SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.1%
				AEROSPACE & DEFENSE - 5.5%
	29,067			StandardAero, Inc.(a)		$	832,479
				BEVERAGES - 6.4%
	39,104			Primo Brands Corporation			969,779
				COMMERCIAL SUPPORT SERVICES - 5.4%
	2,895			Clean Harbors, Inc.(a)			813,582
				CONSTRUCTION MATERIALS - 4.8%
	1,264			Martin Marietta Materials, Inc.			735,193
				E-COMMERCE DISCRETIONARY - 6.3%
	3,539			Amazon.com, Inc.(a)			957,795
				ELECTRICAL EQUIPMENT - 6.6%
	4,434			AMETEK, Inc.			1,001,419
				ENGINEERING & CONSTRUCTION - 3.0%
	632			Quanta Services, Inc.			449,813
				HEALTH CARE FACILITIES & SERVICES - 13.4%
	15,898			Henry Schein, Inc.(a)			1,217,469
	4,208			Quest Diagnostics, Inc.			820,139
							2,037,608
				HEALTH CARE REIT - 4.7%
	3,505			Welltower, Inc.			719,682
				HOME & OFFICE PRODUCTS - 4.9%
	10,463			Somnigroup International, Inc.			740,885
				INDUSTRIAL SUPPORT SERVICES - 4.4%
	16,330			API Group Corporation(a)			669,530

 

 

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.1% (Continued)
				MACHINERY - 3.6%
	7,315			Flowserve Corporation		$	552,356
				MEDICAL EQUIPMENT & DEVICES - 2.0%
	1,644			Danaher Corporation			300,310
				OIL & GAS PRODUCERS - 5.3%
	11,378			Williams Companies, Inc. (The)			812,275
				REAL ESTATE SERVICES - 1.7%
	2,127			CBRE Group, Inc., Class A(a)			265,960
				SEMICONDUCTORS - 7.1%
	1,345			Analog Devices, Inc.			556,628
	541			Micron Technology, Inc.			525,311
							1,081,939
				SPECIALTY FINANCE - 5.1%
	4,094			Capital One Financial Corporation			769,385
				TECHNOLOGY HARDWARE - 3.7%
	2,167			TD SYNNEX Corporation			566,194
				TRANSPORTATION & LOGISTICS - 5.2%
	4,423			CH Robinson Worldwide, Inc.			790,169
				TOTAL COMMON STOCKS (Cost $12,838,855)			15,066,353

 

 

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				SHORT-TERM INVESTMENT — 1.7%
				MONEY MARKET FUND - 1.7%
	263,954			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $263,954)(b)		$	263,954
				TOTAL INVESTMENTS - 100.8% (Cost $13,102,809)		$	15,330,307
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%			(125,640	)
				NET ASSETS - 100.0%		$	15,204,667

REIT	- Real Estate Investment Trust

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.7%
				ADVERTISING & MARKETING - 2.2%
	1,307			AppLovin Corporation, Class A(a)		$	801,309
				AEROSPACE & DEFENSE - 2.0%
	740			General Electric Company			239,582
	1,960			Howmet Aerospace, Inc.			506,170
							745,752
				APPAREL & TEXTILE PRODUCTS - 1.9%
	4,650			Tapestry, Inc.			676,389
				ASSET MANAGEMENT - 1.9%
	7,800			Charles Schwab Corporation (The)			681,330
				AUTOMOTIVE - 1.6%
	1,310			Tesla, Inc.(a)			570,885
				BANKING - 1.2%
	4,590			Pinnacle Financial Partners, Inc.			448,627
				BIOTECHNOLOGY & PHARMACEUTICALS - 3.2%
	990			AbbVie, Inc.			215,543
	3,600			Bristol-Myers Squibb Company			205,848
	670			Eli Lilly & Company			740,350
							1,161,741
				E-COMMERCE DISCRETIONARY - 3.4%
	3,935			Amazon.com, Inc.(a)			1,064,968
	2,240			Wayfair, Inc., Class A(a)			161,862
							1,226,830
				ELECTRICAL EQUIPMENT - 2.4%
	520			GE Vernova, Inc.			503,526
	1,150			Vertiv Holdings Company, Class A			363,067
							866,593
				ENTERTAINMENT CONTENT - 1.5%
	2,400			Take-Two Interactive Software, Inc.(a)			537,984

 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.7% (Continued)
				FOOD - 1.0%
	1,800			Hershey Company (The)		$	349,254
				HEALTH CARE FACILITIES & SERVICES - 2.7%
	1,211			HCA Healthcare, Inc.			458,412
	465			McKesson Corporation			345,235
	380			Medpace Holdings, Inc.(a)			169,902
							973,549
				HOUSEHOLD PRODUCTS - 1.6%
	6,480			Colgate-Palmolive Company			584,042
				INSTITUTIONAL FINANCIAL SERVICES - 1.1%
	4,670			Interactive Brokers Group, Inc., Class A			406,150
				INSURANCE - 0.7%
	1,180			Allstate Corporation (The)			243,186
				INTERNET MEDIA & SERVICES - 13.1%
	2,040			Alphabet, Inc., Class A			775,894
	2,065			Alphabet, Inc., Class C			777,328
	4,535			Booking Holdings, Inc.			759,295
	2,730			Expedia Group, Inc.			616,407
	795			Meta Platforms, Inc., Class A			502,845
	2,630			Reddit, Inc., Class A(a)			462,880
	6,720			Roku, Inc.(a)			874,810
							4,769,459
				MEDICAL EQUIPMENT & DEVICES - 1.5%
	790			Insulet Corporation(a)			114,503
	2,240			ResMed, Inc.			426,876
							541,379
				RETAIL - CONSUMER STAPLES - 1.2%
	450			Costco Wholesale Corporation			430,344

 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.7% (Continued)
				RETAIL - DISCRETIONARY - 0.5%
	800			Ross Stores, Inc.		$	185,384
				SEMICONDUCTORS - 20.4%
	945			Advanced Micro Devices, Inc.(a)			487,715
	3,620			Broadcom, Inc.			1,617,307
	117			KLA Corporation			224,840
	1,810			Lam Research Corporation			575,906
	21,375			NVIDIA Corporation			4,513,118
							7,418,886
				SOFTWARE - 16.4%
	2,910			Autodesk, Inc.(a)			673,112
	7,730			Dropbox, Inc., Class A(a)			207,782
	4,200			Elastic N.V.(a)			271,740
	2,550			HubSpot, Inc.(a)			562,607
	3,765			Microsoft Corporation			1,695,153
	5,240			Okta, Inc.(a)			645,935
	1,910			Palantir Technologies, Inc., Class A(a)			298,991
	4,900			Paylocity Holding Corporation(a)			563,157
	10,045			Pegasystems, Inc.(b)			358,908
	7,427			Rubrik, Inc., Class A(a),(b)			583,985
	690			Veeva Systems, Inc., Class A(a)			120,295
							5,981,665
				TECHNOLOGY HARDWARE - 16.5%
	11,267			Apple, Inc.			3,515,980
	5,920			Arista Networks, Inc.(a)			944,062
	1,500			Dell Technologies, Inc., Class C			631,365
	2,530			Jabil, Inc.			922,337
							6,013,744

 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.7% (Continued)
				TECHNOLOGY SERVICES - 1.8%
	930			Mastercard, Inc., Class A		$	459,401
	600			Morningstar, Inc.			109,212
	280			Visa, Inc., Class A			91,381
							659,994
				TOTAL COMMON STOCKS (Cost $28,437,441)			36,274,476
				SHORT-TERM INVESTMENT — 0.6%
				MONEY MARKET FUND - 0.6%
	227,522			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $227,522)(c)			227,522
				TOTAL INVESTMENTS - 100.3% (Cost $28,664,963)		$	36,501,998
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%			(122,243	)
				NET ASSETS - 100.0%		$	36,379,755

N.V.	- Naamioze Vennootschap

(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, 2026 was $853,498. Collateral received from the borrower not disclosed in the schedule of investments had a value of $893,676 on May 31, 2026.
(c)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.7%
				AEROSPACE & DEFENSE - 9.5%
	870			ATI, Inc.(a)		$	152,389
	420			Curtiss-Wright Corporation			313,996
	1,830			Embraer S.A. - ADR			105,683
	940			Hexcel Corporation			84,403
	1,035			Howmet Aerospace, Inc.			267,289
	420			Moog, Inc., Class A			151,187
							1,074,947
				BANKING - 2.0%
	186			Fifth Third Bancorp			9,287
	6,284			Huntington Bancshares Inc			102,806
	720			Western Alliance Bancorp			57,348
	910			Zions Bancorp NA			56,830
							226,271
				COMMERCIAL SUPPORT SERVICES - 2.9%
	1,350			Republic Services, Inc.			270,594
	1,115			Rollins, Inc.			53,074
							323,668
				CONSTRUCTION MATERIALS - 2.2%
	880			Vulcan Materials Company			248,969
				DIVERSIFIED INDUSTRIALS - 1.4%
	187			Parker-Hannifin Corporation			157,946
				ELECTRIC UTILITIES - 12.5%
	5,000			Alliant Energy Corporation(b)			358,050
	4,680			CMS Energy Corporation			339,628
	4,425			Evergy, Inc.			363,027
	3,105			WEC Energy Group, Inc.			344,810
							1,405,515
				ELECTRICAL EQUIPMENT - 11.6%
	610			AMETEK, Inc.			137,769
	170			Argan, Inc.			113,393
	835			BWX Technologies, Inc.			163,560
	115			GE Vernova, Inc.			111,357

 

 

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.7% (Continued)
				ELECTRICAL EQUIPMENT - 11.6% (Continued)
	205			Generac Holdings, Inc.(a)		$	56,972
	825			Hubbell, Inc.			390,729
	185			Littelfuse, Inc.			86,371
	670			nVent Electric PLC			111,883
	320			Rockwell Automation, Inc.			144,339
							1,316,373
				ENGINEERING & CONSTRUCTION - 4.0%
	1,930			Arcosa, Inc.			244,627
	1,785			Construction Partners, Inc., Class A(a)			207,899
							452,526
				HOME & OFFICE PRODUCTS - 2.0%
	1,805			SharkNinja, Inc.(a),(b)			220,011
				HOME CONSTRUCTION - 2.4%
	725			DR Horton, Inc.			106,640
	1,185			Toll Brothers, Inc.			164,170
							270,810
				INDUSTRIAL INTERMEDIATE PROD - 1.4%
	300			Valmont Industries, Inc.			155,943
				INDUSTRIAL SUPPORT SERVICES - 0.7%
	220			WESCO International, Inc.			79,457
				LEISURE FACILITIES & SERVICES - 3.9%
	7,695			Carnival Corp Ltd.			215,922
	785			Royal Caribbean Cruises Ltd.			223,434
							439,356
				MACHINERY - 5.5%
	1,155			Crane Company			211,365
	3,090			Flowserve Corporation			233,326
	845			Regal Rexnord Corporation			170,487
							615,178

 

 

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.7% (Continued)
				MEDICAL EQUIPMENT & DEVICES - 0.6%
	480			Agilent Technologies, Inc.		$	65,054
				METALS & MINING - 1.6%
	6,235			Hudbay Minerals, Inc.			181,813
				OIL & GAS SERVICES & EQUIPMENT - 5.8%
	3,245			Baker Hughes Company			207,291
	4,230			SLB Ltd.			230,746
	3,050			TechnipFMC plc			208,681
							646,718
				REAL ESTATE SERVICES - 0.5%
	4,185			Cushman & Wakefield Ltd.(a)			52,061
				RETAIL - DISCRETIONARY - 6.3%
	53			AutoZone, Inc.(a)			155,565
	1,300			Burlington Stores, Inc.(a)			420,980
	6,040			Gap, Inc. (The)			127,746
							704,291
				SEMICONDUCTORS - 13.7%
	540			Coherent Corp.(a)			195,194
	2,085			Marvell Technology, Inc.			427,424
	2,340			Microchip Technology, Inc.			221,481
	200			Monolithic Power Systems, Inc.			313,242
	224			Sandisk Corporation(a)			379,676
							1,537,017
				SPECIALTY FINANCE - 1.2%
	9,040			Rocket Companies, Inc., Class A(a)			131,170
				STEEL - 1.7%
	760			Nucor Corporation			190,000
				TECHNOLOGY HARDWARE - 4.5%
	245			Ciena Corporation(a)			142,156
	40			Fabrinet(a)			26,166

 

 

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 99.7% (Continued)
				TECHNOLOGY HARDWARE - 4.5% (Continued)
	975			Sanmina Corporation(a)		$	253,238
	260			Vicor Corporation(a)			87,058
							508,618
				TRANSPORTATION & LOGISTICS - 1.8%
	125			Saia, Inc.(a)			59,046
	645			XPO, Inc.(a)			138,192
							197,238
				TOTAL COMMON STOCKS (Cost $8,286,191)			11,200,950
				SHORT-TERM INVESTMENT — 0.9%
				MONEY MARKET FUND - 0.9%
	101,407			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $101,407)(c)			101,407
				TOTAL INVESTMENTS - 100.6% (Cost $8,387,598)		$	11,302,357
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%			(71,912	)
				NET ASSETS - 100.0%		$	11,230,445

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

(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, 2026 was $570,633. Collateral received from the borrower not disclosed in the schedule of investments had a value of $592,848 on May 31, 2026.
(c)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 96.9%
				AEROSPACE & DEFENSE - 1.1%
	891			Astronics Corporation(a)		$	77,517
				APPAREL & TEXTILE PRODUCTS - 0.9%
	1,764			Carter’s, Inc.			68,073
				ASSET MANAGEMENT - 1.1%
	1,130			Acadian Asset Management, Inc.			81,710
				BANKING - 14.5%
	736			BancFirst Corporation			81,173
	2,774			Byline Bancorp, Inc.			91,792
	651			City Holding Company			80,926
	2,466			Hilltop Holdings, Inc.			93,018
	651			Home Bancorp, Inc.			41,911
	1,473			Independent Bank Corporation (MA)			116,484
	445			Park National Corporation			76,344
	1,233			Seacoast Banking Corporation of Florida			37,372
	4,127			Simmons First National Corporation, Class A			88,524
	1,678			SmartFinancial, Inc.			69,973
	1,541			Southern First Bancshares, Inc.(a)			89,024
	1,130			Texas Capital Bancshares, Inc.			112,424
	565			UMB Financial Corporation			74,162
							1,053,127
				BEVERAGES - 0.4%
	428			Vita Coco Company, Inc. (The)(a)			32,156
				BIOTECH & PHARMA - 1.1%
	719			Collegium Pharmaceutical, Inc.(a),(b)			24,166
	1,850			Phibro Animal Health Corporation, Class A			56,962
							81,128
				CHEMICALS - 0.7%
	343			Rogers Corporation(a)			48,541

 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 96.9% (Continued)
				COMMERCIAL SUPPORT SERVICES - 4.3%
	993			Alarm.com Holdings, Inc.(a)		$	44,794
	1,901			Healthcare Services Group, Inc.(a)			39,161
	4,795			Quad/Graphics, Inc.			35,723
	719			TriNet Group, Inc.			32,844
	12,297			Vestis Corporation(a)			158,877
							311,399
				CONSUMER SERVICES - 0.2%
	2,449			Coursera, Inc.(a)			13,200
				E-COMMERCE DISCRETIONARY - 0.5%
	2,843			Figs, Inc., Class A(a)			33,434
				ELECTRICAL EQUIPMENT - 7.5%
	343			Advanced Energy Industries, Inc.			103,648
	1,781			Allient, Inc.			140,983
	462			Bloom Energy Corporation, Class A(a)			131,669
	411			Powell Industries, Inc.(b)			116,897
	257			SPX Technologies, Inc.(a)			55,682
							548,879
				ENGINEERING & CONSTRUCTION - 6.9%
	69			Comfort Systems USA, Inc.			126,146
	154			EMCOR Group, Inc.			127,330
	223			MYR Group, Inc.(a)			103,708
	171			Sterling Infrastructure, Inc.(a)			147,204
							504,388
				HEALTH CARE FACILITIES & SERVICES - 1.0%
	702			PACS Group Inc(a)			25,728
	2,244			Pediatrix Medical Group, Inc.(a)			48,336
							74,064
				HOME CONSTRUCTION - 1.1%
	2,706			Interface, Inc.			80,098

 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 96.9% (Continued)
				HOTEL REIT - 1.0%
	4,967			Pebblebrook Hotel Trust		$	75,747
				HOUSEHOLD PRODUCTS - 1.2%
	2,552			Central Garden & Pet Company, Class A(a)			87,100
				INDUSTRIAL INTERMEDIATE PROD - 1.2%
	1,147			Proto Labs, Inc.(a)			86,897
				INDUSTRIAL SUPPORT SERVICES - 2.1%
	377			DXP Enterprises Inc(a)			54,688
	1,387			Resideo Technologies, Inc.(a)			43,371
	291			VSE Corporation			53,879
							151,938
				INSTITUTIONAL FINANCIAL SERVICES - 1.4%
	873			StoneX Group, Inc.(a)			98,955
				INSURANCE - 4.1%
	12,725			Ambac Financial Group, Inc.(a)			69,733
	582			Employers Holdings, Inc.			25,317
	976			Lemonade, Inc.(a)			56,608
	634			Mercury General Corporation			62,151
	1,952			United Fire Group, Inc.			86,532
							300,341
				INTERNET MEDIA & SERVICES - 0.4%
	1,404			EverQuote, Inc.(a)			27,013
				LEISURE FACILITIES & SERVICES - 0.7%
	377			Brinker International, Inc.(a),(b)			53,677
				MACHINERY - 1.6%
	377			Watts Water Technologies, Inc., Class A			116,485
				MEDICAL EQUIPMENT & DEVICES - 4.3%
	3,477			BioLife Solutions, Inc.(a)			86,646

 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 96.9% (Continued)
				MEDICAL EQUIPMENT & DEVICES - 4.3% (Continued)
	1,319			Omnicell, Inc.(a)		$	58,221
	1,867			STAAR Surgical Company(a)			55,805
	4,419			Varex Imaging Corporation(a)			45,206
	1,353			Veracyte, Inc.(a)			62,698
							308,576
				METALS & MINING - 1.9%
	1,850			Constellium S.E.(a)			63,381
	4,213			Hecla Mining Company			74,865
							138,246
				MORTGAGE FINANCE - 0.8%
	10,858			Redwood Trust, Inc.			58,850
				OIL & GAS PRODUCERS - 1.2%
	1,490			California Resources Corporation			88,342
				REAL ESTATE SERVICES - 0.8%
	4,042			Newmark Group, Inc., Class A			56,467
				RENEWABLE ENERGY - 0.7%
	3,117			Sunrun, Inc.(a)			52,116
				RETAIL - DISCRETIONARY - 0.0%(a)
	1			Builders FirstSource, Inc.(a)			76
				SEMICONDUCTORS - 6.5%
	908			Ambarella, Inc.(a)			65,539
	308			FormFactor, Inc.(a)			38,374
	1,319			Kulicke & Soffa Industries, Inc.			134,394
	993			MaxLinear, Inc., Class A(a)			92,279
	1,439			Photronics, Inc.(a)			46,552
	223			Semtech Corporation(a)			34,016
	86			SiTime Corporation(a)			61,077
							472,231

 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 96.9% (Continued)
				SOFTWARE - 5.7%
	8,580			Asana, Inc., Class A(a)		$	66,066
	1,233			CommVault Systems, Inc.(a)			146,419
	137			Donnelley Financial Solutions, Inc.(a)			5,438
	7,501			Freshworks, Inc., Class A(a)			72,835
	3,254			PagerDuty, Inc.(a)			32,377
	462			Q2 Holdings, Inc.(a)			21,876
	343			Qualys, Inc.(a)			37,486
	4,470			Skillsoft Corporation(a)			32,586
							415,083
				SPECIALTY FINANCE - 2.4%
	805			Bread Financial Holdings, Inc.			71,701
	4,127			LendingClub Corporation(a)			73,667
	788			LendingTree, Inc.(a)			30,102
							175,470
				SPECIALTY REIT - 2.4%
	5,206			Farmland Partners, Inc.			53,466
	4,949			Postal Realty Trust, Inc., Class A			114,025
							167,491
				STEEL - 2.9%
	223			Carpenter Technology Corporation			104,583
	925			Northwest Pipe Company(a)			109,113
							213,696
				TECHNOLOGY HARDWARE - 7.0%
	634			Credo Technology Group Holding Ltd.(a)			149,643
	599			CTS Corporation			38,462
	188			Fabrinet(a)			122,982
	1,062			Knowles Corporation(a)			39,729
	154			Sanmina Corporation(a)			39,998
	3,100			Sonos, Inc.(a)			48,918
	360			TTM Technologies, Inc.(a)			62,539
							502,271
				TECHNOLOGY SERVICES - 2.1%
	993			MAXIMUS, Inc.			61,496

 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

Shares						Fair Value
				COMMON STOCKS — 96.9% (Continued)
				TECHNOLOGY SERVICES - 2.1% (Continued)
	4,710			Remitly Global, Inc.(a)		$	94,295
							155,791
				TELECOMMUNICATIONS - 1.4%
	428			EchoStar Corporation, Class A(a)			55,294
	4,264			Lumen Technologies, Inc.(a)			46,861
							102,155
				WHOLESALE - CONSUMER STAPLES - 1.8%
	514			Chefs’ Warehouse, Inc. (The)(a)			39,342
	1,747			United Natural Foods, Inc.(a)			89,707
							129,049
				TOTAL COMMON STOCKS (Cost $5,492,460)			7,041,777
				SHORT-TERM INVESTMENT — 2.0%
				MONEY MARKET FUND - 2.0%
	142,535			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $142,535)(d)			142,535
				TOTAL INVESTMENTS - 98.9% (Cost $5,634,995)		$	7,184,312
				OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%			76,589
				NET ASSETS - 100.0%		$	7,260,901

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 the securities on loan as of May 31, 2026 was $482,466. Collateral received from the borrower not disclosed in the schedule of investments had a value of $494,608 on May  31, 2026.
(c)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				COMMON STOCKS — 94.2%
				Australia - 2.4%
	24,870			South32 Ltd.(a)		$	86,290
				Canada - 5.5%
	920			Canadian Imperial Bank of Commerce			100,041
	3,110			Kinross Gold Corporation			93,860
							193,901
				Cayman Islands - 1.6%
	12,200			New Oriental Education & Technology Group, Inc.(a)			56,192
				China - 2.4%
	900			Contemporary Amperex Technology Company Ltd.(a)			85,045
				France - 7.9%
	1,500			AXA S.A.(a)			69,181
	2,130			Bureau Veritas S.A.(a)			64,437
	690			Compagnie de Saint-Gobain(a)			62,539
	460			Ipsen S.A.(a)			84,042
							280,199
				Germany - 7.1%
	180			Allianz SE(a)			79,781
	1,240			GEA Group AG(a)			79,947
	490			Siemens Energy AG(a)			92,779
							252,507
				Hong Kong - 1.5%
	36,800			Chow Tai Fook Jewellry Group Ltd.(a)			51,578
				Italy - 7.1%
	1,740			Assicurazioni Generali SpA(a)			78,374
	3,050			Eni SpA(a)			79,810
	13,740			Intesa Sanpaolo SpA(a)			92,871
							251,055
				Japan - 12.5%
	1,600			Kao Corporation(a)			61,275
	2,000			Mizuho Financial Group, Inc.(a)			89,892

 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

 

Shares						Fair Value
				COMMON STOCKS — 94.2% (Continued)
				Japan - 12.5% (Continued)
	3,900			Obayashi Corporation(a)		$	79,152
	3,100			Otsuka Corporation(a)			56,345
	2,800			Sony Corporation(a)			60,397
	2,500			Sumitomo Mitsui Financial Group, Inc.(a)			91,182
							438,243
				Korea  (Republic Of) - 1.8%
	1,070			Coway Company Ltd.(a)			63,761
				Korea (Republic of) - 2.4%
	860			KB Financial Group, Inc.(a)			86,086
				Korea (Republic Of) - 4.8%
	110			SK Hynix, Inc.(a)			171,122
				Luxembourg - 2.1%
	7,570			Allegro.eu S.A. 144A(a),(b),(c)			72,483
				Malaysia - 1.8%
	18,000			Tenaga Nasional BHD(a)			64,786
				Singapore - 2.8%
	2,040			DBS Group Holdings Ltd.(a)			100,490
				Spain - 5.7%
	8,360			Banco Santander S.A.(a)			104,566
	7,155			CaixaBank S.A.(a)			96,619
							201,185
				Sweden - 2.5%
	1,880			Swedish Orphan Biovitrum AB(a),(b)			89,952
				Switzerland - 2.0%
	480			Novartis AG(a)			72,207

 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

 

Shares						Fair Value
				COMMON STOCKS — 94.2% (Continued)
				Taiwan Province of China - 7.6%
	12,000			Hon Hai Precision Industry Company Ltd.(a)		$	110,326
	375			Taiwan Semiconductor Manufacturing Company Ltd. - ADR			156,919
							267,245
				Taiwan Province Of China - 2.4%
	1,000			Asia Vital Components Company Ltd.(a)			84,781
				Thailand - 1.6%
	38,400			CP All Plc.(a)			55,512
				United Kingdom - 8.7%
	1,760			BP plc - ADR			73,691
	770			Coca-Cola European Partners plc			69,831
	6,110			Rolls-Royce Holdings plc(a)			109,939
	4,750			The Sage Group plc(a)			53,737
							307,198
				TOTAL COMMON STOCKS (Cost $2,297,169)			3,331,818
				EXCHANGE-TRADED FUNDS — 3.9%
				India - 1.5%
	1,070			iShares MSCI India ETF(b)			51,959
				United States - 2.4%
	1,120			Ishares Msci Acwi Index Fund(d)			85,680
				TOTAL EXCHANGE-TRADED FUNDS (Cost $137,450)			137,639

 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

 

Shares						Fair Value
				SHORT-TERM INVESTMENT — 1.9%
				MONEY MARKET FUND - 1.9%
	66,649			Dreyfus Institutional Preferred Government Money, Institutional Class, 3.58% (Cost $66,649)(e)		$	66,649
				TOTAL INVESTMENTS - 100.0% (Cost $2,501,268)		$	3,536,106
				LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%			(669	)
				NET ASSETS - 100.0%		$	3,535,437

  

ADR	- American Depositary Receipt
ETF	- Exchange-Traded Fund
LTD	- Limited Company
MSCI	- Morgan Stanley Capital International
PLC	- Public Limited Company
S/A	- Société Anonyme

 

(a)	The value of this security has been determined in good faith under policies of the Board of Trustees.
(b)	Non-income producing security.
(c)	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, 2026 the total market value of 144A securities is 72,483 or 2.1% of net assets.
(d)	All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2026 was $53,515. Collateral received from the borrower not disclosed in the Schedule of Investments has a value of $56,013 on May 31, 2026.
(e)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA HEALTH & BIOTECHNOLOGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				COMMON STOCKS — 98.9%
				BIOTECH & PHARMA - 54.8%
	1,567			Amgen, Inc.		$	527,750
	5,630			Bristol-Myers Squibb Company			321,923
	200			Eli Lilly & Company			221,000
	9,445			Exelixis, Inc.(a)			476,784
	3,068			Gilead Sciences, Inc.			412,431
	3,132			Incyte Corporation(a)			302,990
	2,741			Jazz Pharmaceuticals PLC(a)			648,218
	1,820			Johnson & Johnson			410,101
	3,206			Merck & Company, Inc.			380,616
	3,140			Novartis A.G. - ADR			471,534
	3,560			Novo Nordisk A/S - ADR			162,265
	670			Regeneron Pharmaceuticals, Inc.			411,903
	1,160			United Therapeutics Corporation(a)			645,911
	787			Vertex Pharmaceuticals, Inc.(a)			352,214
							5,745,640
				HEALTH CARE FACILITIES & SERVICES - 31.7%
	3,429			Cardinal Health, Inc.			674,828
	1,683			Cencora, Inc.			453,333
	1,371			Cigna Group (The)			380,315
	433			Elevance Health, Inc.			170,251
	999			Ensign Group, Inc. (The)			167,482
	849			Labcorp Holdings, Inc.			220,791
	691			McKesson Corporation			513,026
	790			Medpace Holdings, Inc.(a)			353,217
	2,112			National HealthCare Corporation			389,495
							3,322,738
				MEDICAL EQUIPMENT & DEVICES - 12.4%
	775			Intuitive Surgical, Inc.(a)			329,096
	4,900			Lantheus Holdings, Inc.(a)			486,570
	3,126			Medtronic PLC			230,730

 

 

SARATOGA HEALTH & BIOTECHNOLOGY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

 

Shares						Fair Value
				COMMON STOCKS — 98.9% (Continued)
				MEDICAL EQUIPMENT & DEVICES - 12.4% (Continued)
	825			Stryker Corporation		$	251,699
							1,298,095
				TOTAL COMMON STOCKS (Cost $5,590,099)		$	10,366,473
				SHORT-TERM INVESTMENT — 1.6%
				MONEY MARKET FUND - 1.6%
	162,982			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $162,982)(b)			162,982
				TOTAL INVESTMENTS - 100.5% (Cost $5,753,081)		$	10,529,455
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%			(53,521	)
				NET ASSETS - 100.0%		$	10,475,934

 

ADR	- American Depositary Receipt
A/S	- Anonim Sirketi
PLC	- Public Limited Company

 

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				COMMON STOCKS — 99.9%
				E-COMMERCE DISCRETIONARY - 6.6%
	10,461			Amazon.com, Inc.(a)		$	2,831,165
				ELECTRICAL EQUIPMENT - 2.1%
	2,015			Rockwell Automation, Inc.			908,886
				INDUSTRIAL SUPPORT SERVICES - 2.1%
	3,000			Applied Industrial Technologies, Inc.			911,430
				INTERNET MEDIA & SERVICES - 11.5%
	8,884			Alphabet, Inc., Class C			3,344,204
	2,498			Meta Platforms, Inc., Class A			1,580,010
							4,924,214
				SEMICONDUCTORS - 26.3%
	527			ASML Holding N.V. - ADR			849,925
	6,500			Broadcom, Inc.			2,904,005
	1,630			KLA Corporation			3,132,387
	12,274			Kulicke & Soffa Industries, Inc.			1,250,598
	14,854			NVIDIA Corporation			3,136,274
							11,273,189
				SOFTWARE - 27.4%
	3,000			Adobe, Inc.(a)			777,630
	7,000			Akamai Technologies, Inc.(a),(b)			1,046,780
	2,132			Cadence Design Systems, Inc.(a)			799,351
	2,100			Crowdstrike Holdings, Inc., Class A(a)			1,535,099
	1,632			Intuit, Inc.			541,057
	5,742			Microsoft Corporation			2,585,277
	2,483			Oracle Corporation			560,612
	6,620			Salesforce, Inc.			1,265,082
	3,200			Synopsys, Inc.(a)			1,521,984
	2,925			Veeva Systems, Inc., Class A(a)			509,945
	3,878			Workday, Inc., Class A(a)			566,925
							11,709,742
				TECHNOLOGY HARDWARE - 12.0%
	6,768			Apple, Inc.			2,112,022

 

 

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2026

 

Shares						Fair Value
				COMMON STOCKS — 99.9% (Continued)
				TECHNOLOGY HARDWARE - 12.0% (Continued)
	24,987			Cisco Systems, Inc.		$	3,008,935
							5,120,957
				TECHNOLOGY SERVICES - 11.9%
	17,805			Amdocs Ltd.			1,121,181
	3,236			Mastercard, Inc., Class A			1,598,519
	7,350			Visa, Inc., Class A			2,398,746
							5,118,446
				TOTAL COMMON STOCKS (Cost $11,541,572)			42,798,029
				SHORT-TERM INVESTMENT — 0.5%
				MONEY MARKET FUND - 0.5%
	228,623			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $228,623)(c)			228,623
				TOTAL INVESTMENTS - 100.4% (Cost $11,770,195)		$	43,026,652
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%			(179,630	)
				NET ASSETS - 100.0%		$	42,847,022

 

ADR	- American Depositary Receipt
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, 2026 was $991,891. Collateral received from the borrower not disclosed in the schedule of investments had a value of $1,017,186 on May 31, 2026.
(c)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA INVESTMENT QUALITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				OPEN END FUNDS — 96.9%
				FIXED INCOME - 96.9%
	691,825			Vanguard Intermediate-Term Bond Index Fund, Admiral Class		$	7,181,145
	36,617			Vanguard Short-Term Bond Index Fund, Admiral Class			373,862
							7,555,007
				TOTAL OPEN END FUNDS (Cost $7,517,029)			7,555,007
				SHORT-TERM INVESTMENT — 3.2%
				MONEY MARKET FUND - 3.2%
	251,140			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $251,140)(a)			251,140
				TOTAL INVESTMENTS - 100.1% (Cost $7,768,169)		$	7,806,147
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%			(11,172	)
				NET ASSETS - 100.0%		$	7,794,975

 

(a)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				SHORT-TERM INVESTMENTS — 99.6%
				MONEY MARKET FUNDS - 99.6%
	991,368			BlackRock Liquidity FedFund, Institutional Class, 3.51%(a)		$	991,368
	991,367			Dreyfus Government Cash Management, Institutional Class, 3.51%(a)			991,367
	991,367			Federated Hermes Government Obligations Fund, Institutional Class, 3.48%(a)			991,367
	991,366			JPMorgan US Government Money Market Fund, Capital Class, 3.52%(a)			991,366
				TOTAL SHORT-TERM INVESTMENTS (Cost $3,965,468)			3,965,468
				TOTAL INVESTMENTS - 99.6% (Cost $3,965,468)		$	3,965,468
				OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%			16,270
				NET ASSETS - 100.0%		$	3,981,738

 

(a)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				OPEN END FUNDS — 93.0%
				ALTERNATIVE - 3.8%
	8,017			Eaton Vance Global Macro Absolute Return Fund, Class I		$	71,913
				EQUITY - 72.3%
	2,441			Saratoga Health & Biotechnology Portfolio, Class I(a)			62,612
	9,326			Saratoga Large Capitalization Growth Portfolio, Class I(a)			297,220
	9,337			Saratoga Large Capitalization Value Portfolio, Class I(a)			253,971
	17,686			Saratoga Mid Capitalization Portfolio, Class I(a)			246,542
	23,633			Saratoga Small Capitalization Portfolio, Class I(a)			194,023
	4,360			Saratoga Technology & Communications Portfolio, Class I(a)			130,925
	3,408			Vanguard Total International Stock Index Fund, Admiral Class			157,570
							1,342,863
				FIXED INCOME - 16.9%
	26,967			Vanguard Intermediate-Term Bond Index Fund, Admiral Class			279,917
	3,339			Vanguard Short-Term Bond Index Fund, Admiral Class			34,093
							314,010
				TOTAL OPEN END FUNDS (Cost $1,542,950)			1,728,786
				SHORT-TERM INVESTMENT — 7.5%
				MONEY MARKET FUND - 7.5%
	138,924			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $138,924)(b)			138,924
				TOTAL INVESTMENTS - 100.5% (Cost $1,681,874)		$	1,867,710
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%			(9,873	)
				NET ASSETS - 100.0%		$	1,857,837

 

(a)	Investment in affiliate.
(b)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				OPEN END FUNDS — 85.8%
				ALTERNATIVE - 8.0%
	29,610			Eaton Vance Global Macro Absolute Return Fund, Class I		$	265,599
				EQUITY - 42.8%
	15,085			Saratoga Large Capitalization Growth Portfolio, Class I(a)			480,765
	14,865			Saratoga Large Capitalization Value Portfolio, Class I(a)			404,340
	28,161			Saratoga Mid Capitalization Portfolio, Class I(a)			392,569
	10,647			Saratoga Small Capitalization Portfolio, Class I(a)			87,412
	1,224			Vanguard Total International Stock Index Fund, Admiral Class			56,602
							1,421,688
				FIXED INCOME - 35.0%
	103,239			Vanguard Intermediate-Term Bond Index Fund, Admiral Class			1,071,619
	9,114			Vanguard Short-Term Bond Index Fund, Admiral Class			93,052
							1,164,671
				TOTAL OPEN END FUNDS (Cost $2,697,481)			2,851,958
				SHORT-TERM INVESTMENTS — 14.5%
				MONEY MARKET FUNDS - 14.5%
	482,227			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $482,227)(b)			482,227
				TOTAL INVESTMENTS - 100.3% (Cost $3,179,708)		$	3,334,185
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%			(11,068	)
				NET ASSETS - 100.0%		$	3,323,117

 

(a)	Investment in affiliate.
(b)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA MODERATE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				OPEN END FUNDS — 90.9%
				ALTERNATIVE - 5.9%
	17,343			Eaton Vance Global Macro Absolute Return Fund, Class I		$	155,569
				EQUITY - 61.2%
	1,870			Saratoga Health & Biotechnology Portfolio, Class I(a)			47,966
	14,487			Saratoga Large Capitalization Growth Portfolio, Class I(a)			461,689
	14,450			Saratoga Large Capitalization Value Portfolio, Class I(a)			393,039
	27,250			Saratoga Mid Capitalization Portfolio, Class I(a)			379,871
	16,635			Saratoga Small Capitalization Portfolio, Class I(a)			136,571
	3,515			Saratoga Technology & Communications Portfolio, Class I(a)			105,543
	1,914			Vanguard Total International Stock Index Fund, Admiral Class			88,473
							1,613,152
				FIXED INCOME - 23.8%
	53,750			Vanguard Intermediate-Term Bond Index Fund, Admiral Class			557,922
	6,623			Vanguard Short-Term Bond Index Fund, Admiral Class			67,625
							625,547
				TOTAL OPEN END FUNDS (Cost $2,178,286)			2,394,268
				SHORT-TERM INVESTMENTS — 9.5%
				MONEY MARKET FUNDS - 9.5%
	251,308			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $251,308)(b)			251,308
				TOTAL INVESTMENTS - 100.4% (Cost $2,429,394)		$	2,645,576
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%			(10,269	)
				NET ASSETS - 100.0%		$	2,635,307

  

(a)	Investment in affiliate.
(b)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				OPEN END FUNDS — 92.1%
				ALTERNATIVE - 4.9%
	7,387			Eaton Vance Global Macro Absolute Return Fund, Class I		$	66,264
				EQUITY - 65.8%
	1,203			Saratoga Health & Biotechnology Portfolio, Class I(a)			30,868
	7,077			Saratoga Large Capitalization Growth Portfolio, Class I(a)			225,531
	7,136			Saratoga Large Capitalization Value Portfolio, Class I(a)			194,088
	13,368			Saratoga Mid Capitalization Portfolio, Class I(a)			186,347
	13,233			Saratoga Small Capitalization Portfolio, Class I(a)			108,639
	2,266			Saratoga Technology & Communications Portfolio, Class I(a)			68,062
	1,626			Vanguard Total International Stock Index Fund, Admiral Class			75,170
							888,705
				FIXED INCOME - 21.4%
	24,747			Vanguard Intermediate-Term Bond Index Fund, Admiral Class			256,876
	3,078			Vanguard Short-Term Bond Index Fund, Admiral Class			31,426
							288,302
				TOTAL OPEN END FUNDS (Cost $1,116,267)			1,243,271
				SHORT-TERM INVESTMENTS — 8.6%
				MONEY MARKET FUNDS - 8.6%
	115,715			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $115,715)(b)			115,715
				TOTAL INVESTMENTS - 100.7% (Cost $1,231,982)		$	1,358,986
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%			(9,459	)
				NET ASSETS - 100.0%		$	1,349,527

 

(a)	Investment in affiliate.
(b)	Rate disclosed is the seven day effective yield as of May 31, 2026.

 

 

SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2026

 

Shares						Fair Value
				OPEN END FUNDS — 90.5%
				ALTERNATIVE - 6.9%
	7,426			Eaton Vance Global Macro Absolute Return Fund, Class I		$	66,613
				EQUITY - 55.5%
	4,805			Saratoga Large Capitalization Growth Portfolio, Class I(a)			153,128
	4,791			Saratoga Large Capitalization Value Portfolio, Class I(a)			130,325
	9,429			Saratoga Mid Capitalization Portfolio, Class I(a)			131,443
	8,467			Saratoga Small Capitalization Portfolio, Class I(a)			69,514
	1,052			Vanguard Total International Stock Index Fund, Admiral Class			48,627
							533,037
				FIXED INCOME - 28.1%
	23,444			Vanguard Intermediate-Term Bond Index Fund, Admiral Class			243,352
	2,656			Vanguard Short-Term Bond Index Fund, Admiral Class			27,117
							270,469
				TOTAL OPEN END FUNDS (Cost $796,249)			870,119
				SHORT-TERM INVESTMENTS — 10.1%
				MONEY MARKET FUNDS - 10.1%
	96,571			Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.58% (Cost $96,571)(b)			96,571
				TOTAL INVESTMENTS - 100.6% (Cost $892,820)		$	966,690
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%			(5,475	)
				NET ASSETS - 100.0%		$	961,215

  

(a)	Investment in affiliate.
(b)	Rate disclosed is the seven day effective yield as of May 31, 2026.