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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Alps Etf Trust</name>
        <lei>549300VF1907NYC4WM31</lei>
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        <identifiers>
          <isin value="US00162Q4525"/>
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        <balance>4032.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <amtCurSold>-52508.02000000</amtCurSold>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saratoga Advantage</name>
        <lei>N/A</lei>
        <title>JAMES-STR CR-S</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <currencyConditional curCd="EUR" exchangeRt="0.82335713"/>
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        <name>Vaneck Vectors Etf Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Invesco Exchange Traded Fund Trust II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Dreyfus Instl Resv</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>American Beacon Funds</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>INVESTMENT MANAGERS SERIES TR II</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPXTR INDEX SWAP A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="SPXTRSWPS            00001"/>
        </identifiers>
        <balance>23.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.05000000</valUSD>
        <pctVal>0.000000708420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerConditional desc="swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SPXTR INDEX</issuerName>
                <issueTitle>SPXTR INDEX</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="SPTRDMY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">performance</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Performance</otherPmntDesc>
            <terminationDt>2021-11-19</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>181534.68000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>0.05000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Trust Exchange-Traded AlphaDEX Fund II</name>
        <lei>549300HROUDUV84QFV64</lei>
        <title>FIRST TRUST EMERGING MARK</title>
        <cusip>33737J182</cusip>
        <identifiers>
          <isin value="US33737J1824"/>
        </identifiers>
        <balance>125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3247.50000000</valUSD>
        <pctVal>0.046011937067</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 NUVEEN S&amp;P HIGH YIEL</title>
        <cusip>78464A284</cusip>
        <identifiers>
          <isin value="US78464A2841"/>
        </identifiers>
        <balance>1058.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62199.82000000</valUSD>
        <pctVal>0.881273041867</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"/>
      <explntrNote note="GSISMES1 This GS Intraday Momentum strategy aims to capture intraday trend risk premium on the S&amp;P 500. There is empirical evidence that the returns in the earlier part of the day tend to continue in the same direction in the subsequent part of the day, across several markets, including equities. The strategy attempts to monetize this historical tendency for intraday trends from the previous close to extend unto the following close: 1) Every day after the open, the strategy buys futures if markets are rising since the previous close; conversely, it sells futures if markets are falling since previous close. 2) The strategy monitors market moves every 30-minutes to reactively modify its positioning if a new trend appears. 3) All positions are exited at the close." noteItem="C.11.f.i.1"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-03-26</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>
