Easterly Asset Management (“Easterly”), home to investment teams providing investors with a portfolio of solutions across alternatives, active equity, and active fixed income, today celebrates the 15-year anniversary of the Easterly Snow Small Cap Value Fund (The “Fund”) (Tickers: SNWIX, SNWAX, SNWCX).

Amid the current environment of renewed small-cap interest, evolving rate dynamics, and heightened market volatility, the Fund’s 15-year track record highlights strong and consistent investment discipline at a time when many investors are seeking established active managers. Easterly Snow remains committed to its fundamental, bottom-up analysis framework led by Chief Investment Officer and Senior Portfolio Manager Joshua Schachter, CFA.

“With nearly two decades of experience managing our Small Cap Value Strategy, we’re excited to mark the 15-year anniversary for the Small Cap Value Fund,” said Schachter. “Since inception, we’ve utilized our disciplined, research-intensive process to identify and allocate capital to companies whose valuations and expectations may not reflect how we view their long-term potential and asymmetrical risk/reward profiles. We’ve applied this across many different market conditions and remain committed to this methodology as we continue to serve clients today.”

The Easterly Snow Small Cap Value Fund is ranked in the first percentile YTD, 2nd percentile for 1-year, and 3rd percentile for both 3 and 5-year trailing periods based on Morningstar percentile rankings for the Morningstar US Small Value category as of November 30, 2025. The Fund’s Institutional (SNWIX - Class I) share class returns have outperformed the Russell 2000 Value Total Return Index as of November 30, 2025 (1-year: 9.11% vs. 3.02%; 3-year: 14.89% vs. 9.17%; 5-year: 16.01% vs. 10.51%; 7 year: 12.72% vs. 8.05%; 10-year: 10.43% vs. 8.66%; Since Inception: 10.74% vs. 9.30%). Against the backdrop of its 15-year history, this performance reinforces the Fund’s appeal for investors evaluating small-cap value strategies.

“This milestone underscores the importance of a well-defined, active approach,” said Darrell Crate, Founder and Managing Principal of Easterly Asset Management. “The Fund’s strong long-term, risk-adjusted performance is driven by an investment philosophy rooted in high-conviction insights that can help investors navigate a complex market and make portfolios better.”

The Easterly Snow’s Small Cap Value Fund, recognized with a 4-Star Overall Morningstar Rating™ as of November 30, 2025 and a Morningstar Medalist Rating™ of Silver on October 31, 2025, is a high-conviction small-cap strategy guided by a contrarian, fundamental relative-value investment philosophy. The Fund earned 4 stars overall (out of 464 funds) and 5 stars for the 3-year (out of 464), and 5 stars for the 5-year (out of 442) periods in Morningstar’s US Small Value category, based on risk-adjusted returns, for the period ended November 30, 2025.

Easterly Snow Small Cap Value Fund (Class A)

Morningstar Rating as of November 30, 2025

Category: Small Value

Rating Information (based on risk-adjusted returns):

Easterly Snow Small Cap Value Fund (Class C)

Morningstar Rating as of November 30, 2025

Category: Small Value

Rating Information (based on risk-adjusted returns):

Easterly Snow Small Cap Value Fund (Class I)

Morningstar Rating as of November 30, 2025

Category: Small Value

Rating Information (based on risk-adjusted returns):

The fund's Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings.

About Easterly

Easterly Asset Management and its Strategic Partners provide private wealth and institutional investors with a portfolio of solutions across alternatives, active equity and active fixed income. Founded in 2019, Easterly’s goal is to bring curated solutions to clients that make their portfolios better by partnering with trusted investment teams who have an established track record of delivering value to investors. Easterly enables high-performing managers to operate at scale by delivering best-in-class resources, risk management, operational support, infrastructure and an institutional and wealth distribution team. For more information, visit easterlyam.com.

IMPORTANT DISCLOSURES

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund. This and other important information about the Fund is contained in the prospectus which should be read carefully before investing. To obtain a prospectus or summary prospectus which contains this and other information, visit funds.easterlyam.com or call Easterly Securities at 888-814-8180. Performance data quoted represents past performance. Past performance is not indicative of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. All results are historical and assume the reinvestment of dividends and capital gains. Performance shown reflects contractual fee waivers. Without such waivers, total returns would be reduced. Please click here to view standardized performance for the Fund.

The Easterly funds are distributed by Easterly Securities LLC, member FINRA/SIPC. Easterly Investment Partners LLC is an affiliate of Easterly Securities LLC. Orange Investment Advisers, LLC and EAB Investment Group, LLC are not affiliated with Easterly Securities LLC.

Easterly Snow, Easterly Murphy, Easterly Ranger and Easterly ROC Municipals are investment teams of Easterly Investment Partners LLC, an SEC-registered investment adviser. EAB Investment Group LLC (d/b/a Easterly EAB), Orange Investment Advisors LLC (d/b/a Easterly Orange), and Lateral Investment Management are separate SEC-registered investment advisers that are strategic partners of Easterly. Each investment adviser’s Form ADV is available at www.sec.gov. Registration does not imply and should not be interpreted to imply any particular level of skill or expertise.

Not FDIC Insured–No Bank Guarantee–May Lose Value.

© 2025 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.

For each open end funds (including mutual funds and exchange traded funds) with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return that accounts for variation in a fund’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10.0% of funds in each Morningstar category, the next 22.5%, 35.0%, 22.5%, and bottom 10.0% receive 5, 4, 3, 2, or 1 star(s), respectively. The overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The rating formula most heavily weights the 3-year rating, using the following calculation: 100% 3-year rating for 36 to 59 months of total returns, 60% 5-year rating/40% 3-year rating for 60 to 119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. Star ratings do not reflect the effect of any applicable sales load.

The Morningstar Medalist Rating™ is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar’s analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, but the assessment and weighting of each of the five pillars is driven by the analyst’s overall assessment and overseen by Morningstar’s Analyst Rating Committee. A “Silver” rating is defined as a fund that is expected to deliver positive net alpha (versus the category index) that ranks among the next 35% of all active investments in the Morningstar Category expected to generate positive net alpha.

IMPORTANT FUND RISK

There is no assurance that the Fund will achieve its investment objectives. The Fund share price will fluctuate with changes in the market value of its portfolio investments. When you sell your Fund shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Fund. Investments in Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Diversification does not assure a profit nor protect against loss in a declining market. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The fund may invest in lower-rated and non-rated securities which present a greater risk of loss to principal and interest than higher-rated securities. The fund may invest in other investment companies, and the cost of investing in the Fund will generally be higher than the cost of investing directly in the shares of the mutual funds in which it invests. By investing in the Fund, you will indirectly bear your share of any fees and expenses charged by the underlying funds, in addition to indirectly bearing the principal risks of the funds. The Fund may use options and futures contracts which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of the securities prices, interest rates and currency exchange rates. This investment may not be suitable for all investors.

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