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    <filerInfo>

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          <ccc>XXXXXXXX</ccc>
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        <classId>C000224298</classId>
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      <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>2026-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>1680115.87</totLiabs>
      <netAssets>196347057.93</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <liquidPref>0.00000000</liquidPref>
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          <indexIdentifier>RNGL</indexIdentifier>

        </fundsDesignatedInfo>

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        <lei>N/A</lei>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Digital Realty Trust Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ellington Financial Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <name>American Homes 4 Rent</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Omega Healthcare Investors, Inc.</name>
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        <name>SBA Communications Corp.</name>
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        <name>Killam Apartment Real Estate Investment Trust</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Vici Properties Inc</name>
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        <name>Iron Mountain Inc.</name>
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        <name>Cellnex Telecom S.A.U</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Tritax Big Box REIT PLC</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>TRITAX BIG BOX R</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Chartwell Retirement Residences</name>
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        <title>CHARTWELL RETIRE</title>
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        <balance>221704.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36400000"/>
        <valUSD>3611629.68000000</valUSD>
        <pctVal>1.839411151904</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>Minto Apartment Real Estate Investment Trust</name>
        <lei>8945004CL5S09C4BXW65</lei>
        <title>MINTO APARTMENT</title>
        <cusip>60448E103</cusip>
        <identifiers>
          <isin value="CA60448E1034"/>
        </identifiers>
        <balance>278065.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36400000"/>
        <valUSD>3577742.49000000</valUSD>
        <pctVal>1.822152329512</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>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="1.40500000"/>
        <valUSD>4464808.75000000</valUSD>
        <pctVal>2.273937178927</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>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>3831742.50000000</valUSD>
        <pctVal>1.951515108194</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>Merlin Properties Socimi SA</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>Merlin Properties Socimi</title>
        <cusip>E7390Z100</cusip>
        <identifiers>
          <isin value="ES0105025003"/>
        </identifiers>
        <balance>82281.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84590000"/>
        <valUSD>1453668.71000000</valUSD>
        <pctVal>0.740356756717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>2745832.35000000</valUSD>
        <pctVal>1.398458616568</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>NEXTDC Ltd.</name>
        <lei>529900RTERU3X7G3D672</lei>
        <title>NEXTDC Ltd</title>
        <cusip>Q6750Y106</cusip>
        <identifiers>
          <isin value="AU000000NXT8"/>
        </identifiers>
        <balance>597544.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.40500000"/>
        <valUSD>5897464.12000000</valUSD>
        <pctVal>3.003591794129</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>Simon Property Group Inc</name>
        <lei>529900GQL5X8H7AO3T64</lei>
        <title>SIMON PROPERTY</title>
        <cusip>828806109</cusip>
        <identifiers>
          <isin value="US8288061091"/>
        </identifiers>
        <balance>34139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6959235.15000000</valUSD>
        <pctVal>3.544354177428</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>91571.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5781792.94000000</valUSD>
        <pctVal>2.944680200943</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>NETSTREIT Corp.</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>NETSTREIT CORP</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <isin value="US64119V3033"/>
        </identifiers>
        <balance>421086.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8745956.22000000</valUSD>
        <pctVal>4.454335253201</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>Unibail-Rodamco-Westfield SE</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>UNIBAIL-RODAMCO-</title>
        <cusip>F95094581</cusip>
        <identifiers>
          <isin value="FR0013326246"/>
        </identifiers>
        <balance>11844.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84590000"/>
        <valUSD>1484626.07000000</valUSD>
        <pctVal>0.756123410073</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>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>3437928.62000000</valUSD>
        <pctVal>1.750944809789</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="0.84590000"/>
        <valUSD>1533881.92000000</valUSD>
        <pctVal>0.781209525709</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>Kite Realty Group Trust</name>
        <lei>N/A</lei>
        <title>KITE REALTY GROU</title>
        <cusip>49803T300</cusip>
        <identifiers>
          <isin value="US49803T3005"/>
        </identifiers>
        <balance>273653.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7128660.65000000</valUSD>
        <pctVal>3.630642967179</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>9018.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8785876.68000000</valUSD>
        <pctVal>4.474666833628</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</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE GROUP/THE</title>
        <cusip>G9283N101</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
        </identifiers>
        <balance>987591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74198000"/>
        <valUSD>6694745.73000000</valUSD>
        <pctVal>3.409649118545</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>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="0.84590000"/>
        <valUSD>3399584.97000000</valUSD>
        <pctVal>1.731416302255</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>Goodman Group</name>
        <lei>N/A</lei>
        <title>GOODMAN GROUP</title>
        <cusip>Q4229W132</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
        </identifiers>
        <balance>398356.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.40500000"/>
        <valUSD>8195417.68000000</valUSD>
        <pctVal>4.173944731538</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>Welltower Inc.</name>
        <lei>254900F33BIAR82QTA19</lei>
        <title>WELLTOWER INC</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <isin value="US95040Q1040"/>
        </identifiers>
        <balance>35180.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7286481.60000000</valUSD>
        <pctVal>3.711021533410</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>BBH</name>
        <lei>N/A</lei>
        <title>BBH SWEEP VEHICLE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="JABBHMM"/>
        </identifiers>
        <balance>9008120.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9008120.23000000</valUSD>
        <pctVal>4.587855975520</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>
      <invstOrSec>
        <name>Rexford Industrial Realty Inc.</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDUSTRI</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <isin value="US76169C1009"/>
        </identifiers>
        <balance>151852.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5689894.44000000</valUSD>
        <pctVal>2.897876087365</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>Catena AB</name>
        <lei>549300EMLM7AH5LDLY65</lei>
        <title>CATENA AB</title>
        <cusip>W2356E100</cusip>
        <identifiers>
          <isin value="SE0001664707"/>
        </identifiers>
        <balance>77493.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.02492000"/>
        <valUSD>4272394.28000000</valUSD>
        <pctVal>2.175940054840</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>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER C</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <isin value="US03027X1000"/>
        </identifiers>
        <balance>33274.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6383949.64000000</valUSD>
        <pctVal>3.251359968060</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-27</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>
</edgarSubmission>
