.5000	10/25/33		148,296
	91,271	Banc of America Alternative Loan Trust Series 2004-6 3A1		6.0000	07/25/34		90,816
	55,275	Banc of America Alternative Loan Trust Series 2007-1 1A1^(b)		3.9880	02/25/57		48,215
	1,013,007	Banc of America Funding Trust Series 2004-B 3A2^(b)		4.7240	12/20/34		830,262
	40,733	Banc of America Funding Trust Series 2005-E 8A1^(d)	12MTA + 1.430%	5.9270	06/20/35		31,332
	1,002,049	Banc of America Funding Trust Series 2010-R3 4A3^(b),(c)		6.0000	06/26/36		847,070
	75,071	Banc of America Funding Trust Series 2007-2 1A8^(a)		6.0000	03/25/37		13,596
	174,244	Banc of America Funding Trust Series 2006-H 2A2^(b)		5.0550	09/20/46		144,768
	683,916	Banc of America Funding Trust Series 2006-I 4A1^(b)		4.6210	10/20/46		576,419
	16,352	Banc of America Mortgage Trust Series 2002-L 1A1^(b)		3.1990	12/25/32		13,648
	27,685	Banc of America Mortgage Trust Series 2003-L 2A1^(b)		6.6360	01/25/34		26,331
	34,268	Banc of America Mortgage Trust Series 2005-E 2A1^(b)		5.4270	06/25/35		31,461
	40,947	Banc of America Mortgage Trust Series 2005-F 3A1^(b)		6.3220	07/25/35		33,944
	19,717	Banc of America Mortgage Trust Series 2005-H 2A1^(b)		5.7030	09/25/35		16,841
	111,421	Banc of America Mortgage Trust Series 2005-L 2A4^(b)		5.6840	01/25/36		92,213
	426,113	BCAP, LLC Series 2014-RR2 7A2^(c),(d)	TSFR1M + 0.314%	3.8280	01/26/38		421,555
	1,008,519	BCAP, LLC Trust Series 2011-RR5 12A1^(c),(e)		4.4520	03/26/37		1,000,097
	685,629	BCAP, LLC Trust Series 2011-RR10 1A2^(b),(c)		5.0000	03/26/37		523,803
	3,423	Bear Stearns ALT-A Trust Series 2004-11 2A1^(b)		3.1380	11/25/34		3,203
	23,696	Bear Stearns ALT-A Trust Series 2005-4 23A2^(b)		5.4910	05/25/35		20,346
	594,693	Bear Stearns ARM Trust Series 2003-1 1A1^(b)		3.9410	04/25/33		499,283

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 14.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 7.4% (Continued)
	110,000	Jefferies Financial Group, Inc.^(d)	8*(USISOA30- USISOA02)	0.0000	01/31/38	$	79,338
	762,000	Jefferies Financial Group, Inc.^(d)	USISOA30 + 0.750%	5.0950	02/28/38		649,605
	673,000	Jefferies Financial Group, Inc.^(d)	TSFR3M + 1.762%	7.0000	08/31/39		587,487
	280,000	Jefferies Financial Group, Inc.^(d)	TSFR3M + 4.262%	8.5660	03/20/40		273,486
	1,000,000	JPMorgan Chase Financial Company, LLC^(d)	10*(USISOA30- USISOA02)	3.6680	10/21/36		662,499
	125,000	Morgan Stanley^(d)	6*(USISOA30- USISOA02)	2.4010	08/31/26		116,000
	138,000	Morgan Stanley^(d)	7*(USISOA30- USISOA02)	0.3210	12/27/26		125,718
	115,000	Morgan Stanley^(d)	(USISOA30- USISOA02)	0.0000	03/21/27		109,250
	56,000	Morgan Stanley^(d)	4*(USISOA30- USISOA05)	0.0000	06/28/28		47,460
	100,000	Morgan Stanley^(d)	4.5*(USISOA30- USISOA05)	1.8060	07/31/28		80,891
	1,015,000	Morgan Stanley^(d)	8*(USISOA30- USISOA05)	0.0000	09/27/28		852,599
	772,000	Morgan Stanley^(d)	5*(USISOA30- USISOA02)	0.0000	10/15/28		642,690
	100,000	Morgan Stanley^(b)		6.0000	06/29/29		97,000
	4,385,000	Morgan Stanley^(d)	10*(USISOA30- USISOA02)	0.0000	04/30/30		3,562,812
	1,628,000	Morgan Stanley^(d)	10*(USISOA30- USISOA02)	0.0000	05/29/30		1,322,749
	508,000	Morgan Stanley^(d)	10*(USISOA30- USISOA02)	0.0000	06/30/30		412,750
	221,000	Morgan Stanley^(d)	8*(USISOA30- USISOA02)	0.0000	07/31/30		175,143
	390,000	Morgan Stanley^(d)	8.5*(USISOA30- USISOA02)	0.0000	08/19/30		310,538
	216,000	Morgan Stanley^(d)	8*(USISOA30- USISOA02)	0.0000	08/31/30		171,450
	428,000	Morgan Stanley^(d)	10*(USISOA30- USISOA02)	0.0000	09/30/30		347,750
	151,000	Morgan Stanley^(d)	7*(USISOA30- USISOA02)	0.0000	10/30/30		118,913
	171,000	Morgan Stanley Series 10^(d)	5*(USISOA30- USISOA02)	0.0000	10/30/30		110,123
	50,000	Morgan Stanley^(d)	5*(USISOA30- USISOA02)	0.0000	11/30/30		38,313
	66,000	Morgan Stanley^(d)	10*(USISOA30- USISOA02)	3.3380	11/30/30		52,800

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(h)		Value and Unrealized Appreciation
	220	CBOT 10 Year US Treasury Note Future	09/19/2025	$	24,365,000	$	267,175
	100	CBOT 3 Year US Treasury Note Future	09/30/2025		21,146,875		81,220
	70	CBOT 5 Year US Treasury Note Future	09/30/2025		7,573,125		50,677
		TOTAL FUTURES CONTRACTS				$	399,072

CREDIT DEFAULT SWAP AGREEMENTS
										Amortized			Unrealized
	Payment		Fixed Deal		Notional					Upfront Payments			Appreciation/
Description	Frequency	Counterparty	(Pay)Rate	Maturity Date	Value ⁽¹⁾		Fair Value			Paid/ (Received)			(Depreciation)
CDX.NA.HY Series 43	Annual	GS	5.00%	12/20/2029	$	55,000,000	$	(3,909,388	)	$	(3,860,146	)	$	(49,242	)
CDX.NA.HY Series 44	Annual	GS	5.00%	6/20/2030		22,000,000		1,566,003			627,555			938,448
Morgan Stanley 7.25% 04/01/2032	Annual	GS	1.00%	6/20/2025		20,000,000		(49,270	)		(4,093	)		(45,177	)
TOTAL							$	(2,392,655	)	$	(3,236,684	)	$	844,029

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.	- Societe Anonyme

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

CMS2	2 Year Constant Maturity Swap Rate

CMS5	5 Year Constant Maturity Swap Rate

CMS30	30 Year Constant Maturity Swap Rate

ECOFC	Enterprise 11^th 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	USD SOFR Spread-Adj. ICE Swap Rate 2Y

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

USISOA10	USD SOFR Spread-Adj. ICE Swap Rate 10Y

USISOA20	USD SOFR Spread-Adj. ICE Swap Rate 20Y

USISOA30	USD SOFR Spread-Adj. ICE Swap Rate 30Y

^(a)	Interest only securities.

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

^(c)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2025 the total market value of 144A securities is $175,049,055 or 44.7% of net assets.

^(d)	Variable rate security; the rate shown represents the rate on May 31, 2025.

^(e)	Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at May 31, 2025.

^(f)	Zero coupon bond.

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

^(h)	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.

Assets:
Total Investments, at cost	$	340,743,041
Total Investments, at value	$	326,893,391
Cash		41,207,003
Foreign cash ($171,120)		188,361
Deposit at custodian for collateral for swaps		1,390,000
Deposit at broker for swaps		6,597,383
Deposit at broker for futures		3,397,199
Unrealized appreciation on swaps		938,448
Unrealized appreciation on futures		399,072
Receivable for securities sold		5,851,874
Receivable for fund shares sold		11,167,903
Interest and dividends receivable		1,877,430
Prepaid expenses and other assets		114,490
Total Assets		400,022,554

Liabilities:
Payable for securities purchased		4,715,218
Payable for fund shares redeemed		42,783
Premiums received on swaps		3,236,684
Unrealized depreciation on swaps		94,419
Administrator fees payable		137,643
Payable to manager		337,813
Trustee fees payable		5,014
Payable for distribution (12b-1) fees		16,468
Compliance officer fees payable		1,095
Accrued expenses and other liabilities		87,203
Total Liabilities		8,674,340

Net Assets	$	391,348,214

Net Assets:
Paid in capital	$	410,260,610
Accumulated loss		(18,912,396	)
Net Assets	$	391,348,214

Net Asset Value Per Share
Class A
Net Assets	$	9,694,057
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		948,417
Net asset value and redemption price per share (a)	$	10.22
Offering price per share (maximum sales charge of 2.00%)	$	10.43

Class C
Net Assets	$	4,322,611
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		434,997
Net asset value/offering/redemption price per share (b)	$	9.94

Class I
Net Assets	$	298,566,157
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		30,050,210
Net asset value/offering/redemption price per share	$	9.94

Class R6
Net Assets	$	78,765,389
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		7,661,363
Net asset value/offering/redemption price per share	$	10.28

Investment Income:
Interest income	$	11,929,182
Total Investment Income		11,929,182

Operating Expenses:
Management fees		2,182,168
Distribution (12b-1) fees
Class A Shares		11,563
Class C Shares		20,186
Administration fees		256,223
Interest expenses		222,834
Shareholder servicing fees		115,511
Transfer Agent fees		52,679
Legal fees		44,394
Registration fees		38,687
Printing and postage expense		27,690
Custodian fees		24,932
Audit fees		11,779
Trustees’ fees		10,831
Insurance expense		10,771
Compliance officer fees		4,481
Miscellaneous expenses		1,639
Total Operating Expenses		3,036,368

Less: Expenses waived		(315,175	)
Total Waivers		(315,175	)

Net Operating Expenses		2,721,193

Net Investment Income		9,207,989

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investments		2,895,239
Futures		(64,232	)
Swaps		(2,288,790	)
Net realized gain		542,217

Net change in unrealized appreciation on:
Investments		627,607
Futures		105,437
Swaps		2,744,874
Net change in unrealized appreciation		3,477,918
Net Realized and Unrealized Gain on investments		4,020,135

Net Increase in Net Assets Resulting From Operations	$	13,228,124

	Six Months Ended			Year Ended
	May 31, 2025			November 30, 2024
	(Unaudited)
Operations:
Net investment income	$	9,207,989		$	18,451,876
Net realized gain on investments		542,217			389,319
Net change in unrealized appreciation on investments		3,477,918			12,258,607
Net increase in net assets resulting from operations		13,228,124			31,099,802

Distributions to Shareholders:
From Earnings
Class I		(7,059,211	)		(12,036,395	)
Class A		(211,109	)		(287,003	)
Class C		(83,679	)		(149,225	)
Class R6		(1,903,893	)		(3,958,808	)
From Return of Capital:
Class I		—			(2,162,099	)
Class A		—			(54,370	)
Class C		—			(33,420	)
Class R6		—			(712,009	)
Total Dividends and Distributions to Shareholders		(9,257,892	)		(19,393,329	)

Share Transactions of
Beneficial Interest:
Net proceeds from shares sold
Class I		72,573,557			97,962,493
Class A		15,691,301			4,016,462
Class C		909,137			1,215,430
Class R6		15,439,702			6,435,020
Reinvestment of dividends and distributions
Class I		6,169,881			12,566,999
Class A		161,788			241,860
Class C		69,364			139,923
Class R6		1,551,387			3,912,798
Cost of shares redeemed
Class I		(36,678,228	)		(94,652,808	)
Class A		(13,976,971	)		(2,742,648	)
Class C		(529,545	)		(1,183,255	)
Class R6		(15,777,859	)		(16,620,026	)
Net increase in net assets from share transactions of beneficial interest		45,603,514			11,292,248

Total Increase in Net Assets		49,573,746			22,998,721

Net Assets:
Beginning of year		341,774,468			318,775,747
End of year/period	$	391,348,214		$	341,774,468

Share Activity
Shares sold
Class I		7,350,655			10,122,470
Class A		1,539,575			399,333
Class C		92,269			124,840
Class R6		1,507,568			647,404
Shares Reinvested
Class I		625,939			1,301,067
Class A		15,958			24,366
Class C		7,035			14,484
Class R6		152,360			394,574
Shares redeemed
Class I		(3,711,763	)		(9,805,661	)
Class A		(1,372,530	)		(276,555	)
Class C		(53,733	)		(122,205	)
Class R6		(1,547,823	)		(1,661,814	)
Net Increase in shares of beneficial interest		4,605,510			1,162,303

	Class A
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2025			2024			2023			2022			2021			2020
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	10.11		$	9.75		$	10.00		$	11.26		$	11.35		$	10.68
Income (Loss) from Investment Operations:
Net investment income (1)		0.24			0.52			0.43			0.32			0.36			0.42
Net realized and unrealized gain (loss)		0.11			0.40			(0.04	)		(1.07	)		0.24			0.95
Total from investment operations		0.35			0.92			0.39			(0.75	)		0.60			1.37
Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.47	)		(0.64	)		(0.34	)		(0.38	)		(0.52	)
Distributions from realized gains		—			—			—			(0.17	)		(0.31	)		(0.18	)
Distributions from return of capital		—			(0.09	)		—			—			—			—
Total dividends and distributions		(0.24	)		(0.56	)		(0.64	)		(0.51	)		(0.69	)		(0.70	)
Net Asset Value, End of Year/Period	$	10.22		$	10.11		$	9.75		$	10.00		$	11.26		$	11.35
Total Return*		3.50	% (9)		9.66	%		4.04	%		(6.84	)%		5.44	% #		13.54	% #
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	9,694		$	7,738		$	6,031		$	11,247		$	15,664		$	12,466
Ratio of gross operating expenses to average net assets including interest expense (3)		1.90	% (8)		1.95	%		1.93	% (2)		1.86	% (2)		1.86	% (2)		2.01	% (2)
Ratio of net operating expenses to average net assets including interest expense (4)		1.85	% (8)		1.87	%		1.84	% (2)		1.80	% (2)		1.76	% (2)		1.79	% (2)
Ratio of net investment income (loss) after expense reimbursement to average net assets (7)		4.69	% (8)		5.27	%		4.32	% (2)		3.01	% (2)		3.18	% (2)		3.89	% (2)
Portfolio Turnover Rate		20	% (9)		28	%		42	%		77	%		84	%		132	%


	Class C
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31,			November 30,			November 30,			November 30,			November 30,			November 30,
	2025			2024			2023			2022			2021			2020
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	9.84		$	9.51		$	9.76		$	11.00		$	11.10		$	10.45
Income (Loss) from Investment Operations:
Net investment income (1)		0.19			0.44			0.35			0.23			0.27			0.33
Net realized and unrealized gain (loss)		0.11			0.37			(0.03	)		(1.04	)		0.24			0.93
Total from investment operations		0.30			0.81			0.32			(0.81	)		0.51			1.26
Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.39	)		(0.57	)		(0.26	)		(0.30	)		(0.43	)
Distributions from realized gains		—			—			—			(0.17	)		(0.31	)		(0.18	)
Distributions from return of capital		—			(0.09	)		—			—			—			—
Total dividends and distributions		(0.20	)		(0.48	)		(0.57	)		(0.43	)		(0.61	)		(0.61	)
Net Asset Value, End of Year/Period	$	9.94		$	9.84		$	9.51		$	9.76		$	11.00		$	11.10
Total Return*		3.11	% (9)		8.77	%		3.37	%		(7.50	)%		4.71	%		12.62	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	4,323		$	3,831		$	3,540		$	4,467		$	5,616		$	3,262
Ratio of gross operating expenses to average net assets including interest expense (5)		2.65	% (8)		2.70	%		2.68	% (2)		2.61	% (2)		2.61	% (2)		2.81	% (2)
Ratio of net operating expenses to average net assets including interest expense (6)		2.60	% (8)		2.62	%		2.59	% (2)		2.55	% (2)		2.51	% (2)		2.54	% (2)
Ratio of net investment income (loss) after expense reimbursement to average net assets (7)		3.96	% (8)		4.52	%		3.58	% (2)		2.28	% (2)		2.41	% (2)		3.12	% (2)
Portfolio Turnover Rate		20	% (9)		28	%		42	%		77	%		84	%		132	%

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

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

(3)	Ratio of gross operating expenses to average net assets excluding interest expense	1.78	% (8)	1.81	%	1.82	% (2)	1.79	% (2)	1.83	% (2)	1.96	% (2)

(4)	Ratio of net operating expenses to average net assets excluding interest expense	1.73	% (8)	1.73	%	1.73	% (2)	1.73	% (2)	1.73	% (2)	1.74	% (2)

(5)	Ratio of gross operating expenses to average net assets excluding interest expense	2.53	% (8)	2.56	%	2.57	% (2)	2.54	% (2)	2.58	% (2)	2.76	% (2)

(6)	Ratio of net operating expenses to average net assets excluding interest expense	2.48	% (8)	2.48	%	2.48	% (2)	2.48	% (2)	2.48	% (2)	2.49	% (2)

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

(8)	Annualized.

(9)	Not annualized.

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

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

(3)	Ratio of gross operating expenses to average net assets excluding interest expense	1.53	% (8)	1.56	%	1.57	% (2)	1.54	% (2)	1.58	% (2)	1.74	% (2)

(4)	Ratio of net operating expenses to average net assets excluding interest expense	1.48	% (8)	1.48	%	1.48	% (2)	1.48	% (2)	1.48	% (2)	1.49	% (2)

(5)	Ratio of gross operating expenses to average net assets excluding interest expense	1.53	% (8)	1.56	%	1.57	% (2)	1.54	% (2)	1.61	% (2)	1.75	% (2)

(6)	Ratio of net operating expenses to average net assets excluding interest expense	0.89	% (8)	0.89	%	1.09	% (2)	1.11	% (2)	1.11	% (2)	1.12	% (2)

Assets*	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	265,492,812	$	—	$	265,492,812
Corporate Bonds		—		57,914,364		—		57,914,364
Non U.S. Government & Agencies		—		118,276		—		118,276
U.S. Government & Agencies		—		3,367,939		—		3,367,939
Total Assets	$	—	$	326,893,391	$	—	$	326,893,391
Assets - Derivatives
Credit Default Swap**	$	—	$	938,448	$	—	$	938,448
Futures**		399,072		—		—		399,072
Total Asset Derivatives	$	399,072	$	938,448	$	—	$	1,337,520
Liabilities - Derivatives
Credit Default Swap**	$	—	$	94,419	$	—	$	94,419
Total Liability Derivatives	$	—	$	94,419	$	—	$	94,419

		Location of derivatives on
		Statement of Assets and	Fair value of asset/liability
Derivative	Risk Type	Liabilities	derivatives

Swap Contracts	Credit Default	Unrealized appreciation on swaps	$	938,448
Futures	Interest Rate	Unrealized appreciation on futures	$	399,072
		Totals	$	1,337,520
Swap Contracts	Credit Default	Unrealized depreciation on swaps	$	(94,419	)
		Totals	$	(94,419	)

			Realized and unrealized
Derivative	Location of gain (loss) on derivatives	Risk Type	gain (loss) on derivatives

Swap Contracts
	Net realized (loss) on swaps	Credit Default	$	(2,288,790	)
	Net change in unrealized appreciation on swaps	Credit Default	$	2,744,874

Futures
	Net realized (loss) on futures	Interest Rate	$	(64,232	)
	Net change in unrealized appreciation on futures	Interest Rate	$	105,437

					Gross Amounts not offset in the Statement of
					Assets and Liabilities
		Gross Amounts Recognized			Financial Instruments		Cash Collateral			Net Amount of
		Assets			Pledged		Pledged *			Assets
Description of Asset:
Interest Rate Swap		$	938,448			—	$	(94,419	)	$	844,029
Total		$	938,448		$	—	$	(94,419	)	$	844,029

					Gross Amounts not offset in the Statement of
					Assets and Liabilities
	Gross Amounts of				Financial Instruments		Cash Collateral			Net Amount of
	Recognized Liabilities				Pledged		Pledged *			Liabilities
Description of Liability:
Credit Default Swap		$	(94,419	)		—	$	94,419		$	—
Total		$	(94,419	)	$	—	$	94,419		$	—

	Fiscal Year Ended		Fiscal Year Ended
	November 30, 2024		November 30, 2023
Ordinary Income	$	16,431,431	$	22,317,560
Long-Term Capital Gains		—		—
Return of Capital		2,961,898		—
	$	19,393,329	$	22,317,560

Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized			Total
Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/			Accumulated
Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)			Earnings/(Deficits)
$	—	$	—	$	(1,325,916	)	$	(6,868,839	)	$	—	$	(14,687,873	)	$	(22,882,628	)

Non-
Expiring		Non-Expiring				CLCF
Short-Term		Long-Term		Total		Utilized
$	—	$	6,868,839	$	6,868,839	$	—

By	/s/ Darrell Crate
Darrell Crate
Principal Executive Officer
Date: 08/05/2025