# EDGAR Filing Document

**Accession Number:** 0000924628
**File Stem:** 0001580642-25-006758
**Filing Date:** 2025-10
**Character Count:** 24169
**Document Hash:** a47e1bb2fe2c73805fbfa0ed3280f00d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006758.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001580642-25-006758

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**EFFECTIVENESS DATE**: 20251027

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-79708
- **FILM NUMBER:** 251419898

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

### Municipal Bond Portfolio (Series ID: S000010888)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| Municipal Bond Portfolio Class A | SMBAX         | C000030167 |
| Municipal Bond Portfolio Class I | SMBPX         | C000030168 |
| Municipal Bond Portfolio Class C | SMBCX         | C000030170 |

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

### Financial Services Portfolio (Series ID: S000010893)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| Financial Services Portfolio Class I | SFPIX         | C000030187 |
| Financial Services Portfolio Class C | SFPCX         | C000030189 |
| Financial Services Portfolio Class A | SFPAX         | C000030190 |

---

### Energy & Basic Materials Portfolio (Series ID: S000010894)

---

|  |  |  |
|:---|:---|:---|
| Class Name                       | Ticker Symbol | Class ID   |
| Energy & Basic Materials Class I | SEPIX         | C000030191 |
| Energy & Basic Materials Class C | SEPCX         | C000030193 |
| Energy & Basic Materials Class A | SBMBX         | C000030194 |

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

## 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           |

### Municipal Bond Portfolio (Series ID: S000010888)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000030167 | Municipal Bond Portfolio Class A | SMBAX           |
| C000030168 | Municipal Bond Portfolio Class I | SMBPX           |
| C000030170 | Municipal Bond Portfolio Class C | SMBCX           |

### 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           |

### Financial Services Portfolio (Series ID: S000010893)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000030187 | Financial Services Portfolio Class I | SFPIX           |
| C000030189 | Financial Services Portfolio Class C | SFPCX           |
| C000030190 | Financial Services Portfolio Class A | SFPAX           |

### Energy & Basic Materials Portfolio (Series ID: S000010894)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000030191 | Energy & Basic Materials Class I | SEPIX           |
| C000030193 | Energy & Basic Materials Class C | SEPCX           |
| C000030194 | Energy & Basic Materials Class A | SBMBX           |

### 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           |

**THE SARATOGA ADVANTAGE TRUST (the "Trust")**

**Supplement dated October 27, 2025 to the** 

**Trust's Class A Shares Prospectus (the "Prospectus") and the Trust's Statement of Additional Information (the "SAI"), each dated December 30, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Conservative Balanced Allocation Portfolio** | **SCAAX** | **Large Capitalization Growth Portfolio** | **SLGYX** |
| **Moderately Conservative Balanced Allocation Portfolio** | **SMACX** | **Mid Capitalization Portfolio** | **SPMAX** |
| **Moderate Balanced Allocation Portfolio** | **SMPAX** | **Small Capitalization Portfolio** | **SSCYX** |
| **Moderately Aggressive Balanced Allocation Portfolio** | **SAMAX** | **International Equity Portfolio** | **SIEYX** |
| **Aggressive Balanced Allocation Portfolio** | **SABAX** | **Health & Biotechnology Portfolio** | **SHPAX** |
| **U.S. Government Money Market Portfolio** | **SGAXX** | **Technology & Communications Portfolio** | **STPAX** |
| **Investment Quality Bond Portfolio** | **SQBAX** | **Financial Services Portfolio** | **SFPAX** |
| **Municipal Bond Portfolio** | **SMBAX** | **Energy & Basic Materials Portfolio** | **SBMBX** |
| **Large Capitalization Value Portfolio** | **SLVYX** | | |

---

Reference is made to the section entitled "**MANAGEMENT OF THE PORTFOLIOS**", subsection "**Expense Reductions and Reimbursements and Net Expenses**", of the Prospectus. Effective immediately, in the first paragraph, the second to last sentence is replaced in its entirety with "The Expense Agreement can be terminated by either party, without penalty, upon 30 days' prior notice". The corresponding table in this section is of the Prospectus and the column relating to Class A Shares in the similar table included in the section entitled "MANAGEMENT AND OTHER SERVICES" of the SAI are deleted in their entirety and replaced with the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Portfolio</u>** | &nbsp;&nbsp;**<u>Expense Cap</u>** |
| &nbsp;&nbsp;Large Capitalization Growth Portfolio | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Large Capitalization Value Portfolio | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Mid Capitalization Portfolio | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;Small Capitalization Portfolio | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;Investment Quality Bond Portfolio | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;Municipal Bond Portfolio | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;U.S. Government Money Market Portfolio | &nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;International Equity Portfolio | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;Health & Biotechnology Portfolio | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;Technology & Communications Portfolio | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;Financial Services Portfolio | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;Energy & Basic Materials Portfolio | &nbsp;&nbsp;3.40% |

---

**This Supplement updates and supersedes any contrary information contained in the Prospectus or SAI or any supplements thereto with respect to the Portfolios.** 

**Please retain this supplement for future reference.**

**THE SARATOGA ADVANTAGE TRUST (the "Trust")**

**Supplement dated October 27, 2025 to the** 

**Trust's Class C Shares Prospectus (the "Prospectus") and the Trust's Statement of Additional Information (the "SAI"), each dated December 30, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Conservative Balanced Allocation Portfolio** | **SUMCX** | **Large Capitalization Growth Portfolio** | **SLGCX** |
| **Moderately Conservative Balanced Allocation Portfolio** | **SBCCX** | **Mid Capitalization Portfolio** | **SPMCX** |
| **Moderate Balanced Allocation Portfolio** | **SBMCX** | **Small Capitalization Portfolio** | **SSCCX** |
| **Moderately Aggressive Balanced Allocation Portfolio** | **SAMCX** | **International Equity Portfolio** | **SIECX** |
| **Aggressive Balanced Allocation Portfolio** | **SABCX** | **Health & Biotechnology Portfolio** | **SHPCX** |
| **U.S. Government Money Market Portfolio** | **SZCXX** | **Technology & Communications Portfolio** | **STPCX** |
| **Investment Quality Bond Portfolio** | **SQBCX** | **Financial Services Portfolio** | **SFPCX** |
| **Municipal Bond Portfolio** | **SMBCX** | **Energy & Basic Materials Portfolio** | **SEPCX** |
| **Large Capitalization Value Portfolio** | **SLVCX** | | |

---

Reference is made to the section entitled "**MANAGEMENT OF THE PORTFOLIOS**", subsection "**Expense Reductions and Reimbursements and Net Expenses**", beginning on page 114 of the Prospectus. Effective immediately, in the first paragraph, the second to last sentence is replaced in its entirety with "The Expense Agreement can be terminated by either party, without penalty, upon 30 days' prior notice". The corresponding table in this section of the Prospectus and the column relating to Class C Shares in the similar table included in the section entitled "MANAGEMENT AND OTHER SERVICES" of the SAI are deleted in their and replaced with the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Portfolio</u>** | &nbsp;&nbsp;**<u>Expense Cap</u>** |
| &nbsp;&nbsp;Large Capitalization Growth Portfolio | &nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;Large Capitalization Value Portfolio | &nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;Mid Capitalization Portfolio | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;Small Capitalization Portfolio | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;Investment Quality Bond Portfolio | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;Municipal Bond Portfolio | &nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;U.S. Government Money Market Portfolio | &nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;International Equity Portfolio | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;Health & Biotechnology Portfolio | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;Technology & Communications Portfolio | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;Financial Services Portfolio | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;Energy & Basic Materials Portfolio | &nbsp;&nbsp;4.00% |

---

**This Supplement updates and supersedes any contrary information contained in the Prospectus or SAI or any supplements thereto with respect to the Portfolios.** 

**Please retain this supplement for future reference.**

**THE SARATOGA ADVANTAGE TRUST (the "Trust")**

**Supplement dated October 27, 2025 to the** 

**Trust's Class I Shares Prospectus (the "Prospectus") and the Trust's Statement of Additional Information (the "SAI"), each dated December 30, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Conservative Balanced Allocation Portfolio** | **LUNAX** | **Large Capitalization Growth Portfolio** | **SLCGX** |
| **Moderately Conservative Balanced Allocation Portfolio** | **SMICX** | **Mid Capitalization Portfolio** | **SMIPX** |
| **Moderate Balanced Allocation Portfolio** | **SBMIX** | **Small Capitalization Portfolio** | **SSCPX** |
| **Moderately Aggressive Balanced Allocation Portfolio** | **SAMIX** | **International Equity Portfolio** | **SIEPX** |
| **Aggressive Balanced Allocation Portfolio** | **SABIX** | **Health & Biotechnology Portfolio** | **SBHIX** |
| **U.S. Government Money Market Portfolio** | **SGMXX** | **Technology & Communications Portfolio** | **STPIX** |
| **Investment Quality Bond Portfolio** | **SIBPX** | **Financial Services Portfolio** | **SFPIX** |
| **Municipal Bond Portfolio** | **SMBPX** | **Energy & Basic Materials Portfolio** | **SEPIX** |
| **Large Capitalization Value Portfolio** | **SLCVX** | | |

---

Reference is made to the section entitled "**MANAGEMENT OF THE PORTFOLIOS**", subsection "**Expense Reductions and Reimbursements and Net Expenses**", beginning on page 111 of the Prospectus. Effective immediately, in the first paragraph, the second to last sentence is replaced in its entirety with "The Expense Agreement can be terminated by either party, without penalty, upon 30 days' prior notice". The corresponding table in this section of the Prospectus and the column relating to Class C Shares in the similar table included in the section entitled "MANAGEMENT AND OTHER SERVICES" of the SAI are deleted in their and replaced with the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Portfolio</u>** | &nbsp;&nbsp;**<u>Expense Cap</u>** |
| &nbsp;&nbsp;Large Capitalization Growth Portfolio | &nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;Large Capitalization Value Portfolio | &nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;Mid Capitalization Portfolio | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Small Capitalization Portfolio | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Investment Quality Bond Portfolio | &nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;Municipal Bond Portfolio | &nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;U.S. Government Money Market Portfolio | &nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;International Equity Portfolio | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Health & Biotechnology Portfolio | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Technology & Communications Portfolio | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Financial Services Portfolio | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Energy & Basic Materials Portfolio | &nbsp;&nbsp;3.00% |

---

**This Supplement updates and supersedes any contrary information contained in the Prospectus or SAI or any supplements thereto with respect to the Portfolios.** 

**Please retain this supplement for future reference.**