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        <name>OAKTOWN RE III LTD</name>
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        <name>Iron Mountain</name>
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        <name>Pacific Bioscience</name>
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        <name>Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>DynCorp </name>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>Broadcom Inc</name>
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        <name>Tervita Escrow Corporation</name>
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        <name>Boyd Gaming Corporation</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <name>Nationwide Mutual Insurance Company</name>
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        <name>Transocean Sentry Limited</name>
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        <name>Deephaven Residential Mortgage Tst</name>
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        <name>Dell International L.L.C. and EMC Corporation</name>
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        <name>Transocean Inc.</name>
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        <name>First Investors Auto Owner Trust 2011</name>
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        <name>Vaneck Vectors Etf Trust</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <title>STACR 2018-HRP2 B1</title>
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        <name>ALTICE FRANCE S.A</name>
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        <title>SFRFP 7 3/8 05/01/26</title>
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        <name>MEG Energy Corporation</name>
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        <name>CPS Auto Receivables Trust</name>
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        <name>Centene Corporation</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>STACR 2020-DNA2 M2</title>
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        <name>COMM 2019 MORTGAGE TRUST</name>
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        <title>COMM 2019-GC44 D</title>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Liberty Mutual Insurance Company</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
        <title>LIBMUT 7.697 10/15/97</title>
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        <name>EXPEDIA GROUP INC</name>
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        <name>House Of Fraser (Funding) plc</name>
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        <name>CDX.NA.HY Series 33</name>
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        <name>FriendFinder Networks Inc.</name>
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        <name>Century Aluminum Company</name>
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        <name>Freedom Mortgage Corporation</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST 2019-R04</name>
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        <name>Verisk Analytics, Inc.</name>
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        <name>Michael Baker International  LLC and Michael Baker International Holdco Corporation.</name>
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        <name>Phillips 66</name>
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        <name>Shelf Drilling International Holdings, Ltd.</name>
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        <title>SHLFDI 8 1/4 02/15/25</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Ferguson Finance plc</name>
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        <name>Delphi Energy Corp</name>
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        <title>DELPHI WARRANT</title>
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        <name>WESTLAKE AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>Oneok Inc.</name>
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        <name>Windstream Services</name>
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        <name>Diamond Sports Group LLC / Diamond Sports Finance Co</name>
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        <name>Carnival Corporation</name>
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        <name>Equinor ASA</name>
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      <invstOrSec>
        <name>Young's PIK S.C.A.</name>
        <lei>N/A</lei>
        <title>YOUNGS 8 1/4 08/31/22</title>
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          <isin value="XS1028948716"/>
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        <name>Enlink Midstream LLC</name>
        <lei>54930000GY1H533OBE23</lei>
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        <name>N/A</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Marriott International, Inc.</name>
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        <name>NEBRASKA BOOK HLDGS INC</name>
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        <title>NEBRASKA BOOK HO</title>
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        <name>VistaJet Malta Finance P.L.C. and VistaJet Co Finance LLC</name>
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        <name>NBTY</name>
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        <name>Magnachip Semiconductor Corp.</name>
        <lei>529900P54J1ATLRBUV29</lei>
        <title>MX 6 5/8 07/15/21</title>
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        <name>Hanesbrands Inc.</name>
        <lei>GX5LWVWZLL5S4W1L2F20</lei>
        <title>HBI 4 7/8 05/15/26</title>
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      <invstOrSec>
        <name>Jaguar Holding Company II/PPD Development L P</name>
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        <name>Energy Transfer Operating L P</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vistra Operations Co LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>JP MORGAN</counterpartyName>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
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      <invstOrSec>
        <name>Froneri</name>
        <lei>N/A</lei>
        <title>ICECR TL B 1L USD</title>
        <cusip>G3679YAC6</cusip>
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          <isin value="XAG3679YAC66"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-30</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Deephaven Residential Mortgage Tst</name>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MPLX LP</name>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>JP MORGAN</counterpartyName>
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        <name>Summit Materials, LLC/Summit Materials Finance Corp.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>HC2 Holdings Inc</name>
        <lei>549300S6O246JWQQ1K58</lei>
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        <name>Booking Holdings Inc</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
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        <name>Federal Farm Credit Banks</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2016-C04 1B</title>
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        <name>Zargon Oil &amp; Gas Ltd.</name>
        <lei>549300O7W2TDFC7GNT54</lei>
        <title>ZARGON OIL &amp; GAS</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Cwalt Incorporation</name>
        <lei>549300NHEJTDVQUV3M53</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Powerteam Services LLC</name>
        <lei>549300J2G34D0WX8Z443</lei>
        <title>POWBUY 9.033 12/04/25</title>
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        <name>Hyatt Hotels Corporation</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <name>Doubleline Income Solutions Fd</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Blackrock Limited</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST</name>
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        <name>Union Pacific Corporation</name>
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        <name>John Hancock Preferred Income Fund III</name>
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        <name>EXPEDIA GROUP INC</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freedom Mortgage Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Era Group Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ford Motor Company</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
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          <isin value="US345370CV02"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITED AUTO CREDIT SECURITIZATION TRUST</name>
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        <title>UACST 2019-1 E</title>
        <cusip>90945QAE1</cusip>
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          <isin value="US90945QAE17"/>
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        <name>Petroleos Mexicanos</name>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>NXP B V / NXP Funding LLC &amp; NXP USA Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jpmbb Coml Mortgage Secs Trust 2015-C31</name>
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        <title>JPMBB 2015-C31 D</title>
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          <isin value="US46644YBD13"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>American Tanker, Inc</name>
        <lei>549300NF6T0U83EHY418</lei>
        <title>AMSCNO 9 1/4 02/22/22</title>
        <cusip>03019LAA4</cusip>
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          <isin value="NO0010777519"/>
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        <name>N/A</name>
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        <name>Oracle Corporation</name>
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        <name>Altria Group, Inc.</name>
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        <title>MO 3.4 05/06/30</title>
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        <name>PBF Holding Company LLC and PBF Finance Corp.</name>
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        <title>PBFENE 6 02/15/28</title>
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        <name>Conn Funding II Lp</name>
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        <title>CONN 2018-A C</title>
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        <name>Enterprise Development Authority</name>
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        <title>HRDRCK 12 07/15/24</title>
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        <name>FriendFinder Networks Inc.</name>
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        <title>FFNT 14 04/27/25</title>
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        <name>Midwest Connector Capital Company LLC</name>
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        <title>MWXCAP 4 5/8 04/01/29</title>
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        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>JP MORGAN</counterpartyName>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Saratoga Advantage</name>
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        <name>INVESCO DYNAMIC CR OPPORTUNITIES FD</name>
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        <name>United States Treasury Notes</name>
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        <name>Global Ship Lease Inc</name>
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        <name>Enstar Group Ltd</name>
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        <name>GoEasy Limited</name>
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        <name>Southwest Airlines Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSC Holdings, LLC</name>
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        <name>Ms Cap I Tr 2016-Ubs9</name>
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        <name>Novelis Corporation</name>
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        <name>Hyatt Hotels Corporation</name>
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        <name>Avation Capital SA</name>
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        <name>Chicago Board of Trade</name>
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                <issuerName>N/A</issuerName>
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                  <isin value="N/A"/>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <ticker value="USD"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NY</counterpartyName>
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              <counterpartyName>BANK OF NY</counterpartyName>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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          <ticker value="TUU0 COMDTY"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>JP MORGAN</counterpartyName>
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              <counterpartyName>JP MORGAN</counterpartyName>
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        <name>Eaton Vance Limited Duration Income Fund</name>
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          <isin value="US27828H1059"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Windstream Services LLC</name>
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          <isin value="US97381LAB45"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Puget Energy Inc</name>
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          <isin value="US745310AJ12"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>N/A</lei>
        <title>STACR 2015-HQA1 B</title>
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          <isin value="US3137G0GM56"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 3 7/8 04/15/30</title>
        <cusip>87264ABE4</cusip>
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          <isin value="US87264ABE47"/>
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        <balance>30000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PBF Holding Company LLC and PBF Finance Corp.</name>
        <lei>549300TILVIIV9FLL461</lei>
        <title>PBFENE 9 1/4 05/15/25</title>
        <cusip>69318FAK4</cusip>
        <identifiers>
          <isin value="US69318FAK49"/>
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        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37982.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fortress Global Enterprises Inc</name>
        <lei>5493000SBNSBTHNNJ531</lei>
        <title>FGECN 9 3/4 12/31/21</title>
        <cusip>34961FAA0</cusip>
        <identifiers>
          <isin value="CA34961FAA09"/>
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        <balance>330000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38220000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-12-31</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Viking Cruises, Ltd.</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKCRU 5 7/8 09/15/27</title>
        <cusip>92676XAD9</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>27120.83000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>South Jersey Industries Inc</name>
        <lei>549300DJYWYT5VXLFA46</lei>
        <title>SJI 5 5/8</title>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Dealer Tire LLC</name>
        <lei>549300XTS06OMOCRSE50</lei>
        <title>DEATIR 8 02/01/28</title>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust 2016-GS4</name>
        <lei>N/A</lei>
        <title>GSMS 2016-GS4 D</title>
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        <name>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
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        <name>Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer Inc</name>
        <lei>549300HJUVLG7EAGZV92</lei>
        <title>PK 7 1/2 06/01/25</title>
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        <name>Conns Inc</name>
        <lei>529900K9HOACKOJJT953</lei>
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        <name>Diamond Sports Group</name>
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        <name>Tunica-Biloxi Gaming Authority</name>
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        <name>Morgan Stanley BAML Trust</name>
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        <name>Mountain Province Diamonds Inc</name>
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        <name>NOVA Chemicals Corporation</name>
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        <name>Sumitomo Mitsui Financial Group Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <name>Scientific Games International, Inc.</name>
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        <name>JAKKS PACIFIC INC</name>
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        <name>WINDSTREAM SERVICES LLC</name>
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        <name>Drivetime Automotive Croup Inc.</name>
        <lei>N/A</lei>
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        <name>iStar Inc</name>
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        <name>Proshares Trust</name>
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        <name>Taylor Morrison Communities Inc</name>
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        <name>MDC Partners Inc.</name>
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        <name>Michaels Stores, Inc.</name>
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        <name>TMX Finance LLC/TitleMax Finance Corp.</name>
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        <name>Albertsons Companies, LLC.</name>
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        <name>WESCO DISTRIBUTION INC</name>
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        <name>Advanced Disposal Services Incorporation</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST</name>
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        <title>CAS 2020-SBT1 1M2</title>
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        <name>Jaguar Holding Company II/PPD Development L P</name>
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        <name>Angel Oak Mtg Tr 2017-1</name>
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        <name>The Goodyear Tire &amp; Rubber Company</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Big River Steel</name>
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        <name>Ace Cash Express, Inc.</name>
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        <name>Simmons Foods, Inc</name>
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        <name>ION Geophysical Corp</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Blackrock Core Bon</name>
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        <name>Progress Residential Trust</name>
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        <name>N/A</name>
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        <name>Nationstar Mortgage LLC</name>
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        <name>Ford Motor Credit Company LLC</name>
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        <name>iStar Inc</name>
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        <name>Blackrock Corporate High Yield Fund Incorporation</name>
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        <name>General Motors Company</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <name>Tricon American Homes Trust</name>
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        <name>Olin Corporation</name>
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        <name>Shape Technologies</name>
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        <title>WATJET TL B 1L USD</title>
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        <name>Ardagh Packaging Finance plc / Ardagh Holdings USA Inc.</name>
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        <title>ARGID 5 1/4 04/30/25</title>
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        <name>Federal Farm Credit Banks</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Tricida Inc</name>
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        <name>Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.</name>
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        <title>TEP 6 03/01/27</title>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>83081.25000000</valUSD>
        <pctVal>0.235255780906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Walt Disney Company</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>DIS 3.6 01/13/51</title>
        <cusip>254687FZ4</cusip>
        <identifiers>
          <isin value="US254687FZ49"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50140.68000000</valUSD>
        <pctVal>0.141980107768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89886814"/>
        <valUSD>-11756.58000000</valUSD>
        <pctVal>-0.03329034419</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BANK OF NY</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <counterparties>
              <counterpartyName>BANK OF NY</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>-350000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>377622.00000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-06-09</settlementDt>
            <unrealizedAppr>-11756.58000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tricon American Homes Trust</name>
        <lei>N/A</lei>
        <title>TAH 2017-SFR2 F</title>
        <cusip>89613FAF5</cusip>
        <identifiers>
          <isin value="US89613FAF53"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99898.12000000</valUSD>
        <pctVal>0.282875019714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pc Prepay Prm 30</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHR 4123 DI</title>
        <cusip>3137AUXL8</cusip>
        <identifiers>
          <isin value="US3137AUXL83"/>
        </identifiers>
        <balance>200215.09000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14863.75000000</valUSD>
        <pctVal>0.042088715726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FRIENDFINDER NETWORKS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="358453DMY"/>
        </identifiers>
        <balance>781.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CDX.NA.IG Series 33</name>
        <lei>N/A</lei>
        <title>CD_CDXIG33V1_CLEARED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CDXIG33V1"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-10196.10000000</valUSD>
        <pctVal>-0.02887163430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JP MORGAN</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <counterparties>
              <counterpartyName>JP MORGAN</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.IG Series 33</indexName>
                <indexIdentifier>CDX.NA.IG Series 33</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">N/A</otherRecDesc>
            <fixedPmntDesc amount="-1825.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
            <terminationDt>2024-09-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-17713.99000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>900000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>7517.89000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2019-159 CI</title>
        <cusip>38382BHB2</cusip>
        <identifiers>
          <isin value="US38382BHB27"/>
        </identifiers>
        <balance>225249.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23674.43000000</valUSD>
        <pctVal>0.067037346178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bacardi Limited</name>
        <lei>549300R32WTQNHNN5055</lei>
        <title>BACARD 5.3 05/15/48</title>
        <cusip>067316AH2</cusip>
        <identifiers>
          <isin value="US067316AH25"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>168681.99000000</valUSD>
        <pctVal>0.477645838047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2019-159 HI</title>
        <cusip>38382BKH5</cusip>
        <identifiers>
          <isin value="US38382BKH59"/>
        </identifiers>
        <balance>231427.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26504.28000000</valUSD>
        <pctVal>0.075050448672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="ISO country code is not applicable for supra/multinational securities." noteItem="C.5.a"/>
      <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>
