SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 95.3%
		AEROSPACE & DEFENSE - 7.3%
	16,034	Raytheon Technologies Corporation	$	1,422,376
		ASSET MANAGEMENT - 5.0%
	12,940	Charles Schwab Corporation (The)		955,619
		BANKING - 4.7%
	12,329	East West Bancorp, Inc.		921,963
		BEVERAGES - 3.3%
	11,198	Molson Coors Beverage Company, Class B(a)		653,067
		BIOTECH & PHARMA - 4.0%
	24,271	Bausch Health Companies, Inc.(a)		780,555
		CABLE & SATELLITE - 4.5%
	5,303	Liberty Broadband Corporation - Series C(a)		881,836
		CHEMICALS - 9.0%
	2,017	Air Products and Chemicals, Inc.		604,414
	34,730	Axalta Coating Systems Ltd.(a)		1,126,642
				1,731,056
		CONTAINERS & PACKAGING - 5.7%
	10,767	Crown Holdings, Inc.		1,111,586
		E-COMMERCE DISCRETIONARY - 4.4%
	3,960	Alibaba Group Holding Ltd. - ADR(a)		847,282
		ELECTRIC UTILITIES - 4.1%
	24,855	NRG Energy, Inc.		799,088
		HEALTH CARE FACILITIES & SERVICES - 2.3%
	3,908	AmerisourceBergen Corporation		448,404

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 95.3% (Continued)
		HOME CONSTRUCTION - 3.7%
	3,388	Mohawk Industries, Inc.(a)	$	713,784
		INSURANCE - 4.0%
	7,470	Globe Life, Inc.		787,487
		INTERNET MEDIA & SERVICES - 4.7%
	389	Alphabet, Inc., Class A(a)		916,815
		LEISURE PRODUCTS - 2.9%
	5,460	Brunswick Corporation		558,176
		PUBLISHING & BROADCASTING - 3.9%
	16,773	Liberty Media Corp-Liberty Formula One - Series C(a)		748,914
		RETAIL - CONSUMER STAPLES - 2.9%
	2,477	Target Corporation		562,081
		SEMICONDUCTORS - 5.3%
	5,676	Qorvo, Inc.(a)		1,037,119
		TECHNOLOGY HARDWARE - 4.6%
	9,042	Sony Corporation - ADR		900,673
		TECHNOLOGY SERVICES - 4.1%
	3,117	CACI International, Inc., Class A(a)		794,710
		WHOLESALE - DISCRETIONARY - 4.9%
	19,020	LKQ Corporation(a)		969,259
		TOTAL COMMON STOCKS (Cost $14,862,453)		18,541,850

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 5.2%
		MONEY MARKET FUNDS - 5.2%
	1,010,701	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $1,010,701)(b)	$	1,010,701
		TOTAL INVESTMENTS - 100.5% (Cost $15,873,154)	$	19,552,551
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%		(101,732	)
		NET ASSETS - 100.0%	$	19,450,819

ADR - American Depositary Receipt

Ltd. - Limited Company

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.1%
		ADVERTISING & MARKETING - 0.9%
	400	Trade Desk, Inc. (The), Class A(a)	$	235,256
		APPAREL & TEXTILE PRODUCTS - 0.3%
	700	NIKE, Inc., Class B		95,522
		ASSET MANAGEMENT - 1.4%
	1,960	T Rowe Price Group, Inc.		375,046
		AUTOMOTIVE - 1.5%
	680	Tesla, Inc.(a)		425,150
		BIOTECH & PHARMA - 1.5%
	2,100	Eli Lilly and Company		419,454
		COMMERCIAL SUPPORT SERVICES - 1.0%
	790	Cintas Corporation		279,297
		E-COMMERCE DISCRETIONARY - 6.6%
	445	Amazon.com, Inc.(a)		1,434,266
	2,260	Etsy, Inc.(a)		372,290
				1,806,556
		ELECTRICAL EQUIPMENT - 3.1%
	3,840	Cognex Corporation		304,858
	1,680	Generac Holdings, Inc.(a)		552,249
				857,107
		HEALTH CARE FACILITIES & SERVICES - 5.9%
	1,550	Amedisys, Inc.(a)		400,474
	2,080	Laboratory Corp of America Holdings(a)		570,917
	840	McKesson Corporation		161,608
	1,180	UnitedHealth Group, Inc.		486,066
				1,619,065
		HOUSEHOLD PRODUCTS - 2.3%
	4,720	Procter & Gamble Company (The)		636,492

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		INFRASTRUCTURE REIT - 0.9%
	990	American Tower Corporation	$	252,905
		INTERNET MEDIA & SERVICES - 10.1%
	285	Alphabet, Inc., Class A(a)		671,702
	295	Alphabet, Inc., Class C(a)		711,410
	3,533	Facebook, Inc., Class A(a)		1,161,404
	280	Netflix, Inc.(a)		140,787
	600	Spotify Technology S.A.(a)		144,942
				2,830,245
		LEISURE PRODUCTS - 2.0%
	4,260	Polaris, Inc.		558,997
		MEDICAL EQUIPMENT & DEVICES - 5.8%
	4,640	Abbott Laboratories		541,256
	6,600	Avantor, Inc.(a)		212,190
	290	Mettler-Toledo International, Inc.(a)		377,276
	1,030	Thermo Fisher Scientific, Inc.		483,585
				1,614,307
		PUBLISHING & BROADCASTING - 1.6%
	2,840	Nexstar Media Group, Inc., Class A		431,424
		RETAIL - CONSUMER STAPLES - 1.0%
	710	Costco Wholesale Corporation		268,572
		RETAIL -DISCRETIONARY - 5.9%
	1,990	Home Depot, Inc. (The)		634,631
	2,460	Lowe’s Companies, Inc.		479,282
	2,980	Williams-Sonoma, Inc.(b)		505,229
				1,619,142
		SELF-STORAGE REIT - 0.6%
	550	Public Storage		155,364
		SEMICONDUCTORS - 5.6%
	1,360	Applied Materials, Inc.		187,857

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		SEMICONDUCTORS - 5.6% (Continued)
	740	Broadcom, Inc.	$	349,524
	500	NVIDIA Corporation		324,890
	2,280	QUALCOMM, Inc.		306,751
	1,950	Texas Instruments, Inc.		370,149
				1,539,171
		SOFTWARE - 16.5%
	1,340	Adobe, Inc.(a)		676,137
	2,990	Cadence Design Systems, Inc.(a)		379,700
	1,920	Crowdstrike Holdings, Inc., Class A(a)		426,528
	20,320	Dropbox, Inc., Class A(a)(b)		555,752
	2,830	Fortinet, Inc.(a)		618,468
	7,643	Microsoft Corporation		1,908,304
				4,564,889
		TECHNOLOGY HARDWARE - 9.0%
	18,100	Apple, Inc.		2,255,441
	4,080	Jabil, Inc.		230,316
				2,485,757
		TECHNOLOGY SERVICES - 13.1%
	2,220	Accenture plc, Class A		626,395
	2,370	CDW Corporation/DE		392,045
	630	EPAM Systems, Inc.(a)		300,888
	360	Fair Isaac Corporation(a)		182,182
	2,550	Gartner, Inc.(a)		591,192
	3,590	PayPal Holdings, Inc.(a)		933,472
	800	S&P Global, Inc.		303,576
	1,350	Visa, Inc., Class A		306,855
				3,636,605
		TRANSPORTATION & LOGISTICS - 2.5%
	3,220	United Parcel Service, Inc., Class B		691,012
		TOTAL COMMON STOCKS (Cost $18,910,102)		27,397,335

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.2%
		MONEY MARKET FUNDS - 1.2%
	329,126	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $329,126)(c)	$	329,126
		TOTAL INVESTMENTS - 100.3% (Cost $19,239,228)	$	27,726,461
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%		(70,277	)
		NET ASSETS - 100.0%	$	27,656,184

ETF - Exchange-Traded Fund

plc - Public Limited Company

REIT - Real Estate Investment Trust

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, 2021 was $961,477.

^(c) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.3%
		APPAREL & TEXTILE PRODUCTS - 3.0%
	8,150	Skechers USA, Inc., Class A(a)	$	387,125
		ASSET MANAGEMENT - 4.3%
	2,170	Ares Management Corporation, Class A		119,741
	9,655	Brightsphere Investment Group, Inc.		215,017
	1,675	Raymond James Financial, Inc.		222,088
				556,846
		BANKING - 5.8%
	4,995	Bank of NT Butterfield & Son Ltd. (The)		190,509
	6,135	PacWest Bancorp		277,118
	5,640	TCF Financial Corporation		267,900
				735,527
		BEVERAGES - 1.0%
	535	Constellation Brands, Inc., Class A		128,250
		BIOTECH & PHARMA - 4.1%
	14,740	Elanco Animal Health, Inc.(a)		530,345
		CHEMICALS - 6.0%
	725	Avery Dennison Corporation		159,884
	6,165	Axalta Coating Systems Ltd.(a)		199,993
	2,345	FMC Corporation		273,638
	1,150	LyondellBasell Industries N.V., Class A		129,513
				763,028
		COMMERCIAL SUPPORT SERVICES - 2.4%
	8,360	Aramark		312,246
		CONSUMER SERVICES - 1.5%
	2,130	Grand Canyon Education, Inc.(a)		193,702
		CONTAINERS & PACKAGING - 1.9%
	2,375	Crown Holdings, Inc.		245,195

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		E-COMMERCE DISCRETIONARY - 1.8%
	7,830	Leslie’s, Inc.(a),(b)	$	228,323
		ELECTRIC UTILITIES - 4.0%
	1,145	Alliant Energy Corporation		65,437
	945	Ameren Corporation		79,569
	775	CMS Energy Corporation		48,624
	2,025	Evergy, Inc.		125,530
	12,075	Vistra Corporation		195,252
				514,412
		ELECTRICAL EQUIPMENT - 10.2%
	680	Allegion plc		95,526
	1,750	AMETEK, Inc.		236,425
	1,510	Hubbell, Inc.		287,866
	870	Keysight Technologies, Inc.(a)		123,871
	11,870	nVent Electric plc		386,250
	2,285	Otis Worldwide Corporation		178,984
				1,308,922
		ENGINEERING & CONSTRUCTION - 2.0%
	8,895	WillScot Mobile Mini Holdings Corporation(a)		257,955
		HEALTH CARE FACILITIES & SERVICES - 2.3%
	695	IQVIA Holdings, Inc.(a)		166,911
	5,275	Sotera Health Company (a)		127,128
				294,039
		INDUSTRIAL INTERMEDIATE PROD - 3.0%
	4,415	Timken Company (The)		390,507
		INSTITUTIONAL FINANCIAL SERVICES - 1.0%
	790	Nasdaq, Inc.		132,293
		INSURANCE - 5.7%
	705	Allstate Corporation (The)		96,310
	805	Arthur J Gallagher & Company		118,021
	4,780	Athene Holding Ltd., Class A(a)		299,372

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		INSURANCE - 5.7% (Continued)
	1,705	Reinsurance Group of America, Inc.	$	214,881
				728,584
		MACHINERY - 5.9%
	3,970	Crane Company		379,095
	2,920	Oshkosh Corporation		383,805
				762,900
		MEDICAL EQUIPMENT & DEVICES - 4.3%
	680	Agilent Technologies, Inc.		93,928
	5,525	Avantor, Inc.(a)		177,629
	310	Cooper Companies, Inc. (The)		121,970
	2,540	Hologic, Inc.(a)		160,172
				553,699
		METALS & MINING - 2.9%
	20,965	Constellium S.E.(a)		374,435
		MORTGAGE FINANCE - 0.8%
	9,315	New Residential Investment Corporation		98,553
		OIL & GAS PRODUCERS - 4.9%
	4,015	Diamondback Energy, Inc.		321,481
	2,005	Pioneer Natural Resources Company		305,141
				626,622
		PUBLISHING & BROADCASTING - 2.6%
	2,165	Nexstar Media Group, Inc., Class A		328,885
		SEMICONDUCTORS - 1.9%
	600	Analog Devices, Inc.		98,760
	435	CMC Materials, Inc.		67,134
	680	Entegris, Inc.		77,826
				243,720
		SOFTWARE - 2.0%
	15,600	SolarWinds Corporation(a),(b)		258,180

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		SPECIALTY FINANCE - 5.5%
	3,680	Alliance Data Systems Corporation	$	445,464
	5,505	Synchrony Financial		260,992
				706,456
		TECHNOLOGY HARDWARE - 2.9%
	1,785	Motorola Solutions, Inc.		366,478
		TECHNOLOGY SERVICES - 4.8%
	1,020	CACI International, Inc., Class A(a)		260,060
	365	CDW Corporation/DE		60,378
	495	Global Payments, Inc.		95,886
	2,185	MAXIMUS, Inc.		202,484
				618,808
		WHOLESALE - CONSUMER STAPLES - 0.8%
	1,975	Performance Food Group Company(a)		99,007
		TOTAL COMMON STOCKS (Cost $8,677,285)		12,745,042
		SHORT-TERM INVESTMENTS — 1.8%
		MONEY MARKET FUNDS - 1.8%
	231,862	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $231,862)(c)		231,862
		TOTAL INVESTMENTS - 101.1% (Cost $8,909,147)	$	12,976,904
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%		(141,469	)
		NET ASSETS - 100.0%	$	12,835,435

Ltd. - Limited Company

NV - Naamioze Vennootschap

plc - Public 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, 2021 was $481,617.

^(c) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.3%
		ADVERTISING & MARKETING - 0.5%
	1,194	Magnite, Inc.(a),(b)	$	35,462
		AEROSPACE & DEFENSE - 1.1%
	1,805	AAR Corporation		75,359
		APPAREL & TEXTILE PRODUCTS - 0.8%
	2,083	Movado Group, Inc.		57,762
		ASSET MANAGEMENT - 2.1%
	528	Virtus Investment Partners, Inc.		148,489
		AUTOMOTIVE - 0.6%
	3,528	American Axle & Manufacturing Holdings, Inc.(a)		39,514
		BANKING - 15.6%
	889	1st Source Corporation		43,979
	1,889	BancorpSouth Bank		57,766
	889	Banner Corporation		52,033
	722	City Holding Company		57,919
	833	Columbia Banking System, Inc.		35,952
	500	Community Bank System, Inc.		40,560
	1,167	Dime Community Bancshares, Inc.		40,507
	1,083	First Bancorp		48,053
	2,028	First of Long Island Corporation (The)		45,630
	1,250	Flagstar Bancorp, Inc.		57,250
	3,916	Fulton Financial Corporation		67,864
	2,500	Great Western Bancorp, Inc.		83,650
	1,305	Hilltop Holdings, Inc.		48,481
	1,111	Preferred Bank		75,870
	1,056	ServisFirst Bancshares, Inc.		73,350
	3,278	Simmons First National Corporation, Class A		99,978
	1,361	Southside Bancshares, Inc.		58,305
	2,750	United Community Banks, Inc.		95,094
				1,082,241

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		BIOTECH & PHARMA - 1.7%
	1,083	Arcus Biosciences, Inc.(a),(b)	$	26,880
	1,333	Halozyme Therapeutics, Inc.(a)		55,199
	222	Novavax, Inc., Class A(a),(b)		32,772
				114,851
		COMMERCIAL SUPPORT SERVICES - 2.2%
	1,500	Brink’s Company (The)		113,115
	1,028	Franchise Group, Inc.		37,974
				151,089
		CONSTRUCTION MATERIALS - 1.0%
	611	Advanced Drainage Systems, Inc.		69,300
		CONSUMER SERVICES - 1.5%
	1,000	Chegg, Inc.(a)		76,910
	83	Medifast, Inc.		27,577
				104,487
		ELECTRICAL EQUIPMENT - 1.4%
	4,611	API Group Corporation(a)		97,523
		ENGINEERING & CONSTRUCTION - 5.5%
	556	EMCOR Group, Inc.		70,117
	750	Installed Building Products, Inc.		88,950
	944	MasTec, Inc.(a),(b)		109,816
	556	TopBuild Corporation(a),(b)		110,116
				378,999
		FOOD - 1.7%
	1,750	Darling Ingredients, Inc.(a)		119,805
		FORESTRY, PAPER & WOOD PRODUCTS - 2.3%
	1,472	Boise Cascade Company		97,137
	889	Louisiana-Pacific Corporation		59,750
				156,887
		GAS & WATER UTILITIES - 0.7%
	667	ONE Gas, Inc.		49,571

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 5.0%
	1,417	AdaptHealth Corporation(a),(b)	$	37,111
	472	Addus HomeCare Corporation(a)		45,392
	333	Amedisys, Inc.(a)		86,038
	500	Fulgent Genetics, Inc.(a),(b)		37,035
	333	Molina Healthcare, Inc.(a)		83,703
	917	Tenet Healthcare Corporation(a)		61,356
				350,635
		HOME CONSTRUCTION - 2.8%
	1,833	Forestar Group, Inc.(a)		42,177
	667	KB Home		31,222
	1,139	MDC Holdings, Inc.		66,006
	1,750	Taylor Morrison Home Corporation(a)		51,835
				191,240
		INDUSTRIAL INTERMEDIATE PROD - 1.9%
	778	EnPro Industries, Inc.		71,568
	1,305	Mueller Industries, Inc.		60,591
				132,159
		INDUSTRIAL SUPPORT SERVICES - 4.5%
	1,194	Herc Holdings, Inc.(a)		137,335
	1,278	Resideo Technologies, Inc.(a)		38,212
	1,278	WESCO International, Inc.(a)		136,196
				311,743
		INSTITUTIONAL FINANCIAL SERVICES - 2.1%
	2,694	Moelis & Company, Class A		144,641
		INSURANCE - 0.7%
	2,222	Selectquote, Inc.(a)		45,151
		LEISURE PRODUCTS - 5.9%
	2,583	Acushnet Holdings Corporation		137,415
	667	Fox Factory Holding Corporation(a)		103,705
	417	LCI Industries		62,154
	639	Winnebago Industries, Inc.		47,260

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		LEISURE PRODUCTS - 5.9% (Continued)
	667	YETI Holdings, Inc.(a)	$	58,429
				408,963
		MACHINERY - 0.8%
	833	Astec Industries, Inc.		57,085
		MEDICAL EQUIPMENT & DEVICES - 4.0%
	2,250	AngioDynamics, Inc.(a)		52,020
	750	AtriCure, Inc.(a)		56,048
	1,694	CareDx, Inc.(a)		136,197
	167	Repligen Corporation(a)		30,496
				274,761
		METALS & MINING - 0.9%
	750	Encore Wire Corporation		61,650
		MORTGAGE FINANCE - 0.5%
	2,167	Ready Capital Corporation		32,982
		OIL & GAS PRODUCERS - 1.4%
	278	Murphy USA, Inc.		37,477
	2,055	Ovintiv, Inc.		54,725
				92,202
		OIL & GAS SERVICES & EQUIPMENT - 0.7%
	3,972	National Energy Services Reunited Corporation(a)		50,961
		PUBLISHING & BROADCASTING - 0.9%
	3,194	TEGNA, Inc.		61,931
		RETAIL - DISCRETIONARY - 5.3%
	345	Aaron’s Company, Inc. (The)		12,410
	972	Abercrombie & Fitch Company, Class A		41,504
	1,472	Boot Barn Holdings, Inc.(a)		112,446
	2,251	Builders FirstSource, Inc.(a)		100,260
	861	Haverty Furniture Companies, Inc.		39,554

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		RETAIL - DISCRETIONARY - 5.3% (Continued)
	3,194	Macy’s, Inc.(b)	$	58,386
				364,560
		RETAIL REIT - 1.0%
	3,805	Urstadt Biddle Properties, Inc., Class A		69,555
		SEMICONDUCTORS - 3.1%
	1,667	Alpha & Omega Semiconductor Ltd.(a)		53,694
	556	Brooks Automation, Inc.		56,763
	722	II-VI, Inc.(a),(b)		48,641
	917	MACOM Technology Solutions Holdings, Inc.(a)		54,286
				213,384
		SOFTWARE - 7.6%
	1,278	Cerence, Inc.(a),(b)		121,576
	778	Five9, Inc.(a)		137,785
	444	J2 Global, Inc.(a),(b)		55,291
	1,000	Sailpoint Technologies Holdings, Inc.(a),(b)		46,530
	2,417	Sapiens International Corp N.V.		69,392
	2,111	Verint Systems, Inc.(a),(b)		97,338
				527,912
		SPECIALTY FINANCE - 5.0%
	889	GATX Corporation		87,709
	2,889	MGIC Investment Corporation(b)		42,526
	2,694	Mr Cooper Group, Inc.(a)		93,185
	1,889	PennyMac Financial Services, Inc.		118,271
	31	PROG Holdings, Inc.		1,634
				343,325
		TECHNOLOGY SERVICES - 0.6%
	167	CACI International, Inc., Class A(a)		42,578
		TIMBER REIT - 0.7%
	833	PotlatchDeltic Corporation		50,147

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.3% (Continued)
		WHOLESALE - CONSUMER STAPLES - 1.6%
	2,167	Performance Food Group Company(a)	$	108,632
		WHOLESALE - DISCRETIONARY - 0.6%
	1,222	G-III Apparel Group Ltd.(a)		40,375
		TOTAL COMMON STOCKS (Cost $4,597,322)		6,657,911
Principal
Amount ($)
		REPURCHASE AGREEMENT — 0.6%
		REPURCHASE AGREEMENTS - 0.6%
	38,857	HSBC Securities, Inc. Repo, dated 5/28/2021, due 6/1/2021, 0.00%, total to be received $38,857 (Collateralized by various U.S. Government Agency Obligations 4/30/2022-2/15/2041, 0.000%-6.125%, totaling $39,634)		38,857
		TOTAL REPURCHASE AGREEMENT (Cost $39,516)		38,857
Shares
		SHORT-TERM INVESTMENTS — 3.4%
		MONEY MARKET FUNDS - 3.4%
	237,509	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $237,509)(c)		237,509
		TOTAL INVESTMENTS - 100.8% (Cost $4,904,365)	$	6,971,471
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%		(58,109	)
		NET ASSETS - 100.0%	$	6,913,362

Ltd. - Limited Company

NV - 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, 2021 was $850,699.

^(c) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.5%
		AUSTRALIA - 4.6%
	2,960	BHP Group Ltd.	$	109,647
	880	Macquarie Group Ltd.		103,565
				213,212
		BRAZIL - 2.2%
	12,860	Banco Santander Brasil -ADR		101,465
		CANADA - 2.2%
	5,020	Manulife Financial Corporation		104,918
		CHINA - 6.8%
	15,500	Anhui Conch Cement Company Ltd., H Shares(a)		95,952
	13,700	China Merchants Bank Company Ltd., H Shares		126,743
	74,800	Zoomlion Heavy Industry Science & Tech. Co.(a)		92,993
				315,688
		DENMARK - 2.5%
	630	Carlsberg A/S -Series B		115,584
		FRANCE - 2.7%
	1,890	Compagnie de Saint-Gobain		126,735
		GERMANY - 4.4%
	373	Allianz SE(a)		98,949
	580	Merck KGaA		104,150
				203,099
		HONG KONG - 4.3%
	83,000	Lenovo Group Ltd.(a)		100,081
	52,000	Tingyi (Cayman Islands) Holding Corporation(a)		98,883
				198,964
		INDIA - 4.6%
	1,480	Dr. Reddy’s Laboratories Ltd. - ADR		105,628
	4,950	Tata Motors Ltd. - ADR (b),(c)		107,563
				213,191
		ITALY - 4.2%
	9,820	Enel SpA		97,284

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.5% (Continued)
		ITALY - 4.2% (Continued)
	8,170	Eni SpA	$	100,270
				197,554
		JAPAN - 17.2%
	4,000	Ajinomoto Company, Inc.		92,849
	15,900	Chiba Bank Ltd. (The)		103,144
	1,600	Konami Corp		103,124
	139	Nintendo Company Ltd(a)		85,961
	2,500	Nippon Yusen KK		101,724
	4,400	Olympus Corp.		93,619
	1,200	Sony Corporation(a)		119,173
	2,200	Toyota Tsusho Corp.		100,186
				799,780
		KOREA (REPUBLIC OF) - 2.1%
	1,320	Kia Motors Corporation(a)		99,856
		LUXEMBOURG - 2.4%
	1,060	Eurofins Scientific S.E.(b)		113,443
		MEXICO - 2.0%
	29,410	Wal-Mart de Mexico S.A.B de C.V.		93,722
		SOUTH AFRICA - 2.9%
	8,140	Mr. Price Group Ltd.		136,665
		SWEDEN - 7.2%
	4,430	Hennes & Mauritz AB (H&M), Class B(a)		114,254
	7,880	Husqvarna AB, B Shares		115,822
	8,070	Telefonaktiebolaget LM Ericsson, B Shares(a)		108,010
				338,086
		SWITZERLAND - 4.7%
	3,310	ABB Ltd.		112,732
	6,420	UBS Group AG(a)		104,558
				217,290

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 94.5% (Continued)
		TAIWAN PROVINCE OF CHINA - 2.2%
	3,000	MediaTek, Inc.	$	103,927
	24,000	Vanguard International Semiconductor Corporation		101,224
				205,151
		UNITED KINGDOM - 10.8%
	3,110	Anglo American plc		137,937
	45,780	Barclays plc		118,773
	5,120	BP plc -ADR		134,298
	22,760	Kingfisher PLC(b)		115,402
				506,410
		UNITED STATES - 2.3%
	6,370	Sberbank of Russia PJSC - ADR		107,494
		TOTAL COMMON STOCKS (Cost $3,389,955)		4,408,307
		SHORT-TERM INVESTMENTS — 0.7%
		MONEY MARKET FUNDS - 0.7%
	33,614	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $33,614)(d)		33,614
		TOTAL INVESTMENTS - 99.9% (Cost $3,561,120)	$	4,662,155
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		6,069
		NET ASSETS -100.0%	$	4,668,224

ADR - American Depositary Receipt

A/S - Anonim Sirketi

Ltd. - Limited Company

PJSC - Public Joint-Stock Company

Plc - Public Limited Company

^(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) All or a portion of the security is on loan. The total fair value of the securities on loan as of May 31, 2021 was $17,384.

^(d) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA HEALTH & BIOTECHNOLOGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.5%
		BIOTECH & PHARMA - 41.3%
	2,965	AbbVie, Inc.	$	335,638
	2,685	Amgen, Inc.		638,869
	1,805	Biogen, Inc.(a)		482,801
	14,929	Exelixis, Inc.(a)		336,649
	6,420	Gilead Sciences, Inc.		424,426
	12,045	GlaxoSmithKline plc - ADR(b)		466,985
	2,255	Jazz Pharmaceuticals plc(a)		401,683
	1,455	Johnson & Johnson		246,259
	4,935	Merck & Company, Inc.		374,517
	5,795	Novartis A.G. - ADR		512,162
	720	Regeneron Pharmaceuticals, Inc.(a)		361,750
	3,615	United Therapeutics Corporation(a)		672,029
	1,070	Vertex Pharmaceuticals, Inc.(a)		223,234
				5,477,002
		HEALTH CARE FACILITIES & SERVICES - 31.8%
	3,000	AmerisourceBergen Corporation		344,220
	1,740	Anthem, Inc.		692,903
	6,336	Cardinal Health, Inc.		355,260
	2,235	Charles River Laboratories International, Inc.(a)		755,407
	630	Humana, Inc.		275,751
	4,166	McKesson Corporation		801,496
	2,910	Quest Diagnostics, Inc.		383,160
	1,450	UnitedHealth Group, Inc.		597,284
				4,205,481
		MEDICAL EQUIPMENT & DEVICES - 26.4%
	7,089	Alcon, Inc.(b)		493,962
	1,327	Illumina, Inc.(a)		538,284
	515	Intuitive Surgical, Inc.(a)		433,723
	5,025	Medtronic PLC		636,114
	2,155	Stryker Corporation		550,107
	800	Thermo Fisher Scientific, Inc.		375,600
	2,740	Zimmer Biomet Holdings, Inc.		461,224
				3,489,014

SARATOGA HEALTH & BIOTECHNOLOGY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

			Fair Value
		COMMON STOCKS — 99.5% (Continued)
		TOTAL COMMON STOCKS (Cost $9,655,352)	$	13,171,497
Shares
		SHORT-TERM INVESTMENTS — 0.8%
		MONEY MARKET FUNDS - 0.8%
	105,281	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $105,281)(c)		105,281
		TOTAL INVESTMENTS - 100.3% (Cost $9,760,633)	$	13,276,778
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%		(37,096	)
		NET ASSETS - 100.0%	$	13,239,682

ADR - American Depositary Receipt

plc - Public 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, 2021 was $582,683.

^(c) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.8%
		DATA CENTER REIT - 1.7%
	6,915	Digital Realty Trust, Inc.	$	1,048,037
		E-COMMERCE DISCRETIONARY - 12.3%
	1,613	Amazon.com, Inc.(a)		5,198,812
	38,100	eBay, Inc.		2,319,528
				7,518,340
		INTERNET MEDIA & SERVICES - 17.1%
	517	Alphabet, Inc., Class A(a)		1,218,491
	2,001	Alphabet, Inc., Class C(a)		4,825,532
	13,404	Facebook, Inc., Class A(a)		4,406,297
				10,450,320
		LEISURE FACILITIES & SERVICES - 3.0%
	36,891	DraftKings, Inc., Class A(a),(b)		1,842,705
		SEMICONDUCTORS - 16.6%
	48,033	Intel Corporation		2,743,645
	9,381	KLA Corporation		2,972,745
	21,220	QUALCOMM, Inc.		2,854,939
	9,300	Skyworks Solutions, Inc.		1,581,000
				10,152,329
		SOFTWARE - 20.6%
	14,190	Akamai Technologies, Inc.(a)		1,620,640
	6,000	Citrix Systems, Inc.		689,760
	9,842	Microsoft Corporation		2,457,351
	31,151	Oracle Corporation		2,452,830
	7,120	salesforce.com, Inc.(a)		1,695,272
	7,279	Synopsys, Inc.(a)		1,851,341
	11,510	VMware, Inc., Class A(a),(b)		1,817,314
				12,584,508
		TECHNOLOGY HARDWARE - 9.0%
	24,388	Apple, Inc.		3,038,989
	46,577	Cisco Systems, Inc.		2,463,923
				5,502,912

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.8% (Continued)
		TECHNOLOGY SERVICES - 18.5%
	17,805	Amdocs Ltd.	$	1,390,571
	18,963	Cognizant Technology Solutions Corporation, Class A		1,356,992
	8,412	Global Payments, Inc.		1,629,489
	7,795	Jack Henry & Associates, Inc.		1,201,599
	4,139	Mastercard, Inc., Class A		1,492,441
	8,010	PayPal Holdings, Inc.(a)		2,082,760
	9,502	Visa, Inc., Class A		2,159,804
				11,313,656
		TOTAL COMMON STOCKS (Cost $21,142,356)		60,412,807
Principal
Amount ($)
		REPURCHASE AGREEMENT — 0.2%
		REPURCHASE AGREEMENTS - 0.2%
	94,394	HSBC Securities USA, Inc., dated 5/28/2021, due 6/1/2021, 0.000%, total to be received $94,394 (Collateralized by various U.S. Government Agency Obligations 4/30/2022-2/15/2041, 0.000%-6.125%, totaling 95,994)		94,394
		TOTAL REPURCHASE AGREEMENT (Cost$ 94,394)		94,394
Shares
		SHORT-TERM INVESTMENTS — 1.8%
		MONEY MARKET FUNDS - 1.8%
	1,095,524	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $1,095,524)(c)		1,095,524
		TOTAL INVESTMENTS - 100.8% (Cost $22,237,880)	$	61,602,725
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%		(478,445	)
		NET ASSETS - 100.0%	$	61,124,280

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, 2021 was $2,912,170.

^(c) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.1%
		CHEMICALS - 19.5%
	1,117	BASF S.E. - ADR	$	22,910
	533	Covestro A.G. - ADR		18,655
	542	Dow, Inc.		37,083
	144	DuPont de Nemours, Inc.		12,181
	262	Eastman Chemical Company		32,855
	681	Huntsman Corporation		19,327
	122	Linde plc		36,672
	343	LyondellBasell Industries N.V., Class A		38,628
	998	Mosaic Company (The)		36,068
	80	PPG Industries, Inc.		14,378
	110	Westlake Chemical Corporation		11,096
				279,853
		CONTAINERS & PACKAGING - 7.9%
	1,970	Amcor plc		23,246
	370	Berry Global Group, Inc.(a)		25,238
	574	International Paper Company		36,219
	474	Westrock Company		27,644
				112,347
		ENGINEERING & CONSTRUCTION - 0.2%
	172	Technip Energies N.V. - ADR(a)		2,589
		METALS & MINING - 18.6%
	1,000	Anglo American plc - ADR		22,480
	1,690	B2Gold Corporation		8,619
	870	Barrick Gold Corporation		20,950
	959	BHP Group Ltd. - ADR		71,071
	440	Freeport-McMoRan, Inc.		18,797
	2,754	Kinross Gold Corporation		22,307
	593	Rio Tinto plc - ADR		51,846
	527	Teck Resources Ltd., Class B		13,022
	1,680	Vale S.A. - ADR		36,154
				265,246
		OIL & GAS PRODUCERS - 46.6%
	1,849	BP plc - ADR		48,499

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		OIL & GAS PRODUCERS - 46.6% (Continued)
	400	Canadian Natural Resources Ltd.	$	13,848
	650	Chevron Corporation		67,464
	693	China Petroleum & Chemical Corporation - ADR		37,422
	200	Cimarex Energy Company		13,550
	320	Devon Energy Corporation		8,499
	439	Diamondback Energy, Inc.		35,151
	680	Ecopetrol S.A. - ADR		8,119
	503	Enbridge, Inc.		19,355
	610	Eni SpA - ADR		14,982
	290	EOG Resources, Inc.		23,299
	370	EQT Corporation		7,726
	2,881	Equitrans Midstream Corporation		23,739
	1,641	Exxon Mobil Corporation		95,785
	618	HollyFrontier Corporation		20,066
	522	LUKOIL PJSC - ADR		42,392
	728	Marathon Petroleum Corporation		44,990
	1,333	PetroChina Company Ltd. - ADR		54,986
	820	Petroleo Brasileiro S.A. - ADR		8,372
	637	Royal Dutch Shell plc, Class B - ADR		23,136
	1,176	TOTAL S.E. - ADR		54,907
				666,287
		OIL & GAS SERVICES & EQUIPMENT - 2.4%
	994	Baker Hughes Company		24,254
	1,100	TechnipFMC plc		9,449
				33,703
		STEEL - 3.9%
	356	Nucor Corporation		36,505
	310	Steel Dynamics, Inc.		19,353
				55,858
		TOTAL COMMON STOCKS (Cost $1,132,625)		1,415,883

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 0.7%
		MONEY MARKET FUNDS - 0.7%
	10,176	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $10,176)(b)	$	10,176
		TOTAL INVESTMENTS - 99.8% (Cost $1,142,801)	$	1,426,059
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%		3,229
		NET ASSETS - 100.0%	$	1,429,288

ADR - American Depositary Receipt

Ltd. - Limited Company

NV - Naamioze Vennootschap

PJSC - Public Joint-Stock Company

plc - Public Limited Company

S/A - Société Anonyme

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA FINANCIAL SERVICES PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.4%
		ASSET MANAGEMENT - 12.9%
	54	Ameriprise Financial, Inc.	$	14,031
	90	BlackRock, Inc.		78,933
	555	Charles Schwab Corporation (The)		40,987
	392	Invesco Ltd.		11,184
	323	Raymond James Financial, Inc.		42,827
	689	Stifel Financial Corporation		47,734
				235,696
		BANKING - 35.2%
	1,984	Bank of America Corporation		84,102
	251	BOK Financial Corporation		22,851
	1,061	Citigroup, Inc.		83,511
	500	JPMorgan Chase & Company		82,120
	339	PNC Financial Services Group, Inc. (The)		65,997
	548	Popular, Inc.		44,722
	2,034	Regions Financial Corporation		47,616
	250	Truist Financial Corporation		15,445
	1,187	US Bancorp		72,146
	1,784	Wells Fargo & Company		83,348
	645	Zions Bancorp NA		37,333
				639,191
		INSTITUTIONAL FINANCIAL SERVICES - 8.6%
	634	Bank of New York Mellon Corporation (The)		33,019
	61	CME Group, Inc.		13,344
	57	Goldman Sachs Group, Inc. (The)		21,205
	75	Intercontinental Exchange, Inc.		8,466
	527	Morgan Stanley		47,931
	126	Nasdaq, Inc.		21,100
	129	State Street Corporation		11,220
				156,285
		INSURANCE - 25.5%
	720	Aflac, Inc.		40,810
	397	Allstate Corporation (The)		54,234
	331	American Financial Group, Inc.		44,043
	32	Aon plc, CLASS A		8,108

SARATOGA FINANCIAL SERVICES PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		COMMON STOCKS — 98.4% (Continued)
		INSURANCE - 25.5% (Continued)
	65	Arthur J Gallagher & Company	$	9,530
	591	Berkshire Hathaway, Inc., Class B(a)		171,058
	261	Chubb Ltd.		44,367
	66	Marsh & McLennan Companies, Inc.		9,131
	906	MetLife, Inc.		59,216
	147	Progressive Corporation (The)		14,565
	153	Voya Financial, Inc.		10,025
				465,087
		MORTGAGE FINANCE - 1.9%
	1,910	AGNC Investment Corporation		35,411
		SPECIALTY FINANCE - 10.6%
	137	American Express Company		21,938
	258	Capital One Financial Corporation		41,481
	186	Discover Financial Services		21,810
	580	Fidelity National Financial, Inc.		27,254
	320	First American Financial Corporation		20,579
	188	OneMain Holdings, Inc.		10,874
	1,029	Synchrony Financial		48,786
				192,722
		TECHNOLOGY SERVICES - 3.7%
	25	Moody’s Corporation		8,384
	156	S&P Global, Inc.		59,197
				67,581
		TOTAL COMMON STOCKS (Cost $1,011,025)		1,791,973

SARATOGA FINANCIAL SERVICES PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

May 31, 2021

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.9%
		MONEY MARKET FUNDS - 1.9%
	34,637	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $34,637)(b)	$	34,637
		TOTAL INVESTMENTS - 100.3% (Cost $1,045,662)	$	1,826,610
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%		(6,235	)
		NET ASSETS - 100.0%	$	1,820,375

Ltd. - Limited Company

plc - Public Limited Company

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA INVESTMENT QUALITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		OPEN END FUNDS — 96.1%
		FIXED INCOME - 96.1%
	84,321	Vanguard Short-Term Bond Index Fund, Admiral Class	$	910,669
	541,162	Vanguard Ultra-Short-Term Bond Fund, Admiral Class		10,904,414
				11,815,083
		TOTAL OPEN END FUNDS (Cost$11,819,497)		11,815,083
		SHORT-TERM INVESTMENTS — 4.1%
		MONEY MARKET FUNDS - 4.1%
	505,787	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $505,787)(a)		505,787
		TOTAL INVESTMENTS -100.2% (Cost $12,325,284)	$	12,320,870
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(27,946	)
		NET ASSETS - 100.0%	$	12,292,924

^(a) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA MUNICIPAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		OPEN END FUNDS — 95.2%
		FIXED INCOME - 95.2%
	78,892	JPMorgan Ultra-Short Municipal Fund, Class I	$	794,445
	4,361	Vanguard Short-Term Tax-Exempt Fund, Admiral Class		69,512
				863,957
		TOTAL OPEN END FUNDS (Cost $863,910)		863,957
		SHORT-TERM INVESTMENTS — 4.4%
		MONEY MARKET FUNDS - 4.4%
	40,024	Dreyfus AMT-Free Tax Exempt Cash Management, Institutional Class, 0.01% (Cost $40,020)(a)		40,020
		TOTAL INVESTMENTS - 99.6% (Cost $903,930)	$	903,977
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		3,378
		NET ASSETS - 100.0%	$	907,355

^(a) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA US GOVT MM PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 99.7%
		MONEY MARKET FUNDS - 99.7%
	1,519,718	BlackRock Liquidity FedFund, Institutional Class, 0.03%(a)	$	1,519,717
	1,519,718	Dreyfus Government Cash Management, Class I, 0.03%(a)		1,519,718
	1,519,718	Federated Hermes Government Obligations Fund, Institutional Class, 0.01%(a)		1,519,718
	1,519,718	JPMorgan US Government Money Market Fund””, 0.03%(a)		1,519,718
		TOTAL MONEY MARKET FUNDS (Cost $6,078,871)		6,078,871
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,078,871)		6,078,871
		TOTAL INVESTMENTS - 99.7% (Cost $6,078,871)	$	6,078,871
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%		16,955
		NET ASSETS - 100.0%	$	6,095,826

^(a) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		OPEN END FUNDS — 92.9%
		ALTERNATIVE - 9.5%
	10,935	Eaton Vance Global Macro Absolute Return Fund, Class I	$	95,352
		EQUITY - 71.9%
	2,405	Saratoga Energy & Basic Materials Portfolio, Class I		27,173
	1,618	Saratoga Health & Biotechnology Portfolio, Class I		37,838
	4,407	Saratoga Large Capitalization Growth Portfolio, Class I		133,036
	5,454	Saratoga Large Capitalization Value Portfolio, Class I(a)		171,848
	7,692	Saratoga Mid Capitalization Portfolio, Class I		114,373
	1,188	Saratoga Technology & Communications Portfolio, Class I		37,509
	694	Vanguard Financials Index Fund, Admiral Class		32,502
	856	Vanguard Small-Cap Index Fund, Admiral Class		91,349
	2,077	Vanguard Total International Stock Index Fund, Admiral Class		74,138
				719,766
		FIXED INCOME - 11.5%
	5,722	Vanguard Ultra-Short-Term Bond Fund, Admiral Class		115,290
		TOTAL OPEN END FUNDS (Cost $811,069)		930,408
		SHORT-TERM INVESTMENTS — 7.1%
		MONEY MARKET FUNDS - 7.1%
	71,353	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $71,353)(b)		71,353
		TOTAL INVESTMENTS - 100.0% (Cost $882,422)	$	1,001,761
		LIABILITIES IN EXCESS OF OTHER ASSETS - –%		(377	)
		NET ASSETS - 100.0%	$	1,001,384

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		OPEN END FUNDS — 85.5%
		ALTERNATIVE - 7.5%
	23,313	Eaton Vance Global Macro Absolute Return Fund, Class I	$	203,286
		EQUITY - 47.0%
	12,086	Saratoga Large Capitalization Growth Portfolio, Class I		364,885
	14,926	Saratoga Large Capitalization Value Portfolio, Class I(a)		470,328
	21,303	Saratoga Mid Capitalization Portfolio, Class I		316,781
	635	Vanguard Small-Cap Index Fund, Admiral Class		67,703
	1,303	Vanguard Total International Stock Index Fund, Admiral Class		46,493
				1,266,190
		FIXED INCOME - 31.0%
	41,497	Vanguard Ultra-Short-Term Bond Fund, Admiral Class		836,168
		TOTAL OPEN END FUNDS (Cost $2,080,527)		2,305,644
		SHORT-TERM INVESTMENTS — 14.6%
		MONEY MARKET FUNDS - 14.6%
	392,143	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $392,143)(b)		392,143
		TOTAL INVESTMENTS - 100.1% (Cost $2,472,670)	$	2,697,787
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(3,385	)
		NET ASSETS - 100.0%	$	2,694,402

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA MODERATELY BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		OPEN END FUNDS — 90.5%
		ALTERNATIVE - 7.6%
	14,987	Eaton Vance Global Macro Absolute Return Fund, Class I	$	130,682
		EQUITY - 60.9%
	2,283	Saratoga Energy & Basic Materials Portfolio, Class I		25,802
	1,545	Saratoga Health & Biotechnology Portfolio, Class I		36,133
	8,296	Saratoga Large Capitalization Growth Portfolio, Class I		250,460
	10,316	Saratoga Large Capitalization Value Portfolio, Class I(a)		325,066
	14,534	Saratoga Mid Capitalization Portfolio, Class I		216,114
	1,298	Saratoga Technology & Communications Portfolio, Class I		40,992
	667	Vanguard Financials Index Fund, Admiral Class		31,248
	724	Vanguard Small-Cap Index Fund, Admiral Class		77,216
	1,454	Vanguard Total International Stock Index Fund, Admiral Class		51,911
				1,054,942
		FIXED INCOME - 22.0%
	18,931	Vanguard Ultra-Short-Term Bond Fund, Admiral Class		381,454
		TOTAL OPEN END FUNDS (Cost $1,361,079)		1,567,078
		SHORT-TERM INVESTMENTS — 9.5%
		MONEY MARKET FUNDS - 9.5%
	163,765	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $163,765)(b)		163,765
		TOTAL INVESTMENTS - 100.0% (Cost $1,524,844)	$	1,730,843
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%		(89	)
		NET ASSETS - 100.0%	$	1,730,754

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		OPEN END FUNDS — 91.2%
		ALTERNATIVE - 8.1%
	8,075	Eaton Vance Global Macro Absolute Return Fund, Class I	$	70,416
		EQUITY - 64.9%
	1,716	Saratoga Energy & Basic Materials Portfolio, Class I		19,396
	979	Saratoga Health & Biotechnology Portfolio, Class I		22,910
	3,913	Saratoga Large Capitalization Growth Portfolio, Class I		118,142
	4,860	Saratoga Large Capitalization Value Portfolio, Class I(a)		153,141
	7,550	Saratoga Mid Capitalization Portfolio, Class I		112,272
	734	Saratoga Technology & Communications Portfolio, Class I		23,176
	366	Vanguard Financials Index Fund, Admiral Class		17,148
	555	Vanguard Small-Cap Index Fund, Admiral Class		59,205
	1,146	Vanguard Total International Stock Index Fund, Admiral Class		40,914
				566,304
		FIXED INCOME - 18.2%
	7,870	Vanguard Ultra-Short-Term Bond Fund, Admiral Class		158,573
		TOTAL OPEN END FUNDS (Cost $680,733)		795,293
		SHORT-TERM INVESTMENTS — 8.8%
		MONEY MARKET FUNDS - 8.8%
	77,029	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $77,029)(b)		77,029
		TOTAL INVESTMENTS - 100.0% (Cost $757,762)	$	872,322
		OTHER ASSETS IN EXCESS OF LIABILITIES - (0.0)%		283
		NET ASSETS - 100.0%	$	872,605

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of May 31, 2021.

SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2021

Shares			Fair Value
		OPEN END FUNDS — 89.8%
		ALTERNATIVE - 7.8%
	6,885	Eaton Vance Global Macro Absolute Return Fund, Class I	$	60,034
		EQUITY - 54.4%
	3,485	Saratoga Large Capitalization Growth Portfolio, Class I		105,215
	4,198	Saratoga Large Capitalization Value Portfolio, Class I(a)		132,284
	6,447	Saratoga Mid Capitalization Portfolio, Class I		95,869
	470	Vanguard Small-Cap Index Fund, Admiral Class		50,108
	966	Vanguard Total International Stock Index Fund, Admiral Class		34,466
				417,942
		FIXED INCOME - 27.6%
	10,547	Vanguard Ultra-Short-Term Bond Fund, Admiral Class		212,521
		TOTAL OPEN END FUNDS (Cost $612,920)		690,497
		SHORT-TERM INVESTMENTS — 10.3%
		MONEY MARKET FUNDS - 10.3%
	78,986	Dreyfus Institutional Preferred Government Money, Institutional Class, 0.01% (Cost $78,986)(b)		78,986
		TOTAL INVESTMENTS - 100.1% (Cost $691,906)	$	769,483
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(764	)
		NET ASSETS - 100.0%	$	768,719

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of May 31, 2021.