Form NPORT-P SARATOGA ADVANTAGE TRUST For: May 31

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      2020-06-26
      SARATOGA ADVANTAGE TRUST
      Aaron Smith
      Aaron Smith
      Assistant Treasurer
    
  
  XXXX

SCHEDULES OF INVESTMENTS

LARGE CAPITALIZATION VALUE PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 94.0%
		AIRLINES - 1.3%
	6,426	Delta Air Lines, Inc.	$	161,999

		BANKS - 6.9%
	4,972	Northern Trust Corp.		392,838
	2,007	SVB Financial Group*		431,003
				823,841
		CHEMICALS - 7.1%
	11,990	Axalta Coating Systems Ltd.*		277,089
	11,056	WR Grace & Co.		577,123
				854,212
		DISTRIBUTION/WHOLESALE - 4.5%
	19,757	LKQ Corp.*		542,527

		DIVERSIFIED FINANCIAL SERVICES - 4.4%
	14,575	Charles Schwab Corp.		523,388

		ELECTRIC - 4.9%
	16,246	NRG Energy, Inc.		585,668

		HEALTHCARE-SERVICES - 5.8%
	2,036	Charles River Laboratories International, Inc.*		365,788
	2,836	Quest Diagnostics, Inc.		335,442
				701,230
		HOME FURNISHINGS - 4.5%
	8,316	Sony Corp. - ADR		538,544

		INTERNET- 10.4%
	9,366	58.com, Inc. - ADR*		449,662
	257	Alphabet, Inc.*		368,415
	1,903	Facebook, Inc.*		428,346
				1,246,423
		MEDIA - 9.1%
	12,338	Comcast Corp.		488,585
	17,545	Liberty Media Corp-Liberty Formula One*		607,934
				1,096,519
		PACKAGING & CONTAINERS - 5.5%
	10,058	Crown Holdings, Inc.*		658,095

		PHARMACEUTICALS - 10.7%
	3,214	AmerisourceBergen Corp.		306,423
	24,443	Bausch Health Cos., Inc.*		451,707
	9,520	Perrigo Co. PLC		521,410
				1,279,540
		RETAIL - 7.2%
	4,108	CarMax, Inc.*+		361,709
	4,131	Target Corp.		505,345
				867,054
		SEMICONDUCTORS - 7.9%
	4,555	NXP Semiconductors NV		437,736
	4,828	Qorvo, Inc.*		505,685
				943,421
		TEXTILES - 3.8%
	4,893	Mohawk Industries, Inc.*		456,028

		TOTAL COMMON STOCK (Cost - $11,358,807)		11,278,489

SCHEDULES OF INVESTMENTS

LARGE CAPITALIZATION VALUE PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		SHORT-TERM INVESTMENTS - 6.6%
	795,614	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $795,614)	$	795,614

		TOTAL INVESTMENTS - 100.6% (Cost - $12,154,421)	$	12,074,103

		LIABILITIES LESS OTHER ASSETS - (0.6)%		(75,581	)

		NET ASSETS - 100.0%	$	11,998,522

Non-income producing securities.

All or a portion of the security is on loan.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

ADR - American Depository Receipt

PLC - Public Liability Company

SCHEDULES OF INVESTMENTS

LARGE CAPITALIZATION GROWTH PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 98.8%
		ADVERTISING - 1.1%
	960	Trade Desk, Inc.*+	$	299,098

		AEROSPACE/DEFENSE - 3.1%
	1,820	L3Harris Technologies, Inc.		362,999
	840	Lockheed Martin Corp.		326,290
	490	Northrop Grumman Corp.		164,248
				853,537
		BEVERAGES - 1.0%
	5,850	Coca-Cola Co.		273,078

		BIOTECHNOLOGY - 1.8%
	730	Amgen, Inc.		167,681
	1,120	Biogen, Inc.*		343,941
				511,622
		COMMERCIAL SERVICES - 5.4%
	3,100	Booz Allen Hamilton Holding Corp.		247,256
	6,200	PayPal Holdings, Inc.*		961,062
	890	S&P Global, Inc.		289,268
				1,497,586
		COMPUTERS - 10.1%
	7,520	Apple, Inc.		2,390,909
	3,020	Fortinet, Inc.*		420,384
				2,811,293
		COSMETICS/PERSONAL CARE - 2.1%
	4,960	Procter & Gamble Co.		574,963

		DIVERSIFIED FINANCIAL SERVICES - 4.8%
	4,630	Charles Schwab Corp.		166,263
	5,300	Intercontinental Exchange, Inc.		515,425
	1,660	Mastercard, Inc.		499,477
	800	Visa, Inc.		156,192
				1,337,357
		ELECTRONICS - 3.5%
	2,530	Keysight Technologies, Inc.*		273,569
	4,230	National Instruments Corp.		163,786
	1,380	Roper Technologies, Inc.		543,444
				980,799
		HEALTHCARE-PRODUCTS - 1.6%
	2,600	Hologic, Inc.*		137,800
	1,840	STERIS PLC		305,238
				443,038
		HEALTHCARE-SERVICES - 2.5%
	2,240	UnitedHealth Group, Inc.		682,864

		INSURANCE - 0.4%
	200	Alleghany Corp.		102,620

		INTERNET - 19.0%
	440	Alphabet, Inc. - Cl. A*		630,749
	430	Alphabet, Inc. - Cl. C*		614,436
	730	Amazon.com, Inc.*		1,782,930
	4,140	CDW Corp.		459,167
	14,100	eBay, Inc.		642,114
	4,283	Facebook, Inc.*		964,060
	400	Netflix, Inc.*		167,892
				5,261,348
		MACHINERY-DIVERSIFIED - 1.5%
	1,890	Rockwell Automation, Inc.		408,542

		MEDIA - 2.4%
	1,210	Charter Communications, Inc.*		658,240

SCHEDULES OF INVESTMENTS

LARGE CAPITALIZATION GROWTH PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 98.8% (Continued)
		PHARMACEUTICALS - 9.5%
	8,380	AbbVie, Inc.	$	776,575
	1,400	AmerisourceBergen Corp.		133,476
	3,750	Bristol-Myers Squibb Co.		223,950
	1,300	Cigna Corp.		256,516
	4,860	Eli Lilly and Co.		743,337
	6,140	Merck & Co., Inc.		495,621
				2,629,475
		REAL ESTATE INVESTMENT TRUSTS - 1.4%
	1,120	American Tower Corp.		289,150
	550	Public Storage		111,507
				400,657
		RETAIL - 6.5%
	4,160	Best Buy Co., Inc.		324,854
	1,910	Burlington Stores, Inc.*		400,470
	400	Costco Wholesale Corp.		123,388
	1,800	Home Depot, Inc.		447,264
	1,980	Target Corp.		242,213
	6,000	Yum China Holdings, Inc.		278,040
				1,816,229
		SEMICONDUCTORS - 3.9%
	970	Broadcom, Inc.		282,532
	1,540	NVIDIA Corp.		546,731
	2,200	Texas Instruments, Inc.		261,228
				1,090,491
		SHIPBUILDING - 1.0%
	1,420	Huntington Ingalls Industries, Inc.		283,844

		SOFTWARE - 16.2%
	1,150	Adobe, Inc.*		444,590
	7,920	Cadence Design Systems, Inc.*		723,017
	6,300	Dropbox, Inc.*		142,191
	890	Jack Henry & Associates, Inc.		160,965
	13,313	Microsoft Corp.		2,439,607
	5,690	Oracle Corp.		305,951
	700	ServiceNow, Inc.*		271,551
				4,487,872

		TOTAL COMMON STOCK (Cost - $22,246,375)		27,404,553

		SHORT-TERM INVESTMENTS - 1.3%
	360,000	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $360,000)		360,000

		TOTAL INVESTMENTS - 100.1% (Cost - $22,606,375)	$	27,764,553

		LIABILITIES LESS OTHER ASSETS - (0.1)%		(17,890	)

		NET ASSETS - 100.0%	$	27,746,663

Non-income producing securities.

All or a portion of the security is on loan.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

PLC - Public Limited Company

SCHEDULES OF INVESTMENTS

MID CAPITALIZATION PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 99.1%
		BANKS - 4.0%
	4,475	Bank of NT Butterfield & Son Ltd.	$	109,324
	3,350	PacWest Bancorp		57,988
	6,625	TCF Financial Corp.		191,595
				358,907

		BEVERAGES - 2.1%
	1,090	Constellation Brands, Inc.		188,243

		CHEMICALS - 3.7%
	1,750	FMC Corp.		172,217
	2,625	LyondellBasell Industries NV		167,370
				339,587
		COMMERCIAL SERVICES - 8.4%
	1,175	Booz Allen Hamilton Holding Corp.		93,718
	625	Bright Horizons Family Solutions, Inc.*		69,925
	1,150	Brink’s Co.		46,115
	1,130	Global Payments, Inc.		202,824
	1,100	Grand Canyon Education, Inc.*		107,349
	7,825	Laureate Education, Inc.*		76,137
	5,225	ServiceMaster Global Holdings, Inc.*		171,902
				767,970
		COMPUTERS - 5.3%
	925	CACI International, Inc.*		231,971
	825	Check Point Software Technologies Ltd.*		90,478
	2,225	MAXIMUS, Inc.		160,244
				482,693
		DISTRIBUTION/WHOLESALE - 0.5%
	180	Pool Corp.		48,424

		DIVERSIFIED FINANCIAL SERVICES - 5.5%
	540	Alliance Data Systems Corp.		25,018
	2,450	Ares Management Corp.		92,512
	1,575	Nasdaq, Inc.		186,574
	2,050	Raymond James Financial, Inc.		142,024
	2,450	Synchrony Financial		49,906
				496,034
		ELECTRIC - 11.8%
	3,950	Alliant Energy Corp.		194,972
	2,575	Ameren Corp.		192,430
	3,200	CMS Energy Corp.		187,456
	3,625	Evergy, Inc.		223,626
	700	Eversource Energy		58,590
	10,475	Vistra Energy Corp.		214,109
				1,071,183
		ELECTRICAL COMPONENTS & EQUIPMENTS - 1.8%
	1,775	AMETEK, Inc.		162,785

		ELECTRONICS - 6.7%
	925	Agilent Technologies, Inc.		81,530
	850	Allegion PLC		84,745
	800	Hubbell, Inc.		97,936
	2,025	Keysight Technologies, Inc.*		218,963
	6,950	nVent Electric PLC		127,394
				610,568
		ENERGY-ALTERNATE SOURCES - 1.5%
	5,225	Atlantica Sustainable Infrastructure PLC		136,895

		ENGINEERING & CONSTRUCTION - 1.9%
	12,975	WillScot Corp.*+		173,087

SCHEDULES OF INVESTMENTS

MID CAPITALIZATION PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 99.1% (Continued)
		FOOD SERVICE - 1.0%
	3,400	Aramark	$	88,026

		HEALTHCARE-PRODUCTS - 3.9%
	500	Cooper Cos., Inc.		158,490
	2,825	Hologic, Inc.*		149,725
	200	West Pharmaceutical Services, Inc.		43,208
				351,423
		HEALTHCARE-SERVICES - 3.5%
	2,025	Centene Corp.*		134,156
	1,255	IQVIA Holdings, Inc.*		187,648
				321,804
		HOUSEHOLD PRODUCTS/WARES - 0.8%
	650	Avery Dennison Corp.		71,936

		INSURANCE - 6.5%
	1,325	Allstate Corp.		129,598
	1,600	Arthur J Gallagher & Co.		150,848
	2,750	Athene Holding Ltd.*		79,448
	1,575	Essent Group Ltd.		52,054
	5,850	MGIC Investment Corp.		48,029
	3,350	Radian Group, Inc.		53,198
	875	Reinsurance Group of America, Inc.		79,406
				592,581
		INTERNET - 0.8%
	625	CDW Corp.		69,319

		MACHINERY-CONSTRUCTION & MINING - 1.7%
	2,100	Oshkosh Corp.		150,822

		MACHINERY-DIVERSIFIED - 0.9%
	1,400	Crane Co.		78,008

		MEDIA - 3.0%
	3,300	Nexstar Media Group, Inc.		274,923

		METAL FABRICATE/HARDWARE - 1.6%
	3,450	Timken Co.		146,763

		MINING - 1.6%
	18,200	Constellium SE*		149,422

		MISCELLANEOUS MANUFACTURING - 0.7%
	600	AptarGroup, Inc.		66,834

		OIL & GAS - 2.3%
	1,375	Pioneer Natural Resources Co.		125,950
	14,100	WPX Energy, Inc.*		79,947
				205,897

		OIL & GAS SERVICES - 0.8%
	4,500	Baker Hughes Co.		74,295

		PACKAGING & CONTAINERS - 2.1%
	2,975	Crown Holdings, Inc.*		194,654

		REAL ESTATE INVESTMENT TRUSTS - 3.2%
	3,150	CyrusOne, Inc.		234,171
	8,425	New Residential Investment Corp.		60,407
				294,578

SCHEDULES OF INVESTMENTS

MID CAPITALIZATION PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 99.1% (Continued)
		RETAIL - 1.1%
	500	Dollar General Corp.	$	95,755

		SEMICONDUCTORS - 3.4%
	950	Analog Devices, Inc.		107,303
	3,425	Entegris, Inc.		205,089
				312,392
		SOFTWARE - 7.0%
	1,475	Fidelity National Information Services, Inc.		204,774
	1,850	Fiserv, Inc.*		197,525
	180	RingCentral, Inc.*+		49,365
	9,850	SolarWinds Corp.*+		180,157
				631,821

		TOTAL COMMON STOCK (Cost - $7,903,233)		9,007,629

		SHORT-TERM INVESTMENTS - 1.6%
	148,990	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $148,990)		148,990

		TOTAL INVESTMENTS - 100.7% (Cost - $8,052,223)	$	9,156,619

		LIABILITIES LESS OTHER ASSETS - (0.7)%		(60,216	)

		NET ASSETS - 100.0%	$	9,096,403

Non-income producing securities.

All or a portion of the security is on loan.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

PLC - Public Limited Company

SCHEDULES OF INVESTMENTS

SMALL CAPITALIZATION PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 96.3%
		AEROSPACE/DEFENSE - 0.4%
	299	AeroVironment, Inc.*	$	21,178

		AGRICULTURE - 1.0%
	2,095	Darling Ingredients, Inc.*		48,834

		AUTO PARTS & EQUIPMENT - 1.4%
	4,223	American Axle & Manufacturing Holdings, Inc.*		30,025
	964	Gentherm, Inc.*		39,235
				69,260
		BANKS - 4.1%
	1,064	1st Source Corp.		36,804
	865	City Holding Co.		54,409
	2,428	First of Long Island Corp.		37,076
	1,563	Hilltop Holdings, Inc.		29,212
	1,264	ServisFirst Bancshares, Inc.		44,088
				201,589
		BIOTECHNOLOGY - 6.2%
	3,325	Fate Therapeutics, Inc.*+		107,830
	732	FibroGen, Inc.*+		24,478
	765	Immunomedics, Inc.*+		25,696
	2,195	Innoviva, Inc.*		30,664
	698	Karyopharm Therapeutics, Inc.*		12,906
	1,363	Livongo Health, Inc.*		81,685
	233	Ultragenyx Pharmaceutical, Inc.*+		15,951
				299,210
		BUILDING MATERIALS - 1.8%
	1,762	Boise Cascade Co.		59,961
	5,254	Cornerstone Building Brands, Inc.*		28,477
				88,438
		COMMERCIAL SERVICES - 3.5%
	1,197	Chegg, Inc.*		73,113
	698	CRA International, Inc.		28,192
	432	FTI Consulting, Inc.*		52,039
	366	Huron Consulting Group, Inc.*		16,931
				170,275
		COMPUTERS - 4.9%
	200	CACI International, Inc.*		50,156
	998	Cubic Corp.		41,128
	1,131	NetScout Systems, Inc.*		31,069
	532	Qualys, Inc.*		61,350
	632	Science Applications International Corp.		55,641
				239,344
		DIVERSIFIED FINANCIAL SERVICES - 4.5%
	100	Hamilton Lane, Inc.		7,317
	7,316	Mr Cooper Group, Inc.*+		81,573
	2,461	PennyMac Financial Services, Inc.		82,640
	499	Virtus Investment Partners, Inc.		46,397
				217,927
		ELECTRICAL COMPONENTS & EQUIPMENT - 1.9%
	831	Generac Holdings, Inc.*		92,465

		ELECTRONICS - 1.5%
	665	Advanced Energy Industries, Inc.*		44,442
	466	Plexus Corp.*		29,927
				74,369
		ENERGY-ALTERNATE SOURCES - 1.3%
	1,064	Enphase Energy, Inc.*+		61,914

SCHEDULES OF INVESTMENTS

SMALL CAPITALIZATION PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 96.3% (Continued)
		ENGINEERING & CONSTRUCTION - 4.1%
	831	Comfort Systems USA, Inc.	$	30,747
	665	EMCOR Group, Inc.		42,261
	1,131	MasTec, Inc.*+		44,279
	698	TopBuild Corp.*		80,054
				197,341
		FOOD - 1.7%
	1,164	B&G Foods, Inc.+		27,028
	765	Performance Food Group Co.*		20,387
	2,062	Simply Good Foods Co.*		35,116
				82,531
		GAS - 1.4%
	798	ONE Gas, Inc.		67,008

		HEALTHCARE-PRODUCTS - 6.8%
	2,028	CareDx, Inc.*+		65,139
	366	Haemonetics Corp.*		40,143
	333	Masimo Corp.*		79,983
	399	Novocure Ltd.*		26,905
	432	Quidel Corp.*		75,600
	865	Tactile Systems Technology, Inc.*+		41,909
				329,679
		HEALTHCARE-SERVICES - 7.4%
	565	Addus HomeCare Corp.*		55,912
	399	Amedisys, Inc.*		76,628
	865	Ensign Group, Inc.		37,818
	565	Molina Healthcare, Inc.*		104,988
	2,062	Select Medical Holdings Corp.*		33,281
	299	Teladoc Health, Inc.*+		52,044
				360,671
		HOME BUILDERS - 5.0%
	2,195	Forestar Group, Inc.*		33,298
	1,463	Installed Building Products, Inc.*		94,042
	798	KB Home		26,398
	466	LCI Industries		46,101
	1,264	MDC Holdings, Inc.		42,963
				242,802
		INSURANCE - 2.8%
	2,860	American Equity Investment Life Holding Co.		62,033
	133	eHealth, Inc.*		17,346
	3,458	MGIC Investment Corp.		28,390
	1,862	Radian Group, Inc.		29,569
				137,338
		INTERNET - 2.4%
	632	ePlus, Inc.*		46,585
	7,482	Meet Group, Inc.*		46,239
	133	Stamps.com, Inc.*		26,354
				119,178
		LEISURE PRODUCTS - 5.1%
	3,093	Acushnet Holdings Corp.		103,368
	798	Fox Factory Holding Corp.*		57,544
	5,088	Lindblad Expeditions Holdings, Inc.*+		39,941
	1,496	YETI Holdings, Inc.*+		48,022
				248,875
		MACHINERY-DIVERSIFIED - 1.7%
	432	Curtiss-Wright Corp.		43,330
	632	Tennant Co.		40,410
				83,740
		MEDIA - 0.9%
	3,824	TEGNA, Inc.		44,817

		METAL FABRICATE/HARDWARE - 0.9%
	1,563	Mueller Industries, Inc.		41,857

		MINING - 0.5%
	2,328	Novagold Resources, Inc.*		22,256

SCHEDULES OF INVESTMENTS

SMALL CAPITALIZATION PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 96.3% (Continued)
		OIL & GAS - 1.8%
	10,009	Berry Corp.	$	42,438
	29,230	Denbury Resources, Inc.*+		6,226
	333	Murphy USA, Inc.*		38,661
				87,325
		PHARMACEUTICALS - 0.8%
	7,116	Jounce Therapeutics, Inc.*		38,355

		REAL ESTATE - 1.0%
	831	McGrath RentCorp.		46,337

		REAL ESTATE INVESTMENT TRUSTS - 4.7%
	5,520	Ellington Financial, Inc.		56,304
	432	Innovative Industrial Properties, Inc.		35,303
	599	NexPoint Residential Trust, Inc.		19,156
	1,563	Office Properties Income Trust		39,528
	1,463	Safehold, Inc.		80,158
				230,449
		RETAIL - 2.2%
	13,235	Office Depot, Inc.		32,690
	1,097	PC Connection, Inc.		47,478
	2,594	Sportsman’s Warehouse Holdings, Inc.*		28,975
				109,143
		SOFTWARE - 8.2%
	632	Alteryx, Inc.*+		90,970
	1,264	Five9, Inc.*		131,709
	532	Omnicell, Inc.*		35,596
	1,696	Sailpoint Technologies Holdings, Inc.*		38,720
	1,530	SPS Commerce, Inc.*		104,285
				401,280
		TELECOMMUNICATIONS - 0.9%
	4,855	NeoPhotonics Corp.*		42,093

		TEXTILES - 1.2%
	333	UniFirst Corp.		59,873

		TRANSPORTATION - 0.9%
	2,062	DHT Holdings, Inc.		12,248
	2,760	Nordic American Tankers Ltd.+		12,613
	1,031	Teekay Tankers Ltd.*		17,919
				42,780
		TRUCKING & LEASING - 1.4%
	1,064	GATX Corp.		66,755


		TOTAL COMMON STOCK (Cost - $4,159,847)		4,687,286

		SHORT-TERM INVESTMENTS - 3.9%
	187,645	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $187,645)		187,645

Principal
		COLLATERAL FOR SECURITIES LOANED - 2.2%
		REPURCHASE AGREEMENTS - 2.2%
$	107,183	RBC Dominion Securities, Inc., dated 05/29/20, due 06/01/20, 0.05%, total to be received $107,183		107,183
		(Collateralized by various US Government agency obligations, due 05/31/20-02/15/50, 0.000%-7.125% totaling $108,970)
		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $107,183)


		TOTAL INVESTMENTS - 102.4% (Cost - $4,454,675)	$	4,982,114

		LIABILITIES LESS OTHER ASSETS - (2.4)%		(117,042	)

		NET ASSETS - 100.0%	$	4,865,072

Non-income producing securities.

All or a portion of the security is on loan.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

SCHEDULES OF INVESTMENTS

INTERNATIONAL EQUITY PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 99.1%
		AUTO PARTS & EQUIPMENTS - 2.4%
	91,000	Weichai Power Co. Ltd.	$	157,653

		BANKS - 11.9%
	97,000	Barclays PLC		138,812
	36,200	Chiba Bank Ltd.		172,978
	37,500	China Merchants Bank Co. Ltd.		176,714
	1,930	Macquarie Group Ltd.		141,367
	13,670	Sberbank of Russia PJSC - ADR *		154,471
				784,342
		BEVERAGES - 2.6%
	1,320	Carlsberg A/S		171,459

		BUILDING MATERIALS - 2.3%
	20,000	Anhui Conch Cement Co. Ltd.		150,820

		COMPUTERS - 8.5%
	311,000	Lenovo Group Ltd.		170,082
	14,900	NTT Data Corp.		172,894
	4,400	Otsuka Corp. *		213,294
				556,270
		COSMETICS / PERSONAL CARE - 2.3%
	6,400	Lion Corp.		147,513

		ELECTRIC - 2.5%
	20,900	Enel SpA *		161,928

		ENGINEERING & CONSTRUCTION - 4.2%
	7,940	CIMIC Group Ltd.		131,845
	4,010	Grupo Aeroportuario del Centro Norte SAB de CV - ADR		141,352
				273,197
		ENTERTAINMENT - 2.2%
	8,310	Aristocrat Leisure Ltd.		142,749

		HEALTHCARE PRODUCTS -2.4%
	9,200	Olympus Corp.		160,126

		HEALTHCARE SERVICES- 2.3%
	220	Eurofins Scientific SE		149,887

		HOME FURNISHINGS - 3.1%
	3,100	Sony Corp.		200,979

		INSURANCE - 8.3%
	3,400	Ageas		116,297
	853	Allianz SE - ADR		154,915
	10,710	Manulife Financial Corp. +		132,911
	159,000	PICC Property & Casualty Co. Ltd.		139,122
				543,245
		INTERNET - 5.0%
	3,060	JD.com, Inc. *		166,250
	260	NCSoft Corp.		166,083
				332,333
		MINING - 4.8%
	7,500	Anglo American PLC		158,935
	6,680	BHP Billiton Ltd.		156,571
				315,506
		OIL & GAS - 3.5%
	4,570	BP PLC - ADR +		105,750
	13,000	Respol SA		122,650
				228,400

SCHEDULES OF INVESTMENTS

INTERNATIONAL EQUITY PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 99.1% (Continued)
		PHARMACEUTICALS - 10.0%
	3,470	Dr Reddy’s Laboratories Ltd .- ADR +	$	185,437
	1,250	Merck KGaA		144,392
	430	Roche Holding AG		149,433
	1,800	Sanofi		176,432
				655,694
		REAL ESTATE - 2.2%
	69,700	CapitaLand Ltd. *		143,059

		REAL ESTATE INVESTMENT TRUSTS - 2.4%
	10,500	HomeBanc Corp. *		159,761

		RETAIL - 4.8%
	2,410	Next PLC		145,901
	66,600	Wal-Mart de Mexico SAB de CV		167,028
				312,929
		SEMICONDUCTORS - 2.3%
	3,830	Dialog Semiconductor PLC *		153,476

		TELECOMMUNICATIONS - 7.1%
	27,500	Advanced Info Service PCL		166,480
	17,860	Telefonaktiebolaget LM Ericsson		163,623
	26,070	Turkcell Iletism Hizmetleri AS - ADR		135,043
				465,146
		TOYS / GAMES / HOBBIES - 2.0%
	2,600	Bandai Namco Holdings, Inc.		144,699

		TOTAL COMMON STOCK (Cost - $7,041,478)		6,511,171

		SHORT-TERM INVESTMENTS - 0.9%
	57,607	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $57,607)		57,607

Principal
		COLLATERAL FOR SECURITIES LOANED - 1.6%
		REPURCHASE AGREEMENTS - 1.6%
$	107,450	Nomura Securities International Inc.., dated 05/29/20, due 06/01/20, 0.06%, total to be received $107,468		107,450
		(Collateralized by various U.S Government Agency Obligations, 01/01/27 - 11/20/69, 2.500%-5.500%, totaling $109,347)

		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost - $107,450)		107,450


		TOTAL INVESTMENTS - 101.6% (Cost - $7,206,535)	$	6,676,228

		OTHER ASSETS AND LIABILITIES - (1.6)%		(105,607	)

		NET ASSETS - 100.0%	$	6,570,621

Non-income producing security.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

All or a portion of the security is on loan.

ADR - American Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

SCHEDULES OF INVESTMENTS

INTERNATIONAL EQUITY PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Country	Percent of Net Assets
Japan		18.5	%
Great Britain		10.7	%
China		9.5	%
Australia		8.7	%
Sweden		4.9	%
Mexico		4.7	%
Germany		4.6	%
India		2.8	%
France		2.7	%
Denmark		2.6	%
Hong Kong		2.6	%
Thailand		2.5	%
Cayman Islands		2.5	%
South Korea		2.5	%
Italy		2.5	%
Russia		2.4	%
Luxembourg		2.3	%
Switzerland		2.3	%
Singapore		2.2	%
Turkey		2.1	%
Canada		2.0	%
Spain		1.9	%
Belgium		1.8	%
United States		0.9	%
Net Assets		100.0	%

SCHEDULES OF INVESTMENTS

HEALTH & BIOTECHNOLOGY PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 97.2%
		BIOTECHNOLOGY - 21.0%
	3,035	Amgen, Inc.	$	697,140
	2,300	Biogen, Inc. *		706,307
	8,670	Gilead Sciences, Inc.		674,786
	1,122	Illumina, Inc. *		407,342
	1,345	United Therapeutics Corp. *		158,643
	450	Vertex Pharmaceuticals, Inc. *		129,582
				2,773,800
		HEALTHCARE-PRODUCTS - 12.4%
	7,089	Alcon, Inc. *		450,435
	5,020	Medtronic PLC		494,873
	2,150	Stryker Crop.		420,819
	2,180	Zimmer Biomet Holdings, Inc.		275,421
				1,641,548
		HEALTHCARE-SERVICES - 13.9%
	1,740	Anthem, Inc.		511,751
	2,950	Charles River Laboratories International, Inc. *		529,997
	2,910	Quest Diagnostics, Inc.		344,195
	1,450	UnitedHealth Group, Inc.		442,033
				1,827,976
		PHARMACEUTICALS - 49.9%
	1,500	AbbVie, Inc.		139,005
	5,387	Bristol-Meyers Squibb Co.		321,712
	5,387	Bristol-Meyers Squibb Company - CVR *		17,723
	11,300	Cardinal Health, Inc.		617,997
	3,314	Cigna Corp.		653,918
	4,346	CVS Health Corp.		284,967
	2,585	Eagle Pharmaceuticals, Inc. *		132,507
	15,050	GlaxoSmithKline PLC - ADR		630,896
	1,455	Johnson & Johnson		216,431
	4,171	McKesson Corp.		661,813
	6,470	Merck & Co., Inc.		522,258
	5,795	Novartis AG - ADR		506,657
	11,130	Novo Nordisk A/S - ADR		733,912
	14,405	Pfizer, Inc.		550,127
	12,093	Sanofi - ADR		593,887
				6,583,810

		TOTAL COMMON STOCK (Cost - $10,310,453)		12,827,134

		SHORT-TERM INVESTMENTS - 2.8%
	367,274	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $367,274)		367,274

		TOTAL INVESTMENTS - 100.0% (Cost - $10,677,727)	$	13,194,408

		OTHER ASSETS AND LIABILITIES - (0.0)%		(2,600	)

		NET ASSETS - 100.0%	$	13,191,808

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

ADR - American Depository Receipt.

PLC - Public Limited Company

SCHEDULES OF INVESTMENTS

TECHNOLOGY & COMMUNICATIONS PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 98.8%
		COMMERCIAL SERVICES - 5.0%
	8,412	Global Payments, Inc.	$	1,509,870
	8,010	PayPal Holdings, Inc. *		1,241,630
				2,751,500
		COMPUTERS - 16.9%
	27,620	Amdocs Ltd.		1,719,621
	10,421	Apple, Inc.		3,313,253
	6,770	Check Point Software Technologies Ltd. *		742,466
	46,245	HP, Inc.		700,149
	8,535	International Business Machines Corp.		1,066,022
	23,600	NetApp, Inc.		1,051,144
	12,000	Seagate Technology PLC +		636,480
				9,229,135
		DIVERSIFIED FINANCIAL SERVICES - 5.7%
	4,139	MasterCard, Inc.		1,245,384
	9,502	Visa, Inc. +		1,855,170
				3,100,554
		INTERNET - 28.7%
	1,839	Alphabet, Inc. - Cl. A *		2,636,243
	2,761	Alphabet, Inc. - Cl. C *		3,945,248
	1,763	Amazon.com, Inc. *		4,305,898
	38,100	eBay, Inc.		1,735,074
	13,404	Facebook, Inc. *		3,017,107
				15,639,570
		REAL ESTATE INVESTMENT TRUST - 1.9%
	6,915	Digital Reality Trust, Inc.		992,717

		SEMICONDUCTORS - 16.6%
	39,600	Intel Corp.		2,492,028
	9,895	KLA-Tencor Corp.		1,741,124
	21,220	QUALCOMM, Inc.		1,716,274
	9,300	Skyworks Solutions, Inc.		1,102,422
	21,635	Xilinx, Inc.		1,989,338
				9,041,186
		SOFTWARE - 19.7%
	6,000	Citrix Systems, Inc.		888,720
	7,795	Jack Henry & Associates, Inc.		1,409,804
	11,880	Microsoft Corp.		2,177,010
	36,849	Oracle Corp.		1,981,371
	7,120	salesforce.com, Inc. *		1,244,505
	8,285	Synopsys, Inc. *		1,498,839
	9,700	VMware, Inc. * +		1,515,819
				10,716,068
		TELECOMMUNICATIONS - 4.3%
	49,210	Cisco Systems, Inc.		2,353,222


		TOTAL COMMON STOCK (Cost - $21,920,066)		53,823,952

		SHORT-TERM INVESTMENTS - 1.2%
	642,782	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $642,782)	$	642,782

		TOTAL INVESTMENTS - 100.0% (Cost - $22,562,848)	$	54,466,734

		OTHER ASSETS AND LIABILITIES - (0.0)%		(19,314	)

		NET ASSETS - 100.0%	$	54,447,420

Non-income producing securities.

All or a portion of the security is on loan.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

PLC - Public Limited Company

SCHEDULES OF INVESTMENTS

ENERGY & BASIC MATERIALS PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 98.3%
		CHEMICALS - 23.1%
	1,957	BASF SE - ADR	$	26,595
	750	Dow, Inc.		28,950
	701	Dupont De Nemours, Inc.		35,562
	358	Eastman Chemical Co.		24,373
	1,191	Huntsman Corp.		21,617
	159	Linde PLC		32,172
	457	LyondellBasell Industries NV		29,138
	1,453	Mosaic Co.		17,567
	120	Westlake Chemical Corp.		5,724
				221,698
		FOREST PRODUCTS & PAPER - 2.7%
	764	International Paper Co.		26,014

		IRON/STEEL - 4.9%
	228	Reliance Steel & Aluminum Co.		22,116
	930	Steel Dynamics, Inc.		24,701
				46,817
		MINING - 7.9%
	360	Barrick Gold Corp.		8,640
	430	BHP Group Ltd. - ADR		20,253
	3,294	Kinross Gold Corp. *		21,576
	180	Rio Tinto PLC - ADR		9,705
	1,647	Teck Resources Ltd.		15,630
				75,804
		OIL & GAS - 47.5%
	1,370	BP PLC - ADR		31,702
	639	Chevron Corp.		58,596
	471	China Petroleum & Chemical Corp. - ADR		22,387
	337	CNOOC Ltd. - ADR		38,458
	200	ConocoPhillips		8,436
	287	Diamondback Energy, Inc.		12,221
	1,606	Eni SpA - ADR		29,229
	1,060	EQT Corp.		14,140
	1,068	Exxon Mobil Corp.		48,562
	594	HollyFrontier Corp.		18,681
	512	Lukoil PJSC		38,549
	729	Marathon Petroleum Corp.		25,617
	417	PetroChina Co. Ltd. - ADR *		14,512
	2,948	Petroleo Brasileiro - ADR		22,493
	902	Royal Dutch Shell PLC - ADR		27,457
	1,176	TOTAL SA - ADR		44,194
				455,234

SCHEDULES OF INVESTMENTS

ENERGY & BASIC MATERIALS PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 98.3% (Continued)
		OIL & GAS SERVICES - 2.2%
	1,024	Baker Hughes, a GE Company	$	16,906
	530	TechnipFMC PLC		3,922
				20,828
		PACKAGING & CONTAINERS - 5.4%
	1,970	Amcor PLC		20,114
	310	Berry Global Group, Inc.		13,922
	644	WestRock Co.		18,071
				52,107
		PIPELINES - 4.5%
	1,023	Enbridge, Inc.		33,196
	1,201	Equitrans Midstream Corp.		9,716
				42,912

		TOTAL COMMON STOCK (Cost - $1,120,569)		941,414

		SHORT-TERM INVESTMENTS - 1.6%
	15,177	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $15,177)		15,177

		TOTAL INVESTMENTS - 99.8% (Cost - $1,135,746)	$	956,591

		OTHER ASSETS AND LIABILITIES - 0.2%		1,521

		NET ASSETS - 100.0%	$	958,112

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

SCHEDULES OF INVESTMENTS

FINANCIAL SERVICES PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 97.1%
		BANKS - 41.5%
	1,867	Bank of America Corp.	$	45,032
	687	Bank of New York Mellon Corp.		25,536
	850	Citigroup, Inc.		40,723
	280	Citizens Financial Group, Inc.		6,748
	1,769	First Horizon National Corp.		16,540
	47	Goldman Sachs Group, Inc.		9,235
	444	JPMorgan Chase & Co.		43,206
	117	M&T Bank Corp.		12,362
	649	Morgan Stanley		28,686
	322	PNC Financial Services Group, Inc.		36,721
	494	Popular, Inc.		19,508
	408	Prosperity Bancshares, Inc.		26,679
	49	Signature Bank		5,043
	256	State Street Corp.		15,606
	140	Truist Financial Corp.		5,149
	1,007	US Bancorp		35,809
	1,271	Wells Fargo & Co.		33,643
	605	Western Alliance Bancorp.		23,081
				429,307
		COMMERCIAL SERVICES - 3.2%
	25	Moody’s Corp.		6,685
	81	S&P Global, Inc.		26,327
				33,012
		DIVERSIFIED FINANCIAL SERVICES - 18.5%
	334	American Express Co.		31,753
	227	Ameriprise Financial, Inc.		31,796
	68	BlackRock, Inc.		35,948
	70	Capital One Financial Corp.		4,763
	496	Charles Schwab Corp.		17,811
	50	CME Group, Inc.		9,130
	159	Discover Financial Services		7,554
	108	Intercontinental Exchange, Inc.		10,503
	475	Stifel Financial Corp.		22,662
	926	Synchrony Financial		18,863
				190,783
		INSURANCE - 31.3%
	586	Aflac, Inc.		21,371
	377	Allstate Corp.		36,874
	129	American International Group, Inc.		3,878
	49	Aon PLC		9,651
	599	Berkshire Hathaway, Inc. *		111,162
	59	Chubb Ltd.		7,194
	516	Fidelity National Financial, Inc.		16,460
	347	First American Financial Corp.		17,520
	384	Kemper Corp.		24,346
	80	Marsh & McLennan Companies, Inc.		8,474
	826	MetLife, Inc.		29,744
	88	Progressive Corp.		6,836
	150	RenaissanceRe Holdings Ltd.		25,179
	120	Voya Financial, Inc.		5,406
				324,095

SCHEDULES OF INVESTMENTS

FINANCIAL SERVICES PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 97.1% (Continued)
		REAL ESTATE INVESTMENT TRUSTS - 0.4%
	340	AGNC Investment Corp.	$	4,400

		SOFTWARE - 2.2%
	69	MSCI, Inc.		22,691

		TOTAL COMMON STOCK (Cost - $879,595)		1,004,288

		SHORT-TERM INVESTMENTS - 3.1%
	32,344	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $32,344)		32,344

		TOTAL INVESTMENTS - 100.2% (Cost - $911,939)	$	1,036,632

		OTHER ASSETS AND LIABILITIES - (0.2)%		(1,952	)

		NET ASSETS - 100.0%	$	1,034,680

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

SCHEDULES OF INVESTMENTS

INVESTMENT QUALITY BOND PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		MUTUAL FUNDS - 96.5%
		DEBT FUNDS - 96.5%
	73,554	Vanguard Intermediate - Term Bond Index Fund	$	917,222
	362,972	Vanguard Short-Term Bond Index Fund - Admiral Shares		3,941,873
		TOTAL MUTUAL FUNDS (Cost - $4,640,688)		4,859,095

		SHORT-TERM INVESTMENTS - 3.6%
	179,536	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $179,536)		179,536

		TOTAL INVESTMENTS - 100.1% (Cost - $4,820,224)	$	5,038,631

		OTHER ASSETS AND LIABILITIES - (0.1)%		(4,958	)

		NET ASSETS - 100.0%	$	5,033,673

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

SCHEDULE OF INVESTMENTS

MUNICIPAL BOND PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		OPEN END FUNDS - 89.0%
	8,874	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Shares	$	128,857
	27,806	Vanguard Short-Term Tax-Exempt Fund, Admiral Shares		441,841
		TOTAL OPEN END FUND (Cost - $563,663)		570,698

		SHORT-TERM INVESTMENT - 10.8%
	69,185	Dreyfus Tax Exempt Cash Management, Institutional Class, 0.02% ^ (Cost - $69,178)		69,178

		TOTAL INVESTMENTS - 99.8% (Cost - $632,841)	$	639,876

		OTHER ASSETS LESS LIABILITIES - 0.2%		1,138

		NET ASSETS - 100.0%	$	641,014

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

SCHEDULES OF INVESTMENTS

U.S. GOVERNMENT MONEY MARKET PORTFOLIO (Unaudited)

May 31, 2020

Principal			Value
		REPURCHASE AGREEMENT - 99.9%
$	6,009,000	FICC Repurchase Agreement, 0.04%, due 6/01/2020 with a full maturity value of $6,009,020 (Collateralized by $5,710,000 U.S. Treasury Notes, 2.1250% due 03/31/2024, aggregate market value plus accrued interest $6,131,792) (Cost - $6,009,000)	$	6,009,000

		TOTAL INVESTMENTS - 99.9% (Cost - $6,009,000)	$	6,009,000

		OTHER ASSETS LESS LIABILITIES - 0.1%		5,749

		NET ASSETS - 100.0%	$	6,014,749

SCHEDULES OF INVESTMENTS

AGGRESSIVE BALANCED ALLOCATION PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		OPEN END FUNDS - 88.5%
	380	Eaton Vance Global Macro Absolute Return Fund, Class I	$	3,250
	1,212	James Alpha Global Real Estate Investments Portfolio, Class I +		18,208
	4,844	James Alpha Macro Portfolio, Class I * +		39,917
	1,805	James Alpha Multi-Strategy Alternative Income Portfolio, Class I +		15,977
	1,415	Saratoga Energy & Basic Materials Portfolio, Class I * +		11,066
	1,219	Saratoga Health & Biotechnology Portfolio, Class I +		28,324
	7,709	Saratoga Large Capitalization Growth Portfolio, Class I +		184,319
	5,950	Saratoga Mid Capitalization Portfolio, Class I +		64,139
	1,074	Saratoga Technology & Communications Portfolio, Class I +		28,985
	702	Vanguard Financials Index Fund - Admiral Shares		20,176
	578	Vanguard Small-Cap Index Fund - Admiral Shares		39,474
	4,203	Vanguard Total Bond Market Index Fund - Admiral Shares		48,548
	1,311	Vanguard Total International Stock Index Fund - Admiral Shares		33,495
	3,872	Vanguard Value Index Fund - Admiral Shares		153,290
		TOTAL OPEN END FUNDS (Cost - $734,161)		689,168

		SHORT-TERM INVESTMENT - 11.4%
	88,455	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $88,455)		88,455

		TOTAL INVESTMENTS - 99.9% (Cost - $822,616)	$	777,623

		OTHER ASSETS LESS LIABILITIES - 0.1%		509

		NET ASSETS - 100.0%	$	778,132

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

Affiliated investment.

SCHEDULES OF INVESTMENTS

CONSERVATIVE BALANCED ALLOCATION PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		OPEN END FUNDS - 68.8%
	1,663	Eaton Vance Global Macro Absolute Return Fund, Class I	$	14,220
	9,658	James Alpha Macro Portfolio, Class I * +		79,585
	20,081	Saratoga Large Capitalization Growth Portfolio, Class I +		480,142
	10,390	Saratoga Mid Capitalization Portfolio, Class I +		112,005
	244	Vanguard Small-Cap Index Fund - Admiral Shares		16,673
	42,621	Vanguard Total Bond Market Index Fund - Admiral Shares		492,270
	516	Vanguard Total International Stock Index Fund - Admiral Shares		13,188
	8,146	Vanguard Value Index Fund - Admiral Shares		322,519
		TOTAL OPEN END FUNDS (Cost - $1,554,197)		1,530,602

		SHORT-TERM INVESTMENT - 31.2%
	693,346	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $693,346)		693,346

		TOTAL INVESTMENTS - 100.0% (Cost - $2,247,543)	$	2,223,948

		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%		(246	)

		NET ASSETS - 100.0%	$	2,223,702

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

Affiliated investment.

SCHEDULES OF INVESTMENTS

MODERATE BALANCED ALLOCATION PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		OPEN END FUNDS - 82.8%
	3,195	Eaton Vance Global Macro Absolute Return Fund, Class I	$	27,319
	1,212	James Alpha Global Real Estate Investments Portfolio, Class I +		18,208
	7,475	James Alpha Macro Portfolio, Class I +		61,596
	2,650	James Alpha Multi-Strategy Alternative Income Portfolio, Class I		23,456
	1,960	Saratoga Energy & Basic Materials Portfolio, Class I * +		15,324
	1,407	Saratoga Health & Biotechnology Portfolio, Class I +		32,683
	14,073	Saratoga Large Capitalization Growth Portfolio, Class I +		336,496
	14,297	Saratoga Mid Capitalization Portfolio, Class I +		154,123
	1,168	Saratoga Technology & Communications Portfolio, Class I +		31,508
	739	Vanguard Financials Index Fund, Admiral Shares		21,237
	558	Vanguard Small-Cap Index Fund, Admiral Shares		38,120
	17,425	Vanguard Total Bond Market Index Fund, Admiral Shares		201,255
	1,051	Vanguard Total International Stock Index Fund, Admiral Shares		26,835
	5,135	Vanguard Value Index Fund, Admiral Shares		203,286
		TOTAL OPEN END FUNDS (Cost - $1,242,315)		1,191,446

		SHORT-TERM INVESTMENT - 17.2%
	247,855	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $247,855)		247,855

		TOTAL INVESTMENTS - 100.0% (Cost - $1,490,170)	$	1,439,301

		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%		(682	)

		NET ASSETS - 100.0%	$	1,438,619

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

Affiliated investment.

SCHEDULES OF INVESTMENTS

MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		OPEN END FUNDS - 87.3%
	5,014	Eaton Vance Global Macro Absolute Return Fund, Class I	$	42,867
	736	James Alpha Global Real Estate Investments Portfolio, Class I +		11,055
	2,954	James Alpha Macro Portfolio, Class I +		24,344
	1,220	James Alpha Multi-Strategy Alternative Income Portfolio, Class I +		10,797
	1,686	Saratoga Energy & Basic Materials Portfolio, Class I * +		13,181
	872	Saratoga Health & Biotechnology Portfolio, Class I +		20,265
	6,317	Saratoga Large Capitalization Growth Portfolio, Class I +		151,028
	7,112	Saratoga Mid Capitalization Portfolio, Class I +		76,663
	650	Saratoga Technology & Communications Portfolio, Class I +		17,550
	369	Vanguard Financials Index Fund, Admiral Shares		10,617
	372	Vanguard Small-Cap Index Fund, Admiral Shares		25,423
	6,960	Vanguard Total Bond Market Index Fund, Admiral Shares		80,386
	717	Vanguard Total International Stock Index Fund, Admiral Shares		18,315
	2,457	Vanguard Value Index Fund, Admiral Shares		97,278
		TOTAL OPEN END FUNDS (Cost - $617,026)		599,769

		SHORT-TERM INVESTMENT - 12.5%
	85,468	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $85,468)		85,468

		TOTAL INVESTMENTS - 99.8% (Cost - $702,494)	$	685,237

		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%		1,247

		NET ASSETS - 100.0%	$	686,484

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

Affiliated investment.

SCHEDULES OF INVESTMENTS

MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		OPEN END FUNDS - 80.8%
	228	Eaton Vance Global Macro Absolute Return Fund, Class I	$	1,953
	8,652	James Alpha Macro Portfolio, Class I * +		71,293
	9,371	Saratoga Large Capitalization Growth Portfolio, Class I +		224,066
	9,746	Saratoga Mid Capitalization Portfolio, Class I +		105,058
	612	Vanguard Small-Cap Index Fund, Admiral Shares		41,780
	14,068	Vanguard Total Bond Market Index Fund, Admiral Shares		162,483
	880	Vanguard Total International Stock Index Fund, Admiral Shares		22,471
	3,987	Vanguard Value Index Fund, Admiral Shares		157,827
		TOTAL OPEN END FUNDS (Cost - $835,367)		786,931

		SHORT-TERM INVESTMENT - 19.1%
	186,318	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $186,318)		186,318

		TOTAL INVESTMENTS - 99.9% (Cost - $1,021,685)	$	973,249

		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		326

		NET ASSETS - 100.0%	$	973,575

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

Affiliated investment.

CONSOLIDATED SCHEDULES OF INVESTMENTS

JAMES ALPHA MACRO PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		EXCHANGE TRADED FUNDS - 32.2%
		ASSET ALLOCATION FUNDS - 2.9%
	2,034	Invesco DB US Dollar Index Bullish Fund	$	54,104
	10,085	iShares Morningstar Multi-Asset Income ETF		219,318
				273,422
		COMMODITY FUNDS - 4.9%
	27	Invesco DB Agriculture Fund		369
	42	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		518
	21	iShares Commodities Select Strategy ETF		490
	18,246	iShares S&P GSCI Commodity Indexed Trust *		179,176
	2,205	ProShares UltraShort Bloomberg Crude Oil *		51,421
	1,183	SPDR Gold Shares + *		192,723
	11	United States Commodity Index Fund *		293
	2,927	United States Natural Gas Fund LP *		33,134
				458,124
		EQUITY FUNDS - 10.3%
	3,401	CI First Asset Active Utility & Infrastructure ETF		28,223
	10,843	Core Alternative ETF		306,317
	1,710	Direxion NASDAQ-100 Equal Weighted Index Shares		97,812
	172	ETFMG Alternative Harvest ETF		2,367
	53	First Trust Financial AlphaDEX Fund		1,304
	190	Invesco KBW High Dividend Yield Financial ETF		2,470
	428	Invesco S&P 500 Equal Weight ETF		43,104
	2,433	iShares Global Clean Energy ETF		29,001
	488	iShares Latin America 40 ETF		10,009
	240	iShares Mortgage Real Estate ETF +		5,443
	1,163	iShares MSCI All Country Asia ex Japan ETF		75,211
	149	iShares MSCI Brazil ETF		4,051
	2,055	iShares MSCI EAFE ETF		122,560
	707	iShares MSCI Emerging Markets ETF		26,675
	267	iShares MSCI Frontier 100 ETF		6,296
	961	iShares MSCI Japan ETF		53,249
	54	iShares MSCI Mexico ETF		1,722
	529	iShares STOXX Europe 600 Basic Resources UCITS ETF DE *		22,490
	1,350	iShares S&P/TSX Capped Materials Index ETF		15,891
	1,405	VanEck Vectors Africa Index ETF		21,539
	967	VanEck Vectors Russia ETF		19,940
	752	Vanguard FTSE Emerging Markets ETF		28,095
	886	WBI BullBear Rising Income 3000 ETF		23,638
	627	WisdomTree Middle East Dividend Fund		10,242
				957,649
		FIXED INCOME FUNDS - 14.1%
	4,593	Highland/iBoxx Senior Loan ETF		73,075
	589	Invesco Senior Loan ETF		12,581
	191	iShares 7-10 Year Treasury Bond ETF		23,291
	14,478	iShares Barclays USD Asia High Yield Bond Index ETF		141,884
	203	iShares Floating Rate Bond ETF		10,207
	495	iShares iBoxx High Yield Corporate Bond ETF		40,798
	2,322	iShares JP Morgan USD Emerging Markets Bond ETF		247,061
	23	iShares MBS ETF		2,555
	2,246	SPDR Bloomberg Barclays Euro High Yield Bond UCITS ETF		133,626
	186	SPDR Bloomberg Barclays High Yield Bond ETF		18,970
	409	SPDR Doubleline Total Return Tactical ETF		20,213
	309	VanEck Vectors Emerging Markets High Yield Bond ETF		6,773
	10,122	Vanguard Total International Bond ETF		581,711
	294	WisdomTree Emerging Markets Local Debt Fund		9,524
				1,322,269

		TOTAL EXCHANGE TRADED FUNDS (Cost - $3,021,634)		3,011,464

CONSOLIDATED SCHEDULES OF INVESTMENTS

JAMES ALPHA MACRO PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Shares			Value
		EXCHANGE TRADED NOTES - 0.1%
		COMMODITY NOTES - 0.0%
	257	iPath Bloomberg Coffee Subindex Total Return ETN	$	2,144
	134	iPath Bloomberg Grains Subindex Total Return ETN		2,417
				4,561
		SPECIALTY NOTE - 0.1%
	263	iPath Series B S&P 500 VIX Short-Term Futures ETN		8,713

		TOTAL EXCHANGE TRADED NOTE (Cost - $12,087)		13,274

		MUTUAL FUNDS - 45.1%
		ALTERNATIVE FUNDS - 8.5%
	37,792	Altegris Futures Evolution Strategy Fund, Class I		299,694
	58,114	AQR Managed Futures Strategy Fund, Class I		495,128
				794,822
		FIXED INCOME FUND - 36.6%
	328,937	James Alpha Structured Credit Value Portfolio, Class S #		3,417,659

		TOTAL MUTUAL FUNDS (Cost - $4,324,550)		4,212,481

		SHORT-TERM INVESTMENT - 6.1%
	570,294	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $570,294)		570,294

		TOTAL INVESTMENTS - 83.5% (Cost - $7,928,565)		7,807,513

		OTHER ASSETS LESS LIABILITIES - 16.5%		1,537,766

		NET ASSETS - 100.0%	$	9,345,279

Non-income producing securities.

All or a portion of this investment is a holding of the James Alpha Cayman Commodity Fund I Ltd.

Affiliated investments.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

ETF - Exhange Traded Fund

ETN - Exchange Traded Note

GSCI - Goldman Sachs Commodity Index

MBS - Mortgage Backed Security

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor’s Depository Receipt

UCITS - Undertakings for Collective Investments in Transferable Securities

Forward Currency Contracts
Settlement	Units to							US Dollar			Appreciation/
Date	Receive/Deliver		Counterparty	In Exchange For				Value			(Depreciation)
To Buy:
6/24/2020	188,151	CAD	BNY Mellon	$	134,613		USD	$	136,127		$	1,514
6/24/2020	50,398	CHF	BNY Mellon		52,028		USD		52,493			465
6/24/2020	79,110	GBP	BNY Mellon		96,570		USD		97,813			1,243
6/24/2020	12,067,052	JPY	BNY Mellon		112,510		USD		112,043			(467	)
To Sell:
6/24/2020	(134,806)	AUD	BNY Mellon		(87,747	)	USD		(89,486	)		(1,739	)
6/24/2020	(245,628)	EUR	BNY Mellon		(266,979	)	USD		(273,348	)		(6,369	)
6/24/2020	(767,354)	MXN	BNY Mellon		(32,553	)	USD		(34,559	)		(2,006	)
											$	(7,359	)

TOTAL RETURN SWAP - 0.5%	Unrealized Gain
The Deutsche Bank Total Return Swap provides exposure to the daily, total returns of the James Alpha Index, a proprietary index of the London Branch of Deutsche Bank AG. The number of shares is 64,270, with a receivable rate of 0.35%. The James Alpha Index features a basket of commodity trading advisor (“CTA”) programs selected by James Alpha Advisors, LLC from an approved list of third-party managers offered through Deutsche Bank AG on its DB Select platform. The James Alpha Index comprises a diversified collection of strategy and style types, including trend following, short-term trading, discretionary, global macro, and sector specialists. According to the terms of the swap, James Alpha Advisors, LLC can modify the James Alpha Index as frequently as daily, on a T+1 basis, by adjusting the notional value of the James Alpha Index, or by adding, deleting, or re-weighting the constituent CTA programs. The swap became effective on December 7, 2016. The maturity date of the swap is December 9, 2022. (Notional Value 6,400,907)	$	44,924
	$	44,924

TOTAL RETURN SWAP - (0.1)%	Unrealized Gain
The Goldman Sachs i-Select III Series 88 Excess Return Strategy (“GS i-Select”) is a synthetic rules-based proprietary strategy created by Goldman Sachs International as strategy sponsor. The GS i-Select Index includes strategies of the GS Risk Premia Universe that were selected by James Alpha. The GS i-Select Index is actively managed by James Alpha. The Index features 15 Portfolio Constituents that James Alpha Advisors, LLC determines the daily waiting of each constituent within the GS i-Select Index. The GS i-Select Index is comprised a diversified collection of strategy and style types, including equity, interest rates, FX, commodities, and credit based strategies such as imbalance, volatility carry, carry, momentum, low beta, and quality. According to the terms of the GS i-Select Index, James Alpha Advisors, LLC can modify the GS i-Select Index as frequently as daily, by adjusting the notional value of the GS i-Select Index, or by adding, deleting, or re-weighting the constituent Indexes in the GS i-Select Index. The swap became effective on May 19, 2020, and has a term of one year there from unless terminated earlier. (Notional Value $3,141,927)	$	(8,125	)
	$	(8,125	)

CONSOLIDATED SCHEDULES OF INVESTMENTS

JAMES ALPHA MACRO PORTFOLIO (Unaudited)(Continued)

May 31, 2020

James Alpha Index Swap Top 50 Holdings

FUTURES CONTRACTS*
Number of Contracts		Open Long Future Contracts	Counterparty	Notional Value at May 31, 2020		Expiration	Unrealized Appreciation / (Depreciation)			Percentage of Total Return Swap Unrealized Gain
	6	2 year Euro-Schatz Future	Deutsche Bank	$	724,727	6/8/2020	$	(762	)	-1.70%
	4	3 month Euro (EURIBOR)	Deutsche Bank		979,377	9/30/2020		69		0.15%
	2	3 month Euro (EURIBOR)	Deutsche Bank		624,315	12/13/2021		20		0.04%
	2	3 month Euro (EURIBOR)	Deutsche Bank		573,673	9/19/2022		(205	)	-0.46%
	12	3 month Euro (EURIBOR)	Deutsche Bank		1,842,727	3/17/2021		1,273		2.83%
	12	3 month Sterling	Deutsche Bank		1,808,343	3/16/2022		4,584		10.20%
	3	3 month Sterling	Deutsche Bank		461,701	12/15/2021		691		1.54%
	3	3 month Sterling	Deutsche Bank		454,250	3/15/2023		1,865		4.15%
	2	3 month Sterling	Deutsche Bank		277,565	12/16/2020		128		0.28%
	1	3 month Sterling	Deutsche Bank		227,142	6/16/2021		123		0.27%
	5	3 month Sterling	Deutsche Bank		389,738	6/15/2020		842		1.87%
	2	3 year Australian Treasury Bond Future	Deutsche Bank		200,823	9/21/2020		341		0.76%
	1	10 year Italian Bond Future	Deutsche Bank		231,696	6/8/2020		(4,785	)	(10.65)%
	0	10 year US Treasury Notes Future	Deutsche Bank		469,675	6/15/2020		(295	)	-0.66%
	4	90 Day Bank Accepted Bill Future	Deutsche Bank		510,894	9/21/2020		908		2.02%
	3	90 Day Bank Accepted Bill Future	Deutsche Bank		496,611	12/10/2020		887		1.97%
	1	90 Day Bank Accepted Bill Future	Deutsche Bank		195,372	3/11/2021		107		0.24%
	6	DAX Index Future	Deutsche Bank		223,246	10/30/2020		225		0.50%
	1	DJ EURO STOXX Banks Future	Deutsche Bank		152,679	6/19/2020		3,183		7.09%
	1	EURO STOXX 50 Index Future	Deutsche Bank		151,886	6/8/2020		(266	)	-0.59%
	1	Euro-BOBL Future	Deutsche Bank		235,203	6/8/2020		1,486		3.31%
	9	Eurodollar	Deutsche Bank		2,219,375	3/14/2022		2,438		5.43%
	6	Eurodollar	Deutsche Bank		1,454,238	9/19/2022		1,313		2.92%
	4	Eurodollar	Deutsche Bank		1,036,540	12/14/2020		(38	)	(0.08)%
	4	FTSE 100 Index Future	Deutsche Bank		989,636	3/15/2021		981		2.18%
	3	DAX Index Future	Deutsche Bank		735,151	3/13/2023		1,177		2.62%
	1	DJ EURO STOXX Banks Future	Deutsche Bank		218,216	12/19/2022		557		1.24%
	1	EURO STOXX 50 Index Future	Deutsche Bank		187,814	6/14/2021		339		0.75%
	7	Euro-BOBL Future	Deutsche Bank		201,506	6/11/2020		4,185		9.32%
	5	Eurodollar	Deutsche Bank		156,142	8/12/2020		(410	)	(0.91)%
	1	Eurodollar	Deutsche Bank		190,722	8/27/2020		(66	)	(0.15)%
	8	Eurodollar	Deutsche Bank		276,859	9/22/2020		8,662		19.28%
	4	FTSE 100 Index Future	Deutsche Bank		138,935	11/20/2020		2,422		5.39%
	4	Light Sweet Crude Oil (WTI) Future	Deutsche Bank		148,181	10/30/2020		(3,719	)	-8.28%
	2	Nikkei 225 (JPY) Future	Deutsche Bank		402,889	9/28/2020		188		0.42%
	3	Nikkei 225 Index	Deutsche Bank		141,256	6/30/2020		3,138		6.99%
	2	S&P Canada 60 Index Future	Deutsche Bank		405,028	3/15/2021		95		0.21%
							$	31,681

Number of Contracts		Open Short Future Contracts	Counterparty	Notional Value at May 31, 2020		Expiration	Unrealized Appreciation / (Depreciation)			Percentage of Total Return Swap Unrealized Gain
	(3)	3 month Euro (EURIBOR)	Deutsche Bank	$	946,989	12/14/2020	$	40		0.09%
	(4)	Brent Crude Monthly Future	Deutsche Bank		159,833	7/31/2020		(1,470	)	-3.27%
	(2)	CAD/USD	Deutsche Bank		180,688	6/16/2020		(906	)	-2.02%
	(6)	Cocoa Future	Deutsche Bank		156,278	9/15/2020		1,411		3.14%
	(1)	EUR/JPY	Deutsche Bank		152,493	6/15/2020		(5,074	)	-11.29%
	(3)	EUR/USD	Deutsche Bank		425,703	6/15/2020		(151	)	-0.34%
	(13)	Gasoil Monthly Future	Deutsche Bank		384,219	7/10/2020		1,441		3.21%
	(4)	Gasoline RBOB Future	Deutsche Bank		156,813	6/30/2020		(5,631	)	-12.53%
	(7)	Light Sweet Crude Oil (WTI) Future	Deutsche Bank		234,622	6/22/2020		(12,948	)	-28.82%
	(1)	Mini Japanese Goverment Bond Future	Deutsche Bank		185,372	6/12/2020		1,088		2.42%
	(4)	NY Harbour ULSD Future	Deutsche Bank		196,300	9/30/2020		3,026		6.74%
	(5)	Primary High Grade Aluminium Future	Deutsche Bank		175,962	9/16/2020		(4,335	)	-9.65%
	(4)	Soybeans Future	Deutsche Bank		150,806	11/13/2020		(1,323	)	(2.94)%
							$	(24,832	)

		TOTAL FUTURES CONTRACTS					$	6,849

Foreign currency transactions are done by notional and not by contracts

Non-income producing securities

Currency Abbreivations:

AUD - Australian Dollar

CAD - Canadian Dollar

CHF - Swiss Franc

EUR - Euro

GBP - British Pound

JPY - Japanese Yen

MXN - Mexican Peso

USD - U.S. Dollar

SCHEDULES OF INVESTMENTS

JAMES ALPHA GLOBAL REAL ESTATE INVESTMENTS PORTFOLIO (Unaudited)

May 31, 2020

Shares			Value
		COMMON STOCK - 99.3%
		ASIA PACIFIC - 20.0%
		AUSTRALIA - 2.7%
	4,499,686	Charter Hall Long Wale REIT	$	13,108,813
	6,552,675	Waypoint REIT Ltd.		11,539,113
				24,647,926
		HONG KONG - 7.5%
	3,204,399	ESR Cayman Ltd. *#		7,203,016
	4,432,762	Hang Lung Properties Ltd.		9,382,355
	6,677,693	Link REIT		50,431,069
				67,016,440
		JAPAN - 9.8%
	6,353	Daiwa House REIT Investment Corp.		15,683,043
	66,934	Japan Hotel REIT Investment Corp.		27,877,027
	2,442,514	Mitsubishi Estate Co. Ltd.		38,861,907
	214,931	Mitsui Fudosan Co. Ltd.		4,138,935
	164,289	Tokyu Fudosan Holdings Corp.		831,564
				87,392,476

		TOTAL ASIA PACIFIC - (Cost - $226,553,342)		179,056,842

		EUROPE - 19.2%
		BELGIUM - 0.3%
	21,532	VGP NV		2,807,286

		FRANCE - 4.1%
	754,850	Accor SA *		21,383,748
	781,082	Klepierre SA		14,886,081
				36,269,829
		GERMANY - 1.9%
	191,835	Deutsche Wohnen SE		8,607,845
	383,782	Instone Real Estate Group AG *#		8,364,750
				16,972,595
		IRELAND - 2.0%
	24,661,654	Glenveagh Properties PLC *#		17,996,703

		ITALY - 3.3%
	981,321	COIMA RES SpA #		7,086,544
	2,241,427	Infrastrutture Wireless Italiane SpA #		22,711,949
				29,798,493
		SINGAPORE - 1.1%
	6,883,139	Mapletree Commercial Trust		9,788,648

		UNITED KINGDOM - 6.5%
	13,592,600	Assura PLC		13,297,159
	4,975,851	Empiric Student Property PLC		3,851,638
	411,832	Great Portland Estates PLC		3,326,703
	3,234,243	McCarthy & Stone PLC #		2,882,076
	104,331	The UNITE Group PLC		1,122,550
	19,275,256	Tritax Big Box REIT PLC		33,236,945
				57,717,071

		TOTAL EUROPE (Cost - $223,245,794)		171,350,625

SCHEDULES OF INVESTMENTS

JAMES ALPHA GLOBAL REAL ESTATE INVESTMENTS PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 99.3% (Continued)
		NORTH AMERICA - 60.1%
		BERMUDA - 2.5%
	5,882,511	Hongkong Land Holdings Ltd.	$	22,118,241

		CANADA - 0.3%
	194,690	InterRent Real Estate Investment Trust		2,060,711
	69,243	WPT Industrial Real Estate Investment Trust		850,304
				2,911,015
		CAYMAN ISLANDS - 4.5%
	6,901,224	CK Asset Holdings Ltd.		37,907,799
	568,737	Wharf Real Estate Investment Co. Ltd.		2,205,637
				40,113,436
		UNITED STATES - 52.8%
	979,675	Acadia Realty Trust		11,491,588
	119,922	Alexandria Real Estate Equities, Inc.		18,434,410
	88,079	American Tower Corp.		22,739,355
	946,399	Americold Realty Trust		33,795,908
	1,605,262	Brixmor Property Group, Inc.		17,914,724
	2,035,062	CatchMark Timber Trust, Inc.		15,975,237
	85,841	Chatham Lodging Trust		579,427
	7,676,649	Colony Capital, Inc.		15,430,064
	599,310	CoreCivic, Inc.		7,209,699
	10,002	CoreSite Realty Corp.		1,248,450
	686,363	Corporate Office Properties Trust		17,138,484
	170,335	CyrusOne, Inc.		12,662,704
	1,674,851	Ellington Financial, Inc.		17,083,480
	139,961	Equity LifeStyle Properties, Inc.		8,719,570
	484,634	Healthpeak Properties, Inc.		11,941,382
	235,024	Hilton Worldwide Holdings, Inc.		18,639,753
	1,030,914	Independence Realty Trust, Inc.		10,195,739
	1,439,942	Invitation Homes, Inc.		37,870,475
	975,719	Jernigan Capital, Inc.		11,776,928
	1,689,955	Kennedy-Wilson Holdings, Inc.		23,693,169
	287,223	Kilroy Realty Corp.		16,406,178
	342,777	Marriott International, Inc.		30,335,765
	620,633	MGM Growth Properties LLC		17,210,153
	377,281	National Retail Properties, Inc.		11,842,851
	437,583	New Senior Investment Group, Inc.		1,268,991
	320,320	Prologis, Inc.		29,309,280
	866,752	STAG Industrial, Inc.		23,315,629
	1,047,652	The GEO Group, Inc.		12,550,871
	301,671	Welltower, Inc.		15,285,670
				472,065,934

		TOTAL NORTH AMERICA (Cost - $804,081,607)		537,208,626

		TOTAL COMMON STOCK (Cost - $1,253,880,743)		887,616,093

		SHORT-TERM INVESTMENTS - 0.4%
	3,196,126	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $3,196,126)		3,196,126

		TOTAL INVESTMENTS - 99.7% (Cost - $1,257,076,869)	$	890,812,219
		OTHER ASSETS LESS LIABILITIES - 0.3%		2,643,406
		NET ASSETS - 100.0%	$	893,455,625

Non-income producing securities.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

Securities exempt from registration under Rule 144A of Securities Act of 1933. These securities may be resold in transaction exempt from registration to qualified institutional buyers. At May 31, 2020, these securities amounted to $66,245,038 or 7.41% of net assets.

LLC - Limited Liability Company

PLC - Public Liability Company

REIT - Real Estate Investment Trust

SCHEDULES OF INVESTMENTS

JAMES ALPHA MULTI STRATEGY ALTERNATIVE INCOME PORTFOLIO (Unaudited)

May 31, 2020

Principal			Interest	Maturity
Amount			Rate	Date	Value
		CORPORATE BONDS - 6.9%
		AEROSPACE/DEFENSE - 1.0%
$	125,000	Howmet Aerospace, Inc.	6.875	5/1/2025	$	132,952

		AUTO MANUFACTURERS - 0.8%
	50,000	Ford Motor Co.	9.000	4/22/2025		52,438
	50,000	Ford Motor Credit Co. LLC	5.085	1/7/2021		49,688
						102,126
		DIVERSIFIED FINANCIAL SERVICES - 0.7%
	100,000	Park Aerospace Holdings Ltd. #	5.250	8/15/2022		88,327

		INVESTMENT COMPANIES - 0.8%
	100,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	6.250	5/15/2026		100,754

		MEDIA - 0.8%
	100,000	CSC Holdings LLC #	5.375	7/15/2023		101,732

		PACKAGING & CONTAINERS - 1.6%
	200,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. #	5.250	8/15/2027		197,463

		RETAIL - 0.4%
	50,000	Kohl’s Corp.	9.500	5/15/2025		53,352

		TELECOMMUNICATIONS - 0.0%
	2,000	CommScope, Inc. #	5.000	6/15/2021		1,987

		TRANSPORTATION - 0.8%
	100,000	XPO Logistics, Inc. #	6.250	5/1/2025		104,610

		TOTAL CORPORATE BONDS (Cost - $881,074)				883,303

Shares
		COMMON STOCK - 73.4%
		APPAREL - 0.3%
	941	Canada Goose Holdings, Inc. *				18,368
	389	Carter’s, Inc.				33,419
	1,184	Skechers USA, Inc. *				37,083
						88,870
		AUTO MANUFACTURERS - 0.3%
	1,500	Navistar International Corp. *				37,710

		AUTO PARTS & EQUIPMENT - 0.1%
	600	Delphi Technologies PLC *				7,728

		BANKS - 2.0%
	4,400	IBERIABANK Corp.				186,604
	2,600	Texas Capital Bancshares, Inc. *				69,576
						256,180
		BEVERAGES - 0.3%
	3,025	Primo Water Corp.				36,391

		BIOTECHNOLOGY - 2.2%
	567	Bluebird Bio, Inc. *				36,078
	1,949	Immunomedics, Inc. *				65,467
	1,769	Liquidia Technologies, Inc. *				16,346
	748	Livongo Health, Inc. *				44,828
	3,450	NeoGenomics, Inc. *				92,081
	1,908	TransMedics Group, Inc. *				25,205
						280,005

SCHEDULES OF INVESTMENTS

JAMES ALPHA MULTI STRATEGY ALTERNATIVE INCOME PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 73.4% (Continued)
		COMMERCIAL SERVICES - 2.4%
	209	Avalara, Inc. *	$	22,376
	112	CoStar Group, Inc. *		73,562
	594	Evo Payments, Inc. *		13,151
	1,259	HMS Holdings Corp. *		39,331
	634	Macquarie Infrastructure Corp.		17,999
	708	Paylocity Holding Corp. *		92,044
	1,163	Progyny, Inc. *		29,028
	27	Repay Holdings Corp. *		622
	8	StoneCo. Ltd. *		253
	148	WEX, Inc. *		21,916
				310,282
		COMPUTERS - 3.0%
	1,158	Crowdstrike Holdings, Inc. *		101,684
	4,900	ForeScout Technologies, Inc. *		115,591
	1,396	Ping Identity Holding Corp. *		39,521
	1,208	Pure Storage, Inc. *		21,273
	994	Tenable Holdings, Inc. *		31,082
	726	Zscaler, Inc. *		71,213
				380,364
		DISTRIBUTION/WHOLESALE - 1.2%
	670	Copart, Inc. *		59,891
	1,438	IAA, Inc. *		58,958
	2,118	KAR Auction Services, Inc.		30,393
				149,242
		DIVERSIFIED FINANCIAL SERVICES - 4.2%
	4,372	Ellington Financial, Inc.		44,594
	1,900	GAIN Capital Holdings, Inc.		11,932
	1,124	Hamilton Lane, Inc.		82,243
	6,000	Legg Mason, Inc.		298,980
	1,007	LPL Financial Holdings, Inc.		71,890
	616	XP, Inc.		18,702
				528,341
		ELECTRIC - 0.5%
	2,080	PPL Corp.		58,115

		ELECTRONICS - 2.0%
	2,600	Fitbit, Inc. *		16,484
	1,700	Tech Data Corp. *		231,608
				248,092
		ENGINEERING & CONSTRUCTION - 0.5%
	5,852	Infrastrutture Wireless Italiane SpA		59,659

		ENTERTAINMENT - 0.2%
	1,800	Cineplex, Inc.		18,948

		FOREST PRODUCTS & PAPER - 0.1%
	1,000	Canfor Corp. *		7,343

		GAS - 0.1%
	1,025	Western Midstream Partners LP		9,574

		HEALTHCARE-PRODUCTS - 2.8%
	661	Axonics Modulation Technologies, Inc. *		24,239
	324	Bio-Techne Corp.		85,795
	2,222	GenMark Diagnostics, Inc. *		21,087
	230	Inspire Medical Systems, Inc. *		18,754
	810	Novocure Ltd. *		54,618
	1,628	Silk Road Medical, Inc. *		62,304
	2,900	Wright Medical Group NV		85,695
				352,492

SCHEDULES OF INVESTMENTS

JAMES ALPHA MULTI STRATEGY ALTERNATIVE INCOME PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 73.4% (Continued)
		HEALTHCARE-SERVICES - 0.5%
	263	Catalent, Inc. *	$	20,443
	898	Invitae Corp. *		15,104
	961	PPD, Inc. *		26,178
				61,725
		HOME BUILDERS - 0.4%
	75,105	Glenveagh Properties PLC *		54,637

		INSURANCE - 1.3%
	600	FGL Holdings		5,004
	564	Selectquote, Inc. *		15,521
	700	Willis Towers Watson PLC		142,030
				162,555
		INTERNET - 1.9%
	667	Chewy, Inc. *		29,641
	3,300	E*TRADE Financial Corp.		150,282
	41	Fiverr International Ltd. *		2,670
	6,900	Meet Group, Inc. *		42,642
	1,279	Revolve Group, Inc. *		17,983
				243,218
		LEISURE TIME - 0.1%
	439	Norwegian Cruise Line Holdings Ltd.		6,875

		LODGING - 2.3%
	1,892	Accor SA *		53,351
	10,700	Caesars Entertainment Corp. *		121,873
	587	Hilton Worldwide Holdings, Inc.		46,555
	730	Marriott International, Inc.		64,605
				286,384
		MACHINERY-CONSTRUCTION & MINING - 0.6%
	1,129	BWX Technologies, Inc.		70,642

		MEDIA - 0.1%
	4,600	Central European Media Enterprises Ltd. *		18,400

		MINING - 0.0%
	1	Newmont Goldcorp Corp.		58

		OIL & GAS - 0.0%
	1,241	Tellurian, Inc. *		1,241

		PHARMACEUTICALS - 0.2%
	1,146	Aimmune Therapeutics, Inc. *		19,035
	700	Portola Pharmaceuticals, Inc. *		12,565
				31,600
		PIPELINES - 4.8%
	1,059	Antero Midstream Corp.		5,062
	991	Cheniere Energy, Inc. *		43,951
	597	Cheniere Energy Partners LP		20,143
	495	Crestwood Equity Partners LP		7,034
	450	DCP Midstream LP		4,950
	389	Delek Logistics Partners LP		9,262
	992	Enable Midstream Partners LP		4,127
	1,804	Enbridge, Inc.		58,540
	4,533	Energy Transfer LP		36,989
	1,739	EnLink Midstream LLC		4,104
	2,160	Enterprise Products Partners LP		41,256
	461	EQM Midstream Partners LP		9,059
	1,087	Equitrans Midstream Corp.		8,794
	902	Genesis Energy LP		7,234
	571	Holly Energy Partners LP		9,227
	2,996	Kinder Morgan Inc		47,337

SCHEDULES OF INVESTMENTS

JAMES ALPHA MULTI STRATEGY ALTERNATIVE INCOME PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 73.4% (Continued)
		PIPELINES - 4.8% (Continued)
	938	Magellan Midstream Partners LP	$	42,529
	2,185	MPLX LP		41,493
	570	NGL Energy Partners LP		2,907
	724	NuStar Energy LP		12,576
	878	ONEOK, Inc.		32,214
	642	PBF Logistics LP		6,677
	460	Phillips 66 Partners LP		20,553
	2,379	Plains All American Pipeline LP		23,076
	1,266	Plains GP Holdings LP		12,647
	457	Rattler Midstream LP *		3,843
	769	Shell Midstream Partners LP		10,374
	1,096	Targa Resources Corp.		19,607
	1,262	TC Energy Corp.		56,803
	335	TC PipeLines LP		11,775
				614,143
		PRIVATE EQUITY - 0.4%
	3,899	Kennedy-Wilson Holdings, Inc.		54,664

		REAL ESTATE - 3.2%
	17,987	CK Asset Holdings Ltd.		97,813
	2,502	COIMA RES SpA		17,979
	496	Deutsche Wohnen SE		22,190
	14,872	Empiric Student Property PLC		11,436
	8,313	ESR Cayman Ltd. *		18,619
	11,842	Hang Lung Properties Ltd.		24,903
	15,159	Hongkong Land Holdings Ltd.		56,998
	966	Instone Real Estate Group AG *		20,932
	10,586	McCarthy & Stone PLC		9,344
	6,285	Mitsubishi Estate Co. Ltd.		99,932
	539	Mitsui Fudosan Co. Ltd.		10,374
	413	Tokyu Fudosan Holdings Corp.		2,093
	56	VGP NV		7,288
	1,893	Wharf Real Estate Investment Co. Ltd.		7,278
				407,179
		REAL ESTATE INVESTMENT TRUSTS - 14.1%
	2,650	Acadia Realty Trust		31,085
	309	Alexandria Real Estate Equities, Inc.		47,499
	227	American Tower Corp.		58,605
	3,353	Americold Realty Trust		119,736
	33,900	Assura PLC		33,109
	3,494	Brixmor Property Group, Inc.		38,993
	5,490	CatchMark Timber Trust, Inc.		43,096
	11,344	Charter Hall Long Wale REIT		32,982
	213	Chatham Lodging Trust		1,438
	24,213	Colony Capital, Inc.		48,668
	1,798	CoreCivic, Inc.		21,630
	26	CoreSite Realty Corp.		3,245
	1,654	Corporate Office Properties Trust		41,300

SCHEDULES OF INVESTMENTS

JAMES ALPHA MULTI STRATEGY ALTERNATIVE INCOME PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 73.4% (Continued)
		REAL ESTATE INVESTMENT TRUSTS - 14.1% (Continued)
	1,209	CyrusOne, Inc.	$	89,877
	16	Daiwa House REIT Investment Corp.		39,564
	360	Equity LifeStyle Properties, Inc.		22,428
	3,347	GEO Group, Inc.		40,097
	5,260	Global Medical REIT, Inc.		56,387
	1,076	Great Portland Estates PLC		8,660
	1,455	Healthpeak Properties, Inc.		35,851
	2,652	Independence Realty Trust, Inc.		26,228
	508	InterRent Real Estate Investment Trust		5,377
	3,632	Invitation Homes, Inc.		95,522
	163	Japan Hotel REIT Investment Corp.		67,857
	2,513	Jernigan Capital, Inc.		30,332
	572	Kilroy Realty Corp.		32,673
	2,032	Klepierre SA		38,515
	17,414	Link REIT		130,195
	17,822	Mapletree Commercial Trust		25,219
	1,546	MGM Growth Properties LLC		42,871
	921	National Retail Properties, Inc.		28,910
	1,368	New Senior Investment Group, Inc.		3,967
	824	Prologis, Inc.		75,396
	1,565	STAG Industrial, Inc.		42,098
	4,000	Taubman Centers, Inc.		165,360
	49,705	Tritax Big Box REIT PLC		85,293
	288	UNITE Group PLC		3,092
	16,470	Waypoint REIT		28,972
	949	Welltower, Inc.		48,086
	175	WPT Industrial Real Estate Investment Trust		2,149
				1,792,362
		RETAIL - 7.5%
	4,420	Designer Brands, Inc.		27,095
	430	Five Below, Inc. *		45,000
	1,351	Ollie’s Bargain Outlet Holdings, Inc. *		123,549
	3,782	OptimizeRx Corp. *		42,964
	657	RH *		142,497
	1,250	Shake Shack, Inc. *		69,438
	2,500	Tiffany & Co.		320,325
	374	Ulta Beauty, Inc. *		91,260
	792	Wingstop, Inc.		96,584
				958,712
		SEMICONDUCTORS - 0.1%
	1,500	Adesto Technologies Corp. *		18,105
	1	Onto Innovation, Inc. *		31
				18,136
		SOFTWARE - 10.1%
	459	Alteryx, Inc. *		66,068
	377	Bandwidth, Inc. *		41,790
	118	Bill.com Holdings, Inc. *		8,218
	798	Black Knight, Inc. *		61,430
	1,682	Blackline, Inc. *		124,973
	642	Ceridian HCM Holding, Inc. *		44,215
	817	Cloudflare, Inc. *		23,750
	206	Coupa Software, Inc. *		46,867
	3,081	Domo, Inc. *		78,011
	2,376	Dynatrace, Inc. *		91,405
	2,359	eGain Corp. *		24,557
	968	Five9, Inc. *		100,866
	796	Guidewire Software, Inc. *		81,654
	1,099	Health Catalyst, Inc. *		29,827
	118	HubSpot, Inc. *		23,593
	3,287	Medallia, Inc. *		92,956

SCHEDULES OF INVESTMENTS

JAMES ALPHA MULTI STRATEGY ALTERNATIVE INCOME PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares					Value
		COMMON STOCK - 73.4% (Continued)
		SOFTWARE - 10.1% (Continued)
	682	Nutanix, Inc. *			$	16,409
	1,355	Phreesia, Inc. *				39,729
	1,116	Pluralsight, Inc. *				23,246
	2,065	PROS Holdings, Inc. *				80,432
	345	RingCentral, Inc. *				94,616
	1,450	Sailpoint Technologies Holdings, Inc. *				33,103
	870	Sprout Social, Inc. *				23,968
	698	Talend SA - ADR *				21,519
	115	Yext, Inc. *				1,816
	979	Zuora, Inc. *				11,758
						1,286,776
		TELECOMMUNICATIONS - 3.1%
	4,121	GTT Communications, Inc. *				32,927
	4,000	LogMeIn, Inc.				339,600
	11	PagerDuty, Inc. *				292
	2,202	Vonage Holdings Corp. *				21,205
						394,024
		TRANSPORTATION - 0.5%
	2,565	CryoPort, Inc. *				63,022

		TOTAL COMMON STOCK (Cost - $10,059,241)				9,355,689

		EXCHANGE TRADED FUNDS - 1.6%
		DEBT FUNDS - 1.6%
	4,800	iShares 0-5 Year High Yield Corporate Bond ETF				206,016
	1	ProShares UltraShort 20+ Year Treasury				16
						206,032
		EQUITY FUND - 0.0%
	1	ProShares UltraShort Russell2000				12

		TOTAL EXCHANGE TRADED FUNDS (Cost - $200,974)				206,044

			Interest Rate	Maturity Date
		PREFERRED STOCK - 1.1%
	2,220	Fortress Transportation & Infrastructure Investors LLC	8.000%	Perpetual		38,561
	4,000	Wells Fargo & Co.	5.125%	Perpetual		99,720
		TOTAL PREFERRED STOCK (Cost - $152,350)				138,281

		CLOSED END FUNDS - 9.9%
	8,000	BlackRock Core Bond Trust				120,400
	10,000	BlackRock Corporate High Yield Fund Inc				100,600
	7,500	BlackRock Credit Allocation Income Trust				101,475
	10,000	BlackRock Limited Duration Income Trust				139,900
	8,000	DoubleLine Income Solutions Fund				115,200
	10,000	Eaton Vance Ltd Duration Income Fund				112,800
	5,800	Invesco Dynamic Credit Opportunities Fund				50,402
	40,000	Invesco Senior Income Trust				137,200
	7,000	John Hancock Preferred Income Fund III				111,650
	13,000	Nuveen High Income November 2021 Target Term Fund				117,390
	7,000	Nuveen Preferred & Income Term Fund				147,630
		TOTAL CLOSED END FUNDS (Cost - $1,163,743)				1,254,647

		CONTINGENT VALUE RIGHT - 0.0%
	300	Bristol-Myers Squibb Co.				987
		TOTAL CONTINGENT VALUE RIGHT (COST - $690)

SCHEDULES OF INVESTMENTS

JAMES ALPHA MULTI STRATEGY ALTERNATIVE INCOME PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		OPEN END FUND - 5.7%
	69,926	James Alpha Structured Credit Value Portfolio, Class S +	$	726,533
		TOTAL OPEN END FUND (Cost - $713,761)

		SHORT-TERM INVESTMENT - 16.0%
	2,036,650	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^		2,036,650
		TOTAL SHORT-TERM INVESTMENT (Cost - $2,036,650)

		TOTAL INVESTMENTS - 114.6% (Cost - $15,208,483)	$	14,602,134

		LIABILITIES IN EXCESS OF OTHER ASSETS - (14.6)%		(1,863,334	)

		NET ASSETS - 100.0%	$	12,738,800

		SECURITIES SOLD SHORT - (17.6)%
		COMMON STOCK - (10.6)%
		APPAREL - (0.0)%
	11	Carter’s, Inc.		945

		AUTO PARTS & EQUIPMENT - (0.1)%
	267	BorgWarner, Inc.		8,584

		BANKS - (3.5)%
	20,169	First Horizon National Corp.		188,580
	2,680	Independent Bank Group, Inc.		101,518
	3,444	Morgan Stanley		152,225
	1	Prosperity Bancshares, Inc.		65
				442,388
		BIOTECHNOLOGY - (0.4)%
	1,017	Atara Biotherapeutics, Inc. *		11,695
	444	Ionis Pharmaceuticals, Inc. *		24,957
	1,597	Sinovac Biotech Ltd. *		10,333
	3,163	Solid Biosciences, Inc. *		9,331
				56,316
		COMMERCIAL SERVICES - (0.2)%
	807	Korn Ferry		24,420

		COMPUTERS - (0.2)%
	2,876	3D Systems Corp. *		21,196

		DIVERSIFIED FINANCIAL SERVICES - (0.8)%
	201	Credit Acceptance Corp. *		74,334
	1,391	International Money Express, Inc. *		15,343
	149	World Acceptance Corp. *		9,909
				99,586
		ELECTRIC - (0.3)%
	697	Unitil Corp.		33,574

		ENTERTAINMENT - (0.3)%
	962	Eldorado Resorts, Inc. *		34,113

		FOOD - (0.6)%
	8,030	Blue Apron Holdings, Inc. *		75,643

		GAS - (0.6)%
	506	Chesapeake Utilities Corp.		45,712
	304	ONE Gas, Inc.		25,527
				71,239
		HOUSEHOLD PRODUCTS/WARES - (0.1)%
	90	WD-40 Co.		17,266

SCHEDULES OF INVESTMENTS

JAMES ALPHA MULTI STRATEGY ALTERNATIVE INCOME PORTFOLIO (Unaudited) (Continued)

May 31, 2020

Shares			Value
		SECURITIES SOLD SHORT - (17.6)% (Continued)
		COMMON STOCK - (10.6)% (Continued)
		INSURANCE - (1.3)%
	756	Aon PLC	$	148,894
	61	Fidelity National Financial, Inc.		1,946
	430	Trupanion, Inc. *		12,952
				163,792
		INTERNET - (0.6)%
	1	Rubicon Project, Inc. *		6
	451	Wayfair, Inc. *		77,369
				77,375
		MACHINERY-DIVERSIFIED - (0.1)%
	684	Ingersoll Rand, Inc. *		19,289

		OIL & GAS - (0.1)%
	673	Chesapeake Energy Corp.		8,756

		PHARMACEUTICALS - (0.0)%
	8	AbbVie, Inc.		741

		REITS - (0.1)%
	764	Iron Mountain, Inc.		19,681

		SOFTWARE - (1.1)%
	582	Altair Engineering, Inc. *		22,750
	340	Sapiens International Corp NV		7,997
	640	Zoom Video Communications, Inc. *		114,867
				145,614
		TELECOMMUNICATIONS - (0.1)%
	200	Acacia Communications, Inc. *		13,500

		TRANSPORTATION - (0.1)%
	540	Ryder System, Inc.		18,500

		TOTAL COMMON STOCK (Proceeds - $1,384,186)		1,352,518

		EXCHANGED TRADED FUNDS - (7.0)%
		EQUITY FUNDS - (7.0)%
	2,441	iShares Russell 2000 Growth ETF		486,711
	2,059	Utilities Select Sector SPDR Fund		122,902
	1,844	Vanguard Consumer Staples ETF		278,684
		TOTAL EXCHANGED TRADED FUNDS (Proceeds - $698,659)		888,297

		TOTAL SECURITIES SOLD SHORT (Proceeds - $2,082,845)	$	2,240,815

Non-income producing securities

Investment in affiliate

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

LLC - Limited Liability Company

LP - Limited Partnerships

PLC - Public Liability Company

REIT - Real Estate Investment Trust

SCHEDULES OF INVESTMENTS

JAMES ALPHA MANAGED RISK DOMESTIC EQUITY PORTFOLIO (Unaudited)

May 31, 2020

Shares						Value
		EXCHANGE TRADED FUNDS - 90.6%
		EQUITY FUND - 90.6%
	146,000	SPDR S&P500 ETF Trust +				$	44,430,720
		TOTAL EXCHANGE TRADED FUNDS (Cost - $45,293,542)

			Notional
Contracts (a)			Amount		Expiration Date - Exercise Price
		OPTIONS PURCHASED - 1.5% *
		PUT OPTIONS PURCHASED - 1.5%
	150	S&P 500 Index	$	42,750,000	6/15/20 - $2,850.00		174,000
	40	S&P 500 Index		11,800,000	7/01/20 - $2,950.00		199,200
	50	S&P 500 Index		15,100,000	7/01/20 - $3,020.00		343,500
		TOTAL PURCHASED OPTIONS (Cost - $1,370,004)					716,700

Shares
		SHORT-TERM INVESTMENTS - 8.3%
	4,093,845	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $4,093,845)					4,093,845

		TOTAL INVESTMENTS - 100.4% (Cost - $50,757,391)				$	49,241,265

		LIABILITIES LESS OTHER ASSETS - (0.4)%					(190,470	)

		NET ASSETS - 100.0%				$	49,050,795

			Notional
Contracts (a)			Amount		Expiration Date - Exercise Price	Value
		WRITTEN OPTIONS - (3.6)% *
		PUT OPTIONS WRITTEN - (0.4)%
	5	S&P 500 Index	$	1,342,500	6/15/20 - $2,685.00	$	1,925
	225	S&P 500 Index		60,525,000	6/15/20 - $2,690.00		88,875
	40	S&P 500 Index		11,000,000	7/01/20 - $2,750.00		81,800
		(Premiums Received - $629,257)					172,600

		CALL OPTIONS WRITTEN - (3.2)%
	250	SPDR S&P500 ETF Trust		7,250,000	6/08/20 - $290.00		406,375
	800	SPDR S&P500 ETF Trust		23,600,000	6/08/20 - $295.00		936,000
	325	SPDR S&P500 ETF Trust		9,750,000	6/08/20 - $300.00		245,538
		(Premiums Received - $1,281,322)					1,587,913

		TOTAL WRITTEN OPTIONS (Premiums Received - $1,910,579)				$	1,760,513

Non-income producing security.

All or a portion of this security is segregated as collateral for options written.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

(a)

Each contract is equivalent to 100 shares of the underlying security.

ETF - Exchange Traded Fund

TOTAL RETURN SWAPS - 0.0%

Notional

Expiration

Pay/Receive

Variable

Unrealized

Amount

Reference Entity

Counterparty

Date

Fixed Rate

Rate (%)

Gain/(Loss)

1,452,400

SPY SPDR SP 500 ETF Trust

5,000

Goldman Sachs

6/3/2020

Pay

0.32963#

—

1,452,400

SPY SPDR SP 500 ETF Trust

5,000

Goldman Sachs

6/29/2020

Pay

0.32963#

—

1,452,400

SPY SPDR SP 500 ETF Trust

5,000

Goldman Sachs

9/21/2020

Pay

0.32963*

—

2,904,800

SPY SPDR SP 500 ETF Trust

10,000

Goldman Sachs

9/21/2020

Pay

0.32963*

—

871,440

SPY SPDR SP 500 ETF Trust

3,000

Goldman Sachs

10/6/2020

Pay

0.32963#

—

2,033,360

SPY SPDR SP 500 ETF Trust

7,000

Goldman Sachs

11/12/2020

Pay

0.32963#

—

5,809,600

SPY SPDR SP 500 ETF Trust

20,000

Goldman Sachs

12/1/2020

Pay

0.32963#

—

Variable rate is Libor plus 0.40%

Variable rate is Libor plus 0.50%

SCHEDULES OF INVESTMENTS

JAMES ALPHA MANAGED RISK EMERGING MARKETS EQUITY PORTFOLIO (Unaudited)

May 31, 2020

Shares						Value
		EXCHANGE TRADED FUNDS - 47.7%
		EQUITY FUND - 47.7%
	53,000	iShares MSCI Emerging Markets ETF +				$	2,012,013
		TOTAL EXCHANGE TRADED FUNDS (Cost - $2,201,271)

			Notional
Contracts (a)			Amount		Expiration Date - Exercise Price
		OPTIONS PURCHASED - 0.1% *
		PUT OPTIONS PURCHASED - 0.1%
	1,000	iShares MSCI Emerging Markets ETF	$	3,600,000	6/01/20 - $36.00		500
	1,000	iShares MSCI Emerging Markets ETF		3,500,000	6/08/20 - $35.00		4,000
	1,000	iShares MSCI Emerging Markets ETF		3,673,000	7/01/20 - $36.73		—
		TOTAL PURCHASED OPTIONS (Cost - $232,846)					4,500

Shares
		SHORT-TERM INVESTMENTS - 10.7%
	449,295	Dreyfus Institutional Preferred Government Money Market - Institutional Class, 0.11% ^ (Cost - $449,295)					449,295

		TOTAL INVESTMENTS - 58.5% (Cost - $2,883,412)				$	2,465,808

		OTHER ASSETS LESS LIABILITIES - 41.5%					1,751,741

		NET ASSETS - 100.0%				$	4,217,549

			Notional
Contracts (a)			Amount		Expiration Date - Exercise Price	Value
		WRITTEN OPTIONS - (0.1)% *
		PUT OPTIONS WRITTEN - (0.1)%
	1,000	iShares MSCI Emerging Markets ETF	$	3,350,000	6/01/20 - $33.50	$	1,500
	1,000	iShares MSCI Emerging Markets ETF		3,250,000	6/08/20 - $32.50		2,000
	1,000	iShares MSCI Emerging Markets ETF		3,473,000	7/01/20 - $34.73		—
		TOTAL PUT OPTIONS WRITTEN (Premiums Received - $80,902)					3,500

		CALL OPTIONS WRITTEN - (0.0)%
	1,000	iShares MSCI Emerging Markets ETF		3,750,000	6/15/20 - $37.50		—
		TOTAL CALL OPTIONS WRITTEN (Premiums Received - $90,219)					—

		TOTAL OPTIONS WRITTEN (Premiums Received - $171,121)				$	3,500

Non-income producing security.

All or a portion of this security is segregated as collateral for options written.

Money Market Fund; interest rate reflects seven-day effective yield on May 31, 2020.

(a)

Each contract is equivalent to 100 shares of the underlying security.

ETF - Exchange Traded Fund

TOTAL RETURN SWAPS - 0.0%

Notional

Expiration

Pay/Receive

Variable

Unrealized

Amount

Reference Entity

Counterparty

Date

Fixed Rate

Rate (%)

Gain/(Loss)

861,040

iShares MSCI Emerging Markets ETF

23,500

Goldman Sachs

7/22/2020

Pay

0.32963#

—

2,051,840

iShares MSCI Emerging Markets ETF

56,000

Goldman Sachs

11/12/2020

Pay

0.32963*

—

Variable rate is Libor plus 0.30%.

Variable rate is Libor plus 0.20%.

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)

May 31, 2020

Principal			Coupon Rate (%)			Maturity Date	Value
		ASSET-BACKED SECURITIES - 11.3%
		AUTOMOBILE ASSET-BACKED SECURITIES - 1.6%
$	100,000	CPS Auto Receivables Trust 2018-A #		3.6600		12/15/2023		100,015
	150,000	First Investors Auto Owner Trust 2017-2 #		5.4800		10/15/2024		153,270
	160,000	Foursight Capital Automobile Receivables Trust 2018-1 #		6.8200		4/15/2025		149,624
	75,000	United Auto Credit Securitization Trust 2019-1 #		4.2900		8/12/2024		67,987
	100,000	Westlake Automobile Receivables Trust 2018-3 #		4.9000		12/15/2023		100,216
								571,112
		COMMERCIAL ASSET-BACKED SECURITIES - 1.3%
	114,000	COMM 2019-GC44 Mortgage Trust #		2.5000		8/15/2057		67,432
	160,000	GS Mortgage Securities Trust 2016-GS4 #		3.2330		11/10/2049		108,882
	100,000	JPMBB Commercial Mortgage Securities Trust 2015-C31, weighted average of the net mortgage rates on the mortgage loans for distribution date minus 0.5000%		4.1194	*	8/15/2048		71,880
	125,000	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16 #		4.7690	*	6/15/2047		88,393
	80,000	Morgan Stanley Capital I Trust 2016-UBS9 #		3.0000		3/15/2049		51,949
	100,000	Multifamily Connecticut Avenue Securities Trust 2019-01 #		3.4183	*	10/15/2049		75,643
								464,179
		CREDIT CARD ASSET-BACKED SECURITIES - 0.3%
	120,000	Continental Credit Card ABS 2019-1 LLC #		6.1600		8/15/2026		106,422

		OTHER ASSET-BACKED SECURITIES - 1.7%
	41,307	Conn’s Receivables Funding 2018-A, LLC. #		6.0200		1/15/2023		40,425
	150,000	Progress Residential 2017-SFR1 Trust #		5.3500		8/17/2034		149,487
	100,000	Progress Residential 2018-SFR1 Trust #		4.7780		3/17/2035		97,469
	100,000	Tricon American Homes 2016-SFR1 Trust #		5.7690		11/17/2033		98,852
	100,000	Tricon American Homes 2017-SFR2 Trust #		3.6720		1/17/2036		100,043
	100,000	Tricon American Homes 2017-SFR2 Trust #		5.1040		1/17/2036		99,898
								586,174
		WHOLE LOAN COLLATERALIZED MORTGAGE OBLIGATIONS - 6.4%
	146,357	Alternative Loan Trust 2006-6CB		5.7500		5/25/2036		88,101
	110,000	Angel Oak Mortgage Trust I LLC 2017-1 #		6.1726	*	1/25/2047		104,845
	138,741	Bellemeade Re 2017-1 Ltd #, 1 mo. LIBOR +3.3500%		3.5183	*	10/25/2027		129,681
	100,000	Deephaven Residential Mortgage Trust 2018-2 #		4.3750	*	4/25/2058		98,458
	130,000	Deephaven Residential Mortgage Trust 2018-2 #		6.0420	*	4/25/2058		120,286
	99,513	Fannie Mae Connecticut Avenue Securities , 1 mo. LIBOR +10.2500%		10.4182	*	1/25/2029		94,914
	250,000	Fannie Mae Connecticut Avenue Securities #, 1 mo. LIBOR +4.2500%		4.4183	*	1/25/2031		212,350
	100,000	Fannie Mae Connecticut Avenue Securities, 1 mo. LIBOR +3.7500%		3.9183	*	3/25/2031		84,932
	80,000	Fannie Mae Connecticut Avenue Securities #, 1 mo. LIBOR +2.2500%		5.4182	*	6/25/2039		61,173
	20,000	Fannie Mae Connecticut Avenue Securities #, 1 mo. LIBOR +2.0500%		2.2183	*	1/25/2040		18,212
	50,000	Fannie Mae Connecticut Avenue Securities #, 1 mo. LIBOR +3.6500%		3.8183	*	2/25/2040		38,266
	50,000	Fannie Mae Connecticut Avenue Securities #, 1 mo. LIBOR +3.6500%		3.8183	*	2/25/2040		37,046
	96,964	Fannie Mae REMICS		3.0000		12/25/2027		6,162
	94,792	Fannie Mae REMICS		3.0000		1/25/2028		6,482
	104,109	Fannie Mae REMICS		3.0000		2/25/2028		6,660
	200,215	Freddie Mac REMICS		3.0000		10/15/2027		14,864
	128,789	Freddie Mac Structured Agency Credit Risk Debt Notes , 1 mo. LIBOR +8.8000%		8.9683	*	3/25/2028		104,751
	190,000	Freddie Mac Structured Agency Credit Risk Debt Notes , 1 mo. LIBOR +4.2000%		4.3683	*	2/25/2047		103,620
	200,000	Freddie Mac Structured Agency Credit Risk Debt Notes , 1 mo. LIBOR +10.5000%		10.6683	*	2/25/2047		98,958
	160,000	Freddie Mac Structured Agency Credit Risk Debt Notes , 1 mo. LIBOR +11.0000%		11.1683	*	10/25/2048		100,838
	220,000	Freddie Mac Structured Agency Credit Risk Debt Notes , 1 mo. LIBOR +10.7500%		10.9182	*	1/25/2049		131,346
	120,000	Freddie Mac Structured Agency Credit Risk Debt Notes #, 1 mo. LIBOR +4.0500%		4.2182	*	2/25/2049		70,429
	100,000	Freddie Mac Structured Agency Credit Risk Debt Notes , 1 mo. LIBOR +12.2500%		12.4183	*	2/25/2049		67,600
	160,000	Freddie Mac Structured Agency Credit Risk Debt Notes , 1 mo. LIBOR +8.1500%		8.3183	*	7/25/2049		83,362
	60,000	Freddie Mac Structured Agency Credit Risk Debt Notes #, 1 mo. LIBOR +1.8500%		2.0183	*	2/25/2050		55,689
	70,000	Freddie Mac Structured Agency Credit Risk Debt Notes #, 1 mo. LIBOR +4.1000%		4.2683	*	3/25/2050		41,990
	60,000	Freddie Mac Structured Agency Credit Risk Debt Notes #, 1 mo. LIBOR +3.1000%		3.2682	*	3/25/2050		51,682
	231,428	Government National Mortgage Association		3.5000		12/20/2049		26,504
	225,250	Government National Mortgage Association		3.5000		12/20/2049		23,674
	170,000	Oaktown Re III Ltd. #		4.5182	*	7/25/2029		104,086
	100,000	Versus Securitization Trust #		4.4520	*	7/25/2059		84,633
								2,271,594

		TOTAL ASSET-BACKED SECURITIES (Cost - $4,951,275)						3,999,481

		BANK LOANS - 2.6%
		AUTO MANUFACTURING - 0.2%
	94,109	Trico Group, 3 mo. LIBOR + 7.0000%		—		2/2/2024		89,169

		CASINO & GAMING - 0.4%
	10,200	Hard Rock Northern Indiana		—		11/7/2025		9,231
	140,500	Hard Rock Northern Indiana		—		11/7/2025		127,153
								136,384
		ENTERTAINMENT - 0.1%
	44,775	Sinclair Broadcasting		5.0800		7/18/2026		38,842

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Principal			Coupon Rate (%)			Maturity Date	Value
		BANK LOANS - 2.6% (Continued)
		FOOD - 0.1%
$	25,000	Froneri US, Inc., 1 mo. LIBOR + 2.2500%		2.6536		1/30/2027		23,932

		MACHINERY-MANUFACTURING - 0.1%
	83,513	Shape Technologies, 3 mo. LIBOR + 3.0000%		5.0879	*	4/4/2025		54,701

		METAL FABRICATE - 0.1%
	34,125	Big River Steel, 3 mo. LIBOR + 5.0000%		7.3344	*	8/15/2023		31,139

		PHARMACEUTICALS - 0.5%
	125,138	Natures Bounty, 1 mo. LIBOR + 3.5000%		5.9350	*	8/15/2024		119,976
	46,500	Valeant Pharma		4.9213	*	6/1/2025		45,695
								165,671
		REAL ESTATE - 0.1%
	39,200	Iron Mountain, 1 mo. LIBOR + 1.7500%		3.8435	*	1/2/2026		38,244

		SOFTWARE - 0.4%
	131,625	Dyncorp, 1 mo. LIBOR + 7.0000%		—		8/16/2025		125,702
	31,862	West Corp., 1 mo. LIBOR + 5.4501%		6.0935		10/3/2024		26,127
								151,829
		TELECOMMUNICATIONS - 0.6%
	21,892	Windstream Services LLC, 1 mo. LIBOR + 8.2500%		6.0900		3/30/2021		13,217
	75,000	Windstream Services LLC, 1 mo. LIBOR + 7.5000%		—		2/8/2024		45,000
	150,000	Xplornet Communications, Inc.		—		5/29/2027		142,500
								200,717

		TOTAL BANK LOANS (Cost - $1,029,584)						930,628

		TERM LOANS - 0.9%
		TOYS/GAMES/HOBBIES - 0.9%
	344,473	JAKKS Pacific Inc. (a)(b)		10.5000		2/9/2023		310,765

		TOTAL TERM LOANS (Cost - $308,378)						310,765

		CORPORATE BONDS - 52.0%
		ADVERTISING - 0.4%
	173,000	MDC Partners, Inc. #		6.5000		5/1/2024		135,480

		AEROSPACE/DEFENSE - 1.5%
	50,000	Boeing Co.		5.8050		5/1/2050		56,857
	250,000	Howmet Aerospace, Inc.		6.8750		5/1/2025		265,904
	200,000	TransDigm, Inc. #		6.2500		3/15/2026		204,968
								527,729
		AGRICULTURE - 1.0%
	323,000	Alpha VesselCo. Holdings, Inc. #		8.5000		12/15/2022		322,520
	30,000	Altria Group, Inc.		3.4000		5/6/2030		31,731
								354,251
		AUTO MANUFACTURERS - 2.7%
	45,000	BMW US Capital LLC #		4.1500		4/9/2030		50,424
	35,000	Ford Motor Co.		8.5000		4/21/2023		36,356
	135,000	Ford Motor Co.		9.0000		4/22/2025		141,581
	300,000	Ford Motor Credit Co. LLC		5.0850		1/7/2021		298,125
	250,000	General Motors Co.		6.1250		10/1/2025		273,095
	155,000	General Motors Financial Co., Inc.		3.8500		1/5/2028		150,320
								949,901
		AUTO PARTS & EQUIPMENT - 1.6%
	62,000	Dealer Tire LLC #		8.0000		2/1/2028		53,799
	500,000	Goodyear Tire & Rubber Co.		9.5000		5/31/2025		526,600
								580,399

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Principal			Coupon Rate (%)			Maturity Date	Value
		CORPORATE BONDS - 52.0% (Continued)
		BANKS - 2.0%
$	80,000	Citigroup, Inc.		4.7000	*	7/30/2168		69,950
	108,000	Freedom Mortgage Corp. #		8.1250		11/15/2024		100,294
	81,000	Freedom Mortgage Corp. #		8.2500		4/15/2025		75,177
	99,000	JP Morgan Chase & Co.		5.0000		Perpetual		93,308
	110,000	JP Morgan Chase & Co.		4.6000		Perpetual		97,895
	218,000	JP Morgan Chase & Co.		4.2301		10/31/2066		194,400
	70,000	Sumitomo Mitsui Financial Group, Inc.		3.2020		9/17/2029		73,060
								704,084
		BEVERAGES - 0.5%
	140,000	Bacardi Ltd. #		5.3000		5/15/2048		168,682

		BUILDING MATERIALS - 0.1%
	45,000	Summit Materials LLC #		6.5000		3/15/2027		45,835

		CHEMICALS - 0.3%
	56,000	Nova Chemicals Corp. #		5.2500		6/1/2027		47,540
	60,000	Olin Corp. #		9.5000		6/1/2025		65,625
								113,165
		COMMERCIAL SERVICES - 1.2%
	388,000	ACE Cash Express, Inc. #		12.0000		12/15/2022		294,880
	35,000	APX Group, Inc. #		6.7500		2/15/2027		33,026
	15,000	Jaguar Holding Co. II #		4.6250		6/15/2025		15,573
	25,000	Jaguar Holding Co. II #		5.0000		6/15/2028		26,000
	50,000	Verisk Analytics, Inc.		3.6250		5/15/2050		53,414
								422,893
		COMPUTERS - 1.1%
	100,000	Dell International LLC #		4.9000		10/1/2026		108,485
	15,000	Leidos, Inc. #		4.3750		5/15/2030		16,766
	250,000	NCR Corp. #		8.1250		4/15/2025		270,312
								395,563
		COSMETICS/PERSONAL CARE - 0.2%
	60,000	Edgewell Personal Care Co. #		5.5000		6/1/2028		62,325

		DISTRIBUTION/WHOLESALE - 1.4%
	500,000	Ferguson Finance PLC #		3.2500		6/2/2030		505,670

		DIVERSIFIED FINANCIAL SERVICES - 2.4%
	200,000	Avation Capital SA #		6.5000		5/15/2021		168,725
	95,000	Avolon Holdings Funding Ltd. #		3.6250		5/1/2022		84,594
	65,000	Global Aircraft Leasing Co. Ltd #		6.5000		9/15/2024		35,568
	500,000	GoEasy Ltd. #		5.3750		12/1/2024		470,053
	35,000	Nationstar Mortgage Holdings, Inc. #		6.0000		1/15/2027		31,582
	84,000	TitleMax Finance Corp. #		11.1250		4/1/2023		66,456
								856,978
		ELECTRIC - 0.3%
	40,000	Puget Energy, Inc. #		4.1000		6/15/2030		42,486
	70,000	Vistra Operations Co. LLC #		5.6250		2/15/2027		74,552
								117,038
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.2%
	35,000	WESCO Distribution, Inc. #		7.1250		6/15/2025		35,000
	24,811	WESCO Distribution, Inc. #		7.1250		6/15/2028		24,811
								59,811
		ELECTRONICS - 0.5%
	152,000	Flex Ltd.		4.8750		6/15/2029		160,586

		ENGINEERING & CONSTRUCTION - 0.7%
	125,000	Michael Baker International LLC #		8.7500		3/1/2023		126,875
	85,000	PowerTeam Services LLC #		9.0330		12/4/2025		86,396
	132,837	Stoneway Capital Corp #		10.0000		3/1/2027		48,487
								261,758
		ENTERTAINMENT - 1.0%
	110,000	Enterprise Development Authority #		12.0000		7/15/2024		108,499
	55,000	Scientific Games International, Inc. #		7.0000		5/15/2028		48,528
	884,682	Tunica-Biloxi Gaming Authority #		3.7800		6/15/2020		185,783
								342,810
		ENVIRONMENTAL CONTROL - 0.3%
	97,000	Tervita Escrow Corp. #		7.6250		12/1/2021		75,205

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Principal			Coupon Rate (%)		Maturity Date	Value
		CORPORATE BONDS - 52.0% (Continued)
		FOOD - 2.6%
$	250,000	Albertsons Cos LLC		6.6250	6/15/2024	$	259,279
	500,000	Hershey Co.		0.9000	6/1/2025		502,210
	63,000	Simmons Foods, Inc. #		5.7500	11/1/2024		59,069
	90,319	Youngs PIK SCA		8.2500	8/1/2019		100,466
							921,024
		FOREST PRODUCTS & PAPER - 0.4%
	135,000	Schweitzer-Mauduit International, Inc. #		6.8750	10/1/2026		135,598

		GAS - 1.4%
	500,000	National Fuel Gas Co.		5.5000	1/15/2026		507,829

		HEALTHCARE-SERVICES - 0.9%
	250,000	Centene Corp. #		5.3750	6/1/2026		264,952
	55,000	Centene Corp.		3.3750	2/15/2030		55,774
							320,726
		HOLDING COMPANIES - 0.3%
	140,000	VistaJet Malta Finance PLC #		10.5000	6/1/2024		112,015

		HOME BUILDERS - 0.1%
	20,000	Taylor Morrison Communities, Inc. #		5.8750	6/15/2027		19,808

		INSURANCE - 1.0%
	65,000	CNO Financial Group, Inc.		5.2500	5/30/2029		67,557
	100,000	Liberty Mutual Insurance Co. #		7.6970	10/15/2097		147,692
	105,000	Nationwide Mutual Insurance Co. #		4.3500	4/30/2050		107,170
	25,000	New York Life Insurance Co. #		3.7500	5/15/2050		28,209
							350,628
		INTERNET - 0.5%
	105,000	Booking Holdings, Inc.		4.6250	4/13/2030		120,617
	25,000	Expedia Group, Inc. #		6.2500	5/1/2025		26,752
	10,000	Expedia Group, Inc. #		7.0000	5/1/2025		10,716
							158,085
		INVESTMENT COMPANIES - 0.4%
	150,000	ICAHN Enterprises LP		6.2500	5/15/2026		151,131

		LEISURE PRODUCTS - 0.2%
	15,000	Carnival Corp.		3.9500	10/15/2020		14,699
	10,000	Royal Caribbean Cruises Ltd. #		11.5000	6/1/2025		10,610
	45,000	Viking Cruises Ltd. #		5.8750	9/15/2027		27,121
							52,430
		LODGING - 1.2%
	40,000	Boyd Gaming Corp.#		8.6250	6/1/2025		42,830
	30,000	Hyatt Hotels Corp.		5.3750	4/23/2025		31,424
	15,000	Hyatt Hotels Corp.		5.7500	4/23/2030		15,840
	520,000	Marriott International, Inc.		4.6250	6/15/2030		531,888
	75,000	Station Casinos LLC #		4.5000	2/15/2028		66,328
							688,310
		MEDIA - 1.2%
	347,000	CSC Holdings LLC #		5.3750	7/15/2023		353,012
	51,000	Diamond Sports Group LLC #, 1 mo. LIBOR + 3.4200%		6.6250	8/15/2027		30,871
	45,000	Walt Disney Co.		3.6000	1/13/2051		50,140
							434,023
		MINING - 2.1%
	459,000	Century Aluminum Co. #		7.5000	6/1/2021		414,764
	70,000	Freeport-McMoRan, Inc.		4.2500	3/1/2030		68,009
	373,000	Mountain Province Diamonds, Inc. #		8.0000	12/15/2022		191,047
	65,000	Novelis Corp. #		4.7500	1/30/2030		62,065
							735,885
		MISCELLANEOUS MANUFACTURING - 0.7%
	25,000	General Electric Co.		4.2500	5/1/2040		24,363

		MULTI-NATIONAL - 0.5%
	200,000	Banque Quest Africaine de Developpement #		4.7000	10/22/2031		191,986

		OIL & GAS - 2.5%
	744,000	Delphi Energy Corp.		10.0000	7/15/2021		296,050
	20,000	Diamondback Energy Inc.		4.7500	5/31/2025		20,968
	70,000	Equinor ASA		3.7000	4/6/2050		79,163
	90,000	MEG Energy Corp. #		7.1250	2/1/2027		82,237
	35,000	PBF Finance Corp. #		9.2500	5/15/2025		37,983
	95,000	PBF Finance Corp. #		6.0000	2/15/2028		80,096
	85,000	Petroleos Mexicanos #		6.8400	1/23/2030		72,980
	100,601	PetroQuest Energy, Inc. #		10.0000	2/15/2024		22,006
	25,000	Phillips 66		3.8500	4/9/2025		27,534
	100,000	Shelf Drilling Holdings Ltd. #		8.2500	2/15/2025		44,561
	24,000	Talos Petroleum LLC		7.5000	5/31/2022		16,800
	19,000	Transocean, Inc. #		8.0000	2/1/2027		10,545
	88,000	Transocean Sentry Ltd. #		5.3750	5/15/2023		83,160
							874,083

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Principal			Coupon Rate (%)		Maturity Date	Value
		CORPORATE BONDS - 52.0% (Continued)
		OIL & GAS SERVICES - 1.6%
$	90,000	Era Group, Inc.		7.7500	12/15/2022		83,250
	52,000	FTS International, Inc.		6.2500	5/1/2022		15,340
	352,000	ION Geophysical Corp.		9.1250	12/15/2021		281,116
	190,224	Noram Drilling Co AS		9.0000~	6/3/2021		190,224
							569,930
		PACKAGING & CONTAINERS - 0.7%
	250,000	Ardagh Holdings USA, Inc. #		5.2500	4/30/2025		261,562

		PHARMACEUTICALS - 0.8%
	250,000	Bausch Health Companies, Inc. #		6.2500	2/15/2029		257,475
	15,000	Bausch Health Companies, Inc. #		5.2500	1/30/2030		14,822
							272,297
		PIPELINES - 1.6%
	21,000	Cameron LNG LLC #		3.3020	1/15/2035		22,356
	48,000	Cameron LNG LLC #		3.4020	1/15/2038		45,874
	120,000	Energy Transfer Operating LP		7.1250	Perpetual		99,150
	84,000	EnLink Midstream LLC		5.3750	6/1/2029		65,276
	16,000	EnLink Midstream Partners LP		5.6000	4/1/2044		9,727
	45,000	Hess Midstream Partners LP #		5.1250	6/15/2028		42,595
	75,000	Midwest Connector Capital Co. LLC #		4.6250	4/1/2029		77,673
	70,000	MPLX LP		4.5000	4/15/2038		69,513
	40,000	ONEOK, Inc.		5.8500	1/15/2026		44,214
	90,000	Tallgrass Energy Finance Corp. #		6.0000	3/1/2027		83,081
							559,459
		REAL ESTATE INVESTMENT TRUST - 0.8%
	45,000	Istar, Inc.		4.7500	10/1/2024		40,617
	105,000	Istar, Inc.		4.2500	8/1/2025		92,335
	55,000	MPT Operating Partnership LP		4.6250	8/1/2029		54,579
	100,000	Park Intermediate Holdings LLC #		7.5000	6/1/2025		103,500
							291,031
		RETAIL - 1.9%
	35,000	AutoNation, Inc.		4.7500	6/1/2030		36,530
	125,000	Conn’s Inc.		7.2500	7/15/2022		87,002
	174,000	DriveTime Automotive Group, Inc. #		8.0000	6/1/2021		160,923
	423,000	House of Fraser Funding PLC		6.6500	9/15/2020		18,303
	250,000	Kohl’s Corp		9.5000	5/15/2025		266,762
	104,000	Michaels Stores, Inc. #		8.0000	7/15/2027		83,961
							653,481
		SEMICONDUCTORS - 3.5%
	65,000	Broadcom, Inc. #		4.1500	11/15/2030		68,319
	657,000	MagnaChip Semiconductor Corp.		6.6250	7/15/2021		652,811
	250,000	Microchip Technology, Inc. #		4.2500	9/1/2025		251,836
	250,000	NXP USA, Inc. #		3.4000	5/1/2030		258,795
							1,231,761
		SOFTWARE - 0.6%
	120,000	Citrix Systems, Inc.		3.3000	3/1/2030		123,905
	60,000	Oracle Corp.		3.8500	4/1/2060		69,077
							192,982
		TELECOMMUNICATIONS - 3.0%
	300,000	Altice France SA #		7.3750	5/1/2026		316,446
	467,000	HC2 Holdings, Inc. #		11.5000	12/1/2021		421,759
	73,457	Interactive/FriendFinder Networks, Inc.		14.0000	4/27/2025		60,601
	194,328	Interactive/FriendFinder Networks, Inc. (a)(b)		14.0000	4/27/2025		160,321
	30,000	T-Mobile USA, Inc. #		3.8750	4/15/2030		32,617
	145,000	Windstream Services LLC #		8.6250	10/31/2025		86,754
							1,078,498
		TRANSPORTATION - 2.1%
	209,000	American Tanker, Inc. #		9.2500	2/22/2022		209,570
	200,000	Global Ship Lease, Inc. #		9.8750	11/15/2022		171,703
	35,000	Union Pacific Corp.		3.7500	2/5/2070		38,859
	300,000	XPO Logistics, Inc. #		6.2500	5/1/2025		313,831
							733,963

		TOTAL CORPORATE BONDS (Cost - $20,820,096)					18,363,051

		CONVERTIBLE BONDS - 0.7%
		AIRLINES - 0.3%
	60,000	Air Canada #		4.0000	7/1/2025		61,875
	55,000	Southwest Airlines Co.		1.2500	5/1/2025		62,116
							123,991
		FOREST PRODUCTS & PAPER - 0.0%
	330,000	Fortress Global Enterprises, Inc.		9.7500	12/31/2021		12

		LEISURE TIME - 0.2
	45,000	Carnival Corp #		5.7500	4/1/2023		74,025

		PHARMACEUTICALS - 0.2%
	60,000	Tricida, Inc. #		4.5000	5/1/2020		60,556

		TOTAL CONVERTIBLE BONDS (Cost - $443,796)					258,584

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Shares			Coupon Rate (%)			Maturity Date	Value
		PREFERRED STOCK - 1.0%
		BANKS - 0.6%
	8,000	Wells Fargo & Co.		1.2813		Perpetual		199,440

		GAS - 0.2%
	3,075	South Jersey Industries Preferred		1.4063		Perpetual		77,060

		INSURANCE - 0.2%
	2,501	Enstar Group Ltd.		1.7500	*	Perpetual		63,750

		TOYS/GAMES/HOBBIES - 0.0%
	649	JAKKS Pacific, Inc. (a)(b)		—		Perpetual		—

		TOTAL PREFERRED STOCK (Cost - $334,210)						340,250

		COMMON STOCK - 2.0%
		BIOTECHNOLOGY - 0.1%
	13,136	Pacific Biosciences of California, Inc.						46,239

		ENERGY - 0.4%
	161	CE Star (a)(b)						139,805

		ENVIRONMENTAL CONTROL - 0.3%
	3,108	Advanced Disposal Services, Inc.						96,907

		INTERNET - 0.0%
	781	FriendFinder Networks, Inc. (a) +						—

		METAL FABRICATE - 0.8%
	8	RA Parent, Inc. (a)(b) +						274,482

		OIL & GAS - 0.0%
	10,132	PetroQuest Energy, Inc.						—
	107,881	Zargon Oil & Gas Ltd.						5,464
								5,464

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Shares			Value
		COMMON STOCK - 2.0% (Continued)
		RETAIL - 0.4%
	2,920	Nebraska Book Holdings, Inc. (a)(b)		133,283

		TOYS/GAMES/HOBBIES - 0.0%
	18,994	JAKKS Pacific, Inc. (a)(b)		—

		TOTAL COMMON STOCK (Cost - $1,058,058)		696,180

		EXCHANGE TRADED FUNDS- 5.1%
		DEBT FUNDS - 3.4%
	8,500	iShares 0-5 Year High Yield Corporate Bond ETF		257,520
	1	Proshares Ultrashort 20+ Year Treasury		16
	26,200	VanEck Vectors Emerging Markets High Yield Bond ETF		574,304
	11,977	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		369,251
				1,201,091
		EQUITY FUNDS - 1.7%
	14,012	Alerian MLP ETF		375,802
	5,405	InfraCap MLP ETF		109,667
	10,001	ProShares UltraShort Russell 2000		116,112
				601,581

		TOTAL EXCHANGE TRADED FUNDS (Cost - $2,706,442)		1,802,672

		MUTUAL FUNDS - 10.5%
		DEBT FUNDS - 10.5%
	356,372	James Alpha Structured Credit Value Portfolio - Class S ++		3,702,701
		TOTAL MUTUAL FUNDS (Cost - $3,563,716)

		CLOSED END FUND - 5.1%
		DEBT FUND - 5.1%
	15,000	BlackRock Core Bond Trust		225,750
	25,000	BlackRock Corporate High Yield Fund, Inc.		251,500
	22,000	BlackRock Credit Allocation Income Trust		297,660
	5,000	BlackRock Limited Duration Income Trust		69,950
	20,000	DoubleLine Income Solutions Fund		288,000
	25,000	Eaton Vance Ltd Duration Income Fund		282,000
	15,622	Invesco Dynamic Credit Opportunities Fund		135,755
	14,818	John Hancock Preferred Income Fund III		236,347
		TOTAL CLOSED END FUND (Cost - $1,625,545)		1,786,962

		WARRANTS 0.0%
	520,800	DEE.WT.A WARRANTS		1,884
		TOTAL WARRANTS (Cost - $3,130)

		SHORT-TERM INVESTMENTS - 5.9%
	2,098,148	Dreyfus Institutional Preferred Government Money Market, Institutional Class, 0.11% *		2,098,148
		TOTAL SHORT-TERM INVESTMENTS (Cost - $2,098,148)

		TOTAL INVESTMENTS - 97.1% (Cost - $38,942,378)		34,291,306

		OTHER ASSETS AND LIABILITIES - 2.9%		1,023,979

		NET ASSETS - 100.0%		35,315,285

Floating or variable rate security; rate shown represents the rate on May 31, 2020.

Pay in kind rate security.

Represents issuer in default on interest payments; non-income producing security.

Perpetual maturity date listed is next call date.

Affiliated investment

ETF - Exchange Traded Fund

LLC - Limited Liability Company.

LP - Limited Partnership

PLC - Public Limited Company

(a)

The value of this security has been determined in good faith under policies of the Board of Trustees.

(b)

Security is illiquid; total illiquid securities represent $1,018,656 or 2.9% of net assets.

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Principal					Coupon Rate (%)		Maturity Date	Value
			SECURITIES SOLD SHORT (1.2)%
			CORPORATE BONDS - (1.2)%
			APPAREL - (1.2)%
$	400,000		Hanesbrands, Inc. #			4.8750	5/15/2026		405,926

			TOTAL CORPORATE BONDS (Proceeds - $381,501)						405,926

			TOTAL SECURITIES SOLD SHORT (Proceeds - $381,501)						405,926

Long (Short)								Unrealized
Contracts				Counter Party	Notional Value		Maturity	Gain / (Loss)
			OPEN LONG FUTURE CONTRACTS - 0.0%
	6		10-Year US Treasury Note Future	JP Morgan	$	943,968	Sep-20		4,241
			NET UNREALIZED GAIN FROM OPEN LONG CONTRACTS						4,241

			OPEN SHORT FUTURE CONTRACTS - (0.1)%
	(11	)	2- Year US Treasury Note Future	JP Morgan		2,429,284	Sep-20		(693	)
	(10	)	5- Year US Treasury Note Future	JP Morgan		1,256,250	Sep-20		(2,353	)
	(13	)	10-Year USD Deliverable Interest Rate Swap Future	JP Morgan		1,377,792	Jun-20		(18,378	)
	(5	)	Euro Bund Future	JP Morgan		959,180	Jun-20		14,623
	(9	)	US Long Bond Future	JP Morgan		1,605,375	Sep-20		(8,156	)
	(1,220,000	)	United States Treasury Note	JP Morgan		1,224,051	Apr-25		(2,420	)
	(855,000	)	United States Treasury Note	JP Morgan		853,297	May-30		(4,304	)
	(215,000	)	United States Treasury Note	JP Morgan		232,578	Feb-30		335
			NET UNREALIZED LOSS FROM OPEN SHORT CONTRACTS						(21,346	)

			NET UNREALIZED LOSS FROM OPEN FUTURES CONTRACTS						(10,716	)

			OPEN CREDIT DEFAULT SWAPS - 0.1%

Notional		Upfront Premiums					Expiration	Pay/Receive
Amount		Paid (Received)			Reference Entity	Counterparty	Date	Fixed Rate ^	Fixed Rate	Value			Unrealized Gain
$	1,692,000	$	(132,560	)	CDX HY CDSI S33 5Y (a)	JP Morgan	6/20/2024	Receive	5.00%	$	29,326			161,886
	900,000		(17,714	)	CDX IG SERIES 33 5Y (b)	JP Morgan	6/20/2024	Receive	1.00%		(10,196	)		7,518
										$	19,130			169,404

(a)

Markit CDX NA High Yield Index High Yield Series 32 Index.

(b)

Markit CDX NA Investment Grade Series 32 Index.

If the Fund is receiving a fixed rate, the Fund acts as guarantor of the variable instrument. If the Fund is paying the fixed rate, the counterparty acts as guarantor of the variable instrument.

SCHEDULES OF INVESTMENTS

JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO (Unaudited)(Continued)

May 31, 2020

Settlement	Units to							US Dollar		Appreciation/
Date	Receive/Deliver			Counterparty	In Exchange For			Value		(Depreciation)
To Buy:
6/19/2020		125,000	EUR	BNY Mellon Corp.	$	137,456	USD	$	139,092		1,636
6/9/2020		350,000	EUR	BNY Mellon Corp.		384,738	USD		389,379		4,641

To Sell:
6/9/2020		189,000	CAD	BNY Mellon Corp.		134,990	USD		136,739		(1,749	)
6/9/2020		350,000	EUR	BNY Mellon Corp.		377,622	USD		389,379		(11,757	)
6/19/2020		38,000	CAD	BNY Mellon Corp.		27,146	USD		27,493		(347	)
6/19/2020		12,800	GBP	BNY Mellon Corp.		15,619	USD		15,826		(207	)
6/19/2020		237,000	EUR	BNY Mellon Corp.		257,690	USD		263,719		(6,029	)
6/29/2020		2,100	GBP	BNY Mellon Corp.		2,574	USD		2,597		(23	)

				Total Unrealized:							(13,835	)

CAD - Canadian Dollar

EUR - Euro

GBP - Great British Pound

Saratoga Advantage Trust

NOTES TO CONSOLIDATED SCHEDULES OF INVESTMENTS

May 31, 2020 (Unaudited)

The following is a summary of significant accounting policies followed by each Portfolio in preparation of their Portfolio of Investments. The policies are in conformity with U.S. generally accepted accounting principles in the United States of America (“GAAP”). Each Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.

Investment securities listed on a national securities exchange are valued at the last reported sale price on the valuation date. NASDAQ traded securities are valued at the NASDAQ Official Closing Price (NOCP). If there are no such reported sales, the securities are valued at the mean between current bid and ask. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees using methods which include current market quotations from a major market maker in the securities and trader-reviewed “matrix” prices. Short-term debt securities having a remaining maturity of sixty days or less, at the time of purchase, may be valued at amortized cost, which approximates market value. U.S. Government Money Market values all of its securities on the basis of amortized cost, which approximates market value. Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the last bid and ask price. Options not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean of the current bid and asked prices. Futures are valued based on their daily settlement value. Swap transactions are valued through an independent pricing service or at fair value based on daily price reporting from the swap counterparty issuing the swap. Total return swaps on securities listed on an exchange shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Any securities or other assets for which market quotations are not readily available are valued at their fair value as determined in good faith under procedures established by the Board of Trustees. There is no single standard for determining the fair value of such securities. Rather, in determining the fair value of a security, the board-appointed Fair Valuation Committee shall take into account the relevant factors and surrounding circumstances, a few of which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; and (iii) possible valuation methodologies that could be used to determine the fair value of a security. The International Equity Portfolio uses fair value prices as provided by an independent pricing vendor on a daily basis for those securities traded on a foreign exchange. Foreign currency and Forward currency exchange contracts are valued daily at the London close each day. The ability of issuers of debt securities held by the portfolios to meet their obligations may be affected by economic or political developments in a specific state, industry or region. Investments in foreign countries may involve certain considerations and risks not typically associated with domestic investments, including, but not limited to, the possibility of future political and economic developments and the level of government supervision and regulation of foreign securities markets.

The Portfolios utilize various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Portfolios have the ability to access.

Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Portfolios’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2020, for the Portfolio’s assets and liabilities measured at fair value:

Large Capitalization Value

Assets *	Level 1		Level 2		Level 3		Total
Common Stock	$	11,278,489	$	—	$	—	$	11,278,489
Short-Term Investments		795,614		—		—		795,614
Total	$	12,074,103	$	—	$	—	$	12,074,103

Large Capitalization Growth

Assets *	Level 1		Level 2		Level 3		Total
Common Stock	$	27,404,553	$	—	$	—	$	27,404,553
Short-Term Investments		360,000		—		—		360,000
Total	$	27,764,553	$	—	$	—	$	27,764,553

Mid Capitalization

Assets *	Level 1		Level 2		Level 3		Total
Common Stock	$	9,007,629	$	—	$	—	$	9,007,629
Short-Term Investments		148,990		—		—		148,990
Total	$	9,156,619	$	—	$	—	$	9,156,619

Small Capitalization

Assets *	Level 1		Level 2		Level 3		Total
Common Stock	$	4,687,286	$	—	$	—	$	4,687,286
Short-Term Investments		187,645		—		—		187,645
Collateral for Securities Loaned		—		107,183		—		107,183
Total	$	4,874,931	$	107,183	$	—	$	4,982,114

International Equity

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	441,291	$	6,069,880	$	—	$	6,511,171
Short-Term Investments		57,607		—		—		57,607
Collateral for Securities Loaned		—		107,450		—		107,450
Total	$	498,898	$	107,450	$	—	$	6,676,228

Health & Biotechnology

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	12,827,134	$	—	$	—	$	12,827,134
Short-Term Investments		367,274		—		—		367,274
Total	$	13,194,408	$	—	$	—	$	13,194,408

Technology & Communications

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	53,823,952	$	—	$	—	$	53,823,952
Short-Term Investments		642,782		—		—		642,782
Total	$	54,466,734	$	—	$	—	$	54,466,734

Energy & Basic Materials

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	941,414	$	—	$	—	$	941,414
Short-Term Investments		15,177		—		—		15,177
Total	$	956,591	$	—	$	—	$	956,591

Financial Services

Assets *	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,004,288	$	—	$	—	$	1,004,288
Short-Term Investments		32,344		—		—		32,344
Total	$	1,036,632	$	—	$	—	$	1,036,632

Investment Quality Bond

Assets *	Level 1		Level 2		Level 3		Total
Mutual Funds	$	4,859,095	$	—	$	—	$	4,859,095
Short-Term Investments		179,536		—		—		179,536
Total	$	5,038,631	$	—	$	—	$	5,038,631

Municipal Bond

Assets *	Level 1		Level 2		Level 3		Total
Open End Fund	$	570,698	$	—	$	—	$	570,698
Short-Term Investment		69,178		—		—		69,178
Total	$	639,876	$	—	$	—	$	639,876

U.S. Government Money Market

Assets *	Level 1		Level 2			Level 3		Total
Repurchase Agreement	$	—	$	6,009,000		$	—	$	6,009,000
Total	$	—	$	6,009,000		$	—	$	6,009,000

Aggressive Balanced Allocation

Assets *	Level 1		Level 2			Level 3		Total
Open End Funds	$	689,168	$	—		$	—	$	689,168
Short-Term Investment		88,455		—			—		88,455
Total	$	777,623	$	—		$	—	$	777,623

Conservative Balanced Allocation

Assets *	Level 1		Level 2			Level 3		Total
Open End Funds	$	1,530,602	$	—		$	—	$	1,530,602
Short-Term Investment		693,346		—			—		693,346
Total	$	2,223,948	$	—		$	—	$	2,223,948

Moderate Balanced Allocation

Assets *	Level 1		Level 2			Level 3		Total
Open End Funds	$	1,191,446	$	—		$	—	$	1,191,446
Short-Term Investment		247,855		—			—		247,855
Total	$	1,439,301	$	—		$	—	$	1,439,301

Moderately Aggressive Balanced Allocation

Assets *	Level 1		Level 2			Level 3		Total
Open End Funds	$	599,769	$	—		$	—	$	599,769
Short-Term Investment		85,468		—			—		85,468
Total	$	685,237	$	—		$	—	$	685,237

Moderately Conservative Balanced Allocation

Assets *	Level 1		Level 2			Level 3		Total
Open End Funds	$	786,931	$	—		$	—	$	786,931
Short-Term Investment		186,318		—			—		186,318
Total	$	973,249	$	—		$	—	$	973,249

James Alpha Macro

Assets *	Level 1		Level 2			Level 3		Total
Exchange Traded Funds	$	3,011,464	$	—		$	—	$	3,011,464
Exchange Traded Note		13,274		—			—		13,274
Mutual Funds		4,212,481		—			—		4,212,481
Short-Term Investment		570,294		—			—		570,294
Total	$	7,807,513	$	—		$	—	$	7,807,513
Derivatives
Forward Currency Contracts	$	—	$	(7,359	)	$	—	$	(7,359	)
Swaps		—		36,799			—		36,799
Total	$	—	$	29,440		$	—	$	29,440

James Alpha Global Real Estate Investments

Assets *	Level 1		Level 2			Level 3		Total
Common Stock	$	887,616,093	$	—		$	—	$	887,616,093
Short-Term Investments		3,196,126		—			—		3,196,126
Total	$	890,812,219	$	—		$	—	$	890,812,219

James Alpha Multi Strategy Alternative Income

Assets *	Level 1			Level 2			Level 3			Total
Corporate Bonds	$	—		$	883,303		$	—		$	883,303
Common Stock		9,355,689			—			—			9,355,689
Exchange Traded Funds		206,044			—			—			206,044
Preferred Stock		138,281			—			—			138,281
Closed End Funds		1,254,647			—			—			1,254,647
Contingent Value Right		987			—			—			987
Open End Fund		726,533			—			—			726,533
Short-Term Investment		2,036,650			—			—			2,036,650
Total	$	13,718,831		$	883,303		$	—		$	14,602,134
Liabilities *
Common Stock	$	(1,352,518	)	$	—		$	—		$	(1,352,518	)
Exchange Traded Funds		(888,297	)		—			—			(888,297	)
Total	$	(2,240,815	)	$	—		$	—		$	(2,240,815	)

James Alpha Managed Risk Domestic Equity

Assets *	Level 1			Level 2			Level 3			Total
Exchanged Traded Funds	$	44,430,720		$	—		$	—		$	44,430,720
Put Options Purchased		716,700			—			—			716,700
Short-Term Investments		4,093,845			—			—			4,093,845
Total Return Swaps		—			—			—			—
Total	$	49,241,265		$	—		$	—		$	49,241,265
Liabilities
Put Options Written	$	(172,600	)	$	—		$	—		$	(172,600	)
Call Options Written		(1,587,913	)		—			—			(1,587,913	)
Total	$	(1,760,513	)	$	—		$	—		$	(1,760,513	)

James Alpha Managed Risk Emerging Markets Equity

Assets *	Level 1			Level 2			Level 3			Total
Exchanged Traded Funds	$	2,012,013		$	—		$	—		$	2,012,013
Put Options Purchased		4,500			—			—			4,500
Short-Term Investments		449,295			—			—			449,295
Total Return Swaps		—			—			—			—
Total	$	2,465,808		$	—		$	—		$	2,465,808
Liabilities
Put Options Written	$	(3,500	)	$	—		$	—		$	(3,500	)
Call Options Written		—			—			—			—
Total	$	(3,500	)	$	—		$	—		$	(3,500	)

James Alpha Hedged High Income Portfolio

Assets *	Level 1			Level 2			Level 3			Total
Asset Backed Securities	$	—		$	3,999,481		$	—		$	3,999,481
Bank Loans		—			930,628			—			930,628
Term Loans		—			—			310,765			310,765
Corporate Bonds		—			18,202,730			160,321			18,363,051
Convertible Bonds		—			258,584			—			258,584
Preferred Stock		340,250			—			—			340,250
Common Stock		148,610			—			547,570			696,180
Mutual Funds		3,702,701			—			—			3,702,701
Exchange Traded Funds		1,802,672			—			—			1,802,672
Closed End Funds		1,786,962			—			—			1,786,962
Warrants		—			1,884			—			1,884
Short Term Investments		2,098,148			—			—			2,098,148
Total	$	9,879,343		$	23,393,307		$	1,018,656		$	34,291,306
Derivatives
Corporate Bonds	$	—		$	(405,926	)	$	—		$	(405,926	)
Long Futures Contracts		4,241			—			—			4,241
Short Futures Contracts		(21,346	)		—			—			(21,346	)
Credit Default Swaps		169,404			—			—			169,404
Forward Contracts		—			(13,835	)		(13,835	)
Total	$	152,299		$	(419,761	)	$	—		$	(267,462	)

Refer to the Consolidated Portfolio of Investments for industry classification.

The Portfolios did not hold any Level 3 securities at the end of the period, except the James Alpha Hedged High Income Portfolio

Below is a reconciliation of Level 3 inputs in the James Alpha Hedged High Income Portfolio:

	Term Loans			Corporate Bonds			Common Stock
Beginning balance September 1, 2019	$	323,891		$	204,184		$	607,362
Total realized gain/(loss)		399			21,608			(1,712	)
Change in unrealized appreciation		(5,173	)		9,041			(61,472	)
Conversion		9,197			—			—
Net Purchases		—			—			—
Net Sells		(17,549	)		(74,512	)		(3,392	)
Net transfers in/(out) of Level 3		—			—			—
Ending balance May 31, 2020	$	310,765		$	160,321		$	547,570

Consolidation of Subsidiary - James Alpha Cayman Commodity Fund I Ltd. (JACC-SPC)

The Consolidated Schedule of Investments of the James Alpha Macro Portfolio includes the accounts of JACC-SPC, a wholly owned and controlled subsidiary. JACC-SPC is a closed-end fund incorporated as an exempted company under the companies law of the Cayman Islands on February 2, 2011, and is a disregarded entity for tax purposes. All inter-company accounts and transactions have been eliminated in consolidation.

The James Alpha Macro Portfolio may invest up to 25% of its total assets in the segregated portfolio company (“SPC”) which acts as an investment vehicle in order to effect certain investments consistent with the Portfolio’s investment objectives and policies.

A summary of the James Alpha Macro Portfolio’s investments in the SPC is as follows:

				% of Fund Total
	Inception Date of	SPC Net Assets at		Assets at May 31,
	SPC	May 31, 2020		2020
James Alpha Cayman Commodity Fund I Ltd.	August 5, 2011	$	558,588	5.98%

Certain Portfolios may enter into options contracts. An option contract is a contract in which the writer of the option grants the buyer of the option the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices, will require cash settlement by the Portfolio if the option is exercised.

Premiums paid when put or call options are purchased by the Portfolio, represent investments, which are marked-to-market daily. When a purchase option expires, the Portfolio will realize a loss in the amount of the premium paid. When the Portfolio enters into a closing sales transaction, the Portfolio will realize a gain or loss depending on whether the proceeds from the closing sales transaction are greater or less than the premium paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When the Portfolio exercises a call option, the cost of the security, which the Portfolio purchases upon exercise, will be increased by the premium originally paid.

Certain Portfolios may write covered call options. This means that the Portfolio will own the security subject to the option or an option to purchase the same underlying security, having an exercise price equal to or less than the exercise price of the covered option, or will establish and maintain with its custodian for the term of the option, an account consisting of cash, U.S. government securities or other liquid securities having a value equal to the fluctuating market value of the securities on which the Portfolio holds a covered call position.

When a Portfolio writes a call option, an amount equal to the premium received by the Portfolio is recorded as a liability, the value of which is marked-to-market daily. When a written option expires, the Portfolio realizes a gain equal to the amount of the premium received. When the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain or loss depending upon whether the cost of the closing transaction is greater or less than the premium originally received, without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised the proceeds of the security sold will be increased by the premium originally received.

The liability representing a Portfolio’s obligation under an exchange traded written option or investment in a purchased option is valued at the last sale price or, in the absence of a sale, the last available bid price.

The Portfolios may enter into options for hedging purposes. The risk associated with purchasing options is limited to the premium originally paid. The risk in writing a covered call option is that the Portfolio gives up the opportunity to participate in any increase in the price of the underlying security beyond the exercise price.

Certain Portfolios may enter into futures contracts. The Portfolios are subject to equity price risk in the normal course of pursuing their investment objective. To manage equity price risk, the Portfolios may enter into futures contracts. Upon entering into a futures contract with a broker, the Portfolios are required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Periodically, the Portfolios receive from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Portfolios recognize a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Futures contracts outstanding at period end are listed after the Portfolios’ portfolio of investments.

Certain Portfolios may enter into foreign currency exchange contracts. Because various Portfolios may invest in securities denominated in foreign currencies, they may seek to hedge foreign currency risks by engaging in foreign currency exchange transactions. These may include buying or selling foreign currencies on a spot basis, entering into foreign currency forward contracts, and buying and selling foreign currency options, foreign currency futures, and options on foreign currency futures. Currency exchange rates may fluctuate significantly over short periods and can be subject to unpredictable change based on such factors as political developments and currency controls by foreign governments.

Swap Agreements – Certain portfolios are subject to equity price risk and/or interest rate risk in the normal course of pursuing their respective investment objectives. The Portfolios may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency), commodity or credit risk. These would be two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

The gross returns to be exchanged or “swapped” between parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index or market segment. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Portfolios amortize upfront payments and/or accrue for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The Portfolios segregate liquid securities having a value at least equal to the amount of their current obligation under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive.

Short Sales – Certain portfolios may sell securities short. A short sale is a transaction in which the Portfolio sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When the Portfolio makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Portfolio is required to make a margin deposit in connection with such short sales; the Portfolio may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time the Portfolio covers its short position, the Portfolio will incur a loss; conversely, if the price declines, the Portfolio will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent the Portfolio sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales “against the box”) will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale). A short sale is “against the box” to the extent the Portfolio contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.

Other Investment Companies or Exchange Traded Funds – Certain Portfolios may invest up to 100% of their net assets in shares of affiliated and unaffiliated investment companies, including money market mutual funds, other mutual funds or exchange-traded funds (“ETFs”). An ETF generally is an open-end investment company, unit investment trust or a portfolio of securities deposited with a depository in exchange for depository receipts. ETFs provide investors the opportunity to buy or sell throughout the day an entire portfolio of securities in a single security. Although index mutual funds are similar to index-based ETFs, they are generally sold and redeemed only once per day at market close. The ETFs in which a Portfolio invests may be subject to liquidity risk. Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the sale of the security at an advantageous time or price. To the extent that the ETFs in which a Portfolio invests hold securities of companies with smaller market capitalizations or securities with substantial market risk, they will have a greater exposure to liquidity risk. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds that can be found in “Exchange-Traded Funds” below: (1) the market price of the ETF’s shares may trade at a discount to their net asset value; (2) an active trading market for an ETF’s shares may not develop or be maintained; or (3) trading of an ETF’s shares may be halted if the listing exchange deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Additionally, ETFs have management fees, which increase their cost. In addition to the advisory and operational fees a Portfolio bears directly in connection with its own operation, the Portfolio also bears its pro rata portion of the advisory and operational expenses incurred indirectly through investments in other investment companies.

The following is a summary of the unrealized appreciation/(depreciation) of derivative instruments utilized by certain of Portfolios as of May 31, 2020, categorized by risk exposure:

			Unrealized
			Appreciation/
Fund	Derivatives	Risk Type	(Depreciation)
James Alpha Macro	Forward Contracts	Foreign Exchange		(7,359	)
	Swap Contracts	Equity		36,799
James Alpha Managed Risk Domestic Equity	Purchased Options	Equity		(653,304	)
	Written Options	Equity		150,066
	Swap Contracts	Equity		—
James Alpha Managed Risk Emerging Markets Equity	Purchased Options	Equity		(228,346	)
	Written Options	Equity		167,621
	Swap Contracts	Equity		—
James Alpha Hedged High Income	Swap Contracts	Interest Rate		169,404
	Forward Contracts	Foreign Exchange		(13,835	)
	Futures Contracts	Interest Rate		(10,716	)

The amounts of derivative instruments disclosed, on the (Consolidated) Portfolio of Investments at May 31, 2020, is a reflection of the volume of derivative activity for each Fund.

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at May 31, 2020, were as follows:

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation/
	Tax Cost		Appreciation		(Depreciation)			(Depreciation)
Large Capitalization Value	$	12,214,071	$	876,379	$	(1,016,347	)	$	(139,968	)
Large Capitalization Growth		22,634,828		5,567,951		(438,226	)		5,129,725
Mid Capitalization		8,122,607		1,960,257		(926,245	)		1,034,012
Small Capitalization		4,459,545		1,006,955		(484,386	)		522,569
International Equity		7,198,543		445,260		(967,575	)		(522,315	)
Health & Biotechnology		10,677,727		2,645,026		(128,345	)		2,516,681
Technology & Communications		22,562,848		32,399,006		(495,120	)		31,903,886
Energy & Basic Materials		1,103,949		33,680		(181,038	)		(147,358	)
Financial Services		398,801		727,391		(89,560	)		637,831
Investment Quality Bond		4,820,224		218,407		—			218,407
Municipal Bond		632,077		7,799		—			7,799
U.S. Government Money Market		6,009,000		—		—			—
Aggressive Balanced Allocation		822,521		11,845		(56,743	)		(44,898	)
Conservative Balanced Allocation		2,252,202		30,121		(58,375	)		(28,254	)
Moderate Balanced Allocation		1,490,767		19,479		(70,945	)		(51,466	)
Moderately Aggressive Balanced Allocation		706,278		11,665		(32,706	)		(21,041	)
Moderately Conservative Balanced Allocation		1,021,367		12,227		(60,345	)		(48,118	)
James Alpha Macro		7,947,513		140,143		(250,703	)		(110,560	)
James Alpha Global Real Estate Investments		1,257,593,083		5,171,730		(371,952,594	)		(366,780,864	)
James Alpha Multi Strategy Alternative Income		13,229,162		1,731,096		(2,598,939	)		(867,843	)
James Alpha Managed Risk Domestic Equity		50,489,906		7,476		(1,256,117	)		(1,248,641	)
James Alpha Managed Risk Emerging Markets Equity		2,834,863		—		(369,055	)		(369,055	)
James Alpha Hedged High Income		48,545,869		1,312,140		(3,372,823	)		(2,060,683	)

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