# EDGAR Filing Document

**Accession Number:** 0000924628
**File Stem:** 0001752724-25-182293
**Filing Date:** 2025-7
**Character Count:** 82117
**Document Hash:** 75711d1c44669040a53547d40aaa71d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182293.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182293

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08542
- **FILM NUMBER:** 251160437

**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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6%** |  |
|  | **BEVERAGES - 4.7%** |  |
| 26433 | Primo Brands Corporation | &nbsp;&nbsp;&nbsp; $874139 |
|  | **COMMERCIAL SUPPORT SERVICES - 5.7%** |  |
| 4704 | Clean Harbors, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1066820 |
|  | **CONSTRUCTION MATERIALS - 5.5%** |  |
| 1885 | Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp; 1032132 |
|  | **CONTAINERS & PACKAGING - 2.2%** |  |
| 4134 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp; 407199 |
|  | **ELECTRICAL EQUIPMENT - 16.8%** |  |
| 6511 | AMETEK, Inc. | &nbsp;&nbsp;&nbsp; 1163776 |
| 10961 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 985723 |
| 21058 | API Group Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 982777 |
|  |  | &nbsp;&nbsp; 3132276 |
|  | **ENGINEERING & CONSTRUCTION - 4.4%** |  |
| 2418 | Quanta Services, Inc. | &nbsp;&nbsp;&nbsp; 828310 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.8%** |  |
| 12695 | Henry Schein, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 888523 |
|  | **HEALTH CARE REIT - 4.9%** |  |
| 5866 | Welltower, Inc. | &nbsp;&nbsp;&nbsp; 905006 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 5.2%** |  |
| 5397 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 970381 |
|  | **INSURANCE - 6.0%** |  |
| 1595 | Aon PLC, Class A | &nbsp;&nbsp;&nbsp; 593467 |
| 9980 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 527643 |
|  |  | &nbsp;&nbsp; 1121110 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.6%** |  |
| 4560 | Danaher Corporation | &nbsp;&nbsp;&nbsp; $865944 |
|  | **OIL & GAS PRODUCERS - 4.7%** |  |
| 14627 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 885080 |
|  | **PUBLISHING & BROADCASTING - 4.8%** |  |
| 9221 | Liberty Media Corp-Liberty Formula One<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 890103 |
|  | **REAL ESTATE SERVICES - 4.5%** |  |
| 6646 | CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 830883 |
|  | **SPECIALTY FINANCE - 7.0%** |  |
| 3864 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp; 730875 |
| 17443 | SLM Corporation | &nbsp;&nbsp;&nbsp; 564630 |
|  |  | &nbsp;&nbsp; 1295505 |
|  | **TECHNOLOGY HARDWARE - 3.8%** |  |
| 4196 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 704970 |
|  | **TRANSPORTATION & LOGISTICS - 6.0%** |  |
| 13764 | Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp; 1123831 |
|  | **TOTAL COMMON STOCKS (Cost $15,235,223)** | &nbsp;&nbsp; 17822212 |
|  | **SHORT-TERM INVESTMENTS — 4.4%** |  |
|  | **MONEY MARKET FUNDS - 4.4%** |  |
| 817177 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $817,177)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 817177 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $16,052,400)** | &nbsp;&nbsp;&nbsp; $18639389 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%**<sup>(d)</sup> | &nbsp;&nbsp; (4968) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $18634421 |

---

---

| | |
|:---|:---|
| **SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO** | **SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** | **May 31, 2025** |
| 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 the securities on loan as of May 31, 2025 was $667,974. Collateral received from the borrower not disclosed in the schedule of investments had a value of $681,474 on May 31, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

<sup>(d)</sup> Amount represents less than 0.05%.

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.5%** |  |
| 1840 | Deckers Outdoor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $194157 |
|  | **ASSET MANAGEMENT - 2.2%** |  |
| 9210 | Charles Schwab Corporation (The) | &nbsp;&nbsp;&nbsp; 813611 |
|  | **AUTOMOTIVE - 2.4%** |  |
| 2615 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 905993 |
|  | **BIOTECH & PHARMA - 2.5%** |  |
| 785 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 579071 |
| 7856 | Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 338122 |
|  |  | &nbsp;&nbsp; 917193 |
|  | **E-COMMERCE DISCRETIONARY - 3.8%** |  |
| 6845 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1403293 |
|  | **ELECTRICAL EQUIPMENT - 3.5%** |  |
| 1690 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; 533280 |
| 1780 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp; 765881 |
|  |  | &nbsp;&nbsp; 1299161 |
|  | **ENGINEERING & CONSTRUCTION - 1.2%** |  |
| 940 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 443548 |
|  | **ENTERTAINMENT CONTENT - 4.1%** |  |
| 1707 | AppLovin Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 670851 |
| 9680 | ROBLOX Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 841966 |
|  |  | &nbsp;&nbsp; 1512817 |
|  | **FOOD - 1.8%** |  |
| 13270 | Pilgrim's Pride Corporation | &nbsp;&nbsp;&nbsp; 652353 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 1380 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 401911 |
| 570 | Chemed Corporation | &nbsp;&nbsp;&nbsp; 327659 |
|  |  | &nbsp;&nbsp; 729570 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5%** |  |
| 3100 | Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp; $541508 |
|  | **INSURANCE - 3.3%** |  |
| 1620 | Allstate Corporation (The) | &nbsp;&nbsp;&nbsp; 339989 |
| 3030 | Progressive Corporation (The) | &nbsp;&nbsp;&nbsp; 863339 |
|  |  | &nbsp;&nbsp; 1203328 |
|  | **INTERNET MEDIA & SERVICES - 15.1%** |  |
| 3990 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 685243 |
| 3980 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp; 687943 |
| 189 | Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1043078 |
| 1170 | DoorDash, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 244121 |
| 2435 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 1576637 |
| 470 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 567398 |
| 2610 | Roku, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 189121 |
| 7000 | Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 589120 |
|  |  | &nbsp;&nbsp; 5582661 |
|  | **LEISURE FACILITIES & SERVICES - 2.2%** |  |
| 3230 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp; 830013 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9%** |  |
| 2925 | ResMed, Inc. | &nbsp;&nbsp;&nbsp; 716011 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 730 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 759332 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 2025 | Carvana Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 662499 |
|  | **SEMICONDUCTORS - 13.5%** |  |
| 1715 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 189902 |
| 1464 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; 229482 |
| 4875 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 1180091 |
| 22115 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 2988400 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **SEMICONDUCTORS - 13.5% (Continued)** |  |
| 2590 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; $376068 |
|  |  | &nbsp;&nbsp; 4963943 |
|  | **SOFTWARE - 25.3%** |  |
| 9510 | Doximity, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 495376 |
| 24280 | Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 700721 |
| 7240 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 736887 |
| 2180 | Guidewire Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 468744 |
| 5666 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 2608399 |
| 9530 | Nutanix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 730856 |
| 5800 | Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 598386 |
| 1030 | Palantir Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 135733 |
| 1090 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 289253 |
| 4480 | Snowflake, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 921401 |
| 6400 | Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 753280 |
| 51490 | UiPath, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 685332 |
| 690 | Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 192993 |
|  |  | &nbsp;&nbsp; 9317361 |
|  | **TECHNOLOGY HARDWARE - 7.6%** |  |
| 10087 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 2025974 |
| 8895 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 770663 |
|  |  | &nbsp;&nbsp; 2796637 |
|  | **TECHNOLOGY SERVICES - 1.0%** |  |
| 600 | Morningstar, Inc. | &nbsp;&nbsp;&nbsp; 185052 |
| 480 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 175291 |
|  |  | &nbsp;&nbsp; 360343 |
|  | **TOTAL COMMON STOCKS (Cost $28,705,123)** | &nbsp;&nbsp; 36605332 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.0%** |  |
|  | **MONEY MARKET FUNDS - 1.0%** |  |
| 375719 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $375,719)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $375719 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $29,080,842)** | &nbsp;&nbsp;&nbsp; $36981051 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (115014) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $36866037 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| 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 May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1%** |  |
|  | **AEROSPACE & DEFENSE - 2.0%** |  |
| 4480 | Embraer S.A. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $206035 |
|  | **ASSET MANAGEMENT - 2.0%** |  |
| 490 | Ares Management Corporation, Class A | &nbsp;&nbsp;&nbsp; 81095 |
| 6635 | Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp; 123942 |
|  |  | &nbsp;&nbsp; 205037 |
|  | **BANKING - 5.1%** |  |
| 2640 | Comerica, Inc. | &nbsp;&nbsp;&nbsp; 150718 |
| 2550 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp; 184646 |
| 4135 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp; 195833 |
|  |  | &nbsp;&nbsp; 531197 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.5%** |  |
| 605 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 155660 |
|  | **CONSTRUCTION MATERIALS - 2.9%** |  |
| 1150 | Vulcan Materials Company | &nbsp;&nbsp;&nbsp; 304830 |
|  | **ELECTRIC UTILITIES - 10.0%** |  |
| 3295 | Alliant Energy Corporation | &nbsp;&nbsp;&nbsp; 205048 |
| 2895 | CMS Energy Corporation | &nbsp;&nbsp;&nbsp; 203316 |
| 3050 | Evergy, Inc. | &nbsp;&nbsp;&nbsp; 202551 |
| 1330 | Vistra Corporation | &nbsp;&nbsp;&nbsp; 213558 |
| 1990 | WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp; 213805 |
|  |  | &nbsp;&nbsp; 1038278 |
|  | **ELECTRICAL EQUIPMENT - 10.6%** |  |
| 695 | Allegion plc | &nbsp;&nbsp;&nbsp; 99177 |
| 760 | AMETEK, Inc. | &nbsp;&nbsp;&nbsp; 135842 |
| 475 | GE Vernova, LLC | &nbsp;&nbsp;&nbsp; 224665 |
| 850 | Hubbell, Inc. | &nbsp;&nbsp;&nbsp; 331142 |
| 515 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; 162508 |
| 1450 | Vertiv Holdings Company | &nbsp;&nbsp;&nbsp; 156499 |
|  |  | &nbsp;&nbsp; 1109833 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.8%** |  |
| 1450 | Trex Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $81012 |
|  | **HOME CONSTRUCTION - 1.6%** |  |
| 570 | DR Horton, Inc. | &nbsp;&nbsp;&nbsp; 67294 |
| 965 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp; 100601 |
|  |  | &nbsp;&nbsp; 167895 |
|  | **INDUSTRIAL REIT - 1.7%** |  |
| 1060 | EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp; 179723 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.4%** |  |
| 1145 | Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp; 141980 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 5.5%** |  |
| 2065 | Nasdaq, Inc. | &nbsp;&nbsp;&nbsp; 172510 |
| 2770 | Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp; 400126 |
|  |  | &nbsp;&nbsp; 572636 |
|  | **INSURANCE - 2.6%** |  |
| 1340 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp; 272409 |
|  | **LEISURE FACILITIES & SERVICES - 2.7%** |  |
| 2205 | Carnival Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 51200 |
| 370 | Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp; 175314 |
| 220 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp; 56533 |
|  |  | &nbsp;&nbsp; 283047 |
|  | **LEISURE PRODUCTS - 3.2%** |  |
| 440 | Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 330158 |
|  | **MACHINERY - 6.6%** |  |
| 810 | Crane Company | &nbsp;&nbsp;&nbsp; 138834 |
| 2260 | Flowserve Corporation | &nbsp;&nbsp;&nbsp; 112797 |
| 3155 | Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp; 95660 |
| 945 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp; 182942 |
| 235 | Parker-Hannifin Corporation | &nbsp;&nbsp;&nbsp; 156204 |
|  |  | &nbsp;&nbsp; 686437 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.8%** |  |
| 760 | Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp; $85059 |
|  | **OIL & GAS PRODUCERS - 1.0%** |  |
| 2615 | Range Resources Corporation | &nbsp;&nbsp;&nbsp; 99475 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.0%** |  |
| 3395 | TechnipFMC plc | &nbsp;&nbsp;&nbsp; 105754 |
|  | **REAL ESTATE SERVICES - 1.3%** |  |
| 13425 | Cushman & Wakefield PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 134653 |
|  | **RETAIL - CONSUMER STAPLES - 2.2%** |  |
| 2055 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 232647 |
|  | **RETAIL - DISCRETIONARY - 8.1%** |  |
| 11275 | American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp; 123574 |
| 70 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 261313 |
| 1365 | Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 311589 |
| 2040 | Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 146248 |
|  |  | &nbsp;&nbsp; 842724 |
|  | **SELF-STORAGE REIT - 1.0%** |  |
| 685 | Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp; 103538 |
|  | **SEMICONDUCTORS - 4.4%** |  |
| 2620 | Coherent Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 198150 |
| 2825 | Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp; 170036 |
| 145 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 95976 |
|  |  | &nbsp;&nbsp; 464162 |
|  | **SOFTWARE - 4.0%** |  |
| 2425 | SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp; 195964 |
| 375 | Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 216372 |
|  |  | &nbsp;&nbsp; 412336 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **SPECIALTY FINANCE - 1.7%** |  |
| 3160 | Synchrony Financial | &nbsp;&nbsp;&nbsp; $182174 |
|  | **TECHNOLOGY HARDWARE - 2.9%** |  |
| 1370 | Ciena Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 109682 |
| 805 | Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 187461 |
|  |  | &nbsp;&nbsp; 297143 |
|  | **TECHNOLOGY SERVICES - 2.8%** |  |
| 435 | CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 186180 |
| 610 | CDW Corporation | &nbsp;&nbsp;&nbsp; 110020 |
|  |  | &nbsp;&nbsp; 296200 |
|  | **TRANSPORTATION & LOGISTICS - 0.9%** |  |
| 800 | XPO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91064 |
|  | **TRANSPORTATION EQUIPMENT - 3.1%** |  |
| 1580 | Westinghouse Air Brake Technologies Corporation | &nbsp;&nbsp;&nbsp; 319666 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.7%** |  |
| 3075 | Performance Food Group Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 275397 |
|  | **TOTAL COMMON STOCKS (Cost $8,483,769)** | &nbsp;&nbsp; 10208159 |
|  | **SHORT-TERM INVESTMENT — 1.2%** |  |
|  | **MONEY MARKET FUND - 1.2%** |  |
| 126427 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $126,427)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 126427 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $8,610,196)** | &nbsp;&nbsp;&nbsp; $10334586 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | &nbsp;&nbsp; 76708 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $10411294 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 2527 | Archer Aviation, Inc., Class A<sup>(a), (b)</sup> | &nbsp;&nbsp;&nbsp; $25497 |
| 879 | Astronics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27443 |
| 769 | Virgin Galactic Holdings, Inc.<sup>(a), (b)</sup> | &nbsp;&nbsp;&nbsp; 2468 |
|  |  | &nbsp;&nbsp; 55408 |
|  | **AUTOMOTIVE - 0.8%** |  |
| 7271 | Aurora Innovation, Inc.<sup>(a), (b)</sup> | &nbsp;&nbsp;&nbsp; 44062 |
|  | **BANKING - 9.6%** |  |
| 549 | City Holding Company | &nbsp;&nbsp;&nbsp; 64722 |
| 1630 | Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 36757 |
| 879 | Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 36338 |
| 623 | Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 31399 |
| 6813 | Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 79575 |
| 971 | Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp; 88943 |
| 1520 | Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 51817 |
| 330 | Park National Corporation | &nbsp;&nbsp;&nbsp; 53645 |
| 1593 | SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp; 50626 |
| 1245 | Southern First Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 44907 |
|  |  | &nbsp;&nbsp; 538729 |
|  | **BIOTECH & PHARMA - 4.3%** |  |
| 4743 | ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 94101 |
| 11391 | Allogene Therapeutics, Inc.<sup>(a), (b)</sup> | &nbsp;&nbsp;&nbsp; 13327 |
| 2765 | Arvinas, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19908 |
| 897 | Janux Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 21349 |
| 3590 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68928 |
| 348 | TG Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12218 |
| 440 | Vaxcyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14296 |
|  |  | &nbsp;&nbsp; 244127 |
|  | **CHEMICALS - 1.4%** |  |
| 6392 | Perimeter Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 77151 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.3%** |  |
| 348 | Casella Waste Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40789 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 1.3% (Continued)** |  |
| 385 | TriNet Group, Inc. | &nbsp;&nbsp;&nbsp; $32036 |
|  |  | &nbsp;&nbsp; 72825 |
|  | **CONSUMER SERVICES - 2.2%** |  |
| 2619 | Coursera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23178 |
| 696 | Stride, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 105368 |
|  |  | &nbsp;&nbsp; 128546 |
|  | **ELECTRICAL EQUIPMENT - 7.3%** |  |
| 2198 | Allient, Inc. | &nbsp;&nbsp;&nbsp; 66819 |
| 440 | Badger Meter, Inc. | &nbsp;&nbsp;&nbsp; 109218 |
| 1319 | NEXTracker, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 74774 |
| 147 | Powell Industries, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 24930 |
| 256 | SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38935 |
| 403 | Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp; 97574 |
|  |  | &nbsp;&nbsp; 412250 |
|  | **ENGINEERING & CONSTRUCTION - 4.2%** |  |
| 183 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 87516 |
| 220 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 103809 |
| 256 | Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48131 |
|  |  | &nbsp;&nbsp; 239456 |
|  | **FOOD - 1.8%** |  |
| 531 | Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp; 50939 |
| 1978 | Phibro Animal Health Corporation, Class A | &nbsp;&nbsp;&nbsp; 48303 |
|  |  | &nbsp;&nbsp; 99242 |
|  | **GAS & WATER UTILITIES - 1.7%** |  |
| 2070 | New Jersey Resources Corporation | &nbsp;&nbsp;&nbsp; 94992 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.7%** |  |
| 513 | Addus HomeCare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 56897 |
| 842 | HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 84713 |
| 165 | Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48659 |
| 1612 | Option Care Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52680 |
| 1117 | US Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp; 83764 |
|  |  | &nbsp;&nbsp; 326713 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **HOME CONSTRUCTION - 1.3%** |  |
| 165 | Cavco Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $71543 |
|  | **HOUSEHOLD PRODUCTS - 1.9%** |  |
| 3297 | Central Garden & Pet Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 105405 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.2%** |  |
| 1923 | Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp; 67343 |
|  | **INSURANCE - 0.9%** |  |
| 1886 | United Fire Group, Inc. | &nbsp;&nbsp;&nbsp; 53657 |
|  | **INTERNET MEDIA & SERVICES - 1.1%** |  |
| 952 | Cargurus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29836 |
| 1502 | EverQuote, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34621 |
|  |  | &nbsp;&nbsp; 64457 |
|  | **LEISURE FACILITIES & SERVICES - 5.9%** |  |
| 2454 | Atlanta Braves Holdings, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 99656 |
| 1429 | BJ's Restaurants, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63748 |
| 366 | Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63183 |
| 1190 | Life Time Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34034 |
| 2106 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78154 |
|  |  | &nbsp;&nbsp; 338775 |
|  | **LEISURE PRODUCTS - 0.3%** |  |
| 2161 | Peloton Interactive, Inc., Class A<sup>(a), (b)</sup> | &nbsp;&nbsp;&nbsp; 15343 |
|  | **MACHINERY - 1.2%** |  |
| 2820 | Mueller Water Products, Inc. - Series A | &nbsp;&nbsp;&nbsp; 69175 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.4%** |  |
| 1758 | BioLife Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38465 |
| 1447 | Veracyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38505 |
|  |  | &nbsp;&nbsp; 76970 |
|  | **METALS & MINING - 2.0%** |  |
| 3718 | Coeur Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30041 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **METALS & MINING - 2.0% (Continued)** |  |
| 4707 | Hecla Mining Company | &nbsp;&nbsp;&nbsp; $24194 |
| 4798 | SSR Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 56761 |
|  |  | &nbsp;&nbsp; 110996 |
|  | **MORTGAGE FINANCE - 3.0%** |  |
| 5751 | Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;&nbsp; 42442 |
| 6337 | Orchid Island Capital, Inc. | &nbsp;&nbsp;&nbsp; 43282 |
| 7875 | Two Harbors Investment Corporation <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 83396 |
|  |  | &nbsp;&nbsp; 169120 |
|  | **OIL & GAS PRODUCERS - 1.5%** |  |
| 201 | Murphy USA, Inc. | &nbsp;&nbsp;&nbsp; 85784 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.4%** |  |
| 9853 | Claros Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp; 25322 |
|  | **REAL ESTATE SERVICES - 0.9%** |  |
| 4579 | Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 50415 |
|  | **RENEWABLE ENERGY - 0.5%** |  |
| 3699 | Sunrun, Inc.<sup>(a), (b)</sup> | &nbsp;&nbsp;&nbsp; 27706 |
|  | **RETAIL - CONSUMER STAPLES - 2.7%** |  |
| 971 | Hims & Hers Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54920 |
| 586 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 101295 |
|  |  | &nbsp;&nbsp; 156215 |
|  | **RETAIL - DISCRETIONARY - 1.6%** |  |
| 1 | Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 108 |
| 1264 | Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 88353 |
|  |  | &nbsp;&nbsp; 88461 |
|  | **RETAIL REIT - 1.9%** |  |
| 494 | Alexander's, Inc. | &nbsp;&nbsp;&nbsp; 111244 |
|  | **SEMICONDUCTORS - 0.4%** |  |
| 476 | Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25452 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **SOFTWARE - 9.6%** |  |
| 1172 | ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $54217 |
| 476 | Blackbaud, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29621 |
| 458 | Blackline, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25616 |
| 7637 | Health Catalyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29021 |
| 1722 | IonQ, Inc.<sup>(a), (b)</sup> | &nbsp;&nbsp;&nbsp; 69465 |
| 8644 | Olo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75288 |
| 1026 | Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31160 |
| 1520 | Phreesia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37225 |
| 311 | Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43089 |
| 421 | SPS Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 59260 |
| 1044 | Upstart Holdings, Inc.<sup>(a), (b)</sup> | &nbsp;&nbsp;&nbsp; 49245 |
| 916 | Waystar Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36622 |
|  |  | &nbsp;&nbsp; 539829 |
|  | **SPECIALTY FINANCE - 3.0%** |  |
| 531 | FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp; 62207 |
| 2912 | Onity Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 107918 |
|  |  | &nbsp;&nbsp; 170125 |
|  | **SPECIALTY REIT - 1.2%** |  |
| 4707 | Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp; 65145 |
|  | **STEEL - 1.7%** |  |
| 256 | Carpenter Technology Corporation | &nbsp;&nbsp;&nbsp; 60160 |
| 989 | Northwest Pipe Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38215 |
|  |  | &nbsp;&nbsp; 98375 |
|  | **TECHNOLOGY HARDWARE - 3.7%** |  |
| 1392 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 84856 |
| 311 | Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72423 |
| 238 | InterDigital, Inc. | &nbsp;&nbsp;&nbsp; 51708 |
|  |  | &nbsp;&nbsp; 208987 |
|  | **TECHNOLOGY SERVICES - 2.8%** |  |
| 1740 | LiveRamp Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 56689 |
| 2308 | Paysafe Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28504 |
| 2949 | StoneCompany Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40254 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 2.8% (Continued)** |  |
| 6758 | Unisys Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $32236 |
|  |  | &nbsp;&nbsp; 157683 |
|  | **TRANSPORTATION & LOGISTICS - 2.2%** |  |
| 769 | Golar LNG Ltd. | &nbsp;&nbsp;&nbsp; 31652 |
| 842 | Matson, Inc. | &nbsp;&nbsp;&nbsp; 95020 |
|  |  | &nbsp;&nbsp; 126672 |
|  | **WHOLESALE - DISCRETIONARY - 0.5%** |  |
| 952 | G-III Apparel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27656 |
|  | **TOTAL COMMON STOCKS (Cost $5,062,330)** | &nbsp;&nbsp; 5441356 |
|  | **SHORT-TERM INVESTMENT — 4.4%** |  |
|  | **MONEY MARKET FUND - 4.4%** |  |
| 250951 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $250,951)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 250951 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $5,313,281)** | &nbsp;&nbsp;&nbsp; $5692307 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | &nbsp;&nbsp; (27605) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $5664702 |

---

---

| | |
|:---|:---|
| LTD | - 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 May 31, 2025 was $349,020. Collateral received from the borrower not disclosed in the schedule of investments had a value of 507,709 on May 31, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5%** |  |
|  | **Canada - 5.0%** |  |
| 970 | Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; $65902 |
| 7000 | Kinross Gold Corporation <sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 103250 |
|  |  | &nbsp;&nbsp; 169152 |
|  | **Cayman Islands - 3.1%** |  |
| 16600 | Xiaomi Corp 144A<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 106855 |
|  | **China - 2.9%** |  |
| 2000 | BYD Company Ltd., H Shares<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 99396 |
|  | **Denmark - 1.4%** |  |
| 680 | Novo Nordisk A/S, Class B<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 48320 |
|  | **France - 7.1%** |  |
| 2290 | Bureau Veritas S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 78246 |
| 900 | Compagnie de Saint-Gobain<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 101316 |
| 520 | Ipsen S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 61218 |
|  |  | &nbsp;&nbsp; 240780 |
|  | **Germany - 5.8%** |  |
| 240 | Allianz SE<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 95177 |
| 1550 | GEA Group AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 103803 |
|  |  | &nbsp;&nbsp; 198980 |
|  | **India - 1.8%** |  |
| 4130 | Dr. Reddy's Laboratories Ltd. – ADR <sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 60794 |
|  | **Italy - 7.0%** |  |
| 2180 | Assicurazioni Generali SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 79344 |
| 4140 | Eni SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 61046 |
| 17880 | Intesa Sanpaolo SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 99810 |
|  |  | &nbsp;&nbsp; 240200 |
|  | **Japan - 19.7%** |  |
| 9600 | Dai-ichi Life Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 74941 |
| 2153 | Hoshizaki Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 80203 |
| 5400 | Mitsubishi Heavy Industries Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 124357 |
| 2500 | Mizuho Financial Group, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 69528 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5% (Continued)** |  |
|  | **Japan - 19.7% (Continued)** |  |
| 4600 | Obayashi Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $69414 |
| 3300 | Otsuka Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 67839 |
| 3500 | Sony Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 93691 |
| 3600 | Sumitomo Mitsui Financial Group, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 92499 |
|  |  | &nbsp;&nbsp; 672472 |
|  | **Korea (Republic Of) - 2.3%** |  |
| 1200 | Coway Company Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 77112 |
|  | **Korea (Republic of) - 2.4%** |  |
| 1100 | KB Financial Group, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 82710 |
|  | **Luxembourg - 2.2%** |  |
| 8100 | Allegro.eu S.A. 144A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 74530 |
|  | **Malaysia - 2.0%** |  |
| 21000 | Tenaga Nasional BHD<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 69062 |
|  | **Mexico - 1.5%** |  |
| 15600 | Wal-Mart de Mexico S.A.B de C.V. <sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 50946 |
|  | **Singapore - 2.8%** |  |
| 2740 | DBS Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 94543 |
|  | **Spain - 6.0%** |  |
| 13460 | Banco Santander S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 107368 |
| 11650 | CaixaBank S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 98812 |
|  |  | &nbsp;&nbsp; 206180 |
|  | **Switzerland - 2.0%** |  |
| 600 | Novartis AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 69280 |
|  | **Taiwan Province of China - 2.6%** |  |
| 460 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;&nbsp; 88927 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.5% (Continued)** |  |
|  | **Taiwan Province Of China - 3.2%** |  |
| 6000 | Realtek Semiconductor Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $108460 |
|  | **Thailand - 1.7%** |  |
| 40000 | CP All Plc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 57162 |
|  | **United Kingdom - 11.5%** |  |
| 1810 | BP plc – ADR <sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 52671 |
| 960 | Coca-Cola European Partners plc | &nbsp;&nbsp;&nbsp; 88118 |
| 17090 | J Sainsbury plc<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 65728 |
| 10280 | Rolls-Royce Holdings plc<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 119628 |
| 1040 | Unilever plc<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 66187 |
|  |  | &nbsp;&nbsp; 392332 |
|  | **United States - 2.5%** |  |
| 370 | Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 84686 |
|  | **TOTAL COMMON STOCKS (Cost $2,363,851)** | &nbsp;&nbsp; 3292879 |
|  | **EXCHANGE-TRADED FUND — 1.6%** |  |
|  | **India - 1.6%** |  |
| 1020 | iShares MSCI India ETF <sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 55396 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $57,937)** | &nbsp;&nbsp; 55396 |
|  | **SHORT-TERM INVESTMENT — 1.4%** |  |
|  | **MONEY MARKET FUND - 1.4%** |  |
| 46894 | Dreyfus Institutional Preferred Government Money, Institutional Class, 4.27% (Cost $46,894)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 46894 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $2,468,682)** | &nbsp;&nbsp;&nbsp; $3395169 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%** | &nbsp;&nbsp; 16658 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $3411827 |

---

---

| |
|:---|
| **SARATOGA INTERNATIONAL EQUITY PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

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

<sup>(b)</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 May 31, 2025 the total market value of 144A securities is 181,385 or 5.3% of net assets.

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

<sup>(d)</sup> All or a portion of the security is on loan. The total fair value of securities on loan as of May 31, 2025 was $321,918. Collateral received from the borrower not disclosed in the schedule of investments had a value of $501,193 on May 31, 2025.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6%** |  |
|  | **BIOTECH & PHARMA - 40.6%** |  |
| 1992 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; $574055 |
| 12368 | Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 532319 |
| 3068 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 337725 |
| 3132 | Incyte Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 203768 |
| 3241 | Jazz Pharmaceuticals plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 350255 |
| 1820 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 282482 |
| 3206 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 246349 |
| 3740 | Novartis A.G. - ADR | &nbsp;&nbsp;&nbsp; 432942 |
| 670 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp; 328488 |
| 1400 | United Therapeutics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 446390 |
| 787 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 347893 |
|  |  | &nbsp;&nbsp; 4082666 |
|  | **HEALTH CARE FACILITIES & SERVICES - 39.5%** |  |
| 3429 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 529575 |
| 1913 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 557142 |
| 1371 | Cigna Group (The) | &nbsp;&nbsp;&nbsp; 434113 |
| 1399 | DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 190628 |
| 908 | Elevance Health, Inc. | &nbsp;&nbsp;&nbsp; 348527 |
| 1499 | Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 220743 |
| 1060 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp; 263908 |
| 950 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 683534 |
| 790 | Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 232971 |
| 973 | Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 296804 |
| 2112 | National HealthCare Corporation | &nbsp;&nbsp;&nbsp; 219944 |
|  |  | &nbsp;&nbsp; 3977889 |
|  | **MEDICAL EQUIPMENT & DEVICES - 14.5%** |  |
| 1198 | Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 165564 |
| 775 | Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 428064 |
| 3126 | Medtronic PLC | &nbsp;&nbsp;&nbsp; 259395 |
| 3172 | Revvity, Inc. | &nbsp;&nbsp;&nbsp; 286812 |
| 825 | Stryker Corporation | &nbsp;&nbsp;&nbsp; 315678 |
|  |  | &nbsp;&nbsp; 1455513 |
|  | **TOTAL COMMON STOCKS (Cost $6,239,183)** | &nbsp;&nbsp; 9516068 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 5.7%** |  |
|  | **MONEY MARKET FUND - 5.7%** |  |
| 577092 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $577,092)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $577092 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $6,816,275)** | &nbsp;&nbsp;&nbsp; $10093160 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (27877) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $10065283 |

---

---

| | |
|:---|:---|
| 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 May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **E-COMMERCE DISCRETIONARY - 10.4%** |  |
| 16000 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $3280160 |
| 11074 | eBay, Inc. | &nbsp;&nbsp;&nbsp; 810285 |
|  |  | &nbsp;&nbsp; 4090445 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.7%** |  |
| 3000 | Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp; 679560 |
|  | **INTERNET MEDIA & SERVICES - 11.7%** |  |
| 15420 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp; 2665347 |
| 2998 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 1941175 |
|  |  | &nbsp;&nbsp; 4606522 |
|  | **SEMICONDUCTORS - 15.8%** |  |
| 6500 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 1573455 |
| 2784 | KLA Corporation | &nbsp;&nbsp;&nbsp; 2107154 |
| 12274 | Kulicke & Soffa Industries, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 394609 |
| 15910 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 2149918 |
|  |  | &nbsp;&nbsp; 6225136 |
|  | **SOFTWARE - 31.7%** |  |
| 3200 | Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1328288 |
| 7000 | Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 531510 |
| 2100 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 989877 |
| 7242 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 3333927 |
| 13914 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 2303184 |
| 6620 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 1756749 |
| 3200 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1484736 |
| 2925 | Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 818123 |
|  |  | &nbsp;&nbsp; 12546394 |
|  | **TECHNOLOGY HARDWARE - 8.5%** |  |
| 6768 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 1359353 |
| 32000 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 2017280 |
|  |  | &nbsp;&nbsp; 3376633 |
|  | **TECHNOLOGY SERVICES - 19.1%** |  |
| 17805 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp; 1633787 |
| 5663 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 458646 |
| 4795 | Jack Henry & Associates, Inc. <sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 868710 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 19.1% (Continued)** |  |
| 3236 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; $1895002 |
| 7350 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 2684146 |
|  |  | &nbsp;&nbsp; 7540291 |
|  | **TOTAL COMMON STOCKS (Cost $10,204,918)** | &nbsp;&nbsp; 39064981 |
|  | **SHORT-TERM INVESTMENT — 1.4%** |  |
|  | **MONEY MARKET FUND - 1.4%** |  |
| 541449 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $541,449)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 541449 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $10,746,367)** | &nbsp;&nbsp;&nbsp; $39606430 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (110450) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $39495980 |

---

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 May 31, 2025 was $1,252,420. Collateral received from the borrower not disclosed in the schedule of investments had a value of $1,277,731 on May 31, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1%** |  |
|  | **CHEMICALS - 19.4%** |  |
| 50 | Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp; $13946 |
| 1861 | BASF S.E. - ADR | &nbsp;&nbsp;&nbsp; 22406 |
| 126 | Celanese Corporation | &nbsp;&nbsp;&nbsp; 6657 |
| 594 | Dow, Inc. | &nbsp;&nbsp;&nbsp; 16478 |
| 259 | Eastman Chemical Company | &nbsp;&nbsp;&nbsp; 20297 |
| 777 | Huntsman Corporation | &nbsp;&nbsp;&nbsp; 8656 |
| 82 | Linde PLC | &nbsp;&nbsp;&nbsp; 38341 |
| 273 | LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp; 15422 |
| 851 | Mosaic Company (The) | &nbsp;&nbsp;&nbsp; 30754 |
| 170 | PPG Industries, Inc. | &nbsp;&nbsp;&nbsp; 18836 |
|  |  | &nbsp;&nbsp; 191793 |
|  | **CONSTRUCTION MATERIALS - 1.3%** |  |
| 66 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp; 13346 |
|  | **CONTAINERS & PACKAGING - 2.3%** |  |
| 471 | International Paper Company | &nbsp;&nbsp;&nbsp; 22519 |
|  | **ENGINEERING & CONSTRUCTION - 0.7%** |  |
| 172 | Technip Energies N.V. - ADR | &nbsp;&nbsp;&nbsp; 6546 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.1%** |  |
| 90 | Magnera Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1082 |
|  | **METALS & MINING - 17.2%** |  |
| 159 | Anglo American Platinum Ltd. - ADR | &nbsp;&nbsp;&nbsp; 1056 |
| 518 | Anglo American plc - ADR | &nbsp;&nbsp;&nbsp; 6775 |
| 6671 | B2Gold Corporation | &nbsp;&nbsp;&nbsp; 22481 |
| 459 | BHP Group Ltd. - ADR | &nbsp;&nbsp;&nbsp; 22486 |
| 2703 | Glencore plc - ADR | &nbsp;&nbsp;&nbsp; 20570 |
| 2562 | Kinross Gold Corporation | &nbsp;&nbsp;&nbsp; 37790 |
| 647 | Rio Tinto plc - ADR | &nbsp;&nbsp;&nbsp; 38452 |
| 2337 | Vale S.A. - ADR | &nbsp;&nbsp;&nbsp; 21337 |
|  |  | &nbsp;&nbsp; 170947 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 52.7%** |  |
| 423 | BP PLC - ADR | &nbsp;&nbsp;&nbsp; $12309 |
| 359 | Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp; 10903 |
| 489 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 66847 |
| 354 | Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp; 9689 |
| 263 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 22447 |
| 155 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp; 20855 |
| 1516 | Ecopetrol S.A. - ADR | &nbsp;&nbsp;&nbsp; 12841 |
| 1075 | Eni SpA - ADR | &nbsp;&nbsp;&nbsp; 31777 |
| 290 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 31485 |
| 177 | Expand Energy Corporation | &nbsp;&nbsp;&nbsp; 20555 |
| 664 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 67928 |
| 1280 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 35891 |
| 122 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 19610 |
| 343 | ONEOK, Inc. | &nbsp;&nbsp;&nbsp; 27728 |
| 553 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 19808 |
| 537 | PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 10230 |
| 2908 | Petroleo Brasileiro S.A. - ADR | &nbsp;&nbsp;&nbsp; 33558 |
| 317 | Shell PLC - ADR | &nbsp;&nbsp;&nbsp; 20992 |
| 880 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp; 31284 |
| 242 | TotalEnergies S.E. - ADR | &nbsp;&nbsp;&nbsp; 14201 |
| 161 | Woodside Energy Group Ltd. - ADR | &nbsp;&nbsp;&nbsp; 2307 |
|  |  | &nbsp;&nbsp; 523245 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 693 | Halliburton Company | &nbsp;&nbsp;&nbsp; 13576 |
|  | **STEEL - 3.0%** |  |
| 142 | Nucor Corporation | &nbsp;&nbsp;&nbsp; 15529 |
| 309 | POSCO - ADR | &nbsp;&nbsp;&nbsp; 14121 |
|  |  | &nbsp;&nbsp; 29650 |
|  | **TOTAL COMMON STOCKS (Cost $828,705)** | &nbsp;&nbsp; 972704 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.3%** |  |
|  | **MONEY MARKET FUND - 2.3%** |  |
| 22954 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $22,954)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $22954 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $851,659)** | &nbsp;&nbsp;&nbsp; $995658 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | &nbsp;&nbsp; (4145) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $991513 |

---

---

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

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

---

| | | |
|:---|:---|:---|
| **SARATOGA FINANCIAL SERVICES PORTFOLIO** | **SARATOGA FINANCIAL SERVICES PORTFOLIO** | **SARATOGA FINANCIAL SERVICES PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2%** |  |
|  | **ASSET MANAGEMENT - 10.6%** |  |
| 72 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; $36664 |
| 182 | Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp; 23786 |
| 13 | Blackrock, Inc. | &nbsp;&nbsp;&nbsp; 12739 |
| 55 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; 7632 |
| 80 | Charles Schwab Corp./The | &nbsp;&nbsp;&nbsp; 7067 |
| 32 | F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp; 1023 |
| 513 | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp; 18637 |
| 250 | Stifel Financial Corporation | &nbsp;&nbsp;&nbsp; 23555 |
|  |  | &nbsp;&nbsp; 131103 |
|  | **BANKING - 22.9%** |  |
| 1111 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 49028 |
| 438 | Bank OZK | &nbsp;&nbsp;&nbsp; 19417 |
| 364 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 27416 |
| 279 | East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 25445 |
| 208 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 54913 |
| 41 | PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 7126 |
| 472 | Synovus Financial Corporation | &nbsp;&nbsp;&nbsp; 22576 |
| 624 | US Bancorp | &nbsp;&nbsp;&nbsp; 27200 |
| 161 | Webster Financial Corporation | &nbsp;&nbsp;&nbsp; 8288 |
| 581 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 43447 |
|  |  | &nbsp;&nbsp; 284856 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 13.5%** |  |
| 125 | Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 28640 |
| 157 | CME Group, Inc. | &nbsp;&nbsp;&nbsp; 45373 |
| 26 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 15612 |
| 143 | Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 29984 |
| 47 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 8451 |
| 91 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 11651 |
| 280 | State Street Corporation | &nbsp;&nbsp;&nbsp; 26958 |
|  |  | &nbsp;&nbsp; 166669 |
|  | **INSURANCE - 26.8%** |  |
| 386 | Aflac, Inc. | &nbsp;&nbsp;&nbsp; 39966 |
| 154 | American Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 19093 |
| 18 | Aon PLC, Class A | &nbsp;&nbsp;&nbsp; 6697 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **INSURANCE - 26.8% (Continued)** |  |
| 105 | Axis Capital Holdings LTD. | &nbsp;&nbsp;&nbsp; $10899 |
| 248 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 124983 |
| 155 | Chubb Ltd. | &nbsp;&nbsp;&nbsp; 46066 |
| 31 | Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp; 10763 |
| 96 | Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp; 22431 |
| 58 | Progressive Corp./The | &nbsp;&nbsp;&nbsp; 16526 |
| 260 | Voya Financial, Inc. | &nbsp;&nbsp;&nbsp; 17295 |
| 245 | W R Berkley Corporation | &nbsp;&nbsp;&nbsp; 18299 |
|  |  | &nbsp;&nbsp; 333018 |
|  | **SPECIALTY FINANCE - 7.9%** |  |
| 77 | American Express Company | &nbsp;&nbsp;&nbsp; 22642 |
| 178 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp; 33669 |
| 536 | MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 14177 |
| 465 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 26807 |
|  |  | &nbsp;&nbsp; 97295 |
|  | **TECHNOLOGY SERVICES - 16.5%** |  |
| 234 | Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14450 |
| 45 | Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7326 |
| 94 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 55046 |
| 17 | Moody's Corporation | &nbsp;&nbsp;&nbsp; 8148 |
| 154 | PayPal Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10823 |
| 29 | S&P Global, Inc. | &nbsp;&nbsp;&nbsp; 14873 |
| 555 | Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23410 |
| 153 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 55873 |
| 720 | Western Union Company (The) | &nbsp;&nbsp;&nbsp; 6682 |
| 61 | WEX, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8109 |
|  |  | &nbsp;&nbsp; 204740 |
|  | **TOTAL COMMON STOCKS (Cost $590,380)** | &nbsp;&nbsp; 1217681 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.1%** |  |
|  | **MONEY MARKET FUND - 2.1%** |  |
| 25403 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $25,403)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $25403 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $615,783)** | &nbsp;&nbsp;&nbsp; $1243084 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (3956) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1239128 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 96.6%** |  |
|  | **FIXED INCOME - 96.6%** |  |
| 837728 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; $8645350 |
| 46915 | Vanguard Long-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 481346 |
|  |  | &nbsp;&nbsp; 9126696 |
|  | **TOTAL OPEN END FUNDS (Cost $9,106,314)** | &nbsp;&nbsp; 9126696 |
|  | **SHORT-TERM INVESTMENT — 3.3%** |  |
|  | **MONEY MARKET FUND - 3.3%** |  |
| 308550 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $308,550)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 308550 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $9,414,864)** | &nbsp;&nbsp;&nbsp; $9435246 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | &nbsp;&nbsp; 12033 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $9447279 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUND — 93.0%** |  |
|  | **FIXED INCOME - 93.0%** |  |
| 20219 | Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class | &nbsp;&nbsp;&nbsp; $269926 |
|  | **TOTAL OPEN END FUND (Cost $277,021)** | &nbsp;&nbsp; 269926 |
|  | **SHORT-TERM INVESTMENT — 11.7%** |  |
|  | **MONEY MARKET FUND - 11.7%** |  |
| 34090 | BNY Cash Reserve, 4.33% (Cost $34,090)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34090 |
|  | **TOTAL INVESTMENTS - 104.7% (Cost $311,111)** | &nbsp;&nbsp;&nbsp; $304016 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.7)%** | &nbsp;&nbsp; (13602) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $290414 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 100.0%** |  |
|  | **MONEY MARKET FUNDS - 100.0%** |  |
| 1087047 | BlackRock Liquidity FedFund, Institutional Class, 4.21%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1087047 |
| 1087047 | Dreyfus Government Cash Management Fund, Institutional Class, 4.19%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1087047 |
| 1087047 | Federated Hermes Government Obligations Fund, Institutional Class, 4.17%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1087047 |
| 1087047 | JPMorgan US Government Money Market Fund, Capital Class, 4.20%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1087047 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,348,188)** | &nbsp;&nbsp; 4348188 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $4,348,188)** | &nbsp;&nbsp;&nbsp; $4348188 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%**<sup>(b)</sup> | &nbsp;&nbsp; (1241) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $4346947 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

<sup>(b)</sup> Amount represents less than 0.05%

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 92.6%** |  |
|  | **ALTERNATIVE - 8.7%** |  |
| 15634 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $134136 |
|  | **EQUITY - 72.6%** |  |
| 2968 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36866 |
| 2174 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 49662 |
| 9693 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 289060 |
| 8981 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 251657 |
| 11883 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 157681 |
| 18192 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 120246 |
| 2176 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 57058 |
| 869 | Vanguard Financials Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 53552 |
| 2819 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 101399 |
|  |  | &nbsp;&nbsp; 1117181 |
|  | **FIXED INCOME - 11.3%** |  |
| 15193 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 156787 |
| 1703 | Vanguard Long-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 17474 |
|  |  | &nbsp;&nbsp; 174261 |
|  | **TOTAL OPEN END FUNDS (Cost $1,314,435)** | &nbsp;&nbsp; 1425578 |
|  | **SHORT-TERM INVESTMENTS — 7.6%** |  |
|  | **MONEY MARKET FUNDS - 7.6%** |  |
| 117402 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $117,402)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 117402 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $1,431,837)** | &nbsp;&nbsp;&nbsp; $1542980 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (3780) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1539200 |

---

<sup>(a)</sup> Investment in affiliate <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 91.4%** |  |
|  | **ALTERNATIVE - 7.3%** |  |
| 26936 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $231108 |
|  | **EQUITY - 39.6%** |  |
| 16236 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 484161 |
| 14738 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 412966 |
| 19734 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 261865 |
| 8343 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 55150 |
| 950 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 34174 |
|  |  | &nbsp;&nbsp; 1248316 |
|  | **FIXED INCOME - 44.5%** |  |
| 122161 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 1260706 |
| 13695 | Vanguard Long-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 140508 |
|  |  | &nbsp;&nbsp; 1401214 |
|  | **TOTAL OPEN END FUNDS (Cost $2,775,949)** | &nbsp;&nbsp; 2880638 |
|  | **SHORT-TERM INVESTMENTS — 8.7%** |  |
|  | **MONEY MARKET FUNDS - 8.7%** |  |
| 273461 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $273,461)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 273461 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $3,049,410)** | &nbsp;&nbsp;&nbsp; $3154099 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (3648) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $3150451 |

---

<sup>(a)</sup> Investment in affiliate <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 92.6%** |  |
|  | **ALTERNATIVE - 7.2%** |  |
| 19764 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $169575 |
|  | **EQUITY - 60.8%** |  |
| 2507 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31143 |
| 1841 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 42056 |
| 14956 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 445998 |
| 14374 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 402761 |
| 19663 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 260932 |
| 12953 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 85620 |
| 2062 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 54072 |
| 758 | Vanguard Financials Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 46673 |
| 1657 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 59592 |
|  |  | &nbsp;&nbsp; 1428847 |
|  | **FIXED INCOME - 24.6%** |  |
| 50285 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 518942 |
| 5637 | Vanguard Long-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 57837 |
|  |  | &nbsp;&nbsp; 576779 |
|  | **TOTAL OPEN END FUNDS (Cost $2,017,753)** | &nbsp;&nbsp; 2175201 |
|  | **SHORT-TERM INVESTMENTS — 7.4%** |  |
|  | **MONEY MARKET FUNDS - 7.4%** |  |
| 174300 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $174,300)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 174300 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $2,192,053)** | &nbsp;&nbsp;&nbsp; $2349501 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%**<sup>(c)</sup> | &nbsp;&nbsp; (1071) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $2348430 |

---

<sup>(a)</sup> Investment in affiliate

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

<sup>(c)</sup> Amount represents less than 0.05%

---

| | | |
|:---|:---|:---|
| **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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 93.2%** |  |
|  | **ALTERNATIVE - 8.3%** |  |
| 11512 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $98773 |
|  | **EQUITY - 64.7%** |  |
| 1949 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24201 |
| 1243 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28388 |
| 7114 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 212153 |
| 6914 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 193740 |
| 10093 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 133929 |
| 10323 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68237 |
| 1245 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32654 |
| 442 | Vanguard Financials Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 27231 |
| 1416 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 50931 |
|  |  | &nbsp;&nbsp; 771464 |
|  | **FIXED INCOME - 20.2%** |  |
| 21013 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 216850 |
| 2352 | Vanguard Long-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 24127 |
|  |  | &nbsp;&nbsp; 240977 |
|  | **TOTAL OPEN END FUNDS (Cost $1,026,487)** | &nbsp;&nbsp; 1111214 |
|  | **SHORT-TERM INVESTMENTS — 6.7%** |  |
|  | **MONEY MARKET FUNDS - 6.7%** |  |
| 80182 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $80,182)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 80182 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $1,106,669)** | &nbsp;&nbsp;&nbsp; $1191396 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 714 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1192110 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 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)** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 90.9%** |  |
|  | **ALTERNATIVE - 7.2%** |  |
| 7294 | Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp; $62581 |
|  | **EQUITY - 55.5%** |  |
| 5424 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 161728 |
| 5072 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 142121 |
| 7574 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100509 |
| 6735 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44519 |
| 904 | Vanguard Total International Stock Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 32519 |
|  |  | &nbsp;&nbsp; 481396 |
|  | **FIXED INCOME - 28.2%** |  |
| 21316 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 219980 |
| 2389 | Vanguard Long-Term Bond Index Fund, Admiral Class | &nbsp;&nbsp;&nbsp; 24516 |
|  |  | &nbsp;&nbsp; 244496 |
|  | **TOTAL OPEN END FUNDS (Cost $747,332)** | &nbsp;&nbsp; 788473 |
|  | **SHORT-TERM INVESTMENTS — 8.9%** |  |
|  | **MONEY MARKET FUNDS - 8.9%** |  |
| 77345 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $77,345)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 77345 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $824,677)** | &nbsp;&nbsp;&nbsp; $865818 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | &nbsp;&nbsp; 1736 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $867554 |

---

<sup>(a)</sup> Investment in affiliate <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 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:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3233727.81

**Total Liabilities:** $83276.50

**Net Assets:** $3150451.31

**Cash Not Reported:** $1061.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196874 | -2.14%               | 1.09%                | 2.61%                |
| Class ID C000196875 | -2.26%               | 1.02%                | 2.57%                |
| Class ID C000196876 | -2.14%               | 1.09%                | 2.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-70899.90                                 |
| Month 2  | $5067.53                 | $24730.46                                  |
| Month 3  | $0.00                    | $75748.66                                  |

### 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        |    273461 | PA      | $273461.39    | 8.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Advantage Trust       | SARATOGA-L VAL-I | CUSIP: 803431402<br>LEI: N/A                  | Long             | EC               | RF                | US        |     14738 | NS      | $412965.65    | 13.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Bond Index Funds      | VANG-L/T BD-ADM  | CUSIP: 921937652<br>LEI: 549300INE5BF80OGAZ51 | Long             | EC               | RF                | US        |     13639 | NS      | $139939.16    | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Bond Index Funds      | VANG-IN B I-ADM  | CUSIP: 921937801<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |    121740 | NS      | $1256352.40   | 39.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Star Fund             | VANG-TO INT-ADM  | CUSIP: 921909818<br>LEI: 5493005RYBM6XD8JKF03 | Long             | EC               | RF                | US        |       950 | NS      | $34174.31     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Advantage Trust       | SARATOGA-S/C-I   | CUSIP: 803431600<br>LEI: N/A                  | Long             | EC               | RF                | US        |      8343 | NS      | $55149.86     | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Advantage Trust       | SARATOGA-M/C-I   | CUSIP: 803431535<br>LEI: N/A                  | Long             | EC               | RF                | US        |     19734 | NS      | $261864.81    | 8.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Advantage Trust       | SARATOGA-LCG-I   | CUSIP: 803431501<br>LEI: N/A                  | Long             | EC               | RF                | US        |     16236 | NS      | $484161.32    | 15.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Mutual Funds Trust | EV-GL MAC AR-I   | CUSIP: 277923728<br>LEI: 549300C67AFHZKODE756 | Long             | EC               | RF                | US        |     26812 | NS      | $230045.83    | 7.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

**Name of Applicant:** SARATOGA ADVANTAGE TRUST

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Assistant Treasurer