Easterly Income Opportunities Fund Reaches Five-Year Anniversary with Top Decile Performance

Easterly Funds, the mutual fund platform of Easterly Asset Management which offers investors access to accomplished boutique investment managers and unique strategies, is pleased to announce that the Easterly Income Opportunities Fund (“the Fund”) (tickers: JSVIX, JASVX, JSVCX, JASSX), two-time recipient of the Lipper Fund Award¹, recently marked its five-year anniversary with strong, risk-adjusted returns ranking it in the top decile among its peers².

Through an active value investing approach, the strategy is designed to take advantage of opportunities in the multisector bond market. The experienced team of portfolio managers directing the Fund seek to provide a high level of risk-adjusted income and capital appreciation with low volatility and sensitivity to changes in credit spreads and interest rates. The Fund has outperformed its benchmark, Bloomberg U.S. Aggregate Bond Index, for the one, three and five-year periods ended September 30, 2023. The Fund is rated 5 stars by Morningstar, Inc. for its Multisector Bond category.

“Structured credit is the sector that we feel is the most inefficient in fixed-income and not available as a standalone ETF due to its diversity and analytical complexity. We believe this results in our ability to outperform in stressed markets while adding value in normal markets,” said CEO of Easterly Funds, Darrell Crate. “The Fund's 5-year track record speaks to the steadfast focus of our incredibly talented team, who seek to deliver positive returns for investors through all market scenarios.”

“The regime of steady low-interest rates is over, and interest rate volatility will likely persist for the foreseeable future,” said Michael Collins, Managing Director and Head of Business Development at Easterly. “Our investment team has deep domain expertise and an exceptional ability to understand credit risk to effectively source and evaluate opportunities that exploit inefficiencies in the market, generate yield, and total return."

The Fund is managed and sub-advised by Jay Menozzi, CFA, Chief Investment Officer & Portfolio Manager of Orange Investment Advisors an Affiliate of Easterly, and Portfolio Manager, Boris Peresechensky.

About Easterly Funds

Easterly Funds is the mutual fund platform of Easterly Asset Management, which offers investors access to accomplished boutique managers and funds with distinct investment approaches. Easterly Funds’ goal is to bring innovative, alpha-generating mutual funds to investors, enabling them to better navigate the need for income, capital appreciation and risk management to help potentially reduce volatility. As of September 30, 2023, Easterly Funds had over $1 billion of assets under management. For more information, please visit Easterly Funds at https://funds.easterlyam.com/.

About Orange Investment Advisors

Founded in 2017, Orange Investment Advisors is an expert in structured credit strategies. The firm offers investors securitized product solutions with low volatility and a high-level of risk-adjusted income and capital appreciation. In partnership with Easterly, Orange also offers institutional investors a structured credit solution through its Structured Credit Value strategy.

Before investing, consider the fund’s investment objectives, risks, charges and expenses. To obtain a prospectus [or summary prospectus] which contains this and other information, call Easterly Securities LLC at 888.814.8180 or visit funds.easterlyam.com. Please read the prospectus carefully before investing.

Effective 10/2/2023, Easterly Funds are distributed by Easterly Securities LLC, member FINRA/SIPC. Certain employees of Easterly Securities LLC are registered with FDX Capital LLC. Orange Investment Advisers, LLC is not affiliated with Easterly Securities LLC

1. Lipper Fund Awards from Refinitiv, All rights reserved. Used under license. The Easterly Income Opportunities Fund R6 Share class (JASSX) received a Refinitiv Lipper Award for the best fund among 290 funds in the Morningstar Multisector Bond category based on a risk-adjusted performance for the 3-year period ending December 31, 2022. The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60, and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award.

2. Source: Morningstar Direct | Since inception 8.21.18 to 9.30.23

Position: 2^nd percentile

Category: Multisector Bond

Multisector bond portfolios seek income by diversifying their assets among several fixed income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds and high yield U.S. debt securities.

Easterly Income Opportunities Fund Morningstar Ratings

Morningstar Rating as of September 30, 2023 | Category: Multisector Bond

Criteria: Risk-Adjusted Returns

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange- traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Rating is for the R6 share class only; other classes may have different performance characteristics.

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