SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 95.6%      
    BEVERAGES - 4.7%      
26,433   Primo Brands Corporation       $  874,139
             
 
    COMMERCIAL SUPPORT SERVICES - 5.7%      
4,704   Clean Harbors, Inc.(a)       1,066,820
             
 
    CONSTRUCTION MATERIALS - 5.5%      
1,885   Martin Marietta Materials, Inc.         1,032,132
             
 
    CONTAINERS & PACKAGING - 2.2%      
4,134   Crown Holdings, Inc.         407,199
             
 
    ELECTRICAL EQUIPMENT - 16.8%      
6,511   AMETEK, Inc.         1,163,776
10,961   Amphenol Corporation, Class A         985,723
21,058   API Group Corporation(a)         982,777
             

3,132,276

    ENGINEERING & CONSTRUCTION - 4.4%      
2,418   Quanta Services, Inc.         828,310
             
 
    HEALTH CARE FACILITIES & SERVICES - 4.8%      
12,695   Henry Schein, Inc.(a)(b)         888,523
             
 
    HEALTH CARE REIT - 4.9%      
5,866   Welltower, Inc.         905,006
             
 
    INSTITUTIONAL FINANCIAL SERVICES - 5.2%      
5,397   Intercontinental Exchange, Inc.         970,381
             
 
    INSURANCE - 6.0%      
1,595   Aon PLC, Class A         593,467
9,980   Equitable Holdings, Inc.         527,643
             

1,121,110

 
 

 

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 95.6% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 4.6%      
4,560   Danaher Corporation       $ 865,944
             
 
    OIL & GAS PRODUCERS - 4.7%      
14,627   Williams Companies, Inc. (The)       885,080
             
 
    PUBLISHING & BROADCASTING - 4.8%      
9,221   Liberty Media Corp-Liberty Formula One(a)         890,103
             
 
    REAL ESTATE SERVICES - 4.5%      
6,646   CBRE Group, Inc., Class A(a)         830,883
             
 
    SPECIALTY FINANCE - 7.0%      
3,864   Capital One Financial Corporation         730,875
17,443   SLM Corporation         564,630
             

1,295,505

    TECHNOLOGY HARDWARE - 3.8%      
4,196   Jabil, Inc.         704,970
             
 
    TRANSPORTATION & LOGISTICS - 6.0%      
13,764   Canadian Pacific Kansas City Ltd.         1,123,831
             
 
    TOTAL COMMON STOCKS (Cost $15,235,223)    

  17,822,212

               
    SHORT-TERM INVESTMENTS — 4.4%      
    MONEY MARKET FUNDS - 4.4%      
817,177   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $817,177)(c)         817,177
             
 
    TOTAL INVESTMENTS - 100.0% (Cost $16,052,400)     $ 18,639,389
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%(d)    

(4,968)

    NET ASSETS - 100.0%        

$ 18,634,421

           
               
 

 

 

 

   
 
 

 

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
     
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 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.
(c) Rate disclosed is the seven day effective yield as of May 31, 2025.
(d) Amount represents less than 0.05%.

 

 
 
SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 99.3%      
    APPAREL & TEXTILE PRODUCTS - 0.5%      
1,840   Deckers Outdoor Corporation(a)       $ 194,157
             
 
    ASSET MANAGEMENT - 2.2%      
9,210   Charles Schwab Corporation (The)         813,611
             
 
    AUTOMOTIVE - 2.4%      
2,615   Tesla, Inc.(a)         905,993
             
 
    BIOTECH & PHARMA - 2.5%      
785   Eli Lilly & Company         579,071
7,856   Exelixis, Inc.(a)         338,122
             

917,193

    E-COMMERCE DISCRETIONARY - 3.8%      
6,845   Amazon.com, Inc.(a)         1,403,293
             
 
    ELECTRICAL EQUIPMENT - 3.5%      
1,690   Rockwell Automation, Inc.         533,280
1,780   Trane Technologies PLC         765,881
             

1,299,161

    ENGINEERING & CONSTRUCTION - 1.2%      
940   EMCOR Group, Inc.         443,548
             
 
    ENTERTAINMENT CONTENT - 4.1%      
1,707   AppLovin Corporation, Class A(a)         670,851
9,680   ROBLOX Corporation, Class A(a)         841,966
             

1,512,817

    FOOD - 1.8%      
13,270   Pilgrim's Pride Corporation         652,353
             
 
    HEALTH CARE FACILITIES & SERVICES - 2.0%      
1,380   Cencora, Inc.         401,911
570   Chemed Corporation         327,659
             

729,570

 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 99.3% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES - 1.5%      
3,100   Houlihan Lokey, Inc.       $ 541,508
             
 
    INSURANCE - 3.3%      
1,620   Allstate Corporation (The)         339,989
3,030   Progressive Corporation (The)         863,339
             

1,203,328

    INTERNET MEDIA & SERVICES - 15.1%      
3,990   Alphabet, Inc., Class A         685,243
3,980   Alphabet, Inc., Class C         687,943
189   Booking Holdings, Inc.         1,043,078
1,170   DoorDash, Inc., Class A(a)         244,121
2,435   Meta Platforms, Inc., Class A         1,576,637
470   Netflix, Inc.(a)         567,398
2,610   Roku, Inc.(a)         189,121
7,000   Uber Technologies, Inc.(a)         589,120
             

5,582,661

    LEISURE FACILITIES & SERVICES - 2.2%      
3,230   Royal Caribbean Cruises Ltd.         830,013
             
 
    MEDICAL EQUIPMENT & DEVICES - 1.9%      
2,925   ResMed, Inc.         716,011
             
 
    RETAIL - CONSUMER STAPLES - 2.1%      
730   Costco Wholesale Corporation         759,332
             
 
    RETAIL - DISCRETIONARY - 1.8%      
2,025   Carvana Company(a)         662,499
             
 
    SEMICONDUCTORS - 13.5%      
1,715   Advanced Micro Devices, Inc.(a)         189,902
1,464   Applied Materials, Inc.         229,482
4,875   Broadcom, Inc.         1,180,091
22,115   NVIDIA Corporation         2,988,400
 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 99.3% (Continued)      
    SEMICONDUCTORS - 13.5% (Continued)      
2,590   QUALCOMM, Inc.       $ 376,068
             

4,963,943

    SOFTWARE - 25.3%      
9,510   Doximity, Inc., Class A(a)         495,376
24,280   Dropbox, Inc., Class A(a)         700,721
7,240   Fortinet, Inc.(a)         736,887
2,180   Guidewire Software, Inc.(a)         468,744
5,666   Microsoft Corporation         2,608,399
9,530   Nutanix, Inc., Class A(a)         730,856
5,800   Okta, Inc.(a)         598,386
1,030   Palantir Technologies, Inc.(a)         135,733
1,090   Salesforce, Inc.         289,253
4,480   Snowflake, Inc., Class A(a)         921,401
6,400   Twilio, Inc., Class A(a)         753,280
51,490   UiPath, Inc., Class A(a)         685,332
690   Veeva Systems, Inc., Class A(a)         192,993
             

9,317,361

    TECHNOLOGY HARDWARE - 7.6%      
10,087   Apple, Inc.         2,025,974
8,895   Arista Networks, Inc.(a)         770,663
             

2,796,637

    TECHNOLOGY SERVICES - 1.0%      
600   Morningstar, Inc.         185,052
480   Visa, Inc., Class A         175,291
             

360,343

               
    TOTAL COMMON STOCKS (Cost $28,705,123)    

  36,605,332

               
 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 1.0%      
    MONEY MARKET FUNDS - 1.0%      
375,719   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $375,719)(b)       $ 375,719
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $29,080,842)     $ 36,981,051
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(115,014)

    NET ASSETS - 100.0%        

$ 36,866,037

           
               
 

 

 

ETF  - Exchange-Traded Fund
Ltd.  - Limited Company
PLC  - Public Limited Company
   
 

 

 

 

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

 

 

 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.1%      
    AEROSPACE & DEFENSE - 2.0%      
4,480   Embraer S.A. - ADR(a)       $ 206,035
             
 
    ASSET MANAGEMENT - 2.0%      
490   Ares Management Corporation, Class A         81,095
6,635   Blue Owl Capital, Inc.         123,942
             

205,037

    BANKING - 5.1%      
2,640   Comerica, Inc.         150,718
2,550   Western Alliance Bancorp         184,646
4,135   Zions Bancorp NA         195,833
             

531,197

    COMMERCIAL SUPPORT SERVICES - 1.5%      
605   Republic Services, Inc.         155,660
             
 
    CONSTRUCTION MATERIALS - 2.9%      
1,150   Vulcan Materials Company         304,830
             
 
    ELECTRIC UTILITIES - 10.0%      
3,295   Alliant Energy Corporation         205,048
2,895   CMS Energy Corporation         203,316
3,050   Evergy, Inc.         202,551
1,330   Vistra Corporation         213,558
1,990   WEC Energy Group, Inc.         213,805
             

1,038,278

    ELECTRICAL EQUIPMENT - 10.6%      
695   Allegion plc         99,177
760   AMETEK, Inc.         135,842
475   GE Vernova, LLC         224,665
850   Hubbell, Inc.         331,142
515   Rockwell Automation, Inc.         162,508
1,450   Vertiv Holdings Company         156,499
             

1,109,833

 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.1% (Continued)      
    FORESTRY, PAPER & WOOD PRODUCTS - 0.8%      
1,450   Trex Company, Inc.(a)       $ 81,012
             
 
    HOME CONSTRUCTION - 1.6%      
570   DR Horton, Inc.         67,294
965   Toll Brothers, Inc.         100,601
             

167,895

    INDUSTRIAL REIT - 1.7%      
1,060   EastGroup Properties, Inc.         179,723
             
 
    INDUSTRIAL SUPPORT SERVICES - 1.4%      
1,145   Herc Holdings, Inc.         141,980
             
 
    INSTITUTIONAL FINANCIAL SERVICES - 5.5%      
2,065   Nasdaq, Inc.         172,510
2,770   Tradeweb Markets, Inc., Class A         400,126
             

572,636

    INSURANCE - 2.6%      
1,340   Reinsurance Group of America, Inc.         272,409
             
 
    LEISURE FACILITIES & SERVICES - 2.7%      
2,205   Carnival Corporation(a)         51,200
370   Domino's Pizza, Inc.         175,314
220   Royal Caribbean Cruises Ltd.         56,533
             

283,047

    LEISURE PRODUCTS - 3.2%      
440   Axon Enterprise, Inc.(a)         330,158
             
 
    MACHINERY - 6.6%      
810   Crane Company         138,834
2,260   Flowserve Corporation         112,797
3,155   Helios Technologies, Inc.         95,660
945   Lincoln Electric Holdings, Inc.         182,942
235   Parker-Hannifin Corporation         156,204
             

686,437

 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.1% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 0.8%      
760   Agilent Technologies, Inc.       $ 85,059
             
 
    OIL & GAS PRODUCERS - 1.0%      
2,615   Range Resources Corporation         99,475
             
 
    OIL & GAS SERVICES & EQUIPMENT - 1.0%      
3,395   TechnipFMC plc         105,754
             
 
    REAL ESTATE SERVICES - 1.3%      
13,425   Cushman & Wakefield PLC(a)         134,653
             
 
    RETAIL - CONSUMER STAPLES - 2.2%      
2,055   BJ's Wholesale Club Holdings, Inc.(a)         232,647
             
 
    RETAIL - DISCRETIONARY - 8.1%      
11,275   American Eagle Outfitters, Inc.         123,574
70   AutoZone, Inc.(a)         261,313
1,365   Burlington Stores, Inc.(a)         311,589
2,040   Floor & Decor Holdings, Inc., Class A(a)         146,248
             

842,724

    SELF-STORAGE REIT - 1.0%      
685   Extra Space Storage, Inc.         103,538
             
 
    SEMICONDUCTORS - 4.4%      
2,620   Coherent Corp.(a)         198,150
2,825   Marvell Technology, Inc.         170,036
145   Monolithic Power Systems, Inc.         95,976
             

464,162

    SOFTWARE - 4.0%      
2,425   SS&C Technologies Holdings, Inc.         195,964
375   Tyler Technologies, Inc.(a)         216,372
             

412,336

 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.1% (Continued)      
    SPECIALTY FINANCE - 1.7%      
3,160   Synchrony Financial       $ 182,174
             
 
    TECHNOLOGY HARDWARE - 2.9%      
1,370   Ciena Corporation(a)         109,682
805   Fabrinet(a)         187,461
             

297,143

    TECHNOLOGY SERVICES - 2.8%      
435   CACI International, Inc., Class A(a)         186,180
610   CDW Corporation         110,020
             

296,200

    TRANSPORTATION & LOGISTICS - 0.9%      
800   XPO, Inc.(a)         91,064
             
 
    TRANSPORTATION EQUIPMENT - 3.1%      
1,580   Westinghouse Air Brake Technologies Corporation         319,666
             
 
    WHOLESALE - CONSUMER STAPLES - 2.7%      
3,075   Performance Food Group Company(a)         275,397
             
 
    TOTAL COMMON STOCKS (Cost $8,483,769)    

  10,208,159

               
    SHORT-TERM INVESTMENT — 1.2%      
    MONEY MARKET FUND - 1.2%      
126,427   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $126,427)(b)         126,427
             
 
    TOTAL INVESTMENTS - 99.3% (Cost $8,610,196)     $ 10,334,586
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%    

76,708

    NET ASSETS - 100.0%        

$ 10,411,294

           

 

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

 

 

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

 

 

 

 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.1%      
    AEROSPACE & DEFENSE - 1.0%      
2,527   Archer Aviation, Inc., Class A(a), (b)       $ 25,497
879   Astronics Corporation(a)         27,443
769   Virgin Galactic Holdings, Inc.(a), (b)         2,468
             

55,408

    AUTOMOTIVE - 0.8%      
7,271   Aurora Innovation, Inc.(a), (b)         44,062
             
 
    BANKING - 9.6%      
549   City Holding Company         64,722
1,630   Civista Bancshares, Inc.         36,757
879   Guaranty Bancshares, Inc.         36,338
623   Home Bancorp, Inc.         31,399
6,813   Northfield Bancorp, Inc.         79,575
971   Northrim BanCorp, Inc.         88,943
1,520   Origin Bancorp, Inc.         51,817
330   Park National Corporation         53,645
1,593   SmartFinancial, Inc.         50,626
1,245   Southern First Bancshares, Inc.         44,907
             

538,729

    BIOTECH & PHARMA - 4.3%      
4,743   ADMA Biologics, Inc.(a)         94,101
11,391   Allogene Therapeutics, Inc.(a), (b)         13,327
2,765   Arvinas, Inc.(a)         19,908
897   Janux Therapeutics, Inc.(a)         21,349
3,590   Rigel Pharmaceuticals, Inc.(a)         68,928
348   TG Therapeutics, Inc.(a)         12,218
440   Vaxcyte, Inc.(a)         14,296
             

244,127

    CHEMICALS - 1.4%      
6,392   Perimeter Solutions, Inc.(a)         77,151
             
 
    COMMERCIAL SUPPORT SERVICES - 1.3%      
348   Casella Waste Systems, Inc., Class A(a)         40,789
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.1% (Continued)      
    COMMERCIAL SUPPORT SERVICES - 1.3% (Continued)      
385   TriNet Group, Inc.       $ 32,036
             

72,825

    CONSUMER SERVICES - 2.2%      
2,619   Coursera, Inc.(a)         23,178
696   Stride, Inc.(a)         105,368
             

128,546

    ELECTRICAL EQUIPMENT - 7.3%      
2,198   Allient, Inc.         66,819
440   Badger Meter, Inc.         109,218
1,319   NEXTracker, Inc., Class A(a)         74,774
147   Powell Industries, Inc. (b)         24,930
256   SPX Technologies, Inc.(a)         38,935
403   Watts Water Technologies, Inc., Class A         97,574
             

412,250

    ENGINEERING & CONSTRUCTION - 4.2%      
183   Comfort Systems USA, Inc.         87,516
220   EMCOR Group, Inc.         103,809
256   Sterling Infrastructure, Inc.(a)         48,131
             

239,456

    FOOD - 1.8%      
531   Cal-Maine Foods, Inc.         50,939
1,978   Phibro Animal Health Corporation, Class A         48,303
             

99,242

    GAS & WATER UTILITIES - 1.7%      
2,070   New Jersey Resources Corporation         94,992
             
 
    HEALTH CARE FACILITIES & SERVICES - 5.7%      
513   Addus HomeCare Corporation(a)         56,897
842   HealthEquity, Inc.(a)         84,713
165   Medpace Holdings, Inc.(a)         48,659
1,612   Option Care Health, Inc.(a)         52,680
1,117   US Physical Therapy, Inc.         83,764
             

326,713

 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.1% (Continued)      
    HOME CONSTRUCTION - 1.3%      
165   Cavco Industries, Inc.(a)       $ 71,543
             
 
    HOUSEHOLD PRODUCTS - 1.9%      
3,297   Central Garden & Pet Company, Class A(a)         105,405
             
 
    INDUSTRIAL INTERMEDIATE PROD - 1.2%      
1,923   Insteel Industries, Inc.         67,343
             
 
    INSURANCE - 0.9%      
1,886   United Fire Group, Inc.         53,657
             
 
    INTERNET MEDIA & SERVICES - 1.1%      
952   Cargurus, Inc.(a)         29,836
1,502   EverQuote, Inc.(a)         34,621
             

64,457

    LEISURE FACILITIES & SERVICES - 5.9%      
2,454   Atlanta Braves Holdings, Inc., Class C(a)         99,656
1,429   BJ's Restaurants, Inc.(a)         63,748
366   Brinker International, Inc.(a)         63,183
1,190   Life Time Group Holdings, Inc.(a)         34,034
2,106   Madison Square Garden Entertainment Corporation(a)         78,154
             

338,775

    LEISURE PRODUCTS - 0.3%      
2,161   Peloton Interactive, Inc., Class A(a), (b)         15,343
             
 
    MACHINERY - 1.2%      
2,820   Mueller Water Products, Inc. - Series A         69,175
             
 
    MEDICAL EQUIPMENT & DEVICES - 1.4%      
1,758   BioLife Solutions, Inc.(a)         38,465
1,447   Veracyte, Inc.(a)         38,505
             

76,970

    METALS & MINING - 2.0%      
3,718   Coeur Mining, Inc.(a)         30,041
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.1% (Continued)      
    METALS & MINING - 2.0% (Continued)      
4,707   Hecla Mining Company       $ 24,194
4,798   SSR Mining, Inc.(a)         56,761
             

110,996

    MORTGAGE FINANCE - 3.0%      
5,751   Invesco Mortgage Capital, Inc.         42,442
6,337   Orchid Island Capital, Inc.         43,282
7,875   Two Harbors Investment Corporation (b)         83,396
             

169,120

    OIL & GAS PRODUCERS - 1.5%      
201   Murphy USA, Inc.         85,784
             
 
    REAL ESTATE INVESTMENT TRUSTS - 0.4%      
9,853   Claros Mortgage Trust, Inc.         25,322
             
 
    REAL ESTATE SERVICES - 0.9%      
4,579   Newmark Group, Inc., Class A         50,415
             
 
    RENEWABLE ENERGY - 0.5%      
3,699   Sunrun, Inc.(a), (b)         27,706
             
 
    RETAIL - CONSUMER STAPLES - 2.7%      
971   Hims & Hers Health, Inc.(a)         54,920
586   Sprouts Farmers Market, Inc.(a)         101,295
             

156,215

    RETAIL - DISCRETIONARY - 1.6%      
1   Builders FirstSource, Inc.(a)         108
1,264   Urban Outfitters, Inc.(a)         88,353
             

88,461

    RETAIL REIT - 1.9%      
494   Alexander's, Inc.         111,244
             
 
    SEMICONDUCTORS - 0.4%      
476   Rambus, Inc.(a)         25,452
             
 
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.1% (Continued)      
    SOFTWARE - 9.6%      
1,172   ACI Worldwide, Inc.(a)       $ 54,217
476   Blackbaud, Inc.(a)         29,621
458   Blackline, Inc.(a)         25,616
7,637   Health Catalyst, Inc.(a)         29,021
1,722   IonQ, Inc.(a), (b)         69,465
8,644   Olo, Inc.(a)         75,288
1,026   Omnicell, Inc.(a)         31,160
1,520   Phreesia, Inc.(a)         37,225
311   Qualys, Inc.(a)         43,089
421   SPS Commerce, Inc.(a)         59,260
1,044   Upstart Holdings, Inc.(a), (b)         49,245
916   Waystar Holding Corporation(a)         36,622
             

539,829

    SPECIALTY FINANCE - 3.0%      
531   FTAI Aviation Ltd.         62,207
2,912   Onity Group, Inc.(a)         107,918
             

170,125

    SPECIALTY REIT - 1.2%      
4,707   Postal Realty Trust, Inc., Class A         65,145
             
 
    STEEL - 1.7%      
256   Carpenter Technology Corporation         60,160
989   Northwest Pipe Company(a)         38,215
             

98,375

    TECHNOLOGY HARDWARE - 3.7%      
1,392   Credo Technology Group Holding Ltd.(a)         84,856
311   Fabrinet(a)         72,423
238   InterDigital, Inc.         51,708
             

208,987

    TECHNOLOGY SERVICES - 2.8%      
1,740   LiveRamp Holdings, Inc.(a)         56,689
2,308   Paysafe Ltd.(a)         28,504
2,949   StoneCompany Ltd.(a)         40,254
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.1% (Continued)      
    TECHNOLOGY SERVICES - 2.8% (Continued)      
6,758   Unisys Corporation(a)       $ 32,236
             

157,683

    TRANSPORTATION & LOGISTICS - 2.2%      
769   Golar LNG Ltd.         31,652
842   Matson, Inc.         95,020
             

126,672

    WHOLESALE - DISCRETIONARY - 0.5%      
952   G-III Apparel Group Ltd.(a)         27,656
             
 
    TOTAL COMMON STOCKS (Cost $5,062,330)    

  5,441,356

               
    SHORT-TERM INVESTMENT — 4.4%      
    MONEY MARKET FUND - 4.4%      
250,951   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $250,951)(c)         250,951
             
 
    TOTAL INVESTMENTS - 100.5% (Cost $5,313,281)     $ 5,692,307
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%    

(27,605)

    NET ASSETS - 100.0%        

$ 5,664,702

           
               
 

 

 

 

LTD  - 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 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.
(c) Rate disclosed is the seven day effective yield as of May 31, 2025.

 

 

 

 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.5%      
    Canada - 5.0%      
970   Canadian Imperial Bank of Commerce       $ 65,902
7,000   Kinross Gold Corporation (d)         103,250
             

169,152

    Cayman Islands - 3.1%      
16,600   Xiaomi Corp 144A(a),(b),(c)         106,855
             
 
    China - 2.9%      
2,000   BYD Company Ltd., H Shares(c)         99,396
             
 
    Denmark - 1.4%      
680   Novo Nordisk A/S, Class B(c)         48,320
             
 
    France - 7.1%      
2,290   Bureau Veritas S.A.(c)         78,246
900   Compagnie de Saint-Gobain(c)         101,316
520   Ipsen S.A.(c)         61,218
             

240,780

    Germany - 5.8%      
240   Allianz SE(c)         95,177
1,550   GEA Group AG(c)         103,803
             

198,980

    India - 1.8%      
4,130   Dr. Reddy's Laboratories Ltd. – ADR (d)         60,794
             
 
    Italy - 7.0%      
2,180   Assicurazioni Generali SpA(c)         79,344
4,140   Eni SpA(c)         61,046
17,880   Intesa Sanpaolo SpA(c)         99,810
             

240,200

    Japan - 19.7%      
9,600   Dai-ichi Life Holdings, Inc.(c)         74,941
2,153   Hoshizaki Corporation(c)         80,203
5,400   Mitsubishi Heavy Industries Ltd.(c)         124,357
2,500   Mizuho Financial Group, Inc.(c)         69,528
 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.5% (Continued)      
    Japan - 19.7% (Continued)      
4,600   Obayashi Corporation(c)       $ 69,414
3,300   Otsuka Corporation(c)         67,839
3,500   Sony Corporation(c)         93,691
3,600   Sumitomo Mitsui Financial Group, Inc.(c)         92,499
             

672,472

    Korea  (Republic Of) - 2.3%      
1,200   Coway Company Ltd.(c)         77,112
             
 
    Korea (Republic of) - 2.4%      
1,100   KB Financial Group, Inc.(c)         82,710
             
 
    Luxembourg - 2.2%      
8,100   Allegro.eu S.A. 144A(a),(b)         74,530
             
 
    Malaysia - 2.0%      
21,000   Tenaga Nasional BHD(c)         69,062
             
 
    Mexico - 1.5%      
15,600   Wal-Mart de Mexico S.A.B de C.V. (d)         50,946
             
 
    Singapore - 2.8%      
2,740   DBS Group Holdings Ltd.(c)         94,543
             
 
    Spain - 6.0%      
13,460   Banco Santander S.A.(c)         107,368
11,650   CaixaBank S.A.(c)         98,812
             

206,180

    Switzerland - 2.0%      
600   Novartis AG(c)         69,280
             
 
    Taiwan Province of China - 2.6%      
460   Taiwan Semiconductor Manufacturing Company Ltd. - ADR         88,927
             
 
 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 96.5% (Continued)      
    Taiwan Province Of China - 3.2%      
6,000   Realtek Semiconductor Corporation(c)       $ 108,460
             
 
    Thailand - 1.7%      
40,000   CP All Plc.(c)         57,162
             
 
    United Kingdom - 11.5%      
1,810   BP plc – ADR (d)         52,671
960   Coca-Cola European Partners plc         88,118
17,090   J Sainsbury plc(c)         65,728
10,280   Rolls-Royce Holdings plc(c)         119,628
1,040   Unilever plc(c)         66,187
             

392,332

    United States - 2.5%      
370   Check Point Software Technologies Ltd.(a)         84,686
             
 
               
    TOTAL COMMON STOCKS (Cost $2,363,851)    

  3,292,879

               
    EXCHANGE-TRADED FUND — 1.6%      
    India - 1.6%      
1,020   iShares MSCI India ETF (d)         55,396
             
 
    TOTAL EXCHANGE-TRADED FUND (Cost $57,937)    

  55,396

               
    SHORT-TERM INVESTMENT — 1.4%      
    MONEY MARKET FUND - 1.4%      
46,894   Dreyfus Institutional Preferred Government Money, Institutional Class, 4.27% (Cost $46,894)(e)         46,894
             
 
    TOTAL INVESTMENTS - 99.5% (Cost $2,468,682)     $ 3,395,169
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%    

16,658

    NET ASSETS - 100.0%        

$ 3,411,827

           
 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
 

 

 

 

 

(a) Non-income producing security.
(b) 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.
(c) The value of this security has been determined in good faith under policies of the Board of Trustees.
(d) 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.
(e) Rate disclosed is the seven day effective yield as of May 31, 2025.

 

 

 
 

 

SARATOGA HEALTH & BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 94.6%      
    BIOTECH & PHARMA - 40.6%      
1,992   Amgen, Inc.       $ 574,055
12,368   Exelixis, Inc.(a)         532,319
3,068   Gilead Sciences, Inc.         337,725
3,132   Incyte Corporation(a)         203,768
3,241   Jazz Pharmaceuticals plc(a)         350,255
1,820   Johnson & Johnson         282,482
3,206   Merck & Company, Inc.         246,349
3,740   Novartis A.G. - ADR         432,942
670   Regeneron Pharmaceuticals, Inc.         328,488
1,400   United Therapeutics Corporation(a)         446,390
787   Vertex Pharmaceuticals, Inc.(a)         347,893
             

4,082,666

    HEALTH CARE FACILITIES & SERVICES - 39.5%      
3,429   Cardinal Health, Inc.         529,575
1,913   Cencora, Inc.         557,142
1,371   Cigna Group (The)         434,113
1,399   DaVita, Inc.(a)         190,628
908   Elevance Health, Inc.         348,527
1,499   Ensign Group, Inc. (The)         220,743
1,060   Labcorp Holdings, Inc.         263,908
950   McKesson Corporation         683,534
790   Medpace Holdings, Inc.(a)         232,971
973   Molina Healthcare, Inc.(a)         296,804
2,112   National HealthCare Corporation         219,944
             

3,977,889

    MEDICAL EQUIPMENT & DEVICES - 14.5%      
1,198   Inspire Medical Systems, Inc.(a)         165,564
775   Intuitive Surgical, Inc.(a)         428,064
3,126   Medtronic PLC         259,395
3,172   Revvity, Inc.         286,812
825   Stryker Corporation         315,678
             

1,455,513

    TOTAL COMMON STOCKS (Cost $6,239,183)        

9,516,068

 
 

 

SARATOGA HEALTH & BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 5.7%      
    MONEY MARKET FUND - 5.7%      
577,092   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $577,092)(b)       $ 577,092
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $6,816,275)     $ 10,093,160
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(27,877)

    NET ASSETS - 100.0%        

$ 10,065,283

           
               
 

 

 

 

ADR  - American Depositary Receipt
PLC  - Public Limited Company
   
 

 

 

 

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

 

 

 
 

 

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.9%      
    E-COMMERCE DISCRETIONARY - 10.4%      
16,000   Amazon.com, Inc.(a)       $ 3,280,160
11,074   eBay, Inc.         810,285
             

4,090,445

    INDUSTRIAL SUPPORT SERVICES - 1.7%      
3,000   Applied Industrial Technologies, Inc.         679,560
             
 
    INTERNET MEDIA & SERVICES - 11.7%      
15,420   Alphabet, Inc., Class C         2,665,347
2,998   Meta Platforms, Inc., Class A         1,941,175
             

4,606,522

    SEMICONDUCTORS - 15.8%      
6,500   Broadcom, Inc.         1,573,455
2,784   KLA Corporation         2,107,154
12,274   Kulicke & Soffa Industries, Inc. (b)         394,609
15,910   NVIDIA Corporation         2,149,918
             

6,225,136

    SOFTWARE - 31.7%      
3,200   Adobe, Inc.(a)         1,328,288
7,000   Akamai Technologies, Inc.(a)         531,510
2,100   Crowdstrike Holdings, Inc., Class A(a)         989,877
7,242   Microsoft Corporation         3,333,927
13,914   Oracle Corporation         2,303,184
6,620   Salesforce, Inc.         1,756,749
3,200   Synopsys, Inc.(a)         1,484,736
2,925   Veeva Systems, Inc., Class A(a)         818,123
             

12,546,394

    TECHNOLOGY HARDWARE - 8.5%      
6,768   Apple, Inc.         1,359,353
32,000   Cisco Systems, Inc.         2,017,280
             

3,376,633

    TECHNOLOGY SERVICES - 19.1%      
17,805   Amdocs Ltd.         1,633,787
5,663   Cognizant Technology Solutions Corporation, Class A         458,646
4,795   Jack Henry & Associates, Inc. (b)         868,710
 
 

 

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    TECHNOLOGY SERVICES - 19.1% (Continued)      
3,236   Mastercard, Inc., Class A       $ 1,895,002
7,350   Visa, Inc., Class A         2,684,146
             

7,540,291

               
    TOTAL COMMON STOCKS (Cost $10,204,918)    

  39,064,981

               
    SHORT-TERM INVESTMENT — 1.4%      
    MONEY MARKET FUND - 1.4%      
541,449   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $541,449)(c)         541,449
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $10,746,367)     $ 39,606,430
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(110,450)

    NET ASSETS - 100.0%        

$ 39,495,980

           
               
 

 

 

 

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

 

 

 
 

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.1%      
    CHEMICALS - 19.4%      
50   Air Products and Chemicals, Inc.       $ 13,946
1,861   BASF S.E. - ADR         22,406
126   Celanese Corporation         6,657
594   Dow, Inc.         16,478
259   Eastman Chemical Company         20,297
777   Huntsman Corporation         8,656
82   Linde PLC         38,341
273   LyondellBasell Industries N.V., Class A         15,422
851   Mosaic Company (The)         30,754
170   PPG Industries, Inc.         18,836
             

191,793

    CONSTRUCTION MATERIALS - 1.3%      
66   Eagle Materials, Inc.         13,346
             
 
    CONTAINERS & PACKAGING - 2.3%      
471   International Paper Company         22,519
             
 
    ENGINEERING & CONSTRUCTION - 0.7%      
172   Technip Energies N.V. - ADR         6,546
             
 
    FORESTRY, PAPER & WOOD PRODUCTS - 0.1%      
90   Magnera Corporation(a)         1,082
             
 
    METALS & MINING - 17.2%      
159   Anglo American Platinum Ltd. - ADR         1,056
518   Anglo American plc - ADR         6,775
6,671   B2Gold Corporation         22,481
459   BHP Group Ltd. - ADR         22,486
2,703   Glencore plc - ADR         20,570
2,562   Kinross Gold Corporation         37,790
647   Rio Tinto plc - ADR         38,452
2,337   Vale S.A. - ADR         21,337
             

170,947

 
 

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.1% (Continued)      
    OIL & GAS PRODUCERS - 52.7%      
423   BP PLC - ADR       $ 12,309
359   Canadian Natural Resources Ltd.         10,903
489   Chevron Corporation         66,847
354   Civitas Resources, Inc.         9,689
263   ConocoPhillips         22,447
155   Diamondback Energy, Inc.         20,855
1,516   Ecopetrol S.A. - ADR         12,841
1,075   Eni SpA - ADR         31,777
290   EOG Resources, Inc.         31,485
177   Expand Energy Corporation         20,555
664   Exxon Mobil Corporation         67,928
1,280   Kinder Morgan, Inc.         35,891
122   Marathon Petroleum Corporation         19,610
343   ONEOK, Inc.         27,728
553   Ovintiv, Inc.         19,808
537   PBF Energy, Inc., Class A         10,230
2,908   Petroleo Brasileiro S.A. - ADR         33,558
317   Shell PLC - ADR         20,992
880   Suncor Energy, Inc.         31,284
242   TotalEnergies S.E. - ADR         14,201
161   Woodside Energy Group Ltd. - ADR         2,307
             

523,245

    OIL & GAS SERVICES & EQUIPMENT - 1.4%      
693   Halliburton Company         13,576
             
 
    STEEL - 3.0%      
142   Nucor Corporation         15,529
309   POSCO - ADR         14,121
             

29,650

               
    TOTAL COMMON STOCKS (Cost $828,705)    

  972,704

               
 
 

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 2.3%      
    MONEY MARKET FUND - 2.3%      
22,954   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $22,954)(b)       $ 22,954
             
 
    TOTAL INVESTMENTS - 100.4% (Cost $851,659)     $ 995,658
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(4,145)

    NET ASSETS - 100.0%        

$ 991,513

           
               
 

 

 

 

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

 

 

 

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

 

 

 
 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.2%      
    ASSET MANAGEMENT - 10.6%      
72   Ameriprise Financial, Inc.       $ 36,664
182   Apollo Global Management, Inc.         23,786
13   Blackrock, Inc.         12,739
55   Blackstone, Inc.         7,632
80   Charles Schwab Corp./The         7,067
32   F&G Annuities & Life, Inc.         1,023
513   Janus Henderson Group plc         18,637
250   Stifel Financial Corporation         23,555
             

131,103

    BANKING - 22.9%      
1,111   Bank of America Corporation         49,028
438   Bank OZK         19,417
364   Citigroup, Inc.         27,416
279   East West Bancorp, Inc.         25,445
208   JPMorgan Chase & Company         54,913
41   PNC Financial Services Group, Inc. (The)         7,126
472   Synovus Financial Corporation         22,576
624   US Bancorp         27,200
161   Webster Financial Corporation         8,288
581   Wells Fargo & Company         43,447
             

284,856

    INSTITUTIONAL FINANCIAL SERVICES - 13.5%      
125   Cboe Global Markets, Inc.         28,640
157   CME Group, Inc.         45,373
26   Goldman Sachs Group, Inc. (The)         15,612
143   Interactive Brokers Group, Inc., Class A         29,984
47   Intercontinental Exchange, Inc.         8,451
91   Morgan Stanley         11,651
280   State Street Corporation         26,958
             

166,669

    INSURANCE - 26.8%      
386   Aflac, Inc.         39,966
154   American Financial Group, Inc.         19,093
18   Aon PLC, Class A         6,697
 
 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.2% (Continued)      
    INSURANCE - 26.8% (Continued)      
105   Axis Capital Holdings LTD.       $ 10,899
248   Berkshire Hathaway, Inc., Class B(a)         124,983
155   Chubb Ltd.         46,066
31   Everest Re Group Ltd.         10,763
96   Marsh & McLennan Companies, Inc.         22,431
58   Progressive Corp./The         16,526
260   Voya Financial, Inc.         17,295
245   W R Berkley Corporation         18,299
             

333,018

    SPECIALTY FINANCE - 7.9%      
77   American Express Company         22,642
178   Capital One Financial Corporation         33,669
536   MGIC Investment Corporation         14,177
465   Synchrony Financial         26,807
             

97,295

    TECHNOLOGY SERVICES - 16.5%      
234   Block, Inc.(a)         14,450
45   Fiserv, Inc.(a)         7,326
94   Mastercard, Inc., Class A         55,046
17   Moody's Corporation         8,148
154   PayPal Holdings, Inc.(a)         10,823
29   S&P Global, Inc.         14,873
555   Toast, Inc., Class A(a)         23,410
153   Visa, Inc., Class A         55,873
720   Western Union Company (The)         6,682
61   WEX, Inc.(a)         8,109
             

204,740

               
    TOTAL COMMON STOCKS (Cost $590,380)    

  1,217,681

               
 
 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 2.1%      
    MONEY MARKET FUND - 2.1%      
25,403   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $25,403)(b)       $ 25,403
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $615,783)     $ 1,243,084
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(3,956)

    NET ASSETS - 100.0%        

$ 1,239,128

           
               
 

 

 

 

 

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

 

 

 
 

 

SARATOGA INVESTMENT QUALITY BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    OPEN END FUNDS — 96.6%      
    FIXED INCOME - 96.6%      
837,728   Vanguard Intermediate-Term Bond Index Fund, Admiral Class       $ 8,645,350
46,915   Vanguard Long-Term Bond Index Fund, Admiral Class         481,346
             

9,126,696

               
    TOTAL OPEN END FUNDS (Cost $9,106,314)    

  9,126,696

               
    SHORT-TERM INVESTMENT — 3.3%      
    MONEY MARKET FUND - 3.3%      
308,550   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $308,550)(a)         308,550
             
 
    TOTAL INVESTMENTS - 99.9% (Cost $9,414,864)     $ 9,435,246
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%    

12,033

    NET ASSETS - 100.0%        

$ 9,447,279

           
               
 

 

 

 

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

 

 

 

 
 

 

SARATOGA MUNICIPAL BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    OPEN END FUND — 93.0%      
    FIXED INCOME - 93.0%      
20,219   Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class       $ 269,926
             
 
    TOTAL OPEN END FUND (Cost $277,021)    

  269,926

               
    SHORT-TERM INVESTMENT — 11.7%      
    MONEY MARKET FUND - 11.7%      
34,090   BNY Cash Reserve, 4.33% (Cost $34,090)(a)         34,090
             
 
    TOTAL INVESTMENTS - 104.7% (Cost $311,111)     $ 304,016
    LIABILITIES IN EXCESS OF OTHER ASSETS - (4.7)%    

(13,602)

    NET ASSETS - 100.0%        

$ 290,414

           
               
 

 

 

 

 

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

 

 

 
 
SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 100.0%      
    MONEY MARKET FUNDS - 100.0%      
1,087,047   BlackRock Liquidity FedFund, Institutional Class, 4.21%(a)       $ 1,087,047
1,087,047   Dreyfus Government Cash Management Fund, Institutional Class, 4.19%(a)         1,087,047
1,087,047   Federated Hermes Government Obligations Fund, Institutional Class, 4.17%(a)         1,087,047
1,087,047   JPMorgan US Government Money Market Fund, Capital Class, 4.20%(a)         1,087,047
    TOTAL SHORT-TERM INVESTMENTS (Cost $4,348,188)  

4,348,188

               
    TOTAL INVESTMENTS - 100.0% (Cost $4,348,188)     $ 4,348,188
    LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%(b)    

(1,241)

    NET ASSETS - 100.0%        

$ 4,346,947

           
               
 

 

 

 

 

(a) Rate disclosed is the seven day effective yield as of May 31, 2025.
(b) Amount represents less than 0.05%
   

 

 
 
SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    OPEN END FUNDS — 92.6%      
    ALTERNATIVE - 8.7%      
15,634   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 134,136
             
 
    EQUITY - 72.6%      
2,968   Saratoga Energy & Basic Materials Portfolio, Class I(a)         36,866
2,174   Saratoga Health & Biotechnology Portfolio, Class I(a)         49,662
9,693   Saratoga Large Capitalization Growth Portfolio, Class I(a)         289,060
8,981   Saratoga Large Capitalization Value Portfolio, Class I(a)         251,657
11,883   Saratoga Mid Capitalization Portfolio, Class I(a)         157,681
18,192   Saratoga Small Capitalization Portfolio, Class I(a)         120,246
2,176   Saratoga Technology & Communications Portfolio, Class I(a)         57,058
869   Vanguard Financials Index Fund, Admiral Class         53,552
2,819   Vanguard Total International Stock Index Fund, Admiral Class         101,399
             

1,117,181

    FIXED INCOME - 11.3%      
15,193   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         156,787
1,703   Vanguard Long-Term Bond Index Fund, Admiral Class         17,474
             

174,261

               
    TOTAL OPEN END FUNDS (Cost $1,314,435)    

  1,425,578

               
    SHORT-TERM INVESTMENTS — 7.6%      
    MONEY MARKET FUNDS - 7.6%      
117,402   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $117,402)(b)         117,402
             
 
    TOTAL INVESTMENTS - 100.2% (Cost $1,431,837)     $ 1,542,980
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(3,780)

    NET ASSETS - 100.0%        

$ 1,539,200

           

 

 

 

 

 

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

 

 
 
SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    OPEN END FUNDS — 91.4%      
    ALTERNATIVE - 7.3%      
26,936   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 231,108
             
 
    EQUITY - 39.6%      
16,236   Saratoga Large Capitalization Growth Portfolio, Class I(a)         484,161
14,738   Saratoga Large Capitalization Value Portfolio, Class I(a)         412,966
19,734   Saratoga Mid Capitalization Portfolio, Class I(a)         261,865
8,343   Saratoga Small Capitalization Portfolio, Class I(a)         55,150
950   Vanguard Total International Stock Index Fund, Admiral Class         34,174
             

1,248,316

    FIXED INCOME - 44.5%      
122,161   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         1,260,706
13,695   Vanguard Long-Term Bond Index Fund, Admiral Class         140,508
             

1,401,214

               
    TOTAL OPEN END FUNDS (Cost $2,775,949)    

  2,880,638

               
    SHORT-TERM INVESTMENTS — 8.7%      
    MONEY MARKET FUNDS - 8.7%      
273,461   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $273,461)(b)         273,461
             
 
    TOTAL INVESTMENTS - 100.1% (Cost $3,049,410)     $ 3,154,099
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(3,648)

    NET ASSETS - 100.0%        

$ 3,150,451

           
   

 

 

 

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

 

 

 
 
SARATOGA MODERATELY BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    OPEN END FUNDS — 92.6%      
    ALTERNATIVE - 7.2%      
19,764   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 169,575
             
 
    EQUITY - 60.8%      
2,507   Saratoga Energy & Basic Materials Portfolio, Class I(a)         31,143
1,841   Saratoga Health & Biotechnology Portfolio, Class I(a)         42,056
14,956   Saratoga Large Capitalization Growth Portfolio, Class I(a)         445,998
14,374   Saratoga Large Capitalization Value Portfolio, Class I(a)         402,761
19,663   Saratoga Mid Capitalization Portfolio, Class I(a)         260,932
12,953   Saratoga Small Capitalization Portfolio, Class I(a)         85,620
2,062   Saratoga Technology & Communications Portfolio, Class I(a)         54,072
758   Vanguard Financials Index Fund, Admiral Class         46,673
1,657   Vanguard Total International Stock Index Fund, Admiral Class         59,592
             

1,428,847

    FIXED INCOME - 24.6%      
50,285   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         518,942
5,637   Vanguard Long-Term Bond Index Fund, Admiral Class         57,837
             

576,779

               
    TOTAL OPEN END FUNDS (Cost $2,017,753)    

  2,175,201

               
    SHORT-TERM INVESTMENTS — 7.4%      
    MONEY MARKET FUNDS - 7.4%      
174,300   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $174,300)(b)         174,300
             
 
    TOTAL INVESTMENTS - 100.0% (Cost $2,192,053)     $ 2,349,501
    LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%(c)    

(1,071)

    NET ASSETS - 100.0%        

$ 2,348,430

           
               
 

 

(a) Investment in affiliate
(b) Rate disclosed is the seven day effective yield as of May 31, 2025.
(c) Amount represents less than 0.05%

 

 
 
SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    OPEN END FUNDS — 93.2%      
    ALTERNATIVE - 8.3%      
11,512   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 98,773
             
 
    EQUITY - 64.7%      
1,949   Saratoga Energy & Basic Materials Portfolio, Class I(a)         24,201
1,243   Saratoga Health & Biotechnology Portfolio, Class I(a)         28,388
7,114   Saratoga Large Capitalization Growth Portfolio, Class I(a)         212,153
6,914   Saratoga Large Capitalization Value Portfolio, Class I(a)         193,740
10,093   Saratoga Mid Capitalization Portfolio, Class I(a)         133,929
10,323   Saratoga Small Capitalization Portfolio, Class I(a)         68,237
1,245   Saratoga Technology & Communications Portfolio, Class I(a)         32,654
442   Vanguard Financials Index Fund, Admiral Class         27,231
1,416   Vanguard Total International Stock Index Fund, Admiral Class         50,931
             

771,464

    FIXED INCOME - 20.2%      
21,013   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         216,850
2,352   Vanguard Long-Term Bond Index Fund, Admiral Class         24,127
             

240,977

               
    TOTAL OPEN END FUNDS (Cost $1,026,487)    

  1,111,214

               
    SHORT-TERM INVESTMENTS — 6.7%      
    MONEY MARKET FUNDS - 6.7%      
80,182   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $80,182)(b)         80,182
             
 
    TOTAL INVESTMENTS - 99.9% (Cost $1,106,669)     $ 1,191,396
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

714

    NET ASSETS - 100.0%        

$ 1,192,110

           
               
 

 

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

 

 

 
 
SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    OPEN END FUNDS — 90.9%      
    ALTERNATIVE - 7.2%      
7,294   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 62,581
             
 
    EQUITY - 55.5%      
5,424   Saratoga Large Capitalization Growth Portfolio, Class I(a)         161,728
5,072   Saratoga Large Capitalization Value Portfolio, Class I(a)         142,121
7,574   Saratoga Mid Capitalization Portfolio, Class I(a)         100,509
6,735   Saratoga Small Capitalization Portfolio, Class I(a)         44,519
904   Vanguard Total International Stock Index Fund, Admiral Class         32,519
             

481,396

    FIXED INCOME - 28.2%      
21,316   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         219,980
2,389   Vanguard Long-Term Bond Index Fund, Admiral Class         24,516
             

244,496

               
    TOTAL OPEN END FUNDS (Cost $747,332)    

  788,473

               
    SHORT-TERM INVESTMENTS — 8.9%      
    MONEY MARKET FUNDS - 8.9%      
77,345   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.27% (Cost $77,345)(b)         77,345
             
 
    TOTAL INVESTMENTS - 99.8% (Cost $824,677)     $ 865,818
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%    

1,736

    NET ASSETS - 100.0%        

$ 867,554

           
   

 

 

 

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