# EDGAR Filing Document

**Accession Number:** 0000924628
**File Stem:** 0001752724-23-013917
**Filing Date:** 2023-1
**Character Count:** 89916
**Document Hash:** 577176cecd8d85ad981e2cf0db5ca656
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-013917.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-013917

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SARATOGA ADVANTAGE TRUST
- **CENTRAL INDEX KEY:** 0000924628
- **IRS NUMBER:** 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:** 23555596

**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

### Technology & Communications Portfolio (Series ID: S000010886)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000030159 | Technology & Communications Portfolio Class I | STPIX           |
| C000030161 | Technology & Communications Portfolio Class C | STPCX           |
| C000030162 | Technology & Communications Portfolio Class A | STPAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.7%** |  |
|  | **AEROSPACE & DEFENSE - 5.5%** |  |
| 11499 | Raytheon Technologies Corporation | &nbsp;&nbsp;&nbsp; $1135181 |
|  | **ASSET MANAGEMENT - 5.0%** |  |
| 91940 | Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp; 1038922 |
|  | **BANKING - 8.3%** |  |
| 9959 | East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 699221 |
| 8112 | First Republic Bank | &nbsp;&nbsp;&nbsp; 1035173 |
|  |  | &nbsp;&nbsp; 1734394 |
|  | **CHEMICALS - 2.6%** |  |
| 7936 | Corteva, Inc. | &nbsp;&nbsp;&nbsp; 532982 |
|  | **CONTAINERS & PACKAGING - 5.1%** |  |
| 12795 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1051877 |
|  | **ELECTRICAL EQUIPMENT - 10.0%** |  |
| 60974 | API Group Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1171920 |
| 3424 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; 904689 |
|  |  | &nbsp;&nbsp; 2076609 |
|  | **ENGINEERING & CONSTRUCTION - 5.7%** |  |
| 12978 | MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1178792 |
|  | **HEALTH CARE FACILITIES & SERVICES - 13.2%** |  |
| 3663 | AmerisourceBergen Corporation | &nbsp;&nbsp;&nbsp; 625237 |
| 4493 | Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1026965 |
| 2112 | Chemed Corporation | &nbsp;&nbsp;&nbsp; 1098240 |
|  |  | &nbsp;&nbsp; 2750442 |
|  | **INTERNET MEDIA & SERVICES - 7.9%** |  |
| 9447 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 954053 |
| 13674 | Match Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 691357 |
|  |  | &nbsp;&nbsp; 1645410 |
|  | **PUBLISHING & BROADCASTING - 4.9%** |  |
| 16619 | Liberty Media Corporation-Liberty Formula One, Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1012762 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.7% (Continued)** |  |
|  | **SEMICONDUCTORS - 4.9%** |  |
| 13661 | ON Semiconductor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1027307 |
|  | **SPECIALTY FINANCE - 4.9%** |  |
| 11393 | Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp; 1017509 |
|  | **TECHNOLOGY SERVICES - 8.7%** |  |
| 4179 | CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1305102 |
| 6343 | PayPal Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 497355 |
|  |  | &nbsp;&nbsp; 1802457 |
|  | **TOTAL COMMON STOCKS (Cost $17,192,985)** | &nbsp;&nbsp; 18004644 |
|  | **SHORT-TERM INVESTMENT — 13.6%** |  |
|  | **MONEY MARKET FUND - 13.6%** |  |
| 2815219 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $2,815,219)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2815219 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $20,008,204)** | &nbsp;&nbsp;&nbsp; $20819863 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (54532) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $20765331 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **AUTOMOTIVE - 3.0%** |  |
| 3590 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $698973 |
|  | **BEVERAGES - 1.6%** |  |
| 2020 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 374730 |
|  | **BIOTECHNOLOGY & PHARMACEUTICALS - 2.8%** |  |
| 4700 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 191713 |
| 1030 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 113424 |
| 2590 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 329085 |
|  |  | &nbsp;&nbsp; 634222 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.3%** |  |
| 3100 | Waste Management, Inc. | &nbsp;&nbsp;&nbsp; 519932 |
|  | **CONSTRUCTION MATERIALS - 1.7%** |  |
| 1530 | Carlisle Companies, Inc. | &nbsp;&nbsp;&nbsp; 402558 |
|  | **E-COMMERCE DISCRETIONARY - 2.7%** |  |
| 6320 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 610133 |
|  | **FOOD - 0.8%** |  |
| 7180 | Pilgrim's Pride Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 187829 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.8%** |  |
| 1220 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 465650 |
| 1370 | Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 461375 |
| 1170 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 640879 |
|  |  | &nbsp;&nbsp; 1567904 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.1%** |  |
| 1360 | United Rentals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 480121 |
|  | **INFRASTRUCTURE REIT - 1.0%** |  |
| 990 | American Tower Corporation | &nbsp;&nbsp;&nbsp; 219038 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **INSURANCE - 4.0%** |  |
| 6990 | Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $418771 |
| 1465 | Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp; 495082 |
|  |  | &nbsp;&nbsp; 913853 |
|  | **INTERNET MEDIA & SERVICES - 7.2%** |  |
| 5100 | Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 520914 |
| 3750 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 378713 |
| 3740 | Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 379423 |
| 3310 | GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 261920 |
| 4650 | Pinterest, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 118203 |
|  |  | &nbsp;&nbsp; 1659173 |
|  | **LEISURE FACILITIES & SERVICES - 4.8%** |  |
| 230 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 374201 |
| 1090 | Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp; 134310 |
| 2640 | Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 192086 |
| 1060 | Madison Square Garden Sports Corporation | &nbsp;&nbsp;&nbsp; 172610 |
| 1400 | Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp; 231490 |
|  |  | &nbsp;&nbsp; 1104697 |
|  | **MACHINERY - 1.0%** |  |
| 990 | IDEX Corporation | &nbsp;&nbsp;&nbsp; 235115 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.2%** |  |
| 3630 | Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp; 562577 |
| 280 | Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 411477 |
|  |  | &nbsp;&nbsp; 974054 |
|  | **OIL & GAS PRODUCERS - 0.5%** |  |
| 790 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 112125 |
|  | **PUBLISHING & BROADCASTING - 0.5%** |  |
| 1860 | Liberty Media Corporation-Liberty Formula One, Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 113348 |
|  | **RETAIL - CONSUMER STAPLES - 2.5%** |  |
| 1060 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 571605 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 3.9%** |  |
| 155 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $399745 |
| 1050 | Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 488082 |
|  |  | &nbsp;&nbsp; 887827 |
|  | **SELF-STORAGE REIT - 0.7%** |  |
| 550 | Public Storage | &nbsp;&nbsp;&nbsp; 163878 |
|  | **SEMICONDUCTORS - 4.9%** |  |
| 1420 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110235 |
| 1360 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; 149056 |
| 240 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 132247 |
| 2760 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 467075 |
| 2190 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 277013 |
|  |  | &nbsp;&nbsp; 1135626 |
|  | **SOFTWARE - 18.6%** |  |
| 2755 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 324126 |
| 8810 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 468340 |
| 7353 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 1876043 |
| 1440 | Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 244656 |
| 1150 | Paycom Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 389965 |
| 5700 | Splunk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 442776 |
| 1600 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 543264 |
|  |  | &nbsp;&nbsp; 4289170 |
|  | **TECHNOLOGY HARDWARE - 13.3%** |  |
| 16270 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 2408448 |
| 3800 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 529340 |
| 4190 | Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 122306 |
|  |  | &nbsp;&nbsp; 3060094 |
|  | **TECHNOLOGY SERVICES - 6.7%** |  |
| 430 | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp; 113580 |
| 360 | Fair Isaac Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 223099 |
| 1400 | Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 490518 |
| 4200 | Paychex, Inc. | &nbsp;&nbsp;&nbsp; 520926 |
| 860 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 186620 |
|  |  | &nbsp;&nbsp; 1534743 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 1.3%** |  |
| 2630 | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp; $305238 |
|  | **TOTAL COMMON STOCKS (Cost $19,364,840)** | &nbsp;&nbsp; 22755986 |
|  | **SHORT-TERM INVESTMENT — 1.3%** |  |
|  | **MONEY MARKET FUND - 1.3%** |  |
| 299633 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $299,633)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 299633 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $19,664,473)** | &nbsp;&nbsp;&nbsp; $23055619 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (44153) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $23011466 |

---

Ltd. - Limited Company <br> REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA MID CAPITALIZATION PORTFOLIO** | **SARATOGA MID CAPITALIZATION PORTFOLIO** | **SARATOGA MID CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.5%** |  |
| 1445 | Skechers USA, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $60936 |
|  | **ASSET MANAGEMENT - 4.2%** |  |
| 1898 | Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp; 131702 |
| 1470 | Ares Management Corporation, Class A | &nbsp;&nbsp;&nbsp; 115233 |
| 7208 | Brightsphere Investment Group, Inc. | &nbsp;&nbsp;&nbsp; 146755 |
| 695 | Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp; 81246 |
|  |  | &nbsp;&nbsp; 474936 |
|  | **BANKING - 4.5%** |  |
| 3350 | Bank of NT Butterfield & Son Ltd. (The) | &nbsp;&nbsp;&nbsp; 116580 |
| 1715 | First Republic Bank | &nbsp;&nbsp;&nbsp; 218851 |
| 5260 | Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 81425 |
| 3760 | PacWest Bancorp | &nbsp;&nbsp;&nbsp; 98211 |
|  |  | &nbsp;&nbsp; 515067 |
|  | **BIOTECHNOLOGY & PHARMACEUTICAL - 0.4%** |  |
| 3910 | Elanco Animal Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50322 |
|  | **CHEMICALS - 4.8%** |  |
| 365 | Avery Dennison Corporation | &nbsp;&nbsp;&nbsp; 70565 |
| 5780 | Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155135 |
| 1775 | FMC Corporation | &nbsp;&nbsp;&nbsp; 231886 |
| 1025 | LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp; 87135 |
|  |  | &nbsp;&nbsp; 544721 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.7%** |  |
| 5310 | Aramark | &nbsp;&nbsp;&nbsp; 220896 |
| 2245 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 312706 |
|  |  | &nbsp;&nbsp; 533602 |
|  | **CONSUMER SERVICES - 0.8%** |  |
| 755 | Grand Canyon Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 85368 |
|  | **CONTAINERS & PACKAGING - 1.1%** |  |
| 1560 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp; 128248 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA MID CAPITALIZATION PORTFOLIO** | **SARATOGA MID CAPITALIZATION PORTFOLIO** | **SARATOGA MID CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 1.3%** |  |
| 9915 | Leslie's, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $144759 |
|  | **ELECTRIC UTILITIES - 8.7%** |  |
| 2730 | Alliant Energy Corporation | &nbsp;&nbsp;&nbsp; 153699 |
| 1750 | Ameren Corporation | &nbsp;&nbsp;&nbsp; 156310 |
| 2505 | CMS Energy Corporation | &nbsp;&nbsp;&nbsp; 152980 |
| 2350 | Evergy, Inc. | &nbsp;&nbsp;&nbsp; 139144 |
| 15580 | Vistra Corporation | &nbsp;&nbsp;&nbsp; 379061 |
|  |  | &nbsp;&nbsp; 981194 |
|  | **ELECTRICAL EQUIPMENT - 9.1%** |  |
| 1090 | Allegion plc | &nbsp;&nbsp;&nbsp; 123879 |
| 2015 | AMETEK, Inc. | &nbsp;&nbsp;&nbsp; 286977 |
| 335 | Hubbell, Inc. | &nbsp;&nbsp;&nbsp; 85110 |
| 625 | Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 113056 |
| 5725 | nVent Electric plc | &nbsp;&nbsp;&nbsp; 229057 |
| 2380 | Otis Worldwide Corporation | &nbsp;&nbsp;&nbsp; 185854 |
|  |  | &nbsp;&nbsp; 1023933 |
|  | **ENGINEERING & CONSTRUCTION - 4.0%** |  |
| 9400 | WillScot Mobile Mini Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 453174 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.9%** |  |
| 1835 | AmerisourceBergen Corporation | &nbsp;&nbsp;&nbsp; 313215 |
| 13830 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9384 |
| 1035 | IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 225651 |
|  |  | &nbsp;&nbsp; 548250 |
|  | **HOME CONSTRUCTION - 0.8%** |  |
| 4480 | AZEK Company, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 86643 |
|  | **HOUSEHOLD PRODUCTS - 1.0%** |  |
| 1350 | Church & Dwight Company, Inc. | &nbsp;&nbsp;&nbsp; 110525 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.0%** |  |
| 1130 | Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 143329 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA MID CAPITALIZATION PORTFOLIO** | **SARATOGA MID CAPITALIZATION PORTFOLIO** | **SARATOGA MID CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.0% (Continued)** |  |
| 4520 | Nasdaq, Inc. | &nbsp;&nbsp;&nbsp; $309439 |
|  |  | &nbsp;&nbsp; 452768 |
|  | **INSURANCE - 6.2%** |  |
| 2090 | Allstate Corporation (The) | &nbsp;&nbsp;&nbsp; 279850 |
| 1255 | Arthur J Gallagher & Company | &nbsp;&nbsp;&nbsp; 249883 |
| 1175 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp; 169670 |
|  |  | &nbsp;&nbsp; 699403 |
|  | **LEISURE PRODUCTS - 1.4%** |  |
| 875 | Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 161026 |
|  | **MACHINERY - 1.9%** |  |
| 2065 | Crane Holdings Company | &nbsp;&nbsp;&nbsp; 218766 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.2%** |  |
| 675 | Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp; 104612 |
| 4105 | Avantor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91459 |
| 435 | Cooper Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 137612 |
| 1855 | Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 141277 |
|  |  | &nbsp;&nbsp; 474960 |
|  | **METALS & MINING - 1.7%** |  |
| 15490 | Constellium S.E.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 192851 |
|  | **OIL & GAS PRODUCERS - 5.2%** |  |
| 1320 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 195386 |
| 730 | Pioneer Natural Resources Company | &nbsp;&nbsp;&nbsp; 172273 |
| 31180 | Southwestern Energy Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 215766 |
|  |  | &nbsp;&nbsp; 583425 |
|  | **PUBLISHING & BROADCASTING - 3.2%** |  |
| 1900 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 360164 |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 350 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; 60169 |
| 980 | Entegris, Inc. | &nbsp;&nbsp;&nbsp; 75744 |
|  |  | &nbsp;&nbsp; 135913 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA MID CAPITALIZATION PORTFOLIO** | **SARATOGA MID CAPITALIZATION PORTFOLIO** | **SARATOGA MID CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **SOFTWARE - 2.9%** |  |
| 6507 | N-Able, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $73074 |
| 4740 | SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp; 254822 |
|  |  | &nbsp;&nbsp; 327896 |
|  | **SPECIALTY FINANCE - 1.6%** |  |
| 20430 | New Residential Investment Corporation | &nbsp;&nbsp;&nbsp; 184892 |
|  | **TECHNOLOGY HARDWARE - 3.2%** |  |
| 1345 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 366109 |
|  | **TECHNOLOGY SERVICES - 9.4%** |  |
| 790 | CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 246717 |
| 635 | CDW Corporation/DE | &nbsp;&nbsp;&nbsp; 119786 |
| 440 | Equifax, Inc. | &nbsp;&nbsp;&nbsp; 86843 |
| 770 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp; 355193 |
| 3545 | MAXIMUS, Inc. | &nbsp;&nbsp;&nbsp; 249214 |
|  |  | &nbsp;&nbsp; 1057753 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.8%** |  |
| 3440 | Performance Food Group Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 209771 |
|  | **TOTAL COMMON STOCKS (Cost $8,379,071)** | &nbsp;&nbsp; 11167375 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  | **MONEY MARKET FUND - 1.7%** |  |
| 197598 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $197,598)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 197598 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $8,576,669)** | &nbsp;&nbsp;&nbsp; $11364973 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | &nbsp;&nbsp; (41593) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $11323380 |

---

---

| | |
|:---|:---|
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Rate disclosed is the seven day effective yield as of November 30, 2022. |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.1%** |  |
|  | **AEROSPACE & DEFENSE - 0.9%** |  |
| 1507 | AerSale Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $23886 |
| 16230 | AMMO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34732 |
|  |  | &nbsp;&nbsp; 58618 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.8%** |  |
| 477 | Crocs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48177 |
|  | **BANKING - 14.5%** |  |
| 904 | 1st Source Corporation | &nbsp;&nbsp;&nbsp; 51618 |
| 1256 | Amalgamated Financial Corporation | &nbsp;&nbsp;&nbsp; 33498 |
| 1281 | Bank of NT Butterfield & Son Ltd. (The) | &nbsp;&nbsp;&nbsp; 44579 |
| 804 | Banner Corporation | &nbsp;&nbsp;&nbsp; 56778 |
| 653 | City Holding Company | &nbsp;&nbsp;&nbsp; 66554 |
| 829 | Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 39096 |
| 3015 | Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp; 59124 |
| 980 | First Bancorp | &nbsp;&nbsp;&nbsp; 47657 |
| 3542 | Fulton Financial Corporation | &nbsp;&nbsp;&nbsp; 65846 |
| 2914 | Home BancShares, Inc. | &nbsp;&nbsp;&nbsp; 74161 |
| 854 | Nicolet Bankshares, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 70643 |
| 754 | Preferred Bank | &nbsp;&nbsp;&nbsp; 56995 |
| 628 | ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 47615 |
| 1206 | Trustmark Corporation | &nbsp;&nbsp;&nbsp; 44115 |
| 2487 | United Community Banks, Inc. | &nbsp;&nbsp;&nbsp; 96919 |
| 930 | Westamerica BanCorporation | &nbsp;&nbsp;&nbsp; 57428 |
|  |  | &nbsp;&nbsp; 912626 |
|  | **BEVERAGES - 1.5%** |  |
| 854 | Celsius Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 95084 |
|  | **BIOTECHNOLOGY & PHARMACEUTICAL - 1.3%** |  |
| 2336 | Alkermes plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 57887 |
| 452 | Intra-Cellular Therapies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24507 |
|  |  | &nbsp;&nbsp; 82394 |
|  | **CHEMICALS - 1.6%** |  |
| 477 | Balchem Corporation | &nbsp;&nbsp;&nbsp; 67162 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.1% (Continued)** |  |
|  | **CHEMICALS - 1.6% (Continued)** |  |
| 829 | Hawkins, Inc. | &nbsp;&nbsp;&nbsp; $34486 |
|  |  | &nbsp;&nbsp; 101648 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.2%** |  |
| 402 | AMN Healthcare Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 49728 |
| 703 | Korn Ferry | &nbsp;&nbsp;&nbsp; 40092 |
| 2487 | Resources Connection, Inc. | &nbsp;&nbsp;&nbsp; 47999 |
|  |  | &nbsp;&nbsp; 137819 |
|  | **CONSTRUCTION MATERIALS - 0.6%** |  |
| 427 | Simpson Manufacturing Company, Inc. | &nbsp;&nbsp;&nbsp; 39732 |
|  | **CONSUMER SERVICES - 0.5%** |  |
| 2362 | Coursera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32926 |
|  | **ELECTRIC UTILITIES - 0.5%** |  |
| 578 | Otter Tail Corporation | &nbsp;&nbsp;&nbsp; 34466 |
|  | **ELECTRICAL EQUIPMENT - 4.6%** |  |
| 955 | AAON, Inc. | &nbsp;&nbsp;&nbsp; 75693 |
| 578 | Badger Meter, Inc. | &nbsp;&nbsp;&nbsp; 66944 |
| 502 | Novanta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 79191 |
| 427 | Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp; 67658 |
|  |  | &nbsp;&nbsp; 289486 |
|  | **ENGINEERING & CONSTRUCTION - 2.1%** |  |
| 276 | Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25155 |
| 678 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 105022 |
|  |  | &nbsp;&nbsp; 130177 |
|  | **FOOD - 2.0%** |  |
| 3341 | BellRing Brands, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 83224 |
| 653 | Cal-Maine Foods, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 38057 |
|  |  | &nbsp;&nbsp; 121281 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.7%** |  |
| 603 | Boise Cascade Company | &nbsp;&nbsp;&nbsp; 44646 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.1% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.8%** |  |
| 251 | Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $52682 |
| 301 | Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 101368 |
| 1809 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28908 |
| 1457 | Progyny, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53370 |
|  |  | &nbsp;&nbsp; 236328 |
|  | **HOTEL REIT - 1.1%** |  |
| 4171 | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp; 69447 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.0%** |  |
| 2060 | AZZ, Inc. | &nbsp;&nbsp;&nbsp; 85758 |
| 176 | RBC Bearings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41707 |
|  |  | &nbsp;&nbsp; 127465 |
|  | **INDUSTRIAL SUPPORT SERVICES - 4.6%** |  |
| 1030 | Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp; 136465 |
| 377 | Transcat, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30171 |
| 930 | WESCO International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 119896 |
|  |  | &nbsp;&nbsp; 286532 |
|  | **INSURANCE - 1.4%** |  |
| 126 | Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp; 38834 |
| 2487 | Lemonade, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 49367 |
|  |  | &nbsp;&nbsp; 88201 |
|  | **INTERNET MEDIA & SERVICES - 1.2%** |  |
| 1683 | HealthStream, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 42748 |
| 703 | TechTarget, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32099 |
|  |  | &nbsp;&nbsp; 74847 |
|  | **LEISURE PRODUCTS - 3.0%** |  |
| 1909 | Acushnet Holdings Corporation | &nbsp;&nbsp;&nbsp; 86764 |
| 578 | Fox Factory Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 61326 |
| 377 | LCI Industries | &nbsp;&nbsp;&nbsp; 37270 |
|  |  | &nbsp;&nbsp; 185360 |
|  | **MACHINERY - 3.6%** |  |
| 1055 | Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp; 57381 |
| 553 | CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp; 66885 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.1% (Continued)** |  |
|  | **MACHINERY - 3.6% (Continued)** |  |
| 578 | Lindsay Corporation | &nbsp;&nbsp;&nbsp; $102012 |
|  |  | &nbsp;&nbsp; 226278 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.6%** |  |
| 4221 | Adaptive Biotechnologies Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37060 |
| 2789 | Castle Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 65793 |
| 251 | Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60634 |
| 352 | Shockwave Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 89266 |
| 678 | STAAR Surgical Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38721 |
| 1 | Zynex, Inc. | &nbsp;&nbsp;&nbsp; 14 |
|  |  | &nbsp;&nbsp; 291488 |
|  | **METALS & MINING - 2.4%** |  |
| 678 | Encore Wire Corporation | &nbsp;&nbsp;&nbsp; 99063 |
| 1507 | MP Materials Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50108 |
|  |  | &nbsp;&nbsp; 149171 |
|  | **OFFICE REIT - 1.3%** |  |
| 2965 | Equity Commonwealth | &nbsp;&nbsp;&nbsp; 80321 |
|  | **OIL & GAS PRODUCERS - 9.4%** |  |
| 1181 | Chesapeake Energy Corporation | &nbsp;&nbsp;&nbsp; 122233 |
| 779 | Chord Energy Corporation | &nbsp;&nbsp;&nbsp; 118821 |
| 3668 | Magnolia Oil & Gas Corporation, CLASS A | &nbsp;&nbsp;&nbsp; 95661 |
| 1407 | Matador Resources Company | &nbsp;&nbsp;&nbsp; 93369 |
| 251 | Murphy USA, Inc. | &nbsp;&nbsp;&nbsp; 74248 |
| 1583 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 88268 |
|  |  | &nbsp;&nbsp; 592600 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 1055 | Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp; 53890 |
| 3140 | ProPetro Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34477 |
|  |  | &nbsp;&nbsp; 88367 |
|  | **RETAIL - CONSUMER STAPLES - 0.8%** |  |
| 703 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52894 |
|  | **RETAIL - DISCRETIONARY - 7.1%** |  |
| 2362 | Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp; 119234 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.1% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 7.1% (Continued)** |  |
| 126 | Avis Budget Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $28174 |
| 1633 | Buckle, Inc. (The) | &nbsp;&nbsp;&nbsp; 71770 |
| 1785 | Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 114115 |
| 3693 | Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp; 56503 |
| 2462 | Macy's, Inc. | &nbsp;&nbsp;&nbsp; 57857 |
|  |  | &nbsp;&nbsp; 447653 |
|  | **SEMICONDUCTORS - 0.9%** |  |
| 628 | Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 57920 |
|  | **SOFTWARE - 3.3%** |  |
| 1608 | Digi International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68292 |
| 3367 | Fastly, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32525 |
| 1281 | Phreesia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35637 |
| 301 | Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37119 |
| 226 | SPS Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32151 |
|  |  | &nbsp;&nbsp; 205724 |
|  | **SPECIALTY FINANCE - 1.5%** |  |
| 804 | GATX Corporation | &nbsp;&nbsp;&nbsp; 90651 |
| 31 | PROG Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 610 |
|  |  | &nbsp;&nbsp; 91261 |
|  | **SPECIALTY REITS - 2.2%** |  |
| 5150 | GEO Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60873 |
| 1256 | Hannon Armstrong Sustainable Infrastructure | &nbsp;&nbsp;&nbsp; 40745 |
| 2085 | Outfront Media, Inc. | &nbsp;&nbsp;&nbsp; 38135 |
|  |  | &nbsp;&nbsp; 139753 |
|  | **TECHNOLOGY HARDWARE - 1.8%** |  |
| 477 | Super Micro Computer, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43040 |
| 4397 | TTM Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 70660 |
|  |  | &nbsp;&nbsp; 113700 |
|  | **TELECOMMUNICATIONS - 1.0%** |  |
| 1206 | Iridium Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 64039 |
|  | **TRANSPORTATION & LOGISTICS - 2.1%** |  |
| 3015 | Heartland Express, Inc. | &nbsp;&nbsp;&nbsp; 50471 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** | **SARATOGA SMALL CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.1% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.1% (Continued)** |  |
| 653 | Matson, Inc. | &nbsp;&nbsp;&nbsp; $41635 |
| 980 | Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp; 37211 |
|  |  | &nbsp;&nbsp; 129317 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.8%** |  |
| 804 | Performance Food Group Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 49028 |
|  | **TOTAL COMMON STOCKS (Cost $5,030,034)** | &nbsp;&nbsp; 5976774 |
| **Shares** |  | **Fair Value** |
|  | **REITS — 0.9%** |  |
|  | **SPECIALTY FINANCE - 0.9%** |  |
| 2261 | Blackstone Mortgage Trust, Inc., Class A | &nbsp;&nbsp;&nbsp; 57135 |
|  | **TOTAL REITS (Cost $64,172)** | &nbsp;&nbsp; 57135 |
| **Principal Amount ($)** |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 2.3%** |  |
|  | **REPURCHASE AGREEMENTS - 2.3%** |  |
| 145727 | BNP Paribas SA, dated 11/30/2022, due 12/1/2022,<br> 3.780%, total to be received $148,642<br> (Collateralized by various US Government agency obligations, due<br> 05/25/2023-08/15/2048, 0.000%-6.875% totaling $147,767) | &nbsp;&nbsp;&nbsp; 145727 |
|  | **TOTAL REPURCHASE AGREEMENTS (Cost $145,757)** | &nbsp;&nbsp; 145727 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 4.6%** |  |
|  | **MONEY MARKET FUND - 4.6%** |  |
| 286781 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, Institutional Class, 3.79% (Cost $286,781)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 286781 |
|  | **TOTAL INVESTMENTS - 102.9% (Cost $5,526,744)** | &nbsp;&nbsp;&nbsp; $6466417 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.9)%** | &nbsp;&nbsp; (184055) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $6282362 |

---

---

| |
|:---|
| **SARATOGA SMALL CAPITALIZATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** |

---

---

| | | |
|:---|:---|:---|
| LTD | LTD | - Limited Company |
| PLC | PLC | - Public Limited Company |
| REIT | REIT | - Real Estate Investment Trust |
| <sup>(a)</sup> | Non-income producing security. | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $343,641. | All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $343,641. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of November 30, 2022. | Rate disclosed is the seven day effective yield as of November 30, 2022. |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **Australia - 7.1%** |  |
| 620 | Macquarie Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $76254 |
| 26680 | Stockland Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 69663 |
| 3260 | Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp; 82334 |
|  |  | &nbsp;&nbsp; 228251 |
|  | **Canada - 4.5%** |  |
| 740 | Bank of Montreal | &nbsp;&nbsp;&nbsp; 72275 |
| 1100 | Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp; 72985 |
|  |  | &nbsp;&nbsp; 145260 |
|  | **China - 4.2%** |  |
| 2500 | BYD Company Ltd., H Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63651 |
| 14200 | China Merchants Bank Company Ltd., H Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72124 |
|  |  | &nbsp;&nbsp; 135775 |
|  | **Denmark - 2.8%** |  |
| 720 | Novo Nordisk A/S, Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90319 |
|  | **Finland - 2.5%** |  |
| 16250 | Nokia Corporation | &nbsp;&nbsp;&nbsp; 80161 |
|  | **France - 4.2%** |  |
| 790 | Arkema S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 70327 |
| 1390 | Compagnie de Saint-Gobain | &nbsp;&nbsp;&nbsp; 64174 |
|  |  | &nbsp;&nbsp; 134501 |
|  | **Germany - 9.5%** |  |
| 323 | Allianz SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 69033 |
| 2060 | GEA Group AG | &nbsp;&nbsp;&nbsp; 84340 |
| 410 | Merck KGaA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75211 |
| 1410 | Siemens Healthineers AG | &nbsp;&nbsp;&nbsp; 75244 |
|  |  | &nbsp;&nbsp; 303828 |
|  | **Indonesia - 2.5%** |  |
| 254800 | Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp; 81545 |
|  | **Italy - 2.4%** |  |
| 5260 | Eni SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 78523 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **Japan - 15.2%** |  |
| 500 | HIROSE ELECTRIC CO LTD | &nbsp;&nbsp;&nbsp; $66922 |
| 1200 | Konami Corp | &nbsp;&nbsp;&nbsp; 56510 |
| 2800 | Nippon Yusen KK<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 62329 |
| 3600 | Olympus Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 74375 |
| 1000 | Sony Corporation | &nbsp;&nbsp;&nbsp; 82843 |
| 3700 | Tokyo Gas Company Ltd. | &nbsp;&nbsp;&nbsp; 68065 |
| 1900 | Toyota Tsusho Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 73349 |
|  |  | &nbsp;&nbsp; 484393 |
|  | **Korea (Republic of) - 2.0%** |  |
| 1220 | Kia Motors Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 64982 |
|  | **Korea (Republic Of) - 2.4%** |  |
| 860 | Orion Corporation of Republic of Korea | &nbsp;&nbsp;&nbsp; 78105 |
|  | **Luxembourg - 1.8%** |  |
| 830 | Eurofins Scientific S.E.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 57686 |
|  | **Mexico - 2.2%** |  |
| 18250 | Wal-Mart de Mexico S.A.B de C.V. | &nbsp;&nbsp;&nbsp; 72139 |
|  | **Netherlands - 4.7%** |  |
| 5920 | ABN AMRO Bank N.V. - ADR | &nbsp;&nbsp;&nbsp; 76438 |
| 1930 | STMicroelectronics N.V. | &nbsp;&nbsp;&nbsp; 74797 |
|  |  | &nbsp;&nbsp; 151235 |
|  | **South Africa - 2.0%** |  |
| 6520 | Mr. Price Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63776 |
|  | **South Korea - 2.3%** |  |
| 3760 | Korean Air Lines Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 74607 |
|  | **Spain - 2.5%** |  |
| 27170 | Banco Santander S.A. | &nbsp;&nbsp;&nbsp; 81171 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **Switzerland - 2.5%** |  |
| 4430 | UBS Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $81741 |
|  | **Taiwan - 2.1%** |  |
| 7000 | Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp; 68641 |
|  | **Taiwan Province of China - 2.6%** |  |
| 1010 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;&nbsp; 83810 |
|  | **Thailand - 2.6%** |  |
| 12900 | Bumrungrad Hospital PCL | &nbsp;&nbsp;&nbsp; 83751 |
|  | **United Kingdom - 13.8%** |  |
| 1790 | Anglo American plc | &nbsp;&nbsp;&nbsp; 74440 |
| 37180 | Barclays plc | &nbsp;&nbsp;&nbsp; 72747 |
| 2330 | BP plc - ADR | &nbsp;&nbsp;&nbsp; 83648 |
| 1310 | Coca-Cola European Partners plc | &nbsp;&nbsp;&nbsp; 69548 |
| 1180 | InterContinental Hotels Group plc | &nbsp;&nbsp;&nbsp; 68699 |
| 3760 | Mondi plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71061 |
|  |  | &nbsp;&nbsp; 440143 |
|  | **TOTAL COMMON STOCKS (Cost $2,956,873)** | &nbsp;&nbsp; 3164343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED — 2.8%** |  |  | |
| | **REPURCHASE AGREEMENTS – 2.8%** |  |  | <br>**Fair Value** |
| 90016 | BNP Paribas SA, dated 11/30/2022, due 12/1/2022,<br> 3.780%, total to be received $91,816<br> (Collateralized by various US Government agency obligations, due<br> 05/15/2030-02/15/2052, 0.125%-3.375% totaling $91,625) |  |  | &nbsp;&nbsp;&nbsp; 90016 |
|  | **TOTAL REPURCHASE AGREEMENTS (Cost $90,016)** |  |  | &nbsp;&nbsp; 90016 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENT — 1.8%** |  |  |  |
|  | **MONEY MARKET FUND - 1.8%** |  |  |  |
| 57130 | Dreyfus Institutional Preferred Government Money, Institutional Class, 3.79% (Cost $57,130)<sup>(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 57130 |
|  | **TOTAL INVESTMENTS - 103.0% (Cost $3,104,019)** |  |  | &nbsp;&nbsp;&nbsp; $3311489 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0)%** |  |  | &nbsp;&nbsp; (95484) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $3216005 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| BNY | Bank of NY |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** | |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency** | **U.S. Dollar Value** | <br>**Unrealized**<br>**Depreciation** |
| **To Sell:** | | |  |  |  |
| Euro | 12/01/2022 | Bank of NY | &nbsp;&nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp; $1025 | &nbsp;&nbsp;&nbsp; $(9) |
|  |  |  |  | &nbsp;&nbsp; **$1025** | &nbsp;&nbsp; **$(9)** |
| **Total** |  |  |  |  | &nbsp;&nbsp; **$(9)** |

---

<sup>(a)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $85,238.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA HEALTH & BIOTECHNOLOGY FUND** | **SARATOGA HEALTH & BIOTECHNOLOGY FUND** | **SARATOGA HEALTH & BIOTECHNOLOGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3%** |  |
|  | **BIOTECHNOLOGY & PHARMACEAUTICALS - 46.5%** |  |
| 2965 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; $477899 |
| 2685 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 768984 |
| 1184 | Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 361321 |
| 1000 | Eli Lilly and Company | &nbsp;&nbsp;&nbsp; 371080 |
| 6420 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 563869 |
| 15000 | Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 181650 |
| 2320 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 412960 |
| 4935 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 543442 |
| 2366 | Moderna, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 416203 |
| 2591 | Novartis A.G. - ADR | &nbsp;&nbsp;&nbsp; 232050 |
| 7668 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 384397 |
| 720 | Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 541224 |
| 2282 | United Therapeutics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 638709 |
| 1270 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 401828 |
|  |  | &nbsp;&nbsp; 6295616 |
|  | **HEALTH CARE FACILITIES & SERVICES - 41.5%** |  |
| 2665 | AmerisourceBergen Corporation | &nbsp;&nbsp;&nbsp; 454889 |
| 1457 | Anthem, Inc. | &nbsp;&nbsp;&nbsp; 776464 |
| 6336 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 507957 |
| 1211 | Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 276798 |
| 1136 | Cigna Corporation | &nbsp;&nbsp;&nbsp; 373619 |
| 2000 | Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 190000 |
| 630 | Humana, Inc. | &nbsp;&nbsp;&nbsp; 346437 |
| 1665 | Laboratory Corp of America Holdings | &nbsp;&nbsp;&nbsp; 400766 |
| 1604 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 612215 |
| 1042 | Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 350914 |
| 2910 | Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp; 441825 |
| 4221 | Tenet Healthcare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 194926 |
| 1250 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 684700 |
|  |  | &nbsp;&nbsp; 5611510 |
|  | **MEDICAL EQUIPMENT & DEVICES - 10.3%** |  |
| 1673 | Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 364848 |
| 1622 | Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 438573 |
| 3025 | Medtronic plc | &nbsp;&nbsp;&nbsp; 239096 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA HEALTH & BIOTECHNOLOGY FUND** | **SARATOGA HEALTH & BIOTECHNOLOGY FUND** | **SARATOGA HEALTH & BIOTECHNOLOGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 10.3% (Continued)** |  |
| 1524 | Stryker Corporation | &nbsp;&nbsp;&nbsp; $356448 |
|  |  | &nbsp;&nbsp; 1398965 |
|  | **TOTAL COMMON STOCKS (Cost $8,942,679)** | &nbsp;&nbsp; 13306091 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.2%** |  |
|  | **MONEY MARKET FUND - 2.2%** |  |
| 291783 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $291,783)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 291783 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $9,234,462)** | &nbsp;&nbsp;&nbsp; $13597874 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | &nbsp;&nbsp; (63786) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $13534088 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| PLC | - Public Limited Company |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO** | **SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO** | **SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **E-COMMERCE DISCRETIONARY - 7.8%** |  |
| 20660 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1994516 |
| 19638 | eBay, Inc. | &nbsp;&nbsp;&nbsp; 892351 |
|  |  | &nbsp;&nbsp; 2886867 |
|  | **ENTERTAINMENT CONTENT - 3.3%** |  |
| 16455 | Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp; 1216847 |
|  | **INTERNET MEDIA & SERVICES - 12.4%** |  |
| 6000 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 605940 |
| 24170 | Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2452047 |
| 13073 | Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1543921 |
|  |  | &nbsp;&nbsp; 4601908 |
|  | **SEMICONDUCTORS - 17.1%** |  |
| 24038 | Intel Corporation | &nbsp;&nbsp;&nbsp; 722823 |
| 4970 | KLA Corporation | &nbsp;&nbsp;&nbsp; 1953955 |
| 4513 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 763735 |
| 14420 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 1823986 |
| 11416 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1091598 |
|  |  | &nbsp;&nbsp; 6356097 |
|  | **SOFTWARE - 24.2%** |  |
| 12790 | Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1213259 |
| 8042 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 2051836 |
| 20581 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 1708840 |
| 6620 | Salesforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1060855 |
| 4550 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1544907 |
| 11510 | VMware, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1398350 |
|  |  | &nbsp;&nbsp; 8978047 |
|  | **TECHNOLOGY HARDWARE - 11.3%** |  |
| 12704 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 1880573 |
| 46577 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 2315809 |
|  |  | &nbsp;&nbsp; 4196382 |
|  | **TECHNOLOGY SERVICES - 23.6%** |  |
| 17805 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp; 1582152 |
| 11963 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 744218 |
| 10473 | Global Payments, Inc. | &nbsp;&nbsp;&nbsp; 1086888 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO** | **SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO** | **SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 23.6% (Continued)** |  |
| 6795 | Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp; $1286633 |
| 3236 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 1153310 |
| 12062 | PayPal Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 945781 |
| 8961 | Visa, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1944538 |
|  |  | &nbsp;&nbsp; 8743520 |
|  | **TOTAL COMMON STOCKS (Cost $16,434,340)** | &nbsp;&nbsp; 36979668 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.6%** |  |
|  | **MONEY MARKET FUND - 0.6%** |  |
| 211916 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, Institutional Class, 3.79% (Cost $211,916)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 211916 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $16,646,256)** | &nbsp;&nbsp;&nbsp; $37191584 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (101284) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $37090300 |

---

LTD - Limited Company <br>

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $1,854,571.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

Ts p

---

| | | |
|:---|:---|:---|
| **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** | **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** | **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2%** |  |
|  | **CHEMICALS - 14.6%** |  |
| 3312 | BASF S.E. - ADR | &nbsp;&nbsp;&nbsp; $42311 |
| 1830 | Covestro A.G. - ADR | &nbsp;&nbsp;&nbsp; 36399 |
| 645 | Dow, Inc. | &nbsp;&nbsp;&nbsp; 32876 |
| 605 | Huntsman Corporation | &nbsp;&nbsp;&nbsp; 16807 |
| 120 | Linde plc | &nbsp;&nbsp;&nbsp; 40377 |
| 358 | LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp; 30434 |
| 611 | Mosaic Company (The) | &nbsp;&nbsp;&nbsp; 31344 |
| 95 | PPG Industries, Inc. | &nbsp;&nbsp;&nbsp; 12846 |
| 142 | Westlake Corporation | &nbsp;&nbsp;&nbsp; 15286 |
|  |  | &nbsp;&nbsp; 258680 |
|  | **CONTAINERS & PACKAGING - 4.5%** |  |
| 650 | Berry Global Group, Inc. | &nbsp;&nbsp;&nbsp; 38090 |
| 591 | International Paper Company | &nbsp;&nbsp;&nbsp; 21938 |
| 499 | Westrock Company | &nbsp;&nbsp;&nbsp; 18922 |
|  |  | &nbsp;&nbsp; 78950 |
|  | **ENGINEERING & CONSTRUCTION - 0.2%** |  |
| 172 | Technip Energies N.V. - ADR | &nbsp;&nbsp;&nbsp; 2688 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.6%** |  |
| 538 | Sylvamo Corporation | &nbsp;&nbsp;&nbsp; 29100 |
|  | **METALS & MINING - 14.6%** |  |
| 1967 | Anglo American plc - ADR | &nbsp;&nbsp;&nbsp; 40324 |
| 11569 | B2Gold Corporation | &nbsp;&nbsp;&nbsp; 40261 |
| 434 | BHP Group Ltd. - ADR | &nbsp;&nbsp;&nbsp; 27255 |
| 493 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 19621 |
| 277 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 13149 |
| 602 | Rio Tinto plc - ADR | &nbsp;&nbsp;&nbsp; 41320 |
| 3508 | Sibanye Stillwater Ltd. - ADR | &nbsp;&nbsp;&nbsp; 39325 |
| 2258 | Vale S.A. - ADR | &nbsp;&nbsp;&nbsp; 37257 |
|  |  | &nbsp;&nbsp; 258512 |
|  | **OIL & GAS PRODUCERS - 56.5%** |  |
| 1852 | BP plc - ADR | &nbsp;&nbsp;&nbsp; 66487 |
| 717 | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp; 42819 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** | **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** | **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 56.5% (Continued)** |  |
| 296 | Chesapeake Energy Corporation | &nbsp;&nbsp;&nbsp; $30636 |
| 704 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 129051 |
| 378 | Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp; 25462 |
| 419 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 51751 |
| 255 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 37745 |
| 213 | Enbridge, Inc. | &nbsp;&nbsp;&nbsp; 8795 |
| 2019 | Eni SpA - ADR | &nbsp;&nbsp;&nbsp; 59783 |
| 353 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 50101 |
| 250 | Equinor ASA - ADR | &nbsp;&nbsp;&nbsp; 9620 |
| 3755 | Equitrans Midstream Corporation | &nbsp;&nbsp;&nbsp; 31504 |
| 1144 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 127373 |
| 1390 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 26577 |
| 263 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 32036 |
| 588 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 32787 |
| 3679 | Petroleo Brasileiro S.A. - ADR | &nbsp;&nbsp;&nbsp; 43008 |
| 939 | Shell plc - ADR | &nbsp;&nbsp;&nbsp; 54903 |
| 1534 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 50423 |
| 424 | TotalEnergies S.E. - ADR | &nbsp;&nbsp;&nbsp; 26466 |
| 434 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 57991 |
| 161 | Woodside Energy Group Ltd. - ADR | &nbsp;&nbsp;&nbsp; 4060 |
|  |  | &nbsp;&nbsp; 999378 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 498 | Schlumberger N.V. | &nbsp;&nbsp;&nbsp; 25672 |
|  | **STEEL - 4.8%** |  |
| 174 | Nucor Corporation | &nbsp;&nbsp;&nbsp; 26091 |
| 470 | POSCO - ADR | &nbsp;&nbsp;&nbsp; 26818 |
| 319 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 33154 |
|  |  | &nbsp;&nbsp; 86063 |
|  | **TOTAL COMMON STOCKS (Cost $1,251,053)** | &nbsp;&nbsp; 1739043 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** | **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** | **SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.5%** |  |
|  | **MONEY MARKET FUND - 1.5%** |  |
| 27410 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $27,410)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $27410 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $1,278,463)** | &nbsp;&nbsp;&nbsp; $1766453 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%** | &nbsp;&nbsp; 5274 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1771727 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA FINANCIAL SERVICES PORTFOLIO** | **SARATOGA FINANCIAL SERVICES PORTFOLIO** | **SARATOGA FINANCIAL SERVICES PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5%** |  |
|  | **ASSET MANAGEMENT - 12.8%** |  |
| 48 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; $15934 |
| 27 | BlackRock, Inc. | &nbsp;&nbsp;&nbsp; 19332 |
| 448 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; 41005 |
| 222 | Charles Schwab Corporation (The) | &nbsp;&nbsp;&nbsp; 18324 |
| 398 | Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp; 46526 |
| 561 | Stifel Financial Corporation | &nbsp;&nbsp;&nbsp; 36044 |
|  |  | &nbsp;&nbsp; 177165 |
|  | **BANKING - 31.7%** |  |
| 1503 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 56889 |
| 175 | Bank OZK | &nbsp;&nbsp;&nbsp; 8076 |
| 1052 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 50927 |
| 409 | East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 28716 |
| 335 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp; 12181 |
| 465 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 64255 |
| 55 | PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 9254 |
| 449 | Popular, Inc. | &nbsp;&nbsp;&nbsp; 32786 |
| 1644 | Regions Financial Corporation | &nbsp;&nbsp;&nbsp; 38157 |
| 677 | Synovus Financial Corporation | &nbsp;&nbsp;&nbsp; 28522 |
| 206 | Truist Financial Corporation | &nbsp;&nbsp;&nbsp; 9643 |
| 949 | US Bancorp | &nbsp;&nbsp;&nbsp; 43075 |
| 870 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 41717 |
| 253 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp; 13110 |
|  |  | &nbsp;&nbsp; 437308 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 10.7%** |  |
| 190 | Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 24100 |
| 233 | CME Group, Inc. | &nbsp;&nbsp;&nbsp; 41125 |
| 56 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 21624 |
| 70 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 7582 |
| 575 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 53514 |
|  |  | &nbsp;&nbsp; 147945 |
|  | **INSURANCE - 30.4%** |  |
| 584 | Aflac, Inc. | &nbsp;&nbsp;&nbsp; 42007 |
| 230 | American Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 32711 |
| 30 | Aon plc, CLASS A | &nbsp;&nbsp;&nbsp; 9248 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA FINANCIAL SERVICES PORTFOLIO** | **SARATOGA FINANCIAL SERVICES PORTFOLIO** | **SARATOGA FINANCIAL SERVICES PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5% (Continued)** |  |
|  | **INSURANCE - 30.4% (Continued)** |  |
| 58 | Arthur J Gallagher & Company | &nbsp;&nbsp;&nbsp; $11548 |
| 125 | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp; 7195 |
| 433 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 137955 |
| 290 | Chubb Ltd. | &nbsp;&nbsp;&nbsp; 63681 |
| 140 | Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp; 24245 |
| 622 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 47707 |
| 81 | Progressive Corporation (The) | &nbsp;&nbsp;&nbsp; 10704 |
| 258 | Voya Financial, Inc. | &nbsp;&nbsp;&nbsp; 17023 |
| 198 | W R Berkley Corporation | &nbsp;&nbsp;&nbsp; 15103 |
|  |  | &nbsp;&nbsp; 419127 |
|  | **MORTGAGE FINANCE - 1.1%** |  |
| 1511 | AGNC Investment Corporation | &nbsp;&nbsp;&nbsp; 15095 |
|  | **SPECIALTY FINANCE - 7.6%** |  |
| 109 | American Express Company | &nbsp;&nbsp;&nbsp; 17177 |
| 232 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp; 23952 |
| 169 | Discover Financial Services | &nbsp;&nbsp;&nbsp; 18313 |
| 481 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp; 19413 |
| 683 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 25667 |
|  |  | &nbsp;&nbsp; 104522 |
|  | **TECHNOLOGY SERVICES - 2.2%** |  |
| 15 | MSCI, Inc. | &nbsp;&nbsp;&nbsp; 7617 |
| 65 | S&P Global, Inc. | &nbsp;&nbsp;&nbsp; 22932 |
|  |  | &nbsp;&nbsp; 30549 |
|  | **TOTAL COMMON STOCKS (Cost $845,126)** | &nbsp;&nbsp; 1331711 |

---

---

| | | |
|:---|:---|:---|
| **SARATOGA FINANCIAL SERVICES PORTFOLIO** | **SARATOGA FINANCIAL SERVICES PORTFOLIO** | **SARATOGA FINANCIAL SERVICES PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 4.2%** |  |
|  | **MONEY MARKET FUND - 4.2%** |  |
| 57770 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $57,770)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $57770 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $902,896)** | &nbsp;&nbsp;&nbsp; $1389481 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | &nbsp;&nbsp; (10335) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1379146 |

---

---

| | |
|:---|:---|
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA INVESTMENT QUALITY BOND PORTFOLIO** | **SARATOGA INVESTMENT QUALITY BOND PORTFOLIO** | **SARATOGA INVESTMENT QUALITY BOND PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 97.3%** |  |
|  | **FIXED INCOME - 97.3%** |  |
| 87051 | Vanguard Short-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; $860932 |
| 518124 | Vanguard Ultra-Short-Term Bond Fund Admiral Class, Admiral Class | &nbsp;&nbsp;&nbsp; 10196676 |
|  |  | &nbsp;&nbsp; 11057608 |
|  | **TOTAL OPEN END FUNDS (Cost $11,380,319)** | &nbsp;&nbsp; 11057608 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 3.4%** |  |
|  | **MONEY MARKET FUND - 3.4%** |  |
| 391449 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $391,449)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 391449 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $11,771,768)** | &nbsp;&nbsp;&nbsp; $11449057 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | &nbsp;&nbsp; (78874) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $11370183 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA MUNICIPAL BOND PORTFOLIO** | **SARATOGA MUNICIPAL BOND PORTFOLIO** | **SARATOGA MUNICIPAL BOND PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 93.4%** |  |
|  | **FIXED INCOME - 93.4%** |  |
| 56020 | JPMorgan Ultra-Short Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; $554037 |
| 2999 | Vanguard Short-Term Tax-Exempt Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 46694 |
|  |  | &nbsp;&nbsp; 600731 |
|  | **TOTAL OPEN END FUNDS (Cost $611,869)** | &nbsp;&nbsp; 600731 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 7.0%** |  |
|  | **MONEY MARKET FUND - 7.0%** |  |
| 44758 | Dreyfus AMT-Free Tax Exempt Cash Management, Institutional Class, 1.88% (Cost $44,758)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44758 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $656,627)** | &nbsp;&nbsp;&nbsp; $645489 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | &nbsp;&nbsp; (2561) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $642928 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO** | **SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO** | **SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 99.5%** |  |
|  | **MONEY MARKET FUNDS - 99.5%** |  |
| 1383744 | BlackRock Liquidity FedFund, Institutional Class, 3.55%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1383744 |
| 1383743 | Dreyfus Government Cash Management Fund, Class I, 3.61%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1383743 |
| 1383743 | Federated Hermes Government Obligations Fund, Institutional Class, 3.61%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1383743 |
| 1383743 | JPMorgan US Government Money Market Fund, Capital Class 3.52%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1383743 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $5,534,973)** | &nbsp;&nbsp; 5534973 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $5,534,973)** | &nbsp;&nbsp;&nbsp; $5534973 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | &nbsp;&nbsp; 25568 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $5560541 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 93.6%** |  |
|  | **ALTERNATIVE - 9.8%** |  |
| 11502 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $92590 |
|  | **EQUITY - 71.9%** |  |
| 2438 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34247 |
| 1660 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 42434 |
| 5231 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 119473 |
| 6591 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 177569 |
| 8616 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 106318 |
| 1317 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29446 |
| 706 | Vanguard Financials Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 31347 |
| 852 | Vanguard Small-Cap Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 80109 |
| 2134 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 61521 |
|  |  | &nbsp;&nbsp; 682464 |
|  | **FIXED INCOME - 11.9%** |  |
| 5755 | Vanguard Ultra-Short-Term Bond Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 113253 |
|  | **TOTAL OPEN END FUNDS (Cost $892,413)** | &nbsp;&nbsp; 888307 |
|  | **SHORT-TERM INVESTMENTS — 6.7%** |  |
|  | **MONEY MARKET FUNDS - 6.7%** |  |
| 63304 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $63,304)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 63304 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $955,717)** | &nbsp;&nbsp;&nbsp; $951611 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (2768) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $948843 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 72.3%** |  |
|  | **ALTERNATIVE - 7.3%** |  |
| 24203 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $194832 |
|  | **EQUITY - 33.5%** |  |
| 10609 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 242300 |
| 13273 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 357570 |
| 17480 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 215703 |
| 511 | Vanguard Small-Cap Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 48030 |
| 931 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 26827 |
|  |  | &nbsp;&nbsp; 890430 |
|  | **FIXED INCOME - 31.5%** |  |
| 42495 | Vanguard Ultra-Short-Term Bond Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 836306 |
|  | **TOTAL OPEN END FUNDS (Cost $1,990,740)** | &nbsp;&nbsp; 1921568 |
|  | **SHORT-TERM INVESTMENT — 28.1%** |  |
|  | **MONEY MARKET FUND - 28.1%** |  |
| 745132 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $745,132)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 745132 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $2,735,872)** | &nbsp;&nbsp;&nbsp; $2666700 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | &nbsp;&nbsp; (10352) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $2656348 |

---

<sup>(a)</sup> <sup>(b)</sup> Investment in affiliate. Rate disclosed is the seven day effective yield as of November 30, 2022.

2.28.22 ---

| | | |
|:---|:---|:---|
| **SARATOGA MODERATELY BALANCED ALLOCATION PORTFOLIO** | **SARATOGA MODERATELY BALANCED ALLOCATION PORTFOLIO** | **SARATOGA MODERATELY BALANCED ALLOCATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 86.3%** |  |
|  | **ALTERNATIVE - 7.6%** |  |
| 15833 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $127454 |
|  | **EQUITY - 56.3%** |  |
| 2128 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29900 |
| 1473 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37645 |
| 9311 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 212657 |
| 11652 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 313908 |
| 15460 | Saratoga Mid Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 190774 |
| 1345 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30054 |
| 636 | Vanguard Financials Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 28232 |
| 680 | Vanguard Small-Cap Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 63941 |
| 1404 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 40485 |
|  |  | &nbsp;&nbsp; 947596 |
|  | **FIXED INCOME - 22.4%** |  |
| 19193 | Vanguard Ultra-Short-Term Bond Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 377728 |
|  | **TOTAL OPEN END FUNDS (Cost $1,449,405)** | &nbsp;&nbsp; 1452778 |
|  | **SHORT-TERM INVESTMENT — 14.1%** |  |
|  | **MONEY MARKET FUND - 14.1%** |  |
| 237473 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $237,473)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 237473 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $1,686,878)** | &nbsp;&nbsp;&nbsp; $1690251 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | &nbsp;&nbsp; (5935) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1684316 |

---

<sup>(a)</sup> <sup>(b)</sup> Investment in affiliate. Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 86.2%** |  |
|  | **ALTERNATIVE - 8.4%** |  |
| 9612 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $77378 |
|  | **EQUITY - 59.5%** |  |
| 1832 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25736 |
| 1079 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27568 |
| 4707 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 107518 |
| 5888 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 158636 |
| 8448 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104248 |
| 868 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19409 |
| 404 | Vanguard Financials Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 17928 |
| 579 | Vanguard Small-Cap Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 54421 |
| 1255 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 36180 |
|  |  | &nbsp;&nbsp; 551644 |
|  | **FIXED INCOME - 18.3%** |  |
| 8605 | Vanguard Ultra-Short-Term Bond Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 169355 |
|  | **TOTAL OPEN END FUNDS (Cost $796,077)** | &nbsp;&nbsp; 798377 |
|  | **SHORT-TERM INVESTMENT — 14.1%** |  |
|  | **MONEY MARKET FUND - 14.1%** |  |
| 131238 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $131,238)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 131238 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $927,315)** | &nbsp;&nbsp;&nbsp; $929615 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (3007) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $926608 |

---

<sup>(a)</sup> <sup>(b)</sup> Investment in affiliate. Rate disclosed is the seven day effective yield as of November 30, 2022.

---

| | | |
|:---|:---|:---|
| **SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 87.9%** |  |
|  | **ALTERNATIVE - 7.7%** |  |
| 5341 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $42993 |
|  | **EQUITY - 52.9%** |  |
| 3126 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71389 |
| 3887 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104715 |
| 5426 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66959 |
| 339 | Vanguard Small-Cap Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 31860 |
| 697 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 20086 |
|  |  | &nbsp;&nbsp; 295009 |
|  | **FIXED INCOME - 27.3%** |  |
| 7727 | Vanguard Ultra-Short-Term Bond Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 152071 |
|  | **TOTAL OPEN END FUNDS (Cost $500,107)** | &nbsp;&nbsp; 490073 |
|  | **SHORT-TERM INVESTMENT — 12.7%** |  |
|  | **MONEY MARKET FUND - 12.7%** |  |
| 70993 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $70,993)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 70993 |
|  | **TOTAL INVESTMENTS - 100.6% (Cost $571,100)** | &nbsp;&nbsp;&nbsp; $561066 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** | &nbsp;&nbsp; (3199) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $557867 |

---

<sup>(a)</sup> <sup>(b)</sup> Investment in affiliate. Rate disclosed is the seven day effective yield as of November 30, 2022.

## 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 Technology & Communication Portfolio

- **b. EDGAR series identifier (if any):** S000010886

- **c. LEI of Series:** 54930029EHQ02NN11L73

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $37313937.56

**Total Liabilities:** $223637.97

**Net Assets:** $37090299.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000030162 | -11.91%              | 4.56%                | 5.64%                |
| Class ID C000030159 | -11.90%              | 4.60%                | 5.67%                |
| Class ID C000030161 | -11.95%              | 4.55%                | 5.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-244804.59              | $-4464814.11                               |
| Month 2  | $-366818.07              | $2014868.42                                |
| Month 3  | $1329893.77              | $682021.12                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| eBay Inc.                            | EBAY INC         | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     19638 | NS      | $892350.72    | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc              | ACTIVISION BLIZZ | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     16455 | NS      | $1216847.25   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                  | CISCO SYSTEMS    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     46577 | NS      | $2315808.44   | 6.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                         | SYNOPSYS INC     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      4550 | NS      | $1544907.00   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corporation                      | KLA CORP         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      4970 | NS      | $1953955.50   | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                | MICROSOFT CORP   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      8042 | NS      | $2051835.88   | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                        | ALPHABET INC-A   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6000 | NS      | $605940.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.            | AKAMAI TECHNOLOG | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     12790 | NS      | $1213259.40   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                     | AMAZON.COM INC   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     20660 | NS      | $1994516.40   | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Instl Resv                   | DREYFUS-INS-IS   | CUSIP: 26200X100<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    211916 | PA      | $211915.70    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                           | VMWARE INC-CL A  | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |     11510 | NS      | $1398349.90   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                   | META PLATFORMS-A | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     13073 | NS      | $1543921.30   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                           | APPLE INC        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     12704 | NS      | $1880573.12   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.             | SKYWORKS SOLUTIO | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     11416 | NS      | $1091597.92   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                       | AMDOCS LTD       | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     17805 | NS      | $1582152.30   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                        | QUALCOMM INC     | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     14420 | NS      | $1823985.80   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                             | VISA INC-CLASS A | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      8961 | NS      | $1944537.00   | 5.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Oracle Corporation                   | ORACLE CORP      | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     20581 | NS      | $1708840.43   | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.         | JACK HENRY       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      6795 | NS      | $1286633.25   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                    | INTEL CORP       | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     24038 | NS      | $722822.66    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                         | NVIDIA CORP      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      4513 | NS      | $763734.99    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                       | SALESFORCE INC   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      6620 | NS      | $1060855.00   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated              | MASTERCARD INC-A | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3236 | NS      | $1153310.40   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                        | ALPHABET INC-C   | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     24170 | NS      | $2452046.50   | 6.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Incorporation        | PAYPAL HOLDINGS  | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     12062 | NS      | $945781.42    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                  | GLOBAL PAYMENTS  | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     10473 | NS      | $1086887.94   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp. | COGNIZANT TECH-A | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     11963 | NS      | $744218.23    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-28

**Name of Applicant:** SARATOGA ADVANTAGE TRUST

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Assistant Treasurer