<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0101</schemaVersion>

    <submissionType>EFFECT</submissionType>

    <act>33</act>

    <testOrLive>LIVE</testOrLive>

    <effectiveData>
        <finalEffectivenessDispDate>2021-01-27</finalEffectivenessDispDate>
        <finalEffectivenessDispTime>14:00:00</finalEffectivenessDispTime>
        <form>N-14</form>
        <filer>
            <cik>0001829774</cik>
            <entityName>James Alpha Funds Trust</entityName>
            <fileNumber>333-251519</fileNumber>
            <seriesClassContractData>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070605</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha EHS Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224281</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha EHS Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055316</targetSeriesId>
                    <targetSeriesName>James Alpha EHS Portfolio</targetSeriesName>
                    <targetClassContractId>C000188367</targetClassContractId>
                    <targetClassContractName>James Alpha EHS Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070605</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha EHS Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224282</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha EHS Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055316</targetSeriesId>
                    <targetSeriesName>James Alpha EHS Portfolio</targetSeriesName>
                    <targetClassContractId>C000174096</targetClassContractId>
                    <targetClassContractName>James Alpha EHS Portfolio Class A Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070605</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha EHS Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224282</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha EHS Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055316</targetSeriesId>
                    <targetSeriesName>James Alpha EHS Portfolio</targetSeriesName>
                    <targetClassContractId>C000174097</targetClassContractId>
                    <targetClassContractName>James Alpha EHS Portfolio Class C Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070605</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha EHS Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224282</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha EHS Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055316</targetSeriesId>
                    <targetSeriesName>James Alpha EHS Portfolio</targetSeriesName>
                    <targetClassContractId>C000174098</targetClassContractId>
                    <targetClassContractName>James Alpha EHS Portfolio Class I Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070606</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Relative Value Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224283</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Relative Value Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055318</targetSeriesId>
                    <targetSeriesName>James Alpha Relative Value Portfolio</targetSeriesName>
                    <targetClassContractId>C000174102</targetClassContractId>
                    <targetClassContractName>James Alpha Relative Value Portfolio Class A Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070606</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Relative Value Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224283</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Relative Value Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055318</targetSeriesId>
                    <targetSeriesName>James Alpha Relative Value Portfolio</targetSeriesName>
                    <targetClassContractId>C000174103</targetClassContractId>
                    <targetClassContractName>James Alpha Relative Value Portfolio Class C Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070606</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Relative Value Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224283</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Relative Value Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055318</targetSeriesId>
                    <targetSeriesName>James Alpha Relative Value Portfolio</targetSeriesName>
                    <targetClassContractId>C000174104</targetClassContractId>
                    <targetClassContractName>James Alpha Relative Value Portfolio Class I Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070606</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Relative Value Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224284</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Relative Value Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055318</targetSeriesId>
                    <targetSeriesName>James Alpha Relative Value Portfolio</targetSeriesName>
                    <targetClassContractId>C000188369</targetClassContractId>
                    <targetClassContractName>James Alpha Relative Value Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070607</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Structured Credit Value Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224285</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Structured Credit Value Fund Class A</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000062280</targetSeriesId>
                    <targetSeriesName>James Alpha Structured Credit Value Portfolio</targetSeriesName>
                    <targetClassContractId>C000201854</targetClassContractId>
                    <targetClassContractName>James Alpha Structured Credit Value Portfolio Class A</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070607</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Structured Credit Value Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224286</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Structured Credit Value Fund Class C</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000062280</targetSeriesId>
                    <targetSeriesName>James Alpha Structured Credit Value Portfolio</targetSeriesName>
                    <targetClassContractId>C000201855</targetClassContractId>
                    <targetClassContractName>James Alpha Structured Credit Value Portfolio Class C</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070607</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Structured Credit Value Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224287</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Structured Credit Value Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000062280</targetSeriesId>
                    <targetSeriesName>James Alpha Structured Credit Value Portfolio</targetSeriesName>
                    <targetClassContractId>C000201857</targetClassContractId>
                    <targetClassContractName>James Alpha Structured Credit Value Portfolio Class S</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070607</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Structured Credit Value Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224288</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Structured Credit Value Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000062280</targetSeriesId>
                    <targetSeriesName>James Alpha Structured Credit Value Portfolio</targetSeriesName>
                    <targetClassContractId>C000201856</targetClassContractId>
                    <targetClassContractName>James Alpha Structured Credit Value Portfolio Class I</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070608</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Total Hedge Portfolio</acquiringSeriesName>
                    <acquiringClassContractId>C000224289</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Total Hedge Portfolio Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055319</targetSeriesId>
                    <targetSeriesName>James Alpha Total Hedge Portfolio</targetSeriesName>
                    <targetClassContractId>C000174105</targetClassContractId>
                    <targetClassContractName>James Alpha Total Hedge Portfolio Class A Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070608</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Total Hedge Portfolio</acquiringSeriesName>
                    <acquiringClassContractId>C000224289</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Total Hedge Portfolio Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055319</targetSeriesId>
                    <targetSeriesName>James Alpha Total Hedge Portfolio</targetSeriesName>
                    <targetClassContractId>C000174106</targetClassContractId>
                    <targetClassContractName>James Alpha Total Hedge Portfolio Class C Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070608</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Total Hedge Portfolio</acquiringSeriesName>
                    <acquiringClassContractId>C000224289</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Total Hedge Portfolio Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055319</targetSeriesId>
                    <targetSeriesName>James Alpha Total Hedge Portfolio</targetSeriesName>
                    <targetClassContractId>C000174107</targetClassContractId>
                    <targetClassContractName>James Alpha Total Hedge Portfolio Class I Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070608</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Total Hedge Portfolio</acquiringSeriesName>
                    <acquiringClassContractId>C000224290</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Total Hedge Portfolio Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055319</targetSeriesId>
                    <targetSeriesName>James Alpha Total Hedge Portfolio</targetSeriesName>
                    <targetClassContractId>C000188370</targetClassContractId>
                    <targetClassContractName>James Alpha Total Hedge Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070609</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Event Driven Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224291</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Event Driven Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055317</targetSeriesId>
                    <targetSeriesName>James Alpha Event Driven Portfolio</targetSeriesName>
                    <targetClassContractId>C000188368</targetClassContractId>
                    <targetClassContractName>James Alpha Event Driven Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070609</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Event Driven Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224292</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Event Driven Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055317</targetSeriesId>
                    <targetSeriesName>James Alpha Event Driven Portfolio</targetSeriesName>
                    <targetClassContractId>C000174099</targetClassContractId>
                    <targetClassContractName>James Alpha Event Driven Portfolio Class A Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070609</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Event Driven Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224292</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Event Driven Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055317</targetSeriesId>
                    <targetSeriesName>James Alpha Event Driven Portfolio</targetSeriesName>
                    <targetClassContractId>C000174100</targetClassContractId>
                    <targetClassContractName>James Alpha Event Driven Portfolio Class C Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070609</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Event Driven Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224292</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Event Driven Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000055317</targetSeriesId>
                    <targetSeriesName>James Alpha Event Driven Portfolio</targetSeriesName>
                    <targetClassContractId>C000174101</targetClassContractId>
                    <targetClassContractName>James Alpha Event Driven Portfolio Class I Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070610</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Family Office Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224293</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Family Office Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049849</targetSeriesId>
                    <targetSeriesName>James Alpha Family Office Portfolio</targetSeriesName>
                    <targetClassContractId>C000157433</targetClassContractId>
                    <targetClassContractName>James Alpha Family Office Portfolio Class I</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070610</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Family Office Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224293</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Family Office Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049849</targetSeriesId>
                    <targetSeriesName>James Alpha Family Office Portfolio</targetSeriesName>
                    <targetClassContractId>C000157434</targetClassContractId>
                    <targetClassContractName>James Alpha Family Office Portfolio Class A</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070610</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Family Office Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224293</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Family Office Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049849</targetSeriesId>
                    <targetSeriesName>James Alpha Family Office Portfolio</targetSeriesName>
                    <targetClassContractId>C000157435</targetClassContractId>
                    <targetClassContractName>James Alpha Family Office Portfolio Class C</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070610</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Family Office Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224294</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Family Office Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049849</targetSeriesId>
                    <targetSeriesName>James Alpha Family Office Portfolio</targetSeriesName>
                    <targetClassContractId>C000188365</targetClassContractId>
                    <targetClassContractName>James Alpha Family Office Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070611</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Global Real Estate Investments Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224295</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Global Real Estate Investments Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000033377</targetSeriesId>
                    <targetSeriesName>James Alpha Global Real Estate Investments Portfolio</targetSeriesName>
                    <targetClassContractId>C000102468</targetClassContractId>
                    <targetClassContractName>James Alpha Global Real Estate Investments Portfolio Class I Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070611</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Global Real Estate Investments Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224296</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Global Real Estate Investments Fund Class C</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000033377</targetSeriesId>
                    <targetSeriesName>James Alpha Global Real Estate Investments Portfolio</targetSeriesName>
                    <targetClassContractId>C000109475</targetClassContractId>
                    <targetClassContractName>James Alpha Global Real Estate Investments Portfolio Class C Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070611</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Global Real Estate Investments Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224297</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Global Real Estate Investments Fund Class A</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000033377</targetSeriesId>
                    <targetSeriesName>James Alpha Global Real Estate Investments Portfolio</targetSeriesName>
                    <targetClassContractId>C000102469</targetClassContractId>
                    <targetClassContractName>James Alpha Global Real Estate Investments Portfolio Class A Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070611</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Global Real Estate Investments Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224298</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Global Real Estate Investments Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000033377</targetSeriesId>
                    <targetSeriesName>James Alpha Global Real Estate Investments Portfolio</targetSeriesName>
                    <targetClassContractId>C000188360</targetClassContractId>
                    <targetClassContractName>James Alpha Global Real Estate Investments Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070612</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Hedged High Income Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224299</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Hedged High Income Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000053933</targetSeriesId>
                    <targetSeriesName>James Alpha Hedged High Income Portfolio</targetSeriesName>
                    <targetClassContractId>C000169729</targetClassContractId>
                    <targetClassContractName>Class I Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070612</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Hedged High Income Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224300</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Hedged High Income Fund Class C</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000053933</targetSeriesId>
                    <targetSeriesName>James Alpha Hedged High Income Portfolio</targetSeriesName>
                    <targetClassContractId>C000169728</targetClassContractId>
                    <targetClassContractName>Class C Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070612</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Hedged High Income Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224301</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Hedged High Income Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000053933</targetSeriesId>
                    <targetSeriesName>James Alpha Hedged High Income Portfolio</targetSeriesName>
                    <targetClassContractId>C000188366</targetClassContractId>
                    <targetClassContractName>James Alpha Hedged High Income Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070612</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Hedged High Income Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224302</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Hedged High Income Fund Class A</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000053933</targetSeriesId>
                    <targetSeriesName>James Alpha Hedged High Income Portfolio</targetSeriesName>
                    <targetClassContractId>C000169727</targetClassContractId>
                    <targetClassContractName>Class A Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070613</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Macro Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224303</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Macro Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000030697</targetSeriesId>
                    <targetSeriesName>James Alpha Macro Portfolio</targetSeriesName>
                    <targetClassContractId>C000188359</targetClassContractId>
                    <targetClassContractName>James Alpha Macro Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070613</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Macro Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224304</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Macro Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000030697</targetSeriesId>
                    <targetSeriesName>James Alpha Macro Portfolio</targetSeriesName>
                    <targetClassContractId>C000095117</targetClassContractId>
                    <targetClassContractName>James Alpha Macro Portfolio Class I Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070613</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Macro Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224304</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Macro Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000030697</targetSeriesId>
                    <targetSeriesName>James Alpha Macro Portfolio</targetSeriesName>
                    <targetClassContractId>C000095118</targetClassContractId>
                    <targetClassContractName>James Alpha Macro Portfolio Class A Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070613</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Macro Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224304</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Macro Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000030697</targetSeriesId>
                    <targetSeriesName>James Alpha Macro Portfolio</targetSeriesName>
                    <targetClassContractId>C000109474</targetClassContractId>
                    <targetClassContractName>James Alpha Macro Portfolio Class C Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070614</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Managed Risk Domestic Equity Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224305</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Managed Risk Domestic Equity Fund Class A</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049847</targetSeriesId>
                    <targetSeriesName>James Alpha Managed Risk Domestic Equity Portfolio</targetSeriesName>
                    <targetClassContractId>C000157428</targetClassContractId>
                    <targetClassContractName>James Alpha Managed Risk Domestic Equity Portfolio Class A</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070614</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Managed Risk Domestic Equity Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224306</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Managed Risk Domestic Equity Fund Class C</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049847</targetSeriesId>
                    <targetSeriesName>James Alpha Managed Risk Domestic Equity Portfolio</targetSeriesName>
                    <targetClassContractId>C000157429</targetClassContractId>
                    <targetClassContractName>James Alpha Managed Risk Domestic Equity Portfolio Class C</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070614</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Managed Risk Domestic Equity Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224307</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Managed Risk Domestic Equity Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049847</targetSeriesId>
                    <targetSeriesName>James Alpha Managed Risk Domestic Equity Portfolio</targetSeriesName>
                    <targetClassContractId>C000157427</targetClassContractId>
                    <targetClassContractName>James Alpha Managed Risk Domestic Equity Portfolio Class I</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070614</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Managed Risk Domestic Equity Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224308</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Managed Risk Domestic Equity Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049847</targetSeriesId>
                    <targetSeriesName>James Alpha Managed Risk Domestic Equity Portfolio</targetSeriesName>
                    <targetClassContractId>C000188363</targetClassContractId>
                    <targetClassContractName>James Alpha Managed Risk Domestic Equity Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070615</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Managed Risk Emerging Markets Equity Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224309</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Managed Risk Emerging Markets Equity Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049848</targetSeriesId>
                    <targetSeriesName>James Alpha Managed Risk Emerging Markets Equity Portfolio</targetSeriesName>
                    <targetClassContractId>C000188364</targetClassContractId>
                    <targetClassContractName>James Alpha Managed Risk Emerging Markets Equity Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070615</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Managed Risk Emerging Markets Equity Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224310</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Managed Risk Emerging Markets Equity Fund Class A</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049848</targetSeriesId>
                    <targetSeriesName>James Alpha Managed Risk Emerging Markets Equity Portfolio</targetSeriesName>
                    <targetClassContractId>C000157431</targetClassContractId>
                    <targetClassContractName>James Alpha Managed Risk Emerging Markets Equity Portfolio Class A</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070615</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Managed Risk Emerging Markets Equity Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224311</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Managed Risk Emerging Markets Equity Fund Class C</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049848</targetSeriesId>
                    <targetSeriesName>James Alpha Managed Risk Emerging Markets Equity Portfolio</targetSeriesName>
                    <targetClassContractId>C000157432</targetClassContractId>
                    <targetClassContractName>James Alpha Managed Risk Emerging Markets Equity Portfolio Class C</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070615</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Managed Risk Emerging Markets Equity Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224312</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Managed Risk Emerging Markets Equity Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000049848</targetSeriesId>
                    <targetSeriesName>James Alpha Managed Risk Emerging Markets Equity Portfolio</targetSeriesName>
                    <targetClassContractId>C000157430</targetClassContractId>
                    <targetClassContractName>James Alpha Managed Risk Emerging Markets Equity Portfolio Class I</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070616</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Multi Strategy Alternative Income Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224313</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Multi Strategy Alternative Income Fund Class R6</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000046239</targetSeriesId>
                    <targetSeriesName>James Alpha Multi Strategy Alternative Income Portfolio</targetSeriesName>
                    <targetClassContractId>C000188361</targetClassContractId>
                    <targetClassContractName>James Alpha Multi Strategy Alternative Income Portfolio Class S Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070616</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Multi Strategy Alternative Income Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224314</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Multi Strategy Alternative Income Fund Class I</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000046239</targetSeriesId>
                    <targetSeriesName>James Alpha Multi Strategy Alternative Income Portfolio</targetSeriesName>
                    <targetClassContractId>C000144545</targetClassContractId>
                    <targetClassContractName>James Alpha Multi Strategy Alternative Income Portfolio Class I Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070616</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Multi Strategy Alternative Income Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224315</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Multi Strategy Alternative Income Fund Class C</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000046239</targetSeriesId>
                    <targetSeriesName>James Alpha Multi Strategy Alternative Income Portfolio</targetSeriesName>
                    <targetClassContractId>C000144547</targetClassContractId>
                    <targetClassContractName>James Alpha Multi Strategy Alternative Income Portfolio Class C Shares</targetClassContractName>
                </merger>
                <merger>
                    <acquiringCik>0001829774</acquiringCik>
                    <acquiringEntityName>James Alpha Funds Trust</acquiringEntityName>
                    <acquiringSeriesId>S000070616</acquiringSeriesId>
                    <acquiringSeriesName>James Alpha Multi Strategy Alternative Income Fund</acquiringSeriesName>
                    <acquiringClassContractId>C000224316</acquiringClassContractId>
                    <acquiringClassContractName>James Alpha Multi Strategy Alternative Income Fund Class A</acquiringClassContractName>
                    <targetCik>0000924628</targetCik>
                    <targetEntityName>SARATOGA ADVANTAGE TRUST</targetEntityName>
                    <targetSeriesId>S000046239</targetSeriesId>
                    <targetSeriesName>James Alpha Multi Strategy Alternative Income Portfolio</targetSeriesName>
                    <targetClassContractId>C000144546</targetClassContractId>
                    <targetClassContractName>James Alpha Multi Strategy Alternative Income Portfolio Class A Shares</targetClassContractName>
                </merger>
            </seriesClassContractData>
        </filer>
    </effectiveData>
</edgarSubmission>
