# EDGAR Filing Document

**Accession Number:** 0000924628
**File Stem:** 0000910472-26-000831
**Filing Date:** 2026-1
**Character Count:** 71980
**Document Hash:** 49d168a53065b7f3ffbfca2171fe081c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000831.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000910472-26-000831

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**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:** 26568689

**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

### Conservative Balanced Allocation Portfolio (Series ID: S000060150)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000196874 | Conservative Balanced Allocation Portfolio Class A | SCAAX           |
| C000196875 | Conservative Balanced Allocation Portfolio Class C | SUMCX           |
| C000196876 | Conservative Balanced Allocation Portfolio Class I | LUNAX           |

## 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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **AEROSPACE & DEFENSE - 4.3%** |  |
| 28751 | StandardAero, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $750976 |
|  | **BEVERAGES - 4.8%** |  |
| 54128 | Primo Brands Corporation | &nbsp;&nbsp;&nbsp; 849268 |
|  | **COMMERCIAL SUPPORT SERVICES - 5.4%** |  |
| 4201 | Clean Harbors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 955980 |
|  | **CONSTRUCTION MATERIALS - 4.9%** |  |
| 1400 | Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp; 872536 |
|  | **ELECTRICAL EQUIPMENT - 6.7%** |  |
| 5982 | AMETEK, Inc. | &nbsp;&nbsp;&nbsp; 1183778 |
|  | **ENGINEERING & CONSTRUCTION - 3.8%** |  |
| 1425 | Quanta Services, Inc. | &nbsp;&nbsp;&nbsp; 662454 |
|  | **HEALTH CARE FACILITIES & SERVICES - 8.6%** |  |
| 20425 | Henry Schein, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1523092 |
|  | **HEALTH CARE REIT - 4.9%** |  |
| 4115 | Welltower, Inc. | &nbsp;&nbsp;&nbsp; 856825 |
|  | **HOME & OFFICE PRODUCTS - 4.7%** |  |
| 9058 | Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp; 828988 |
|  | **INDUSTRIAL SUPPORT SERVICES - 5.2%** |  |
| 23082 | API Group Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 913124 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.3%** |  |
| 4778 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 751579 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **INSURANCE - 3.5%** |  |
| 1741 | Aon PLC, Class A | &nbsp;&nbsp;&nbsp; $616175 |
|  | **MEDICAL EQUIPMENT & DEVICES - 12.9%** |  |
| 5830 | Alcon, Inc. | &nbsp;&nbsp;&nbsp; 462377 |
| 4232 | Danaher Corporation | &nbsp;&nbsp;&nbsp; 959733 |
| 3194 | STERIS PLC | &nbsp;&nbsp;&nbsp; 850499 |
|  |  | &nbsp;&nbsp; 2272609 |
|  | **OIL & GAS PRODUCERS - 6.6%** |  |
| 19131 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 1165652 |
|  | **REAL ESTATE SERVICES - 4.3%** |  |
| 4729 | CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 765294 |
|  | **SPECIALTY FINANCE - 8.3%** |  |
| 4156 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp; 910455 |
| 19083 | SLM Corporation | &nbsp;&nbsp;&nbsp; 559132 |
|  |  | &nbsp;&nbsp; 1469587 |
|  | **TECHNOLOGY SERVICES - 4.7%** |  |
| 458 | Fair Isaac Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 827070 |
|  | **TOTAL COMMON STOCKS (Cost $15,108,567)** | &nbsp;&nbsp; 17264987 |
|  | **SHORT-TERM INVESTMENT — 2.4%** |  |
|  | **MONEY MARKET FUNDS - 2.4%** |  |
| 421101 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $421,101)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 421101 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $15,529,668)** | &nbsp;&nbsp;&nbsp; $17686088 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (59129) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $17626959 |

---

PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

<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, 2025 was $1,521,555. Collateral received from the borrower not disclosed in the schedule of investments had a value of $1,552,282 on November 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8%** |  |
|  | **ADVERTISING & MARKETING - 2.6%** |  |
| 1777 | AppLovin Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1065276 |
|  | **AEROSPACE & DEFENSE - 0.6%** |  |
| 790 | General Electric Company | &nbsp;&nbsp;&nbsp; 235776 |
|  | **ASSET MANAGEMENT - 1.9%** |  |
| 8470 | Charles Schwab Corporation (The) | &nbsp;&nbsp;&nbsp; 785423 |
|  | **AUTOMOTIVE - 1.8%** |  |
| 1750 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 752798 |
|  | **BIOTECHNOLOGY & PHARMACEUTICAL - 4.0%** |  |
| 990 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 225423 |
| 765 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 822735 |
| 8806 | Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 388961 |
| 3080 | Halozyme Therapeutics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 219912 |
|  |  | &nbsp;&nbsp; 1657031 |
|  | **E-COMMERCE DISCRETIONARY - 4.6%** |  |
| 7065 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1647699 |
| 2240 | Wayfair, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 248192 |
|  |  | &nbsp;&nbsp; 1895891 |
|  | **ELECTRICAL EQUIPMENT - 1.6%** |  |
| 1620 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; 641293 |
|  | **ENGINEERING & CONSTRUCTION - 1.3%** |  |
| 900 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 553563 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.1%** |  |
| 1500 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; 762435 |
| 590 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 519861 |
|  |  | &nbsp;&nbsp; 1282296 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.3%** |  |
| 3100 | Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp; 543740 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **INSURANCE - 2.5%** |  |
| 1620 | Allstate Corporation (The) | &nbsp;&nbsp;&nbsp; $345028 |
| 3070 | Progressive Corporation (The) | &nbsp;&nbsp;&nbsp; 702385 |
|  |  | &nbsp;&nbsp; 1047413 |
|  | **INTERNET MEDIA & SERVICES - 13.6%** |  |
| 2800 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 896504 |
| 2800 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp; 896336 |
| 205 | Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1007511 |
| 2235 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 1448168 |
| 4600 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 494868 |
| 2610 | Roku, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 252622 |
| 6650 | Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 582141 |
|  |  | &nbsp;&nbsp; 5578150 |
|  | **LEISURE FACILITIES & SERVICES - 1.8%** |  |
| 9610 | Carnival Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 247746 |
| 7000 | Las Vegas Sands Corporation | &nbsp;&nbsp;&nbsp; 477120 |
|  |  | &nbsp;&nbsp; 724866 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.7%** |  |
| 2745 | ResMed, Inc. | &nbsp;&nbsp;&nbsp; 702253 |
|  | **RETAIL - CONSUMER STAPLES - 1.1%** |  |
| 490 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 447659 |
|  | **RETAIL - DISCRETIONARY - 1.7%** |  |
| 1895 | Carvana Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 709678 |
|  | **SEMICONDUCTORS - 16.1%** |  |
| 945 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205566 |
| 1320 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; 332970 |
| 5045 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 2032933 |
| 1270 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 198120 |
| 19505 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 3452384 |
| 2350 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 395012 |
|  |  | &nbsp;&nbsp; 6616985 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **SOFTWARE - 20.9%** |  |
| 5430 | Atlassian Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $811894 |
| 790 | Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 239639 |
| 2550 | DocuSign, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 176843 |
| 7730 | Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 230972 |
| 4200 | Elastic N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 296226 |
| 2180 | Guidewire Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 470836 |
| 5036 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 2477761 |
| 5700 | Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 457881 |
| 1770 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 357452 |
| 1480 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 249306 |
| 1270 | Palo Alto Networks, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 241465 |
| 11150 | Pegasystems, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 610686 |
| 1090 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 251289 |
| 2850 | Snowflake, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 716034 |
| 61020 | UiPath, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 845736 |
| 690 | Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 165800 |
|  |  | &nbsp;&nbsp; 8599820 |
|  | **TECHNOLOGY HARDWARE - 15.1%** |  |
| 12617 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 3518250 |
| 6620 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 865102 |
| 3470 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 731164 |
| 3430 | Lumentum Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1115299 |
|  |  | &nbsp;&nbsp; 6229815 |
|  | **TECHNOLOGY SERVICES - 1.5%** |  |
| 630 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 346834 |
| 600 | Morningstar, Inc. | &nbsp;&nbsp;&nbsp; 128916 |
| 480 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 160531 |
|  |  | &nbsp;&nbsp; 636281 |
|  | **TOTAL COMMON STOCKS (Cost $30,076,737)** | &nbsp;&nbsp; 40706007 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.5%** |  |
|  | **MONEY MARKET FUND - 1.5%** |  |
| 606440 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $606,440)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $606440 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $30,683,177)** | &nbsp;&nbsp;&nbsp; $41312447 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (133186) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $41179261 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| NV | - Naamioze Vennootschap |

---

<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, 2025 was $2,047,941. Collateral received from the borrower not disclosed in the schedule of investments had a value of $2,095,078 on November 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4%** |  |
|  | **AEROSPACE & DEFENSE - 5.7%** |  |
| 185 | Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $99926 |
| 465 | Curtiss-Wright Corporation | &nbsp;&nbsp;&nbsp; 262394 |
| 3250 | Hexcel Corporation | &nbsp;&nbsp;&nbsp; 247748 |
|  |  | &nbsp;&nbsp; 610068 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.5%** |  |
| 1865 | PVH Corporation | &nbsp;&nbsp;&nbsp; 158077 |
|  | **ASSET MANAGEMENT - 3.5%** |  |
| 560 | Ares Management Corporation, Class A | &nbsp;&nbsp;&nbsp; 87836 |
| 6695 | Blue Owl Capital, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 100425 |
| 1445 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 185668 |
|  |  | &nbsp;&nbsp; 373929 |
|  | **BANKING - 6.1%** |  |
| 3995 | Cadence Bank | &nbsp;&nbsp;&nbsp; 159161 |
| 100 | Comerica, Inc. | &nbsp;&nbsp;&nbsp; 8038 |
| 2030 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp; 165506 |
| 6015 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp; 320178 |
|  |  | &nbsp;&nbsp; 652883 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.3%** |  |
| 640 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 138918 |
|  | **CONSTRUCTION MATERIALS - 2.1%** |  |
| 740 | Vulcan Materials Company | &nbsp;&nbsp;&nbsp; 219957 |
|  | **DIVERSIFIED INDUSTRIALS - 1.7%** |  |
| 210 | Parker-Hannifin Corporation | &nbsp;&nbsp;&nbsp; 180957 |
|  | **ELECTRIC UTILITIES - 12.4%** |  |
| 4480 | Alliant Energy Corporation | &nbsp;&nbsp;&nbsp; 311226 |
| 4100 | CMS Energy Corporation | &nbsp;&nbsp;&nbsp; 309304 |
| 3960 | Evergy, Inc. | &nbsp;&nbsp;&nbsp; 307494 |
| 235 | Talen Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 92653 |
| 2730 | WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp; 305951 |
|  |  | &nbsp;&nbsp; 1326628 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 9.9%** |  |
| 615 | Allegion plc | &nbsp;&nbsp;&nbsp; $102108 |
| 680 | AMETEK, Inc. | &nbsp;&nbsp;&nbsp; 134565 |
| 125 | GE Vernova, Inc. | &nbsp;&nbsp;&nbsp; 74971 |
| 910 | Hubbell, Inc. | &nbsp;&nbsp;&nbsp; 392602 |
| 6695 | Mirion Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 174204 |
| 350 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; 138551 |
| 305 | Vertiv Holdings Company, Class A | &nbsp;&nbsp;&nbsp; 54818 |
|  |  | &nbsp;&nbsp; 1071819 |
|  | **ENGINEERING & CONSTRUCTION - 2.1%** |  |
| 2135 | Arcosa, Inc. | &nbsp;&nbsp;&nbsp; 227463 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.1%** |  |
| 985 | IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 226560 |
|  | **HOME & OFFICE PRODUCTS - 1.2%** |  |
| 1345 | SharkNinja, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 131232 |
|  | **HOME CONSTRUCTION - 4.7%** |  |
| 805 | DR Horton, Inc. | &nbsp;&nbsp;&nbsp; 128003 |
| 3110 | Masco Corporation | &nbsp;&nbsp;&nbsp; 201746 |
| 1310 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp; 183177 |
|  |  | &nbsp;&nbsp; 512926 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.1%** |  |
| 285 | Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp; 117696 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.6%** |  |
| 1590 | Herc Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 213490 |
| 245 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp; 65515 |
|  |  | &nbsp;&nbsp; 279005 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.5%** |  |
| 2965 | Nasdaq, Inc. | &nbsp;&nbsp;&nbsp; 269578 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 1.0%** |  |
| 535 | DoorDash, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $106128 |
|  | **LEISURE FACILITIES & SERVICES - 1.1%** |  |
| 2255 | Carnival Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 58134 |
| 205 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp; 54581 |
|  |  | &nbsp;&nbsp; 112715 |
|  | **MACHINERY - 7.5%** |  |
| 770 | Crane Company | &nbsp;&nbsp;&nbsp; 141103 |
| 3255 | Flowserve Corporation | &nbsp;&nbsp;&nbsp; 232244 |
| 3785 | Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp; 204352 |
| 935 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp; 223867 |
|  |  | &nbsp;&nbsp; 801566 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.5%** |  |
| 1020 | Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp; 156570 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.1%** |  |
| 4975 | TechnipFMC plc | &nbsp;&nbsp;&nbsp; 225169 |
|  | **REAL ESTATE SERVICES - 2.0%** |  |
| 12890 | Cushman & Wakefield Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 215908 |
|  | **RENEWABLE ENERGY - 1.4%** |  |
| 9765 | Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 146963 |
|  | **RETAIL - CONSUMER STAPLES - 1.4%** |  |
| 1640 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 146337 |
|  | **RETAIL - DISCRETIONARY - 3.9%** |  |
| 14 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 55361 |
| 1080 | Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 272408 |
| 1360 | Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 86523 |
|  |  | &nbsp;&nbsp; 414292 |
|  | **SEMICONDUCTORS - 6.2%** |  |
| 915 | Coherent Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150298 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **SEMICONDUCTORS - 6.2% (Continued)** |  |
| 2310 | Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp; $206514 |
| 329 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 305368 |
|  |  | &nbsp;&nbsp; 662180 |
|  | **SPECIALTY FINANCE - 4.9%** |  |
| 3370 | First American Financial Corporation | &nbsp;&nbsp;&nbsp; 221611 |
| 9675 | Rocket Companies, Inc., Class A | &nbsp;&nbsp;&nbsp; 193307 |
| 1425 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 110238 |
|  |  | &nbsp;&nbsp; 525156 |
|  | **STEEL - 1.8%** |  |
| 1240 | Nucor Corporation | &nbsp;&nbsp;&nbsp; 197768 |
|  | **TECHNOLOGY HARDWARE - 1.0%** |  |
| 320 | Ciena Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 65347 |
| 100 | Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45941 |
|  |  | &nbsp;&nbsp; 111288 |
|  | **TRANSPORTATION & LOGISTICS - 1.1%** |  |
| 805 | XPO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 114358 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.0%** |  |
| 2210 | Performance Food Group Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 214525 |
|  | **TOTAL COMMON STOCKS (Cost $8,631,470)** | &nbsp;&nbsp; 10648619 |
|  | **SHORT-TERM INVESTMENT — 0.9%** |  |
|  | **MONEY MARKET FUND - 0.9%** |  |
| 100940 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $100,940)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 100940 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $8,732,410)** | &nbsp;&nbsp;&nbsp; $10749559 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (31067) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $10718492 |

---

LTD - Limited Company <br> PLC - Public 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, 2025 was $386,221. Collateral received from the borrower not disclosed in the schedule of investments had a value of $394,382 on November 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8%** |  |
|  | **AEROSPACE & DEFENSE - 0.7%** |  |
| 854 | Astronics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $46603 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.5%** |  |
| 2954 | Figs, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28920 |
|  | **ASSET MANAGEMENT - 1.8%** |  |
| 1174 | Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp; 52642 |
| 1477 | Artisan Partners Asset Management, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 61266 |
|  |  | &nbsp;&nbsp; 113908 |
|  | **AUTOMOTIVE - 1.8%** |  |
| 3096 | Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp; 51177 |
| 623 | Visteon Corporation | &nbsp;&nbsp;&nbsp; 64325 |
|  |  | &nbsp;&nbsp; 115502 |
|  | **BANKING - 10.8%** |  |
| 676 | BancFirst Corporation | &nbsp;&nbsp;&nbsp; 74928 |
| 623 | City Holding Company | &nbsp;&nbsp;&nbsp; 75576 |
| 605 | Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 33559 |
| 1441 | Independent Bank Corporation (MA) | &nbsp;&nbsp;&nbsp; 103824 |
| 1655 | Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 60225 |
| 445 | Park National Corporation | &nbsp;&nbsp;&nbsp; 68330 |
| 1281 | Seacoast Banking Corporation of Florida | &nbsp;&nbsp;&nbsp; 40428 |
| 1744 | SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp; 63237 |
| 1352 | Southern First Bancshares, Inc., 151938513<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68628 |
| 1157 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104328 |
|  |  | &nbsp;&nbsp; 693063 |
|  | **BIOTECH & PHARMA - 7.6%** |  |
| 11067 | Allogene Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16158 |
| 4448 | Arvinas, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 55978 |
| 747 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34870 |
| 854 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 62385 |
| 2277 | Mural Oncology PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 67354 |
| 1922 | Phibro Animal Health Corporation, Class A | &nbsp;&nbsp;&nbsp; 80493 |
| 2402 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 121276 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **BIOTECH & PHARMA - 7.6% (Continued)** |  |
| 925 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $42171 |
|  |  | &nbsp;&nbsp; 480685 |
|  | **CHEMICALS - 2.0%** |  |
| 7722 | Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp; 96448 |
| 356 | Rogers Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29836 |
|  |  | &nbsp;&nbsp; 126284 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.6%** |  |
| 1032 | Alarm.com Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53623 |
| 4982 | Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp; 28597 |
| 374 | TriNet Group, Inc. | &nbsp;&nbsp;&nbsp; 21916 |
|  |  | &nbsp;&nbsp; 104136 |
|  | **CONSUMER SERVICES - 1.0%** |  |
| 2544 | Coursera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20225 |
| 694 | Stride, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 44090 |
|  |  | &nbsp;&nbsp; 64315 |
|  | **ELECTRICAL EQUIPMENT - 7.5%** |  |
| 463 | Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp; 97781 |
| 1975 | Allient, Inc. | &nbsp;&nbsp;&nbsp; 106374 |
| 498 | Bloom Energy Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54402 |
| 1192 | NEXTracker, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 109210 |
| 160 | Powell Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 51715 |
| 249 | SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53545 |
|  |  | &nbsp;&nbsp; 473027 |
|  | **ENGINEERING & CONSTRUCTION - 6.7%** |  |
| 125 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 122118 |
| 160 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 98411 |
| 2758 | Great Lakes Dredge & Dock Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35220 |
| 747 | Primoris Services Corporation | &nbsp;&nbsp;&nbsp; 94540 |
| 214 | Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 73682 |
|  |  | &nbsp;&nbsp; 423971 |
|  | **GAS & WATER UTILITIES - 1.5%** |  |
| 2011 | New Jersey Resources Corporation | &nbsp;&nbsp;&nbsp; 96689 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.0%** |  |
| 818 | HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $86037 |
| 107 | Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63393 |
| 1566 | Option Care Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48703 |
| 2331 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 56154 |
|  |  | &nbsp;&nbsp; 254287 |
|  | **HOME CONSTRUCTION - 0.7%** |  |
| 1495 | Interface, Inc. | &nbsp;&nbsp;&nbsp; 41725 |
|  | **HOTEL REIT - 1.3%** |  |
| 7366 | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp; 83530 |
|  | **HOUSEHOLD PRODUCTS - 1.3%** |  |
| 2918 | Central Garden & Pet Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90283 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.8%** |  |
| 1512 | Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 49881 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.7%** |  |
| 836 | Moelis & Company, Class A | &nbsp;&nbsp;&nbsp; 53646 |
| 605 | StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54819 |
|  |  | &nbsp;&nbsp; 108465 |
|  | **INSURANCE - 2.2%** |  |
| 658 | Jackson Financial, Inc. | &nbsp;&nbsp;&nbsp; 64491 |
| 2028 | United Fire Group, Inc. | &nbsp;&nbsp;&nbsp; 74123 |
|  |  | &nbsp;&nbsp; 138614 |
|  | **INTERNET MEDIA & SERVICES - 0.6%** |  |
| 1459 | EverQuote, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38503 |
|  | **LEISURE FACILITIES & SERVICES - 1.4%** |  |
| 391 | Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60132 |
| 1157 | Life Time Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32303 |
|  |  | &nbsp;&nbsp; 92435 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **LEISURE PRODUCTS - 0.2%** |  |
| 2100 | Peloton Interactive, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $14259 |
|  | **MACHINERY - 2.4%** |  |
| 836 | Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp; 45136 |
| 391 | Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp; 107869 |
|  |  | &nbsp;&nbsp; 153005 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.3%** |  |
| 1708 | BioLife Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45262 |
| 996 | Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36364 |
| 1406 | Veracyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66560 |
|  |  | &nbsp;&nbsp; 148186 |
|  | **METALS & MINING - 4.2%** |  |
| 4217 | Coeur Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72828 |
| 4573 | Hecla Mining Company | &nbsp;&nbsp;&nbsp; 76918 |
| 5107 | SSR Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 118891 |
|  |  | &nbsp;&nbsp; 268637 |
|  | **MORTGAGE FINANCE - 0.7%** |  |
| 5587 | Invesco Mortgage Capital, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 45813 |
|  | **OIL & GAS PRODUCERS - 0.4%** |  |
| 480 | California Resources Corporation | &nbsp;&nbsp;&nbsp; 22934 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.5%** |  |
| 2082 | Ranger Energy Services, Inc. | &nbsp;&nbsp;&nbsp; 28128 |
| 1370 | Solaris Oilfield Infrastructure, Inc., CLASS A | &nbsp;&nbsp;&nbsp; 65609 |
|  |  | &nbsp;&nbsp; 93737 |
|  | **REAL ESTATE SERVICES - 1.1%** |  |
| 4039 | Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 70198 |
|  | **RENEWABLE ENERGY - 1.0%** |  |
| 3238 | Sunrun, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 65570 |
|  | **RETAIL - DISCRETIONARY - 1.4%** |  |
| 1 | Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 112 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 1.4% (Continued)** |  |
| 1228 | Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $90958 |
|  |  | &nbsp;&nbsp; 91070 |
|  | **SEMICONDUCTORS - 1.6%** |  |
| 2277 | Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp; 102715 |
|  | **SOFTWARE - 5.6%** |  |
| 569 | Appian Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22988 |
| 552 | Blackbaud, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31122 |
| 6477 | Freshworks, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78630 |
| 7420 | Health Catalyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22186 |
| 961 | IonQ, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 47377 |
| 1690 | Phreesia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34628 |
| 445 | Q2 Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32098 |
| 338 | Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 47607 |
| 1050 | Waystar Holding Corporation<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 38756 |
|  |  | &nbsp;&nbsp; 355392 |
|  | **SPECIALTY FINANCE - 2.9%** |  |
| 836 | Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp; 56622 |
| 2153 | LendingClub Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38969 |
| 818 | LendingTree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 46651 |
| 1014 | Upstart Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 45589 |
|  |  | &nbsp;&nbsp; 187831 |
|  | **SPECIALTY REIT - 1.2%** |  |
| 4964 | Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp; 77141 |
|  | **STEEL - 2.1%** |  |
| 249 | Carpenter Technology Corporation | &nbsp;&nbsp;&nbsp; 79316 |
| 961 | Northwest Pipe Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 56334 |
|  |  | &nbsp;&nbsp; 135650 |
|  | **TECHNOLOGY HARDWARE - 5.7%** |  |
| 765 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 135865 |
| 267 | Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 122662 |
| 231 | InterDigital, Inc. | &nbsp;&nbsp;&nbsp; 82640 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 5.7% (Continued)** |  |
| 2171 | PagerDuty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $26052 |
|  |  | &nbsp;&nbsp; 367219 |
|  | **TECHNOLOGY SERVICES - 3.2%** |  |
| 1032 | MAXIMUS, Inc. | &nbsp;&nbsp;&nbsp; 88845 |
| 4893 | Remitly Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66276 |
| 2865 | StoneCompany Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 48275 |
|  |  | &nbsp;&nbsp; 203396 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.1%** |  |
| 1815 | United Natural Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 67718 |
|  | **WHOLESALE - DISCRETIONARY - 0.7%** |  |
| 1762 | OPENLANE, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44825 |
|  | **TOTAL COMMON STOCKS (Cost $5,129,131)** | &nbsp;&nbsp; 6180122 |
|  | **SHORT-TERM INVESTMENT — 5.9%** |  |
|  | **MONEY MARKET FUND - 5.9%** |  |
| 378646 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $378,646)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 378646 |
|  | **TOTAL INVESTMENTS - 102.7% (Cost $5,507,777)** | &nbsp;&nbsp;&nbsp; $6558768 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.7)%** | &nbsp;&nbsp; (175467) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $6383301 |

---

---

| | |
|:---|:---|
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<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 securities on loan as of November 30, 2025 was $403,305. Collateral received from the borrower not disclosed in the schedule of investments has a value of $414,739 on November 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.5%** |  |
|  | **Canada - 6.8%** |  |
| 960 | Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; $82685 |
| 4990 | Kinross Gold Corporation | &nbsp;&nbsp;&nbsp; 140269 |
|  |  | &nbsp;&nbsp; 222954 |
|  | **Cayman Islands – 6.3%** |  |
| 35800 | Chow Tai Fook Jewellry Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63017 |
| 2700 | NetEase, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 74689 |
| 12800 | Xiaomi Corp, Class B 144A<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 68040 |
|  |  | &nbsp;&nbsp; 205746 |
|  | **China - 2.2%** |  |
| 5700 | BYD Company Ltd., H Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71636 |
|  | **France - 8.6%** |  |
| 1600 | AXA S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72268 |
| 1940 | Bureau Veritas S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 62055 |
| 760 | Compagnie de Saint-Gobain<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75836 |
| 490 | Ipsen S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 70729 |
|  |  | &nbsp;&nbsp; 280888 |
|  | **Germany - 5.2%** |  |
| 190 | Allianz SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81997 |
| 1320 | GEA Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 89420 |
|  |  | &nbsp;&nbsp; 171417 |
|  | **Italy - 7.2%** |  |
| 1850 | Assicurazioni Generali SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 73420 |
| 3640 | Eni SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68048 |
| 14700 | Intesa Sanpaolo SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 95338 |
|  |  | &nbsp;&nbsp; 236806 |
|  | **Japan - 19.2%** |  |
| 1853 | Hoshizaki Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 62543 |
| 1700 | Kao Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68734 |
| 3600 | Mitsubishi Heavy Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91175 |
| 2100 | Mizuho Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 74052 |
| 4100 | Obayashi Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 83581 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.5% (Continued)** |  |
|  | **Japan - 19.2% (Continued)** |  |
| 3300 | Otsuka Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $65253 |
| 3100 | Sony Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90955 |
| 3000 | Sumitomo Mitsui Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90766 |
|  |  | &nbsp;&nbsp; 627059 |
|  | **Korea (Republic Of) – 6.4%** |  |
| 1130 | Coway Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66443 |
| 910 | KB Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 77836 |
| 180 | SK Hynix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 65375 |
|  |  | &nbsp;&nbsp; 209654 |
|  | **Luxembourg - 1.9%** |  |
| 7030 | Allegro.eu S.A. 144A<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 61776 |
|  | **Malaysia - 1.9%** |  |
| 19000 | Tenaga Nasional BHD<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60654 |
|  | **Singapore - 3.0%** |  |
| 2340 | DBS Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98018 |
|  | **Spain - 6.2%** |  |
| 9700 | Banco Santander S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104028 |
| 8865 | CaixaBank S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98968 |
|  |  | &nbsp;&nbsp; 202996 |
|  | **Switzerland - 2.1%** |  |
| 520 | Novartis AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 67834 |
|  | **Taiwan Province of China - 6.3%** |  |
| 12000 | Hon Hai Precision Industry Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 86220 |
| 410 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;&nbsp; 119519 |
|  |  | &nbsp;&nbsp; 205739 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.5% (Continued)** |  |
|  | **Thailand - 1.7%** |  |
| 40700 | CP All PLC.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $54960 |
|  | **United Kingdom - 9.5%** |  |
| 1920 | BP PLC - ADR | &nbsp;&nbsp;&nbsp; 69312 |
| 820 | Coca-Cola European Partners PLC | &nbsp;&nbsp;&nbsp; 75186 |
| 6990 | Rolls-Royce Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98660 |
| 1100 | Unilever PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66185 |
|  |  | &nbsp;&nbsp; 309343 |
|  | **TOTAL COMMON STOCKS (Cost $2,168,020)** | &nbsp;&nbsp; 3087480 |
|  | **EXCHANGE-TRADED FUNDS — 3.9%** |  |
|  | **United States – 3.9%** |  |
| 1200 | iShares MSCI ACWI ETF | &nbsp;&nbsp;&nbsp; 79788 |
| 910 | iShares MSCI India ETF | &nbsp;&nbsp;&nbsp; 49786 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $132,032)** | &nbsp;&nbsp; 129574 |
|  | **SHORT-TERM INVESTMENT — 1.5%** |  |
|  | **MONEY MARKET FUND - 1.5%** |  |
| 50012 | Dreyfus Institutional Preferred Government Money, Institutional Class, 3.92% (Cost $50,012)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 50012 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $2,350,064)** | &nbsp;&nbsp;&nbsp; $3267066 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | &nbsp;&nbsp; 4898 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $3271964 |
| ADR | - American Depositary Receipt |  |
| ETF | - Exchange-Traded Fund |  |
| LTD | - Limited Company |  |
| MSCI | - Morgan Stanley Capital International |  |
| PLC | - Public Limited Company |  |
| S/A | - Société Anonyme |  |

---

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

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

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is 129,816 or 4.0% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5%** |  |
|  | **BIOTECH & PHARMA - 45.6%** |  |
| 1752 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; $605246 |
| 200 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 215094 |
| 11068 | Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 488874 |
| 3068 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 386077 |
| 3132 | Incyte Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 327169 |
| 3241 | Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 572134 |
| 1820 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 376594 |
| 3206 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 336085 |
| 3140 | Novartis A.G. - ADR | &nbsp;&nbsp;&nbsp; 409456 |
| 1735 | Novo Nordisk A/S - ADR | &nbsp;&nbsp;&nbsp; 85622 |
| 670 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp; 522727 |
| 1160 | United Therapeutics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 563760 |
| 787 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 341251 |
|  |  | &nbsp;&nbsp; 5230089 |
|  | **HEALTH CARE FACILITIES & SERVICES - 34.8%** |  |
| 3429 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 727840 |
| 1683 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 620909 |
| 1371 | Cigna Group (The) | &nbsp;&nbsp;&nbsp; 380151 |
| 433 | Elevance Health, Inc. | &nbsp;&nbsp;&nbsp; 146467 |
| 1499 | Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 278124 |
| 1050 | IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 241511 |
| 849 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp; 228194 |
| 691 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 608854 |
| 790 | Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 468043 |
| 2112 | National HealthCare Corporation | &nbsp;&nbsp;&nbsp; 287844 |
|  |  | &nbsp;&nbsp; 3987937 |
|  | **MEDICAL EQUIPMENT & DEVICES - 15.6%** |  |
| 775 | Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 444446 |
| 4900 | Lantheus Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 288463 |
| 3126 | Medtronic PLC | &nbsp;&nbsp;&nbsp; 329262 |
| 825 | Stryker Corporation | &nbsp;&nbsp;&nbsp; 306224 |
| 708 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 418308 |
|  |  | &nbsp;&nbsp; 1786703 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **SOFTWARE - 1.5%** |  |
| 700 | Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $168203 |
|  | **TOTAL COMMON STOCKS (Cost $5,978,689)** | &nbsp;&nbsp; 11172932 |
|  | **SHORT-TERM INVESTMENT — 2.9%** |  |
|  | **MONEY MARKET FUND - 2.9%** |  |
| 334305 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $334,305)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 334305 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $6,312,994)** | &nbsp;&nbsp;&nbsp; $11507237 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | &nbsp;&nbsp; (49735) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $11457502 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| 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, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **E-COMMERCE DISCRETIONARY - 7.8%** |  |
| 11700 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2728674 |
| 6224 | eBay, Inc. | &nbsp;&nbsp;&nbsp; 515285 |
|  |  | &nbsp;&nbsp; 3243959 |
|  | **ELECTRICAL EQUIPMENT - 1.2%** |  |
| 1300 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; 514618 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.9%** |  |
| 3000 | Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp; 776460 |
|  | **INTERNET MEDIA & SERVICES - 14.0%** |  |
| 12020 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp; 3847843 |
| 2998 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 1942554 |
|  |  | &nbsp;&nbsp; 5790397 |
|  | **SEMICONDUCTORS - 20.4%** |  |
| 6500 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 2619240 |
| 2084 | KLA Corporation | &nbsp;&nbsp;&nbsp; 2449679 |
| 12274 | Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp; 553680 |
| 15910 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 2816070 |
|  |  | &nbsp;&nbsp; 8438669 |
|  | **SOFTWARE - 27.4%** |  |
| 3200 | Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1024416 |
| 7000 | Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 626640 |
| 2100 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1069236 |
| 7242 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 3563136 |
| 7414 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 1497257 |
| 6620 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 1526175 |
| 3200 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1337632 |
| 2925 | Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 702848 |
|  |  | &nbsp;&nbsp; 11347340 |
|  | **TECHNOLOGY HARDWARE - 10.5%** |  |
| 6768 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 1887257 |
| 32000 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 2462080 |
|  |  | &nbsp;&nbsp; 4349337 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 15.5%** |  |
| 17805 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp; $1361726 |
| 4795 | Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp; 836632 |
| 3236 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 1781515 |
| 7350 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 2458134 |
|  |  | &nbsp;&nbsp; 6438007 |
|  | **TOTAL COMMON STOCKS (Cost $9,790,367)** | &nbsp;&nbsp; 40898787 |
|  | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  | **MONEY MARKET FUND - 1.7%** |  |
| 687369 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $687,369)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 687369 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $10,477,736)** | &nbsp;&nbsp;&nbsp; $41586156 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | &nbsp;&nbsp; (160508) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $41425648 |

---

LTD - Limited Company <br>

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS – 0.0%** | &nbsp;&nbsp;&nbsp; $- |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 100.0%** **(Cost $692,066)** | &nbsp;&nbsp; 692066 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $692066 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS – 0.0%** | &nbsp;&nbsp;&nbsp; $- |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 100.0%** **(Cost $710,568)** | &nbsp;&nbsp; 710568 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $710568 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 89.1%** |  |
|  | **FIXED INCOME - 89.1%** |  |
| 670348 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; $7125801 |
| 33531 | Vanguard Short-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 347051 |
|  | **TOTAL OPEN END FUNDS (Cost $7,249,046)** | &nbsp;&nbsp; 7472852 |
|  | **SHORT-TERM INVESTMENT — 11.0%** |  |
|  | **MONEY MARKET FUND - 11.0%** |  |
| 920778 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $920,778)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 920778 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $8,169,824)** | &nbsp;&nbsp;&nbsp; $8393630 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (12095) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $8381535 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS – 0.0%** | &nbsp;&nbsp;&nbsp; $- |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 100.0%** **(Cost $266,209)** | &nbsp;&nbsp; 266206 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $266209 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 99.9%** |  |
|  | **MONEY MARKET FUNDS - 99.9%** |  |
| 1026648 | BlackRock Liquidity FedFund, Institutional Class, 3.88%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1026648 |
| 1026648 | Dreyfus Government Cash Management, Institutional Class, 3.86%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1026648 |
| 1026647 | Federated Hermes Government Obligations Fund, Institutional Class, 3.80%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1026647 |
| 1026646 | JPMorgan US Government Money Market Fund, Capital Class, 3.88%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1026646 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,106,589)** | &nbsp;&nbsp; 4106589 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $4,106,589)** | &nbsp;&nbsp;&nbsp; $4106589 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 4106 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $4110695 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 93.1%** |  |
|  | **ALTERNATIVE - 3.9%** |  |
| 7447 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $66053 |
|  | **EQUITY - 71.1%** |  |
| 2299 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 62733 |
| 7974 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 279236 |
| 8046 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 242499 |
| 13732 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 208998 |
| 21138 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 160862 |
| 3748 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 114252 |
| 3255 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 130837 |
|  |  | &nbsp;&nbsp; 1199417 |
|  | **FIXED INCOME - 18.1%** |  |
| 25623 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 272377 |
| 3177 | Vanguard Short-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 32880 |
|  |  | &nbsp;&nbsp; 305257 |
|  | **TOTAL OPEN END FUNDS (Cost $1,352,587)** | &nbsp;&nbsp; 1570727 |
|  | **SHORT-TERM INVESTMENT — 7.4%** |  |
|  | **MONEY MARKET FUNDS - 7.4%** |  |
| 124454 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $124,454)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 124454 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $1,477,041)** | &nbsp;&nbsp;&nbsp; $1695181 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | &nbsp;&nbsp; (8502) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1686679 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 86.0%** |  |
|  | **ALTERNATIVE - 7.9%** |  |
| 29602 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $262570 |
|  | **EQUITY - 41.5%** |  |
| 13881 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 486107 |
| 13764 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 414847 |
| 23435 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 356685 |
| 10198 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 77610 |
| 1254 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 50392 |
|  |  | &nbsp;&nbsp; 1385641 |
|  | **FIXED INCOME - 36.6%** |  |
| 105647 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 1123029 |
| 9500 | Vanguard Short-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 98329 |
|  |  | &nbsp;&nbsp; 1221358 |
|  | **TOTAL OPEN END FUNDS (Cost $2,592,860)** | &nbsp;&nbsp; 2869569 |
|  | **SHORT-TERM INVESTMENTS — 14.2%** |  |
|  | **MONEY MARKET FUNDS - 14.2%** |  |
| 476425 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $476,425)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 476425 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $3,069,285)** | &nbsp;&nbsp;&nbsp; $3345994 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (7957) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $3338037 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **SARATOGA MODERATE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA MODERATE BALANCED ALLOCATION PORTFOLIO** | **SARATOGA MODERATE BALANCED ALLOCATION PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **November 30, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 90.7%** |  |
|  | **ALTERNATIVE - 5.9%** |  |
| 17056 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $151284 |
|  | **EQUITY - 59.8%** |  |
| 1869 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 51006 |
| 13066 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 457582 |
| 13109 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 395105 |
| 22208 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 338005 |
| 15608 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 118775 |
| 3179 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 96900 |
| 1919 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 77155 |
|  |  | &nbsp;&nbsp; 1534528 |
|  | **FIXED INCOME - 25.0%** |  |
| 53954 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 573535 |
| 6656 | Vanguard Short-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 68894 |
|  |  | &nbsp;&nbsp; 642429 |
|  | **TOTAL OPEN END FUNDS (Cost $2,014,005)** | &nbsp;&nbsp; 2328241 |
|  | **SHORT-TERM INVESTMENTS — 9.6%** |  |
|  | **MONEY MARKET FUNDS - 9.6%** |  |
| 245782 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $245,782)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 245782 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $2,259,787)** | &nbsp;&nbsp;&nbsp; $2574023 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (8042) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $2565981 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 91.6%** |  |
|  | **ALTERNATIVE - 4.9%** |  |
| 7063 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $62647 |
|  | **EQUITY - 64.1%** |  |
| 1167 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31849 |
| 6226 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 218032 |
| 6321 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 190528 |
| 10663 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 162290 |
| 12153 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 92481 |
| 2006 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 61145 |
| 1595 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 64136 |
|  |  | &nbsp;&nbsp; 820461 |
|  | **FIXED INCOME - 22.6%** |  |
| 24230 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 257569 |
| 3017 | Vanguard Short-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 31228 |
|  |  | &nbsp;&nbsp; 288797 |
|  | **TOTAL OPEN END FUNDS (Cost $1,009,558)** | &nbsp;&nbsp; 1171905 |
|  | **SHORT-TERM INVESTMENTS — 8.9%** |  |
|  | **MONEY MARKET FUNDS - 8.9%** |  |
| 113697 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $113,697)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 113697 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $1,123,255)** | &nbsp;&nbsp;&nbsp; $1285602 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | &nbsp;&nbsp; (6895) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1278707 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **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, 2025** | **November 30, 2025** | **November 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 90.0%** |  |
|  | **ALTERNATIVE - 6.9%** |  |
| 7100 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $62978 |
|  | **EQUITY - 53.6%** |  |
| 4227 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148036 |
| 4245 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 127935 |
| 7521 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 114473 |
| 7776 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 59175 |
| 1032 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 41489 |
|  |  | &nbsp;&nbsp; 491108 |
|  | **FIXED INCOME - 29.5%** |  |
| 22955 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 244008 |
| 2604 | Vanguard Short-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 26946 |
|  |  | &nbsp;&nbsp; 270954 |
|  | **TOTAL OPEN END FUNDS (Cost $726,390)** | &nbsp;&nbsp; 825040 |
|  | **SHORT-TERM INVESTMENTS — 10.5%** |  |
|  | **MONEY MARKET FUNDS - 10.5%** |  |
| 96771 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.92% (Cost $96,771)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 96771 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $823,161)** | &nbsp;&nbsp;&nbsp; $921811 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | &nbsp;&nbsp; (4920) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $916891 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

## 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:** Conservative Balanced Allocation Portfolio

- **b. EDGAR series identifier (if any):** S000060150

- **c. LEI of Series:** 549300D09UXWFYE54D80

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $3439842.81

**Total Liabilities:** $101805.32

**Net Assets:** $3338037.49

**Cash Not Reported:** $800.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196874 | 1.26%                | 0.75%                | 0.74%                |
| Class ID C000196875 | 1.20%                | 0.68%                | 0.67%                |
| Class ID C000196876 | 1.25%                | 0.74%                | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $37575.97                                  |
| Month 2  | $6081.52                 | $13702.58                                  |
| Month 3  | $40620.02                | $-19499.86                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Instl Resv             | DREYFUS-INS-IS   | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |    476425 | PA      | $476424.65    | 14.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Advantage Trust       | SARATOGA-L VAL-I | CUSIP: 803431402<br>LEI: N/A                  | Long             | EC               | RF                | US        |     13764 | NS      | $414846.93    | 12.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Bond Index Funds      | VANG-IN B I-ADM  | CUSIP: 921937801<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |    105244 | NS      | $1118739.32   | 33.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Star Fund             | VANG-TO INT-ADM  | CUSIP: 921909818<br>LEI: 5493005RYBM6XD8JKF03 | Long             | EC               | RF                | US        |      1254 | NS      | $50391.54     | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Advantage Trust       | SARATOGA-S/C-I   | CUSIP: 803431600<br>LEI: N/A                  | Long             | EC               | RF                | US        |     10198 | NS      | $77609.97     | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Advantage Trust       | SARATOGA-M/C-I   | CUSIP: 803431535<br>LEI: N/A                  | Long             | EC               | RF                | US        |     23435 | NS      | $356684.75    | 10.69%            |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Advantage Trust       | SARATOGA-LCG-I   | CUSIP: 803431501<br>LEI: N/A                  | Long             | EC               | RF                | US        |     13881 | NS      | $486106.79    | 14.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Mutual Funds Trust | EV-GL MAC AR-I   | CUSIP: 277923728<br>LEI: 549300C67AFHZKODE756 | Long             | EC               | RF                | US        |     29602 | NS      | $262570.44    | 7.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Bond Index Funds      | VAN-ST BD I-ADM  | CUSIP: 921937702<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      9495 | NS      | $98276.04     | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

**Name of Applicant:** SARATOGA ADVANTAGE TRUST

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Assistant Treasurer