9AT: SARATOGA CAPITAL MANAGEMENT, LLC

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 05/23/1994
ADV Location	AVONDALE, AZ, United States
Contact Info	623 xxxxxxx
Websites

AUM^*	138,830,486 -14%
of that, discretionary	138,830,486 -14%
Number of Employees	4
of those in investment advisory functions	3
Private Fund GAV^*	0
Avg Account Size	138,830,486 -14%
SMA’s	No
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- Investment companies

Advisory Activities

- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Pension consulting services
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser CALUMET CAPITAL PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM191.0m	#Funds-
Adviser ASPIRATION FUND ADVISER, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM147.0m	#Funds-
Adviser RAND CAPITAL MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund73.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV73.8m	AUM136.7m	#Funds2
Adviser THOR FINANCIAL TECHNOLOGIES	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM217.0m	#Funds-
Adviser FAIRLEAD ASSET MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM271.6m	#Funds-
Adviser CHICAGO ATLANTIC BDC ADVISERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM342.0m	#Funds-
Adviser OBP CAPITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM168.8m	#Funds-
Adviser CIM CAPITAL SA MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM134.2m	#Funds-
Adviser INVESTCORP INVESTMENT SOLUTIONS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.8b	#Funds-
Adviser MUZINICH BDC ADVISER, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM220.9m	#Funds-

Brochure Summary

Overview

Advisory Services SCM has been providing investment advisory services since 1994. SCM provides advisory services to one client, the Saratoga Advantage Trust (the “Trust”). The Trust is a family of mutual funds, which we refer to throughout this brochure individually as a “Portfolio,” or collectively as “Portfolios.” As of March 26, 2024, assets under management in the Trust were $161,541,181. The Saratoga Advantage Trust The Trust was organized on April 8, 1994, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust commenced investment operations on September 2, 1994. The Trust currently consists of seventeen Portfolios. SCM is the manager for the Portfolios in the Trust. For the seventeen Portfolios of which SCM is the manager, SCM either performs daily portfolio management itself or pays a portion of its management fee to certain investment advisors that SCM contracts with to perform services including all daily portfolio management functions and to

make all brokerage decisions. Following is an overview of SCM’s due diligence process for suggesting investment advisors for the Trust’s Board of Trustees’ approval: 1. Quantitative criteria utilized includes a review of the advisors: absolute and relative performance; performance in rising markets; performance in falling markets; and risk adjusted performance. 2. Qualitative factors are utilized after the quantitative analysis is performed. Interviews are conducted with members of the advisor’s senior management team. The firm’s industry background and history are examined and its Federal Form ADV is scrutinized to ascertain the advisor’s organizational structure, investment practices, and compliance with securities regulations. Qualitative criteria utilized also includes a review of the advisor’s: professional staff; investment philosophy; decision making process; research and trading capabilities; operations and systems capabilities; communications and reporting skills; and organizational stability. SARATOGA CAPITAL MANAGEMENT, LLC | ADV PART 2A 4

SARATOGA CAPITAL MANAGEMENT, LLC

SARATOGA CAPITAL MANAGEMENT, LLC

ORBITEX-SARATOGA CAPITAL MANAGEMENT, LLC

SARATOGA CAPITAL MANAGEMENT,LLC

SARATOGA CAPITAL MANAGEMENT I, LLC

SARATOGA CAPITAL MANAGEMENT

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

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SARATOGA CAPITAL MANAGEMENT, LLC SARATOGA CAPITAL MANAGEMENT, LLC ORBITEX-SARATOGA CAPITAL MANAGEMENT, LLC SARATOGA CAPITAL MANAGEMENT,LLC SARATOGA CAPITAL MANAGEMENT I, LLC SARATOGA CAPITAL MANAGEMENT

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

SARATOGA CAPITAL MANAGEMENT, LLC

SARATOGA CAPITAL MANAGEMENT, LLC

ORBITEX-SARATOGA CAPITAL MANAGEMENT, LLC

SARATOGA CAPITAL MANAGEMENT,LLC

SARATOGA CAPITAL MANAGEMENT I, LLC

SARATOGA CAPITAL MANAGEMENT