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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <balance>132520.28000000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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      <invstOrSec>
        <name>Invesco Exchange Traded Fd Tr</name>
        <lei>QPT4TMG79RF3UWNU0R52</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barclays Bank plc</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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          <isin value="US06746P6218"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Natural Gas Fund LP</name>
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          <isin value="US9123183009"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ISHARES TRUST</name>
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          <isin value="US4642874402"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Vaneck Vectors Etf Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Invesco Exchange Traded Fund Trust II</name>
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        <name>ISHARES SINGAPORE</name>
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        <name>Advisorshares Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Absolute Shares Trust</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AQR Fds</name>
        <lei>549300V0TAB4ICSX2404</lei>
        <title>AQR-MGD FUT-I</title>
        <cusip>00203H859</cusip>
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          <isin value="US00203H8593"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES MSCI EAFE ETF</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES IBOXX HIGH YLD CO</title>
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        <name>United Sts Commodi</name>
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        <title>UNITED STATES COMMODITY I</title>
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        <assetCat>EC</assetCat>
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        <name>Saratoga Advantage</name>
        <lei>N/A</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <name>Ishares s&amp;p/tsx capped matls index etf</name>
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        <title>iShares S&amp;P/TSX Capped Ma</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Northern Lts Fd Tr</name>
        <lei>549300BSYF57GRCG4861</lei>
        <title>ALTEGRIS-FU EV-I</title>
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        <name>Wisdomtree Trust</name>
        <lei>549300SEVJBU47TE8855</lei>
        <title>WISDOMTREE EMRG MKTS DEBT</title>
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        <name>N/A</name>
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        <title>DB SWAP 3092</title>
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                      <other otherDesc="Internal id" value="V 12/18/20 C210 Equity"/>
                    </identifiers>
                    <othIndNotAmt>846.28000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>19.48000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>WFC 06/18/21 C27.5 Equity</othIndName>
                    <identifiers>
                      <other otherDesc="Internal id" value="WFC 06/18/21 C27.5 Equity"/>
                    </identifiers>
                    <othIndNotAmt>23.32000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>2.63000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>XOM 01/15/21 C40 Equity</othIndName>
                    <identifiers>
                      <other otherDesc="Internal id" value="XOM 01/15/21 C40 Equity"/>
                    </identifiers>
                    <othIndNotAmt>522.03000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>18.80000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>UNP 12/18/20 205 Index</othIndName>
                    <identifiers>
                      <other otherDesc="Internal id" value="UNP 12/18/20 205 Index"/>
                    </identifiers>
                    <othIndNotAmt>-162.15000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>0.72000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>UNH 06/18/21 C400 Equity</othIndName>
                    <identifiers>
                      <other otherDesc="Internal id" value="UNH 06/18/21 C400 Equity"/>
                    </identifiers>
                    <othIndNotAmt>44.08000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>0.94000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>XOM 01/15/21 C37.5 Equity</othIndName>
                    <identifiers>
                      <other otherDesc="Internal id" value="XOM 01/15/21 C37.5 Equity"/>
                    </identifiers>
                    <othIndNotAmt>578.08000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>37.29000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>XOM 04/16/21 C47.5 Equity</othIndName>
                    <identifiers>
                      <other otherDesc="Internal id" value="XOM 04/16/21 C47.5 Equity"/>
                    </identifiers>
                    <othIndNotAmt>7.68000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>0.19000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>XOM 01/15/21 37.5 Index</othIndName>
                    <identifiers>
                      <other otherDesc="Internal id" value="XOM 01/15/21 37.5 Index"/>
                    </identifiers>
                    <othIndNotAmt>-1391.32000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-24.83000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>XOM 12/18/20 C47.5 Equity</othIndName>
                    <identifiers>
                      <other otherDesc="Internal id" value="XOM 12/18/20 C47.5 Equity"/>
                    </identifiers>
                    <othIndNotAmt>103.67000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>0.18000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Performance</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="25"/>
            <terminationDt>2021-05-19</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-3135643.47990000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-942.57000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares S&amp;P/TSX Global Gold Ind ETF</name>
        <lei>549300YTZPMRP8RYSY86</lei>
        <title>iShares S&amp;P/TSX Global Go</title>
        <cusip>46428M108</cusip>
        <identifiers>
          <isin value="CA46428M1086"/>
        </identifiers>
        <balance>179.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29590000"/>
        <valUSD>2692.11000000</valUSD>
        <pctVal>0.029174694175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wisdomtree Trust</name>
        <lei>549300SEVJBU47TE8855</lei>
        <title>WISDOMTREE GLOBAL EX-US Q</title>
        <cusip>97717W844</cusip>
        <identifiers>
          <isin value="US97717W8441"/>
        </identifiers>
        <balance>435.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31042.17000000</valUSD>
        <pctVal>0.336407433679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Exchange Traded Fund Trust II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>INVESCO KBW HIGH DIVIDEND</title>
        <cusip>46138E610</cusip>
        <identifiers>
          <isin value="US46138E6106"/>
        </identifiers>
        <balance>397.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6260.69000000</valUSD>
        <pctVal>0.067847790794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Exchange Traded Fund Trust II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>INVESCO SENIOR LOAN ETF</title>
        <cusip>46138G508</cusip>
        <identifiers>
          <isin value="US46138G5080"/>
        </identifiers>
        <balance>690.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15186.90000000</valUSD>
        <pctVal>0.164582116989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Trust Exchange-Traded Fund II</name>
        <lei>549300PGRVU1P76W4537</lei>
        <title>FIRST TRUST FINANCIAL ALP</title>
        <cusip>33734X135</cusip>
        <identifiers>
          <isin value="US33734X1357"/>
        </identifiers>
        <balance>51.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1613.64000000</valUSD>
        <pctVal>0.017487195363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES JP MORGAN USD EME</title>
        <cusip>464288281</cusip>
        <identifiers>
          <isin value="US4642882819"/>
        </identifiers>
        <balance>2006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229185.50000000</valUSD>
        <pctVal>2.483708641876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LISTED FUND TRUST</name>
        <lei>549300C5D73JL0P1YC11</lei>
        <title>CORE ALTERNATIVE ETF</title>
        <cusip>53656F847</cusip>
        <identifiers>
          <isin value="US53656F8471"/>
        </identifiers>
        <balance>8349.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>235742.36000000</valUSD>
        <pctVal>2.554766059756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Asset Management Deutschland AG</name>
        <lei>N/A</lei>
        <title>ISH EUR600 BASICRESOURCE</title>
        <cusip>D38097115</cusip>
        <identifiers>
          <isin value="DE000A0F5UK5"/>
        </identifiers>
        <balance>1657.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83598000"/>
        <valUSD>90483.09000000</valUSD>
        <pctVal>0.980575265785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES MSCI MEXICO ETF</title>
        <cusip>464286822</cusip>
        <identifiers>
          <isin value="US4642868222"/>
        </identifiers>
        <balance>257.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10426.49000000</valUSD>
        <pctVal>0.112993026685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ssga Spdr Etfs Europe I Plc</name>
        <lei>549300ODGF1B2SI0XW92</lei>
        <title>SPDR Barclays Euro High Y</title>
        <cusip>G8406H686</cusip>
        <identifiers>
          <isin value="IE00B6YX5M31"/>
        </identifiers>
        <balance>2446.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83598000"/>
        <valUSD>166952.27000000</valUSD>
        <pctVal>1.809280237100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vaneck Vectors Etf Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VANECK RUSSIA ETF</title>
        <cusip>92189F403</cusip>
        <identifiers>
          <isin value="US92189F4037"/>
        </identifiers>
        <balance>59.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1345.20000000</valUSD>
        <pctVal>0.014578081357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR BBG BARC HIGH YIELD</title>
        <cusip>78468R622</cusip>
        <identifiers>
          <isin value="US78468R6229"/>
        </identifiers>
        <balance>474.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50969.22000000</valUSD>
        <pctVal>0.552359081109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CI First Asset Active Utility &amp; Infrastructure ETF</name>
        <lei>549300D2A2L1IINE8R06</lei>
        <title>CI FIRST ASSET ACTIVE UTI</title>
        <cusip>12554G109</cusip>
        <identifiers>
          <isin value="CA12554G1090"/>
        </identifiers>
        <balance>9.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29590000"/>
        <valUSD>90.28000000</valUSD>
        <pctVal>0.000978374356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES MORNINGSTAR MULTI</title>
        <cusip>46432F875</cusip>
        <identifiers>
          <isin value="US46432F8757"/>
        </identifiers>
        <balance>9246.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218482.98000000</valUSD>
        <pctVal>2.367724247515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES EXPONENTIAL TECH</title>
        <cusip>46434V381</cusip>
        <identifiers>
          <isin value="US46434V3814"/>
        </identifiers>
        <balance>1602.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>86764.32000000</valUSD>
        <pctVal>0.940274543505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ssga Active Etf Trust</name>
        <lei>549300MAXSRPQ75ICU67</lei>
        <title>SPDR DOUBLELINE TR TACT E</title>
        <cusip>78467V848</cusip>
        <identifiers>
          <isin value="US78467V8485"/>
        </identifiers>
        <balance>88.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4351.60000000</valUSD>
        <pctVal>0.047158771065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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>2020-12-28</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>
