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          <ccc>XXXXXXXX</ccc>
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        <classId>C000030189</classId>
        <classId>C000030190</classId>
        <classId>C000030187</classId>
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      <regFileNumber>811-08542</regFileNumber>
      <regCik>0000924628</regCik>
      <regLei>549300ELDSPPW4ZGNR88</regLei>
      <regStreet1>1616 N LITCHFIELD RD.</regStreet1>
      <regStreet2>SUITE 165</regStreet2>
      <regCity>GOODYEAR</regCity>
      <regStateConditional regCountry="US" regState="US-AZ"/>
      <regZipOrPostalCode>85395</regZipOrPostalCode>
      <regPhone>623-266-4567</regPhone>
      <seriesName>Saratoga Financial Services Portfolio</seriesName>
      <seriesId>S000010893</seriesId>
      <seriesLei>5493003OSJQMQNHI7H73</seriesLei>
      <repPdEnd>2020-08-31</repPdEnd>
      <repPdDate>2020-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>10832.41</totLiabs>
      <netAssets>1034679.81</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
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      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
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        <othMon2 netRealizedGain="0.00000000" netUnrealizedAppr="85659.91000000"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Chubb Limited</name>
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        <invCountry>CH</invCountry>

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        <name>Moodys Corp</name>
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        <name>Synchrony Financial</name>
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      <invstOrSec>
        <name>Dreyfus Instl Resv</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Aon plc</name>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>The Charles Schwab Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Popular, Inc.</name>
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        <name>MetLife Inc.</name>
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        <name>Kemper Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>S&amp;P GLOBAL INC</name>
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        <name>PNC Financial Services Group Inc</name>
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        <name>Bank of America Corporation</name>
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        <name>Voya Financial Inc</name>
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        <name>CME Group Inc.</name>
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        <name>Marsh &amp; McLennan Companies, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MSCI Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI INC</title>
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        <name>Morgan Stanley</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Discover Financial Services</name>
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      <invstOrSec>
        <name>Agnc Investment Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Berkshire Hathaway Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Renaissancere Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Wells Fargo &amp; Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Truist Financial Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>American International Group, Inc.</name>
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        <name>The Bank of New York Mellon Corporation</name>
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        <name>Signature Bank</name>
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        <name>State Street Corporation</name>
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        <name>Aflac Incorporated</name>
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        <fairValLevel>1</fairValLevel>
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        <name>M&amp;T Bank Corporation</name>
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        <name>First American Financial Corporation</name>
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        <name>The Allstate Corporation</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>Stifel Financial Corporation</name>
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        <name>Intercontinental Exchange Inc</name>
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        <name>Western Alliance Bancorporation</name>
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        <name>First Horizon National Corporation</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Ameriprise Financial, Inc.</name>
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        <name>Citigroup Inc.</name>
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        <name>U.S. Bancorp</name>
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        <name>BlackRock, Inc.</name>
        <lei>549300LRIF3NWCU26A80</lei>
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        <balance>68.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35947.52000000</valUSD>
        <pctVal>3.474265144885</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>Prosperity Bancsha</name>
        <lei>N/A</lei>
        <title>PROSPERITY BNCSH</title>
        <cusip>743606105</cusip>
        <identifiers>
          <isin value="US7436061052"/>
        </identifiers>
        <balance>408.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26679.12000000</valUSD>
        <pctVal>2.578490441405</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>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GP</title>
        <cusip>38141G104</cusip>
        <identifiers>
          <isin value="US38141G1040"/>
        </identifiers>
        <balance>47.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9235.03000000</valUSD>
        <pctVal>0.892549551150</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>2020-06-26</ncom:dateSigned>
      <ncom:nameOfApplicant>SARATOGA ADVANTAGE TRUST</ncom:nameOfApplicant>
      <ncom:signature>Aaron Smith</ncom:signature>
      <ncom:signerName>Aaron Smith</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
