-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QRz1oFYpjFcFd9vMr1dT5Qr48JcvUvTzl76lMMSle6a4fmDlpwVrFbBvCyotWmqB
 cK3lizzlfBrWoEIFTzRD+A==

<SEC-DOCUMENT>0001209191-10-040996.txt : 20100803
<SEC-HEADER>0001209191-10-040996.hdr.sgml : 20100803
<ACCEPTANCE-DATETIME>20100803203700
ACCESSION NUMBER:		0001209191-10-040996
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100730
FILED AS OF DATE:		20100803
DATE AS OF CHANGE:		20100803

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Petrocelli Richard A
		CENTRAL INDEX KEY:			0001496743

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00732
		FILM NUMBER:		10989265

	MAIL ADDRESS:	
		STREET 1:		C/O SARATOGA INVESTMENT ADVISORS, LLC
		STREET 2:		535 MADISON AVENUE, 4TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SARATOGA INVESTMENT CORP.
		CENTRAL INDEX KEY:			0001377936
		IRS NUMBER:				204876925
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0228

	BUSINESS ADDRESS:	
		STREET 1:		535 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212 750-3343

	MAIL ADDRESS:	
		STREET 1:		535 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GSC INVESTMENT CORP.
		DATE OF NAME CHANGE:	20070321

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GSC Investment LLC
		DATE OF NAME CHANGE:	20061011
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c04214_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-07-30</periodOfReport>

    <issuer>
        <issuerCik>0001377936</issuerCik>
        <issuerName>SARATOGA INVESTMENT CORP.</issuerName>
        <issuerTradingSymbol>SAR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001496743</rptOwnerCik>
            <rptOwnerName>Petrocelli Richard A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SARATOGA INVESTMENT CORP</rptOwnerStreet1>
            <rptOwnerStreet2>535 MADISON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle>CFO, Secretary, CCO</officerTitle>
            <otherText>Member 10% owner group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-07-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>328947</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.52</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>328947</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <ownerSignature>
        <signatureName>/s/ Richard A. Petrocelli</signatureName>
        <signatureDate>2010-08-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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