SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 86.7%      
    AEROSPACE & DEFENSE - 5.5%      
11,499   Raytheon Technologies Corporation       $ 1,135,181
             
 
    ASSET MANAGEMENT - 5.0%      
91,940   Blue Owl Capital, Inc.         1,038,922
             
 
    BANKING - 8.3%      
9,959   East West Bancorp, Inc.         699,221
8,112   First Republic Bank         1,035,173
             

1,734,394

    CHEMICALS - 2.6%      
7,936   Corteva, Inc.         532,982
             
 
    CONTAINERS & PACKAGING - 5.1%      
12,795   Crown Holdings, Inc.         1,051,877
             
 
    ELECTRICAL EQUIPMENT - 10.0%      
60,974   API Group Corporation(a)         1,171,920
3,424   Rockwell Automation, Inc.         904,689
             

2,076,609

    ENGINEERING & CONSTRUCTION - 5.7%      
12,978   MasTec, Inc.(a)         1,178,792
             
 
    HEALTH CARE FACILITIES & SERVICES - 13.2%      
3,663   AmerisourceBergen Corporation         625,237
4,493   Charles River Laboratories International, Inc.(a)         1,026,965
2,112   Chemed Corporation         1,098,240
             

2,750,442

    INTERNET MEDIA & SERVICES - 7.9%      
9,447   Alphabet, Inc., Class A(a)         954,053
13,674   Match Group, Inc.(a)         691,357
             

1,645,410

    PUBLISHING & BROADCASTING - 4.9%      
16,619   Liberty Media Corporation-Liberty Formula One, Class C(a)         1,012,762
             
 
 
 

 

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 86.7% (Continued)      
    SEMICONDUCTORS - 4.9%      
13,661   ON Semiconductor Corporation(a)       $ 1,027,307
             
 
    SPECIALTY FINANCE - 4.9%      
11,393   Walker & Dunlop, Inc.         1,017,509
             
 
    TECHNOLOGY SERVICES - 8.7%      
4,179   CACI International, Inc., Class A(a)         1,305,102
6,343   PayPal Holdings, Inc.(a)         497,355
             

1,802,457

               
    TOTAL COMMON STOCKS (Cost $17,192,985)    

  18,004,644

               
    SHORT-TERM INVESTMENT — 13.6%      
    MONEY MARKET FUND - 13.6%      
2,815,219   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $2,815,219)(b)         2,815,219
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $20,008,204)     $ 20,819,863
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(54,532)

    NET ASSETS - 100.0%        

$ 20,765,331

           
   

 

 

 

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

 

 

 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.9%      
    AUTOMOTIVE - 3.0%      
3,590   Tesla, Inc.(a)       $ 698,973
             
 
    BEVERAGES - 1.6%      
2,020   PepsiCo, Inc.         374,730
             
 
    BIOTECHNOLOGY & PHARMACEUTICALS - 2.8%      
4,700   Ionis Pharmaceuticals, Inc.(a)         191,713
1,030   Merck & Company, Inc.         113,424
2,590   Neurocrine Biosciences, Inc.(a)         329,085
             

634,222

    COMMERCIAL SUPPORT SERVICES - 2.3%      
3,100   Waste Management, Inc.         519,932
             
 
    CONSTRUCTION MATERIALS - 1.7%      
1,530   Carlisle Companies, Inc.         402,558
             
 
    E-COMMERCE DISCRETIONARY - 2.7%      
6,320   Amazon.com, Inc.(a)         610,133
             
 
    FOOD - 0.8%      
7,180   Pilgrim's Pride Corporation(a)         187,829
             
 
    HEALTH CARE FACILITIES & SERVICES - 6.8%      
1,220   McKesson Corporation         465,650
1,370   Molina Healthcare, Inc.(a)         461,375
1,170   UnitedHealth Group, Inc.         640,879
             

1,567,904

    INDUSTRIAL SUPPORT SERVICES - 2.1%      
1,360   United Rentals, Inc.(a)         480,121
             
 
    INFRASTRUCTURE REIT - 1.0%      
990   American Tower Corporation         219,038
             
 
 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    INSURANCE - 4.0%      
6,990   Arch Capital Group Ltd.(a)       $ 418,771
1,465   Everest Re Group Ltd.         495,082
             

913,853

    INTERNET MEDIA & SERVICES - 7.2%      
5,100   Airbnb, Inc., Class A(a)         520,914
3,750   Alphabet, Inc., Class A(a)         378,713
3,740   Alphabet, Inc., Class C(a)         379,423
3,310   GoDaddy, Inc., Class A(a)         261,920
4,650   Pinterest, Inc., Class A(a)         118,203
             

1,659,173

    LEISURE FACILITIES & SERVICES - 4.8%      
230   Chipotle Mexican Grill, Inc.(a)         374,201
1,090   Choice Hotels International, Inc.         134,310
2,640   Live Nation Entertainment, Inc.(a)         192,086
1,060   Madison Square Garden Sports Corporation         172,610
1,400   Marriott International, Inc., Class A         231,490
             

1,104,697

    MACHINERY - 1.0%      
990   IDEX Corporation         235,115
             
 
    MEDICAL EQUIPMENT & DEVICES - 4.2%      
3,630   Agilent Technologies, Inc.         562,577
280   Mettler-Toledo International, Inc.(a)         411,477
             

974,054

    OIL & GAS PRODUCERS - 0.5%      
790   EOG Resources, Inc.         112,125
             
 
    PUBLISHING & BROADCASTING - 0.5%      
1,860   Liberty Media Corporation-Liberty Formula One, Class C(a)         113,348
             
 
    RETAIL - CONSUMER STAPLES - 2.5%      
1,060   Costco Wholesale Corporation         571,605
             
 
 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    RETAIL - DISCRETIONARY - 3.9%      
155   AutoZone, Inc.(a)       $ 399,745
1,050   Ulta Beauty, Inc.(a)         488,082
             

887,827

    SELF-STORAGE REIT - 0.7%      
550   Public Storage         163,878
             
 
    SEMICONDUCTORS - 4.9%      
1,420   Advanced Micro Devices, Inc.(a)         110,235
1,360   Applied Materials, Inc.         149,056
240   Broadcom, Inc.         132,247
2,760   NVIDIA Corporation         467,075
2,190   QUALCOMM, Inc.         277,013
             

1,135,626

    SOFTWARE - 18.6%      
2,755   Crowdstrike Holdings, Inc., Class A(a)         324,126
8,810   Fortinet, Inc.(a)         468,340
7,353   Microsoft Corporation         1,876,043
1,440   Palo Alto Networks, Inc.(a)         244,656
1,150   Paycom Software, Inc.(a)         389,965
5,700   Splunk, Inc.(a)         442,776
1,600   Synopsys, Inc.(a)         543,264
             

4,289,170

    TECHNOLOGY HARDWARE - 13.3%      
16,270   Apple, Inc.         2,408,448
3,800   Arista Networks, Inc.(a)         529,340
4,190   Pure Storage, Inc., Class A(a)         122,306
             

3,060,094

    TECHNOLOGY SERVICES - 6.7%      
430   Automatic Data Processing, Inc.         113,580
360   Fair Isaac Corporation(a)         223,099
1,400   Gartner, Inc.(a)         490,518
4,200   Paychex, Inc.         520,926
860   Visa, Inc., Class A         186,620
             

1,534,743

 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    TRANSPORTATION & LOGISTICS - 1.3%      
2,630   Expeditors International of Washington, Inc.       $ 305,238
             
 
    TOTAL COMMON STOCKS (Cost $19,364,840)    

  22,755,986

               
    SHORT-TERM INVESTMENT — 1.3%      
    MONEY MARKET FUND - 1.3%      
299,633   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $299,633)(b)         299,633
             
 
    TOTAL INVESTMENTS - 100.2% (Cost $19,664,473)     $ 23,055,619
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(44,153)

    NET ASSETS - 100.0%        

$ 23,011,466

           

 

Ltd. - Limited Company
REIT - Real Estate Investment Trust

 

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

 

 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.7%      
    APPAREL & TEXTILE PRODUCTS - 0.5%      
1,445   Skechers USA, Inc., Class A(a)       $ 60,936
             
 
    ASSET MANAGEMENT - 4.2%      
1,898   Apollo Global Management, Inc.         131,702
1,470   Ares Management Corporation, Class A         115,233
7,208   Brightsphere Investment Group, Inc.         146,755
695   Raymond James Financial, Inc.         81,246
             

474,936

    BANKING - 4.5%      
3,350   Bank of NT Butterfield & Son Ltd. (The)         116,580
1,715   First Republic Bank         218,851
5,260   Huntington Bancshares, Inc.         81,425
3,760   PacWest Bancorp         98,211
             

515,067

    BIOTECHNOLOGY & PHARMACEUTICAL - 0.4%      
3,910   Elanco Animal Health, Inc.(a)         50,322
             
 
    CHEMICALS - 4.8%      
365   Avery Dennison Corporation         70,565
5,780   Axalta Coating Systems Ltd.(a)         155,135
1,775   FMC Corporation         231,886
1,025   LyondellBasell Industries N.V., Class A         87,135
             

544,721

    COMMERCIAL SUPPORT SERVICES - 4.7%      
5,310   Aramark         220,896
2,245   Republic Services, Inc.         312,706
             

533,602

    CONSUMER SERVICES - 0.8%      
755   Grand Canyon Education, Inc.(a)         85,368
             
 
    CONTAINERS & PACKAGING - 1.1%      
1,560   Crown Holdings, Inc.         128,248
             
 
 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.7% (Continued)      
    E-COMMERCE DISCRETIONARY - 1.3%      
9,915   Leslie's, Inc.(a)       $ 144,759
             
 
    ELECTRIC UTILITIES - 8.7%      
2,730   Alliant Energy Corporation         153,699
1,750   Ameren Corporation         156,310
2,505   CMS Energy Corporation         152,980
2,350   Evergy, Inc.         139,144
15,580   Vistra Corporation         379,061
             

981,194

    ELECTRICAL EQUIPMENT - 9.1%      
1,090   Allegion plc         123,879
2,015   AMETEK, Inc.         286,977
335   Hubbell, Inc.         85,110
625   Keysight Technologies, Inc.(a)         113,056
5,725   nVent Electric plc         229,057
2,380   Otis Worldwide Corporation         185,854
             

1,023,933

    ENGINEERING & CONSTRUCTION - 4.0%      
9,400   WillScot Mobile Mini Holdings Corporation(a)         453,174
             
 
    HEALTH CARE FACILITIES & SERVICES - 4.9%      
1,835   AmerisourceBergen Corporation         313,215
13,830   Aveanna Healthcare Holdings, Inc.(a)         9,384
1,035   IQVIA Holdings, Inc.(a)         225,651
             

548,250

    HOME CONSTRUCTION - 0.8%      
4,480   AZEK Company, Inc. (The)(a)         86,643
             
 
    HOUSEHOLD PRODUCTS - 1.0%      
1,350   Church & Dwight Company, Inc.         110,525
             
 
    INSTITUTIONAL FINANCIAL SERVICES - 4.0%      
1,130   Cboe Global Markets, Inc.         143,329
 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.7% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES - 4.0% (Continued)      
4,520   Nasdaq, Inc.       $ 309,439
             

452,768

    INSURANCE - 6.2%      
2,090   Allstate Corporation (The)         279,850
1,255   Arthur J Gallagher & Company         249,883
1,175   Reinsurance Group of America, Inc.         169,670
             

699,403

    LEISURE PRODUCTS - 1.4%      
875   Axon Enterprise, Inc.(a)         161,026
             
 
    MACHINERY - 1.9%      
2,065   Crane Holdings Company         218,766
             
 
    MEDICAL EQUIPMENT & DEVICES - 4.2%      
675   Agilent Technologies, Inc.         104,612
4,105   Avantor, Inc.(a)         91,459
435   Cooper Companies, Inc. (The)         137,612
1,855   Hologic, Inc.(a)         141,277
             

474,960

    METALS & MINING - 1.7%      
15,490   Constellium S.E.(a)         192,851
             
 
    OIL & GAS PRODUCERS - 5.2%      
1,320   Diamondback Energy, Inc.         195,386
730   Pioneer Natural Resources Company         172,273
31,180   Southwestern Energy Company(a)         215,766
             

583,425

    PUBLISHING & BROADCASTING - 3.2%      
1,900   Nexstar Media Group, Inc.         360,164
             
 
    SEMICONDUCTORS - 1.2%      
350   Analog Devices, Inc.         60,169
980   Entegris, Inc.         75,744
             

135,913

 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.7% (Continued)      
    SOFTWARE - 2.9%      
6,507   N-Able, Inc.(a)       $ 73,074
4,740   SS&C Technologies Holdings, Inc.         254,822
             

327,896

    SPECIALTY FINANCE - 1.6%      
20,430   New Residential Investment Corporation         184,892
             
 
    TECHNOLOGY HARDWARE - 3.2%      
1,345   Motorola Solutions, Inc.         366,109
             
 
    TECHNOLOGY SERVICES - 9.4%      
790   CACI International, Inc., Class A(a)         246,717
635   CDW Corporation/DE         119,786
440   Equifax, Inc.         86,843
770   FactSet Research Systems, Inc.         355,193
3,545   MAXIMUS, Inc.         249,214
             

1,057,753

    WHOLESALE - CONSUMER STAPLES - 1.8%      
3,440   Performance Food Group Company(a)         209,771
             
 
               
    TOTAL COMMON STOCKS (Cost $8,379,071)    

  11,167,375

               
Shares             Fair Value
    SHORT-TERM INVESTMENT — 1.7%      
    MONEY MARKET FUND - 1.7%      
197,598   Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $197,598)(b)         197,598
             
 
    TOTAL INVESTMENTS - 100.4% (Cost $8,576,669)     $ 11,364,973
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(41,593)

    NET ASSETS - 100.0%        

$ 11,323,380

 

 

 

 

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

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 95.1%      
    AEROSPACE & DEFENSE - 0.9%      
1,507   AerSale Corporation(a)       $ 23,886
16,230   AMMO, Inc.(a)         34,732
             

58,618

    APPAREL & TEXTILE PRODUCTS - 0.8%      
477   Crocs, Inc.(a)         48,177
             
 
    BANKING - 14.5%      
904   1st Source Corporation         51,618
1,256   Amalgamated Financial Corporation         33,498
1,281   Bank of NT Butterfield & Son Ltd. (The)         44,579
804   Banner Corporation         56,778
653   City Holding Company         66,554
829   Eagle Bancorp, Inc.         39,096
3,015   Eastern Bankshares, Inc.         59,124
980   First Bancorp         47,657
3,542   Fulton Financial Corporation         65,846
2,914   Home BancShares, Inc.         74,161
854   Nicolet Bankshares, Inc.(a)         70,643
754   Preferred Bank         56,995
628   ServisFirst Bancshares, Inc.         47,615
1,206   Trustmark Corporation         44,115
2,487   United Community Banks, Inc.         96,919
930   Westamerica BanCorporation         57,428
             

912,626

    BEVERAGES - 1.5%      
854   Celsius Holdings, Inc.(a),(b)         95,084
             
 
    BIOTECHNOLOGY & PHARMACEUTICAL - 1.3%      
2,336   Alkermes plc(a)         57,887
452   Intra-Cellular Therapies, Inc.(a)         24,507
             

82,394

    CHEMICALS - 1.6%      
477   Balchem Corporation         67,162
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 95.1% (Continued)      
    CHEMICALS - 1.6% (Continued)      
829   Hawkins, Inc.       $ 34,486
             

101,648

    COMMERCIAL SUPPORT SERVICES - 2.2%      
402   AMN Healthcare Services, Inc.(a)         49,728
703   Korn Ferry         40,092
2,487   Resources Connection, Inc.         47,999
             

137,819

    CONSTRUCTION MATERIALS - 0.6%      
427   Simpson Manufacturing Company, Inc.         39,732
             
 
    CONSUMER SERVICES - 0.5%      
2,362   Coursera, Inc.(a)         32,926
             
 
    ELECTRIC UTILITIES - 0.5%      
578   Otter Tail Corporation         34,466
             
 
    ELECTRICAL EQUIPMENT - 4.6%      
955   AAON, Inc.         75,693
578   Badger Meter, Inc.         66,944
502   Novanta, Inc.(a)         79,191
427   Watts Water Technologies, Inc., Class A         67,658
             

289,486

    ENGINEERING & CONSTRUCTION - 2.1%      
276   Dycom Industries, Inc.(a)         25,155
678   EMCOR Group, Inc.         105,022
             

130,177

    FOOD - 2.0%      
3,341   BellRing Brands, Inc.(a),(b)         83,224
653   Cal-Maine Foods, Inc.(b)         38,057
             

121,281

    FORESTRY, PAPER & WOOD PRODUCTS - 0.7%      
603   Boise Cascade Company         44,646
             
 
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 95.1% (Continued)      
    HEALTH CARE FACILITIES & SERVICES - 3.8%      
251   Medpace Holdings, Inc.(a)       $ 52,682
301   Molina Healthcare, Inc.(a)         101,368
1,809   Pediatrix Medical Group, Inc.(a)         28,908
1,457   Progyny, Inc.(a)         53,370
             

236,328

    HOTEL REIT - 1.1%      
4,171   Pebblebrook Hotel Trust         69,447
             
 
    INDUSTRIAL INTERMEDIATE PROD - 2.0%      
2,060   AZZ, Inc.         85,758
176   RBC Bearings, Inc.(a)         41,707
             

127,465

    INDUSTRIAL SUPPORT SERVICES - 4.6%      
1,030   Applied Industrial Technologies, Inc.         136,465
377   Transcat, Inc.(a)         30,171
930   WESCO International, Inc.(a)         119,896
             

286,532

    INSURANCE - 1.4%      
126   Kinsale Capital Group, Inc.         38,834
2,487   Lemonade, Inc.(a)         49,367
             

88,201

    INTERNET MEDIA & SERVICES - 1.2%      
1,683   HealthStream, Inc.(a)         42,748
703   TechTarget, Inc.(a)         32,099
             

74,847

    LEISURE PRODUCTS - 3.0%      
1,909   Acushnet Holdings Corporation         86,764
578   Fox Factory Holding Corporation(a)         61,326
377   LCI Industries         37,270
             

185,360

    MACHINERY - 3.6%      
1,055   Cactus, Inc., Class A         57,381
553   CSW Industrials, Inc.         66,885
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 95.1% (Continued)      
    MACHINERY - 3.6% (Continued)      
578   Lindsay Corporation       $ 102,012
             

226,278

    MEDICAL EQUIPMENT & DEVICES - 4.6%      
4,221   Adaptive Biotechnologies Corporation(a)         37,060
2,789   Castle Biosciences, Inc.(a)         65,793
251   Inspire Medical Systems, Inc.(a)         60,634
352   Shockwave Medical, Inc.(a)         89,266
678   STAAR Surgical Company(a)         38,721
1   Zynex, Inc.         14
             

291,488

    METALS & MINING - 2.4%      
678   Encore Wire Corporation         99,063
1,507   MP Materials Corporation(a)         50,108
             

149,171

    OFFICE REIT - 1.3%      
2,965   Equity Commonwealth         80,321
             
 
    OIL & GAS PRODUCERS - 9.4%      
1,181   Chesapeake Energy Corporation         122,233
779   Chord Energy Corporation         118,821
3,668   Magnolia Oil & Gas Corporation, CLASS A         95,661
1,407   Matador Resources Company         93,369
251   Murphy USA, Inc.         74,248
1,583   Ovintiv, Inc.         88,268
             

592,600

    OIL & GAS SERVICES & EQUIPMENT - 1.4%      
1,055   Helmerich & Payne, Inc.         53,890
3,140   ProPetro Holding Corporation(a)         34,477
             

88,367

    RETAIL - CONSUMER STAPLES - 0.8%      
703   BJ's Wholesale Club Holdings, Inc.(a)         52,894
             
 
    RETAIL - DISCRETIONARY - 7.1%      
2,362   Academy Sports & Outdoors, Inc.         119,234
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 95.1% (Continued)      
    RETAIL - DISCRETIONARY - 7.1% (Continued)      
126   Avis Budget Group, Inc.(a)       $ 28,174
1,633   Buckle, Inc. (The)         71,770
1,785   Builders FirstSource, Inc.(a)         114,115
3,693   Designer Brands, Inc., Class A         56,503
2,462   Macy's, Inc.         57,857
             

447,653

    SEMICONDUCTORS - 0.9%      
628   Diodes, Inc.(a)         57,920
             
 
    SOFTWARE - 3.3%      
1,608   Digi International, Inc.(a)         68,292
3,367   Fastly, Inc.(a)         32,525
1,281   Phreesia, Inc.(a)         35,637
301   Qualys, Inc.(a)         37,119
226   SPS Commerce, Inc.(a)         32,151
             

205,724

    SPECIALTY FINANCE - 1.5%      
804   GATX Corporation         90,651
31   PROG Holdings, Inc.(a)         610
             

91,261

    SPECIALTY REITS - 2.2%      
5,150   GEO Group, Inc. (The)(a)         60,873
1,256   Hannon Armstrong Sustainable Infrastructure         40,745
2,085   Outfront Media, Inc.         38,135
             

139,753

    TECHNOLOGY HARDWARE - 1.8%      
477   Super Micro Computer, Inc.(a)         43,040
4,397   TTM Technologies, Inc.(a)         70,660
             

113,700

    TELECOMMUNICATIONS - 1.0%      
1,206   Iridium Communications, Inc.(a)         64,039
             
 
    TRANSPORTATION & LOGISTICS - 2.1%      
3,015   Heartland Express, Inc.         50,471
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 95.1% (Continued)      
    TRANSPORTATION & LOGISTICS - 2.1% (Continued)      
653   Matson, Inc.       $ 41,635
980   Universal Logistics Holdings, Inc.         37,211
             

129,317

    WHOLESALE - CONSUMER STAPLES - 0.8%      
804   Performance Food Group Company(a)         49,028
             
 
               
    TOTAL COMMON STOCKS (Cost $5,030,034)    

  5,976,774

               
Shares             Fair Value
    REITS — 0.9%      
    SPECIALTY FINANCE - 0.9%      
2,261   Blackstone Mortgage Trust, Inc., Class A         57,135
             
 
    TOTAL REITS (Cost $64,172)    

  57,135

               
Principal Amount ($)              
    COLLATERAL FOR SECURITIES LOANED — 2.3%      
    REPURCHASE AGREEMENTS - 2.3%      
145,727   BNP Paribas SA, dated 11/30/2022, due 12/1/2022,
3.780%, total to be received $148,642
(Collateralized by various US Government agency obligations, due
05/25/2023-08/15/2048, 0.000%-6.875% totaling $147,767) 		        145,727
             
 
    TOTAL REPURCHASE AGREEMENTS (Cost $145,757)    

145,727

               
Shares             Fair Value
    SHORT-TERM INVESTMENT — 4.6%      
    MONEY MARKET FUND - 4.6%      
286,781   Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, Institutional Class, 3.79% (Cost $286,781)(c)         286,781
             
 
    TOTAL INVESTMENTS - 102.9% (Cost $5,526,744)     $ 6,466,417
    LIABILITIES IN EXCESS OF OTHER ASSETS - (2.9)%    

(184,055)

    NET ASSETS - 100.0%        

$ 6,282,362

 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
               

 

 

 

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

 

 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.4%      
    Australia - 7.1%      
620   Macquarie Group Ltd.(a)       $ 76,254
26,680   Stockland Corp. Ltd.(a)         69,663
3,260   Woodside Energy Group Ltd.         82,334
             

228,251

    Canada - 4.5%      
740   Bank of Montreal         72,275
1,100   Restaurant Brands International, Inc.         72,985
             

145,260

    China - 4.2%      
2,500   BYD Company Ltd., H Shares(a)         63,651
14,200   China Merchants Bank Company Ltd., H Shares(a)         72,124
             

135,775

    Denmark - 2.8%      
720   Novo Nordisk A/S, Class B(a)         90,319
             
 
    Finland - 2.5%      
16,250   Nokia Corporation         80,161
             
 
    France - 4.2%      
790   Arkema S.A.(a)         70,327
1,390   Compagnie de Saint-Gobain         64,174
             

134,501

    Germany - 9.5%      
323   Allianz SE(a)         69,033
2,060   GEA Group AG         84,340
410   Merck KGaA(a)         75,211
1,410   Siemens Healthineers AG         75,244
             

303,828

    Indonesia - 2.5%      
254,800   Bank Rakyat Indonesia Persero Tbk PT         81,545
             
 
    Italy - 2.4%      
5,260   Eni SpA(b)         78,523
             
 
 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.4% (Continued)      
    Japan - 15.2%      
500   HIROSE ELECTRIC CO LTD       $ 66,922
1,200   Konami Corp         56,510
2,800   Nippon Yusen KK(a),(b)         62,329
3,600   Olympus Corp.(a)         74,375
1,000   Sony Corporation         82,843
3,700   Tokyo Gas Company Ltd.         68,065
1,900   Toyota Tsusho Corp.(a)         73,349
             

484,393

    Korea (Republic of) - 2.0%      
1,220   Kia Motors Corporation(a)         64,982
             
 
    Korea (Republic Of) - 2.4%      
860   Orion Corporation of Republic of Korea         78,105
             
 
    Luxembourg - 1.8%      
830   Eurofins Scientific S.E.(a),(b)         57,686
             
 
    Mexico - 2.2%      
18,250   Wal-Mart de Mexico S.A.B de C.V.         72,139
             
 
    Netherlands - 4.7%      
5,920   ABN AMRO Bank N.V. - ADR         76,438
1,930   STMicroelectronics N.V.         74,797
             

151,235

    South Africa - 2.0%      
6,520   Mr. Price Group Ltd.(a)         63,776
             
 
    South Korea - 2.3%      
3,760   Korean Air Lines Co. Ltd.(c)         74,607
             
 
    Spain - 2.5%      
27,170   Banco Santander S.A.         81,171
             
 
 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.4% (Continued)      
    Switzerland - 2.5%      
4,430   UBS Group AG(a)       $ 81,741
             
 
    Taiwan - 2.1%      
7,000   Delta Electronics, Inc.         68,641
             
 
    Taiwan Province of China - 2.6%      
1,010   Taiwan Semiconductor Manufacturing Company Ltd. - ADR         83,810
             
 
    Thailand - 2.6%      
12,900   Bumrungrad Hospital PCL         83,751
             
 
    United Kingdom - 13.8%      
1,790   Anglo American plc         74,440
37,180   Barclays plc         72,747
2,330   BP plc - ADR         83,648
1,310   Coca-Cola European Partners plc         69,548
1,180   InterContinental Hotels Group plc         68,699
3,760   Mondi plc(a)         71,061
             

440,143

               
    TOTAL COMMON STOCKS (Cost $2,956,873)    

  3,164,343

               
 
 

 

               
               
               
               
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    COLLATERAL FOR SECURITIES LOANED — 2.8%      
    REPURCHASE AGREEMENTS – 2.8%         Fair Value
90,016   BNP Paribas SA, dated 11/30/2022, due 12/1/2022,
3.780%, total to be received $91,816
(Collateralized by various US Government agency obligations, due
05/15/2030-02/15/2052, 0.125%-3.375% totaling $91,625) 		        90,016
             
 
    TOTAL REPURCHASE AGREEMENTS (Cost $90,016)    

90,016

               
Shares              
    SHORT-TERM INVESTMENT — 1.8%      
    MONEY MARKET FUND - 1.8%      
57,130   Dreyfus Institutional Preferred Government Money, Institutional Class, 3.79% (Cost $57,130)(d)         57,130
             
 
    TOTAL INVESTMENTS - 103.0% (Cost $3,104,019)     $ 3,311,489
    LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0)%    

(95,484)

    NET ASSETS - 100.0%        

$ 3,216,005

           

 

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

 

 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO  
SCHEDULE OF INVESTMENTS (Unaudited)  
November 30, 2022  
         
              Unrealized
Foreign Currency Settlement Date Counterparty Local Currency U.S. Dollar Value Depreciation
To Sell:        
Euro 12/01/2022 Bank of NY 984 $ 1,025 $ (9)
     

$ 1,025

$ (9)

         
Total        

$ (9)

           
 
               

 

 

 

(a) The value of this security has been determined in good faith under policies of the Board of Trustees.
(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $85,238.
(c) Non-income producing security.
(d) Rate disclosed is the seven day effective yield as of November 30, 2022.

 

 
 

 

SARATOGA HEALTH & BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.3%      
    BIOTECHNOLOGY & PHARMACEAUTICALS - 46.5%      
2,965   AbbVie, Inc.       $ 477,899
2,685   Amgen, Inc.         768,984
1,184   Biogen, Inc.(a)         361,321
1,000   Eli Lilly and Company         371,080
6,420   Gilead Sciences, Inc.         563,869
15,000   Ironwood Pharmaceuticals, Inc.(a)         181,650
2,320   Johnson & Johnson         412,960
4,935   Merck & Company, Inc.         543,442
2,366   Moderna, Inc.(a)         416,203
2,591   Novartis A.G. - ADR         232,050
7,668   Pfizer, Inc.         384,397
720   Regeneron Pharmaceuticals, Inc.(a)         541,224
2,282   United Therapeutics Corporation(a)         638,709
1,270   Vertex Pharmaceuticals, Inc.(a)         401,828
             

6,295,616

    HEALTH CARE FACILITIES & SERVICES - 41.5%      
2,665   AmerisourceBergen Corporation         454,889
1,457   Anthem, Inc.         776,464
6,336   Cardinal Health, Inc.         507,957
1,211   Charles River Laboratories International, Inc.(a)         276,798
1,136   Cigna Corporation         373,619
2,000   Ensign Group, Inc. (The)         190,000
630   Humana, Inc.         346,437
1,665   Laboratory Corp of America Holdings         400,766
1,604   McKesson Corporation         612,215
1,042   Molina Healthcare, Inc.(a)         350,914
2,910   Quest Diagnostics, Inc.         441,825
4,221   Tenet Healthcare Corporation(a)         194,926
1,250   UnitedHealth Group, Inc.         684,700
             

5,611,510

    MEDICAL EQUIPMENT & DEVICES - 10.3%      
1,673   Illumina, Inc.(a)         364,848
1,622   Intuitive Surgical, Inc.(a)         438,573
3,025   Medtronic plc         239,096
 
 

 

SARATOGA HEALTH & BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.3% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 10.3% (Continued)      
1,524   Stryker Corporation       $ 356,448
             

1,398,965

               
    TOTAL COMMON STOCKS (Cost $8,942,679)    

  13,306,091

               
Shares             Fair Value
    SHORT-TERM INVESTMENT — 2.2%      
    MONEY MARKET FUND - 2.2%      
291,783   Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $291,783)(b)         291,783
             
 
    TOTAL INVESTMENTS - 100.5% (Cost $9,234,462)     $ 13,597,874
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%    

(63,786)

    NET ASSETS - 100.0%        

$ 13,534,088

           
               
 

 

 

 

ADR  - American Depositary Receipt
PLC  - Public Limited Company
   
 

 

 

 

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

 

 

 

 

 

 
 

 

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 99.7%      
    E-COMMERCE DISCRETIONARY - 7.8%      
20,660   Amazon.com, Inc.(a)       $ 1,994,516
19,638   eBay, Inc.         892,351
             

2,886,867

    ENTERTAINMENT CONTENT - 3.3%      
16,455   Activision Blizzard, Inc.         1,216,847
             
 
    INTERNET MEDIA & SERVICES - 12.4%      
6,000   Alphabet, Inc., Class A(a)         605,940
24,170   Alphabet, Inc., Class C(a)         2,452,047
13,073   Meta Platforms, Inc., Class A(a)         1,543,921
             

4,601,908

    SEMICONDUCTORS - 17.1%      
24,038   Intel Corporation         722,823
4,970   KLA Corporation         1,953,955
4,513   NVIDIA Corporation         763,735
14,420   QUALCOMM, Inc.         1,823,986
11,416   Skyworks Solutions, Inc.         1,091,598
             

6,356,097

    SOFTWARE - 24.2%      
12,790   Akamai Technologies, Inc.(a)         1,213,259
8,042   Microsoft Corporation         2,051,836
20,581   Oracle Corporation         1,708,840
6,620   Salesforce, Inc.(a)         1,060,855
4,550   Synopsys, Inc.(a)         1,544,907
11,510   VMware, Inc., Class A(a)         1,398,350
             

8,978,047

    TECHNOLOGY HARDWARE - 11.3%      
12,704   Apple, Inc.         1,880,573
46,577   Cisco Systems, Inc.         2,315,809
             

4,196,382

    TECHNOLOGY SERVICES - 23.6%      
17,805   Amdocs Ltd.         1,582,152
11,963   Cognizant Technology Solutions Corporation, Class A         744,218
10,473   Global Payments, Inc.         1,086,888
 
 

 

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 99.7% (Continued)      
    TECHNOLOGY SERVICES - 23.6% (Continued)      
6,795   Jack Henry & Associates, Inc.       $ 1,286,633
3,236   Mastercard, Inc., Class A         1,153,310
12,062   PayPal Holdings, Inc.(a)         945,781
8,961   Visa, Inc., Class A(b)         1,944,538
             

8,743,520

               
    TOTAL COMMON STOCKS (Cost $16,434,340)    

  36,979,668

               
Shares             Fair Value
    SHORT-TERM INVESTMENT — 0.6%      
    MONEY MARKET FUND - 0.6%      
211,916   Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, Institutional Class, 3.79% (Cost $211,916)(c)         211,916
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $16,646,256)     $ 37,191,584
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(101,284)

    NET ASSETS - 100.0%        

$ 37,090,300

           
               
 

 

 

 

LTD  - Limited Company
   
 

 

 

 

 

(a) Non-income producing security.
(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of November 30, 2022 was $1,854,571.
(c) Rate disclosed is the seven day effective yield as of November 30, 2022.

 

 

 
 

Ts p

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.2%      
    CHEMICALS - 14.6%      
3,312   BASF S.E. - ADR       $ 42,311
1,830   Covestro A.G. - ADR         36,399
645   Dow, Inc.         32,876
605   Huntsman Corporation         16,807
120   Linde plc         40,377
358   LyondellBasell Industries N.V., Class A         30,434
611   Mosaic Company (The)         31,344
95   PPG Industries, Inc.         12,846
142   Westlake Corporation         15,286
             

258,680

    CONTAINERS & PACKAGING - 4.5%      
650   Berry Global Group, Inc.         38,090
591   International Paper Company         21,938
499   Westrock Company         18,922
             

78,950

    ENGINEERING & CONSTRUCTION - 0.2%      
172   Technip Energies N.V. - ADR         2,688
             
 
    FORESTRY, PAPER & WOOD PRODUCTS - 1.6%      
538   Sylvamo Corporation         29,100
             
 
    METALS & MINING - 14.6%      
1,967   Anglo American plc - ADR         40,324
11,569   B2Gold Corporation         40,261
434   BHP Group Ltd. - ADR         27,255
493   Freeport-McMoRan, Inc.         19,621
277   Newmont Corporation         13,149
602   Rio Tinto plc - ADR         41,320
3,508   Sibanye Stillwater Ltd. - ADR         39,325
2,258   Vale S.A. - ADR         37,257
             

258,512

    OIL & GAS PRODUCERS - 56.5%      
1,852   BP plc - ADR         66,487
717   Canadian Natural Resources Ltd.         42,819
 
 

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 98.2% (Continued)      
    OIL & GAS PRODUCERS - 56.5% (Continued)      
296   Chesapeake Energy Corporation       $ 30,636
704   Chevron Corporation         129,051
378   Civitas Resources, Inc.         25,462
419   ConocoPhillips         51,751
255   Diamondback Energy, Inc.         37,745
213   Enbridge, Inc.         8,795
2,019   Eni SpA - ADR         59,783
353   EOG Resources, Inc.         50,101
250   Equinor ASA - ADR         9,620
3,755   Equitrans Midstream Corporation         31,504
1,144   Exxon Mobil Corporation         127,373
1,390   Kinder Morgan, Inc.         26,577
263   Marathon Petroleum Corporation         32,036
588   Ovintiv, Inc.         32,787
3,679   Petroleo Brasileiro S.A. - ADR         43,008
939   Shell plc - ADR         54,903
1,534   Suncor Energy, Inc.         50,423
424   TotalEnergies S.E. - ADR         26,466
434   Valero Energy Corporation         57,991
161   Woodside Energy Group Ltd. - ADR         4,060
             

999,378

    OIL & GAS SERVICES & EQUIPMENT - 1.4%      
498   Schlumberger N.V.         25,672
             
 
    STEEL - 4.8%      
174   Nucor Corporation         26,091
470   POSCO - ADR         26,818
319   Steel Dynamics, Inc.         33,154
             

86,063

               
    TOTAL COMMON STOCKS (Cost $1,251,053)    

  1,739,043

               
 
 

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 1.5%      
    MONEY MARKET FUND - 1.5%      
27,410   Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $27,410)(a)       $ 27,410
             
 
    TOTAL INVESTMENTS - 99.7% (Cost $1,278,463)     $ 1,766,453
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%    

5,274

    NET ASSETS - 100.0%        

$ 1,771,727

           
               
 

 

 

 

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

 

 

 

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

 

 

 

 
 
 
 
 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 96.5%      
    ASSET MANAGEMENT - 12.8%      
48   Ameriprise Financial, Inc.       $ 15,934
27   BlackRock, Inc.         19,332
448   Blackstone, Inc.         41,005
222   Charles Schwab Corporation (The)         18,324
398   Raymond James Financial, Inc.         46,526
561   Stifel Financial Corporation         36,044
             

177,165

    BANKING - 31.7%      
1,503   Bank of America Corporation         56,889
175   Bank OZK         8,076
1,052   Citigroup, Inc.         50,927
409   East West Bancorp, Inc.         28,716
335   Fifth Third Bancorp         12,181
465   JPMorgan Chase & Company         64,255
55   PNC Financial Services Group, Inc. (The)         9,254
449   Popular, Inc.         32,786
1,644   Regions Financial Corporation         38,157
677   Synovus Financial Corporation         28,522
206   Truist Financial Corporation         9,643
949   US Bancorp         43,075
870   Wells Fargo & Company         41,717
253   Zions Bancorp NA         13,110
             

437,308

    INSTITUTIONAL FINANCIAL SERVICES - 10.7%      
190   Cboe Global Markets, Inc.         24,100
233   CME Group, Inc.         41,125
56   Goldman Sachs Group, Inc. (The)         21,624
70   Intercontinental Exchange, Inc.         7,582
575   Morgan Stanley         53,514
             

147,945

    INSURANCE - 30.4%      
584   Aflac, Inc.         42,007
230   American Financial Group, Inc.         32,711
30   Aon plc, CLASS A         9,248
 
 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    COMMON STOCKS — 96.5% (Continued)      
    INSURANCE - 30.4% (Continued)      
58   Arthur J Gallagher & Company       $ 11,548
125   Axis Capital Holdings Ltd.         7,195
433   Berkshire Hathaway, Inc., Class B(a)         137,955
290   Chubb Ltd.         63,681
140   Marsh & McLennan Companies, Inc.         24,245
622   MetLife, Inc.         47,707
81   Progressive Corporation (The)         10,704
258   Voya Financial, Inc.         17,023
198   W R Berkley Corporation         15,103
             

419,127

    MORTGAGE FINANCE - 1.1%      
1,511   AGNC Investment Corporation         15,095
             
 
    SPECIALTY FINANCE - 7.6%      
109   American Express Company         17,177
232   Capital One Financial Corporation         23,952
169   Discover Financial Services         18,313
481   Fidelity National Financial, Inc.         19,413
683   Synchrony Financial         25,667
             

104,522

    TECHNOLOGY SERVICES - 2.2%      
15   MSCI, Inc.         7,617
65   S&P Global, Inc.         22,932
             

30,549

               
    TOTAL COMMON STOCKS (Cost $845,126)    

  1,331,711

               
 
 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 4.2%      
    MONEY MARKET FUND - 4.2%      
57,770   Dreyfus Institutional Preferred Government Money Market Fund Institutional Class, 3.79% (Cost $57,770)(b)       $ 57,770
             
 
    TOTAL INVESTMENTS - 100.7% (Cost $902,896)     $ 1,389,481
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%    

(10,335)

    NET ASSETS - 100.0%        

$ 1,379,146

           
               
 

 

 

 

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

 

 

 

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

 

 
 

 

SARATOGA INVESTMENT QUALITY BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 97.3%      
    FIXED INCOME - 97.3%      
87,051   Vanguard Short-Term Bond Index Fund, Admiral Class       $ 860,932
518,124   Vanguard Ultra-Short-Term Bond Fund Admiral Class, Admiral Class         10,196,676
             

11,057,608

               
    TOTAL OPEN END FUNDS (Cost $11,380,319)    

  11,057,608

               
Shares             Fair Value
    SHORT-TERM INVESTMENT — 3.4%      
    MONEY MARKET FUND - 3.4%      
391,449   Dreyfus Institutional Preferred Government Money Market Fund Institutional Class,  3.79% (Cost $391,449)(a)         391,449
             
 
    TOTAL INVESTMENTS - 100.7% (Cost $11,771,768)     $ 11,449,057
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%    

(78,874)

    NET ASSETS - 100.0%        

$ 11,370,183

           
               
 

 

 

 

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

 

 
 

 

SARATOGA MUNICIPAL BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 93.4%      
    FIXED INCOME - 93.4%      
56,020   JPMorgan Ultra-Short Municipal Fund, Class I       $ 554,037
2,999   Vanguard Short-Term Tax-Exempt Fund, Admiral Class         46,694
             

600,731

               
    TOTAL OPEN END FUNDS (Cost $611,869)    

  600,731

               
Shares             Fair Value
    SHORT-TERM INVESTMENT — 7.0%      
    MONEY MARKET FUND - 7.0%      
44,758   Dreyfus AMT-Free Tax Exempt Cash Management, Institutional Class, 1.88% (Cost $44,758)(a)         44,758
             
 
    TOTAL INVESTMENTS - 100.4% (Cost $656,627)     $ 645,489
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(2,561)

    NET ASSETS - 100.0%        

$ 642,928

           
               
 

 

 

 

 

 

 

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

 

 
 

 

SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 99.5%      
    MONEY MARKET FUNDS - 99.5%      
1,383,744   BlackRock Liquidity FedFund, Institutional Class, 3.55%(a)       $ 1,383,744
1,383,743   Dreyfus Government Cash Management Fund, Class I, 3.61%(a)         1,383,743
1,383,743   Federated Hermes Government Obligations Fund, Institutional Class, 3.61%(a)         1,383,743
1,383,743   JPMorgan US Government Money Market Fund, Capital Class 3.52%(a)         1,383,743
    TOTAL SHORT-TERM INVESTMENTS (Cost $5,534,973)  

5,534,973

               
    TOTAL INVESTMENTS - 99.5% (Cost $5,534,973)     $ 5,534,973
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%    

25,568

    NET ASSETS - 100.0%        

$ 5,560,541

           

 

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

 

 

 

 
 

 

SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 93.6%      
    ALTERNATIVE - 9.8%      
11,502   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 92,590
             
 
    EQUITY - 71.9%      
2,438   Saratoga Energy & Basic Materials Portfolio, Class I(a)         34,247
1,660   Saratoga Health & Biotechnology Portfolio, Class I(a)         42,434
5,231   Saratoga Large Capitalization Growth Portfolio, Class I(a)         119,473
6,591   Saratoga Large Capitalization Value Portfolio, Class I(a)         177,569
8,616   Saratoga Mid Capitalization Portfolio, Class I(a)         106,318
1,317   Saratoga Technology & Communications Portfolio, Class I(a)         29,446
706   Vanguard Financials Index Fund, Admiral Class         31,347
852   Vanguard Small-Cap Index Fund, Admiral Class         80,109
2,134   Vanguard Total International Stock Index Fund, Admiral Class         61,521
             

682,464

    FIXED INCOME - 11.9%      
5,755   Vanguard Ultra-Short-Term Bond Fund, Admiral Class         113,253
             
 
    TOTAL OPEN END FUNDS (Cost $892,413)    

  888,307

               
    SHORT-TERM INVESTMENTS — 6.7%      
    MONEY MARKET FUNDS - 6.7%      
63,304   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $63,304)(b)         63,304
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $955,717)     $ 951,611
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(2,768)

    NET ASSETS - 100.0%        

$ 948,843

           
 

 

 

 

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

 

 
 

 

SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 72.3%      
    ALTERNATIVE - 7.3%      
24,203   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 194,832
             
 
    EQUITY - 33.5%      
10,609   Saratoga Large Capitalization Growth Portfolio, Class I(a)         242,300
13,273   Saratoga Large Capitalization Value Portfolio, Class I(a)         357,570
17,480   Saratoga Mid Capitalization Portfolio, Class I(a)         215,703
511   Vanguard Small-Cap Index Fund, Admiral Class         48,030
931   Vanguard Total International Stock Index Fund, Admiral Class         26,827
             

890,430

    FIXED INCOME - 31.5%      
42,495   Vanguard Ultra-Short-Term Bond Fund, Admiral Class         836,306
             
 
               
    TOTAL OPEN END FUNDS (Cost $1,990,740)    

  1,921,568

               
    SHORT-TERM INVESTMENT — 28.1%      
    MONEY MARKET FUND - 28.1%      
745,132   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $745,132)(b)         745,132
             
 
    TOTAL INVESTMENTS - 100.4% (Cost $2,735,872)     $ 2,666,700
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(10,352)

    NET ASSETS - 100.0%        

$ 2,656,348

           

 

(a)

(b)

Investment in affiliate.

Rate disclosed is the seven day effective yield as of November 30, 2022.

 

 
 

2.28.22

 

SARATOGA MODERATELY BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 86.3%      
    ALTERNATIVE - 7.6%      
15,833   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 127,454
             
 
    EQUITY - 56.3%      
2,128   Saratoga Energy & Basic Materials Portfolio, Class I(a)         29,900
1,473   Saratoga Health & Biotechnology Portfolio, Class I(a)         37,645
9,311   Saratoga Large Capitalization Growth Portfolio, Class I(a)         212,657
11,652   Saratoga Large Capitalization Value Portfolio, Class I(a)         313,908
15,460   Saratoga Mid Capitalization Value Portfolio, Class I(a)         190,774
1,345   Saratoga Technology & Communications Portfolio, Class I(a)         30,054
636   Vanguard Financials Index Fund, Admiral Class         28,232
680   Vanguard Small-Cap Index Fund, Admiral Class         63,941
1,404   Vanguard Total International Stock Index Fund, Admiral Class         40,485
             

947,596

    FIXED INCOME - 22.4%      
19,193   Vanguard Ultra-Short-Term Bond Fund, Admiral Class         377,728
             
 
               
    TOTAL OPEN END FUNDS (Cost $1,449,405)    

  1,452,778

               
    SHORT-TERM INVESTMENT — 14.1%      
    MONEY MARKET FUND - 14.1%      
237,473   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $237,473)(b)         237,473
             
 
    TOTAL INVESTMENTS - 100.4% (Cost $1,686,878)     $ 1,690,251
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(5,935)

    NET ASSETS - 100.0%        

$ 1,684,316

           

 

 

 

 

 

 

(a)

(b)

Investment in affiliate.

Rate disclosed is the seven day effective yield as of November 30, 2022.

 

 
 

 

SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 86.2%      
    ALTERNATIVE - 8.4%      
9,612   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 77,378
             
 
    EQUITY - 59.5%      
1,832   Saratoga Energy & Basic Materials Portfolio, Class I(a)         25,736
1,079   Saratoga Health & Biotechnology Portfolio, Class I(a)         27,568
4,707   Saratoga Large Capitalization Growth Portfolio, Class I(a)         107,518
5,888   Saratoga Large Capitalization Value Portfolio, Class I(a)         158,636
8,448   Saratoga Mid Capitalization Portfolio, Class I(a)         104,248
868   Saratoga Technology & Communications Portfolio, Class I(a)         19,409
404   Vanguard Financials Index Fund, Admiral Class         17,928
579   Vanguard Small-Cap Index Fund, Admiral Class         54,421
1,255   Vanguard Total International Stock Index Fund, Admiral Class         36,180
             

551,644

    FIXED INCOME - 18.3%      
8,605   Vanguard Ultra-Short-Term Bond Fund, Admiral Class         169,355
             
 
               
    TOTAL OPEN END FUNDS (Cost $796,077)    

  798,377

               
    SHORT-TERM INVESTMENT — 14.1%      
    MONEY MARKET FUND - 14.1%      
131,238   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $131,238)(b)         131,238
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $927,315)     $ 929,615
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(3,007)

    NET ASSETS - 100.0%        

$ 926,608

           

 

 

 

 

(a)

(b)

Investment in affiliate.

Rate disclosed is the seven day effective yield as of November 30, 2022.

 

 

 
 

 

SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 87.9%      
    ALTERNATIVE - 7.7%      
5,341   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 42,993
             
 
    EQUITY - 52.9%      
3,126   Saratoga Large Capitalization Growth Portfolio, Class I(a)         71,389
3,887   Saratoga Large Capitalization Value Portfolio, Class I(a)         104,715
5,426   Saratoga Mid Capitalization Portfolio, Class I(a)         66,959
339   Vanguard Small-Cap Index Fund, Admiral Class         31,860
697   Vanguard Total International Stock Index Fund, Admiral Class         20,086
             

295,009

    FIXED INCOME - 27.3%      
7,727   Vanguard Ultra-Short-Term Bond Fund, Admiral Class         152,071
             
 
               
    TOTAL OPEN END FUNDS (Cost $500,107)    

  490,073

               
    SHORT-TERM INVESTMENT — 12.7%      
    MONEY MARKET FUND - 12.7%      
70,993   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.79% (Cost $70,993)(b)         70,993
             
 
    TOTAL INVESTMENTS - 100.6% (Cost $571,100)     $ 561,066
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%    

(3,199)

    NET ASSETS - 100.0%        

$ 557,867

           
 

 

 

 

(a)

(b)

Investment in affiliate.

Rate disclosed is the seven day effective yield as of November 30, 2022.