SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 94.0%      
    BANKING - 3.0%      
2,526   JPMorgan Chase & Company       $ 630,793
             
    COMMERCIAL SUPPORT SERVICES - 6.0%      
4,827   Clean Harbors, Inc.(a)         1,255,454
             
    CONSTRUCTION MATERIALS - 4.4%      
1,560   Martin Marietta Materials, Inc.         936,000
             
    CONTAINERS & PACKAGING - 4.8%      
10,958   Crown Holdings, Inc.         1,009,122
             
    ELECTRICAL EQUIPMENT - 10.7%      
5,658   AMETEK, Inc.         1,099,802
30,277   API Group Corporation(a)         1,143,866
             

2,243,668

    HEALTH CARE FACILITIES & SERVICES - 7.2%      
7,668   Charles River Laboratories International, Inc.(a)         1,526,392
             
    INFRASTRUCTURE REIT - 4.8%      
4,424   SBA Communications Corporation, Class A         1,000,930
             
    INSTITUTIONAL FINANCIAL SERVICES - 5.1%      
6,705   Intercontinental Exchange, Inc.         1,079,237
             
    INSURANCE – 6.9%      
2,664   Aon PLC, Class A         1,043,062
8,696   Equitable Holdings, Inc.         419,408
             

1,462,470

    MEDICAL EQUIPMENT & DEVICES - 7.9%      
4,425   Becton Dickinson & Company         981,908
2,828   Danaher Corporation         677,843
             

1,659,751

 
 

 

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 94.0% (Continued)      
    PUBLISHING & BROADCASTING - 5.5%      
13,213   Liberty Media Corp-Liberty Formula One(a)       $ 1,167,501
             
    REAL ESTATE SERVICES - 4.5%      
6,761   CBRE Group, Inc., Class A(a)         946,472
             
    SEMICONDUCTORS - 6.1%      
13,764   Marvell Technology, Inc.         1,275,785
             
    SPECIALTY FINANCE - 3.0%      
5,749   Walker & Dunlop, Inc.         633,425
             
    TECHNOLOGY HARDWARE - 4.7%      
7,218   Jabil, Inc.         980,421
             
    TECHNOLOGY SERVICES - 4.7%      
2,154   CACI International, Inc., Class A(a)         990,582
             
    TRANSPORTATION & LOGISTICS - 4.7%      
12,964   Canadian Pacific Kansas City Ltd.         992,913
             
    TOTAL COMMON STOCKS (Cost $16,849,854)    

  19,790,916

               
    SHORT-TERM INVESTMENT — 6.1%      
    MONEY MARKET FUND - 6.1%      
1,280,600   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $1,280,600)(b)   1,280,600
             
    TOTAL INVESTMENTS - 100.1% (Cost $18,130,454)     $ 21,071,516
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(14,285)

    NET ASSETS - 100.0%        

$ 21,057,231

           

 

Ltd.  - Limited Company
PLC  - Public Limited Company
REIT  - Real Estate Investment Trust

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of November 30, 2024.

 

 

 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.3%      
    ADVERTISING & MARKETING - 1.8%      
5,400   Trade Desk, Inc. (The), Class A(a)       $ 694,170
             
    APPAREL & TEXTILE PRODUCTS - 1.6%      
3,040   Deckers Outdoor Corporation(a)         595,718
             
    ASSET MANAGEMENT - 2.2%      
1,480   Ameriprise Financial, Inc.         849,476
             
    AUTOMOTIVE - 0.4%      
410   Tesla, Inc.(a)         141,516
             
    BIOTECHNOLOGY & PHARMACEUTICALS - 2.7%      
910   AbbVie, Inc.         166,466
1,060   Alnylam Pharmaceuticals, Inc.(a)         268,254
760   Eli Lilly & Company         604,467
             

1,039,187

    CONSTRUCTION MATERIALS - 1.9%      
1,590   Carlisle Companies, Inc.         726,153
             
    E-COMMERCE DISCRETIONARY - 3.9%      
7,195   Amazon.com, Inc.(a)         1,495,769
             
    ELECTRICAL EQUIPMENT - 0.6%      
1,160   Generac Holdings, Inc.(a)         218,312
             
    ENGINEERING & CONSTRUCTION - 2.0%      
620   Quanta Services, Inc.         213,602
12,900   Tetra Tech, Inc.         535,479
             

749,081

    ENTERTAINMENT CONTENT - 3.2%      
3,640   AppLovin Corporation, Class A(a)         1,225,770
             
 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.3% (Continued)      
    FOOD - 0.5%      
3,700   Pilgrim's Pride Corporation(a)       $ 190,957
             
    HEALTH CARE FACILITIES & SERVICES - 1.9%      
4,320   DaVita, Inc.(a)         717,854
             
    HOUSEHOLD PRODUCTS - 2.2%      
1,240   Clorox Company (The)         207,291
4,590   Kimberly-Clark Corporation         639,617
             

846,908

    INSURANCE - 2.3%      
3,260   Progressive Corporation (The)         876,548
             
    INTERNET MEDIA & SERVICES - 11.9%      
4,040   Alphabet, Inc., Class A         682,558
4,045   Alphabet, Inc., Class C         689,632
2,670   Meta Platforms, Inc., Class A         1,533,434
450   Netflix, Inc.(a)         399,065
2,480   Roku, Inc.(a)         171,194
2,210   Spotify Technology S.A.(a)         1,054,082
             

4,529,965

    LEISURE FACILITIES & SERVICES - 2.3%      
3,530   Royal Caribbean Cruises Ltd.         861,532
             
    LEISURE PRODUCTS - 1.7%      
9,920   Hasbro, Inc.         646,288
             
    MEDICAL EQUIPMENT & DEVICES - 2.0%      
2,980   ResMed, Inc.         742,080
             
    RETAIL - CONSUMER STAPLES - 1.9%      
730   Costco Wholesale Corporation         709,472
             
    RETAIL - DISCRETIONARY - 3.5%      
3,720   Carvana Company, Class A(a)         968,762
 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.3% (Continued)      
    RETAIL - DISCRETIONARY - 3.5% (Continued)      
1,670   Dick's Sporting Goods, Inc.       $ 346,091
             

1,314,853

    SEMICONDUCTORS - 11.5%      
1,715   Advanced Micro Devices, Inc.(a)         235,255
1,374   Applied Materials, Inc.         240,052
5,200   Broadcom, Inc.         842,816
2,250   Lam Research Corporation         166,230
17,840   NVIDIA Corporation         2,466,380
2,555   QUALCOMM, Inc.         405,044
             

4,355,777

    SOFTWARE - 24.2%      
14,230   Doximity, Inc.(a)         754,190
25,950   Dropbox, Inc., Class A(a)         717,777
9,290   Fortinet, Inc.(a)         883,015
13,000   Gitlab, Inc.(a)         828,750
1,160   Guidewire Software, Inc.(a)         235,352
6,001   Microsoft Corporation         2,541,183
9,830   Nutanix, Inc., Class A(a)         641,702
8,970   Okta, Inc.(a)         695,713
340   Salesforce, Inc.         112,197
10,500   Twilio, Inc., Class A(a)         1,097,670
46,330   UiPath, Inc., Class A(a)         658,349
             

9,165,898

    TECHNOLOGY HARDWARE - 10.6%      
10,497   Apple, Inc.         2,491,253
2,210   Arista Networks, Inc.(a)         896,862
5,240   NetApp, Inc.         642,634
             

4,030,749

    TECHNOLOGY SERVICES - 0.5%      
360   Moody's Corporation         179,993
             
    TOTAL COMMON STOCKS (Cost $26,444,724)    

  36,904,026

               
 
 

 

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
November 30, 2024
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 2.8%      
    MONEY MARKET FUND - 2.8%      
1,076,010   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $1,076,010)(b) $ 1,076,010
             
    TOTAL INVESTMENTS - 100.1% (Cost $27,520,734)     $ 37,980,036
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(45,464)

    NET ASSETS - 100.0%        

$ 37,934,572

           
               
 

 

 

ETF  - Exchange-Traded Fund
Ltd.  - Limited Company
S/A  - Société Anonyme
   
 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of November 30, 2024.

 

 
 

 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.5%      
    AEROSPACE & DEFENSE - 2.0%      
7,265   Embraer S.A. - ADR(a)       $ 277,741
             
    APPAREL & TEXTILE PRODUCTS - 1.7%      
3,845   Skechers USA, Inc., Class A(a)         245,388
             
    ASSET MANAGEMENT - 3.5%      
1,673   Apollo Global Management, Inc.         292,825
1,135   Ares Management Corporation, CLASS A         200,589
             

493,414

    BANKING - 6.6%      
4,200   Comerica, Inc.         303,450
3,260   Western Alliance Bancorp         305,169
5,320   Zions Bancorporation         321,965
             

930,584

    CAPITAL MARKETS - 2.5%      
4,335   Nasdaq, Inc.         359,762
             
    CONSTRUCTION MATERIALS - 3.1%      
1,545   Vulcan Materials Company         445,161
             
    ELECTRIC UTILITIES - 3.1%      
2,750   Vistra Corporation         439,560
             
    ELECTRICAL EQUIPMENT - 9.1%      
2,620   AAON, Inc.         357,210
860   Allegion plc         121,122
695   AMETEK, Inc.         135,094
1,005   GE Vernova, LLC(a)         335,791
420   Hubbell, Inc.         193,238
945   nVent Electric PLC         74,003
550   Vertiv Holdings Company         70,180
             

1,286,638

    HOME CONSTRUCTION - 4.4%      
4,340   AZEK Company, Inc. (The)(a)         230,541
 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.5% (Continued)      
    HOME CONSTRUCTION - 4.4% (Continued)      
535   DR Horton, Inc.       $ 90,297
1,805   Toll Brothers, Inc.         298,132
             

618,970

    INDUSTRIAL REIT - 3.6%      
2,905   EastGroup Properties, Inc.         500,270
             
    INDUSTRIAL SUPPORT SERVICES - 2.7%      
1,330   Herc Holdings, Inc.         308,560
460   SiteOne Landscape Supply, Inc.(a)         70,495
             

379,055

    INSURANCE - 2.9%      
540   Allstate Corporation (The)         111,991
2,455   Kemper Corporation         175,508
565   Reinsurance Group of America, Inc.         129,046
             

416,545

    INTERNET MEDIA & SERVICES - 1.4%      
1,065   DoorDash, Inc., Class A(a)         192,211
             
    LEISURE FACILITIES & SERVICES - 10.0%      
16,145   Carnival Corporation(a)         410,567
615   Domino's Pizza, Inc.         292,857
2,935   Royal Caribbean Cruises LTD.         716,315
             

1,419,739

    LEISURE PRODUCTS - 3.7%      
800   Axon Enterprise, Inc.(a)         517,568
             
    MACHINERY - 3.7%      
815   Crane Company         148,395
3,415   Flowserve Corporation         208,384
3,220   Helios Technologies, Inc.         168,470
             

525,249

    MEDICAL EQUIPMENT & DEVICES - 2.1%      
680   Agilent Technologies, Inc.         93,820
5,250   Avantor, Inc.(a)         110,565
 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.5% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 2.1% (Continued)      
1,555   Bruker Corporation       $ 90,112
             

294,497

    OIL & GAS PRODUCERS - 3.3%      
57,620   Kosmos Energy Ltd.(a)         227,023
6,850   Range Resources Corporation         244,819
             

471,842

    OIL & GAS SERVICES & EQUIPMENT - 2.5%      
11,340   TechnipFMC plc         355,736
             
    REAL ESTATE SERVICES - 3.3%      
30,535   Cushman & Wakefield PLC(a)         467,186
             
    RETAIL - DISCRETIONARY - 2.5%      
42   AutoZone, Inc.(a)         133,121
1,420   Best Buy Company, Inc.         127,800
505   Builders FirstSource, Inc.(a)         94,167
             

355,088

    SELF-STORAGE REIT - 0.9%      
785   Extra Space Storage, Inc.         134,204
             
    SEMICONDUCTORS - 4.8%      
6,045   Marvell Technology, Inc.         560,312
235   Monolithic Power Systems, Inc.         133,395
             

693,707

    SOFTWARE - 2.5%      
560   Tyler Technologies, Inc.(a)         352,335
             
    TECHNOLOGY HARDWARE - 2.4%      
890   Celestica, Inc.(a)         75,864
430   Fabrinet(a)         100,869
320   Motorola Solutions, Inc.         159,904
             

336,637

    TECHNOLOGY SERVICES - 3.8%      
375   CACI International, Inc., Class A(a)         172,455
 
 

 

SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.5% (Continued)      
    TECHNOLOGY SERVICES - 3.8% (Continued)      
335   CDW Corporation       $ 58,937
235   Equifax, Inc.         61,467
400   MSCI, Inc.         243,851
             

536,710

    TRANSPORTATION & LOGISTICS - 3.3%      
1,160   TFI International, Inc.         175,949
1,930   XPO, Inc.(a)         294,151
             

470,100

    WHOLESALE - CONSUMER STAPLES - 2.1%      
3,305   Performance Food Group Company(a)         291,633
             
               
    TOTAL COMMON STOCKS (Cost $9,401,255)    

  13,807,530

               
               
    SHORT-TERM INVESTMENT — 2.4%      
    MONEY MARKET FUND - 2.4%      
339,106   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $339,106)(b)         339,106
             
    TOTAL INVESTMENTS - 99.9% (Cost $9,740,361)     $ 14,146,636
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%    

19,171

    NET ASSETS - 100.0%        

$ 14,165,807

 

 

 

 

ADR  - American Depositary Receipt
LLC  - Limited Liability Company
LTD  - Limited Company
MSCI  - Morgan Stanley Capital International
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 November 30, 2024.

 

 
 

 

 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 96.9%      
    AEROSPACE & DEFENSE - 1.4%      
3,109   Archer Aviation, Inc., Class A(a)       $ 29,753
2,073   Leonardo DRS, Inc.(a)         72,078
946   Virgin Galactic Holdings, Inc.(a)         6,906
             

108,737

    APPAREL & TEXTILE PRODUCTS - 0.7%      
2,230   Wolverine World Wide, Inc.         51,714
             
    ASSET MANAGEMENT - 4.9%      
2,838   Artisan Partners Asset Management, Inc., Class A         138,466
12,593   Kennedy-Wilson Holdings, Inc.         145,827
405   Virtus Investment Partners, Inc.         100,023
             

384,316

    BANKING - 12.0%      
3,334   Bank of Marin Bancorp         84,284
4,145   ChoiceOne Financial Services, Inc.         155,354
586   City Holding Company         76,954
6,600   Colony Bankcorp, Inc.         116,358
6,285   Fulton Financial Corporation         135,629
1,081   Guaranty Bancshares, Inc.         39,802
1,397   Northrim BanCorp, Inc.         118,843
1,802   RBB Bancorp         42,996
3,109   Sierra Bancorp         97,840
1,892   Washington Trust Bancorp, Inc.         70,269
             

938,329

    BIOTECH & PHARMA - 5.7%      
7,141   ADMA Biologics, Inc.(a)         143,605
18,382   Allogene Therapeutics, Inc.(a)         45,587
2,748   Arvinas, Inc.(a)         73,427
1,329   Janux Therapeutics, Inc.(a)         60,084
315   Krystal Biotech, Inc.(a)         62,187
180   TransMedics Group, Inc.(a)         15,608
405   Vaxcyte, Inc.(a)         38,208
             

438,706

 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 96.9% (Continued)      
    CHEMICALS - 0.4%      
3,379   Rayonier Advanced Materials, Inc.(a)       $ 29,769
             
    CONSTRUCTION MATERIALS - 1.2%      
1,104   Apogee Enterprises, Inc.         92,968
             
    CONSUMER SERVICES - 2.0%      
2,118   Coursera, Inc.(a)         16,838
1,329   Stride, Inc.(a)         142,030
             

158,868

    ELECTRICAL EQUIPMENT - 4.1%      
3,019   Allient, Inc.         78,403
518   Badger Meter, Inc.         112,313
180   Powell Industries, Inc.         48,128
383   Watts Water Technologies, Inc., Class A         82,648
             

321,492

    ENGINEERING & CONSTRUCTION - 4.0%      
203   Comfort Systems USA, Inc.         100,134
293   EMCOR Group, Inc.         149,465
315   Sterling Infrastructure, Inc.(a)         61,252
             

310,851

    EQUIPMENT - 1.5%      
9,078   Perimeter Solutions, Inc.(a)         116,198
             
    FOOD - 2.3%      
1,937   BellRing Brands, Inc.(a)         151,977
1,419   Phibro Animal Health Corporation, Class A         33,162
             

185,139

    HEALTH CARE FACILITIES & SERVICES - 2.7%      
315   Addus HomeCare Corporation(a)         38,695
1,081   HealthEquity, Inc.(a)         109,765
180   Medpace Holdings, Inc.(a)         61,313
             

209,773

    HOME CONSTRUCTION - 3.5%      
496   Century Communities, Inc.         44,819
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 96.9% (Continued)      
    HOME CONSTRUCTION - 3.5% (Continued)      
653   KB Home       $ 54,029
338   M/I Homes, Inc.(a)         55,780
1,622   Taylor Morrison Home Corporation(a)         119,816
             

274,444

    HOUSEHOLD PRODUCTS - 0.6%      
1,171   Edgewell Personal Care Company         42,835
             
    INSURANCE - 4.0%      
1,960   Mercury General Corporation         154,761
9,191   ProAssurance Corporation(a)         153,674
             

308,435

    INTERNET MEDIA & SERVICES - 1.3%      
1,847   EverQuote, Inc.(a)         35,444
2,027   HealthStream, Inc.         67,094
             

102,538

    LEISURE FACILITIES & SERVICES - 2.6%      
3,244   Madison Square Garden Entertainment Corporation(a)         119,996
248   Wingstop, Inc.         81,535
             

201,531

    LEISURE PRODUCTS - 0.4%      
2,658   Peloton Interactive, Inc., Class A(a)         27,484
             
    MEDICAL EQUIPMENT & DEVICES - 1.8%      
766   Haemonetics Corporation(a)         67,002
1,780   Veracyte, Inc.(a)         76,451
             

143,453

    METALS & MINING - 3.1%      
4,573   Coeur Mining, Inc.(a)         29,542
12,030   Energy Fuels Inc(a)         87,337
5,789   Hecla Mining Company         31,955
2,163   Peabody Energy Corporation         51,588
6,758   SSR Mining, Inc.         39,264
             

239,686

 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 96.9% (Continued)      
    MORTGAGE FINANCE - 3.8%      
10,993   Dynex Capital, Inc.       $ 137,963
7,659   KKR Real Estate Finance Trust, Inc.         89,074
5,519   Two Harbors Investment Corporation         64,848
             

291,885

    OIL & GAS PRODUCERS - 1.9%      
270   Murphy USA, Inc.         147,906
             
    OIL & GAS SERVICES & EQUIPMENT - 1.1%      
1,847   Valaris Ltd.(a)         85,313
             
    REAL ESTATE INVESTMENT TRUSTS - 0.8%      
9,709   Claros Mortgage Trust, Inc.         65,925
             
    REAL ESTATE SERVICES - 0.7%      
5,654   Redfin Corporation(a)         53,656
             
    RENEWABLE ENERGY - 0.2%      
1,171   Sunrun, Inc.(a)         13,502
             
    RETAIL - DISCRETIONARY - 2.2%      
586   Abercrombie & Fitch Company, Class A(a)         87,719
1,036   American Eagle Outfitters, Inc.         19,933
1   Builders FirstSource, Inc.(a)         186
1,284   Urban Outfitters, Inc.(a)         62,569
             

170,407

    RETAIL REIT - 1.5%      
541   Alexander's, Inc.         120,973
             
    SEMICONDUCTORS - 2.8%      
2,275   Alpha & Omega Semiconductor Ltd.(a)         94,344
2,073   Rambus, Inc.(a)         119,840
             

214,184

    SOFTWARE - 8.9%      
225   Appfolio, Inc., Class A(a)         57,094
 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 96.9% (Continued)      
    SOFTWARE - 8.9% (Continued)      
180   Duolingo, Inc.(a)       $ 62,689
6,150   Fastly, Inc.(a)         52,152
9,394   Health Catalyst, Inc.(a)         82,949
1,059   Omnicell, Inc.(a)         49,339
1,307   Phreesia, Inc.(a)         27,486
315   Qualys, Inc.(a)         48,384
2,410   Sprout Social, Inc., Class A(a)         77,168
518   SPS Commerce, Inc.(a)         100,010
3,311   Weave Communications, Inc.(a)         45,261
12,030   Yext, Inc.(a)         99,368
             

701,900

    SPECIALTY FINANCE - 1.7%      
405   Mr Cooper Group, Inc.(a)         39,961
2,951   Onity Group, Inc.(a)         91,098
             

131,059

    SPECIALTY REIT - 1.2%      
6,353   Postal Realty Trust, Inc.         90,022
             
    STEEL - 1.6%      
293   Carpenter Technology Corporation         56,854
1,216   Northwest Pipe Company(a)         68,175
             

125,029

    TECHNOLOGY HARDWARE - 2.7%      
811   Plexus Corporation(a)         133,328
3,086   TTM Technologies, Inc.(a)         75,237
             

208,565

    TECHNOLOGY SERVICES - 3.4%      
1,104   EVERTEC, Inc.         39,744
405   ICF International, Inc.         56,121
3,920   Riot Blockchain, Inc.(a)         49,588
5,294   StoneCompany Ltd.(a)         50,187
8,313   Unisys Corporation(a)         66,338
             

261,978

 
 

 

SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 96.9% (Continued)      
    TRANSPORTATION & LOGISTICS - 1.0%      
496   Matson, Inc.       $ 75,977
             
    TRANSPORTATION EQUIPMENT - 0.8%      
946   Greenbrier Companies, Inc. (The)         64,328
             
    WHOLESALE - DISCRETIONARY - 0.4%      
1,171   G-III Apparel Group Ltd.(a)         34,697
             
               
    TOTAL COMMON STOCKS (Cost $6,153,642)    

  7,544,572

               
Principal Amount ($)              
    COLLATERAL FOR SECURITIES LOANED — 6.0%      
    REPURCHASE AGREEMENT - 6.0%      
463,366   With RBC Dominion Securities: at 4.59%, dated 11/29/24, to be repurchased on 12/2/24, total to be received $472,633 (Collateralized by various US Government agency obligations, due 12/05/2024 - 11/15/2054, 0.000% - 7.000% totaling $470,739)         466,366
             
    TOTAL REPURCHASE AGREEMENT (Cost $466,366)    

466,366

               
               
    SHORT-TERM INVESTMENT — 3.2%      
    MONEY MARKET FUND - 3.2%      
246,273   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $246,273)(c)         246,273
             
    TOTAL INVESTMENTS - 106.1% (Cost $6,866,281)     $ 8,257,211
    LIABILITIES IN EXCESS OF OTHER ASSETS - (6.1)%    

(476,003)

    NET ASSETS - 100.0%        

$ 7,781,208

 

 

 

 

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 November 30, 2024 was $774,327. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $336,552 on November 30, 2024.
(c) Rate disclosed is the seven day effective yield as of November 30, 2024.
 
 

 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 95.4%      
    Australia - 1.9%      
840   Rio Tinto Ltd.(a)       $ 65,011
             
    Brazil - 1.5%      
3,940   TIM Participacoes S.A. - ADR         50,826
             
    Canada - 5.7%      
1,190   Canadian Imperial Bank of Commerce         77,064
11,860   Kinross Gold Corporation         115,161
             

192,225

    Cayman Islands - 4.0%      
30,000   Haidilao International Holding Ltd.(a)         60,447
21,000   Xiaomi Corp 144A(a),(b),(c)         75,581
             

136,028

    China - 2.4%      
2,500   BYD Company Ltd., H Shares(a)         82,463
             
    Denmark - 2.1%      
670   Novo Nordisk A/S(a)         71,803
             
    France - 7.2%      
2,480   Bureau Veritas S.A.(a)         75,503
1,120   Compagnie de Saint-Gobain(a)         102,234
550   Ipsen S.A.(a)         63,587
             

241,324

    Germany - 5.4%      
280   Allianz SE(a)         86,651
1,940   GEA Group AG(a)         97,110
             

183,761

    Indonesia - 1.6%      
201,500   Bank Rakyat Indonesia Persero Tbk PT(a)         54,283
             
    Italy - 6.8%      
3,080   Assicurazioni Generali SpA(a)         88,092
4,350   Eni SpA(a)         61,529
 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 95.4% (Continued)      
    Italy - 6.8% (Continued)      
20,510   Intesa Sanpaolo SpA(a)       $ 78,703
             

228,324

    Japan - 14.1%      
2,053   Hoshizaki Corporation(a)         83,327
7,700   Mitsubishi Heavy Industries Ltd.(a)         113,379
3,300   Otsuka Corporation(a)         82,433
4,400   Sony Corporation(a)         88,346
4,300   Sumitomo Mitsui Financial Group, Inc.(a)         106,140
             

473,625

    Korea (Republic of) - 4.2%      
360   Hanmi Pharmaceutical Company Ltd.(a)         70,593
1,080   Kia Motors Corporation(a)         72,363
             

142,956

    Mexico - 1.3%      
17,070   Wal-Mart de Mexico S.A.B de C.V.         45,414
             
    Singapore - 2.9%      
3,090   DBS Group Holdings Ltd.(a)         98,054
             
    Spain - 4.9%      
19,100   Banco Santander S.A.(a)         88,149
14,000   CaixaBank S.A.(a)         76,062
             

164,211

    Switzerland - 5.2%      
750   Novartis AG(a)         79,508
2,960   UBS Group AG(a)         95,712
             

175,220

    Taiwan  Province Of China - 2.7%      
10,000   Quanta Computer, Inc.(a)         89,552
             
    Taiwan Province of China - 3.4%      
620   Taiwan Semiconductor Manufacturing Company Ltd. - ADR         114,489
             
 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 95.4% (Continued)      
    Taiwan Province Of China - 2.2%      
5,000   Realtek Semiconductor Corporation(a)       $ 73,242
             
    Thailand - 2.1%      
11,400   Bumrungrad Hospital PCL(a)         69,272
             
    United Kingdom - 11.1%      
1,800   BP plc - ADR         52,758
1,100   Coca-Cola European Partners plc         85,338
19,540   J Sainsbury plc(a)         64,980
14,100   Rolls-Royce Holdings plc(a),(b)         100,298
1,130   Unilever plc(a)         67,665
             

371,039

    United States - 2.7%      
500   Check Point Software Technologies Ltd.(b)         91,000
             
               
    TOTAL COMMON STOCKS (Cost $2,548,980)    

  3,214,122

               
    EXCHANGE-TRADED FUND — 2.2%      
    India - 2.2%      
1,370   iShares MSCI India ETF(b)         75,049
             
    TOTAL EXCHANGE-TRADED FUND (Cost $78,078)    

  75,049

               
    SHORT-TERM INVESTMENT — 1.8%      
    MONEY MARKET FUND - 1.8%      
61,878   Dreyfus Institutional Preferred Government Money, Institutional Class, 4.60% (Cost $61,878)(d)         61,878
             
    TOTAL INVESTMENTS - 99.4% (Cost $2,688,936)     $ 3,351,049
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6%    

21,522

    NET ASSETS - 100.0%        

$ 3,372,571

           
 
 

 

SARATOGA INTERNATIONAL EQUITY PORTFOLIO
 SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
 

 

 

 

ADR  - American Depositary Receipt
A/S  - Anonim Sirketi
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 November 30, 2024 the total market value of 144A securities is 75,581 or 2.2% of net assets.
(d) Rate disclosed is the seven day effective yield as of November 30, 2024.

 

 

 

 
 

 

 

SARATOGA HEALTH & BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.5%      
    BIOTECH & PHARMA - 38.5%      
1,992   Amgen, Inc.       $ 563,477
12,368   Exelixis, Inc.(a)         450,937
3,068   Gilead Sciences, Inc.         284,035
3,632   Incyte Corporation(a)         270,911
3,441   Jazz Pharmaceuticals plc(a)         418,391
1,520   Johnson & Johnson         235,615
3,206   Merck & Company, Inc.         325,858
3,300   Novartis A.G. - ADR         349,041
3,072   Novo Nordisk A/S - ADR         328,090
670   Regeneron Pharmaceuticals, Inc.(a)         502,647
1,550   United Therapeutics Corporation(a)         574,261
587   Vertex Pharmaceuticals, Inc.(a)         274,792
             

4,578,055

    HEALTH CARE FACILITIES & SERVICES - 39.3%      
4,068   Cardinal Health, Inc.         497,272
2,265   Cencora, Inc.         569,761
3,907   Centene Corporation(a)         234,420
1,371   Cigna Group (The)         463,124
908   Elevance Health, Inc.         369,520
1,999   Ensign Group, Inc. (The)         292,274
1,200   Labcorp Holdings, Inc.         289,392
1,050   McKesson Corporation         659,924
973   Molina Healthcare, Inc.(a)         289,857
3,700   Tenet Healthcare Corporation(a)         527,916
800   UnitedHealth Group, Inc.         488,160
             

4,681,620

    MEDICAL EQUIPMENT & DEVICES - 21.7%      
752   Bio-Rad Laboratories, Inc., Class A(a)         256,079
1,556   Danaher Corporation         372,958
1,120   Intuitive Surgical, Inc.(a)         607,039
3,626   Medtronic PLC         313,794
2,572   Revvity, Inc.         298,712
825   Stryker Corporation         323,524
 
 

 

SARATOGA HEALTH & BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.5% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 21.7% (Continued)      
768   Thermo Fisher Scientific, Inc.       $ 406,756
             

2,578,862

               
    TOTAL COMMON STOCKS (Cost $7,371,859)    

  11,838,537

               
               
    SHORT-TERM INVESTMENT— 0.6%      
    MONEY MARKET FUND - 0.6%      
70,983   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $70,983)(b)         70,983
             
    TOTAL INVESTMENTS - 100.1% (Cost $7,442,842)     $ 11,909,520
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(16,265)

    NET ASSETS - 100.0%        

$ 11,893,255

           
               
 

 

 

 

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 November 30, 2024.

 

 
 

 

 

 

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.7%      
    E-COMMERCE DISCRETIONARY - 9.2%      
16,000   Amazon.com, Inc.(a)       $ 3,326,240
11,074   eBay, Inc.         700,873
             

4,027,113

    INDUSTRIAL SUPPORT SERVICES - 1.9%      
3,000   Applied Industrial Technologies, Inc.         824,160
             
    INTERNET MEDIA & SERVICES - 14.9%      
1,000   Alphabet, Inc., Class A         168,950
22,920   Alphabet, Inc., Class C         3,907,631
4,298   Meta Platforms, Inc., Class A         2,468,427
             

6,545,008

    SEMICONDUCTORS - 15.1%      
2,784   KLA Corporation         1,801,332
18,274   Kulicke & Soffa Industries, Inc.         884,827
15,910   NVIDIA Corporation         2,199,557
11,000   QUALCOMM, Inc.         1,743,830
             

6,629,546

    SOFTWARE - 28.0%      
11,000   Akamai Technologies, Inc.(a)         1,034,220
2,100   Crowdstrike Holdings, Inc., Class A(a)         726,537
7,242   Microsoft Corporation         3,066,697
15,414   Oracle Corporation         2,849,124
6,620   Salesforce, Inc.         2,184,534
3,200   Synopsys, Inc.(a)         1,787,168
2,925   Veeva Systems, Inc., Class A(a)         666,461
             

12,314,741

    TECHNOLOGY HARDWARE - 9.0%      
6,768   Apple, Inc.         1,606,249
39,577   Cisco Systems, Inc.         2,343,355
             

3,949,604

    TECHNOLOGY SERVICES - 21.6%      
17,805   Amdocs Ltd.         1,544,050
11,963   Cognizant Technology Solutions Corporation, Class A         962,902
8,412   Global Payments, Inc.         1,000,692
 
 

 

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.7% (Continued)      
    TECHNOLOGY SERVICES - 21.6% (Continued)      
4,795   Jack Henry & Associates, Inc.       $ 844,783
3,236   Mastercard, Inc., Class A         1,724,594
9,848   Parsons Corporation(a)         944,522
7,750   Visa, Inc., Class A         2,441,869
             

9,463,412

               
    TOTAL COMMON STOCKS (Cost $10,585,396)    

  43,753,584

               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
180,872   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $180,872)(b)         180,872
             
    TOTAL INVESTMENTS - 100.1% (Cost $10,766,268)     $ 43,934,456
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(61,847)

    NET ASSETS - 100.0%        

$ 43,872,609

           
               
 

 

 

 

LTD  - Limited Company
   
 

 

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of November 30, 2024.

 

 
 

 

 

Ts p

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 98.4%      
    CHEMICALS - 15.9%      
51   Air Products and Chemicals, Inc.       $ 17,051
1,948   BASF S.E. - ADR         21,818
677   Dow, Inc.         29,931
256   Eastman Chemical Company         26,808
429   Huntsman Corporation         8,400
73   Linde plc         33,653
298   LyondellBasell Industries N.V., A         24,835
992   Mosaic Company (The)         26,248
195   PPG Industries, Inc.         24,252
             

212,996

    CONSTRUCTION MATERIALS - 1.6%      
70   Eagle Materials, Inc.         21,624
             
    CONTAINERS & PACKAGING - 4.3%      
329   Berry Global Group, Inc.         23,790
581   International Paper Company         34,180
             

57,970

    ENGINEERING & CONSTRUCTION - 0.3%      
172   Technip Energies N.V. - ADR         4,211
             
    FORESTRY, PAPER & WOOD PRODUCTS - 0.1%      
90   Magnera Corporation(a)         1,843
             
    METALS & MINING - 16.1%      
1,358   Anglo American plc - ADR         21,815
7,918   B2Gold Corporation         22,804
429   BHP Group Ltd. - ADR         22,587
509   Freeport-McMoRan, Inc.         22,498
2,574   Glencore plc - ADR         24,737
3,360   Kinross Gold Corporation         32,625
686   Rio Tinto plc - ADR         43,108
2,634   Vale S.A. - ADR         25,971
             

216,145

 
 

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 98.4% (Continued)      
    OIL & GAS PRODUCERS - 55.3%      
443   BP PLC - ADR       $ 12,984
579   Canadian Natural Resources Ltd.         19,582
633   Chevron Corporation         102,502
380   Civitas Resources, Inc.         19,714
305   ConocoPhillips         33,044
179   Diamondback Energy, Inc.         31,789
1,242   Eni SpA - ADR         35,000
338   EOG Resources, Inc.         45,042
248   Expand Energy Corporation         24,542
855   Exxon Mobil Corporation         100,856
1,852   Kinder Morgan, Inc.         52,356
172   Marathon Petroleum Corporation         26,858
429   ONEOK, Inc.         48,734
633   Ovintiv, Inc.         28,751
574   PBF Energy, Inc., Class A         18,075
3,374   Petroleo Brasileiro S.A. - ADR         48,181
442   Shell PLC - ADR         28,615
1,025   Suncor Energy, Inc.         40,467
364   TotalEnergies S.E. - ADR         21,108
161   Woodside Energy Group Ltd. - ADR         2,582
             

740,782

    OIL & GAS SERVICES & EQUIPMENT - 1.8%      
770   Halliburton Company         24,532
             
    STEEL - 3.0%      
155   Nucor Corporation         23,977
325   POSCO - ADR         16,777
             

40,754

               
    TOTAL COMMON STOCKS (Cost $999,514)    

  1,320,857

               
 
 

 

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 1.7%      
    MONEY MARKET FUND - 1.7%      
22,919   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $22,919)(b)       $ 22,919
             
    TOTAL INVESTMENTS - 100.1% (Cost $1,022,433)     $ 1,343,776
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(859)

    NET ASSETS - 100.0%        

$ 1,342,917

           
               
 

 

 

 

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

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of November 30, 2024.

 

 
 

 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.1%      
    ASSET MANAGEMENT - 11.9%      
97   Ameriprise Financial, Inc.       $ 55,676
242   Apollo Global Management, Inc.         42,357
15   Blackrock, Inc.         15,342
55   Blackstone, Inc.         10,510
90   Charles Schwab Corporation (The)         7,448
32   F&G Annuities & Life, Inc.         1,547
676   Janus Henderson Group plc         30,609
330   Stifel Financial Corporation         38,214
             

201,703

    BANKING - 24.0%      
1,489   Bank of America Corporation         70,742
572   Bank OZK         28,583
483   Citigroup, Inc.         34,230
374   East West Bancorp, Inc.         41,020
284   JPMorgan Chase & Company         70,921
43   PNC Financial Services Group, Inc. (The)         9,233
615   Synovus Financial Corporation         35,098
832   US Bancorp         44,337
197   Webster Financial Corporation         12,171
777   Wells Fargo & Company         59,184
             

405,519

    INSTITUTIONAL FINANCIAL SERVICES - 11.8%      
168   Cboe Global Markets, Inc.         36,263
207   CME Group, Inc.         49,266
30   Goldman Sachs Group, Inc. (The)         18,257
195   Interactive Brokers Group, Inc., Class A         37,263
49   Intercontinental Exchange, Inc.         7,887
109   Morgan Stanley         14,345
363   State Street Corporation         35,759
             

199,040

    INSURANCE - 25.8%      
514   Aflac, Inc.         58,596
206   American Financial Group, Inc.         30,253
18   Aon PLC, Class A         7,048
 
 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    COMMON STOCKS — 97.1% (Continued)      
    INSURANCE - 25.8% (Continued)      
130   Axis Capital Holdings LTD.       $ 12,095
331   Berkshire Hathaway, Inc., Class B(a)         159,879
206   Chubb Ltd.         59,478
37   Everest Re Group Ltd.         14,340
124   Marsh & McLennan Companies, Inc.         28,921
74   Progressive Corporation (The)         19,897
339   Voya Financial, Inc.         28,137
283   W R Berkley Corporation         18,268
             

436,912

    SPECIALTY FINANCE - 7.9%      
103   American Express Company         31,382
155   Capital One Financial Corporation         29,762
64   Discover Financial Services         11,676
681   MGIC Investment Corporation         17,883
627   Synchrony Financial         42,334
             

133,037

    TECHNOLOGY SERVICES - 15.7%      
293   Block, Inc., Class A(a)         25,945
45   Fiserv, Inc.(a)         9,943
124   Mastercard, Inc., Class A         66,085
17   Moody's Corporation         8,500
197   PayPal Holdings, Inc.(a)         17,094
36   S&P Global, Inc.         18,810
731   Toast, Inc., Class A(a)         31,828
203   Visa, Inc., Class A         63,961
879   Western Union Company (The)         9,678
73   WEX, Inc.(a)         13,772
             

265,616

               
    TOTAL COMMON STOCKS (Cost $834,708)    

  1,641,827

               
 
 

 

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
November 30, 2024
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 2.8%      
    MONEY MARKET FUND - 2.8%      
47,139   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $47,139)(b)       $ 47,139
             
    TOTAL INVESTMENTS - 99.9% (Cost $881,847)     $ 1,688,966
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%    

1,065

    NET ASSETS - 100.0%        

$ 1,690,031

           
               
 

 

 

 

LTD  - Limited Company
PLC  - Public Limited Company
   
 

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of November 30, 2024.

 

 
 

 

 

SARATOGA INVESTMENT QUALITY BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 97.7%      
    FIXED INCOME - 97.7%      
707,151   Vanguard Intermediate-Term Bond Index Fund, Admiral Class       $ 7,311,946
334,952   Vanguard Short-Term Bond Index Fund, Admiral Class         3,406,460
             

10,718,406

               
    TOTAL OPEN END FUNDS (Cost $10,666,014)    

  10,718,406

               
    SHORT-TERM INVESTMENT — 2.1%      
    MONEY MARKET FUND - 2.1%      
232,510   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $232,510)(a)         232,510
             
    TOTAL INVESTMENTS - 99.8% (Cost $10,898,524)     $ 10,950,916
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%    

22,808

    NET ASSETS - 100.0%        

$ 10,973,724

           
               
 

 

 

 

(a) Rate disclosed is the seven day effective yield as of November 30, 2024.

 
 

 

 

SARATOGA MUNICIPAL BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 97.2%      
    FIXED INCOME - 97.2%      
37,015   Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class       $ 508,584
2,646   Vanguard Short-Term Tax-Exempt Fund, Admiral Class         41,833
             

550,417

               
    TOTAL OPEN END FUNDS (Cost $548,469)    

  550,417

               
    SHORT-TERM INVESTMENT — 4.4%      
    MONEY MARKET FUND - 4.4%      
24,799   Dreyfus AMT-Free Tax Exempt Cash Management, Institutional Class, 2.91% (Cost $24,799)(a)         24,799
             
    TOTAL INVESTMENTS - 101.6% (Cost $573,268)     $ 575,216
    LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%    

(9,172)

    NET ASSETS - 100.0%        

$ 566,044

           
               
 

 

 

 

 

   
 

 

 

 

(a) Rate disclosed is the seven day effective yield as of November 30, 2024.

 

 
 

SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 100.1%      
    MONEY MARKET FUNDS - 100.1%      
1,405,257   BlackRock Liquidity FedFund, Institutional Class, 4.53%(a)       $ 1,405,257
1,405,257   Dreyfus Government Cash Management, Class I, 4.52%(a)         1,405,257
1,405,257   Federated Hermes Government Obligations Fund, Institutional Class, 4.50%(a)         1,405,257
1,405,256   JPMorgan US Government Money Market Fund, Capital Class, 4.54%(a)         1,405,256
    TOTAL SHORT-TERM INVESTMENTS (Cost $5,621,027)  

5,621,027

               
    TOTAL INVESTMENTS - 100.1% (Cost $5,621,027)     $ 5,621,027
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(4,835)

    NET ASSETS - 100.0%        

$ 5,616,192

           
               
 
                 

 

 

 

(a) Rate disclosed is the seven day effective yield as of November 30, 2024.

 

 
 

SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 94.9%      
    ALTERNATIVE - 8.5%      
15,129   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 126,653
             
    EQUITY - 75.0%      
2,882   Saratoga Energy & Basic Materials Portfolio, Class I(a)         40,662
2,113   Saratoga Health & Biotechnology Portfolio, Class I(a)         52,077
7,774   Saratoga Large Capitalization Growth Portfolio, Class I(a)         279,787
7,651   Saratoga Large Capitalization Value Portfolio, Class I(a)         239,790
10,364   Saratoga Mid Capitalization Portfolio, Class I(a)         175,148
15,832   Saratoga Small Capitalization Portfolio, Class I(a),(b)         134,257
1,938   Saratoga Technology & Communications Portfolio, Class I(a)         56,711
849   Vanguard Financials Index Fund, Admiral Class         53,609
2,708   Vanguard Total International Stock Index Fund, Admiral Class         89,576
             

1,121,617

    FIXED INCOME - 11.4%      
13,000   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         134,415
3,559   Vanguard Short-Term Bond Index Fund, Admiral Class         36,191
             

170,606

               
    TOTAL OPEN END FUNDS (Cost $1,160,820)    

  1,418,876

               
    SHORT-TERM INVESTMENT — 5.1%      
    MONEY MARKET FUND - 5.1%      
76,757   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $76,757)(c)   76,757
             
    TOTAL INVESTMENTS - 100.0% (Cost $1,237,577)     $ 1,495,633
    LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%(d)    

(947)

    NET ASSETS - 100.0%        

$ 1,494,686

           
               
 

 

 

 

 

(a) Investment in affiliate.
(b) Non-income producing security.
(c) Rate disclosed is the seven day effective yield as of November 30, 2024.
(d) Amount represents less than 0.05%.
 
 
SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 91.1%      
    ALTERNATIVE - 6.9%      
26,371   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 220,725
             
    EQUITY - 40.2%      
13,301   Saratoga Large Capitalization Growth Portfolio, Class I(a)         478,697
12,930   Saratoga Large Capitalization Value Portfolio, Class I(a)         405,214
17,436   Saratoga Mid Capitalization Portfolio, Class I(a)         294,672
7,654   Saratoga Small Capitalization Portfolio, Class I(a),(b)         64,902
948   Vanguard Total International Stock Index Fund, Admiral Class         31,363
             

1,274,848

    FIXED INCOME - 44.0%      
106,690   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         1,103,172
28,662   Vanguard Short-Term Bond Index Fund, Admiral Class         291,494
             

1,394,666

               
    TOTAL OPEN END FUNDS (Cost $2,586,061)    

  2,890,239

               
    SHORT-TERM INVESTMENT — 8.9%      
    MONEY MARKET FUND - 8.9%      
282,228   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $282,228)(c)   282,228
             
    TOTAL INVESTMENTS - 100.0% (Cost $2,868,289)     $ 3,172,467
    LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%(d)    

(265)

    NET ASSETS - 100.0%        

$ 3,172,202

           
               
 

 

 

 

 

 

(a) Investment in affiliate.
(b) Non-income producing security.
(c) Rate disclosed is the seven day effective yield as of November 30, 2024.
(d) Amount represents less than 0.05%.

 

 
 

SARATOGA MODERATELY BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 92.9%      
    ALTERNATIVE - 6.8%      
19,136   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 160,169
             
    EQUITY - 62.0%      
2,478   Saratoga Energy & Basic Materials Portfolio, Class I(a)         34,965
1,823   Saratoga Health & Biotechnology Portfolio, Class I(a)         44,941
12,145   Saratoga Large Capitalization Growth Portfolio, Class I(a)         437,107
12,456   Saratoga Large Capitalization Value Portfolio, Class I(a)         390,364
17,162   Saratoga Mid Capitalization Portfolio, Class I(a)         290,040
11,725   Saratoga Small Capitalization Portfolio, Class I(a),(b)         99,428
1,863   Saratoga Technology & Communications Portfolio, Class I(a)         54,519
751   Vanguard Financials Index Fund, Admiral Class         47,410
1,625   Vanguard Total International Stock Index Fund, Admiral Class         53,770
             

1,452,544

    FIXED INCOME - 24.1%      
43,073   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         445,373
11,740   Vanguard Short-Term Bond Index Fund, Admiral Class         119,398
             

564,771

               
    TOTAL OPEN END FUNDS (Cost $1,809,875)    

  2,177,484

               
    SHORT-TERM INVESTMENT — 7.0%      
    MONEY MARKET FUND - 7.0%      
163,559   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $163,559)(c)   163,559
             
    TOTAL INVESTMENTS - 99.9% (Cost $1,973,434)     $ 2,341,043
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

1,527

    NET ASSETS - 100.0%        

$ 2,342,570

           
               
 

 

 

 

 

 

(a) Investment in affiliate.
(b) Non-income producing security.
(c) Rate disclosed is the seven day effective yield as of November 30, 2024.
 
 

 

SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 93.7%      
    ALTERNATIVE - 7.9%      
11,140   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 93,243
             
    EQUITY - 66.6%      
1,924   Saratoga Energy & Basic Materials Portfolio, Class I(a)         27,151
1,230   Saratoga Health & Biotechnology Portfolio, Class I(a)         30,315
5,775   Saratoga Large Capitalization Growth Portfolio, Class I(a)         207,828
5,988   Saratoga Large Capitalization Value Portfolio, Class I(a)         187,657
8,803   Saratoga Mid Capitalization Portfolio, Class I(a)         148,764
9,339   Saratoga Small Capitalization Portfolio, Class I(a),(b)         79,193
1,125   Saratoga Technology & Communications Portfolio, Class I(a)         32,910
438   Vanguard Financials Index Fund, Admiral Class         27,647
1,388   Vanguard Total International Stock Index Fund, Admiral Class         45,923
             

787,388

    FIXED INCOME - 19.2%      
17,352   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         179,418
4,723   Vanguard Short-Term Bond Index Fund, Admiral Class         48,035
             

227,453

               
    TOTAL OPEN END FUNDS (Cost $913,924)    

  1,108,084

               
    SHORT-TERM INVESTMENT — 6.2%      
    MONEY MARKET FUND - 6.2%      
73,663   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $73,663)(c)   73,663
             
    TOTAL INVESTMENTS - 99.9% (Cost $987,587)     $ 1,181,747
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

731

    NET ASSETS - 100.0%        

$ 1,182,478

           
 

 

 

 

 

 

 

 

(a) Investment in affiliate.
(b) Non-income producing security.
(c) Rate disclosed is the seven day effective yield as of November 30, 2024.
 
 

 

 

SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
November 30, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 91.9%      
    ALTERNATIVE - 6.9%      
7,420   Eaton Vance Global Macro Absolute Return Fund, Class I       $ 62,101
             
    EQUITY - 56.9%      
4,556   Saratoga Large Capitalization Growth Portfolio, Class I(a)         163,985
4,587   Saratoga Large Capitalization Value Portfolio, Class I(a)         143,762
6,892   Saratoga Mid Capitalization Portfolio, Class I(a)         116,474
6,435   Saratoga Small Capitalization Portfolio, Class I(a),(b)         54,567
937   Vanguard Total International Stock Index Fund, Admiral Class         30,986
             

509,774

    FIXED INCOME - 28.1%      
18,906   Vanguard Intermediate-Term Bond Index Fund, Admiral Class         195,484
5,534   Vanguard Short-Term Bond Index Fund, Admiral Class         56,283
             

251,767

               
    TOTAL OPEN END FUNDS (Cost $701,810)    

  823,642

               
    SHORT-TERM INVESTMENT — 7.9%      
    MONEY MARKET FUND - 7.9%      
71,176   Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.60% (Cost $71,176)(c)   71,176
             
    TOTAL INVESTMENTS - 99.8% (Cost $772,986)     $ 894,818
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%    

1,398

    NET ASSETS - 100.0%        

$ 896,216

           
               
 

 

 

 

 

 

(a) Investment in affiliate.
(b) Non-income producing security.
(c) Rate disclosed is the seven day effective yield as of November 30, 2024.