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    <filerInfo>

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          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000030184</classId>
        <classId>C000030186</classId>
        <classId>C000030183</classId>
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      <regFileNumber>811-08542</regFileNumber>
      <regCik>0000924628</regCik>
      <regLei>549300ELDSPPW4ZGNR88</regLei>
      <regStreet1>12725 W. Indian School Road</regStreet1>
      <regStreet2>Suite E-101</regStreet2>
      <regCity>AVONDALE</regCity>
      <regStateConditional regCountry="US" regState="US-AZ"/>
      <regZipOrPostalCode>85392</regZipOrPostalCode>
      <regPhone>623-266-4567</regPhone>
      <seriesName>Saratoga International Equity Portfolio</seriesName>
      <seriesId>S000010892</seriesId>
      <seriesLei>549300P5EU6NL4HCSI29</seriesLei>
      <repPdEnd>2025-08-31</repPdEnd>
      <repPdDate>2025-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>51523.01</totLiabs>
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      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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        <othMon2 netRealizedGain="39372.23000000" netUnrealizedAppr="51982.06000000"/>
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        <name>Realtek Semiconductor Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Hoshizaki Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DBS Group Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Unilever PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Tenaga Nasional Bhd</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Otsuka Corp.</name>
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        <name>Dreyfus Instl Resv</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wal-Mart De Mexico</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>NOVARTIS AG-REG</title>
        <cusip>H5820Q150</cusip>
        <identifiers>
          <isin value="CH0012005267"/>
        </identifiers>
        <balance>600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.82273000"/>
        <valUSD>69280.20000000</valUSD>
        <pctVal>2.030589291460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rolls-Royce Holdings PLC</name>
        <lei>213800EC7997ZBLZJH69</lei>
        <title>ROLLS-ROYCE HOLD</title>
        <cusip>G76225104</cusip>
        <identifiers>
          <isin value="GB00B63H8491"/>
        </identifiers>
        <balance>10280.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74220000"/>
        <valUSD>119627.80000000</valUSD>
        <pctVal>3.506267730766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMIC-ADR</title>
        <cusip>874039100</cusip>
        <identifiers>
          <isin value="US8740391003"/>
        </identifiers>
        <balance>460.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88927.20000000</valUSD>
        <pctVal>2.606439069742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allianz SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>ALLIANZ SE-REG</title>
        <cusip>D03080112</cusip>
        <identifiers>
          <isin value="DE0008404005"/>
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        <balance>240.00030000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88080000"/>
        <valUSD>95177.42000000</valUSD>
        <pctVal>2.789631811699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>INTESA SANPAOLO</title>
        <cusip>T55067101</cusip>
        <identifiers>
          <isin value="IT0000072618"/>
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        <balance>17880.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88080000"/>
        <valUSD>99808.81000000</valUSD>
        <pctVal>2.925376958776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Caixabank S.A.</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
        <cusip>E2427M123</cusip>
        <identifiers>
          <isin value="ES0140609019"/>
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        <balance>11650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88080000"/>
        <valUSD>98812.31000000</valUSD>
        <pctVal>2.896169736093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ipsen SA</name>
        <lei>549300M6SGDPB4Z94P11</lei>
        <title>IPSEN</title>
        <cusip>F5362H107</cusip>
        <identifiers>
          <isin value="FR0010259150"/>
        </identifiers>
        <balance>520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88080000"/>
        <valUSD>61218.40000000</valUSD>
        <pctVal>1.794299489325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KB Financial Group Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB FINANCIAL GRO</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
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        <balance>1100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.67000000"/>
        <valUSD>82710.10000000</valUSD>
        <pctVal>2.424217068594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>NOVO NORDISK-B</title>
        <cusip>K72807140</cusip>
        <identifiers>
          <isin value="DK0062498333"/>
        </identifiers>
        <balance>680.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.56904000"/>
        <valUSD>48319.59000000</valUSD>
        <pctVal>1.416237857595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allegro.eu SA</name>
        <lei>222100VRLXV3FPMG4982</lei>
        <title>ALLEGRO.EU SA</title>
        <cusip>L0R67D109</cusip>
        <identifiers>
          <isin value="LU2237380790"/>
        </identifiers>
        <balance>8100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.74260000"/>
        <valUSD>74530.04000000</valUSD>
        <pctVal>2.184461088682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Financial Group Inc.</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
        <title>MIZUHO FINANCIAL</title>
        <cusip>J4599L102</cusip>
        <identifiers>
          <isin value="JP3885780001"/>
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        <balance>2500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.87900000"/>
        <valUSD>69528.40000000</valUSD>
        <pctVal>2.037863985560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sainsbury (J) PLC</name>
        <lei>213800VGZAAJIKJ9Y484</lei>
        <title>J Sainsbury PLC</title>
        <cusip>G77732173</cusip>
        <identifiers>
          <isin value="GB00B019KW72"/>
        </identifiers>
        <balance>17090.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74220000"/>
        <valUSD>65728.09000000</valUSD>
        <pctVal>1.926477632890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Check Point Software Technologies Ltd.</name>
        <lei>2549003ZVBH73EPNS513</lei>
        <title>CHECK POINT SOFT</title>
        <cusip>M22465104</cusip>
        <identifiers>
          <isin value="IL0010824113"/>
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        <balance>370.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>84685.60000000</valUSD>
        <pctVal>2.482118592338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT</name>
        <lei>N/A</lei>
        <title>DREYFUS TREASURY OBLIGATIONS #0521</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
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        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="165442.55000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sony Group Corp.</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>SONY GROUP CORP</title>
        <cusip>J76379106</cusip>
        <identifiers>
          <isin value="JP3435000009"/>
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        <balance>3500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.87900000"/>
        <valUSD>93691.18000000</valUSD>
        <pctVal>2.746070404131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dr. Reddy's Laboratories Ltd.</name>
        <lei>335800OVDPY3DVZR2798</lei>
        <title>DR. REDDY'S LABO</title>
        <cusip>256135203</cusip>
        <identifiers>
          <isin value="US2561352038"/>
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        <balance>4130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60793.60000000</valUSD>
        <pctVal>1.781848683308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="60298.00000000"/>
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      <invstOrSec>
        <name>Bureau Veritas SA</name>
        <lei>969500TPU5T3HA5D1F11</lei>
        <title>BUREAU VERITAS S</title>
        <cusip>F96888114</cusip>
        <identifiers>
          <isin value="FR0006174348"/>
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        <balance>2290.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88080000"/>
        <valUSD>78246.41000000</valUSD>
        <pctVal>2.293387176152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Xiaomi Corp.</name>
        <lei>2549001ACVFAZRNMKL32</lei>
        <title>XIAOMI CORP-CLASS B</title>
        <cusip>G9830T106</cusip>
        <identifiers>
          <isin value="KYG9830T1067"/>
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        <balance>16600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84107000"/>
        <valUSD>106854.80000000</valUSD>
        <pctVal>3.131893565855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CP All Public Co Ltd.</name>
        <lei>894500LSBZLM09TY1A91</lei>
        <title>CP ALL PCL-F</title>
        <cusip>Y1772K169</cusip>
        <identifiers>
          <isin value="TH0737010Y16"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.83200000"/>
        <valUSD>57162.07000000</valUSD>
        <pctVal>1.675409239865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eni SpA</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>ENI SPA</title>
        <cusip>T3643A145</cusip>
        <identifiers>
          <isin value="IT0003132476"/>
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        <balance>4140.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88080000"/>
        <valUSD>61046.42000000</valUSD>
        <pctVal>1.789258788716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander, S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>BANCO SANTANDER</title>
        <cusip>E19790109</cusip>
        <identifiers>
          <isin value="ES0113900J37"/>
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        <balance>13460.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88080000"/>
        <valUSD>107368.03000000</valUSD>
        <pctVal>3.146936238106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dai-ichi Life Holdings Inc.</name>
        <lei>549300ZUFXI7JXZVTZ25</lei>
        <title>DAI-ICHI LIFE HO</title>
        <cusip>J09748112</cusip>
        <identifiers>
          <isin value="JP3476480003"/>
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        <balance>9600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.87900000"/>
        <valUSD>74941.09000000</valUSD>
        <pctVal>2.196508884853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coca-Cola Europacific Partners PLC</name>
        <lei>549300LTH67W4GWMRF57</lei>
        <title>COCA-COLA EUROPA</title>
        <cusip>G25839104</cusip>
        <identifiers>
          <isin value="GB00BDCPN049"/>
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        <balance>960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88118.40000000</valUSD>
        <pctVal>2.582733297835</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi Heavy Industries Ltd.</name>
        <lei>353800TJ98PCAZROVE69</lei>
        <title>MITSUBISHI HEAVY</title>
        <cusip>J44002178</cusip>
        <identifiers>
          <isin value="JP3900000005"/>
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        <balance>5400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.87900000"/>
        <valUSD>124356.39000000</valUSD>
        <pctVal>3.644861791085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Obayashi Corp.</name>
        <lei>529900YT4O5S0LCXWD54</lei>
        <title>OBAYASHI CORP</title>
        <cusip>J59826107</cusip>
        <identifiers>
          <isin value="JP3190000004"/>
        </identifiers>
        <balance>4600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.87900000"/>
        <valUSD>69414.40000000</valUSD>
        <pctVal>2.034522667561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>2025-06-27</ncom:dateSigned>
      <ncom:nameOfApplicant>SARATOGA ADVANTAGE TRUST</ncom:nameOfApplicant>
      <ncom:signature>Rich Gleason</ncom:signature>
      <ncom:signerName>Rich Gleason</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
