<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>
      
      <filer>
        <issuerCredentials>
          <cik>0001829774</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      
      
      <seriesClassInfo>
        <seriesId>S000070611</seriesId>
        <classId>C000224295</classId>
        <classId>C000224296</classId>
        <classId>C000224297</classId>
        <classId>C000224298</classId>
      </seriesClassInfo>
      
    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>James Alpha Funds Trust</regName>
      <regFileNumber>811-23611</regFileNumber>
      <regCik>0001829774</regCik>
      <regLei>5493007JDS1R5QEQGK05</regLei>
      <regStreet1>515 Madison Ave</regStreet1>
      <regCity>New York</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10022</regZipOrPostalCode>
      <regPhone>646-201-4042</regPhone>
      <seriesName>Easterly Global Real Estate Fund</seriesName>
      <seriesId>S000070611</seriesId>
      <seriesLei>549300XBPXRSR5SS4I27</seriesLei>
      <repPdEnd>2026-08-31</repPdEnd>
      <repPdDate>2026-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>187405886.48</totAssets>
      <totLiabs>1972922.56</totLiabs>
      <netAssets>185432963.92</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>395590.96000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000224295" rtn1="-9.10000000" rtn2="9.34000000" rtn3="0.25000000"/>
          <monthlyTotReturn classId="C000224296" rtn1="-9.16000000" rtn2="9.20000000" rtn3="0.13000000"/>
          <monthlyTotReturn classId="C000224297" rtn1="-9.12000000" rtn2="9.32000000" rtn3="0.20000000"/>
          <monthlyTotReturn classId="C000224298" rtn1="-9.04000000" rtn2="9.29000000" rtn3="0.31000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <foreignExchgContracts>
            <mon1 netRealizedGain="4515.21000000" netUnrealizedAppr="566.07000000"/>
            <mon2 netRealizedGain="-9870.46000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="-2010.55000000" netUnrealizedAppr="-1695.29000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="4515.21000000" netUnrealizedAppr="566.07000000"/>
              <instrMon2 netRealizedGain="-9870.46000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="-2010.55000000" netUnrealizedAppr="-1695.29000000"/>
            </forwardCategory>
          </foreignExchgContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-758609.26000000" netUnrealizedAppr="-17808894.80000000"/>
        <othMon2 netRealizedGain="732447.07000000" netUnrealizedAppr="15256496.62000000"/>
        <othMon3 netRealizedGain="60781.85000000" netUnrealizedAppr="21592.59000000"/>
      </returnInfo>
      <mon1Flow redemption="4137579.95000000" reinvestment="663495.02000000" sales="1654993.90000000"/>
      <mon2Flow redemption="4510861.35000000" reinvestment="0.00000000" sales="960320.44000000"/>
      <mon3Flow redemption="4267347.41000000" reinvestment="0.00000000" sales="787035.69000000"/>
      
      
      <varInfo>
        
        <fundsDesignatedInfo>
          <nameDesignatedIndex>FTSE EPRA/NAREIT Developed Index Net TRI (Net)</nameDesignatedIndex>
          <indexIdentifier>RNGL</indexIdentifier>
          
        </fundsDesignatedInfo>
        
      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES-A</title>
        <cusip>02665T306</cusip>
        <identifiers>
          <isin value="US02665T3068"/>
        </identifiers>
        <balance>108723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3487833.84000000</valUSD>
        <pctVal>1.880913601480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN TOWER CORP</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER C</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <isin value="US03027X1000"/>
        </identifiers>
        <balance>31384.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5867552.64000000</valUSD>
        <pctVal>3.164244649905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITE GROUP PLC (THE)</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE GROUP/THE</title>
        <cusip>G9283N101</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
        </identifiers>
        <balance>748841.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74250000"/>
        <valUSD>5184417.36000000</valUSD>
        <pctVal>2.795844519983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COPT DEFENSE PROPERTIES</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>COPT DEFENSE PRO</title>
        <cusip>22002T108</cusip>
        <identifiers>
          <isin value="US22002T1088"/>
        </identifiers>
        <balance>108179.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3468218.74000000</valUSD>
        <pctVal>1.870335600900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL REALTY</title>
        <cusip>253868103</cusip>
        <identifiers>
          <isin value="US2538681030"/>
        </identifiers>
        <balance>32973.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6264870.00000000</valUSD>
        <pctVal>3.378509337046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
        </identifiers>
        <balance>8553.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9134946.12000000</valUSD>
        <pctVal>4.926279517346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST INDUSTRIAL REALTY TRUST INC</name>
        <lei>N/A</lei>
        <title>FIRST IND REALTY</title>
        <cusip>32054K103</cusip>
        <identifiers>
          <isin value="US32054K1034"/>
        </identifiers>
        <balance>120095.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7430277.65000000</valUSD>
        <pctVal>4.006988559599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HEALTHCARE REIT INC</name>
        <lei>2549004GGE2APGNT6O92</lei>
        <title>AMERICAN HEALTHC</title>
        <cusip>398182303</cusip>
        <identifiers>
          <isin value="US3981823038"/>
        </identifiers>
        <balance>165838.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8107819.82000000</valUSD>
        <pctVal>4.372372445871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL HEALTHCARE PROPERTIES INC</name>
        <lei>549300Z2NSUGF5NF2Y30</lei>
        <title>NATIONAL HEALTHC</title>
        <cusip>42226B501</cusip>
        <identifiers>
          <isin value="US42226B5012"/>
        </identifiers>
        <balance>215630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3115853.50000000</valUSD>
        <pctVal>1.680312623026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRON MOUNTAIN INC (REIT)</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>IRON MOUNTAIN</title>
        <cusip>46284V101</cusip>
        <identifiers>
          <isin value="US46284V1017"/>
        </identifiers>
        <balance>34196.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4385637.00000000</valUSD>
        <pctVal>2.365079491417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KITE REALTY GROUP TRUST</name>
        <lei>N/A</lei>
        <title>KITE REALTY GROU</title>
        <cusip>49803T300</cusip>
        <identifiers>
          <isin value="US49803T3005"/>
        </identifiers>
        <balance>253253.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6944197.26000000</valUSD>
        <pctVal>3.744855883873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAG IMMOBILIEN AG</name>
        <lei>529900TAE68USJNXLR59</lei>
        <title>TAG IMMOBILIEN</title>
        <cusip>D8283Q174</cusip>
        <identifiers>
          <isin value="DE0008303504"/>
        </identifiers>
        <balance>78601.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85720000"/>
        <valUSD>1300897.99000000</valUSD>
        <pctVal>0.701546242102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MID-AMERICA APARTMENT COMMUNITIES INC</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>MID-AMERICA APAR</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
        </identifiers>
        <balance>28625.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3694628.75000000</valUSD>
        <pctVal>1.992433638494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIFESTYLE COMMUNITIES LTD</name>
        <lei>984500BDEL5B024BCA39</lei>
        <title>LIFESTYLE COMMUN</title>
        <cusip>Q5557L143</cusip>
        <identifiers>
          <isin value="AU000000LIC9"/>
        </identifiers>
        <balance>1264492.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39110000"/>
        <valUSD>4750633.09000000</valUSD>
        <pctVal>2.561914014408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NETSTREIT CORP</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>NETSTREIT CORP</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <isin value="US64119V3033"/>
        </identifiers>
        <balance>347186.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7033988.36000000</valUSD>
        <pctVal>3.793278288446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONGKONG LAND HOLDINGS LTD</name>
        <lei>213800XCHYNRPAYGXW28</lei>
        <title>HONGKONG LAND</title>
        <cusip>G4587L109</cusip>
        <identifiers>
          <isin value="BMG4587L1090"/>
        </identifiers>
        <balance>316705.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2413292.10000000</valUSD>
        <pctVal>1.301436405363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN PRIME REALTY INVESTMENT CORP</name>
        <lei>353800NJOQJAY1ODEX72</lei>
        <title>Japan Prime Realty Invest</title>
        <cusip>J2741H102</cusip>
        <identifiers>
          <isin value="JP3040890000"/>
        </identifiers>
        <balance>2540.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>1516274.94000000</valUSD>
        <pctVal>0.817694388282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUBISHI ESTATE CO LTD</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
        <title>MITSUBISHI ESTAT</title>
        <cusip>J43916113</cusip>
        <identifiers>
          <isin value="JP3899600005"/>
        </identifiers>
        <balance>78185.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>1975558.48000000</valUSD>
        <pctVal>1.065376100471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE</title>
        <cusip>681936100</cusip>
        <identifiers>
          <isin value="US6819361006"/>
        </identifiers>
        <balance>113325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5299077.00000000</valUSD>
        <pctVal>2.857677992078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STOCKLAND TRUST MANAGEMENT LTD</name>
        <lei>549300Y8E5TMSOLM7P64</lei>
        <title>STOCKLAND</title>
        <cusip>Q8773B105</cusip>
        <identifiers>
          <isin value="AU000000SGP0"/>
        </identifiers>
        <balance>1631138.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39110000"/>
        <valUSD>4794568.98000000</valUSD>
        <pctVal>2.585607692744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS INC</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
        </identifiers>
        <balance>53850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7725859.50000000</valUSD>
        <pctVal>4.166389479344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REXFORD INDUSTRIAL REALTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDUSTRI</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <isin value="US76169C1009"/>
        </identifiers>
        <balance>94752.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3360853.44000000</valUSD>
        <pctVal>1.812435809120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIMON PROPERTY GROUP INC</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>SIMON PROPERTY</title>
        <cusip>828806109</cusip>
        <identifiers>
          <isin value="US8288061091"/>
        </identifiers>
        <balance>33674.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6900139.34000000</valUSD>
        <pctVal>3.721096397389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUN COMMUNITIES INC</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>SUN COMMUNITIES</title>
        <cusip>866674104</cusip>
        <identifiers>
          <isin value="US8666741041"/>
        </identifiers>
        <balance>31940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3949700.40000000</valUSD>
        <pctVal>2.129988280672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES INC</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI PROPERTIES</title>
        <cusip>925652109</cusip>
        <identifiers>
          <isin value="US9256521090"/>
        </identifiers>
        <balance>101000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2850220.00000000</valUSD>
        <pctVal>1.537062202829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLTOWER INC</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>WELLTOWER INC</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
        </identifiers>
        <balance>43444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8920356.52000000</valUSD>
        <pctVal>4.810555972048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOODMAN GROUP</name>
        <lei>N/A</lei>
        <title>GOODMAN GROUP</title>
        <cusip>Q4229W132</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
        </identifiers>
        <balance>318356.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39110000"/>
        <valUSD>7235554.70000000</valUSD>
        <pctVal>3.901978670373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAINGER PLC</name>
        <lei>2138007CEIRKZMNI2979</lei>
        <title>Grainger PLC</title>
        <cusip>G40432117</cusip>
        <identifiers>
          <isin value="GB00B04V1276"/>
        </identifiers>
        <balance>2658663.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74250000"/>
        <valUSD>5648382.36000000</valUSD>
        <pctVal>3.046050842630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CATENA AB</name>
        <lei>549300EMLM7AH5LDLY65</lei>
        <title>CATENA AB</title>
        <cusip>W2356E100</cusip>
        <identifiers>
          <isin value="SE0001664707"/>
        </identifiers>
        <balance>70293.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23258000"/>
        <valUSD>3316600.93000000</valUSD>
        <pctVal>1.788571384444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN HOTEL REIT INVESTMENT CORP</name>
        <lei>353800L8KG849FP1JI68</lei>
        <title>JAPAN HOTEL REIT</title>
        <cusip>J2761Q107</cusip>
        <identifiers>
          <isin value="JP3046400002"/>
        </identifiers>
        <balance>5679.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>2730995.64000000</valUSD>
        <pctVal>1.472767075641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VGP NV</name>
        <lei>315700NENYPIXFR94T49</lei>
        <title>VGP</title>
        <cusip>B9738D109</cusip>
        <identifiers>
          <isin value="BE0003878957"/>
        </identifiers>
        <balance>31340.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85720000"/>
        <valUSD>3057729.40000000</valUSD>
        <pctVal>1.648967548897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTDC LTD</name>
        <lei>529900RTERU3X7G3D672</lei>
        <title>NEXTDC Ltd</title>
        <cusip>Q6750Y106</cusip>
        <identifiers>
          <isin value="AU000000NXT8"/>
        </identifiers>
        <balance>570538.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39110000"/>
        <valUSD>6242129.90000000</valUSD>
        <pctVal>3.366246091333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEGRO PLC</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>SEGRO PLC</title>
        <cusip>G80277141</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
        </identifiers>
        <balance>107250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74250000"/>
        <valUSD>1039740.28000000</valUSD>
        <pctVal>0.560709518965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARTWELL RETIREMENT RESIDENCES</name>
        <lei>549300M7UBEIZBWP4069</lei>
        <title>CHARTWELL RETIRE</title>
        <cusip>16141A103</cusip>
        <identifiers>
          <isin value="CA16141A1030"/>
        </identifiers>
        <balance>451754.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37897000"/>
        <valUSD>6617570.22000000</valUSD>
        <pctVal>3.568712962413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIPPON PROLOGIS REIT INC</name>
        <lei>353800PHBMSDLAFURY41</lei>
        <title>NIPPON PROLOGIS REIT INC</title>
        <cusip>J5528H104</cusip>
        <identifiers>
          <isin value="JP3047550003"/>
        </identifiers>
        <balance>3083.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>1650495.80000000</valUSD>
        <pctVal>0.890076804635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIBAIL-RODAMCO-WESTFIELD SE</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>UNIBAIL-RODAMCO-</title>
        <cusip>F95094581</cusip>
        <identifiers>
          <isin value="FR0013326246"/>
        </identifiers>
        <balance>32278.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85720000"/>
        <valUSD>3731916.43000000</valUSD>
        <pctVal>2.012542080495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INSTONE REAL ESTATE GROUP SE</name>
        <lei>391200DINUIRPDZQHX03</lei>
        <title>INSTONE REAL EST</title>
        <cusip>D3706C100</cusip>
        <identifiers>
          <isin value="DE000A2NBX80"/>
        </identifiers>
        <balance>306159.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85720000"/>
        <valUSD>2987576.10000000</valUSD>
        <pctVal>1.611135386526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRITAX BIG BOX REIT PLC</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>TRITAX BIG BOX R</title>
        <cusip>G9101W101</cusip>
        <identifiers>
          <isin value="GB00BG49KP99"/>
        </identifiers>
        <balance>1831186.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74250000"/>
        <valUSD>3699454.44000000</valUSD>
        <pctVal>1.995036029082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CELLNEX TELECOM SA</name>
        <lei>5493008T4YG3AQUI7P67</lei>
        <title>CELLNEX TELECOM</title>
        <cusip>E2R41M104</cusip>
        <identifiers>
          <isin value="ES0105066007"/>
        </identifiers>
        <balance>87981.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85720000"/>
        <valUSD>2944557.38000000</valUSD>
        <pctVal>1.587936318199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST</name>
        <lei>2549001RZSL75H60JE41</lei>
        <title>KILLAM APARTMENT REAL EST</title>
        <cusip>49410M102</cusip>
        <identifiers>
          <isin value="CA49410M1023"/>
        </identifiers>
        <balance>117524.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37897000"/>
        <valUSD>1563043.55000000</valUSD>
        <pctVal>0.842915691448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>1870912.50000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39110000"/>
        <valUSD>-758.80000000</valUSD>
        <pctVal>-0.00040920448</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
              <counterpartyLei>5493006KMX1VFTPYPW14</counterpartyLei>
            </counterparties>
            <amtCurSold>-1870912.50000000</amtCurSold>
            <curSold>AUD</curSold>
            <amtCurPur>1344157.09000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-06-02</settlementDt>
            <unrealizedAppr>-758.80000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>181090.93000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74250000"/>
        <valUSD>-936.49000000</valUSD>
        <pctVal>-0.00050502886</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
              <counterpartyLei>5493006KMX1VFTPYPW14</counterpartyLei>
            </counterparties>
            <amtCurSold>-181090.93000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>242957.02000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-06-02</settlementDt>
            <unrealizedAppr>-936.49000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBH</name>
        <lei>N/A</lei>
        <title>BBH SWEEP VEHICLE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="JABBHMM"/>
        </identifiers>
        <balance>477578.48000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>477578.48000000</valUSD>
        <pctVal>0.257547778940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market Deposit Account" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-26</ncom:dateSigned>
      <ncom:nameOfApplicant>James Alpha Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Erik Naviloff</ncom:signature>
      <ncom:signerName>Erik Naviloff</ncom:signerName>
      <ncom:title>Asst Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
