# EDGAR Filing Document

**Accession Number:** 0000924628
**File Stem:** 0001206774-26-000268
**Filing Date:** 2026-5
**Character Count:** 550679
**Document Hash:** 35eb97ee0865c6a4308f6cf2383bda0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-26-000268.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001206774-26-000268

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SARATOGA ADVANTAGE TRUST
- **CENTRAL INDEX KEY:** 0000924628

**ORGANIZATION NAME:**
- **EIN:** 137044280
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08542
- **FILM NUMBER:** 26940236

**BUSINESS ADDRESS:**
- **STREET 1:** 1616 N LITCHFIELD RD.
- **STREET 2:** SUITE 165
- **CITY:** GOODYEAR
- **STATE:** AZ
- **ZIP:** 85395
- **BUSINESS PHONE:** 623-266-4567

**MAIL ADDRESS:**
- **STREET 1:** 1616 N LITCHFIELD RD.
- **STREET 2:** SUITE 165
- **CITY:** GOODYEAR
- **STATE:** AZ
- **ZIP:** 85395

## Series and Classes Contracts Data

### U.S. Government Money Market Portfolio (Series ID: S000010883)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000030147 | U.S. Government Money Market Portfolio Class A | SGAXX           |
| C000030148 | U.S. Government Money Market Portfolio Class I | SGMXX           |
| C000030150 | U.S. Government Money Market Portfolio Class C | SZCXX           |

### Health & Biotechnology Portfolio (Series ID: S000010884)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000030151 | Health & Biotechnology Portfolio Class I | SBHIX           |
| C000030153 | Health & Biotechnology Porfolio Class C  | SHPCX           |
| C000030154 | Health & Biotechnology Portfolio Class A | SHPAX           |

### Mid Capitalization Portfolio (Series ID: S000010885)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000030155 | Mid Capitalization Portfolio - Class I | SMIPX           |
| C000030157 | Mid Capitalization Portfolio - Class C | SPMCX           |
| C000030158 | Mid Capitalization Portfolio - Class A | SPMAX           |

### Technology & Communications Portfolio (Series ID: S000010886)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000030159 | Technology & Communications Portfolio Class I | STPIX           |
| C000030161 | Technology & Communications Portfolio Class C | STPCX           |
| C000030162 | Technology & Communications Portfolio Class A | STPAX           |

### Investment Quality Bond Portfolio (Series ID: S000010887)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000030163 | Investment Quality Bond Portfolio Class A | SQBAX           |
| C000030164 | Investment Quality Bond Portfolio Class I | SIBPX           |
| C000030166 | Investment Quality Bond Portfolio Class C | SQBCX           |

### Large Capitalization Value Portfolio (Series ID: S000010889)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000030171 | Large Capitalization Value Portfolio Class A | SLVYX           |
| C000030172 | Large Capitalization Value Portfolio Class I | SLCVX           |
| C000030174 | Large Capitalization Value Portfolio Class C | SLVCX           |

### Large Capitalization Growth Portfolio (Series ID: S000010890)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000030175 | Large Capitalization Growth Portfolio Class A | SLGYX           |
| C000030176 | Large Capitalization Growth Portfolio Class I | SLCGX           |
| C000030178 | Large Capitalization Growth Portfolio Class C | SLGCX           |

### Small Capitalization Portfolio (Series ID: S000010891)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000030179 | Small Capitalization Portfolio Class A | SSCYX           |
| C000030180 | Small Capitalization Portfolio Class I | SSCPX           |
| C000030182 | Small Capitalization Portfolio Class C | SSCCX           |

### International Equity Portfolio (Series ID: S000010892)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000030183 | International Equity Portfolio Class A | SIEYX           |
| C000030184 | International Equity Portfolio Class I | SIEPX           |
| C000030186 | International Equity Portfolio Class C | SIECX           |

### Aggressive Balanced Allocation Portfolio (Series ID: S000060149)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000196871 | Aggressive Balanced Allocation Portfolio Class A | SABAX           |
| C000196872 | Aggressive Balanced Allocation Portfolio Class C | SABCX           |
| C000196873 | Aggressive Balanced Allocation Portfolio Class I | SABIX           |

### Conservative Balanced Allocation Portfolio (Series ID: S000060150)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000196874 | Conservative Balanced Allocation Portfolio Class A | SCAAX           |
| C000196875 | Conservative Balanced Allocation Portfolio Class C | SUMCX           |
| C000196876 | Conservative Balanced Allocation Portfolio Class I | LUNAX           |

### Moderate Balanced Allocation Portfolio (Series ID: S000060151)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000196877 | Moderate Balanced Allocation Portfolio Class A | SMPAX           |
| C000196878 | Moderate Balanced Allocation Portfolio Class C | SBMCX           |
| C000196879 | Moderate Balanced Allocation Portfolio Class I | SBMIX           |

### Moderately Aggressive Balanced Allocation Portfolio (Series ID: S000060152)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000196880 | Moderately Aggressive Balanced Allocation Portfolio Class A | SAMAX           |
| C000196881 | Moderately Aggressive Balanced Allocation Portfolio Class C | SAMCX           |
| C000196882 | Moderately Aggressive Balanced Allocation Portfolio Class I | SAMIX           |

### Moderately Conservative Balanced Allocation Portfolio (Series ID: S000060153)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000196883 | Moderately Conservative Balanced Allocation Portfolio Class A | SMACX           |
| C000196884 | Moderately Conservative Balanced Allocation Portfolio Class C | SBCCX           |
| C000196885 | Moderately Conservative Balanced Allocation Portfolio Class I | SMICX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-08542</u>

<u>The Saratoga Advantage Trust</u> <br> (Exact name of registrant as specified in charter)

<u>12725 W. Indian School Rd, Suite E-101, Avondale, AZ</u> <u>85392</u> <br> (Address of principal executive offices) (Zip code)

<u>Allison Fumai, Esq. Dechert LLP</u> <u>1095 Avenue of the Americas, New York, NY, 10036</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>623-266-4567</u>

Date of fiscal year end: <u>8/31</u> <br>Date of reporting period: <u>2/28/26</u>

**Item 1.** **Reports to Stockholders.**

(a) ---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SLVYX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Large Capitalization Value Fund, Class A | $97 | 1.93% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $18049555 | **Portfolio Turnover Rate** | 41% |
| **Number of Portfolio Holdings** | 23 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**![](slvyx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Henry Schein, Inc | 7.30 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.20 |
| AMETEK, Inc | 6.40 |
| Williams Companies, Inc | 6.10 |
| Clean Harbors, Inc | 5.60 |
| Primo Brands Corp | 5.30 |
| API Group Corp | 5.10 |
| Quest Diagnostics, Inc | 4.80 |
| Martin Marietta Materials, Inc | 4.70 |
| Capital One Financial Corp | 4.50 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SLVYX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SLVCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Large Capitalization Value Fund, Class C | $127 | 2.53% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $18049555 | **Portfolio Turnover Rate** | 41% |
| **Number of Portfolio Holdings** | 23 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](slvcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Henry Schein, Inc | 7.30 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.20 |
| AMETEK, Inc | 6.40 |
| Williams Companies, Inc | 6.10 |
| Clean Harbors, Inc | 5.60 |
| Primo Brands Corp | 5.30 |
| API Group Corp | 5.10 |
| Quest Diagnostics, Inc | 4.80 |
| Martin Marietta Materials, Inc | 4.70 |
| Capital One Financial Corp | 4.50 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SLVCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | **Saratoga LARGE**<br> **CAPITALIZATION VALUE Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SLCVX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Large Capitalization Value Fund, Class I | $77 | 1.53% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $18049555 | **Portfolio Turnover Rate** | 41% |
| **Number of Portfolio Holdings** | 23 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](slcvx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Henry Schein, Inc | 7.30 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.20 |
| AMETEK, Inc | 6.40 |
| Williams Companies, Inc | 6.10 |
| Clean Harbors, Inc | 5.60 |
| Primo Brands Corp | 5.30 |
| API Group Corp | 5.10 |
| Quest Diagnostics, Inc | 4.80 |
| Martin Marietta Materials, Inc | 4.70 |
| Capital One Financial Corp | 4.50 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SLCVX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SLGYX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Large Capitalization Growth Fund, Class A | $106 | 2.17% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $34252179 | **Portfolio Turnover Rate** | 36% |
| **Number of Portfolio Holdings** | 59 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](slgyx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| NVIDIA Corp | 9.40 |
| Apple, Inc | 9.00 |
| Microsoft Corp | 4.80 |
| Broadcom, Inc | 4.50 |
| Amazon.com, Inc | 4.00 |
| Arista Networks, Inc | 2.40 |
| Alphabet, Inc Class A | 2.40 |
| Alphabet, Inc Class C | 2.40 |
| Brookings Holdings, Inc | 2.30 |
| Charles Schwab Corp | 2.30 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SLGYX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SLGCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Large Capitalization Growth Fund, Class C | $135 | 2.77% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $34252179 | **Portfolio Turnover Rate** | 36% |
| **Number of Portfolio Holdings** | 59 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](slgcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| NVIDIA Corp | 9.40 |
| Apple, Inc | 9.00 |
| Microsoft Corp | 4.80 |
| Broadcom, Inc | 4.50 |
| Amazon.com, Inc | 4.00 |
| Arista Networks, Inc | 2.40 |
| Alphabet, Inc Class A | 2.40 |
| Alphabet, Inc Class C | 2.40 |
| Brookings Holdings, Inc | 2.30 |
| Charles Schwab Corp | 2.30 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SLGCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | **SARATOGA LARGE**<br> **CAPITALIZATION GROWTH FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SLCGX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Large Capitalization Growth Fund, Class I | $87 | 1.77% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $34252179 | **Portfolio Turnover Rate** | 36% |
| **Number of Portfolio Holdings** | 59 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](slcgx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| NVIDIA Corp | 9.40 |
| Apple, Inc | 9.00 |
| Microsoft Corp | 4.80 |
| Broadcom, Inc | 4.50 |
| Amazon.com, Inc | 4.00 |
| Arista Networks, Inc | 2.40 |
| Alphabet, Inc Class A | 2.40 |
| Alphabet, Inc Class C | 2.40 |
| Brookings Holdings, Inc | 2.30 |
| Charles Schwab Corp | 2.30 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SLCGX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SPMAX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Mid Capitalization Fund, Class A | $155 | 3.06% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $11327946 | **Portfolio Turnover Rate** | 53% |
| **Number of Portfolio Holdings** | 60 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](spmax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Hubbell, Inc | 4.00 |
| Evergy, Inc | 3.50 |
| CMS Energy Corp | 3.46 |
| WEC Energy Group, Inc | 3.43 |
| Alliant Energy Corp | 3.42 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.36 |
| Monolithic Power Systems, Inc | 3.21 |
| Burlington Stores, Inc | 2.97 |
| TechnipFMC plc | 2.82 |
| Curtis-Wright Corp | 2.78 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SPMAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SPMCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Mid Capitalization Fund, Class C | $185 | 3.66% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $11327946 | **Portfolio Turnover Rate** | 53% |
| **Number of Portfolio Holdings** | 60 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](spmcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Hubbell, Inc | 4.00 |
| Evergy, Inc | 3.50 |
| CMS Energy Corp | 3.46 |
| WEC Energy Group, Inc | 3.43 |
| Alliant Energy Corp | 3.42 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.36 |
| Monolithic Power Systems, Inc | 3.21 |
| Burlington Stores, Inc | 2.97 |
| TechnipFMC plc | 2.82 |
| Curtis-Wright Corp | 2.78 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SPMCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SMIPX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Mid Capitalization Fund, Class I | $135 | 2.66% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $11327946 | **Portfolio Turnover Rate** | 53% |
| **Number of Portfolio Holdings** | 60 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](smipx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Hubbell, Inc | 4.00 |
| Evergy, Inc | 3.50 |
| CMS Energy Corp | 3.46 |
| WEC Energy Group, Inc | 3.43 |
| Alliant Energy Corp | 3.42 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.36 |
| Monolithic Power Systems, Inc | 3.21 |
| Burlington Stores, Inc | 2.97 |
| TechnipFMC plc | 2.82 |
| Curtis-Wright Corp | 2.78 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SMIPX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SSCYX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Small Capitalization Fund, Class A | $138 | 2.76% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $7029791 | **Portfolio Turnover Rate** | 59% |
| **Number of Portfolio Holdings** | 102 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sscyx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.86 |
| Advanced Energy Industries, Inc | 1.98 |
| Vestis Corp | 1.95 |
| Watts Water Technologies, Inc | 1.94 |
| Kulicke & Soffa Industries, Inc | 1.92 |
| Krystal Biotech, Inc | 1.92 |
| Comfort Systems USA, Inc | 1.91 |
| Allient, Inc | 1.83 |
| Fabrinet | 1.75 |
| EMCOR Group, Inc | 1.74 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SSCYX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SSCCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Small Capitalization Fund, Class C | $168 | 3.36% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $7029791 | **Portfolio Turnover Rate** | 59% |
| **Number of Portfolio Holdings** | 102 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](ssccx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.86 |
| Advanced Energy Industries, Inc | 1.98 |
| Vestis Corp | 1.95 |
| Watts Water Technologies, Inc | 1.94 |
| Kulicke & Soffa Industries, Inc | 1.92 |
| Krystal Biotech, Inc | 1.92 |
| Comfort Systems USA, Inc | 1.91 |
| Allient, Inc | 1.83 |
| Fabrinet | 1.75 |
| EMCOR Group, Inc | 1.74 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SSCCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SSCPX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Small Capitalization Fund, Class I | $118 | 2.36% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $7029791 | **Portfolio Turnover Rate** | 59% |
| **Number of Portfolio Holdings** | 102 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sscpx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.86 |
| Advanced Energy Industries, Inc | 1.98 |
| Vestis Corp | 1.95 |
| Watts Water Technologies, Inc | 1.94 |
| Kulicke & Soffa Industries, Inc | 1.92 |
| Krystal Biotech, Inc | 1.92 |
| Comfort Systems USA, Inc | 1.91 |
| Allient, Inc | 1.83 |
| Fabrinet | 1.75 |
| EMCOR Group, Inc | 1.74 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SSCPX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SIEYX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga International Equity Fund, Class A | $172 | 3.37% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3958715 | **Portfolio Turnover Rate** | 39% |
| **Number of Portfolio Holdings** | 43 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sieyx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Tiawan Semiconductor Manufacturing Co Ltd | 4.07 |
| Kinross Gold Corp | 3.82 |
| SK Hynix, Inc | 3.73 |
| Obayashi Corp | 3.21 |
| Rolls-Royce Holdings plc | 3.19 |
| DBS Group Holdings Ltd | 2.89 |
| Sumitomo Mitsui Financial Group, Inc | 2.86 |
| Siemens Energy A.G. | 2.84 |
| Banco Santander SA | 2.82 |
| GEA Group A.G. | 2.82 |

---

---

| | |
|:---|:---|
| **Regional Exposure (%)** | **Regional Exposure (%)** |
| Americas | 6.58 |
| Greater Europe | 46.06 |
| Greater Asia | 47.36 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SIEYX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SIECX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga International Equity Fund, Class C | $202 | 3.97% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3958715 | **Portfolio Turnover Rate** | 39% |
| **Number of Portfolio Holdings** | 43 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](siecx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Tiawan Semiconductor Manufacturing Co Ltd | 4.07 |
| Kinross Gold Corp | 3.82 |
| SK Hynix, Inc | 3.73 |
| Obayashi Corp | 3.21 |
| Rolls-Royce Holdings plc | 3.19 |
| DBS Group Holdings Ltd | 2.89 |
| Sumitomo Mitsui Financial Group, Inc | 2.86 |
| Siemens Energy A.G. | 2.84 |
| Banco Santander SA | 2.82 |
| GEA Group A.G. | 2.82 |

---

---

| | |
|:---|:---|
| **Regional Exposure (%)** | **Regional Exposure (%)** |
| Americas | 6.58 |
| Greater Europe | 46.06 |
| Greater Asia | 47.36 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SIECX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SIEPX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga International Equity Fund, Class I | $152 | 2.97% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3958715 | **Portfolio Turnover Rate** | 39% |
| **Number of Portfolio Holdings** | 43 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](siepx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Tiawan Semiconductor Manufacturing Co Ltd | 4.07 |
| Kinross Gold Corp | 3.82 |
| SK Hynix, Inc | 3.73 |
| Obayashi Corp | 3.21 |
| Rolls-Royce Holdings plc | 3.19 |
| DBS Group Holdings Ltd | 2.89 |
| Sumitomo Mitsui Financial Group, Inc | 2.86 |
| Siemens Energy A.G. | 2.84 |
| Banco Santander SA | 2.82 |
| GEA Group A.G. | 2.82 |

---

---

| | |
|:---|:---|
| **Regional Exposure (%)** | **Regional Exposure (%)** |
| Americas | 6.58 |
| Greater Europe | 46.06 |
| Greater Asia | 47.36 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SIEPX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SHPAX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Health & Biotechnology Fund, Class A | $164 | 3.16% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $11600773 | **Portfolio Turnover Rate** | 5% |
| **Number of Portfolio Holdings** | 29 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](shpax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Cardinal Health, Inc | 6.78 |
| McKesson Corp | 5.88 |
| Amgen Inc | 5.86 |
| Cencora, Inc | 5.40 |
| Jazz Pharmaceuticals plc | 5.31 |
| United Therapeutics Corp | 5.04 |
| Novartis A.G. | 4.56 |
| Regeneron Pharmaceuticals, Inc | 4.51 |
| Gilead Sciences, Inc. | 3.94 |
| Johnson & Johnson | 3.90 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SHPAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SHPCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Health & Biotechnology Fund, Class C | $195 | 3.76% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $11600773 | **Portfolio Turnover Rate** | 5% |
| **Number of Portfolio Holdings** | 29 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](shpcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Cardinal Health, Inc | 6.78 |
| McKesson Corp | 5.88 |
| Amgen Inc | 5.86 |
| Cencora, Inc | 5.40 |
| Jazz Pharmaceuticals plc | 5.31 |
| United Therapeutics Corp | 5.04 |
| Novartis A.G. | 4.56 |
| Regeneron Pharmaceuticals, Inc | 4.51 |
| Gilead Sciences, Inc. | 3.94 |
| Johnson & Johnson | 3.90 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SHPCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SBHIX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Health & Biotechnology Fund, Class I | $144 | 2.76% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $11600773 | **Portfolio Turnover Rate** | 5% |
| **Number of Portfolio Holdings** | 29 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sbhix_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Cardinal Health, Inc | 6.78 |
| McKesson Corp | 5.88 |
| Amgen Inc | 5.86 |
| Cencora, Inc | 5.40 |
| Jazz Pharmaceuticals plc | 5.31 |
| United Therapeutics Corp | 5.04 |
| Novartis A.G. | 4.56 |
| Regeneron Pharmaceuticals, Inc | 4.51 |
| Gilead Sciences, Inc. | 3.94 |
| Johnson & Johnson | 3.90 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SBHIX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | STPAX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Technology & Communications Fund, Class A | $143 | 2.91% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $37773110 | **Portfolio Turnover Rate** | 1% |
| **Number of Portfolio Holdings** | 25 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](stpax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Alphabet, Inc Class C | 9.91 |
| KLA Corp | 8.41 |
| NVIDIA Corp | 7.46 |
| Amazon.com Inc | 6.50 |
| Visa, Inc Class A | 6.23 |
| Cisco Systems, Inc | 6.10 |
| Microsoft Corp | 5.97 |
| Broadcom, Inc | 5.50 |
| Meta Platforms, Inc Class A | 5.14 |
| Apple, Inc | 4.73 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-STPAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | STPCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Technology & Communications Fund, Class C | $172 | 3.51% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $37773110 | **Portfolio Turnover Rate** | 1% |
| **Number of Portfolio Holdings** | 25 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](stpcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Alphabet, Inc Class C | 9.91 |
| KLA Corp | 8.41 |
| NVIDIA Corp | 7.46 |
| Amazon.com Inc | 6.50 |
| Visa, Inc Class A | 6.23 |
| Cisco Systems, Inc | 6.10 |
| Microsoft Corp | 5.97 |
| Broadcom, Inc | 5.50 |
| Meta Platforms, Inc Class A | 5.14 |
| Apple, Inc | 4.73 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-STPCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | STPIX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Technology & Communications Fund, Class I | $123 | 2.51% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $37773110 | **Portfolio Turnover Rate** | 1% |
| **Number of Portfolio Holdings** | 25 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](stpix_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Alphabet, Inc Class C | 9.91 |
| KLA Corp | 8.41 |
| NVIDIA Corp | 7.46 |
| Amazon.com Inc | 6.50 |
| Visa, Inc Class A | 6.23 |
| Cisco Systems, Inc | 6.10 |
| Microsoft Corp | 5.97 |
| Broadcom, Inc | 5.50 |
| Meta Platforms, Inc Class A | 5.14 |
| Apple, Inc | 4.73 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-STPIX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SQBAX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Investment Quality Bond Fund, Class A | $117 | 2.36% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $8400846 | **Portfolio Turnover Rate** | 13% |
| **Number of Portfolio Holdings** | 3 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sqbax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 90.98 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 4.58 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 4.44 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SQBAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SQBCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Investment Quality Bond Fund, Class C | $128 | 2.58% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $8400846 | **Portfolio Turnover Rate** | 13% |
| **Number of Portfolio Holdings** | 3 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sqbcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 90.98 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 4.58 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 4.44 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SQBCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | **SARATOGA INVESTMENT QUALITY**<br> **BOND FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SIBPX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Investment Quality Bond Fund, Class I | $97 | 1.96% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $8400846 | **Portfolio Turnover Rate** | 13% |
| **Number of Portfolio Holdings** | 3 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sibpx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 90.98 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 4.58 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 4.44 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SIBPX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SGAXX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga US Government Money Market Fund, Class A | $91 | 1.84% (annualized) |

---

---

| | | |
|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $4292083 | **Portfolio Turnover Rate** NA |
| **Number of Portfolio Holdings** | 4 |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sgaxx_001.jpg)

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SGAXX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SZCXX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga US Government Money Market Fund, Class C | $120 | 2.44% (annualized) |

---

---

| | | |
|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $4292083 | **Portfolio Turnover Rate** NA |
| **Number of Portfolio Holdings** | 4 |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](szcxx_001.jpg)

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SZCXX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | **Saratoga US GOVERNMENT**<br> **MONEY MARKET Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SGMXX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga US Government Money Market Fund, Class I | $71 | 1.43% (annualized) |

---

---

| | | |
|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $4292083 | **Portfolio Turnover Rate** NA |
| **Number of Portfolio Holdings** | 4 |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sgmxx_001.jpg)

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SGMXX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SABAX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Aggressive Balanced Allocation Fund, Class A | $62 | 1.24% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1779351 | **Portfolio Turnover Rate** | 18% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sabax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 16.0 |
| Saratoga Large Cap Growth Fund, Class I | 14.9 |
| Saratoga Large Cap Value Fund, Class I | 14.8 |
| Saratoga Mid Capitalization Fund, Class I | 13.1 |
| Saratoga Small Capitalization Fund, Class I | 9.7 |
| Vanguard Total International Stock Index Fund, Admiral Class | 8.6 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.1 |
| Saratoga Technology & Comm Fund, Class I | 6.2 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 4.0 |
| Saratoga Health & Biotech Fund, Class I | 3.8 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SABAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SABCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Aggressive Balanced Allocation Fund, Class C | $99 | 1.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1779351 | **Portfolio Turnover Rate** | 18% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sabcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 16.0 |
| Saratoga Large Cap Growth Fund, Class I | 14.9 |
| Saratoga Large Cap Value Fund, Class I | 14.8 |
| Saratoga Mid Capitalization Fund, Class I | 13.1 |
| Saratoga Small Capitalization Fund, Class I | 9.7 |
| Vanguard Total International Stock Index Fund, Admiral Class | 8.6 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.1 |
| Saratoga Technology & Comm Fund, Class I | 6.2 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 4.0 |
| Saratoga Health & Biotech Fund, Class I | 3.8 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SABCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | **Saratoga Aggressive**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SABIX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Aggressive Balanced Allocation Fund, Class I | $50 | 0.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1779351 | **Portfolio Turnover Rate** | 18% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sabix_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 16.0 |
| Saratoga Large Cap Growth Fund, Class I | 14.9 |
| Saratoga Large Cap Value Fund, Class I | 14.8 |
| Saratoga Mid Capitalization Fund, Class I | 13.1 |
| Saratoga Small Capitalization Fund, Class I | 9.7 |
| Vanguard Total International Stock Index Fund, Admiral Class | 8.6 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.1 |
| Saratoga Technology & Comm Fund, Class I | 6.2 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 4.0 |
| Saratoga Health & Biotech Fund, Class I | 3.8 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SABIX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SCAAX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Conservative Balanced Allocation Fund, Class A | $62 | 1.24% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3321700 | **Portfolio Turnover Rate** | 15% |
| **Number of Portfolio Holdings** | 9 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](scaax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 33.5 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 14.0 |
| Saratoga Large Cap Growth Fund, Class I | 13.2 |
| Saratoga Large Cap Value Fund, Class I | 12.9 |
| Saratoga Mid Capitalization Fund, Class I | 11.4 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.1 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.9 |
| Saratoga Small Capitalization Fund, Class I | 2.4 |
| Vanguard Total International Stock Index Fund, Admiral Class | 1.7 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SCAAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SUMCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Conservative Balanced Allocation Fund, Class C | $99 | 1.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3321700 | **Portfolio Turnover Rate** | 15% |
| **Number of Portfolio Holdings** | 9 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sumcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 33.5 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 14.0 |
| Saratoga Large Cap Growth Fund, Class I | 13.2 |
| Saratoga Large Cap Value Fund, Class I | 12.9 |
| Saratoga Mid Capitalization Fund, Class I | 11.4 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.1 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.9 |
| Saratoga Small Capitalization Fund, Class I | 2.4 |
| Vanguard Total International Stock Index Fund, Admiral Class | 1.7 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SUMCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga CONSERVATIVE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | LUNAX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Conservative Balanced Allocation Fund, Class I | $50 | 0.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3321700 | **Portfolio Turnover Rate** | 15% |
| **Number of Portfolio Holdings** | 9 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](lunax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 33.5 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 14.0 |
| Saratoga Large Cap Growth Fund, Class I | 13.2 |
| Saratoga Large Cap Value Fund, Class I | 12.9 |
| Saratoga Mid Capitalization Fund, Class I | 11.4 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.1 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.9 |
| Saratoga Small Capitalization Fund, Class I | 2.4 |
| Vanguard Total International Stock Index Fund, Admiral Class | 1.7 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-LUNAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SMPAX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderate Balanced Allocation Fund, Class A | $62 | 1.24% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $2646558 | **Portfolio Turnover Rate** | 12% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](smpax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 22.0 |
| Saratoga Large Cap Growth Fund, Class I | 15.9 |
| Saratoga Large Cap Value Fund, Class I | 15.8 |
| Saratoga Mid Capitalization Fund, Class I | 13.9 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 10.6 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 6.0 |
| Saratoga Small Capitalization Fund, Class I | 4.7 |
| Saratoga Technology & Comm Fund, Class I | 3.5 |
| Vanguard Total International Stock Index Fund, Admiral Class | 3.3 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.6 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SMPAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SBMCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderate Balanced Allocation Fund, Class C | $99 | 1.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $2646558 | **Portfolio Turnover Rate** | 12% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sbmcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 22.0 |
| Saratoga Large Cap Growth Fund, Class I | 15.9 |
| Saratoga Large Cap Value Fund, Class I | 15.8 |
| Saratoga Mid Capitalization Fund, Class I | 13.9 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 10.6 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 6.0 |
| Saratoga Small Capitalization Fund, Class I | 4.7 |
| Saratoga Technology & Comm Fund, Class I | 3.5 |
| Vanguard Total International Stock Index Fund, Admiral Class | 3.3 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.6 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SBMCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | **Saratoga MODERATE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SBMIX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderate Balanced Allocation Fund, Class I | $50 | 0.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $2646558 | **Portfolio Turnover Rate** | 12% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sbmix_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 22.0 |
| Saratoga Large Cap Growth Fund, Class I | 15.9 |
| Saratoga Large Cap Value Fund, Class I | 15.8 |
| Saratoga Mid Capitalization Fund, Class I | 13.9 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 10.6 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 6.0 |
| Saratoga Small Capitalization Fund, Class I | 4.7 |
| Saratoga Technology & Comm Fund, Class I | 3.5 |
| Vanguard Total International Stock Index Fund, Admiral Class | 3.3 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.6 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SBMIX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SAMAX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class A | $62 | 1.24% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1305328 | **Portfolio Turnover Rate** | 15% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](samax_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 20.0 |
| Saratoga Large Cap Value Fund, Class I | 15.5 |
| Saratoga Large Cap Growth Fund, Class I | 15.4 |
| Saratoga Mid Capitalization Fund, Class I | 13.5 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.6 |
| Saratoga Small Capitalization Fund, Class I | 7.4 |
| Vanguard Total International Stock Index Fund, Admiral Class | 5.6 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 5.1 |
| Saratoga Technology & Comm Fund, Class I | 4.4 |
| Saratoga Health & Biotech Fund, Class I | 2.5 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SAMAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SAMCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class C | $99 | 1.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1305328 | **Portfolio Turnover Rate** | 15% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](samcx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 20.0 |
| Saratoga Large Cap Value Fund, Class I | 15.5 |
| Saratoga Large Cap Growth Fund, Class I | 15.4 |
| Saratoga Mid Capitalization Fund, Class I | 13.5 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.6 |
| Saratoga Small Capitalization Fund, Class I | 7.4 |
| Vanguard Total International Stock Index Fund, Admiral Class | 5.6 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 5.1 |
| Saratoga Technology & Comm Fund, Class I | 4.4 |
| Saratoga Health & Biotech Fund, Class I | 2.5 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SAMCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | **SARATOGA MODERATELY AGGRESSIVE**<br> **BALANCED ALLOCATION FUND** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SAMIX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class I | $50 | 0.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1305328 | **Portfolio Turnover Rate** | 15% |
| **Number of Portfolio Holdings** | 11 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](samix_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 20.0 |
| Saratoga Large Cap Value Fund, Class I | 15.5 |
| Saratoga Large Cap Growth Fund, Class I | 15.4 |
| Saratoga Mid Capitalization Fund, Class I | 13.5 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.6 |
| Saratoga Small Capitalization Fund, Class I | 7.4 |
| Vanguard Total International Stock Index Fund, Admiral Class | 5.6 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 5.1 |
| Saratoga Technology & Comm Fund, Class I | 4.4 |
| Saratoga Health & Biotech Fund, Class I | 2.5 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SAMIX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SMACX | Class A |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class A | $62 | 1.24% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $936508 | **Portfolio Turnover Rate** | 11% |
| **Number of Portfolio Holdings** | 9 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](smacx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 26.4 |
| Saratoga Large Cap Growth Fund, Class I | 14.5 |
| Saratoga Large Cap Value Fund, Class I | 14.5 |
| Saratoga Mid Capitalization Fund, Class I | 13.3 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 10.1 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.1 |
| Saratoga Small Capitalization Fund, Class I | 6.6 |
| Vanguard Total International Stock Index Fund, Admiral Class | 5.1 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.9 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SMACX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SBCCX | Class C |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class C | $99 | 1.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $936508 | **Portfolio Turnover Rate** | 11% |
| **Number of Portfolio Holdings** | 9 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](sbccx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 26.4 |
| Saratoga Large Cap Growth Fund, Class I | 14.5 |
| Saratoga Large Cap Value Fund, Class I | 14.5 |
| Saratoga Mid Capitalization Fund, Class I | 13.3 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 10.1 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.1 |
| Saratoga Small Capitalization Fund, Class I | 6.6 |
| Vanguard Total International Stock Index Fund, Admiral Class | 5.1 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.9 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SBCCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | **Saratoga MODERATELY CONSERVATIVE**<br> **Balanced Allocation Fund** | ![](logo.jpg) |
| Semi-Annual Shareholder Report | 2/28/2026 | SMICX | Class I |  |

---

This semi-annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2025 through 2/28/2026. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

---

| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last six months (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class I | $50 | 0.99% (annualized) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $936508 | **Portfolio Turnover Rate** | 11% |
| **Number of Portfolio Holdings** | 9 |  |  |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**

![](smicx_001.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 26.4 |
| Saratoga Large Cap Growth Fund, Class I | 14.5 |
| Saratoga Large Cap Value Fund, Class I | 14.5 |
| Saratoga Mid Capitalization Fund, Class I | 13.3 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 10.1 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.1 |
| Saratoga Small Capitalization Fund, Class I | 6.6 |
| Vanguard Total International Stock Index Fund, Admiral Class | 5.1 |
| Vanguard Short-Term Bond Index Fund, Admiral Class | 2.9 |

---

---

| |
|:---|
| **Householding for the Fund.** |
| To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (often referred to as "householding"). If you would prefer that your Fund documents not be householded, please contact the Saratoga Advantage Trust at 1-888-672-4839 or contact your financial intermediary. |

---

---

| |
|:---|
| **Electronic access to this report, or additional information.** |
| For additional information about this Fund, including its prospectus, financial information, and holdings, please visit www.saratogacap.com/fund-reports. |

---

THE SARATOGA ADVANTAGE TRUST

TSR-SAR 022826-SMICX

(b) Not Applicable

**Item 2.** **Code of Ethics.**

Not applicable.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable.

**Item 5.** **Audit Committee of Listed Companies.**

Not applicable to open-end investment companies.

**Item 6.** **Investments.** 

The Registrant's schedules of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](logo_001.jpg)

Class A, C, and I Shares

SEMI-ANNUAL FINANCIAL STATEMENTS

As Of February 28, 2026

**THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS**

**AND TO OTHERS WHO HAVE RECEIVED A COPY OF THE PROSPECTUS.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedules of Investments | Page 1 |
| Statements of Assets and Liabilities | Page 33 |
| Statements of Operations | Page 36 |
| Statements of Changes in Net Assets | Page 39 |
| Notes to Financials | Page 44 |
| Financial Highlights | Page 65 |
| Additional Information | Page 86 |

---

**<u>TRUSTEES AND OFFICERS</u>**

---

| | |
|:---|:---|
| Bruce E. Ventimiglia | Trustee, Chairman & CEO |
| Patrick H. McCollough | Trustee |
| Udo W. Koopmann | Trustee |
| Floyd E. Seal | Trustee |
| Stephen H. Hamrick | Trustee |
| Jonathan W. Ventimiglia | President & COO, Treasurer & CFO, Assistant Secretary |
| Stephen Ventimiglia | Vice President & Secretary |
| Frederick C. Teufel, Jr | Chief Compliance Officer |
| Timothy J. Burdick | Assistant Secretary |
| Richard S. Gleason | Assistant Treasurer |
| **Investment Manager** | **Distributor** |
| Saratoga Capital Management, LLC<br> 12725 W. Indian School Road, Suite E-101<br> Avondale, Arizona 85392 | Northern Lights Distributors, LLC<br> 4221 N 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, Nebraska 68022 |
| **Transfer & Shareholder Servicing Agent** | **Custodian** |
| Ultimus Fund Solutions, LLC<br> 4221 N 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, Nebraska 68022 | BNY Mellon Corp.<br> 225 Liberty Street<br> New York, New York 10286 |
| **Administrator & Fund Accounting Agent** | **Custody Administrator** |
| Ultimus Fund Solutions, LLC<br> 4221 N 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, Nebraska 68022 | Ultimus Fund Solutions, LLC<br> 4221 N 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, Nebraska 68022 |

---

**SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.4%** |  |
|  | **AEROSPACE & DEFENSE - 4.4%** |  |
| 26083 | StandardAero, Inc.<sup>(a)</sup> | $803356 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.8%** |  |
| 7534 | Gildan Activewear, Inc. | 512990 |
|  | **BEVERAGES - 5.3%** |  |
| 42242 | Primo Brands Corporation | 958049 |
|  | **COMMERCIAL SUPPORT SERVICES - 5.6%** |  |
| 3427 | Clean Harbors, Inc.<sup>(a)</sup> | 1004796 |
|  | **CONSTRUCTION MATERIALS - 4.7%** |  |
| 1264 | Martin Marietta Materials, Inc. | 855185 |
|  | **E-COMMERCE DISCRETIONARY - 3.6%** |  |
| 3123 | Amazon.com, Inc.<sup>(a)</sup> | 655830 |
|  | **ELECTRICAL EQUIPMENT - 6.4%** |  |
| 4794 | AMETEK, Inc. | 1146821 |
|  | **ENGINEERING & CONSTRUCTION - 3.6%** |  |
| 1140 | Quanta Services, Inc. | 641911 |
|  | **HEALTH CARE FACILITIES & SERVICES - 12.1%** |  |
| 15898 | Henry Schein, Inc.<sup>(a),(b)</sup> | 1309836 |
| 4099 | Quest Diagnostics, Inc. | 868619 |
|  |  | 2178455 |
|  | **HEALTH CARE REIT - 4.3%** |  |
| 3714 | Welltower, Inc. | 769244 |
|  | **HOME & OFFICE PRODUCTS - 3.9%** |  |
| 7875 | Somnigroup International, Inc. | 704891 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 93.4% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 5.1%** |  |
| 20833 | API Group Corporation<sup>(a)</sup> | $926235 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.9%** |  |
| 4313 | Intercontinental Exchange, Inc. | 707893 |
|  | **INSURANCE - 2.8%** |  |
| 1481 | Aon PLC, Class A | 496831 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.0%** |  |
| 1719 | Danaher Corporation | 362090 |
|  | **OIL & GAS PRODUCERS - 6.1%** |  |
| 14728 | Williams Companies, Inc. (The) | 1100476 |
|  | **REAL ESTATE SERVICES - 3.9%** |  |
| 4724 | CBRE Group, Inc., Class A<sup>(a)</sup> | 697546 |
|  | **SOFTWARE - 1.8%** |  |
| 797 | Synopsys, Inc.<sup>(a)</sup> | 329958 |
|  | **SPECIALTY FINANCE - 4.5%** |  |
| 4175 | Capital One Financial Corporation | 816797 |
|  | **TECHNOLOGY SERVICES - 4.3%** |  |
| 553 | Fair Isaac Corporation<sup>(a)</sup> | 779376 |
|  | **TRANSPORTATION & LOGISTICS - 2.3%** |  |
| 2252 | CH Robinson Worldwide, Inc. | 417183 |
|  | **TOTAL COMMON STOCKS (Cost $13,824,483)** | 16865913 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 7.2%** |  |
|  | **MONEY MARKET FUND - 7.2%** |  |
| 1292220 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $1,292,220)<sup>(c)</sup> | $1292220 |
|  | **TOTAL INVESTMENTS - 100.6% (Cost $15,116,703)** | $18158133 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** | (108578) |
|  | **NET ASSETS - 100.0%** | $18049555 |

---

PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of February 28, 2026 was $1,295,995. Collateral received from the borrower not disclosed in the schedule of investments had a value of $1,313,064 on February 28, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9%** |  |
|  | **ADVERTISING & MARKETING - 1.7%** |  |
| 1367 | AppLovin Corporation, Class A<sup>(a)</sup> | $594331 |
|  | **AEROSPACE & DEFENSE - 0.7%** |  |
| 740 | General Electric Company | 253272 |
|  | **ASSET MANAGEMENT - 2.3%** |  |
| 8090 | Charles Schwab Corporation (The) | 770168 |
|  | **AUTOMOTIVE - 1.7%** |  |
| 1470 | Tesla, Inc.<sup>(a)</sup> | 591690 |
|  | **BANKING - 2.9%** |  |
| 11800 | Bank of America Corporation | 587994 |
| 4590 | Pinnacle Financial Partners, Inc. | 416588 |
|  |  | 1004582 |
|  | **BIOTECHNOLOGY & PHARMACEUTICALS - 4.5%** |  |
| 990 | AbbVie, Inc. | 229759 |
| 705 | Eli Lilly & Company | 741653 |
| 8376 | Exelixis, Inc.<sup>(a)</sup> | 369047 |
| 3080 | Halozyme Therapeutics, Inc.<sup>(a),(b)</sup> | 214152 |
|  |  | 1554611 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.0%** |  |
| 11290 | Rollins, Inc. | 687448 |
|  | **E-COMMERCE DISCRETIONARY - 4.5%** |  |
| 6545 | Amazon.com, Inc.<sup>(a)</sup> | 1374450 |
| 2240 | Wayfair, Inc., Class A<sup>(a)</sup> | 170979 |
|  |  | 1545429 |
|  | **ELECTRICAL EQUIPMENT - 2.8%** |  |
| 1600 | Rockwell Automation, Inc. | 651920 |
| 1150 | Vertiv Holdings Company, Class A | 293124 |
|  |  | 945044 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.0%** |  |
| 1230 | HCA Healthcare, Inc. | 651531 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.0% (Continued)** |  |
| 560 | McKesson Corporation | $552927 |
| 380 | Medpace Holdings, Inc.<sup>(a)</sup> | 171669 |
|  |  | 1376127 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 4670 | Interactive Brokers Group, Inc., Class A | 332457 |
|  | **INSURANCE - 1.0%** |  |
| 1520 | Allstate Corporation (The) | 326070 |
|  | **INTERNET MEDIA & SERVICES - 15.4%** |  |
| 2600 | Alphabet, Inc., Class A | 810576 |
| 2600 | Alphabet, Inc., Class C | 809718 |
| 185 | Booking Holdings, Inc. | 784280 |
| 2830 | Expedia Group, Inc. | 610403 |
| 955 | Meta Platforms, Inc., Class A | 619012 |
| 4250 | Netflix, Inc.<sup>(a)</sup> | 409020 |
| 2630 | Reddit, Inc., Class A<sup>(a)</sup> | 383480 |
| 6860 | Roku, Inc.<sup>(a)</sup> | 675093 |
| 2300 | Uber Technologies, Inc.<sup>(a)</sup> | 173466 |
|  |  | 5275048 |
|  | **LEISURE FACILITIES & SERVICES - 1.1%** |  |
| 6680 | Las Vegas Sands Corporation | 378890 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.3%** |  |
| 790 | Insulet Corporation<sup>(a)</sup> | 194822 |
| 2330 | ResMed, Inc. | 597086 |
|  |  | 791908 |
|  | **RETAIL - CONSUMER STAPLES - 1.4%** |  |
| 470 | Costco Wholesale Corporation | 475071 |
|  | **RETAIL - DISCRETIONARY - 1.7%** |  |
| 1755 | Carvana Company<sup>(a),(b)</sup> | 586451 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 16.9%** |  |
| 945 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $189198 |
| 4770 | Broadcom, Inc. | 1524254 |
| 1810 | Lam Research Corporation | 423341 |
| 18075 | NVIDIA Corporation | 3202709 |
| 3200 | QUALCOMM, Inc. | 455552 |
|  |  | 5795054 |
|  | **SOFTWARE - 16.6%** |  |
| 5040 | Atlassian Corporation, Class A<sup>(a)</sup> | 378655 |
| 2820 | Autodesk, Inc.<sup>(a)</sup> | 693353 |
| 1360 | Datadog, Inc., Class A<sup>(a)</sup> | 152266 |
| 7730 | Dropbox, Inc., Class A<sup>(a)</sup> | 193173 |
| 4200 | Elastic N.V.<sup>(a)</sup> | 218694 |
| 4166 | Microsoft Corporation | 1636154 |
| 5240 | Okta, Inc.<sup>(a)</sup> | 379900 |
| 1910 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 262033 |
| 1270 | Palo Alto Networks, Inc.<sup>(a)</sup> | 189128 |
| 10270 | Pegasystems, Inc. <sup>(b)</sup> | 449107 |
| 7610 | Rubrik, Inc., Class A<sup>(a)</sup> | 395416 |
| 3050 | Salesforce, Inc. | 594110 |
| 690 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 125587 |
|  |  | 5667576 |
|  | **TECHNOLOGY HARDWARE - 14.1%** |  |
| 11687 | Apple, Inc. | 3087471 |
| 6130 | Arista Networks, Inc.<sup>(a)</sup> | 818355 |
| 1500 | Dell Technologies, Inc., Class C | 222120 |
| 2630 | Jabil, Inc. | 696924 |
|  |  | 4824870 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 630 | Mastercard, Inc., Class A | 325842 |
| 600 | Morningstar, Inc. | 109884 |
|  |  | 435726 |
|  | **TOTAL COMMON STOCKS (Cost $30,042,948)** | 34211823 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.3%** |  |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 118059 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $118,059)<sup>(c)</sup> | $118059 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $30,161,007)** | $34329882 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%** | (77703) |
|  | **NET ASSETS - 100.0%** | $34252179 |

---

ETF - Exchange-Traded Fund <br> N.V. - Naamioze Vennootschap

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of February 28, 2026 was $1,237,036. Collateral received from the borrower not disclosed in the schedule of investments had a value of $1,315,105 on February 28, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA MID CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7%** |  |
|  | **AEROSPACE & DEFENSE - 6.8%** |  |
| 125 | Axon Enterprise, Inc.<sup>(a)</sup> | $67800 |
| 450 | Curtiss-Wright Corporation | 315148 |
| 1695 | Hexcel Corporation | 157110 |
| 885 | Howmet Aerospace, Inc. | 232339 |
|  |  | 772397 |
|  | **ASSET MANAGEMENT - 0.4%** |  |
| 620 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 47027 |
|  | **BANKING - 2.8%** |  |
| 186 | Fifth Third Bancorp | 9201 |
| 8319 | Huntington Bancshares Inc | 139760 |
| 960 | Western Alliance Bancorp | 77107 |
| 1485 | Zions Bancorp National Association | 85061 |
|  |  | 311129 |
|  | **CONSTRUCTION MATERIALS - 2.6%** |  |
| 945 | Vulcan Materials Company | 292950 |
|  | **DIVERSIFIED INDUSTRIALS - 1.8%** |  |
| 203 | Parker-Hannifin Corporation | 204864 |
|  | **ELECTRIC UTILITIES - 14.5%** |  |
| 5355 | Alliant Energy Corporation<sup>(b)</sup> | 387381 |
| 5015 | CMS Energy Corporation | 391521 |
| 4740 | Evergy, Inc. | 396548 |
| 225 | Talen Energy Corporation<sup>(a)</sup> | 83468 |
| 3325 | WEC Energy Group, Inc. | 388892 |
|  |  | 1647810 |
|  | **ELECTRICAL EQUIPMENT - 10.8%** |  |
| 600 | Allegion plc | 96690 |
| 655 | AMETEK, Inc. | 156688 |
| 250 | Argan, Inc. | 112813 |
| 125 | GE Vernova, Inc. | 109200 |
| 885 | Hubbell, Inc. | 452792 |
| 3790 | Mirion Technologies, Inc.<sup>(a),(b)</sup> | 81902 |

---

See accompanying notes to financial statements.

**SARATOGA MID CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 10.8% (Continued)** |  |
| 340 | Rockwell Automation, Inc. | $138533 |
| 295 | Vertiv Holdings Company, Class A | 75193 |
|  |  | 1223811 |
|  | **ENGINEERING & CONSTRUCTION - 4.2%** |  |
| 2070 | Arcosa, Inc. | 222484 |
| 1915 | Construction Partners, Inc., Class A<sup>(a),(b)</sup> | 257318 |
|  |  | 479802 |
|  | **HOME & OFFICE PRODUCTS - 2.0%** |  |
| 1835 | SharkNinja, Inc.<sup>(a)</sup> | 225466 |
|  | **HOME CONSTRUCTION - 4.8%** |  |
| 780 | DR Horton, Inc. | 125104 |
| 3015 | Masco Corporation | 215934 |
| 1270 | Toll Brothers, Inc. | 199695 |
|  |  | 540733 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.1%** |  |
| 275 | Valmont Industries, Inc. | 126481 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.8%** |  |
| 975 | Herc Holdings, Inc.<sup>(b)</sup> | 136295 |
| 235 | WESCO International, Inc. | 68033 |
|  |  | 204328 |
|  | **LEISURE FACILITIES & SERVICES - 1.2%** |  |
| 2185 | Carnival Corporation | 68937 |
| 200 | Royal Caribbean Cruises Ltd. | 62192 |
|  |  | 131129 |
|  | **MACHINERY - 9.2%** |  |
| 1180 | Crane Company | 236625 |
| 3155 | Flowserve Corporation | 279282 |
| 3670 | Helios Technologies, Inc. | 261744 |
| 905 | Lincoln Electric Holdings, Inc. | 259780 |
|  |  | 1037431 |

---

See accompanying notes to financial statements.

**SARATOGA MID CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 985 | Agilent Technologies, Inc. | $119559 |
|  | **METALS & MINING - 2.7%** |  |
| 11060 | Hudbay Minerals, Inc. | 313330 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 4.9%** |  |
| 4535 | SLB Ltd. | 232827 |
| 4820 | TechnipFMC plc | 319614 |
|  |  | 552441 |
|  | **REAL ESTATE SERVICES - 0.5%** |  |
| 4490 | Cushman & Wakefield Ltd.<sup>(a)</sup> | 60211 |
|  | **RENEWABLE ENERGY - 0.5%** |  |
| 9465 | Eos Energy Enterprises, Inc.<sup>(a)</sup> | 53903 |
|  | **RETAIL - DISCRETIONARY - 5.3%** |  |
| 1095 | Burlington Stores, Inc.<sup>(a)</sup> | 336023 |
| 1320 | Floor & Decor Holdings, Inc., Class A<sup>(a),(b)</sup> | 91199 |
| 6485 | Gap, Inc. (The) | 181839 |
|  |  | 609061 |
|  | **SEMICONDUCTORS - 10.1%** |  |
| 675 | Coherent Corp.<sup>(a)</sup> | 174778 |
| 2240 | Marvell Technology, Inc. | 182986 |
| 2885 | Microchip Technology, Inc. | 215336 |
| 318 | Monolithic Power Systems, Inc. | 363391 |
| 330 | Sandisk Corporation<sup>(a)</sup> | 209669 |
|  |  | 1146160 |
|  | **SPECIALTY FINANCE - 1.5%** |  |
| 9380 | Rocket Companies, Inc., Class A | 170622 |
|  | **STEEL - 1.9%** |  |
| 1205 | Nucor Corporation | 213140 |

---

See accompanying notes to financial statements.

**SARATOGA MID CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 2.8%** |  |
| 265 | Ciena Corporation<sup>(a)</sup> | $92406 |
| 195 | Fabrinet<sup>(a)</sup> | 106398 |
| 735 | Sanmina Corporation<sup>(a)</sup> | 114115 |
|  |  | 312919 |
|  | **TRANSPORTATION & LOGISTICS - 1.4%** |  |
| 780 | XPO, Inc.<sup>(a)</sup> | 164168 |
|  | **TOTAL COMMON STOCKS (Cost $8,256,454)** | 10960872 |
|  | **SHORT-TERM INVESTMENT — 3.4%** |  |
|  | **MONEY MARKET FUND - 3.4%** |  |
| 380445 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $380,445)<sup>(c)</sup> | 380445 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $8,636,899)** | $11341317 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (13371) |
|  | **NET ASSETS - 100.0%** | $11327946 |

---

LTD - Limited Company <br> PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan. The total fair value of the securities on loan as of February 28, 2026 was $954,095. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $1,057,412 on February 28, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2%** |  |
|  | **AEROSPACE & DEFENSE - 1.9%** |  |
| 978 | Astronics Corporation<sup>(a)</sup> | $78847 |
| 602 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 51880 |
|  |  | 130727 |
|  | **ASSET MANAGEMENT - 1.0%** |  |
| 1241 | Acadian Asset Management, Inc. | 66840 |
|  | **BANKING - 17.3%** |  |
| 733 | BancFirst Corporation | 80630 |
| 3046 | Byline Bancorp, Inc. | 95035 |
| 658 | City Holding Company | 78940 |
| 545 | Customers Bancorp, Inc.<sup>(a)</sup> | 36755 |
| 2708 | Hilltop Holdings, Inc. | 101361 |
| 714 | Home Bancorp, Inc. | 42197 |
| 3140 | Home BancShares, Inc. | 86224 |
| 1523 | Independent Bank Corporation (MA) | 118902 |
| 376 | Metropolitan Bank Holding Corporation | 31640 |
| 395 | Nicolet Bankshares, Inc. | 60340 |
| 489 | Park National Corporation | 80455 |
| 1354 | Seacoast Banking Corporation of Florida | 42136 |
| 4531 | Simmons First National Corporation, Class A | 90212 |
| 1843 | SmartFinancial, Inc. | 72264 |
| 1561 | Southern First Bancshares, Inc.<sup>(a)</sup> | 87166 |
| 1147 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 109310 |
|  |  | 1213567 |
|  | **BIOTECH & PHARMA - 8.3%** |  |
| 2407 | Alkermes plc<sup>(a)</sup> | 72451 |
| 4701 | Arvinas, Inc.<sup>(a)</sup> | 62382 |
| 790 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 32919 |
| 489 | Krystal Biotech, Inc.<sup>(a)</sup> | 134787 |
| 4588 | MannKind Corporation<sup>(a)</sup> | 15049 |
| 903 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 83338 |
| 2031 | Phibro Animal Health Corporation, Class A | 110872 |
| 959 | Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 72424 |
|  |  | 584222 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **CHEMICALS - 0.6%** |  |
| 376 | Rogers Corporation<sup>(a)</sup> | $40544 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.2%** |  |
| 1091 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 52204 |
| 5265 | Quad/Graphics, Inc. | 36381 |
| 17430 | Vestis Corporation | 137175 |
|  |  | 225760 |
|  | **CONSUMER SERVICES - 0.2%** |  |
| 2689 | Coursera, Inc.<sup>(a)</sup> | 17236 |
|  | **E-COMMERCE DISCRETIONARY - 0.7%** |  |
| 3121 | Figs, Inc., Class A<sup>(a)</sup> | 48219 |
|  | **ELECTRICAL EQUIPMENT - 9.9%** |  |
| 414 | Advanced Energy Industries, Inc. | 138927 |
| 1955 | Allient, Inc. | 128717 |
| 1297 | Atmus Filtration Technologies, Inc. | 83695 |
| 564 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 87798 |
| 1072 | Nextpower, Inc., Class A<sup>(a)</sup> | 112667 |
| 150 | Powell Industries, Inc. | 78540 |
| 282 | SPX Technologies, Inc.<sup>(a)</sup> | 63997 |
|  |  | 694341 |
|  | **ENGINEERING & CONSTRUCTION - 7.2%** |  |
| 94 | Comfort Systems USA, Inc. | 134361 |
| 169 | EMCOR Group, Inc. | 122461 |
| 150 | MYR Group, Inc.<sup>(a)</sup> | 40494 |
| 752 | Primoris Services Corporation | 113341 |
| 226 | Sterling Infrastructure, Inc.<sup>(a),(b)</sup> | 96757 |
|  |  | 507414 |
|  | **FOOD - 0.6%** |  |
| 2651 | Simply Good Foods Company (The)<sup>(a),(b)</sup> | 45226 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.7%** |  |
| 2463 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | $48891 |
|  | **HOME CONSTRUCTION - 0.7%** |  |
| 1579 | Interface, Inc. | 49723 |
|  | **HOUSEHOLD PRODUCTS - 1.5%** |  |
| 3084 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 106521 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.9%** |  |
| 1015 | Proto Labs, Inc.<sup>(a)</sup> | 63011 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.0%** |  |
| 1767 | Resideo Technologies, Inc.<sup>(a)</sup> | 68383 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.9%** |  |
| 884 | Moelis & Company, Class A | 52474 |
| 639 | StoneX Group, Inc.<sup>(a)</sup> | 81473 |
|  |  | 133947 |
|  | **INSURANCE - 1.2%** |  |
| 2143 | United Fire Group, Inc. | 83277 |
|  | **INTERNET MEDIA & SERVICES - 0.3%** |  |
| 1542 | EverQuote, Inc.<sup>(a)</sup> | 24364 |
|  | **LEISURE FACILITIES & SERVICES - 0.9%** |  |
| 414 | Brinker International, Inc.<sup>(a)</sup> | 61356 |
|  | **LEISURE PRODUCTS - 0.1%** |  |
| 2219 | Peloton Interactive, Inc., Class A<sup>(a)</sup> | 8920 |
|  | **MACHINERY - 1.9%** |  |
| 414 | Watts Water Technologies, Inc., Class A | 136098 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.1%** |  |
| 1955 | BioLife Solutions, Inc.<sup>(a)</sup> | $47311 |
| 1166 | Omnicell, Inc.<sup>(a)</sup> | 47923 |
| 1485 | Veracyte, Inc.<sup>(a)</sup> | 54336 |
|  |  | 149570 |
|  | **METALS & MINING - 4.1%** |  |
| 4231 | Coeur Mining, Inc.<sup>(a)</sup> | 114872 |
| 2275 | Constellium S.E.<sup>(a)</sup> | 56625 |
| 4625 | Hecla Mining Company | 115209 |
|  |  | 286706 |
|  | **MORTGAGE FINANCE - 1.8%** |  |
| 6506 | Invesco Mortgage Capital, Inc.<sup>(b)</sup> | 54846 |
| 11921 | Redwood Trust, Inc. | 72121 |
|  |  | 126967 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.2%** |  |
| 1185 | Archrock, Inc. | 41866 |
| 3121 | DNOW, Inc.<sup>(a)</sup> | 36765 |
|  |  | 78631 |
|  | **REAL ESTATE SERVICES - 0.9%** |  |
| 4437 | Newmark Group, Inc., Class A | 64425 |
|  | **RENEWABLE ENERGY - 0.6%** |  |
| 3422 | Sunrun, Inc.<sup>(a)</sup> | 45342 |
|  | **RETAIL - DISCRETIONARY - 0.5%** |  |
| 1 | Builders FirstSource, Inc.<sup>(a)</sup> | 104 |
| 2068 | Kohl's Corporation | 33853 |
|  |  | 33957 |
|  | **SEMICONDUCTORS - 2.8%** |  |
| 338 | FormFactor, Inc.<sup>(a)</sup> | 33421 |
| 1937 | Kulicke & Soffa Industries, Inc. | 135048 |
| 771 | Photronics, Inc.<sup>(a)</sup> | 28859 |
|  |  | 197328 |
|  | **SOFTWARE - 4.0%** |  |
| 602 | Appian Corporation, Class A<sup>(a)</sup> | 16055 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **SOFTWARE - 4.0% (Continued)** |  |
| 583 | Blackbaud, Inc.<sup>(a)</sup> | $28299 |
| 903 | CommVault Systems, Inc.<sup>(a)</sup> | 76828 |
| 6844 | Freshworks, Inc., Class A<sup>(a)</sup> | 53520 |
| 3572 | PagerDuty, Inc.<sup>(a)</sup> | 25218 |
| 508 | Q2 Holdings, Inc.<sup>(a)</sup> | 24445 |
| 376 | Qualys, Inc.<sup>(a)</sup> | 34769 |
| 4907 | Skillsoft Corporation<sup>(a),(b)</sup> | 20560 |
|  |  | 279694 |
|  | **SPECIALTY FINANCE - 1.9%** |  |
| 884 | Bread Financial Holdings, Inc. | 62640 |
| 2670 | LendingClub Corporation<sup>(a)</sup> | 39810 |
| 865 | LendingTree, Inc.<sup>(a)</sup> | 32325 |
|  |  | 134775 |
|  | **SPECIALTY REIT - 1.6%** |  |
| 5434 | Postal Realty Trust, Inc., Class A<sup>(b)</sup> | 112647 |
|  | **STEEL - 2.6%** |  |
| 263 | Carpenter Technology Corporation | 104692 |
| 1015 | Northwest Pipe Company<sup>(a)</sup> | 78764 |
|  |  | 183456 |
|  | **TECHNOLOGY HARDWARE - 5.8%** |  |
| 846 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 94980 |
| 226 | Fabrinet<sup>(a)</sup> | 123312 |
| 207 | InterDigital, Inc.<sup>(b)</sup> | 75872 |
| 132 | Sanmina Corporation<sup>(a)</sup> | 20494 |
| 3403 | Sonos, Inc.<sup>(a)</sup> | 52406 |
| 395 | TTM Technologies, Inc.<sup>(a)</sup> | 41175 |
|  |  | 408239 |
|  | **TECHNOLOGY SERVICES - 3.1%** |  |
| 1091 | MAXIMUS, Inc. | 82491 |
| 5171 | Remitly Global, Inc.<sup>(a)</sup> | 86355 |
| 2802 | Riot Blockchain, Inc.<sup>(a),(b)</sup> | 45645 |
|  |  | 214491 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.2% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 0.8%** |  |
| 470 | EchoStar Corporation, Class A<sup>(a)</sup> | $54299 |
|  | **TRANSPORTATION & LOGISTICS - 0.4%** |  |
| 301 | Allegiant Travel Company<sup>(a)</sup> | 30747 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.0%** |  |
| 1918 | United Natural Foods, Inc.<sup>(a)</sup> | 73287 |
|  | **TOTAL COMMON STOCKS (Cost $5,689,959)** | 6833148 |
|  | **SHORT-TERM INVESTMENTS — 6.3%** |  |
|  | **MONEY MARKET FUNDS - 6.3%** |  |
| 271169 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63%<sup>(c)</sup> | 271169 |
| 172621 | Dreyfus Treasury Obligations Cash Management, 3.51%<sup>(c),(d)</sup> | 172621 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $443,790)** | 443790 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $443,790)** | 443790 |
|  | **TOTAL INVESTMENTS - 103.5% (Cost $6,133,749)** | $7276938 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.5)%** | (247147) |
|  | **NET ASSETS - 100.0%** | $7029791 |

---

LTD - Limited Company <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of February 28, 2026 was $419,319. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $258,696 on February 28, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

<sup>(d)</sup> The Trust's securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

See accompanying notes to financial statements.

**SARATOGA INTERNATIONAL EQUITY PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7%** |  |
|  | **Australia - 2.4%** |  |
| 29000 | South32 Ltd.<sup>(a)</sup> | $95013 |
|  | **Canada - 6.5%** |  |
| 1060 | Canadian Imperial Bank of Commerce | 107018 |
| 4090 | Kinross Gold Corporation | 151289 |
|  |  | 258307 |
|  | **Cayman Islands - 3.7%** |  |
| 2900 | NetEase, Inc.<sup>(a)</sup> | 65323 |
| 14500 | New Oriental Education & Technology Group, Inc.<sup>(a)</sup> | 79746 |
|  |  | 145069 |
|  | **France - 9.1%** |  |
| 1750 | AXA S.A.<sup>(a)</sup> | 85620 |
| 2490 | Bureau Veritas S.A.<sup>(a)</sup> | 86573 |
| 820 | Compagnie de Saint-Gobain<sup>(a)</sup> | 83141 |
| 530 | Ipsen S.A.<sup>(a)</sup> | 103507 |
|  |  | 358841 |
|  | **Germany - 8.0%** |  |
| 210 | Allianz SE<sup>(a)</sup> | 94352 |
| 1440 | GEA Group AG<sup>(a)</sup> | 111703 |
| 580 | Siemens Energy AG<sup>(a)</sup> | 112387 |
|  |  | 318442 |
|  | **Hong Kong - 1.8%** |  |
| 42400 | Chow Tai Fook Jewellry Group Ltd.<sup>(a),(b)</sup> | 70824 |
|  | **Italy - 7.3%** |  |
| 2020 | Assicurazioni Generali SpA<sup>(a)</sup> | 86056 |
| 3930 | Eni SpA<sup>(a)</sup> | 91829 |
| 15990 | Intesa Sanpaolo SpA<sup>(a)</sup> | 109769 |
|  |  | 287654 |
|  | **Japan - 14.4%** |  |
| 1900 | Kao Corporation<sup>(a)</sup> | 81133 |
| 2300 | Mizuho Financial Group, Inc.<sup>(a)</sup> | 102612 |
| 4500 | Obayashi Corporation<sup>(a)</sup> | 127039 |
| 3600 | Otsuka Corporation<sup>(a)</sup> | 72605 |

---

See accompanying notes to financial statements.

**SARATOGA INTERNATIONAL EQUITY PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Japan - 14.4% (Continued)** |  |
| 3300 | Sony Corporation<sup>(a)</sup> | $75861 |
| 3000 | Sumitomo Mitsui Financial Group, Inc.<sup>(a)</sup> | 113208 |
|  |  | 572458 |
|  | **Korea (Republic Of) - 1.8%** |  |
| 1240 | Coway Company Ltd.<sup>(a)</sup> | 70351 |
|  | **Korea (Republic of) - 2.8%** |  |
| 1000 | KB Financial Group, Inc.<sup>(a)</sup> | 110211 |
|  | **Korea (Republic Of) - 3.7%** |  |
| 200 | SK Hynix, Inc. | 147668 |
|  | **Luxembourg - 1.7%** |  |
| 8770 | Allegro.eu S.A. 144A<sup>(a),(c),(d)</sup> | 68249 |
|  | **Malaysia - 1.9%** |  |
| 20700 | Tenaga Nasional BHD<sup>(a)</sup> | 76444 |
|  | **Netherlands - 0.1%** |  |
| 220 | Magnum Ice Cream Company N.V. (The)<sup>(a),(c)</sup> | 3484 |
|  | **Singapore - 2.9%** |  |
| 2540 | DBS Group Holdings Ltd. | 114418 |
|  | **Spain - 5.4%** |  |
| 8860 | Banco Santander S.A.<sup>(a)</sup> | 111797 |
| 8285 | CaixaBank S.A.<sup>(a)</sup> | 102164 |
|  |  | 213961 |
|  | **Sweden - 2.4%** |  |
| 2200 | Swedish Orphan Biovitrum AB<sup>(a),(c)</sup> | 96161 |
|  | **Switzerland - 2.4%** |  |
| 560 | Novartis AG<sup>(a)</sup> | 94168 |

---

See accompanying notes to financial statements.

**SARATOGA INTERNATIONAL EQUITY PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Taiwan Province of China - 6.8%** |  |
| 14000 | Hon Hai Precision Industry Company Ltd.<sup>(a)</sup> | $108423 |
| 430 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 161070 |
|  |  | 269493 |
|  | **Taiwan Province Of China - 1.4%** |  |
| 1000 | Asia Vital Components Company Ltd.<sup>(a)</sup> | 56251 |
|  | **Thailand - 1.9%** |  |
| 44400 | CP All Plc.<sup>(a)</sup> | 73933 |
|  | **United Kingdom - 9.3%** |  |
| 2100 | BP plc - ADR | 81606 |
| 900 | Coca-Cola European Partners plc | 99387 |
| 7020 | Rolls-Royce Holdings plc<sup>(a)</sup> | 126243 |
| 5530 | The Sage Group plc<sup>(a)</sup> | 60855 |
|  |  | 368091 |
|  | **TOTAL COMMON STOCKS (Cost $2,645,168)** | 3869491 |
|  | **EXCHANGE-TRADED FUND — 1.5%** |  |
|  | **India - 1.5%** |  |
| 1115 | iShares MSCI India ETF<sup>(c)</sup> | 58281 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $61,664)** | 58281 |
|  | **SHORT-TERM INVESTMENT — 1.0%** |  |
|  | **MONEY MARKET FUND - 1.0%** |  |
| 39169 | Dreyfus Institutional Preferred Government Money, Institutional Class, 3.63% (Cost $39,169)<sup>(e)</sup> | 39169 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $2,746,001)** | $3966941 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (8226) |
|  | **NET ASSETS - 100.0%** | $3958715 |

---

See accompanying notes to financial statements.

**SARATOGA INTERNATIONAL EQUITY PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |

---

<sup>(a)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of February 28, 2026 was $70,824. Collateral received from the borrower not disclosed in the Schedule of Investments has a value of $42,144 on February 28, 2026.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of February 28, 2026 the total market value of 144A securities is $68,249 or 1.7% of net assets.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA HEALTH & BIOTECHNOLOGY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **BIOTECH & PHARMA - 48.1%** |  |
| 1752 | Amgen, Inc. | $680055 |
| 200 | Eli Lilly & Company | 210398 |
| 7945 | Exelixis, Inc.<sup>(a)</sup> | 350057 |
| 3068 | Gilead Sciences, Inc. | 456979 |
| 3132 | Incyte Corporation<sup>(a)</sup> | 317178 |
| 3241 | Jazz Pharmaceuticals PLC<sup>(a)</sup> | 615855 |
| 1820 | Johnson & Johnson | 452143 |
| 3206 | Merck & Company, Inc. | 396967 |
| 3140 | Novartis A.G. - ADR<sup>(b)</sup> | 529467 |
| 1735 | Novo Nordisk A/S - ADR | 64976 |
| 670 | Regeneron Pharmaceuticals, Inc. | 523719 |
| 1160 | United Therapeutics Corporation<sup>(a)</sup> | 584524 |
| 787 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 391005 |
|  |  | 5573323 |
|  | **HEALTH CARE FACILITIES & SERVICES - 33.6%** |  |
| 3429 | Cardinal Health, Inc. | 786029 |
| 1683 | Cencora, Inc. | 626312 |
| 1371 | Cigna Group (The) | 397343 |
| 433 | Elevance Health, Inc. | 138560 |
| 1499 | Ensign Group, Inc. (The) | 321041 |
| 849 | Labcorp Holdings, Inc. | 245463 |
| 691 | McKesson Corporation | 682273 |
| 790 | Medpace Holdings, Inc.<sup>(a)</sup> | 356890 |
| 2112 | National HealthCare Corporation | 345312 |
|  |  | 3899223 |
|  | **MEDICAL EQUIPMENT & DEVICES - 15.1%** |  |
| 775 | Intuitive Surgical, Inc.<sup>(a)</sup> | 390220 |
| 4900 | Lantheus Holdings, Inc.<sup>(a)</sup> | 367059 |
| 3126 | Medtronic PLC | 305285 |
| 825 | Stryker Corporation | 319655 |
| 708 | Thermo Fisher Scientific, Inc. | 368946 |
|  |  | 1751165 |

---

See accompanying notes to financial statements.

**SARATOGA HEALTH & BIOTECHNOLOGY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **SOFTWARE - 1.1%** |  |
| 700 | Veeva Systems, Inc., Class A<sup>(a)</sup> | $127406 |
|  | **TOTAL COMMON STOCKS (Cost $5,728,420)** | 11351117 |
|  | **SHORT-TERM INVESTMENT — 2.5%** |  |
|  | **MONEY MARKET FUND - 2.5%** |  |
| 293661 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $293,661)<sup>(c)</sup> | 293661 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $6,022,081)** | $11644778 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (44005) |
|  | **NET ASSETS - 100.0%** | $11600773 |

---

ADR - American Depositary Receipt <br> A/S - Anonim Sirketi <br> PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan. The total fair value of the securities on loan as of February 28, 2026 was $529,467. Collateral received from the borrower not disclosed in the Schedule of Investments had a value of $524,860 at February 28, 2026.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.8%** | |
| | **E-COMMERCE DISCRETIONARY - 8.0%** | |
| 11700 | Amazon.com, Inc.<sup>(a)</sup> | $2457000 |
| 6224 | eBay, Inc. | 565513 |
|  |  | 3022513 |
|  | **ELECTRICAL EQUIPMENT - 1.4%** |  |
| 1300 | Rockwell Automation, Inc. | 529685 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.2%** |  |
| 3000 | Applied Industrial Technologies, Inc. | 847740 |
|  | **INTERNET MEDIA & SERVICES - 15.1%** |  |
| 12020 | Alphabet, Inc., Class C | 3743388 |
| 2998 | Meta Platforms, Inc., Class A | 1943244 |
|  |  | 5686632 |
|  | **SEMICONDUCTORS - 23.6%** |  |
| 6500 | Broadcom, Inc. | 2077075 |
| 2084 | KLA Corporation | 3177163 |
| 12274 | Kulicke & Soffa Industries, Inc. | 855743 |
| 15910 | NVIDIA Corporation | 2819093 |
|  |  | 8929074 |
|  | **SOFTWARE - 23.3%** |  |
| 3200 | Adobe, Inc.<sup>(a)</sup> | 839712 |
| 7000 | Akamai Technologies, Inc.<sup>(a)</sup> | 688730 |
| 2100 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 781158 |
| 5742 | Microsoft Corporation | 2255113 |
| 7414 | Oracle Corporation | 1077996 |
| 6620 | Salesforce, Inc. | 1289510 |
| 3200 | Synopsys, Inc.<sup>(a)</sup> | 1324800 |
| 2925 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 532379 |
|  |  | 8789398 |
|  | **TECHNOLOGY HARDWARE - 10.8%** |  |
| 6768 | Apple, Inc. | 1787970 |
| 29000 | Cisco Systems, Inc. | 2304340 |
|  |  | 4092310 |

---

See accompanying notes to financial statements.

**SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.8% (Continued)** | |
|  | **TECHNOLOGY SERVICES - 15.4%** |  |
| 17805 | Amdocs Ltd. | $1242789 |
| 3380 | Jack Henry & Associates, Inc. | 549115 |
| 3236 | Mastercard, Inc., Class A | 1673692 |
| 7350 | Visa, Inc., Class A | 2353028 |
|  |  | 5818624 |
|  | **TOTAL COMMON STOCKS (Cost $9,488,055)** | 37715976 |
|  | **SHORT-TERM INVESTMENT — 0.5%** |  |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 187880 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $187,880)<sup>(b)</sup> | 187880 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $9,675,935)** | $37903856 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (130746) |
|  | **NET ASSETS - 100.0%** | $37773110 |

---

LTD - Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA INVESTMENT QUALITY BOND PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **OPEN END FUNDS — 96.5%** | |
| | **FIXED INCOME - 96.5%** | |
| 723437 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | $7726312 |
| 36372 | Vanguard Short-Term Bond Index Fund, Admiral Class | 377180 |
|  |  | 8103492 |
|  | **TOTAL OPEN END FUNDS (Cost $7,840,656)** | 8103492 |
|  | **SHORT-TERM INVESTMENT — 4.6%** |  |
|  | **MONEY MARKET FUND - 4.6%** |  |
| 388948 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $388,948)(a) | 388948 |
|  | **TOTAL INVESTMENTS - 101.1% (Cost $8,229,604)** | $8492440 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)%** | (91594) |
|  | **NET ASSETS - 100.0%** | $8400846 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 99.9%** |  |
|  | **MONEY MARKET FUNDS - 99.9%** |  |
| 1071896 | BlackRock Liquidity FedFund, Institutional Class, 3.56%<sup>(a)</sup> | $1071896 |
| 1071896 | Dreyfus Government Cash Management, Institutional Class, 3.55%<sup>(a)</sup> | 1071896 |
| 1071895 | Federated Hermes Government Obligations Fund, Institutional Class, 3.53%<sup>(a)</sup> | 1071895 |
| 1071894 | JPMorgan US Government Money Market Fund, Capital Class, 3.56%<sup>(a)</sup> | 1071894 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,287,581)** | 4287581 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $4,287,581)** | $4287581 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 4502 |
|  | **NET ASSETS - 100.0%** | $4292083 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **OPEN END FUNDS — 93.2%** | |
|  | **ALTERNATIVE - 4.0%** |  |
| 7912 | Eaton Vance Global Macro Absolute Return Fund, Class I | $71679 |
|  | **EQUITY - 71.2%** |  |
| 2441 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | 67128 |
| 9326 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 264392 |
| 9337 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 263962 |
| 17686 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 233631 |
| 23633 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 172991 |
| 4360 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | 111044 |
| 3405 | Vanguard Total International Stock Index Fund, Admiral Class | 153674 |
|  |  | 1266822 |
|  | **FIXED INCOME - 18.0%** |  |
| 26676 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 284897 |
| 3305 | Vanguard Short-Term Bond Index Fund, Admiral Class | 34277 |
|  |  | 319174 |
|  | **TOTAL OPEN END FUNDS (Cost $1,536,893)** | 1657675 |
|  | **SHORT-TERM INVESTMENTS — 7.1%** |  |
|  | **MONEY MARKET FUNDS - 7.1%** |  |
| 126877 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $126,877)<sup>(b)</sup> | 126877 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $1,663,770)** | $1784552 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (5201) |
|  | **NET ASSETS - 100.0%** | $1779351 |

---

<sup>(a)</sup> Investment in affiliate.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 86.1%** |  |
|  | **ALTERNATIVE - 8.1%** |  |
| 29816 | Eaton Vance Global Macro Absolute Return Fund, Class I | $270129 |
|  | **EQUITY - 41.6%** |  |
| 15415 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 437015 |
| 15169 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 428840 |
| 28689 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 378983 |
| 10846 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 79396 |
| 1246 | Vanguard Total International Stock Index Fund, Admiral Class | 56233 |
|  |  | 1380467 |
|  | **FIXED INCOME - 36.4%** |  |
| 104225 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 1113124 |
| 9282 | Vanguard Short-Term Bond Index Fund, Admiral Class | 96251 |
|  |  | 1209375 |
|  | **TOTAL OPEN END FUNDS (Cost $2,731,737)** | 2859971 |
|  | **SHORT-TERM INVESTMENTS — 14.0%** |  |
|  | **MONEY MARKET FUNDS - 14.0%** |  |
| 465401 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $465,401)<sup>(b)</sup> | 465401 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $3,197,138)** | $3325372 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%** | (3672) |
|  | **NET ASSETS - 100.0%** | $3321700 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA MODERATE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 89.7%** |  |
|  | **ALTERNATIVE - 6.0%** |  |
| 17526 | Eaton Vance Global Macro Absolute Return Fund, Class I | $158787 |
|  | **EQUITY - 59.1%** |  |
| 1927 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | 53000 |
| 14852 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 421044 |
| 14797 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 418321 |
| 27841 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 367786 |
| 16995 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 124401 |
| 3592 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | 91483 |
| 1954 | Vanguard Total International Stock Index Fund, Admiral Class | 88194 |
|  |  | 1564229 |
|  | **FIXED INCOME - 24.6%** |  |
| 54510 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 582171 |
| 6722 | Vanguard Short-Term Bond Index Fund, Admiral Class | 69706 |
|  |  | 651877 |
|  | **TOTAL OPEN END FUNDS (Cost $2,214,975)** | 2374893 |
|  | **SHORT-TERM INVESTMENTS — 10.6%** |  |
|  | **MONEY MARKET FUNDS - 10.6%** |  |
| 278927 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $278,927)<sup>(b)</sup> | 278927 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $2,493,902)** | $2653820 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (7262) |
|  | **NET ASSETS - 100.0%** | $2646558 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

**SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 91.9%** |  |
|  | **ALTERNATIVE - 5.1%** |  |
| 7290 | Eaton Vance Global Macro Absolute Return Fund, Class I | $66047 |
|  | **EQUITY - 64.3%** |  |
| 1203 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | 33095 |
| 7077 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 200622 |
| 7136 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 201722 |
| 13368 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 176589 |
| 13233 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 96862 |
| 2266 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | 57727 |
| 1624 | Vanguard Total International Stock Index Fund, Admiral Class | 73312 |
|  |  | 839929 |
|  | **FIXED INCOME - 22.5%** |  |
| 24480 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 261447 |
| 3047 | Vanguard Short-Term Bond Index Fund, Admiral Class | 31596 |
|  |  | 293043 |
|  | **TOTAL OPEN END FUNDS (Cost $1,110,818)** | 1199019 |
|  | **SHORT-TERM INVESTMENTS — 8.6%** |  |
|  | **MONEY MARKET FUNDS - 8.6%** |  |
| 112678 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $112,678)<sup>(b)</sup> | 112678 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $1,223,496)** | $1311697 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | (6369) |
|  | **NET ASSETS - 100.0%** | $1305328 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

**See accompanying notes to financial statements.**

**SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **OPEN END FUNDS — 90.4%** | |
| | **ALTERNATIVE - 7.1%** | |
| 7328 | Eaton Vance Global Macro Absolute Return Fund, Class I | $66396 |
|  | **EQUITY - 54.0%** |  |
| 4805 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 136215 |
| 4791 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 135452 |
| 9429 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 124559 |
| 8467 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 61978 |
| 1051 | Vanguard Total International Stock Index Fund, Admiral Class | 47425 |
|  |  | 505629 |
|  | **FIXED INCOME - 29.3%** |  |
| 23191 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 247683 |
| 2629 | Vanguard Short-Term Bond Index Fund, Admiral Class | 27264 |
|  |  | 274947 |
|  | **TOTAL OPEN END FUNDS (Cost $791,884)** | 846972 |
|  | **SHORT-TERM INVESTMENTS — 10.1%** |  |
|  | **MONEY MARKET FUNDS - 10.1%** |  |
| 94338 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $94,338)(b) | 94338 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $886,222)** | $941310 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | (4802) |
|  | **NET ASSETS - 100.0%** | $936508 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **February 28, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Large<br> Capitalization<br> Value<br> Portfolio** | **Large<br> Capitalization<br> Growth<br> Portfolio** | **Mid**<br> **Capitalization**<br> **Portfolio** | **Small**<br> **Capitalization**<br> **Portfolio** | **International**<br> **Equity**<br> **Portfolio** |
| **Assets:** | **Assets:** |  |  |  |  |  |
| Investments, at cost (including collateral on loaned securities) (See Note 2) | Investments, at cost (including collateral on loaned securities) (See Note 2) | $15116703 | $30161007 | $8636899 | $6133749 | $2746001 |
| Investments in securities, at value (including collateral on loaned securities) (See Note 2) (a) | Investments in securities, at value (including collateral on loaned securities) (See Note 2) (a) | $18158133 | $34329882 | $11341317 | $7276938 | $3966941 |
| Receivable for securities sold | Receivable for securities sold |  | 84848 | 183683 |  |  |
| Receivable for fund shares sold | Receivable for fund shares sold |  | 14978 |  |  |  |
| Interest and dividends receivable | Interest and dividends receivable | 9083 | 12894 | 11750 | 5573 | 12022 |
| Prepaid expenses and other assets | Prepaid expenses and other assets | 15746 | 25603 | 14565 | 1244 | 6545 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;**Total Assets** | **18182962** | **34468205** | **11551315** | **7283755** | **3985508** |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |
| Securities lending collateral (See Note 2) | Securities lending collateral (See Note 2) |  |  |  | 172621 |  |
| Due to Custodian | Due to Custodian |  |  |  |  | 703 |
| Payable for securities purchased | Payable for securities purchased | 49447 |  | 147196 | 15863 |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 41827 | 116407 | 27672 | 21116 | 8754 |
| Payable to manager | Payable to manager | 10674 | 18104 | 6576 | 3468 | 4001 |
| Administration fees payable | Administration fees payable | 27894 | 63194 | 39144 | 26867 | 10122 |
| Custody fees payable | Custody fees payable | 2148 | 8225 |  | 4532 |  |
| Compliance officer fees payable | Compliance officer fees payable | 363 | 3162 |  | 994 | 505 |
| Payable for distribution (12b-1) fees | Payable for distribution (12b-1) fees | 173 | 308 | 488 | 9 | 4 |
| Accrued expenses and other liabilities | Accrued expenses and other liabilities | 881 | 6626 | 2293 | 8494 | 2704 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;**Total Liabilities** | **133407** | **216026** | **223369** | **253964** | **26793** |
| **Net Assets** | **Net Assets** | $**18049555** | $**34252179** | $**11327946** | $**7029791** | $**3958715** |
| **Net Assets:** | **Net Assets:** |  |  |  |  |  |
| Par value of shares of beneficial interest | Par value of shares of beneficial interest | $6421 | $14580 | $8937 | $9994 | $2401 |
| Paid in capital | Paid in capital | 14419446 | 27792525 | 8365419 | 5758296 | 4569855 |
| Accumulated earnings/(deficits) | Accumulated earnings/(deficits) | 3623688 | 6445074 | 2953590 | 1261501 | (613541) |
| **Net Assets** | **Net Assets** | $**18049555** | $**34252179** | $**11327946** | $**7029791** | $**3958715** |
| **Net Asset Value Per Share** | **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;&nbsp;Net Assets | $17572569 | $30613877 | $9790290 | $6946160 | $3899222 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 621585 | 1080040 | 741351 | 949458 | 236411 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $28.27 | $28.35 | $13.21 | $7.32 | $16.49 |
| &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;&nbsp;Net Assets | $409387 | $3226762 | $1505310 | $69516 | $48658 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 16317 | 151984 | 146810 | 11573 | 2947 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | $25.09 | $21.23 | $10.25 | $6.01 | $16.51 |
| &nbsp;&nbsp;&nbsp;Offering price per share (maximum sales charge of 5.75%) | &nbsp;&nbsp;&nbsp;Offering price per share (maximum sales charge of 5.75%) | $26.62 | $22.53 | $10.88 | $6.38 | $17.52 |
| &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;&nbsp;Net Assets | $67599 | $411540 | $32346 | $14115 | $10835 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 4154 | 225976 | 5561 | 38415 | 743 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (b) | &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (b) | $16.27 | $1.82 | $5.82 | $0.37 | $14.58 |
| (a) | Includes securities loaned of: | $1295995 | $1237036 | $954095 | $419319 | $70824 |
| (b) | Redemption price per C share varies based on length of time shares are held. |  |  |  |  |  |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **February 28, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Health &<br> Biotechnology<br> Portfolio** | **Technology &<br> Communications<br> Portfolio** | **Investment<br> Quality Bond<br> Portfolio** | **U.S. Government<br> Money Market<br> Portfolio** | **Aggressive<br> Balanced<br> Allocation<br> Portfolio** |
| **Assets:** | **Assets:** |  |  |  |  |  |
| Investments in Affiliates, at cost | Investments in Affiliates, at cost | $- | $- | $- | $- | $1048930 |
| Investments in Unaffiliated securities, at cost (including collateral on loaned securities) (See Note 2) | Investments in Unaffiliated securities, at cost (including collateral on loaned securities) (See Note 2) | 6022081 | 9675935 | 8229606 | 4287581 | 614840 |
| Total Investments, at cost | Total Investments, at cost | $6022081 | $9675935 | $8229606 | $4287581 | $1663770 |
| Investments in Affiliates, at value | Investments in Affiliates, at value | $- | $- | $- | $- | $1113148 |
| Investments in Unaffiliated securities, at value (including collateral on loaned securities) (See Note 2)(a) | Investments in Unaffiliated securities, at value (including collateral on loaned securities) (See Note 2)(a) | 11644778 | 37903856 | 8492440 | 4287581 | 671404 |
| Total Investments, at value | Total Investments, at value | $11644778 | $37903856 | $8492440 | $4287581 | $1784552 |
| Cash | Cash |  | 241 |  |  |  |
| Receivable for fund shares sold | Receivable for fund shares sold |  | 50 |  |  | 1020 |
| Interest and dividends receivable | Interest and dividends receivable | 9920 | 17493 | 1602 | 11549 | 347 |
| Prepaid expenses and other assets | Prepaid expenses and other assets | 7066 | 27506 | 6952 | 21240 | 1334 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;**Total Assets** | **11661764** | **37949146** | **8500994** | **4320370** | **1787253** |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 7413 | 29155 | 67993 | 21255 |  |
| Payable to manager | Payable to manager | 10873 | 36226 | 5678 | 1573 | 293 |
| Administration fees payable | Administration fees payable | 38647 | 93371 | 15014 | 2500 | 6383 |
| Custody fees payable | Custody fees payable | 1430 | 2910 | 1548 | 404 | 327 |
| Trustee fees payable | Trustee fees payable |  |  | 114 | 596 |  |
| Compliance officer fees payable | Compliance officer fees payable |  | 1086 | 407 | 666 | 127 |
| Payable for distribution (12b-1) fees | Payable for distribution (12b-1) fees | 1567 | 5525 | 7992 | 126 | 205 |
| Distributions payable | Distributions payable |  |  |  | 34 |  |
| Accrued expenses and other liabilities | Accrued expenses and other liabilities | 1061 | 7763 | 1402 | 1133 | 567 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;**Total Liabilities** | **60991** | **176036** | **100148** | **28287** | **7902** |
| **Net Assets** | **Net Assets** | $**11600773** | $**37773110** | $**8400846** | $**4292083** | $**1779351** |
| **Net Assets:** | **Net Assets:** |  |  |  |  |  |
| Par value of shares of beneficial interest | Par value of shares of beneficial interest | $4733 | $17485 | $8652 | $43007 | $1440 |
| Paid in capital | Paid in capital | 5938425 | 6305492 | 8220261 | 4248541 | 1506277 |
| Accumulated earnings | Accumulated earnings | 5657615 | 31450133 | 171933 | 535 | 271634 |
| **Net Assets** | **Net Assets** | $**11600773** | $**37773110** | $**8400846** | $**4292083** | $**1779351** |
| **Net Asset Value Per Share** | **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;&nbsp;Net Assets | $6080378 | $22509873 | $8244821 | $4097561 | $1385763 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 221134 | 883676 | 848907 | 4106070 | 111913 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $27.50 | $25.47 | $9.71 | $1.00 | $12.38 |
| &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;&nbsp;Net Assets | $5175651 | $13913214 | $156012 | $56586 | $170533 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 228883 | 718817 | 16256 | 56620 | 13864 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | $22.61 | $19.36 | $9.60 | $1.00 | $12.30 |
| &nbsp;&nbsp;&nbsp;Offering price per share (maximum sales charge of 5.75%) | &nbsp;&nbsp;&nbsp;Offering price per share (maximum sales charge of 5.75%) | $23.99 | $20.54 | $10.19 | $1.06 | $13.05 |
| &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;&nbsp;Net Assets | $344744 | $1350023 | $13 | $137936 | $223055 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 23292 | 145995 | 1 | 138025 | 18267 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (b) | &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (b) | $14.80 | $9.25 | $9.51 <sup>(c)</sup> | $1.00 | $12.15 |
| (a) | Includes securities loaned of: | $529467 | $- | $- | $- | $- |
| (b) | Redemption price per C share varies based on length of time shares are held. | Redemption price per C share varies based on length of time shares are held. | Redemption price per C share varies based on length of time shares are held. | Redemption price per C share varies based on length of time shares are held. | Redemption price per C share varies based on length of time shares are held. | Redemption price per C share varies based on length of time shares are held. |
| (c) | Does not calculate due to rounding | Does not calculate due to rounding | Does not calculate due to rounding | Does not calculate due to rounding | Does not calculate due to rounding | Does not calculate due to rounding |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **February 28, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative<br> Balanced<br> Allocation<br> Portfolio** | **Moderate<br> Balanced<br> Allocation<br> Portfolio** | **Moderately<br> Aggressive <br> Balanced<br> Allocation<br> Portfolio** | **Moderately<br> Conservative<br> Balanced<br> Allocation<br> Portfolio** |
| **Assets:** |  |  |  |  |
| Investments in Affiliates, at cost | $1265222 | $1374394 | $713258 | $429278 |
| Investments in Unaffiliated securities, at cost | 1931916 | 1119508 | 510238 | 456944 |
| Total Investments, at cost | $3197138 | $2493902 | $1223496 | $886222 |
| Investments in Affiliates, at value | $1324234 | $1476035 | $766617 | $458204 |
| Investments in Unaffiliated securities, at value | 2001138 | 1177785 | 545080 | 483106 |
| Total Investments, at value | $3325372 | $2653820 | $1311697 | $941310 |
| Receivable for fund shares sold | 1550 | 1400 |  |  |
| Interest and dividends receivable | 1310 | 1073 | 303 | 255 |
| Prepaid expenses and other assets | 3312 | 3267 | 1426 | 2362 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **3331544** | **2659560** | **1313426** | **943927** |
| **Liabilities:** |  |  |  |  |
| Payable for fund shares redeemed |  | 3000 |  |  |
| Payable to manager | 5 | 478 | 781 | 590 |
| Administration fees payable | 8339 | 7945 | 6650 | 6022 |
| Custody fees payable | 406 | 322 | 256 | 272 |
| Compliance officer fees payable | 259 | 200 | 118 | 12 |
| Payable for distribution (12b-1) fees | 595 | 703 | 197 | 204 |
| Accrued expenses and other liabilities | 240 | 354 | 96 | 319 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **9844** | **13002** | **8098** | **7419** |
| **Net Assets** | $**3321700** | $**2646558** | $**1305328** | $**936508** |
| **Net Assets:** |  |  |  |  |
| Par value of shares of beneficial interest | $2918 | $2161 | $1066 | $840 |
| Paid in capital | 3011873 | 2306943 | 1114125 | 823288 |
| Accumulated earnings | 306909 | 337454 | 190137 | 112380 |
| **Net Assets** | $**3321700** | $**2646558** | $**1305328** | $**936508** |
| **Net Asset Value Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2541063 | $1697640 | $968213 | $670035 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 222286 | 137504 | 78789 | 59572 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $11.43 | $12.35 | $12.29 | $11.25 |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $17150 | $38876 | $105756 | $17 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1497 | 3165 | 8668 | 2 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | $11.46 | $12.28 | $12.20 | $11.25 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Offering price per share (maximum sales charge of 5.75%) | $12.16 | $13.03 | $12.95 | $11.94 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $763487 | $910042 | $231359 | $266456 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 68040 | 75390 | 19178 | 24455 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (a) | $11.22 | $12.07 | $12.06 | $10.90 |

---

(a) Redemption price per C share varies
 based on length of time shares are held.

(b) Does not calculate due to rounding.

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large<br> Capitalization<br> Value<br> Portfolio** | **Large<br> Capitalization<br> Growth<br> Portfolio** | **Mid**<br> **Capitalization**<br> **Portfolio** | **Small**<br> **Capitalization**<br> **Portfolio** | **International**<br> **Equity**<br> **Portfolio** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $64324 | $80008 | $3833 | $31025 | $35373 |
| Interest income | 11794 | 12651 | 60182 | 5021 | 1349 |
| Securities lending income - net | 956 | 583 | 320 | 276 | 143 |
| Less: Foreign withholding taxes | (338) | - | - | - | (4040) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **76736** | **93242** | **64335** | **36322** | **32825** |
| **Operating Expenses:** |  |  |  |  |  |
| Management fees | 57223 | 128582 | 39967 | 20587 | 13120 |
| Distribution (12b-1) fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 808 | 7124 | 2838 | 137 | 90 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 323 | 2699 | 152 | 68 | 49 |
| Administration fees | 48981 | 137997 | 56131 | 32139 | 24712 |
| Professional fees | 7443 | 32767 | 12100 | 4761 | 2841 |
| Printing and postage expense | 6872 | 10714 | 4670 | 4303 | 1669 |
| Custodian fees | 2549 | 6208 | 18969 | 4831 | 12258 |
| Trustees' fees | 2305 | 4627 | 1264 | 750 | 432 |
| Compliance officer fees | 2207 | 7846 | 3017 | 1510 | 528 |
| Shareholder servicing fees | 1319 | 6057 | 2269 | 879 | 308 |
| Insurance expense | 281 | 562 | 1444 | 643 | 349 |
| Registration fees | 43 | 2095 | 369 | 147 | 164 |
| Miscellaneous expenses | 5392 | 11220 | 5798 | 4220 | 3573 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **135746** | **358498** | **148988** | **74975** | **60093** |
| Less: Expenses waived and/or reimbursed | - | - | (4320) | - | (7933) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **135746** | **358498** | **144668** | **74975** | **52160** |
| **Net Investment (Loss)** | **(59010)** | **(265256)** | **(80333)** | **(38653)** | **(19335)** |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |  |
| Net realized gain from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments and Foreign currency transactions | 1115131 | 5877845 | 626883 | 223140 | 312306 |
| Net realized gain | 1115131 | 5877845 | 626883 | 223140 | 312306 |
| Net change in unrealized appreciation/(depreciation) on Investments and Foreign currency translations | 234193 | (6093326) | 712440 | 220170 | 246936 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** | **1349324** | **(215481)** | **1339323** | **443310** | **559242** |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations** | $**1290314** | $**(480737)** | $**1258990** | $**404657** | $**539907** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended February 28, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Health &**<br> **Biotechnology**<br> **Portfolio** | **Technology &**<br> **Communications**<br> **Portfolio** | **Investment<br> Quality Bond<br> Portfolio** | **U.S. Government**<br> **Money Market**<br> **Portfolio** | **Aggressive<br> Balanced<br> Allocation<br> Portfolio** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $48306 | $135201 | $160086 | $- | $11603 |
| Interest income | 4727 | 6658 | 7949 | 80352 | 2054 |
| Dividend income from Affiliates |  |  |  |  | 33150 |
| Securities lending income - net | 76 | 99 | - | - | - |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **53109** | **141958** | **168035** | **80352** | **46807** |
| **Operating Expenses:** |  |  |  |  |  |
| Management fees | 67192 | 259492 | 22574 | 10046 | 7569 |
| Distribution (12b-1) fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 9474 | 30813 | 292 | 106 | 207 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 2020 | 7852 |  | 652 | 1091 |
| Administration fees | 50969 | 180790 | 40769 | 12197 | 8260 |
| Professional fees | 12702 | 30529 | 7755 | 2277 | 1452 |
| Shareholder servicing fees | 3869 | 9976 | 177 | 112 |  |
| Printing and postage expense | 3476 | 13453 | 3746 | 1334 | 1037 |
| Custodian fees | 1611 | 3737 | 850 | 486 | 294 |
| Insurance expense | 1002 | 1840 | 518 | 196 | 33 |
| Trustees' fees | 938 | 5865 | 1233 |  | 179 |
| Compliance officer fees | 714 | 1187 | 2745 | 892 | 351 |
| Registration fees | 167 | 99 | 51 | 241 | 164 |
| Miscellaneous expenses | 6022 | 13805 | 5313 | 2516 | 1484 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **160156** | **559438** | **86023** | **31055** | **22121** |
| Less: Expenses waived and/or reimbursed | - | - | (5257) | - | (12494) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **160156** | **559438** | **80766** | **31055** | **9627** |
| **Net Investment Income/(Loss)** | **(107047)** | **(417480)** | **87269** | **49297** | **37180** |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |  |
| Net realized gain from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments and Foreign currency transactions | 295904 | 4973709 | 46126 |  | 25657 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  |  |  | 26184 |
| Distribution of realized gains by underlying: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Companies | - | - | - | - | 98838 |
| Net realized gain | 295904 | 4973709 | 46126 | - | 150679 |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  |  |  | (99308) |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments and Foreign currency transactions | 2035101 | (4556556) | 94746 | - | 3613 |
| Net change in unrealized appreciation/(depreciation) | 2035101 | (4556556) | 94746 | - | (95695) |
| **Net Realized and Unrealized Gain on Investments** | **2331005** | **417153** | **140872** | **-** | **54984** |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations** | $**2223958** | $**(327)** | $**228141** | $**49297** | $**92164** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended February 28, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative<br> Balanced<br> Allocation<br> Portfolio** | **Moderate<br> Balanced<br> Allocation<br> Portfolio** | **Moderately<br> Aggressive<br> Balanced<br> Allocation<br> Portfolio** | **Moderately<br> Conservative<br> Balanced <br> Allocation<br> Portfolio** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $38345 | $21034 | $9895 | $8869 |
| Interest income | 7104 | 4223 | 1852 | 1638 |
| Dividend income from Affiliates | 55558 | 53884 | 25849 | 17852 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **101007** | **79141** | **37596** | **28359** |
| **Operating Expenses:** |  |  |  |  |
| Management fees | 14740 | 11463 | 5721 | 4093 |
| Distribution (12b-1) fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 36 | 39 | 128 |  |
| &nbsp;&nbsp;&nbsp;Class C Shares | 3735 | 4326 | 1163 | 1293 |
| Administration fees | 13123 | 11509 | 7598 | 6000 |
| Professional fees | 3116 | 2543 | 1238 | 773 |
| Printing and postage expense | 1743 | 1266 | 759 | 474 |
| Registration fees | 1457 | 695 | 795 | 882 |
| Compliance officer fees | 695 | 530 | 284 | 189 |
| Custodian fees | 434 | 378 | 256 | 207 |
| Trustees' fees | 430 | 322 | 110 | 36 |
| Insurance expense | 158 | 95 | 51 | 38 |
| Shareholder servicing fees | 30 | 41 | 11 |  |
| Miscellaneous expenses | 1846 | 2007 | 1632 | 1743 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **41543** | **35214** | **19746** | **15728** |
| Less: Expenses waived and/or reimbursed | (21557) | (18234) | (12162) | (9931) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **19986** | **16980** | **7584** | **5797** |
| **Net Investment Income** | **81021** | **62161** | **30012** | **22562** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| Net realized gain from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 14795 | 24435 | 16573 | 1591 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | 40532 | 31105 | 18776 | 12668 |
| Distribution of realized gains by underlying: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Companies | 124814 | 137443 | 70700 | 42634 |
| Net realized gain | 180141 | 192983 | 106049 | 56893 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (149298) | (143653) | (73656) | (47020) |
| &nbsp;&nbsp;&nbsp;Investments | 29503 | 5221 | 1888 | 12711 |
| Net change in unrealized appreciation/(depreciation) | (119795) | (138432) | (71768) | (34309) |
| **Net Realized and Unrealized Gain on Investments** | **60346** | **54551** | **34281** | **22584** |
| **Net Increase in Net Assets Resulting From Operations** | $**141367** | $**116712** | $**64293** | $**45146** |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Capitalization Value<br> Portfolio** | **Large Capitalization Value<br> Portfolio** | **Large Capitalization Growth<br> Portfolio** | **Large Capitalization Growth<br> Portfolio** | **Mid Capitalization<br> Portfolio** | **Mid Capitalization<br> Portfolio** |
|  | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31, <br> 2025** |
|  | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |  |  |
| Net investment loss | $(59010) | $(157293) | $(265256) | $(397616) | $(80333) | $(122808) |
| Net realized gain on investments | 1115131 | 2392806 | 5877845 | 6828760 | 626883 | 2613052 |
| Net change in unrealized appreciation/(depreciation) on investments | 234193 | 352359 | (6093326) | 2674506 | 712440 | (969442) |
| **Net increase/(decrease) in net assets resulting from operations** | **1290314** | **2587872** | **(480737)** | **9105650** | **1258990** | **1520802** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (1940605) | (2721378) | (4515350) | (6549282) | (1857275) | (1540586) |
| &nbsp;&nbsp;&nbsp;Class A | (50226) | (59203) | (581329) | (632577) | (348019) | (265792) |
| &nbsp;&nbsp;&nbsp;Class C | (12022) | (13244) | (375655) | (479633) | (11050) | (19263) |
| **Total Dividends and Distributions to Shareholders** | **(2002853)** | **(2793825)** | **(5472334)** | **(7661492)** | **(2216344)** | **(1825641)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1030065 | 736259 | 3368806 | 12308034 | 617003 | 380219 |
| &nbsp;&nbsp;&nbsp;Class A | 2493 | 7356 | 86338 | 667617 | 4104 | 21615 |
| &nbsp;&nbsp;&nbsp;Class C | 1540 | 6527 | 35454 | 104056 |  | 4567 |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1862029 | 2665332 | 4279454 | 6288616 | 1780565 | 1493621 |
| &nbsp;&nbsp;&nbsp;Class A | 48454 | 57044 | 561431 | 598874 | 342532 | 261984 |
| &nbsp;&nbsp;&nbsp;Class C | 12022 | 13244 | 375608 | 479558 | 11050 | 19263 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (2818611) | (4797562) | (7488214) | (14750949) | (1083366) | (3464693) |
| &nbsp;&nbsp;&nbsp;Class A | (41412) | (39852) | (269496) | (216339) | (49577) | (390499) |
| &nbsp;&nbsp;&nbsp;Class C | (2633) | (22439) | (241881) | (444859) | (693) | (63153) |
| **Net increase/(decrease) in net assets from share transactions of beneficial interest** | **93947** | **(1374091)** | **707500** | **5034608** | **1621618** | **(1737076)** |
| **Total Increase/(Decrease) in Net Assets** | **(618592)** | **(1580044)** | **(5245571)** | **6478766** | **664264** | **(2041915)** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 18668147 | 20248191 | 39497750 | 33018984 | 10663682 | 12705597 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $**18049555** | $**18668147** | $**34252179** | $**39497750** | $**11327946** | $**10663682** |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Capitalization<br> Portfolio** | **Small Capitalization<br> Portfolio** | **International Equity<br> Portfolio** | **International Equity<br> Portfolio** | **Health & Biotechnology<br> Portfolio** | **Health & Biotechnology<br> Portfolio** |
|  | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31, <br> 2025** |
|  | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |  |  |
| Net investment loss | $(38653) | $(79863) | $(19335) | $(11355) | $(107047) | $(179914) |
| Net realized gain on investments and foreign currency transactions | 223140 | 591485 | 312306 | 411095 | 295904 | 371772 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | 220170 | (207816) | 246936 | 225994 | 2035101 | (1582237) |
| **Net increase/(decrease) in net assets resulting from operations** | **404657** | **303806** | **539907** | **625734** | **2223958** | **(1390379)** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (497175) | (722397) |  | (23108) | (172730) | (66366) |
| &nbsp;&nbsp;&nbsp;Class A | (6624) | (8800) |  | (116) | (173359) | (60909) |
| &nbsp;&nbsp;&nbsp;Class C | (1597) | (6906) | - | - | (22522) | (8347) |
| **Total Dividends and Distributions to Shareholders** | **(505396)** | **(738103)** | **-** | **(23224)** | **(368611)** | **(135622)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1011712 | 551171 | 580457 | 338051 | 281389 | 130421 |
| &nbsp;&nbsp;&nbsp;Class A | 131 | 9870 | 544 | 177 | 3575 | 148625 |
| &nbsp;&nbsp;&nbsp;Class C |  | 2566 |  | 1734 |  |  |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 483078 | 715610 |  | 22357 | 161018 | 62607 |
| &nbsp;&nbsp;&nbsp;Class A | 6624 | 8800 |  | 116 | 159841 | 55694 |
| &nbsp;&nbsp;&nbsp;Class C | 1597 | 6906 |  |  | 21673 | 8070 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (679299) | (1926703) | (463736) | (1191260) | (508238) | (1444936) |
| &nbsp;&nbsp;&nbsp;Class A | (4991) | (7203) | (2833) | (4392) | (101869) | (636384) |
| &nbsp;&nbsp;&nbsp;Class C | (131) | - | (73) | - | (124039) | (92139) |
| **Net increase/(decrease) in net assets from share transactions of beneficial interest** | **818721** | **(638983)** | **114359** | **(833217)** | **(106650)** | **(1768042)** |
| **Total Increase/(Decrease) in Net Assets** | **717982** | **(1073280)** | **654266** | **(230707)** | **1748697** | **(3294043)** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 6311809 | 7385089 | 3304449 | 3535156 | 9852076 | 13146119 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $**7029791** | $**6311809** | $**3958715** | $**3304449** | $**11600773** | $**9852076** |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Technology & Communications<br> Portfolio** | **Technology & Communications<br> Portfolio** | **Investment Quality Bond<br> Portfolio** | **Investment Quality Bond<br> Portfolio** | **U.S. Government Money Market<br> Portfolio** | **U.S. Government Money Market<br> Portfolio** |
|  | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31, <br> 2025** |
|  | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $(417480) | $(746937) | $87269 | $222116 | $49297 | $142399 |
| Net realized gain on investments and foreign currency transactions | 4973709 | 5123431 | 46126 | 52726 |  |  |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | (4556556) | 2299673 | 94746 | 3902 | - | - |
| **Net increase/(decrease) in net assets resulting from operations** | **(327)** | **6676167** | **228141** | **278744** | **49297** | **142399** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (2901427) | (2516269) | (102258) | (205221) | (47893) | (137996) |
| &nbsp;&nbsp;&nbsp;Class A | (2251999) | (1949153) | (1777) | (2371) | (519) | (1934) |
| &nbsp;&nbsp;&nbsp;Class C | (420795) | (425218) | (3) | (2) | (888) | (2567) |
| **Total Dividends and Distributions to Shareholders** | **(5574221)** | **(4890640)** | **(104038)** | **(207594)** | **(49300)** | **(142497)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1112717 | 523692 | 1390012 | 622848 | 1105621 | 4566742 |
| &nbsp;&nbsp;&nbsp;Class A | 75769 | 206586 | 26525 | 530 | 7554 | 25450 |
| &nbsp;&nbsp;&nbsp;Class C | 13700 | 10550 |  |  | 11910 | 52946 |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 2702170 | 2361109 | 99971 | 202016 | 45887 | 134375 |
| &nbsp;&nbsp;&nbsp;Class A | 2146856 | 1832926 | 1777 | 2371 | 520 | 1888 |
| &nbsp;&nbsp;&nbsp;Class C | 406978 | 408046 | 3 | 2 | 888 | 2560 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (3224031) | (3692763) | (1745251) | (3733309) | (1640833) | (4385940) |
| &nbsp;&nbsp;&nbsp;Class A | (2225982) | (1906901) | (8466) | (20139) | (3101) | (53157) |
| &nbsp;&nbsp;&nbsp;Class C | (348004) | (660844) | (283) | - | (5110) | (115338) |
| **Net increase/(decrease) in net assets from share transactions of beneficial interest** | **660173** | **(917599)** | **(235712)** | **(2925681)** | **(476664)** | **229526** |
| **Total Increase/(Decrease) in Net Assets** | **(4914375)** | **867928** | **(111609)** | **(2854531)** | **(476667)** | **229428** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 42687485 | 41819557 | 8512455 | 11366986 | 4768750 | 4539322 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $**37773110** | $**42687485** | $**8400846** | $**8512455** | $**4292083** | $**4768750** |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggressive Balanced<br> Allocation Portfolio** | **Aggressive Balanced<br> Allocation Portfolio** | **Conservative Balanced<br> Allocation Portfolio** | **Conservative Balanced<br> Allocation Portfolio** | **Moderate Balanced<br> Allocation Portfolio** | **Moderate Balanced<br> Allocation Portfolio** |
|  | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31, <br> 2025** |
|  | **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $37180 | $21591 | $81021 | $71254 | $62161 | $37400 |
| Net realized gain on investments | 51841 | 605 | 55327 | 11578 | 55540 | 3627 |
| Distribution of realized gains by underlying investment companies | 98838 | 109974 | 124814 | 160977 | 137443 | 161534 |
| Net change in unrealized appreciation (depreciation) on investments | (95695) | 39008 | (119795) | 42489 | (138432) | 41494 |
| **Net increase in net assets resulting from operations** | **92164** | **171178** | **141367** | **286298** | **116712** | **244055** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (116740) | (33118) | (213055) | (80900) | (153434) | (53263) |
| &nbsp;&nbsp;&nbsp;Class A | (14676) | (4170) | (1421) | (1230) | (3238) | (781) |
| &nbsp;&nbsp;&nbsp;Class C | (17633) | (4362) | (58388) | (17632) | (73791) | (21213) |
| **Total Dividends and Distributions to Shareholders** | **(149049)** | **(41650)** | **(272864)** | **(99762)** | **(230463)** | **(75257)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 62952 | 71901 | 23571 | 93873 | 15600 | 38442 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  | 11310 | 1131 |
| &nbsp;&nbsp;&nbsp;Class C | 5413 | 5424 | 6123 | 15872 | 33590 | 137592 |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 116740 | 33118 | 213055 | 80900 | 153434 | 53263 |
| &nbsp;&nbsp;&nbsp;Class A | 14675 | 4170 | 1421 | 1230 | 3238 | 780 |
| &nbsp;&nbsp;&nbsp;Class C | 17633 | 4362 | 58388 | 17632 | 73791 | 21214 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (7015) | (12809) | (103021) | (154796) | (14015) | (41398) |
| &nbsp;&nbsp;&nbsp;Class A |  |  | (24303) | (1425) | (15) |  |
| &nbsp;&nbsp;&nbsp;Class C | (20108) | (765) | (26380) | (5401) | (6437) | (16295) |
| **Net increase in net assets from share transactions of beneficial interest** | **190290** | **105401** | **148854** | **47885** | **270496** | **194729** |
| **Total Increase in Net Assets** | **133405** | **234929** | **17357** | **234421** | **156745** | **363527** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 1645946 | 1411017 | 3304343 | 3069922 | 2489813 | 2126286 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $**1779351** | $**1645946** | $**3321700** | $**3304343** | $**2646558** | $**2489813** |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Moderately Aggressive Balanced<br> Allocation Portfolio** | **Moderately Aggressive Balanced<br> Allocation Portfolio** | **Moderately Conservative Balanced<br> Allocation Portfolio** | **Moderately Conservative Balanced<br> Allocation Portfolio** |
|  | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Operations:** |  |  |  |  |
| Net investment income | $30012 | $18732 | $22562 | $16356 |
| Net realized gain on investments | 35349 | 854 | 14259 | 6741 |
| Distribution of realized gains by underlying affiliated investment companies | 70700 | 82013 | 42634 | 60492 |
| Net change in unrealized appreciation/(depreciation) on investments | (71768) | 24402 | (34309) | 8374 |
| **Net increase in net assets resulting from operations** | **64293** | **126001** | **45146** | **91963** |
| **Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (88124) | (28787) | (65699) | (24925) |
| &nbsp;&nbsp;&nbsp;Class A | (9465) | (2957) |  | (1) |
| &nbsp;&nbsp;&nbsp;Class C | (19298) | (5766) | (24713) | (6811) |
| **Total Dividends and Distributions to Shareholders** | **(116887)** | **(37510)** | **(90412)** | **(31737)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 19064 | 14000 |  | 4397 |
| &nbsp;&nbsp;&nbsp;Class A | 869 | 1737 |  |  |
| &nbsp;&nbsp;&nbsp;Class C | 7625 | 8864 |  | 11200 |
| Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 88123 | 28787 | 65698 | 24925 |
| &nbsp;&nbsp;&nbsp;Class A | 9465 | 2957 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Class C | 19298 | 5766 | 24713 | 6810 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (14961) | (181) | (10000) | (69744) |
| &nbsp;&nbsp;&nbsp;Class A | (15) | (15) |  |  |
| &nbsp;&nbsp;&nbsp;Class C | (40099) | - | - | - |
| **Net increase/(decrease) in net assets from share transactions of beneficial interest** | **89369** | **61915** | **80413** | **(22411)** |
| **Total Increase in Net Assets** | **36775** | **150406** | **35147** | **37815** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 1268553 | 1118147 | 901361 | 863546 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $**1305328** | $**1268553** | $**936508** | $**901361** |

---

See accompanying notes to financial statements.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)*

**1.** **ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

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 fourteen series. These financial statements include the following fourteen series: the Large Capitalization Value Portfolio; the Large Capitalization Growth Portfolio; the Mid Capitalization Portfolio; the Small Capitalization Portfolio; the International Equity Portfolio; the Health & Biotechnology Portfolio; the Technology & Communications Portfolio; the Investment Quality Bond Portfolio; the U.S. Government Money Market Portfolio, Aggressive Balanced Allocation Portfolio, Conservative Balanced Allocation Portfolio, Moderate Balanced Allocation Portfolio, Moderately Aggressive Balanced Allocation Portfolio, and Moderately Conservative Balanced Allocation Portfolio, (collectively, the "Portfolios"). Saratoga Capital Management, LLC (the "Manager") serves as the Trust's Manager.

The following serve as advisers (the "Advisers") to their respective Portfolio(s): M.D. Sass, LLC, serves as Adviser to Large Capitalization Value; Smith Group Asset Management serves as Adviser to Large Capitalization Growth and International Equity; Vaughan Nelson Investment Management, L.P. serves as Adviser to Mid Capitalization; Zacks Investment Management, Inc. serves as Adviser to Small Capitalization; Oak Associates, Ltd. serves as Adviser to Health & Biotechnology and Technology & Communications; Saratoga Capital Management, LLC serves as Adviser to U.S. Government Money Market, Investment Quality Bond, Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation. Ultimus Fund Solutions, LLC (the "Administrator"), serves the Trust as administrator, custody administrator, transfer agent and fund accounting agent*. Northern Lights Distributors, LLC ("NLD" or the "Distributor") is the Trust's Distributor.*

The Large Capitalization Value Portfolio, the Large Capitalization Growth Portfolio, the Mid Capitalization Portfolio, the Small Capitalization Portfolio, the International Equity Portfolio, the Health & Biotechnology Portfolio, the Technology & Communications Portfolio, the Investment Quality Bond Portfolio, the U.S. Government Money Market Portfolio, Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderately Conservative Balanced Allocation, Moderate Balanced Allocation, and Moderately Aggressive Balanced Allocation are diversified portfolios.

Investment Quality Bond, U.S. Government Money Market, Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation are "fund of funds", in that the Portfolios will generally invest in other investment companies.

---

| | |
|:---|:---|
| **Portfolio** | **Primary Objective** |
| Large Capitalization Value | Total return consisting of capital appreciation and dividend income |
| Large Capitalization Growth | Capital appreciation |
| Mid Capitalization | Long-term capital appreciation |
| Small Capitalization | Maximum capital appreciation |
| International Equity | Long-term capital appreciation |
| Health & Biotechnology | Long-term capital growth |
| Technology & Communications | Long-term capital growth |
| Investment Quality Bond | Current income and reasonable stability of principal |
| U.S. Government Money Market | Maximum current income to the extent consistent with the maintenance of liquidity and the preservation of capital |
| Aggressive Balanced Allocation | Total return consisting of capital appreciation and income |
| Conservative Balanced Allocation | Total return consisting of capital appreciation and income |
| Moderate Balanced Allocation | Total return consisting of capital appreciation and income |
| Moderately Aggressive Balanced Allocation | Total return consisting of capital appreciation and income |
| Moderately Conservative Balanced Allocation | Total return consisting of capital appreciation and income |

---

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

Currently, all Portfolios offer Class A, Class C and Class I shares. Each class represents an interest in the same assets of the applicable Portfolio, and the classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.

The following is a summary of significant accounting policies followed by the Portfolios in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 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.

**(a)** **Valuation of Investments**

Operating Segments - The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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 may be valued at amortized cost or amortized value, 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 Saratoga Capital Management, LLC as the valuation designee. The Valuation designee 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.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

Valuation of Fund of Funds - The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon the methods established by the board of directors of the Underlying Funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by a Fund will not change.

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 February 28, 2026 for each Portfolio's assets and liabilities measured at fair value:

**Large Capitalization Value**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $16865913 | $- | $- | $16865913 |
| Short-Term Investment | 1292220 | - | - | 1292220 |
| **Total** | $18158133 | $- | $- | $18158133 |

---

**Large Capitalization Growth**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $34211823 | $- | $- | $34211823 |
| Short-Term Investment | 118059 | - | - | 118059 |
| **Total** | $34329882 | $- | $- | $34329882 |

---

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

**Mid Capitalization**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $10960872 | $- | $- | $10960872 |
| Short-Term Investment | 380445 | - | - | 380445 |
| **Total** | $11341317 | $- | $- | $11341317 |

---

**Small Capitalization**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $6833148 | $- | $- | $6833148 |
| Collateral for Securities Loaned | - | 172621 | - | 172621 |
| Short-Term Investment | 271169 | - | - | 271169 |
| **Total** | $7104317 | $172621 | $- | $7276938 |

---

**International Equity**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $- | $95013 | $- | $95013 |
| &nbsp;&nbsp;&nbsp;Canada | $258307 | $- | $- | $258307 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | - | 145069 | - | 145069 |
| &nbsp;&nbsp;&nbsp;France | - | 358841 | - | 358841 |
| &nbsp;&nbsp;&nbsp;Germany | - | 318442 | - | 318442 |
| &nbsp;&nbsp;&nbsp;Hong Kong | - | 70824 | - | 70824 |
| &nbsp;&nbsp;&nbsp;Italy | - | 287654 | - | 287654 |
| &nbsp;&nbsp;&nbsp;Japan | - | 572458 | - | 572458 |
| &nbsp;&nbsp;&nbsp;Korea (Republic of) | - | 328230 | - | 328230 |
| &nbsp;&nbsp;&nbsp;Luxembourg | - | 68249 | - | 68249 |
| &nbsp;&nbsp;&nbsp;Malaysia | - | 76444 | - | 76444 |
| &nbsp;&nbsp;&nbsp;Netherlands | - | 3484 | - | 3484 |
| &nbsp;&nbsp;&nbsp;Singapore | - | 114418 | - | 114418 |
| &nbsp;&nbsp;&nbsp;Spain | - | 213961 | - | 213961 |
| &nbsp;&nbsp;&nbsp;Sweden | - | 96161 | - | 96161 |
| &nbsp;&nbsp;&nbsp;Switzerland | - | 94168 | - | 94168 |
| &nbsp;&nbsp;&nbsp;Taiwan Province of China | 325744 | - | - | 325744 |
| &nbsp;&nbsp;&nbsp;Thailand | - | 73933 | - | 73933 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 180993 | 187098 | - | 368091 |
| Exchange Traded Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;India | 58281 | - | - | 58281 |
| Short-Term Investment | 39169 | - | - | 39169 |
| **Total** | $862494 | $3104447 | $- | $3966941 |

---

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

**Health & Biotechnology**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $11351117 | $- | $- | $11351117 |
| Short-Term Investment | 293661 | - | - | 293661 |
| **Total** | $11644778 | $- | $- | $11644778 |

---

**Technology & Communication**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $37715976 | $- | $- | $37715976 |
| Short-Term Investment | 187880 | - | - | 187880 |
| **Total** | $37903856 | $- | $- | $37903856 |

---

**Investment Quality Bond**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open End Funds | $8103492 | $- | $- | $8103492 |
| Short-Term Investment | 388948 | - | - | 388948 |
| **Total** | $8492440 | $- | $- | $8492440 |

---

**U.S. Government Money Market**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Investments | $4287581 | $- | $- | $4287581 |
| **Total** | $4287581 | $- | $- | $4287581 |

---

**Aggressive Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $1657675 | $- | $- | $1657675 |
| Short-Term Investment | 126877 | - | - | 126877 |
| **Total** | $1784552 | $- | $- | $1784552 |

---

**Conservative Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $2859971 | $- | $- | $2859971 |
| Short-Term Investment | 465401 | - | - | 465401 |
| **Total** | $3325372 | $- | $- | $3325372 |

---

**Moderate Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $2374893 | $- | $- | $2374893 |
| Short-Term Investment | 278927 | - | - | 278927 |
| **Total** | $2653820 | $- | $- | $2653820 |

---

**Moderately Aggressive Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $1199019 | $- | $- | $1199019 |
| Short-Term Investment | 112678 | - | - | 112678 |
| **Total** | $1311697 | $- | $- | $1311697 |

---

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

**Moderately Conservative Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $846972 | $- | $- | $846972 |
| Short-Term Investment | 94338 | - | - | 94338 |
| **Total** | $941310 | $- | $- | $941310 |

---

The Funds did not hold any Level 3 securities during the period.

**(b) Federal Income Tax**

It is each Portfolio's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

Capital loss carry forwards, as of each Portfolio's most recent tax year-ended August 31, 2025, available to offset future capital gains, and utilized capital gains, if any, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-Expiring<br> Short-Term** | **Non-Expiring<br> Long-Term** | **CLCF<br> Utilized** | **Total** |
| Large Capitalization Value | $- | $- | $- | $- |
| Large Capitalization Growth |  |  |  |  |
| Mid Capitalization |  |  |  |  |
| Small Capitalization |  |  |  |  |
| International Equity | 2125064 |  | 386587 | 2125064 |
| Health & Biotechnology |  |  |  |  |
| Technology & Communications |  |  |  |  |
| Investment Quality Bond |  | 154468 | 43304 | 154468 |
| U.S. Government Money Market |  |  |  |  |
| Aggressive Balanced Allocation |  |  |  |  |
| Conservative Balanced Allocation |  |  |  |  |
| Moderate Balanced Allocation |  |  |  |  |
| Moderately Aggressive Balanced Allocation |  |  |  |  |
| Moderately Conservative Balanced Allocation |  |  |  |  |

---

The Portfolios recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on its 2022-2024 returns and expected to be taken in the Portfolios' 2025 returns and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios identify its major tax jurisdictions as U.S. Federal, Arizona and foreign jurisdictions where the Portfolios make significant investments. The Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended February 28, 2026, the Portfolios did not incur any interest or penalties.

**(c) Security Transactions and Other Income**

Security transactions are reflected for financial reporting purposes as of the trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis including premium amortized and discount accreted. All paydown gains and losses are classified as interest income in the accompanying Statements of Operations in accordance with U.S. GAAP. Discounts and premiums on securities purchased are accreted and amortized, over the lives of the respective securities with a corresponding increase/decrease in the cost basis of that security using the yield to maturity method, or where applicable, the first call date of the security. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

**(d) Dividends and Distributions**

The following table summarizes each Portfolio's intended dividend and capital gain declaration policy:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Income Dividends** | **Capital Gains** |
| Large Capitalization Value | Annually | Annually |
| Large Capitalization Growth | Annually | Annually |
| Mid Capitalization | Annually | Annually |
| Small Capitalization | Annually | Annually |
| International Equity | Annually | Annually |
| Health & Biotechnology | Annually | Annually |
| Technology & Communication | Annually | Annually |
| Investment Quality Bond | Monthly | Annually |
| U.S. Government Money Market | Daily - paid monthly | Annually |
| Aggressive Balanced Allocation | Annually | Annually |
| Conservative Balanced Allocation | Annually | Annually |
| Moderate Balanced Allocation | Annually | Annually |
| Moderately Aggressive Balanced Allocation | Annually | Annually |
| Moderately Conservative Balanced Allocation | Annually | Annually |

---

Each Portfolio records dividends and distributions to its shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book-tax" differences are either permanent or temporary in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the net asset accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as distributions of paid-in-surplus or tax return of capital. These reclassifications have no effect on net assets, results from operations or net asset value per share of each Portfolio.

**(e) Allocation of Expenses**

Expenses specifically attributable to a particular Portfolio are borne by that Portfolio. Other expenses are allocated to each Portfolio based on its net assets in relation to the total net assets of all the applicable Portfolios of the Trust or another reasonable basis. Each Fund's income, expenses (other than the class specific distribution fees) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.

**(f) Repurchase Agreements**

In connection with transactions in repurchase agreements, it is the Trust's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Trust may be delayed or limited.

**(g) Indemnification**

The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**(h) Other**

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

*Foreign currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the company's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

*Market Risk.* The value of the Portfolio's securities, like other market investments, may move up or down, sometimes rapidly and unpredictably due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The Portfolio is subject to investment and operational risks associated with social, financial, economic and other global market developments (such as recessions, inflation, rapid interest rate changes, war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) and disruptions, which can negatively impact issuers, industries, governments and other systems, including the securities markets and cause the Portfolio to lose value. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects and may negatively impact broad segments of businesses and populations. These events may have a significant and rapid negative impact on the performance of the Portfolio's investments, increase the Portfolio's volatility and exacerbate pre-existing risks to the Portfolio. The Portfolio's common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

**2.** **SECURITIES LENDING** 

Under an agreement with the BNY Mellon Corp. ("BNY Mellon"), the Portfolios can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board of Trustees to earn additional income. Loans are collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued interest, which is invested in highly liquid, short-term instruments such as repurchase agreements collateralized by U.S. Government securities and money market funds in accordance with the Portfolios' security lending procedures. A portion of the income generated by the investment in the collateral, net of any rebates paid by BNY Mellon to the borrowers, is remitted to BNY Mellon as lending agent, and the remainder is paid to the Portfolios. The Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios have the right under the Master Securities Lending Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Portfolios could experience delays or losses on recovery. Additionally, the Portfolios are subject to the risk of loss from investments made with the cash received as collateral. The Portfolios manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

At February 28, 2026, the following portfolio loaned securities and received U.S. Government securities and cash collateral for the loan. This cash was invested in short term investments as shown in the Schedule of Investments. The aggregate market value of the collateral shown below includes non-cash U.S Treasury securities and is calculated based on prior day's prices.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Market Value of <br> Loaned Securities** | **Market Value of <br> Collateral** | **Value of <br> Non-cash Collateral** |
| Large Capitalization Value | $1295995 | $1313064 | $1313064 |
| Large Capitalization Growth | $1237036 | $1315105 | $1315105 |
| Mid Capitalization | $954095 | $1057412 | $1057412 |
| Small Capitalization | $419319 | $431317 | $258696 |
| International Equity | $70824 | $42144 | $42144 |
| Health & Biotechnology | $529467 | $524860 | $542860 |

---

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

At February 28, 2026, the percentage of total investment income the Portfolios received from the investment of cash collateral retained by the lending agent, BNY Mellon, was as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Percentage of Total<br> Investment Income** |
| Large Capitalization Value | 1.25% |
| Large Capitalization Growth | 0.63% |
| Mid Capitalization | 0.50% |
| Small Capitalization | 0.76% |
| International Equity | 0.44% |
| Health & Biotechnology | 0.14% |
| Technology & Communications | 0.07% |

---

The following table presents the Portfolios' assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of February 28, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Gross Amounts not offset<br> in the Statements of<br> Assets and Liabilities** | **Gross Amounts not offset<br> in the Statements of<br> Assets and Liabilities** | |
|  |<br>**Gross Amounts<br> Recognized in<br> Statements of<br> Assets and Liabilities** | **Financial <br> Instruments <br> Pledged** | **Cash Collateral <br> Pledged** |<br>**Net Amount <br> of Assets** |
| **Small Capitalization** | | | | |
| &nbsp;&nbsp;&nbsp;Description of Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Loaned | $172621 | $172621 | $- | $- |

---

**3.** **MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The management fees are payable to the Manager monthly by each Portfolio and are computed daily at the following annual rates of each Portfolio's average daily net assets: 1.25% for Health & Biotechnology and Technology & Communications; 0.75% for Mid Capitalization and International Equity; 0.65% for Large Capitalization Value, Large Capitalization Growth and Small Capitalization; 0.55% for Investment Quality Bond; 0.475% for U.S. Government Money Market; 0.90% for Conservative Balanced Allocation, Moderately Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation, and Aggressive Balanced Allocation. The manager pays the fees charged by the Portfolios' sub-advisers. The Portfolios do not pay the sub-advisers directly.

For the six months ended February 28, 2026, the Manager waived $4,320 for Mid Capitalization, $7,933 for International Equity, $5,257 for Investment Quality Bond, $12,494 for Aggressive Balanced Allocation, $21,557 for Conservative Balanced Allocation, $18,234 for Moderate Balanced Allocation, $12,162 for Moderately Aggressive Balanced Allocation, and $9,931 for Moderately Conservative Balanced Allocation. The U.S Government Money Market Fund is subject to additional voluntary waivers by the Manager to ensure the portfolio maintains a NAV of $1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ultimus Fund Solutions, LLC ("UFS"), an affiliate of Northern Lights Distributors, LLC (the "Distributor") provides administrative, fund accounting and transfer agency services to the Portfolios pursuant to agreements with the Trust, for which it receives from each Portfolio: (i) a minimum annual fee or basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses.

Pursuant to the terms of the Trust's Custody Administration Agreement with UFS (the "Custody Administration Agreement"), the Trust pays an asset-based fee in decreasing amounts as Trust assets reach certain breakpoints. The Trust also pays certain transaction fees and out-of-pocket expenses pursuant to the Custody Administration Agreement.

In addition, certain affiliates of the Distributor provide services to the Trust as follows:

Blu Giant, LLC ("Blu Giant") – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Trust on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Portfolios.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

Certain employees of UFS are also officers of the Trust, and are not paid any fees directly by the Trust for serving in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Portfolios have adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the "Plan") with respect to the sale and distribution of Class A and C shares of the Portfolios. The Plan provides that each Portfolio will pay the Distributor or other entities, including the Manager, a fee, which is accrued daily and paid monthly, at the annual rate of 0.40% of the average daily net assets of Class A shares (0.25% of the average daily net assets of Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation Class A shares) and 1.00% of the average daily net assets of the Portfolios' Class C shares. A portion of the fee payable pursuant to the Plan, equal to 0.25% of the average daily net assets, is currently characterized as a service fee and it may be paid directly to the Manager, or other entities for providing support services. A service fee is a payment made for personal service and/or the maintenance of shareholder accounts. The aggregate of such service fee payments will not exceed 0.25% of average daily net assets.

Class A shares are offered at net asset value plus a maximum sales load of 5.75%. Class C shares are offered subject to a Contingent Deferred Sales Charge ("CDSC") of 1.00%. Class I shares are offered at net asset value.

For the six months ended February 28, 2026, the Distributor received sales charges on sales of the Portfolios' Class A shares. In addition, CDSCs were paid to the Manager for Class C shares. The Distributor and the Manager have advised the Portfolios that the approximate amounts are as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Distributor<br> Sales Charges<br> Class A** | **CDSC's <br> Class C** |
| Large Capitalization Value | $- | $16 |
| Large Capitalization Growth | 2728 | 355 |
| Mid Capitalization | 168 |  |
| Small Capitalization |  |  |
| International Equity |  |  |
| Health & Biotechnology |  |  |
| Technology & Communications | 330 | 137 |
| Investment Quality Bond |  |  |
| U.S Government Money Market |  | 119 |
| Aggressive Balanced Allocation |  | 54 |
| Conservative Balanced Allocation |  | 61 |
| Moderate Balanced Allocation | 35 | 336 |
| Moderately Aggressive Balanced Allocation | 32 | 1 |
| Moderately Conservative Balanced Allocation |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust and the Manager have entered into Excess Expense Agreements (the "Expense Agreements"). In connection with the Expense Agreements, the Manager is currently voluntarily waiving, all or a portion of its management fees and/or assuming certain other operating expenses (excluding front-end and contingent deferred sales loads, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) of certain Portfolios in order to maintain the expense ratios of each class of the Portfolios at or below predetermined levels (each an "Expense Cap"). The annual expense caps in effect at February 28, 2026 for each portfolio were: 3.00%, 3.60% and 2.60% for Class A, C and I shares, respectively, of Large Capitalization Value and Large Capitalization Growth; 3.40%, 4.00% and 3.00%, of Mid Capitalization, Small Capitalization, and International Equity for Class A, C, and I shares, respectively; 2.80%, 3.40% and 2.40%, for Class A, C and I shares, respectively, of Investment Quality Bond; 2.15%, 2.75% and 1.75% for Class A, C and I shares, respectively, of U.S. Government Money Market; 3.40%, 4.00% and 3.00% for Class A, C and I shares, respectively, of Health & Biotechnology and Technology & Communications. For the Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation the Manager is waiving all or a portion of its management fees and/or assuming certain operating expenses (excluding front end and contingent deferred sales loads, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) the expense caps are 1.24%, 0.99% and 1.99% for Classes A, I and C shares respectively. Under the terms of the Expense Agreements, the Manager is permitted to seek reimbursement from the Portfolios, subject to limitations, for fees they waived and Portfolio expenses they paid within three (3) years of the end of the fiscal year in which such fees were waived or expenses paid, as long as the reimbursement does not cause the Portfolio's operating expenses to exceed (i) the expense cap in place at the time the advisory fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

The Expense Agreement with the Manager may be terminated by either party, without penalty, upon receipt of 60 days prior notice, except for the Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation which shall continue through December 31, 2026.

In addition, the U.S. Government Money Market Portfolio's distributor has agreed to waive Distribution Fees and/or Service (12b-1) Fees for the Portfolio's Class A and C shares through December 31, 2026. The Agreement may only be terminated during its term by or with the consent of the Trust's Board of Trustees.

The following table shows the available waived expenses and expiration date for each Portfolio subject to potential recovery.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **8/31/2026** | **8/31/2027** | **8/31/2028** |
| International Equity | $- | $- | $16960 |
| Aggressive Balanced Allocation | 16046 | 20749 | 25837 |
| Conservative Balanced Allocation | 28817 | 32927 | 40556 |
| Moderate Balanced Allocation | 21341 | 25431 | 33813 |
| Moderately Aggressive Balanced Allocation | 14601 | 18014 | 24159 |
| Moderately Conservative Balanced Allocation | 11198 | 14298 | 20243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The following Portfolios in the Trust had portfolio trades executed with a certain broker pursuant to a commission recapture agreement. For the six months ended February 28, 2026, the amount received by the participating Portfolio under this arrangement was as follows: Large Capitalization Value, $432. This amount is included with the realized gain/loss for each Portfolio in the Statement of Operations.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Affiliated Investments — Companies which are affiliates of the Portfolios at February 28, 2026, are noted in the Portfolio's Schedule of Investments. A summary of the investments in the affiliated investments are detailed below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding** | **Value at <br> 8/31/2025** | **Purchases** | **Sale <br> Proceeds** | **Realized <br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at <br> 2/28/2026** | **Shares at<br> 2/28/2026** | **Income** | **Long Term <br> Capital Gain<br> Distribution** |
| Aggressive Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Energy & Basic Materials Portfolio, CL I | $41377 | $- | $40787 | $3869 | $(4459) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Saratoga Health & Biotechnology Portfolio, CL I | 51193 | 5721 |  |  | 10214 | 67128 | 2441 |  | 1790 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | 318915 | 42341 | 59249 | 17508 | (55123) | 264392 | 9326 | 8278 | 26063 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 271098 | 34513 | 32794 | 4807 | (13662) | 263962 | 9337 | 7916 | 19472 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 178671 | 72430 |  |  | (17470) | 233631 | 17686 | 16956 | 25088 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 138917 | 36758 |  |  | (2685) | 172990 | 23633 |  | 13055 |
| &nbsp;&nbsp;&nbsp;Saratoga Technology & Communications Portfolio, CL I | 64048 | 63119 |  | - | (16123) | 111044 | 4360 | - | 13370 |
| &nbsp;&nbsp;&nbsp;Total | 1064219 |  |  | 26184 | (99308) | 1113147 |  | 33150 | 98838 |
| Conservative Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | $534169 | $58408 | $92393 | $31396 | $(94565) | $437015 | $15415 | $14079 | $44330 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 436989 | 45745 | 38784 | 5644 | (20754) | 428840 | 15169 | 13222 | 32523 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 291071 | 130048 | 12840 | 2894 | (32190) | 378983 | 28689 | 28257 | 41809 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 62325 | 21062 | 2800 | 598 | (1789) | 79396 | 10846 | - | 6152 |
|  | 1324554 |  |  | 40532 | (149298) | 1324234 |  | 55558 | 124814 |
| Moderate Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Energy & Basic Materials Portfolio, CL I | $34252 | $- | $33763 | $6037 | $(6526) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Saratoga Health & Biotechnology Portfolio, CL I | 42388 | 2215 |  |  | 8397 | 53000 | 1927 |  | 1456 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | 492064 | 56274 | 65112 | 19527 | (81709) | 421044 | 14852 | 13564 | 42710 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 426191 | 44623 | 37800 | 5541 | (20234) | 418321 | 14797 | 12898 | 31725 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 290033 | 106141 |  |  | (28388) | 367786 | 27841 | 27422 | 40574 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 96760 | 29548 |  |  | (1907) | 124401 | 16995 |  | 9639 |
| &nbsp;&nbsp;&nbsp;Saratoga Technology & Communications Portfolio, CL I | 59743 | 45026 |  | - | (13286) | 91483 | 3592 | - | 11339 |
| &nbsp;&nbsp;&nbsp;Total | 1441431 |  |  | 31105 | (143653) | 1476035 |  | 53884 | 137443 |
| Moderately Aggressive Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Energy & Basic Materials Portfolio, CL I | $26617 | $- | $26237 | $7461 | $(7841) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Saratoga Health & Biotechnology Portfolio, CL I | 28612 | 909 | 2082 | (20) | 5676 | 33095 | 1203 |  | 909 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | 234066 | 26814 | 30609 | 8738 | (38387) | 200622 | 7077 | 6463 | 20351 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 205010 | 21518 | 17717 | 2597 | (9686) | 201722 | 7136 | 6220 | 15299 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 148866 | 41197 |  |  | (13474) | 176589 | 13368 | 13166 | 19481 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 77115 | 21241 |  |  | (1494) | 96862 | 13233 |  | 7505 |
| &nbsp;&nbsp;&nbsp;Saratoga Technology & Communications Portfolio, CL I | 36079 | 30098 |  | - | (8450) | 57727 | 2266 | - | 7155 |
| &nbsp;&nbsp;&nbsp;Total | 756365 |  |  | 18776 | (73656) | 766617 |  | 25849 | 70700 |
| Moderately Conservative Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | $176628 | $18206 | $39342 | $8967 | $(28243) | $136216 | $4805 | $4388 | $13817 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 148508 | 14449 | 22794 | 3312 | (8023) | 135452 | 4791 | 4177 | 10273 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 110259 | 24884 | 1160 | 251 | (9674) | 124560 | 9429 | 9287 | 13741 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 49460 | 14115 | 655 | 138 | (1080) | 61978 | 8467 | - | 4803 |
| &nbsp;&nbsp;&nbsp;Total | 484855 |  |  | 12668 | (47020) | 458206 |  | 17852 | 42634 |

---

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

**4.** **INVESTMENT TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) For the six months ended February 28, 2026, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Portfolios were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| Large Capitalization Value | $7062472 | $9845212 |
| Large Capitalization Growth | 14062959 | 18236180 |
| Mid Capitalization | 5565479 | 6424215 |
| Small Capitalization | 3930143 | 3647379 |
| International Equity | 1457968 | 1350054 |
| Health & Biotechnology | 555149 | 993181 |
| Technology & Communications | 443855 | 5840491 |
| Investment Quality Bond | 992732 | 1296314 |
| Aggressive Balanced Allocation | 432082 | 293849 |
| Conservative Balanced Allocation | 425302 | 540036 |
| Moderate Balanced Allocation | 411225 | 276113 |
| Moderately Aggressive Balanced Allocation | 218911 | 172902 |
| Moderately Conservative Balanced Allocation | 131803 | 94737 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 derivative instruments outstanding, as of February 28, 2026, as disclosed in the Portfolio of Investments and Statement of Assets and Liabilities, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period, as disclosed in the Statement of Operations, serve as indicators of the volume of derivative activity for the Fund. The derivatives are not accounted for as hedging instruments under GAAP.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

The effect of derivative instruments on the Statements of Operations for the six months ended February 28, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Location of loss on derivatives** | **Risk Type** | &nbsp;&nbsp;&nbsp;**Realized and<br> unrealized<br> loss on derivatives** |
| International Equity |  |  |  |  |
|  | Forward Exchange Contracts | Net realized loss from investments and foreign currency transactions | Foreign Exchange | $(3686) |
|  |  |  | **Total** | $(3686) |

---

**5.** **AUTHORIZED SHARES OF BENEFICIAL INTEREST AND PAR VALUE PER SHARE** 

Each Portfolio has unlimited shares of beneficial interest authorized at $0.01 par value per share. For the periods indicated, transactions were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares** | **Class I Shares** | **Class A Shares** | **Class A Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> February 28, <br> 2026** | **Year Ended<br> August 31, <br> 2025** | **Six Months Ended<br> February 28, <br> 2026** | **Year Ended<br> August 31, <br> 2025** | **Six Months Ended<br> February 28, <br> 2026** | **Year Ended <br> August 31, <br> 2025** |
| **Large Capitalization Value** | | | | | | |
| &nbsp;&nbsp;&nbsp;Issued | 36315 | 26394 | 102 | 270 | 86 | 428 |
| &nbsp;&nbsp;&nbsp;Redeemed | (98491) | (176607) | (1592) | (1540) | (166) | (1246) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 70451 | 99453 | 2064 | 2353 | 788 | 783 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 8275 | (50760) | 574 | 1083 | 708 | (35 |
| **Large Capitalization Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 102910 | 404650 | 3326 | 28257 | 17893 | 14573 |
| &nbsp;&nbsp;&nbsp;Redeemed | (234181) | (490886) | (11239) | (8562) | (82670) | (76218) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 135769 | 212741 | 23759 | 25880 | 185028 | 90826 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 4498 | 126505 | 15846 | 45575 | 120251 | 29181 |
| **Mid Capitalization** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 45081 | 25164 | 390 | 1722 |  | 692 |
| &nbsp;&nbsp;&nbsp;Redeemed | (77635) | (247642) | (4739) | (33539) | (121) | (8523) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 147520 | 103008 | 36517 | 21887 | 2073 | 2375 |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares | 114966 | (119470) | 32168 | (9930) | 1952 | (5456 |
| **Small Capitalization** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 137557 | 77372 | 21 | 1487 |  | 8275 |
| &nbsp;&nbsp;&nbsp;Redeemed | (90978) | (277166) | (815) | (1257) | (355) |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 69508 | 94657 | 1161 | 1386 | 4565 | 17265 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 116087 | (105137) | 367 | 1616 | 4210 | 25540 |
| **International Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 39640 | 27132 | 37 | 15 |  | 160 |
| &nbsp;&nbsp;&nbsp;Redeemed | (31054) | (95491) | (192) | (345) | (5) |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | - | 1921 | - | 10 | - | - |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 8586 | (66438) | (155) | (320) | (5) | 160 |
| **Health & Biotechnology** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10890 | 5473 | 168 | 7715 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (20068) | (61097) | (4873) | (32384) | (8692) | (6733) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 6443 | 2633 | 7771 | 2816 | 1608 | 607 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (2735) | (52991) | 3066 | (21853) | (7084) | (6126 |
| **Technology & Communications** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 38215 | 18839 | 3367 | 9506 | 1105 | 890 |
| &nbsp;&nbsp;&nbsp;Redeemed | (110159) | (140248) | (93962) | (88199) | (29972) | (56475) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 98332 | 87708 | 102720 | 86053 | 40697 | 34347 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 26388 | (33701) | 12125 | 7360 | 11830 | (21238 |
| **Investment Quality Bond** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 144317 | 66571 | 2767 | 56 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (180582) | (398371) | (895) | (2169) | (30) |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 10446 | 21462 | 188 | 255 | - | - |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares | (25819) | (310338) | 2060 | (1858) | (30) | - |

---

\*\* Amount represents less than 0.5 shares.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares** | **Class I Shares** | **Class A Shares** | **Class A Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> February 28, <br> 2026** | **Year Ended<br> August 31, <br> 2025** | **Six Months Ended<br> February 28, <br> 2026** | **Year Ended<br> August 31, <br> 2025** | **Six Months Ended<br> February 28, <br> 2026** | **Year Ended <br> August 31, <br> 2025** |
| **U.S. Government Money Market** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1105621 | 4563742 | 7554 | 25450 | 11910 | 52946 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1640833) | (4385940) | (3101) | (53157) | (5110) | (115338) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 45887 | 134375 | 520 | 1888 | 888 | 2560 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (489325) | 312177 | 4973 | (25819 | 7688 | (59832) |
| **Aggressive Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5101 | 6338 |  |  | 442 | 462 |
| &nbsp;&nbsp;&nbsp;Redeemed | (556) | (1060) |  |  | (1578) | (61) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 9577 | 2728 | 1211 | 345 | 1463 | 363 |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares | 14122 | 8006 | 1211 | 345 | 327 | 764 |
| **Conservative Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2021 | 8150 |  |  | 544 | 1458 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8464) | (13472) | (1988) | (128) | (2245) | (485) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 18871 | 7166 | 126 | 108 | 5260 | 1584 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 12428 | 1844 | (1862) | (20 | 3559 | 2557 |
| **Moderate Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1225 | 3178 | 867 | 93 | 2766 | 11492 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1106) | (3367) | (1) |  | (512) | (1364) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 12566 | 4359 | 266 | 64 | 6170 | 1768 |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares | 12685 | 4170 | 1132 | 157 | 8424 | 11896 |
| **Moderately Aggressive Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1563 | 1201 | 69 | 145 | 608 | 761 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1240) | (14) | (1) | (1) | (3179) |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 7271 | 2373 | 786 | 245 | 1618 | 483 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 7594 | 3560 | 854 | 389 | (953) | 1244 |
| **Moderately Conservative Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 406 |  |  |  | 1121 |
| &nbsp;&nbsp;&nbsp;Redeemed | (828) | (6271) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 5940 | 2225 | 1 | - | 2301 | 624 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 5112 | (3640) | 1 | - | 2301 | 1745 |

---

\*\* Amount represents less than 0.5 shares.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation as of February 28, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Large Capitalization Value | $15186504 | $3285353 | $(313724) | $2971629 |
| Large Capitalization Growth | 30179408 | 6711066 | (2560592) | 4150474 |
| Mid Capitalization | 8725506 | 2730487 | (114676) | 2615811 |
| Small Capitalization | 6142234 | 1443970 | (309266) | 1134704 |
| International Equity | 2748845 | 1287544 | (69448) | 1218096 |
| Health & Biotechnology | 6056804 | 5693377 | (105403) | 5587974 |
| Technology & Communications | 9685270 | 28687333 | (468747) | 28218586 |
| Investment Quality Bond | 8232746 | 259694 |  | 259694 |
| U.S. Government Money Market | 4287581 |  |  |  |
| Aggressive Balanced Allocation | 1664601 | 123971 | (4020) | 119951 |
| Conservative Balanced Allocation | 3202657 | 122715 |  | 122715 |
| Moderate Balanced Allocation | 2513602 | 144357 | (4139) | 140218 |
| Moderately Aggressive Balanced Allocation | 1227105 | 87256 | (2664) | 84592 |
| Moderately Conservative Balanced Allocation | 886887 | 54423 |  | 54423 |

---

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of dividends utilized during the year ended August 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 8/31/2025** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Exempt<br> Income** | **Return of<br> Capital** | **Total** |
| Large Capitalization Value | $635501 | $2158324 | $– $|  | $2793825 |
| Large Capitalization Growth | 1790988 | 5870504 | – |  | 7661492 |
| Mid Capitalization | 280432 | 1545209 | – |  | 1825641 |
| Small Capitalization |  | 738103 | – |  | 738103 |
| International Equity | 23224 |  | – |  | 23224 |
| Health & Biotechnology |  | 135622 | – |  | 135622 |
| Technology & Communications |  | 4890640 | – |  | 4890640 |
| Investment Quality Bond | 207594 |  | – |  | 207594 |
| U.S. Government Money Market | 142444 |  | – |  | 142444 |
| Aggressive Balanced Allocation | 20879 | 20771 | – |  | 41650 |
| Conservative Balanced Allocation | 67113 | 32649 | – |  | 99762 |
| Moderate Balanced Allocation | 36890 | 38367 | – |  | 75257 |
| Moderately Aggressive Balanced Allocation | 18422 | 19088 | – |  | 37510 |
| Moderately Conservative Balanced Allocation | 20830 | 10907 | – |  | 31737 |

---

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

The tax character of dividends utilized during the year ended August 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 8/31/2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Exempt<br> Income** | **Return of<br> Capital** | **Total** |
| Large Capitalization Value | $- | $171527 | $– $|  | $171527 |
| Large Capitalization Growth |  | 2262394 | – |  | 2262394 |
| Mid Capitalization | 4 | 128079 | – |  | 128083 |
| Small Capitalization |  |  | – |  |  |
| International Equity | 26662 |  | – |  | 26662 |
| Health & Biotechnology |  | 570633 | – |  | 570633 |
| Technology & Communications |  | 2766279 | – |  | 2766279 |
| Investment Quality Bond | 202975 |  | – |  | 202975 |
| U.S. Government Money Market | 169229 |  | – |  | 169229 |
| Aggressive Balanced Allocation | 4953 | 27080 | – |  | 32033 |
| Conservative Balanced Allocation | 49212 | 16425 | – |  | 65637 |
| Moderate Balanced Allocation | 17276 | 25730 | – |  | 43006 |
| Moderately Aggressive Balanced Allocation | 9927 | 15084 | – |  | 25011 |
| Moderately Conservative Balanced Allocation | 5204 |  | – |  | 5204 |

---

During the fiscal year ended August 31, 2025, the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of distributions in excess, net operating losses and short-term capital gains, tax adjustments for prior year tax returns, reclassification of Fund distributions, adjustments for nondeductible payments and foreign tax credit pass-through, and the use of tax equalization credits, resulted in reclassification for the tax year ended August 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Distributable or <br> Accumulated<br> Earnings (Loss)** |
| Large Capitalization Value | $204278 | $(204278) |
| Large Capitalization Growth | 555681 | (555681) |
| Mid Capitalization | 321549 | (321549) |
| Small Capitalization | 32587 | (32587) |
| International Equity | (16912) | 16912 |
| Health & Biotechnology | (184104) | 184104 |
| Technology & Communications | (343401) | 343401 |
| Investment Quality Bond |  |  |
| U.S. Government Money Market |  |  |
| Aggressive Balanced Allocation |  |  |
| Conservative Balanced Allocation | 5171 | (5171) |
| Moderate Balanced Allocation |  |  |
| Moderately Aggressive Balanced Allocation |  |  |
| Moderately Conservative Balanced Allocation |  |  |

---

Net assets were unaffected by the above reclassifications.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

As of each of the Portfolio's tax year ended August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed <br> Ordinary<br> Income** | **Undistributed<br> Long-Term <br> Capital Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** |
| Large Capitalization Value | $575881 | $1126946 | $(104036) | $- |
| Large Capitalization Growth | 1316003 | 1092719 | (254377) |  |
| Mid Capitalization | 747155 | 1260418 |  |  |
| Small Capitalization |  | 505296 | (57590) |  |
| International Equity |  |  |  | (2125064) |
| Health & Biotechnology |  | 368603 | (119208) |  |
| Technology & Communications |  | 4764112 | (514573) |  |
| Investment Quality Bond | 37350 |  |  | (154468) |
| U.S. Government Money Market | 591 |  |  |  |
| Aggressive Balanced Allocation | 2349 | 110524 |  |  |
| Conservative Balanced Allocation | 29503 | 166393 |  |  |
| Moderate Balanced Allocation | 7342 | 165213 |  |  |
| Moderately Aggressive Balanced Allocation | 3989 | 82382 |  |  |
| Moderately Conservative Balanced Allocation | 1756 | 67158 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Other <br> Book/Tax <br> Differences** | **Unrealized <br> Appreciation/<br> (Depreciation)** | **Total <br> Accumulated <br> Earnings/(Deficits)** |
| Large Capitalization Value | $- | $2737436 | $4336227 |
| Large Capitalization Growth |  | 10243800 | 12398145 |
| Mid Capitalization |  | 1903371 | 3910944 |
| Small Capitalization |  | 914534 | 1362240 |
| International Equity |  | 971616 | (1153448) |
| Health & Biotechnology |  | 3552873 | 3802268 |
| Technology & Communications |  | 32775142 | 37024681 |
| Investment Quality Bond |  | 164948 | 47830 |
| U.S. Government Money Market | (53) |  | 538 |
| Aggressive Balanced Allocation |  | 215646 | 328519 |
| Conservative Balanced Allocation |  | 242510 | 438406 |
| Moderate Balanced Allocation |  | 278650 | 451205 |
| Moderately Aggressive Balanced Allocation |  | 156360 | 242731 |
| Moderately Conservative Balanced Allocation |  | 88732 | 157646 |

---

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from security transactions are primarily attributable to the tax deferral of losses on wash sales, adjustments for real estate investment trusts, mark-to-market on passive foreign investment companies, accrued dividends payable and C-Corporations adjustments. The unrealized appreciation in the table above includes unrealized foreign currency gain/(loss) of $398 for the International Equity Portfolio.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Portfolios below incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
|  | **Late Year <br> Losses** |
| Large Capitalization Value | $104036 |
| Large Capitalization Growth | 254377 |
| Mid Capitalization |  |
| Small Capitalization | 57590 |
| International Equity |  |
| Health & Biotechnology | 119208 |
| Technology & Communications | 514573 |
| Investment Quality Bond |  |
| U.S. Government Money Market |  |
| Aggressive Balanced Allocation |  |
| Conservative Balanced Allocation |  |
| Moderate Balanced Allocation |  |
| Moderately Aggressive Balanced Allocation |  |
| Moderately Conservative Balanced Allocation |  |

---

**8.** **FOREIGN TAX CREDIT (Unaudited)** 

The following fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended<br> 8/31/2025** | **Foreign Taxes<br> Paid** | **Foreign Source<br> Income** |
| International Equity Fund | $1.0488 | $0.0172 |

---

---

| | | |
|:---|:---|:---|
| **For fiscal year ended<br> 8/31/2024** | **Foreign Taxes<br> Paid** | **Foreign Source<br> Income** |
| International Equity Fund | $0.0366 | $0.0867 |
| Aggressive Balanced Allocation | 0.0013 | 0.0187 |

---

**9.** **UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES** 

Each underlying fund, including each exchange-traded fund ("ETF"), is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk, as well as risks associated with real estate investments and commodities. Investors in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund's direct fees and expenses.

The performance of the Investment Quality Bond Portfolio will be directly affected by the performance of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class. The financial statements of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class, including the portfolio of investments, can be found on the Securities and Exchange Commission's ("SEC") website www.sec.gov and should be read in conjunction with each Portfolio's financial statements. As of February 28, 2026, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 92.0%.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

The performance of the Conservative Balanced Allocation Portfolio will be directly affected by the performance of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class. The financial statements of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class, including the portfolio of investments, can be found on the Securities and Exchange Commission's ("SEC") website www.sec.gov and should be read in conjunction with the Portfolio's financial statements. As of February 28, 2026, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 33.5%.

The performance of the Moderately Conservative Balanced Allocation Portfolio will be directly affected by the performance of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class. The financial statements of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class, including the portfolio of investments, can be found on the Securities and Exchange Commission's ("SEC") website www.sec.gov and should be read in conjunction with the Portfolio's financial statements. As of February 28, 2026, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 26.4%.

**10.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of control of the Portfolio under Section 2(a)(9) of the 1940 Act. As of February 28, 2026, the below entities held more than 25% of the voting securities for each of the Funds listed.

---

| | | |
|:---|:---|:---|
|  | **First National<br> Bank\*** | **Mid Atlantic Trust<br> Company FBO\*** |
| Large Cap Value | 41.42% |  |
| Mid Cap | 39.76% |  |
| Small Cap | 39.84% |  |
| International Equity | 52.52% |  |
| Investment Quality Bond | 65.69% |  |
| U.S. Government Money Market | 61.09% |  |
| Aggressive Balanced Allocation | 55.48% | 33.12% |
| Conservative Balanced Allocation | 41.37% | 34.94% |
| Moderate Balanced Allocation Portfolio | 46.90% | 27.94% |
| Moderately Aggressive Balanced Allocation | 56.23% | 40.29% |
| Moderately Conservative Balanced Allocation | 53.89% |  |

---

\* Comprised of multiple investors and accounts

**11.** **ACCOUNTING PRONOUNCEMENTS** 

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**NOTES TO FINANCIAL STATEMENTS**

*Six Months Ended February 28, 2026 (Unaudited)(Continued)*

**12.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Large Capitalization Value Portfolio - Class A Shares** | **Large Capitalization Value Portfolio - Class A Shares** | **Large Capitalization Value Portfolio - Class A Shares** | **Large Capitalization Value Portfolio - Class A Shares** | **Large Capitalization Value Portfolio - Class A Shares** | **Large Capitalization Value Portfolio - Class A Shares** |
| | | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $26.74 | $27.35 | $24.05 | $24.22 | $30.50 | $21.26 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.13) | (0.30) | (0.25) | (0.17) | (0.36) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.88 | 3.84 | 3.76 | 2.09 | 0.37 | 9.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.75 | 3.54 | 3.51 | 1.92 | 0.01 | 9.24 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.40) | (4.15) | (0.21) | (2.09) | (6.29) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.40) | (4.15) | (0.21) | (2.09) | (6.29) | - |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $25.09 | $26.74 | $27.35 | $24.05 | $24.22 | $30.50 |
| **Total Return\*** | **Total Return\*** | 7.43% | 14.50% | 14.72% | 8.71% | (0.62)% | 43.46% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $409 | $421 | $401 | $353 | $315 | $398 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 1.93%<sup>(4)</sup> | 2.16% | 2.28% | 2.05% | 2.11% | 1.71% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | (1.06)%<sup>(4)</sup> | (1.19)% | (0.97)% | (0.72)% | (1.39)% | (0.97)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 41%<sup>(5)</sup> | 93% | 83% | 90% | 117% | 108% |
|  |  | **Large Capitalization Growth Portfolio - Class A Shares** | **Large Capitalization Growth Portfolio - Class A Shares** | **Large Capitalization Growth Portfolio - Class A Shares** | **Large Capitalization Growth Portfolio - Class A Shares** | **Large Capitalization Growth Portfolio - Class A Shares** | **Large Capitalization Growth Portfolio - Class A Shares** |
|  |  | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $25.68 | $25.95 | $20.88 | $19.87 | $30.37 | $25.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.21) | (0.35) | (0.32) | (0.24) | (0.32) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.07 | 6.94 | 7.29 | 2.73 | (3.36) | 7.38 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.14) | 6.59 | 6.97 | 2.49 | (3.68) | 7.13 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (4.31) | (6.86) | (1.90) | (1.48) | (6.37) | (2.44) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | - | - | - | - | (0.45) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (4.31) | (6.86) | (1.90) | (1.48) | (6.82) | (2.44) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $21.23 | $25.68 | $25.95 | $20.88 | $19.87 | $30.37 |
| **Total Return\*** | **Total Return\*** | (2.26)% | 28.29% | 35.90% | 14.05% | (16.80)% | 30.64% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $3227 | $3496 | $2350 | $1309 | $1087 | $1397 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 2.17%<sup>(4)</sup> | 2.23% | 2.11% | 2.02% | 2.06% | 1.76% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | (1.69)%<sup>(4)</sup> | (1.44)% | (1.39)% | (1.29)% | (1.38)% | (0.97)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 36%<sup>(5)</sup> | 66% | 99% | 74% | 60% | 65% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: |
|  |  | 1.93%<sup>(4)</sup> | 2.16% | 2.28% | 2.05% | 2.11% | 1.71% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: |
|  |  | 2.17%<sup>(4)</sup> | 2.23% | 2.11% | 2.02% | 2.06% | 1.76% |
| (4) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (5) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Mid Capitalization Portfolio - Class A Shares** | **Mid Capitalization Portfolio - Class A Shares** | **Mid Capitalization Portfolio - Class A Shares** | **Mid Capitalization Portfolio - Class A Shares** | **Mid Capitalization Portfolio - Class A Shares** | **Mid Capitalization Portfolio - Class A Shares** |
| | | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.14 | $12.58 | $10.34 | $10.11 | $13.14 | $10.30 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.10) | (0.16) | (0.09) | (0.01) | (0.08) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | 1.27 | 1.84 | 2.47 | 0.45 | (1.08) | 3.98 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.17 | 1.68 | 2.38 | 0.44 | (1.16) | 3.91 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.06) | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.06) | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $10.25 | $12.14 | $12.58 | $10.34 | $10.11 | $13.14 |
| **Total Return\*** | **Total Return\*** | 11.99% | 13.63% | 23.32% | 4.41% | (10.28)% | 40.11% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $1505 | $1392 | $1567 | $1230 | $1355 | $1711 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.06%<sup>(4)</sup> | 2.65% | 2.03% | 2.09% | 2.42% | 2.06% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.85)%<sup>(4)</sup> | (1.40)% | (0.78)% | (0.15)% | (0.73)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 53%<sup>(5)</sup> | 152% | 129% | 68% | 43% | 55% |
|  |  | **Small Capitalization Portfolio - Class A Shares** | **Small Capitalization Portfolio - Class A Shares** | **Small Capitalization Portfolio - Class A Shares** | **Small Capitalization Portfolio - Class A Shares** | **Small Capitalization Portfolio - Class A Shares** | **Small Capitalization Portfolio - Class A Shares** |
|  |  | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $6.26 | $6.67 | $5.57 | $6.07 | $8.53 | $5.83 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.05) | (0.10) | (0.06) | (0.03) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.42 | 0.49 | 1.16 | 0.15 | (0.40) | 2.78 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 0.39 | 1.10 | 0.12 | (0.47) | 2.70 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.62) | (0.80) | - | (0.62) | (1.99) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.62) | (0.80) | - | (0.62) | (1.99) | - |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $6.01 | $6.26 | $6.67 | $5.57 | $6.07 | $8.53 |
| **Total Return\*** | **Total Return\*** | 6.39% | 5.63% | 19.75% | 2.30% | (8.58)% | 46.31% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $70 | $70 | $64 | $54 | $55 | $71 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 2.76%<sup>(4)</sup> | 2.92% | 2.28% | 2.23% | 2.47% | 2.11% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.62)%<sup>(4)</sup> | (1.65)% | (1.05)% | (0.49)% | (1.07)% | (1.02)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 59%<sup>(5)</sup> | 145% | 135% | 95% | 104% | 103% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: |
|  |  | 3.06%<sup>(4)</sup> | 2.65% | 2.03% | 2.09% | 2.42% | 2.06% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: |
|  |  | 2.76%<sup>(4)</sup> | 2.92% | 2.28% | 2.23% | 2.47% | 2.11% |
| (4) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (5) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **International Equity Portfolio - Class A Shares** | **International Equity Portfolio - Class A Shares** | **International Equity Portfolio - Class A Shares** | **International Equity Portfolio - Class A Shares** | **International Equity Portfolio - Class A Shares** | **International Equity Portfolio - Class A Shares** |
| | | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $14.32 | $11.90 | $10.56 | $9.11 | $12.15 | $8.90 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.11) | (0.09) | (0.02) | (0.03) | (0.01) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.30 | 2.54 | 1.41 | 1.48 | (3.03) | 3.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 2.19 | 2.45 | 1.39 | 1.45 | (3.04) | 3.30 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | - | (0.03) | (0.05) | - | - | (0.05) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - | (0.03) | (0.05) | - | - | (0.05) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $16.51 | $14.32 | $11.90 | $10.56 | $9.11 | $12.15 |
| **Total Return\*** | **Total Return\*** | 15.29% | 20.68% | 13.18%# | 15.92%# | (25.02)% | 37.26% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $49 | $44 | $41 | $41 | $36 | $106 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.83%<sup>(4)</sup> | 3.83% | 2.80% | 2.59% | 3.78% | 2.78% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | (1.45)%<sup>(4)</sup> | (0.74)% | (0.19)% | (0.29)% | (0.13)% | 0.19% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 39%<sup>(5)</sup> | 41% | 38% | 59% | 47% | 59% |
|  |  | **Health & Biotechnology Portfolio - Class A Shares** | **Health & Biotechnology Portfolio - Class A Shares** | **Health & Biotechnology Portfolio - Class A Shares** | **Health & Biotechnology Portfolio - Class A Shares** | **Health & Biotechnology Portfolio - Class A Shares** | **Health & Biotechnology Portfolio - Class A Shares** |
|  |  | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $19.09 | $21.76 | $19.32 | $19.35 | $21.69 | $20.31 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.23) | (0.36) | (0.32) | (0.26) | (0.30) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.53 | (2.06) | 3.78 | 1.50 | (1.25) | 4.18 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 4.30 | (2.42) | 3.46 | 1.24 | (1.55) | 3.96 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.78) | (0.25) | (1.02) | (1.27) | (0.79) | (2.58) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.78) | (0.25) | (1.02) | (1.27) | (0.79) | (2.58) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $22.61 | $19.09 | $21.76 | $19.32 | $19.35 | $21.69 |
| **Total Return\*** | **Total Return\*** | 22.92% | (11.15)% | 18.90% | 6.12% | (7.28)% | 21.93% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $5176 | $4311 | $5389 | $4827 | $4821 | $5473 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 3.16%<sup>(4)</sup> | 3.00% | 2.72% | 2.75% | 2.90% | 2.54% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.18)%<sup>(4)</sup> | (1.84)% | (1.65)% | (1.33)% | (1.46)% | (1.08)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5%<sup>(5)</sup> | 22% | 17% | 58% | 23% | 19% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: |
|  |  | 3.37%<sup>(4)</sup> | 3.30% | 2.80% | 3.30% | 3.30% | 2.63% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: |
|  |  | 3.16%<sup>(4)</sup> | 3.00% | 2.72% | 2.75% | 2.90% | 2.54% |
| (4) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (5) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Technology & Communications Portfolio - Class A Shares** | **Technology & Communications Portfolio - Class A Shares** | **Technology & Communications Portfolio - Class A Shares** | **Technology & Communications Portfolio - Class A Shares** | **Technology & Communications Portfolio - Class A Shares** | **Technology & Communications Portfolio - Class A Shares** |
| | | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $22.85 | $22.11 | $19.75 | $19.65 | $30.39 | $28.24 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.25) | (0.43) | (0.37) | (0.29) | (0.35) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.33 | 4.06 | 4.23 | 3.69 | (6.75) | 6.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.08 | 3.63 | 3.86 | 3.40 | (7.10) | 5.79 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.57) | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.57) | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $19.36 | $22.85 | $22.11 | $19.75 | $19.65 | $30.39 |
| **Total Return\*** | **Total Return\*** | (0.81)% | 17.36% | 20.76% | 22.58% | (26.36)% | 23.38% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $13913 | $16150 | $15464 | $14494 | $13789 | $20175 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.91%<sup>(5)</sup> | 2.82% | 2.62% | 2.77% | 2.53% | 2.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.23)%<sup>(5)</sup> | (2.01)% | (1.79)% | (1.69)% | (1.45)% | (1.60)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 1%<sup>(6)</sup> | 7% | 8% | 6% | 3% | 10% |
|  |  | **Investment Quality Bond Portfolio - Class A Shares** | **Investment Quality Bond Portfolio - Class A Shares** | **Investment Quality Bond Portfolio - Class A Shares** | **Investment Quality Bond Portfolio - Class A Shares** | **Investment Quality Bond Portfolio - Class A Shares** | **Investment Quality Bond Portfolio - Class A Shares** |
|  |  | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $9.47 | $9.37 | $9.06 | $9.15 | $9.62 | $9.76 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.09 | 0.17 | 0.15 | 0.07 | (0.14) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.14 | 0.09 | 0.30 | (0.09) | (0.21) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.23 | 0.26 | 0.45 | (0.02) | (0.35) | (0.12) |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.10) | (0.16) | (0.14) | (0.03) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  |  | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | - | - | - | (0.04) | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.10) | (0.16) | (0.14) | (0.07) | (0.12) | (0.02) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $9.60 | $9.47 | $9.37 | $9.06 | $9.15 | $9.62 |
| **Total Return\*** | **Total Return\*** | 2.58% | 2.76% | 4.98% | (0.26)% | (3.62)% | (1.27)% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $156 | $134 | $150 | $146 | $151 | $171 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3).(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3).(4) | 2.36%<sup>(5)</sup> | 2.16% | 1.80% | 1.78% | 2.31% | 1.81% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 1.74%<sup>(5)</sup> | 1.79% | 1.72% | 0.80% | (1.51)% | (0.77)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 13%<sup>(6)</sup> | 29% | 60% | 103% | 1% | 62% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: |
|  |  | 2.91%<sup>(</sup><sup>5)</sup> | 2.82% | 2.62% | 2.77% | 2.53% | 2.39% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: |
|  |  | 2.36%<sup>(5)</sup> | 2.16% | 1.80% | 1.78% | 2.30% | 1.81% |
| (4) | Does not include the expenses in which the Fund invests. | Does not include the expenses in which the Fund invests. | Does not include the expenses in which the Fund invests. | Does not include the expenses in which the Fund invests. | Does not include the expenses in which the Fund invests. | Does not include the expenses in which the Fund invests. | Does not include the expenses in which the Fund invests. |
| (5) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (6) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **U.S. Government Money Market Portfolio - Class A Shares** | **U.S. Government Money Market Portfolio - Class A Shares** | **U.S. Government Money Market Portfolio - Class A Shares** | **U.S. Government Money Market Portfolio - Class A Shares** | **U.S. Government Money Market Portfolio - Class A Shares** | **U.S. Government Money Market Portfolio - Class A Shares** |
| | | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.01 | 0.03 | 0.03 | 0.03 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.01 | 0.03 | 0.03 | 0.03 | 0.00 | 0.00 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) | (0.03) | (0.03) | (0.03) | (0.00 | (0.00 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.01) | (0.03) | (0.03) | (0.03) | (0.00 | (0.00 |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return\*** | **Total Return\*** | 0.98% | 2.68% | 3.09% | 2.86% | 0.01 | 0.02 |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $57 | $52 | $77 | $86 | $139 | $409 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2),(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2),(4) | 1.84%<sup>(5)</sup> | 1.82% | 2.11% | 1.35% | 1.36 | 1.07 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | 1.96%<sup>(5)</sup> | 2.60% | 3.08% | 2.75% | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | N/A | N/A | N/A | N/A | N/A | N/A |
|  |  | **Aggressive Balanced Allocation Portfolio - Class A Shares** | **Aggressive Balanced Allocation Portfolio - Class A Shares** | **Aggressive Balanced Allocation Portfolio - Class A Shares** | **Aggressive Balanced Allocation Portfolio - Class A Shares** | **Aggressive Balanced Allocation Portfolio - Class A Shares** | **Aggressive Balanced Allocation Portfolio - Class A Shares** |
|  |  | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.77 | $11.79 | $10.37 | $10.34 | $12.48 | $10.39 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.27 | 0.17 | 0.03 | 0.03 | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.42 | 1.15 | 1.67 | 0.68 | (0.96 | 2.33 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.69 | 1.32 | 1.70 | 0.71 | (1.02 | 2.29 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.27) | (0.16) | (0.03) | (0.07) | (0.37) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.18) | (0.25) | (0.61) | (0.75 | (0.08 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.16) | (0.34) | (0.28) | (0.68) | (1.12 | (0.20 |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $12.30 | $12.77 | $11.79 | $10.37 | $10.34 | $12.48 |
| **Total Return\*** | **Total Return\*** | 5.54% | 11.35% | 16.75% | 7.33% | (9.07) | 22.33 |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $171 | $162 | $145 | $124 | $0 | $5 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | 2.73%<sup>(5)</sup> | 2.97% | 2.91% | 2.84% | 2.73 | 2.73 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) after expense reimbursement/recoupment to average net assets (4) | 4.36%<sup>(5)</sup> | 1.38% | 0.26% | 0.33% | (0.46) | (0.35) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 18%<sup>(6)</sup> | 3% | 8% | 26% | 2 | 54 |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: |
|  |  | 1.84%<sup>(5)</sup> | 1.82% | 2.11% | 1.35% | 0.32 | 0.02 |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: |
|  |  | 1.24%<sup>(5)</sup> | 1.24% | 1.24% | 1.24% | 1.24 | 1.18 |
| (4) | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. |
| (5) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (6) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| ^ | Net assets at end of period less than $1,000. | Net assets at end of period less than $1,000. | Net assets at end of period less than $1,000. | Net assets at end of period less than $1,000. | Net assets at end of period less than $1,000. | Net assets at end of period less than $1,000. | Net assets at end of period less than $1,000. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Balanced Allocation Portfolio - Class A Shares** | **Conservative Balanced Allocation Portfolio - Class A Shares** | **Conservative Balanced Allocation Portfolio - Class A Shares** | **Conservative Balanced Allocation Portfolio - Class A Shares** | **Conservative Balanced Allocation Portfolio - Class A Shares** | **Conservative Balanced Allocation Portfolio - Class A Shares** |
|  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | $11.93 | $11.26 | $10.33 | $10.39 | $11.98 | $10.56 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.21 | 0.26 | 0.15 | 0.14 | 0.27 | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.31 | 0.78 | 1.02 | 0.25 | (1.01) | 1.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.52 | 1.04 | 1.17 | 0.39 | (0.74) | 1.44 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.34) | (0.24) | (0.18) | (0.01) | (0.26) | (0.02) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.65) | (0.13) | (0.06) | (0.44) | (0.59) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.99) | (0.37) | (0.24) | (0.45) | (0.85) | (0.02) |
| **Net Asset Value, End of Year/Period** | $11.46 | $11.93 | $11.26 | $10.33 | $10.39 | $11.98 |
| **Total Return\*** | 4.36% | 9.37% | 11.54% | 4.00% | (6.64)% | 13.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $17 | $40 | $38 | $35 | $36 | $38 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.56%<sup>(3)</sup> | 2.53% | 2.37% | 2.32% | 2.26% | 2.19% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.24%<sup>(3)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.18% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 3.54%<sup>(3)</sup> | 2.27% | 1.36% | 1.41% | 2.47% | (0.45)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15%<sup>(4)</sup> | 13% | 22% | 50% | 11% | 71% |
|  | **Moderate Balanced Allocation Portfolio - Class A Shares** | **Moderate Balanced Allocation Portfolio - Class A Shares** | **Moderate Balanced Allocation Portfolio - Class A Shares** | **Moderate Balanced Allocation Portfolio - Class A Shares** | **Moderate Balanced Allocation Portfolio - Class A Shares** | **Moderate Balanced Allocation Portfolio - Class A Shares** |
|  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | $12.89 | $12.00 | $10.69 | $10.72 | $12.53 | $10.67 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.35 | 0.21 | 0.06 | 0.08 | 0.39 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.24 | 1.09 | 1.50 | 0.48 | (1.27) | 2.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.59 | 1.30 | 1.56 | 0.56 | (0.88) | 1.98 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.35) | (0.20) | (0.10) |  | (0.32) | (0.05) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.85) | (0.21) | (0.15) | (0.59) | (0.61) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.20) | (0.41) | (0.25) | (0.59) | (0.93) | (0.12) |
| **Net Asset Value, End of Year/Period** | $12.28 | $12.89 | $12.00 | $10.69 | $10.72 | $12.53 |
| **Total Return\*** | 4.71% | 11.04% | 14.83% | 5.55% | (7.59)% | 18.77%# |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $39 | $26 | $23 | $19 | $16 | $53 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.66%<sup>(3)</sup> | 2.71% | 2.53% | 2.56% | 2.48% | 2.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.24%<sup>(3)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.18% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 5.56%<sup>(3)</sup> | 1.69% | 0.56% | 0.81% | 3.35% | (0.67)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 12%<sup>(4)</sup> | 6% | 18% | 41% | 2% | 52% |

---

(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period.

(2) Does not include the expenses of funds in which the Fund invests.

(3) Annualized for periods less than one year.

(4) Not annualized

\* Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.

# Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Moderately Aggressive Balanced Allocation Portfolio - Class A Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class A Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class A Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class A Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class A Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class A Shares** |
|  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | $12.76 | $11.87 | $10.56 | $10.54 | $12.24 | $10.46 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.29 | 0.19 | 0.05 | 0.08 | 0.36 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.36 | 1.10 | 1.54 | 0.52 | (1.11) | 1.52 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.65 | 1.29 | 1.59 | 0.60 | (0.75) | 1.94 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.32) | (0.19) | (0.11) |  | (0.36) | (0.06) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.21) | (0.17) | (0.58) | (0.59) | (0.10 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.21) | (0.40) | (0.28) | (0.58) | (0.95) | (0.16 |
| **Net Asset Value, End of Year/Period** | $12.20 | $12.76 | $11.87 | $10.56 | $10.54 | $12.24 |
| **Total Return\*** | 5.18% | 11.03% | 15.36% | 5.96% | (8.09)% | 18.71 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $106 | $100 | $88 | $67 | $63 | $0 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.15%<sup>(3)</sup> | 3.30% | 3.00% | 2.81% | 2.47% | 2.49 |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.24%<sup>(3)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.11 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expenses reimbursement/recoupment to average net assets (2) | 4.70%<sup>(3)</sup> | 1.57% | 0.46% | 0.81% | 3.25% | 3.82 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15%<sup>(4)</sup> | 5% | 15% | 34% | 0% | 48 |
|  | **Moderately Conservative Balanced Allocation Portfolio - Class A Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class A Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class A Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class A Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class A Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class A Shares** |
|  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | $11.88 | $11.09 | $9.76 | $9.95 | $13.00 | $10.36 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.28 | 0.45 | 0.31 | 0.38 | 0.28 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.32 | 0.77 | 1.11 | 0.14 | (2.07) | 2.82 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.60 | 1.22 | 1.42 | 0.52 | (1.79) | 2.79 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.34) | (0.26) | (0.09) |  | (0.32) | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.17) | - | (0.71) | (0.94) | (0.14 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.23) | (0.43) | (0.09) | (0.71) | (1.26) | (0.15 |
| **Net Asset Value, End of Year/Period** | $11.25 | $11.88 | $11.09 | $9.76 | $9.95 | $13.00 |
| **Total Return\*** | 5.19% | 11.30% | 14.63% | 5.62% | (7.19)% | 27.25 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) ^ | $0 | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.42%<sup>(3)</sup> | 3.57% | 3.03% | 3.23% | 2.55% | 2.49 |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.24%<sup>(3)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.17 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expenses reimbursement/recoupment to average net assets (2) | 4.99%<sup>(3)</sup> | 1.93% | 0.75% | 0.84% | 2.63% | (0.26) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11%<sup>(4)</sup> | 14% | 20% | 87% | 10% | 74 |

---

---

| | |
|:---|:---|
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Does not include the expenses of funds in which the Fund invests. |
| (3) | Annualized for periods less than one year. |
| (4) | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| ^ | Net assets at end of period less than $1,000. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Large Capitalization Value Portfolio - Class C Shares** | **Large Capitalization Value Portfolio - Class C Shares** | **Large Capitalization Value Portfolio - Class C Shares** | **Large Capitalization Value Portfolio - Class C Shares** | **Large Capitalization Value Portfolio - Class C Shares** | **Large Capitalization Value Portfolio - Class C Shares** |
| | | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $18.58 | $20.33 | $18.04 | $18.79 | $25.16 | $17.64 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.14) | (0.33) | (0.29) | (0.23) | (0.40) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.23 | 2.73 | 2.79 | 1.57 | 0.32 | 7.85 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.09 | 2.40 | 2.50 | 1.34 | (0.08) | 7.52 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.40) | (4.15) | (0.21) | (2.09) | (6.29) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.40) | (4.15) | (0.21) | (2.09) | (6.29) | - |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $16.27 | $18.58 | $20.33 | $18.04 | $18.79 | $25.16 |
| **Total Return\*** | **Total Return\*** | 7.06% | 13.79% | 14.02% | 8.09% | (1.22)% | 42.63% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $68 | $64 | $71 | $139 | $120 | $125 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.53%<sup>(4)</sup> | 2.76% | 2.86% | 2.65% | 2.67% | 2.30% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | (1.67)%<sup>(4)</sup> | (1.80)% | (1.55)% | (1.33)% | (1.93)% | (1.51)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 41%<sup>(5)</sup> | 93% | 83% | 90% | 117% | 108% |
|  |  | **Large Capitalization Growth Portfolio - Class C Shares** | **Large Capitalization Growth Portfolio - Class C Shares** | **Large Capitalization Growth Portfolio - Class C Shares** | **Large Capitalization Growth Portfolio - Class C Shares** | **Large Capitalization Growth Portfolio - Class C Shares** | **Large Capitalization Growth Portfolio - Class C Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $5.84 | $10.52 | $9.58 | $10.01 | $18.60 | $16.76 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.04) | (0.13) | (0.19) | (0.17) | (0.25) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.33 | 2.31 | 3.03 | 1.22 | (1.52) | 4.54 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.29 | 2.18 | 2.84 | 1.05 | (1.77) | 4.28 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (4.31) | (6.86) | (1.90) | (1.48) | (6.37) | (2.44) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | - | - | - | - | (0.45) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (4.31) | (6.86) | (1.90) | (1.48) | (6.82) | (2.44) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $1.82 | $5.84 | $10.52 | $9.58 | $10.01 | $18.60 |
| **Total Return\*** | **Total Return\*** | (2.72)% | 27.62% | 35.00% | 13.43% | (17.28)% | 29.86% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $412 | $617 | $805 | $1695 | $1919 | $2854 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 2.77%<sup>(4)</sup> | 2.83% | 2.67% | 2.62% | 2.68% | 2.37% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | (2.30)%<sup>(4)</sup> | (2.05)% | (1.97)% | (1.89)% | (2.00)% | (1.57)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 36%<sup>(5)</sup> | 66% | 99% | 74% | 60% | 65% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: |
|  |  | 2.53%<sup>(4)</sup> | 2.76% | 2.86% | 2.65% | 2.67% | 2.30% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: |
|  |  | 2.77%<sup>(4)</sup> | 2.83% | 2.67% | 2.62% | 2.68% | 2.37% |
| (4) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (5) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Mid Capitalization Portfolio - Class C Shares** | **Mid Capitalization Portfolio - Class C Shares** | **Mid Capitalization Portfolio - Class C Shares** | **Mid Capitalization Portfolio - Class C Shares** | **Mid Capitalization Portfolio - Class C Shares** | **Mid Capitalization Portfolio - Class C Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $8.20 | $9.15 | $7.60 | $7.53 | $10.32 | $8.34 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.08) | (0.15) | (0.11) | (0.06) | (0.12) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.76 | 1.32 | 1.80 | 0.34 | (0.80) | 3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.68 | 1.17 | 1.69 | 0.28 | (0.92) | 3.05 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.06) | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.06) | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $5.82 | $8.20 | $9.15 | $7.60 | $7.53 | $10.32 |
| **Total Return\*** | **Total Return\*** | 11.75% | 13.10% | 22.64% | 3.78% | (10.84)% | 39.15% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $32 | $30 | $83 | $104 | $122 | $178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.66%<sup>(4)</sup> | 3.10% | 2.63% | 2.69% | 3.02% | 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.45)%<sup>(4)</sup> | (1.86)% | (1.34)% | (0.74)% | (1.35)% | (1.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 53%<sup>(5)</sup> | 152% | 129% | 68% | 43% | 55% |
|  |  | **Small Capitalization Portfolio - Class C Shares** | **Small Capitalization Portfolio - Class C Shares** | **Small Capitalization Portfolio - Class C Shares** | **Small Capitalization Portfolio - Class C Shares** | **Small Capitalization Portfolio - Class C Shares** | **Small Capitalization Portfolio - Class C Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $0.39 | $1.12 | $0.94 | $1.55 | $3.59 | $2.47 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (1) |  | (0.01) | (0.02) | (0.01) | (0.03) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.03 | 0.08 | 0.20 | 0.02 | (0.02) | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.03 | 0.07 | 0.18 | 0.01 | (0.05) | 1.12 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.05) | (0.80) | - | (0.62) | (1.99) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.05) | (0.80) | - | (0.62) | (1.99) | - |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $0.37 | $0.39 | $1.12 | $0.94 | $1.55 | $3.59 |
| **Total Return\*** | **Total Return\*** | 7.53% | 4.20% | 19.15% | 1.82% | (8.75)% | 45.34% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $14 | $13 | $10 | $6 | $4 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 3.36%<sup>(4)</sup> | 3.59% | 2.91% | 2.81% | 3.05% | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.17)%<sup>(4)</sup> | (2.33)% | (1.67)% | (1.06)% | (1.58)% | (1.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 59%<sup>(5)</sup> | 145% | 135% | 95% | 104% | 103% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: |
|  |  | 3.66%<sup>(4)</sup> | 3.10% | 2.63% | 2.69% | 3.02% | 2.64% |
| **(3)** | **Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio:** | **Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio:** | **Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio:** | **Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio:** | **Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio:** | **Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio:** | **Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio:** |
|  |  | 3.36%<sup>(4)</sup> | 3.59% | 2.91% | 2.81% | 3.05% | 2.84% |
| **(4)** | **Annualized for periods less than one year.** | **Annualized for periods less than one year.** | **Annualized for periods less than one year.** | **Annualized for periods less than one year.** | **Annualized for periods less than one year.** | **Annualized for periods less than one year.** | **Annualized for periods less than one year.** |
| **(5)** | **Not annualized.** | **Not annualized.** | **Not annualized.** | **Not annualized.** | **Not annualized.** | **Not annualized.** | **Not annualized.** |
| **\*** | **Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.** | **Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.** | **Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.** | **Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.** | **Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.** | **Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.** | **Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.** |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **International Equity Portfolio - Class C Shares** | **International Equity Portfolio - Class C Shares** | **International Equity Portfolio - Class C Shares** | **International Equity Portfolio - Class C Shares** | **International Equity Portfolio - Class C Shares** | **International Equity Portfolio - Class C Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.68 | $10.56 | $9.40 | $8.15 | $10.98 | $8.04 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.13) | (0.14) | (0.08) | (0.07) | (0.04) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.03 | 2.26 | 1.24 | 1.32 | (2.76) | 2.97 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.90 | 2.12 | 1.16 | 1.25 | (2.80) | 2.94 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | - | - | (0.00)\*\* | - | (0.03) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - | - | (0.00) | - | (0.03) | - |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $14.58 | $12.68 | $10.56 | $9.40 | $8.15 | $10.98 |
| **Total Return\*** | **Total Return\*** | 15.00%# | 20.08%# | 12.38 %# | 15.34%# | (25.55)% | 36.57% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $11 | $9 | $6 | $10 | $8 | $9 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 4.43%<sup>(4)</sup> | 4.50% | 3.27% | 3.16% | 4.18% | 3.96% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.05)%<sup>(4)</sup> | (1.28)% | (0.79)% | (0.84)% | (0.39)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 39%<sup>(5)</sup> | 41% | 38% | 59% | 47% | 59% |
|  |  | **Health & Biotechnology Portfolio - Class C Shares** | **Health & Biotechnology Portfolio - Class C Shares** | **Health & Biotechnology Portfolio - Class C Shares** | **Health & Biotechnology Portfolio - Class C Shares** | **Health & Biotechnology Portfolio - Class C Shares** | **Health & Biotechnology Portfolio - Class C Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.78 | $14.74 | $13.49 | $13.94 | $15.95 | $15.68 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.19) | (0.32) | (0.30) | (0.27) | (0.30) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.99 | (1.39) | 2.57 | 1.09 | (0.92) | 3.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 2.80 | (1.71) | 2.27 | 0.82 | (1.22) | 2.85 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.78) | (0.25) | (1.02) | (1.27) | (0.79) | (2.58) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.78) | (0.25) | (1.02) | (1.27) | (0.79) | (2.58) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $14.80 | $12.78 | $14.74 | $13.49 | $13.94 | $15.95 |
| **Total Return\*** | **Total Return\*** | 22.50% | (11.65)% | 18.21% | 5.45% | (7.85)% | 21.24% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $345 | $388 | $538 | $554 | $632 | $722 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 3.76%<sup>(4)</sup> | 3.60% | 3.32% | 3.35% | 3.50% | 3.13% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.79)%<sup>(4)</sup> | (2.44)% | (2.24)% | (1.93)% | (2.06)% | (1.67)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5%<sup>(5)</sup> | 22% | 17% | 58% | 23% | 19% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: |
|  |  | 3.97%<sup>(4)</sup> | 3.90% | 3.27% | 3.90% | 3.90% | 3.65% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: |
|  |  | 3.76%<sup>(4)</sup> | 3.60% | 3.32% | 3.35% | 3.50% | 3.13% |
| (4) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (5) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Technology & Communications Portfolio - Class C Shares** | **Technology & Communications Portfolio - Class C Shares** | **Technology & Communications Portfolio - Class C Shares** | **Technology & Communications Portfolio - Class C Shares** | **Technology & Communications Portfolio - Class C Shares** | **Technology & Communications Portfolio - Class C Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.69 | $13.52 | $12.71 | $13.97 | $22.78 | $22.19 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.17) | (0.32) | (0.31) | (0.27) | (0.37) | (0.46) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.30 | 2.38 | 2.62 | 2.31 | (4.80) | 4.69 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.13 | 2.06 | 2.31 | 2.04 | (5.17) | 4.23 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.57) | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.57) | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $9.25 | $12.69 | $13.52 | $12.71 | $13.97 | $22.78 |
| **Total Return\*** | **Total Return\*** | (1.11)% | 16.68% | 20.01% | 21.90% | (26.74)% | 22.63% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $1350 | $1703 | $2101 | $2896 | $3887 | $9708 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.51%<sup>(5)</sup> | 3.42% | 3.22% | 3.38% | 3.27% | 2.97% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.83)%<sup>(5)</sup> | (2.59)% | (2.38)% | (2.30)% | (2.10)% | (2.18)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 1%<sup>(6)</sup> | 7% | 8% | 6% | 3% | 10% |
|  |  | **Investment Quality Bond Portfolio - Class C Shares** | **Investment Quality Bond Portfolio - Class C Shares** | **Investment Quality Bond Portfolio - Class C Shares** | **Investment Quality Bond Portfolio - Class C Shares** | **Investment Quality Bond Portfolio - Class C Shares** | **Investment Quality Bond Portfolio - Class C Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $9.39 | $9.26 | $8.90 | $9.02 | $9.55 | $9.74 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.06 | 0.13 | 0.07 | (0.06) | (0.19) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.14 | 0.08 | 0.32 | (0.03) | (0.22) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.20 | 0.21 | 0.39 | (0.09) | (0.41) | (0.18) |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.08) | (0.08) | (0.03) | (0.02) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  |  | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | - | - | - | (0.01) | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.08) | (0.08) | (0.03) | (0.03) | (0.12) | (0.01) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $9.51 | $9.39 | $9.26 | $8.90 | $9.02 | $9.55 |
| **Total Return\*** | **Total Return\*** | 2.21% | 2.27% | 4.35% | (1.00)% | (4.28)% | (1.83)% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $0 | $0 | $0 | $4 | $35 | $37 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | 2.58%<sup>(5)</sup> | 2.56% | 2.32% | 2.56% | 2.91% | 2.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | 1.22%<sup>(5)</sup> | 1.31% | 0.78% | (0.62)% | (2.11)% | (1.27)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 13%<sup>(6)</sup> | 29% | 60% | 103% | 1% | 62% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: |
|  |  | 3.51%<sup>(5)</sup> | 3.42% | 3.22% | 3.38% | 3.27% | 2.97% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: |
|  |  | 2.58%<sup>(5)</sup> | 2.56% | 2.32% | 2.56% | 2.90% | 2.39% |
| (4) | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. |
| (5) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (6) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **U.S. Government Money Market Portfolio - Class C Shares** | **U.S. Government Money Market Portfolio - Class C Shares** | **U.S. Government Money Market Portfolio - Class C Shares** | **U.S. Government Money Market Portfolio - Class C Shares** | **U.S. Government Money Market Portfolio - Class C Shares** | **U.S. Government Money Market Portfolio - Class C Shares** |
| | | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.01 | 0.02 | 0.02 | 0.03 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.01 | 0.02 | 0.02 | 0.03 | 0.00 | 0.00 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) | (0.02) | (0.02) | (0.03) | (0.00 | (0.00 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.01) | (0.02) | (0.02) | (0.03) | (0.00 | (0.00 |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return\*** | **Total Return\*** | 0.68% | 2.07% | 2.46% | 2.55% | 0.01 | 0.02 |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $138 | $130 | $190 | $280 | $94 | $105 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2),(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2),(4) | 2.44%<sup>(5)</sup> | 2.49% | 2.75% | 1.99% | 1.92 | 1.07 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 1.36%<sup>(5)</sup> | 1.95% | 2.43% | 2.48% | 0.02 | 0.00 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | N/A | N/A | N/A | N/A | N/A | N/A |
|  |  | **Aggressive Balanced Allocation Portfolio - Class C Shares** | **Aggressive Balanced Allocation Portfolio - Class C Shares** | **Aggressive Balanced Allocation Portfolio - Class C Shares** | **Aggressive Balanced Allocation Portfolio - Class C Shares** | **Aggressive Balanced Allocation Portfolio - Class C Shares** | **Aggressive Balanced Allocation Portfolio - Class C Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.64 | $11.67 | $10.32 | $10.30 | $12.43 | $10.34 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.22 | 0.07 | (0.05) | (0.01) | 0.22 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.35 | 1.16 | 1.65 | 0.64 | (1.36 | 1.88 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.57 | 1.23 | 1.60 | 0.63 | (1.14 | 2.20 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.17) | (0.08) | 0.00 | 0.00 | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.18) | (0.25) | (0.61) | (0.75 | (0.08 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.06) | (0.26) | (0.25) | (0.61) | (0.99 | (0.11 |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $12.15 | $12.64 | $11.67 | $10.32 | $10.30 | $12.43 |
| **Total Return\*** | **Total Return\*** | 5.11% | 10.60% | 15.76% | 6.48% | (9.93) | 21.37 |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $223 | $227 | $200 | $167 | $152 | $182 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | 3.48%<sup>(5)</sup> | 3.72% | 3.66% | 3.57% | 3.25 | 3.35 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) after expense reimbursement/recoupment to average net assets (4) | 3.53%<sup>(5)</sup> | 0.62% | (0.49)% | (0.13)% | 1.93 | 2.85 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 18%<sup>(6)</sup> | 3% | 8% | 26% | 2 | 54 |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: |
|  |  | 2.44%<sup>(5)</sup> | 2.49% | 2.75% | 1.99% | 0.46 | 0.02 |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: |
|  |  | 1.99%<sup>(5)</sup> | 1.99% | 1.99% | 1.99% | 1.99 | 1.92 |
| (4) | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. |
| (5) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (6) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| \* | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Balanced Allocation Portfolio - Class C Shares** | **Conservative Balanced Allocation Portfolio - Class C Shares** | **Conservative Balanced Allocation Portfolio - Class C Shares** | **Conservative Balanced Allocation Portfolio - Class C Shares** | **Conservative Balanced Allocation Portfolio - Class C Shares** | **Conservative Balanced Allocation Portfolio - Class C Shares** |
|  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | $11.70 | $11.05 | $10.15 | $10.27 | $11.85 | $10.51 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.24 | 0.17 | 0.06 | 0.07 | 0.19 | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.22 | 0.77 | 1.00 | 0.25 | (1.00) | 1.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.46 | 0.94 | 1.06 | 0.32 | (0.81) | 1.34 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.29) | (0.16) | (0.10) |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.65) | (0.13) | (0.06) | (0.44) | (0.59) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.94) | (0.29) | (0.16) | (0.44) | (0.77) | - |
| **Net Asset Value, End of Year/Period** | $11.22 | $11.70 | $11.05 | $10.15 | $10.27 | $11.85 |
| **Total Return\*** | 3.98% | 8.58% | 10.62% | 3.31% | (7.34)% | 12.75% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $763 | $755 | $684 | $604 | $626 | $675 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.31%<sup>(3)</sup> | 3.28% | 3.12% | 3.07% | 3.01% | 2.94% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.99%<sup>(3)</sup> | 1.99% | 1.99% | 1.99% | 1.99% | 1.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 4.21%<sup>(3)</sup> | 1.49% | 0.61% | 0.66% | 1.72% | (1.22)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15%<sup>(4)</sup> | 13% | 22% | 50% | 11% | 71% |
|  | **Moderate Balanced Allocation Portfolio - Class C Shares** | **Moderate Balanced Allocation Portfolio - Class C Shares** | **Moderate Balanced Allocation Portfolio - Class C Shares** | **Moderate Balanced Allocation Portfolio - Class C Shares** | **Moderate Balanced Allocation Portfolio - Class C Shares** | **Moderate Balanced Allocation Portfolio - Class C Shares** |
|  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | $12.64 | $11.79 | $10.51 | $10.63 | $12.43 | $10.61 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.26 | 0.11 | (0.02) | 0.01 | 0.22 | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.27 | 1.07 | 1.48 | 0.46 | (1.19) | 2.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.53 | 1.18 | 1.46 | 0.47 | (0.97) | 1.89 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.25) | (0.12) | (0.03) |  | (0.22) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.85) | (0.21) | (0.15) | (0.59) | (0.61) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.10) | (0.33) | (0.18) | (0.59) | (0.83) | (0.07) |
| **Net Asset Value, End of Year/Period** | $12.07 | $12.64 | $11.79 | $10.51 | $10.63 | $12.43 |
| **Total Return\*** | 4.32% | 10.21% | 13.99% | 4.72% | (8.37)% | 17.94% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $910 | $846 | $649 | $529 | $497 | $534 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.42%<sup>(3)</sup> | 3.46% | 3.28% | 3.30% | 3.11% | 3.10% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.99%<sup>(3)</sup> | 1.99% | 1.99% | 1.99% | 1.99% | 1.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 4.19%<sup>(3)</sup> | 0.96% | (0.19)% | 0.05% | 1.93% | (1.10)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 12%<sup>(4)</sup> | 6% | 18% | 41% | 2% | 52% |

---

(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period.

(2) Does not include the expenses of funds in which the Fund invests.

(3) Annualized for periods less than one year.

(4) Not annualized

\* Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Moderately Aggressive Balanced Allocation Portfolio - Class C Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class C Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class C Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class C Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class C Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class C Shares** |
|  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | $12.58 | $11.70 | $10.42 | $10.48 | $12.32 | $10.41 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.23 | 0.10 | (0.03) | 0.01 | 0.20 | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.35 | 1.09 | 1.51 | 0.51 | (1.21) | 2.13 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.58 | 1.19 | 1.48 | 0.52 | (1.01) | 2.01 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.21) | (0.10) | (0.03) |  | (0.24) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.21) | (0.17) | (0.58) | (0.59) | (0.10) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.10) | (0.31) | (0.20) | (0.58) | (0.83) | (0.10) |
| **Net Asset Value, End of Year/Period** | $12.06 | $12.58 | $11.70 | $10.42 | $10.48 | $12.32 |
| **Total Return\*** | 4.70% | 10.26% | 14.43% | 5.20% | (8.79)% | 19.45% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $231 | $253 | $221 | $202 | $187 | $202 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.91%<sup>(3)</sup> | 4.05% | 3.75% | 3.56% | 3.26% | 3.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.99%<sup>(3)</sup> | 1.99% | 1.99% | 1.99% | 1.99% | 1.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 3.80%<sup>(3)</sup> | 0.80% | (0.29)% | 0.05% | 1.75% | (1.09)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15%<sup>(4)</sup> | 5% | 15% | 34% | 0% | 48% |
|  | **Moderately Conservative Balanced Allocation Portfolio - Class C Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class C Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class C Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class C Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class C Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class C Shares** |
|  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | $11.49 | $10.75 | $9.47 | $9.78 | $11.78 | $10.28 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.24 | 0.12 |  | 0.01 | 0.19 | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.29 | 0.95 | 1.28 | 0.39 | (1.05) | 1.77 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.53 | 1.07 | 1.28 | 0.40 | (0.86) | 1.64 |
| **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.23) | (0.16) |  |  | (0.20) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.17) | - | (0.71) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.12) | (0.33) | - | (0.71) | (1.14) | (0.14) |
| **Net Asset Value, End of Year/Period** | $10.90 | $11.49 | $10.75 | $9.47 | $9.78 | $11.78 |
| **Total Return\*** | 4.72% | 10.15% | 13.52% | 4.44% | (8.01)% | 16.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $266 | $255 | $219 | $178 | $155 | $168 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 4.17%<sup>(3)</sup> | 4.35% | 3.79% | 4.09% | 3.50% | 3.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.99%<sup>(3)</sup> | 1.99% | 1.99% | 1.99% | 1.99% | 1.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 4.25%<sup>(3)</sup> | 1.11% | 0.00% | 0.09% | 1.82% | (1.16)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11%<sup>(4)</sup> | 14% | 20% | 87% | 10% | 74% |

---

(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period.

(2) Does not include the expenses of funds in which the Fund invests.

(3) Annualized for periods less than one year.

(4) Not annualized.

\* Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Large Capitalization Value Portfolio - Class I Shares** | **Large Capitalization Value Portfolio - Class I Shares** | **Large Capitalization Value Portfolio - Class I Shares** | **Large Capitalization Value Portfolio - Class I Shares** | **Large Capitalization Value Portfolio - Class I Shares** | **Large Capitalization Value Portfolio - Class I Shares** |
| | | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $29.65 | $29.78 | $26.06 | $25.97 | $32.15 | $22.32 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.09) | (0.23) | (0.15) | (0.08) | (0.25) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 2.11 | 4.25 | 4.08 | 2.26 | 0.36 | 10.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 2.02 | 4.02 | 3.93 | 2.18 | 0.11 | 9.83 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.40) | (4.15) | (0.21) | (2.09) | (6.29) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.40) | (4.15) | (0.21) | (2.09) | (6.29) | - |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $28.27 | $29.65 | $29.78 | $26.06 | $25.97 | $32.15 |
| **Total Return\*** | **Total Return\*** | 7.63% | 14.97% | 15.20% | 9.15% | (0.22)% | 44.04% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $17573 | $18183 | $19776 | $20692 | $19753 | $19033 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 1.53%<sup>(4)</sup> | 1.78% | 1.87% | 1.65% | 1.65% | 1.33% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | (0.66)%<sup>(4)</sup> | (0.80)% | (0.55)% | (0.33)% | (0.90)% | (0.61)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 41%<sup>(5)</sup> | 93% | 83% | 90% | 117% | 108% |
|  |  | **Large Capitalization Growth Portfolio - Class I Shares** | **Large Capitalization Growth Portfolio - Class I Shares** | **Large Capitalization Growth Portfolio - Class I Shares** | **Large Capitalization Growth Portfolio - Class I Shares** | **Large Capitalization Growth Portfolio - Class I Shares** | **Large Capitalization Growth Portfolio - Class I Shares** |
|  |  | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $32.90 | $31.47 | $24.85 | $23.26 | $34.32 | $28.60 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.21) | (0.32) | (0.27) | (0.20) | (0.27) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.03) | 8.61 | 8.79 | 3.27 | (3.97) | 8.32 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.24) | 8.29 | 8.52 | 3.07 | (4.24) | 8.16 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (4.31) | (6.86) | (1.90) | (1.48) | (6.37) | (2.44) |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | - | - | - | - | (0.45) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (4.31) | (6.86) | (1.90) | (1.48) | (6.82) | (2.44) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $28.35 | $32.90 | $31.47 | $24.85 | $23.26 | $34.32 |
| **Total Return\*** | **Total Return\*** | (2.06)% | 28.80% | 36.43% | 14.52% | (16.45)% | 31.15% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $30614 | $35385 | $29863 | $21638 | $20826 | $27040 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 1.77%<sup>(4)</sup> | 1.83% | 1.70% | 1.62% | 1.67% | 1.34% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense recoupment to average net assets | (1.30)%<sup>(4)</sup> | (1.05)% | (0.98)% | (0.89)% | (0.98)% | (0.54)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 36%<sup>(5)</sup> | 66% | 99% | 74% | 60% | 65% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Value Portfolio: |
|  |  | 1.53%<sup>(4)</sup> | 1.78% | 1.87% | 1.65% | 1.65% | 1.33% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Large Cap Growth Portfolio: |
|  |  | 1.77%<sup>(4)</sup> | 1.83% | 1.70% | 1.62% | 1.67% | 1.34% |
| (4) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (5) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Mid Capitalization Portfolio - Class I Shares** | **Mid Capitalization Portfolio - Class I Shares** | **Mid Capitalization Portfolio - Class I Shares** | **Mid Capitalization Portfolio - Class I Shares** | **Mid Capitalization Portfolio - Class I Shares** | **Mid Capitalization Portfolio - Class I Shares** |
| | | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $14.75 | $14.82 | $12.10 | $11.75 | $14.96 | $11.60 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.10) | (0.14) | (0.05) | 0.03 | (0.04) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.62 | 2.19 | 2.91 | 0.53 | (1.26) | 4.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.52 | 2.05 | 2.86 | 0.56 | (1.30) | 4.47 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income |  |  |  |  | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.06) | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.06) | (2.12) | (0.14) | (0.21) | (1.91) | (1.11) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $13.21 | $14.75 | $14.82 | $12.10 | $11.75 | $14.96 |
| **Total Return\*** | **Total Return\*** | 12.28% | 14.11% | 23.90% | 4.82% | (9.97)% | 40.57% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $9790 | $9242 | $11055 | $9587 | $9486 | $10919 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.66%<sup>(4)</sup> | 2.22% | 1.63% | 1.69% | 2.01% | 1.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | (1.45)%<sup>(4)</sup> | (0.98)% | (0.38)% | 0.26% | (0.32)% | (0.19)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 53%<sup>(5)</sup> | 152% | 129% | 68% | 43% | 55% |
|  |  | **Small Capitalization Portfolio - Class I Shares** | **Small Capitalization Portfolio - Class I Shares** | **Small Capitalization Portfolio - Class I Shares** | **Small Capitalization Portfolio - Class I Shares** | **Small Capitalization Portfolio - Class I Shares** | **Small Capitalization Portfolio - Class I Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $7.47 | $7.79 | $6.48 | $6.94 | $9.45 | $6.43 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.04) | (0.08) | (0.04) | (0.01) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.51 | 0.56 | 1.35 | 0.17 | (0.47) | 3.07 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.47 | 0.48 | 1.31 | 0.16 | (0.52) | 3.02 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.62) | (0.80) | - | (0.62) | (1.99) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.62) | (0.80) | - | (0.62) | (1.99) | - |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $7.32 | $7.47 | $7.79 | $6.48 | $6.94 | $9.45 |
| **Total Return\*** | **Total Return\*** | 6.70% | 6.00% | 20.22% | 2.60% | (8.22)% | 46.97% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $6946 | $6228 | $7311 | $6233 | $5893 | $6632 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 2.36%<sup>(4)</sup> | 2.50% | 1.88% | 1.83% | 2.06% | 1.70% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.21)%<sup>(4)</sup> | (1.22)% | (0.65)% | (0.10)% | (0.63)% | (0.61)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 59%<sup>(5)</sup> | 145% | 135% | 95% | 104% | 103% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Mid Capitalization Portfolio: |
|  |  | 2.66%<sup>(4)</sup> | 2.22% | 1.63% | 1.69% | 2.01% | 1.64% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Small Cap Portfolio: |
|  |  | 2.36%<sup>(4)</sup> | 2.50% | 1.88% | 1.83% | 2.06% | 1.70% |
| (4) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (5) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **International Equity Portfolio - Class I Shares** | **International Equity Portfolio - Class I Shares** | **International Equity Portfolio - Class I Shares** | **International Equity Portfolio - Class I Shares** | **International Equity Portfolio - Class I Shares** | **International Equity Portfolio - Class I Shares** |
| | | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $14.27 | $11.85 | $10.53 | $9.07 | $12.11 | $8.94 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.08) | (0.04) | 0.02 | 0.02 | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.30 | 2.54 | 1.39 | 1.47 | (3.05) | 3.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 2.22 | 2.50 | 1.41 | 1.49 | (2.99) | 3.35 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | - | (0.08) | (0.09) | (0.03 | (0.05) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | - | (0.08) | (0.09) | (0.03 | (0.05) | (0.18) |
| &nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;Redemption Fees |  |  |  |  |  |  |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $16.49 | $14.27 | $11.85 | $10.53 | $9.07 | $12.11 |
| **Total Return\*** | **Total Return\*** | 15.58%# | 21.25%# | 13.51%# | 16.45 | (24.79)% | 37.96% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $3899 | $3251 | $3488 | $3392 | $2809 | $4421 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.42%<sup>(4)</sup> | 3.41% | 2.40% | 2.17 | 3.23% | 2.47% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | (1.10)%<sup>(4)</sup> | (0.33)% | 0.19% | 0.18 | 0.50% | 0.63% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 39%<sup>(5)</sup> | 41% | 38% | 59 | 47% | 59% |
|  |  | **Health & Biotechnology Portfolio - Class I Shares** | **Health & Biotechnology Portfolio - Class I Shares** | **Health & Biotechnology Portfolio - Class I Shares** | **Health & Biotechnology Portfolio - Class I Shares** | **Health & Biotechnology Portfolio - Class I Shares** | **Health & Biotechnology Portfolio - Class I Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $23.02 | $26.08 | $22.87 | $22.60 | $25.10 | $23.02 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.22) | (0.34) | (0.29) | (0.21) | (0.25) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.48 | (2.47) | 4.52 | 1.75 | (1.46) | 4.82 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 5.26 | (2.81) | 4.23 | 1.54 | (1.71) | 4.66 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.78) | (0.25) | (1.02) | (1.27 | (0.79) | (2.58) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.78) | (0.25) | (1.02) | (1.27 | (0.79) | (2.58) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $27.50 | $23.02 | $26.08 | $22.87 | $22.60 | $25.10 |
| **Total Return\*** | **Total Return\*** | 23.18% | (10.79)% | 19.35% | 6.59 | (6.92)% | 22.43% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $6080 | $5153 | $7219 | $6370 | $6794 | $7560 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3) | 2.76%<sup>(4)</sup> | 2.60% | 2.32% | 2.35 | 2.50% | 2.14% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.77)%<sup>(4)</sup> | (1.44)% | (1.25)% | (0.93) | (1.05)% | (0.69)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5%<sup>(5)</sup> | 22% | 17% | 58 | 23% | 19% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the International Equity Portfolio: |
|  |  | 2.97%<sup>(4)</sup> | 2.90% | 2.40% | 2.90 | 2.90% | 2.32% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio: |
|  |  | 2.76%<sup>(4)</sup> | 2.60% | 2.32% | 2.35 | 2.50% | 2.14% |
| (4) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (5) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| # | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| \* | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Technology & Communications Portfolio - Class I Shares** | **Technology & Communications Portfolio - Class I Shares** | **Technology & Communications Portfolio - Class I Shares** | **Technology & Communications Portfolio - Class I Shares** | **Technology & Communications Portfolio - Class I Shares** | **Technology & Communications Portfolio - Class I Shares** |
| | | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $28.97 | $27.22 | $23.89 | $22.95 | $34.72 | $31.63 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.26) | (0.43) | (0.35) | (0.27) | (0.29) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.33 | 5.07 | 5.18 | 4.51 | (7.84) | 7.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.07 | 4.64 | 4.83 | 4.24 | (8.13) | 6.73 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (3.57) | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.57) | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $25.47 | $28.97 | $27.22 | $23.89 | $22.95 | $34.72 |
| **Total Return\*** | **Total Return\*** | (0.67)% | 17.85% | 21.25% | 23.05% | (26.02)% | 23.89% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $22510 | $24835 | $24254 | $22829 | $22533 | $35680 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.51%<sup>(5)</sup> | 2.42% | 2.22% | 2.37% | 2.15% | 1.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.83)%<sup>(5)</sup> | (1.60)% | (1.39)% | (1.29)% | (1.06)% | (1.20)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 1%<sup>(6)</sup> | 7% | 8% | 6% | 3% | 10% |
|  |  | **Investment Quality Bond Portfolio - Class I Shares** | **Investment Quality Bond Portfolio - Class I Shares** | **Investment Quality Bond Portfolio - Class I Shares** | **Investment Quality Bond Portfolio - Class I Shares** | **Investment Quality Bond Portfolio - Class I Shares** | **Investment Quality Bond Portfolio - Class I Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $9.58 | $9.46 | $9.15 | $9.23 | $9.68 | $9.79 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.10 | 0.21 | 0.19 | 0.11 | (0.10) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.14 | 0.09 | 0.29 | (0.09) | (0.23) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.24 | 0.30 | 0.48 | 0.02 | (0.33) | (0.09) |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.11) | (0.18) | (0.17) | (0.05) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains |  |  |  |  | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Distributions from return of capital | &nbsp;&nbsp;&nbsp;Distributions from return of capital | - | - | - | (0.05) | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.11) | (0.18) | (0.17) | (0.10) | (0.12) | (0.02) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $9.71 | $9.58 | $9.46 | $9.15 | $9.23 | $9.68 |
| **Total Return\*** | **Total Return\*** | 2.67% | 3.32% | 5.35% | 0.19% | (3.39)% | (0.87)% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $8245 | $8378 | $11216 | $10834 | $11436 | $12020 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | 1.96%<sup>(5)</sup> | 1.75% | 1.37% | 1.38% | 1.91% | 1.45% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | 2.13%<sup>(5)</sup> | 2.20% | 2.08% | 1.19% | (1.11)% | (0.61)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 13%<sup>(6)</sup> | 29% | 60% | 103% | 1% | 62% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Technology & Communications Portfolio: |
|  |  | 2.51%<sup>(5)</sup> | 2.42% | 2.22% | 2.37% | 2.15% | 1.99% |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio: |
|  |  | 1.96%<sup>(5)</sup> | 1.75% | 1.37% | 1.38% | 1.90% | 1.45% |
| (4) | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. |
| (5) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (6) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **U.S. Government Money Market Portfolio - Class I Shares** | **U.S. Government Money Market Portfolio - Class I Shares** | **U.S. Government Money Market Portfolio - Class I Shares** | **U.S. Government Money Market Portfolio - Class I Shares** | **U.S. Government Money Market Portfolio - Class I Shares** | **U.S. Government Money Market Portfolio - Class I Shares** |
| | | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.01 | 0.03 | 0.03 | 0.03 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.01 | 0.03 | 0.03 | 0.03 | 0.00 | 0.00 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) | (0.03) | (0.03) | (0.03) | (0.00 | (0.00 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.01) | (0.03) | (0.03) | (0.03) | (0.00 | (0.00 |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return\*** | **Total Return\*** | 1.18% | 3.08% | 3.48% | 3.24% | 0.01 | 0.02 |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $4098 | $4587 | $4272 | $5138 | $5108 | $5488 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2),(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2),(4) | 1.43%<sup>(5)</sup> | 1.38% | 1.73% | 0.95% | 0.93 | 1.07 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.37%<sup>(5)</sup> | 3.01% | 3.46% | 3.18% | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | N/A | N/A | N/A | N/A | N/A | N/A |
|  |  | **Aggressive Balanced Allocation Portfolio - Class I Shares** | **Aggressive Balanced Allocation Portfolio - Class I Shares** | **Aggressive Balanced Allocation Portfolio - Class I Shares** | **Aggressive Balanced Allocation Portfolio - Class I Shares** | **Aggressive Balanced Allocation Portfolio - Class I Shares** | **Aggressive Balanced Allocation Portfolio - Class I Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.86 | $11.87 | $10.44 | $10.39 | $12.53 | $10.42 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.29 | 0.19 | 0.06 | 0.09 | 0.33 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.42 | 1.17 | 1.68 | 0.64 | (1.35 | 1.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.71 | 1.36 | 1.74 | 0.73 | (1.02 | 2.31 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.30) | (0.19) | (0.06) | (0.07) | (0.37) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.18) | (0.25) | (0.61) | (0.75 | (0.08 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.19) | (0.37) | (0.31) | (0.68) | (1.12 | (0.20 |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $12.38 | $12.86 | $11.87 | $10.44 | $10.39 | $12.53 |
| **Total Return\*** | **Total Return\*** | 5.67% | 11.62% | 16.97% | 7.50% | (8.96) | 22.46 |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $1386 | $1258 | $1066 | $851 | $773 | $842 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (3),(4) | 2.47%<sup>(5)</sup> | 2.72% | 2.67% | 2.57% | 2.23 | 2.39 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 4.58%<sup>(5)</sup> | 1.61% | 0.51% | 0.88% | 2.90 | 3.44 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 18%<sup>(6)</sup> | 3% | 8% | 26% | 2 | 54 |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio: |
|  |  | 1.43%<sup>(5)</sup> | 1.38% | 1.73% | 0.95% | 0.46 | 0.02 |
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: |
|  |  | 0.99%<sup>(5)</sup> | 0.99% | 0.99% | 0.99% | 0.99 | 0.93 |
| (4) | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. |
| (5) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (6) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Conservative Balanced Allocation Portfolio - Class I Shares** | **Conservative Balanced Allocation Portfolio - Class I Shares** | **Conservative Balanced Allocation Portfolio - Class I Shares** | **Conservative Balanced Allocation Portfolio - Class I Shares** | **Conservative Balanced Allocation Portfolio - Class I Shares** | **Conservative Balanced Allocation Portfolio - Class I Shares** |
| | | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $11.96 | $11.28 | $10.35 | $10.41 | $12.00 | $10.58 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.30 | 0.28 | 0.17 | 0.17 | 0.30 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.22 | 0.79 | 1.03 | 0.25 | (1.01) | 1.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.52 | 1.07 | 1.20 | 0.42 | (0.71) | 1.47 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.40) | (0.26) | (0.21) | (0.04) | (0.29) | (0.05) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.65) | (0.13) | (0.06) | (0.44) | (0.59) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.05) | (0.39) | (0.27) | (0.48) | (0.88) | (0.05) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $11.43 | $11.96 | $11.28 | $10.35 | $10.41 | $12.00 |
| **Total Return\*** | **Total Return\*** | 4.48% | 9.71% | 11.79% | 4.26% | (6.39)% | 13.94% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $2541 | $2510 | $2347 | $2128 | $1960 | $2050 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.31%<sup>(3)</sup> | 2.28% | 2.12% | 2.07% | 2.01% | 1.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 0.99%<sup>(3)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) after expense reimbursement to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) after expense reimbursement to average net assets (2) | 5.18%<sup>(3)</sup> | 2.50% | 1.61% | 1.66% | 2.70% | (0.22)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15%<sup>(4)</sup> | 13% | 22% | 50% | 11% | 71% |
|  |  | **Moderate Balanced Allocation Portfolio - Class I Shares** | **Moderate Balanced Allocation Portfolio - Class I Shares** | **Moderate Balanced Allocation Portfolio - Class I Shares** | **Moderate Balanced Allocation Portfolio - Class I Shares** | **Moderate Balanced Allocation Portfolio - Class I Shares** | **Moderate Balanced Allocation Portfolio - Class I Shares** |
|  |  | **Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.96 | $12.06 | $10.74 | $10.75 | $12.55 | $10.69 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.33 | 0.24 | 0.09 | 0.11 | 0.33 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.29 | 1.10 | 1.51 | 0.47 | (1.18) | 2.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.62 | 1.34 | 1.60 | 0.58 | (0.85) | 2.01 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) | (0.23) | (0.13) |  | (0.34) | (0.08) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.85) | (0.21) | (0.15) | (0.59) | (0.61) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.23) | (0.44) | (0.28) | (0.59) | (0.95) | (0.15) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $12.35 | $12.96 | $12.06 | $10.74 | $10.75 | $12.55 |
| **Total Return\*** | **Total Return\*** | 4.88% | 11.33% | 15.12% | 5.73% | (7.36)% | 19.01% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $1698 | $1617 | $1455 | $1150 | $1134 | $1187 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.42%<sup>(3)</sup> | 2.46% | 2.27% | 2.30% | 2.11% | 2.11% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 0.99%<sup>(3)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 5.23%<sup>(3)</sup> | 1.96% | 0.81% | 1.07% | 2.88% | (0.09)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 12%<sup>(4)</sup> | 6% | 18% | 41% | 2% | 52% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. |
| (3) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (4) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |

---

**FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year/period)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Moderately Aggressive Balanced Allocation Portfolio - Class I Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class I Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class I Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class I Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class I Shares** | **Moderately Aggressive Balanced Allocation Portfolio - Class I Shares** |
| | | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $12.86 | $11.96 | $10.63 | $10.58 | $12.44 | $10.48 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.31 | 0.22 | 0.08 | 0.11 | 0.32 | (0.00)\*\* |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.36 | 1.11 | 1.56 | 0.52 | (1.23) | 2.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.67 | 1.33 | 1.64 | 0.63 | (0.91) | 2.14 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.35) | (0.22) | (0.14) |  | (0.36) | (0.08) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.21) | (0.17) | (0.58) | (0.59) | (0.10) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.24) | (0.43) | (0.31) | (0.58) | (0.95) | (0.18) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $12.29 | $12.86 | $11.96 | $10.63 | $10.58 | $12.44 |
| **Total Return\*** | **Total Return\*** | 5.31% | 11.29% | 15.70% | 6.23% | (7.93)% | 20.70% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $968 | $916 | $809 | $712 | $656 | $693 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.90%<sup>(3)</sup> | 3.05% | 2.75% | 2.56% | 2.26% | 2.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 0.99%<sup>(3)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets (2) | 4.95%<sup>(3)</sup> | 1.82% | 0.71% | 1.05% | 2.84% | 0.03% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15%<sup>(4)</sup> | 5% | 15% | 34% | 0% | 48% |
|  |  | **Moderately Conservative Balanced Allocation Portfolio - Class I Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class I Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class I Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class I Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class I Shares** | **Moderately Conservative Balanced Allocation Portfolio - Class I Shares** |
|  |  | **Six **Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2023** | **Year Ended<br> August 31,<br> 2022** | **Year Ended<br> August 31,<br> 2021** |
| **Net Asset Value, Beginning of Year/Period** | **Net Asset Value, Beginning of Year/Period** | $11.88 | $11.09 | $9.76 | $9.95 | $11.98 | $10.36 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.30 | 0.24 | 0.10 | 0.10 | 0.32 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.30 | 0.98 | 1.32 | 0.42 | (1.09) | 1.78 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.60 | 1.22 | 1.42 | 0.52 | (0.77) | 1.77 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.34) | (0.26) | (0.09) |  | (0.32) | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.89) | (0.17) | - | (0.71) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.23) | (0.43) | (0.09) | (0.71) | (1.26) | (0.15) |
| **Net Asset Value, End of Year/Period** | **Net Asset Value, End of Year/Period** | $11.25 | $11.88 | $11.09 | $9.76 | $9.95 | $11.98 |
| **Total Return\*** | **Total Return\*** | 5.19% | 11.30% | 14.63% | 5.62% | (7.19)% | 17.26% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000s) | $670 | $647 | $644 | $573 | $495 | $618 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.17%<sup>(3)</sup> | 3.32% | 2.78% | 2.98% | 2.50% | 2.34% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 0.99%<sup>(3)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.92% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (2) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement to average net assets (2) | 5.24%<sup>(3)</sup> | 2.17% | 1.00% | 1.09% | 2.95% | (0.07)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11%<sup>(4)</sup> | 14% | 20% | 87% | 10% | 74% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year/Period. |
| (2) | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. | Does not include the expenses of funds in which the Fund invests. |
| (3) | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. | Annualized for periods less than one year. |
| (4) | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. | Not annualized. |
| \* | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. |
| \*\* | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. | Per share amount represents less than $0.01 per share. |

---

**ADDITIONAL INFORMATION**

*Six Months Ended February 28, 2026 (Unaudited)*

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable

**<u>How to Obtain Proxy Voting Information</u>**

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Portfolios use to determine how to vote proxies is available without charge, upon request, by calling 1-888-672-4839 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

**<u>How to Obtain 1<sup>st</sup> and 3<sup>rd</sup> Fiscal Quarter Portfolio Holdings</u>**

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at <u>www.sec.gov</u>.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

None

**Item 16.** **Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](saratoga_ex99cert.htm).

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](saratoga_ex99-906cert.htm) .

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | The Saratoga Advantage Trust |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Bruce E. Ventimiglia |
|  |  | Bruce E. Ventimiglia, Chief Executive Officer |
| Date | 5/5/26 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Jonathan W. Ventimiglia |
|  |  | Jonathan W. Ventimiglia, President, Treasurer and Chief Financial Officer |
| Date | 5/5/26 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Bruce E. Ventimiglia |
|  |  | Bruce E. Ventimiglia, Chief Executive Officer |
| Date | 5/5/26 |  |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Bruce E. Ventimiglia, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of the Saratoga Advantage Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/5/26 | /s/ Bruce E. Ventimiglia |
| | | Bruce E. Ventimiglia,Chief Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Jonathan W. Ventimiglia, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Saratoga Advantage Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/5/26 | /s/ Jonathan W. Ventimiglia |
| | | Jonathan W. Ventimiglia, President, Treasurer and Chief Financial Officer |

---

## Exhibit 99.909

**EX-99.906CERT**

**CERTIFICATION**

Bruce E. Ventimiglia, Chief Executive Officer, and Jonathan W. Ventimiglia, Chief Financial Officer of the Saratoga Advantage Trust (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for
the period ended February 28, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Chief Executive Officer | Chief Executive Officer | Chief Financial Officer | Chief Financial Officer |
| Saratoga Advantage Trust | Saratoga Advantage Trust | Saratoga Advantage Trust | Saratoga Advantage Trust |
| /s/ Bruce E. Ventimiglia | /s/ Bruce E. Ventimiglia | /s/ Jonathan W. Ventimiglia | /s/ Jonathan W. Ventimiglia |
| Bruce E. Ventimiglia | Bruce E. Ventimiglia | Jonathan W. Ventimiglia | Jonathan W. Ventimiglia |
| Date: | 5/5/26 | Date: | 5/5/26 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Saratoga Advantage Trust and will be retained by the Saratoga Advantage Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.