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. |