# EDGAR Filing Document

**Accession Number:** 0000924628
**File Stem:** 0000910472-25-002619
**Filing Date:** 2025-10
**Character Count:** 37768
**Document Hash:** ddcb8fb77dd30c493051d46b09f3f666
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002619.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002619

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SARATOGA ADVANTAGE TRUST
- **CENTRAL INDEX KEY:** 0000924628

**ORGANIZATION NAME:**
- **EIN:** 137044280
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08542
- **FILM NUMBER:** 251429448

**BUSINESS ADDRESS:**
- **STREET 1:** 1616 N LITCHFIELD RD.
- **STREET 2:** SUITE 165
- **CITY:** GOODYEAR
- **STATE:** AZ
- **ZIP:** 85395
- **BUSINESS PHONE:** 623-266-4567

**MAIL ADDRESS:**
- **STREET 1:** 1616 N LITCHFIELD RD.
- **STREET 2:** SUITE 165
- **CITY:** GOODYEAR
- **STATE:** AZ
- **ZIP:** 85395

## Series and Classes Contracts Data

### Small Capitalization Portfolio (Series ID: S000010891)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000030179 | Small Capitalization Portfolio Class A | SSCYX           |
| C000030180 | Small Capitalization Portfolio Class I | SSCPX           |
| C000030182 | Small Capitalization Portfolio Class C | SSCCX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SARATOGA ADVANTAGE TRUST

- **b. Investment Company Act file number:** 811-08542

- **c. CIK number of Registrant:** 0000924628

- **d. LEI of Registrant:** 549300ELDSPPW4ZGNR88

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 12725 W. Indian School Road

  - **City:** AVONDALE

  - **State:** AZ

  - **Foreign country:** US

  - **Zip / Postal Code:** 85392

  - **Telephone number:** 623-266-4567

**Item A.2. Information about the Series.**

- **a. Name of Series:** Saratoga Small Capitalization Portfolio

- **b. EDGAR series identifier (if any):** S000010891

- **c. LEI of Series:** 549300JKQO6E12ZU8065

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $7389418.72

**Total Liabilities:** $1076652.55

**Net Assets:** $6312766.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000030179 | 3.97%                | 1.91%                | 6.64%                |
| Class ID C000030180 | 3.93%                | 2.04%                | 6.56%                |
| Class ID C000030182 | 2.86%                | 2.78%                | 5.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $665.47                  | $239770.36                                 |
| Month 2  | $-83530.24               | $214785.10                                 |
| Month 3  | $314773.30               | $87573.26                                  |

### Schedule of Portfolio Investments

| Name                                         | Title                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Qualys Inc                                   | QUALYS INC                         | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |       342 | NS      | $46447.02     | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Addus Homecare Corp                          | ADDUS HOMECARE                     | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |       504 | NS      | $58045.68     | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Home Bancorp Inc.                            | HOME BANCORP INC                   | CUSIP: 43689E107<br>LEI: 5493008ATL42O3U2YM84 | Long             | EC               | CORP              | US        |       612 | NS      | $34434.18     | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| New Jersey Resources Corp.                   | NEW JERSEY RES                     | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |      2034 | NS      | $96187.86     | 1.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Q2 Holdings Inc                              | Q2 HOLDINGS INC                    | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |      1008 | NS      | $79359.84     | 1.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Dreyfus Instl Resv                           | DREYFUS-INS-IS                     | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |    145058 | PA      | $145057.87    | 2.30%             |  |  |  | No            | 1                  | On Loan: No      |
| GeneDx Holdings Corp                         | GENEDX HOLDINGS                    | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       432 | NS      | $55939.68     | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Astronics Corp.                              | ASTRONICS CORP                     | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |       864 | NS      | $31423.68     | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| InterDigital, Inc.                           | INTERDIGITAL INC                   | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |       234 | NS      | $63580.14     | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Emcor Group Inc                              | EMCOR GROUP INC                    | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       180 | NS      | $111600.00    | 1.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Omnicell Inc                                 | OMNICELL INC                       | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      1008 | NS      | $32850.72     | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Peloton Interactive Inc                      | PELOTON INTERA-A                   | CUSIP: 70614W100<br>LEI: 5493002YS021166W0339 | Long             | EC               | CORP              | US        |      2124 | NS      | $16142.40     | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Coursera Inc                                 | COURSERA                           | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |      2575 | NS      | $29612.50     | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Newmark Group Inc                            | NEWMARK GROUP-A                    | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4501 | NS      | $81963.21     | 1.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Bumble Inc                                   | BUMBLE INC-A                       | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5599 | NS      | $34545.83     | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| United Fire Group Inc                        | UNITED FIRE GROU                   | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1854 | NS      | $56991.96     | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Veracyte Inc                                 | VERACYTE INC                       | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      1422 | NS      | $43143.48     | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Cadence Bank                                 | CADENCE BANK                       | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |      2629 | NS      | $98955.56     | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Skywest Inc                                  | SKYWEST INC                        | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |       540 | NS      | $65556.00     | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Alkami Technology Inc.                       | ALKAMI TECHNOLOG                   | CUSIP: 01644J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1872 | NS      | $47923.20     | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Credo Technology Group Holding Ltd           | CREDO TECHNOLOGY                   | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      1026 | NS      | $126254.43    | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Primoris Services Corp.                      | PRIMORIS SERVICE                   | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |       756 | NS      | $89623.80     | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Central Garden & Pet Company                 | CENTRAL GARDEN-A                   | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      3241 | NS      | $107050.23    | 1.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Urban Outfitters Inc.                        | URBAN OUTFITTER                    | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      1242 | NS      | $83313.36     | 1.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Rambus Inc.                                  | RAMBUS INC                         | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |       468 | NS      | $34524.36     | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Arvinas Inc                                  | ARVINAS INC                        | CUSIP: 04335A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4501 | NS      | $34792.73     | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Life Time Group Holdings Inc                 | LIFE TIME GROUP                    | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1170 | NS      | $32666.40     | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Stride Inc                                   | STRIDE INC                         | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |       684 | NS      | $111621.96    | 1.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Golar LNG Limited                            | GOLAR LNG LTD                      | CUSIP: G9456A100<br>LEI: 213800C2VSFZG3EZLO34 | Long             | EC               | CORP              | BM        |       756 | NS      | $33127.92     | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| SPX Technologies, Inc.                       | SPX TECHNOLOGIES                   | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       252 | NS      | $47151.72     | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Astrana Health Inc                           | ASTRANA HEALTH I                   | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |      1944 | NS      | $62130.24     | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Allient Inc                                  | ALLIENT INC                        | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |      2160 | NS      | $98020.80     | 1.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Rigel Pharmaceuticals Inc.                   | RIGEL PHARMACEUT                   | CUSIP: 766559702<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |      2935 | NS      | $114024.75    | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Hecla Mining Company                         | HECLA MINING CO                    | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |      4627 | NS      | $39375.77     | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| SSR Mining Inc                               | SSR MINING INC                     | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | CA        |      5167 | NS      | $99774.77     | 1.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Brinker International, Inc.                  | BRINKER INTL                       | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |       360 | NS      | $56152.80     | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Trinet Group Inc                             | TRINET GROUP INC                   | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |       378 | NS      | $27374.76     | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunrun Inc.                                  | SUNRUN INC                         | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |      3637 | NS      | $58082.89     | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Allogene Therapeutics Inc                    | ALLOGENE THERAPE                   | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11199 | NS      | $12654.87     | 0.20%             |  |  |  | No            | 1                  | On Loan: —       |
| Mativ Holdings Inc                           | MATIV INC                          | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |      8498 | NS      | $106819.86    | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Commvault Systems Inc.                       | COMMVAULT SYSTEM                   | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |       180 | NS      | $33596.10     | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Axcelis Technologies Inc.                    | AXCELIS TECH INC                   | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |       558 | NS      | $44662.32     | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Acadian Asset Management Inc                 | ACADIAN ASSET MA                   | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      1188 | NS      | $60552.36     | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthequity Inc                             | HEALTHEQUITY INC                   | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |       828 | NS      | $73965.24     | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Mortgage Capital Inc.                | INVESCO MORTGAGE                   | CUSIP: 46131B704<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EC               | CORP              | US        |      5653 | NS      | $44206.46     | 0.70%             |  |  |  | No            | 1                  | On Loan: —       |
| SPS Commerce Inc                             | SPS COMMERCE INC                   | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |       414 | NS      | $45664.20     | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Orchid Island Capital Inc.                   | ORCHID ISLAND CA                   | CUSIP: 68571X301<br>LEI: 549300KBIHGT19K9DY89 | Long             | EC               | CORP              | US        |      6229 | NS      | $43976.74     | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Two Harbors Investment Corp.                 | TWO HARBORS INVE                   | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |      4267 | NS      | $42670.00     | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Visteon Corporation                          | VISTEON CORP                       | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |       630 | NS      | $78094.80     | 1.24%             |  |  |  | No            | 1                  | On Loan: No      |
| ServisFirst Bancshares, Inc.                 | SERVISFIRST BANC                   | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       648 | NS      | $57121.20     | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| NWPX Infrastructure Inc.                     | NWPX INFRASTRUCT                   | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |       972 | NS      | $51477.12     | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Maximus Inc                                  | MAXIMUS INC                        | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      1044 | NS      | $91788.48     | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Option Care Health Inc                       | OPTION CARE HEAL                   | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |      1584 | NS      | $45429.12     | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Artisan Partners Asset Management Inc.       | ARTISAN PARTNE-A                   | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      1494 | NS      | $69904.26     | 1.11%             |  |  |  | No            | 1                  | On Loan: No      |
| ACI Worldwide Inc                            | ACI WORLDWIDE IN                   | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      1152 | NS      | $56851.20     | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| City Holding Co                              | CITY HOLDING CO                    | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       576 | NS      | $74004.48     | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Cargurus Inc                                 | CARGURUS INC                       | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |       936 | NS      | $32385.60     | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Ionq Inc                                     | IONQ INC                           | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1836 | NS      | $78470.64     | 1.24%             |  |  |  | No            | 1                  | On Loan: —       |
| Pediatrix Medical Group Inc                  | PEDIATRIX MEDICA                   | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2359 | NS      | $40598.39     | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Pagerduty Inc                                | PAGERDUTY INC                      | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |      2197 | NS      | $36777.78     | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Nextracker Inc.                              | NEXTRACKER-CL A                    | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1404 | NS      | $94433.04     | 1.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Builders Firstsource, Inc.                   | BUILDERS FIRSTSO                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |         1 | NS      | $138.68       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Biolife Solutions Inc.                       | BIOLIFE SOLUTION                   | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |      1728 | NS      | $43286.40     | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| SmartFinancial Inc.                          | SMARTFINANCIAL I                   | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1566 | NS      | $57707.10     | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Phibro Animal Health Corporation             | PHIBRO ANIMAL-A                    | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      1944 | NS      | $72064.08     | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Health Catalyst Inc.                         | HEALTH CATALYST                    | CUSIP: 42225T107<br>LEI: 549300223PL6GWKVJG92 | Long             | EC               | CORP              | US        |      7508 | NS      | $25452.12     | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Waystar Holding Corp                         | WAYSTAR HOLDING                    | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       900 | NS      | $34092.00     | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Carpenter Technology Corporation             | CARPENTER TECH                     | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |       252 | NS      | $60701.76     | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| StoneX Group Inc                             | STONEX GROUP INC                   | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |       612 | NS      | $62528.04     | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Comfort Systems USA Inc.                     | COMFORT SYSTEMS                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       162 | NS      | $113947.56    | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlanta Braves Holdings Inc                  | ATLANTA BRAVES H                   | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2413 | NS      | $108536.74    | 1.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Watts Water Technologies Inc.                | WATTS WATER TE-A                   | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |       396 | NS      | $109652.40    | 1.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Origin Bancorp Inc                           | ORIGIN BANCORP I                   | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |      1494 | NS      | $58101.66     | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| TG Therapeutics Inc                          | TG THERAPEUTICS                    | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |       342 | NS      | $10030.86     | 0.16%             |  |  |  | No            | 1                  | On Loan: —       |
| Texas Capital Bancshares, Inc.               | TEXAS CAPITAL BA                   | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |      1170 | NS      | $101286.90    | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| BancFirst Corp.                              | BANCFIRST CORP                     | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |       684 | NS      | $90951.48     | 1.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Alarm.com Holdings Inc.                      | ALARM.COM HOLDIN                   | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |       648 | NS      | $37992.24     | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Powell Industries Inc.                       | POWELL INDS INC                    | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |       162 | NS      | $43117.92     | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Fabrinet                                     | FABRINET                           | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |       324 | NS      | $107337.96    | 1.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Moelis & Co.                                 | MOELIS & CO-CL A                   | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |       846 | NS      | $61005.06     | 0.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Insteel Industries Inc.                      | INSTEEL INDS                       | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      2052 | NS      | $78755.76     | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Jackson Financial Inc                        | JACKSON FI-A                       | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |       666 | NS      | $65800.80     | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Lendingtree Inc                              | LENDINGTREE INC                    | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |       828 | NS      | $56262.60     | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Peakstone Realty Trust                       | PEAKSTONE REALTY                   | CUSIP: 39818P799<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1980 | NS      | $25185.60     | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Everquote Inc                                | EVERQUOTE INC-A                    | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1476 | NS      | $34317.00     | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Independent Bank Corp.                       | INDEP BANK/MA                      | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |      1368 | NS      | $97825.68     | 1.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Upstart Holdings Inc                         | UPSTART HOLDINGS                   | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |      1026 | NS      | $75185.28     | 1.19%             |  |  |  | No            | 1                  | On Loan: —       |
| Phreesia Inc                                 | PHREESIA INC                       | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |      1710 | NS      | $54138.60     | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Quanex Building Products Corp.               | QUANEX BUILDING                    | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |      1692 | NS      | $35988.84     | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackbaud Inc                                | BLACKBAUD INC                      | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |       468 | NS      | $31220.28     | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Helios Technologies Inc                      | HELIOS TECHNOLOGIES INC            | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               | CORP              | US        |       846 | NS      | $45887.04     | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Paysafe Limited                              | PAYSAFE LTD                        | CUSIP: G6964L206<br>LEI: 2138003K6PVDCI5TBN11 | Long             | EC               | CORP              | BM        |      3259 | NS      | $45984.49     | 0.73%             |  |  |  | No            | 1                  | On Loan: —       |
| Medpace Holdings Inc.                        | MEDPACE HOLDINGS                   | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       162 | NS      | $77032.62     | 1.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Stoneco Ltd                                  | STONECO LTD-A                      | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |      2899 | NS      | $47746.53     | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Southern First Bancshares Inc.               | SOUTHERN FIRST BANCSHARES          | CUSIP: 842873101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1224 | NS      | $55202.40     | 0.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Quad/Graphics Inc.                           | QUAD GRAPHICS INC                  | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |      5041 | NS      | $33573.06     | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Coeur Mining Inc                             | COEUR MINING INC                   | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |      4267 | NS      | $56111.05     | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Sterling Infrastructure Inc                  | STERLING INFRAST                   | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       216 | NS      | $60162.48     | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Park National Corp                           | PARK NATL CORP                     | CUSIP: 700658107<br>LEI: 5493001T01TDELV5OO63 | Long             | EC               | CORP              | US        |       414 | NS      | $71112.78     | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Sprouts Farmers Markets Inc                  | SPROUTS FARMERS                    | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |       576 | NS      | $80951.04     | 1.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Postal Realty Trust Inc                      | POSTAL REALTY-A                    | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |      4627 | NS      | $73291.68     | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| OPENLANE Inc                                 | OPENLANE INC                       | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |      1782 | NS      | $51535.44     | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT | DREYFUS TREASURY OBLIGATIONS #0521 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** SARATOGA ADVANTAGE TRUST

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Assistant Treasurer