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      <regStateConditional regCountry="US" regState="US-NY"/>
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      <repPdEnd>2026-08-31</repPdEnd>
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      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>214698087.03</totLiabs>
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        <name>BBH</name>
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        <fairValLevel>2</fairValLevel>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-26838800.00000000</notionalAmt>
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            <unrealizedAppr>600800.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPY BULLET SWAP Q</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal ID" value="SPYS3262Q            00001"/>
        </identifiers>
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        <curCd>USD</curCd>
        <valUSD>-50100.00000000</valUSD>
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        <assetCat>DO</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SPDR S&amp;P 500 ETF Trust</issuerName>
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                  <isin value="US78462F1030"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">performance</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="0.65000000" pmntAmt="-1237.92000000">
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                <rtResetTenor rateTenor="Month" rateTenorUnit="13" resetDt="Year" resetDtUnit="1"/>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-10339950.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-50100.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPXWP6400 03/20/2026"/>
        </identifiers>
        <balance>-300.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-646500.00000000</valUSD>
        <pctVal>-0.12125782953</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>PERSHING LLC</counterpartyName>
              <counterpartyLei>ZI8Q1A8EI8LQFJNM0D94</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P Indices INDEX</indexName>
                <indexIdentifier>78378X107</indexIdentifier>
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            </descRefInstrmnt>
            <shareNo>-300.00000000</shareNo>
            <exercisePrice>6400.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>271571.86000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPXWP6500 02/27/2026"/>
        </identifiers>
        <balance>-250.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3125.00000000</valUSD>
        <pctVal>-0.00058612639</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>PERSHING LLC</counterpartyName>
              <counterpartyLei>ZI8Q1A8EI8LQFJNM0D94</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P Indices INDEX</indexName>
                <indexIdentifier>78378X107</indexIdentifier>
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            </descRefInstrmnt>
            <shareNo>-250.00000000</shareNo>
            <exercisePrice>6500.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-02-27</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>286169.07000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPY C705  03/20/2026"/>
        </identifiers>
        <balance>-1425.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-269325.00000000</valUSD>
        <pctVal>-0.05051471761</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>PERSHING LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street Spdr S&amp;p 500 Etf Trust</issuerName>
                <issueTitle>State Street Spdr S&amp;p 500 Etf Trust TR UNIT</issueTitle>
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                  <cusip value="78462F103"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-1425.00000000</shareNo>
            <exercisePrice>705.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>253117.41000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPXWP6800 03/31/2026"/>
        </identifiers>
        <balance>800.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>8092000.00000000</valUSD>
        <pctVal>1.517739143962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>PERSHING LLC</counterpartyName>
              <counterpartyLei>ZI8Q1A8EI8LQFJNM0D94</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P Indices INDEX</indexName>
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            <shareNo>800.00000000</shareNo>
            <exercisePrice>6800.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1560629.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPY US 03/20/26 C707</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPY C707  03/20/2026"/>
        </identifiers>
        <balance>-2100.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-294000.00000000</valUSD>
        <pctVal>-0.05514277166</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>PERSHING LLC</counterpartyName>
              <counterpartyLei>ZI8Q1A8EI8LQFJNM0D94</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>State Street Spdr S&amp;p 500 Etf Trust</issuerName>
                <issueTitle>State Street Spdr S&amp;p 500 Etf Trust TR UNIT</issueTitle>
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                  <cusip value="78462F103"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-2100.00000000</shareNo>
            <exercisePrice>707.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>497440.12000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPY C710  03/20/2026"/>
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        <balance>-2750.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-250250.00000000</valUSD>
        <pctVal>-0.04693700207</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>PERSHING LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>State Street Spdr S&amp;p 500 Etf Trust</issuerName>
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                  <cusip value="78462F103"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>-2750.00000000</shareNo>
            <exercisePrice>710.00000000</exercisePrice>
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            <expDt>2026-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1029666.68000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPXWP6450 03/31/2026"/>
        </identifiers>
        <balance>-800.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3288000.00000000</valUSD>
        <pctVal>-0.61669875251</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Put</putOrCall>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P Indices INDEX</indexName>
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            <shareNo>-800.00000000</shareNo>
            <exercisePrice>6450.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-657963.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPY BULLET SWAP L</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPYS3262L            00001"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1716750.00000000</valUSD>
        <pctVal>0.321994398838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SPDR S&amp;P 500 ETF Trust</issuerName>
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                  <isin value="US78462F1030"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">performance</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="SOFR" floatingRtSpread="0.70000000" pmntAmt="-493850.77000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="5" resetDt="Year" resetDtUnit="1"/>
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            <terminationDt>2026-07-03</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-15433000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1716750.00000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Spdr S&amp;p 500 Etf Trust</name>
        <lei>549300NZAMSJ8FXPQQ63</lei>
        <title>SS S&amp;P 500 ET-US</title>
        <cusip>78462F103</cusip>
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          <isin value="US78462F1030"/>
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        <balance>692500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>475048075.00000000</valUSD>
        <pctVal>89.10022969494</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPY C700  03/13/2026"/>
        </identifiers>
        <balance>-1050.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-219450.00000000</valUSD>
        <pctVal>-0.04116014027</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>State Street Spdr S&amp;p 500 Etf Trust</issuerName>
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                  <cusip value="78462F103"/>
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            </descRefInstrmnt>
            <shareNo>-1050.00000000</shareNo>
            <exercisePrice>700.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-03-13</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>211119.56000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPY BULLET SWAP M</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPYS3262M            00001"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>999800.00000000</valUSD>
        <pctVal>0.187522935755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SPDR S&amp;P 500 ETF Trust</issuerName>
                <issueTitle>SPDR S&amp;P 500 ETF Trust</issueTitle>
                <identifiers>
                  <isin value="US78462F1030"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">performance</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FEDL01" floatingRtSpread="0.65000000" pmntAmt="-351676.40000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="6" resetDt="Year" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2026-08-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-12720000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>999800.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <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>
