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        <valUSD>69993.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Covestro AG</name>
        <lei>3912005AWHKLQ1CPLV11</lei>
        <title>COVESTRO AG-SPONSORED ADR</title>
        <cusip>22304D207</cusip>
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          <isin value="US22304D2071"/>
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        <balance>894.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23816.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chevron Corporation</name>
        <lei>N/A</lei>
        <title>CHEVRON CORP</title>
        <cusip>166764100</cusip>
        <identifiers>
          <isin value="US1667641005"/>
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        <balance>842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>121248.00000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Vale S.A.</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>VALE SA-SP ADR</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
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        <balance>1836.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33947.64000000</valUSD>
        <pctVal>1.887270788370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC-ADR</title>
        <cusip>055622104</cusip>
        <identifiers>
          <isin value="US0556221044"/>
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        <balance>2007.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58624.47000000</valUSD>
        <pctVal>3.259144073482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dupont De Nemours Inc</name>
        <lei>5493004JF0SDFLM8GD76</lei>
        <title>DUPONT DE NEMOUR</title>
        <cusip>26614N102</cusip>
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          <isin value="US26614N1028"/>
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        <balance>390.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30174.30000000</valUSD>
        <pctVal>1.677497314969</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>
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      <invstOrSec>
        <name>The Mosaic Company</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>MOSAIC CO/THE</title>
        <cusip>61945C103</cusip>
        <identifiers>
          <isin value="US61945C1036"/>
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        <balance>1078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56519.54000000</valUSD>
        <pctVal>3.142123482343</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>
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      <invstOrSec>
        <name>Diamondback Energy Inc</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>DIAMONDBACK ENER</title>
        <cusip>25278X109</cusip>
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          <isin value="US25278X1090"/>
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        <balance>349.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48196.90000000</valUSD>
        <pctVal>2.679438142387</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>
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      <invstOrSec>
        <name>Ovintiv Inc</name>
        <lei>549300Q7LHMNLD8J2698</lei>
        <title>OVINTIV INC</title>
        <cusip>69047Q102</cusip>
        <identifiers>
          <isin value="US69047Q1022"/>
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        <balance>1110.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50893.50000000</valUSD>
        <pctVal>2.829351786102</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Dreyfus Instl Resv</name>
        <lei>N/A</lei>
        <title>DREYFUS-INS-IS</title>
        <cusip>26200X100</cusip>
        <identifiers>
          <isin value="US26200X1000"/>
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        <balance>48983.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48983.02000000</valUSD>
        <pctVal>2.723141366297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SYLVAMO CORPORATION</name>
        <lei>5493001AOYU1ZOWOC971</lei>
        <title>SYLVAMO CORP</title>
        <cusip>871332102</cusip>
        <identifiers>
          <isin value="US8713321029"/>
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        <balance>555.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19369.50000000</valUSD>
        <pctVal>1.076819818265</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>
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      </invstOrSec>
      <invstOrSec>
        <name>PPG Industries, Inc.</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG INDS INC</title>
        <cusip>693506107</cusip>
        <identifiers>
          <isin value="US6935061076"/>
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        <balance>96.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12811.20000000</valUSD>
        <pctVal>0.712220452555</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>
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      <invstOrSec>
        <name>Equitrans Midstream Corporation</name>
        <lei>549300RH0NLJNZ5SXU64</lei>
        <title>EQUITRANS MIDSTR</title>
        <cusip>294600101</cusip>
        <identifiers>
          <isin value="US2946001011"/>
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        <balance>3184.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20409.44000000</valUSD>
        <pctVal>1.134633804264</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>
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      <invstOrSec>
        <name>LyondellBasell Industries NV</name>
        <lei>BN6WCCZ8OVP3ITUUVN49</lei>
        <title>LYONDELLBASELL-A</title>
        <cusip>N53745100</cusip>
        <identifiers>
          <isin value="NL0009434992"/>
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        <balance>436.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42392.28000000</valUSD>
        <pctVal>2.356738544901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kinross Gold Corporation</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>KINROSS GOLD</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
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        <balance>3144.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15751.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enbridge Incorporation</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC</title>
        <cusip>29250N105</cusip>
        <identifiers>
          <isin value="CA29250N1050"/>
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        <balance>591.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25519.38000000</valUSD>
        <pctVal>1.418713654655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Exxon Mobil Corporation</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>EXXON MOBIL CORP</title>
        <cusip>30231G102</cusip>
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          <isin value="US30231G1022"/>
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        <balance>2005.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>157232.10000000</valUSD>
        <pctVal>8.741095090091</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>
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      <invstOrSec>
        <name>Steel Dynamics, Inc.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>STEEL DYNAMICS</title>
        <cusip>858119100</cusip>
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          <isin value="US8581191009"/>
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        <balance>343.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24208.94000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Rio Tinto PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO-ADR</title>
        <cusip>767204100</cusip>
        <identifiers>
          <isin value="US7672041008"/>
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        <balance>651.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51155.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freeport-McMoRan Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN</title>
        <cusip>35671D857</cusip>
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          <isin value="US35671D8570"/>
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        <balance>503.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23615.85000000</valUSD>
        <pctVal>1.312889610221</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>
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      <invstOrSec>
        <name>PetroChina Company Limited</name>
        <lei>529900RPY4YG47TRSV05</lei>
        <title>PETROCHINA  -ADR</title>
        <cusip>71646E100</cusip>
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          <isin value="US71646E1001"/>
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        <balance>1594.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>84896.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Sherwin-Williams Company</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>SHERWIN-WILLIAMS</title>
        <cusip>824348106</cusip>
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          <isin value="US8243481061"/>
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        <balance>24.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6315.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Berry Global Group Inc</name>
        <lei>549300G6KKUMMXM8NH73</lei>
        <title>BERRY GLOBAL GRO</title>
        <cusip>08579W103</cusip>
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          <isin value="US08579W1036"/>
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        <balance>414.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25109.10000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>WestRock Company</name>
        <lei>N/A</lei>
        <title>WESTROCK CO</title>
        <cusip>96145D105</cusip>
        <identifiers>
          <isin value="US96145D1054"/>
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        <balance>526.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23812.02000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Chesapeake Energy Corporation</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>CHESAPEAKE ENERG</title>
        <cusip>165167735</cusip>
        <identifiers>
          <isin value="US1651677353"/>
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        <balance>550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42487.50000000</valUSD>
        <pctVal>2.362032165443</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>Linde PLC</name>
        <lei>8945002PAZHZLBGKGF02</lei>
        <title>LINDE PLC</title>
        <cusip>G5494J103</cusip>
        <identifiers>
          <isin value="IE00BZ12WP82"/>
        </identifiers>
        <balance>134.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39294.16000000</valUSD>
        <pctVal>2.184502967557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newmont Corporation</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT CORP</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
        </identifiers>
        <balance>290.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19198.00000000</valUSD>
        <pctVal>1.067285519557</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>2022-03-28</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>
</edgarSubmission>
