# EDGAR Filing Document

**Accession Number:** 0000924628
**File Stem:** 0001206774-25-000742
**Filing Date:** 2025-11
**Character Count:** 797954
**Document Hash:** 65234f8e8800be61964ae34b01c91292
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000742.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001206774-25-000742

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 121

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08542
- **FILM NUMBER:** 251460263

**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           |

### 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           |

?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>

**The Saratoga Advantage Trust**

(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)

Allison Fumai, Esq. Dechert LLP

1095 Avenue of the Americas, New York, NY, 10036

(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>8/31/25</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) |
| Annual Shareholder Report | 8/31/2025 | SLVYX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $232 | 2.16% |

---

---

| |
|:---|
| **What affected the Fund's performance this period?** |
| Performance in the Fund during the period was largely driven by stock selection.<br>The Fund's top contributor during the fiscal year was Marvell Technologies. Marvell beat consensus AI expectations and announced multiple new customer wins that could potentially help future revenue growth. Jabil Inc. was the Fund's second-best performing stock during the period. Jabil beat consensus expectations on both revenue and earnings per share. They also signed multiple new deals for AI/Cloud manufacturing.<br>The Fund's main detractors were CACI International and Charles River Laboratories. CACI was impacted to a significant degree by investor fear over DOGE (Department of Government Efficiency) implementation and the implications on defense spending going forward. Charles River underperformed largely due to concerns around life sciences R&D spending. The stock was also impacted by government policy regarding NIH spending. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](slvyx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Large Capitalization Value Fund, Class A (with load) | 7.91% | 13.92% | 8.67% |
| Saratoga Large Capitalization Value Fund, Class A | 14.50% | 15.28% | 9.31% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Large Value Category | 9.41% | 13.15% | 10.39% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $18668147 | **Advisory Fees Paid by the Fund** | $125333 |
| **Number of Portfolio Holdings** | 22 | **Portfolio Turnover Rate** | 93% |

---

**What did the Fund invest in (as a % of the Fund's net assets)?**![](slvyx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Henry Schein, Inc | 7.20 |
| AMETEK, Inc | 6.40 |
| Canadian Pacific Kansas City Ltd | 5.60 |
| API Group Corp | 5.50 |
| Welltower, Inc | 5.50 |
| Capital One Financial Corp | 5.10 |
| Danaher Corp | 5.00 |
| Williams Companies, Inc (The) | 5.00 |
| Clean Harbors Inc | 5.00 |
| Martin Marietta Marerials, Inc | 4.90 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SLVCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $295 | 2.76% |

---

---

| |
|:---|
| **What affected the Fund's performance this period?** |
| Performance in the Fund during the period was largely driven by stock selection.<br>The Fund's top contributor during the fiscal year was Marvell Technologies. Marvell beat consensus AI expectations and announced multiple new customer wins that could potentially help future revenue growth. Jabil Inc. was the Fund's second-best performing stock during the period. Jabil beat consensus expectations on both revenue and earnings per share. They also signed multiple new deals for AI/Cloud manufacturing.<br>The Fund's main detractors were CACI International and Charles River Laboratories. CACI was impacted to a significant degree by investor fear over DOGE (Department of Government Efficiency) implementation and the implications on defense spending going forward. Charles River underperformed largely due to concerns around life sciences R&D spending. The stock was also impacted by government policy regarding NIH spending. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](slvcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Large Capitalization Value Fund, Class C (with load) | 12.79% | 14.60% | 8.66% |
| Saratoga Large Capitalization Value Fund, Class C | 13.79% | 14.60% | 8.66% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Large Value Category | 9.41% | 13.15% | 10.39% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $18668147 | **Advisory Fees Paid by the Fund** | $125333 |
| **Number of Portfolio Holdings** | 22 | **Portfolio Turnover Rate** | 93% |

---

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

![](slvcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Henry Schein, Inc | 7.20 |
| AMETEK, Inc | 6.40 |
| Canadian Pacific Kansas City Ltd | 5.60 |
| API Group Corp | 5.50 |
| Welltower, Inc | 5.50 |
| Capital One Financial Corp | 5.10 |
| Danaher Corp | 5.00 |
| Williams Companies, Inc (The) | 5.00 |
| Clean Harbors Inc | 5.00 |
| Martin Marietta Marerials, Inc | 4.90 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SLCVX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $191 | 1.78% |

---

---

| |
|:---|
| **What affected the Fund's performance this period?** |
| Performance in the Fund during the period was largely driven by stock selection.<br>The Fund's top contributor during the fiscal year was Marvell Technologies. Marvell beat consensus AI expectations and announced multiple new customer wins that could potentially help future revenue growth. Jabil Inc. was the Fund's second-best performing stock during the period. Jabil beat consensus expectations on both revenue and earnings per share. They also signed multiple new deals for AI/Cloud manufacturing.<br>The Fund's main detractors were CACI International and Charles River Laboratories. CACI was impacted to a significant degree by investor fear over DOGE (Department of Government Efficiency) implementation and the implications on defense spending going forward. Charles River underperformed largely due to concerns around life sciences R&D spending. The stock was also impacted by government policy regarding NIH spending. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](slcvx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Large Capitalization Value Fund, Class I | 14.97% | 15.75% | 9.76% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Large Value Category | 9.41% | 13.15% | 10.39% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $18668147 | **Advisory Fees Paid by the Fund** | $125333 |
| **Number of Portfolio Holdings** | 22 | **Portfolio Turnover Rate** | 93% |

---

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

![](slcvx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Henry Schein, Inc | 7.20 |
| AMETEK, Inc | 6.40 |
| Canadian Pacific Kansas City Ltd | 5.60 |
| API Group Corp | 5.50 |
| Welltower, Inc | 5.50 |
| Capital One Financial Corp | 5.10 |
| Danaher Corp | 5.00 |
| Williams Companies, Inc (The) | 5.00 |
| Clean Harbors Inc | 5.00 |
| Martin Marietta Marerials, Inc | 4.90 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SLGYX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $255 | 2.23% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| The Fund's excess return was largely driven by stock selection in the Information Technology sector. Health Care and Communication Services holdings also made meaningful positive contributions. The Financials sector was the only sector with negative stock selection of note.<br>From a stock selection perspective, AppLovin Corp. was the top contributor. Royal Caribbean Cruises was the second largest contributor; the cruise line operator reported strong second quarter results including revenues that were up 36% from the prior year thanks to higher-than-expected demand, strong booking trends, and lower interest costs.<br>Due to threshold limits, the Fund held a significant underweight position in mega-cap technology, communication services, and consumer discretionary stocks, which was a headwind to relative performance. The largest detractor from relative return was the Fund not owning Tesla. Out of Fund holdings, the Trade Desk had the biggest negative impact; the company missed its own earnings guidance for the first time in over eight years, with management citing some execution missteps as the company was in the midst of a major restructuring.<br>Allocation effect was a slight drag on relative performance primarily due to an overweight in the Health Care and Consumer Staples sectors. The Fund's active weight constraints helped reduce exposure to market volatility and sentiment shifts. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](slgyx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Large Capitalization Growth Fund, Class A (with load) | 20.93% | 15.29% | 15.83% |
| Saratoga Large Capitalization Growth Fund, Class A | 28.29% | 16.67% | 16.51% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Large Growth Category | 19.70% | 12.00% | 14.39% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $39497750 | **Advisory Fees Paid by the Fund** | $234921 |
| **Number of Portfolio Holdings** | 55 | **Portfolio Turnover Rate** | 66% |

---

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

![](slgyx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| NVIDIA Corp | 9.20 |
| Microsoft Corp | 6.80 |
| Apple Inc | 5.60 |
| Broadcom, Inc | 4.30 |
| Meta Platforms, Inc Class A | 4.30 |
| Amazon.com, Inc | 3.70 |
| Arista Networks, Inc | 2.90 |
| Booking Holdings, Inc | 2.60 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 2.60 |
| AppLovin Corp Class A | 2.20 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SLGCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $322 | 2.83% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| The Fund's excess return was largely driven by stock selection in the Information Technology sector. Health Care and Communication Services holdings also made meaningful positive contributions. The Financials sector was the only sector with negative stock selection of note.<br>From a stock selection perspective, AppLovin Corp. was the top contributor. Royal Caribbean Cruises was the second largest contributor; the cruise line operator reported strong second quarter results including revenues that were up 36% from the prior year thanks to higher-than-expected demand, strong booking trends, and lower interest costs.<br>Due to threshold limits, the Fund held a significant underweight position in mega-cap technology, communication services, and consumer discretionary stocks, which was a headwind to relative performance. The largest detractor from relative return was the Fund not owning Tesla. Out of Fund holdings, the Trade Desk had the biggest negative impact; the company missed its own earnings guidance for the first time in over eight years, with management citing some execution missteps as the company was in the midst of a major restructuring.<br>Allocation effect was a slight drag on relative performance primarily due to an overweight in the Health Care and Consumer Staples sectors. The Fund's active weight constraints helped reduce exposure to market volatility and sentiment shifts. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](slgcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Large Capitalization Growth Fund, Class C (with load) | 26.62% | 15.99% | 15.82% |
| Saratoga Large Capitalization Growth Fund, Class C | 27.62% | 15.99% | 15.82% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Large Growth Category | 19.70% | 12.00% | 14.39% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $39497750 | **Advisory Fees Paid by the Fund** | $234921 |
| **Number of Portfolio Holdings** | 55 | **Portfolio Turnover Rate** | 66% |

---

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

![](slgcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| NVIDIA Corp | 9.20 |
| Microsoft Corp | 6.80 |
| Apple Inc | 5.60 |
| Broadcom, Inc | 4.30 |
| Meta Platforms, Inc Class A | 4.30 |
| Amazon.com, Inc | 3.70 |
| Arista Networks, Inc | 2.90 |
| Booking Holdings, Inc | 2.60 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 2.60 |
| AppLovin Corp Class A | 2.20 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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

SR-SAR 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SLCGX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $209 | 1.83% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| The Fund's excess return was largely driven by stock selection in the Information Technology sector. Health Care and Communication Services holdings also made meaningful positive contributions. The Financials sector was the only sector with negative stock selection of note.<br>From a stock selection perspective, AppLovin Corp. was the top contributor. Royal Caribbean Cruises was the second largest contributor; the cruise line operator reported strong second quarter results including revenues that were up 36% from the prior year thanks to higher-than-expected demand, strong booking trends, and lower interest costs.<br>Due to threshold limits, the Fund held a significant underweight position in mega-cap technology, communication services, and consumer discretionary stocks, which was a headwind to relative performance. The largest detractor from relative return was the Fund not owning Tesla. Out of Fund holdings, the Trade Desk had the biggest negative impact; the company missed its own earnings guidance for the first time in over eight years, with management citing some execution missteps as the company was in the midst of a major restructuring.<br>Allocation effect was a slight drag on relative performance primarily due to an overweight in the Health Care and Consumer Staples sectors. The Fund's active weight constraints helped reduce exposure to market volatility and sentiment shifts. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](slcgx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Large Capitalization Growth Fund, Class I | 28.80% | 17.13% | 16.98% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Large Growth Category | 19.70% | 12.00% | 14.39% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $39497750 | **Advisory Fees Paid by the Fund** | $234921 |
| **Number of Portfolio Holdings** | 55 | **Portfolio Turnover Rate** | 66% |

---

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

![](slcgx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| NVIDIA Corp | 9.20 |
| Microsoft Corp | 6.80 |
| Apple Inc | 5.60 |
| Broadcom, Inc | 4.30 |
| Meta Platforms, Inc Class A | 4.30 |
| Amazon.com, Inc | 3.70 |
| Arista Networks, Inc | 2.90 |
| Booking Holdings, Inc | 2.60 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 2.60 |
| AppLovin Corp Class A | 2.20 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SLCGX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SPMAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $283 | 2.65% |

---

---

| |
|:---|
| **What affected the Fund's performance this period?** |
| During the period, stock selection and an overweight position in Industrials were the largest contributors to performance. GE Vernova Inc. was the top individual stock selection for the Fund. An overweight position within Consumer Discretionary, along with stock selection, delivered outperformance, with Royal Caribbean Group as the strongest performer in the sector. Stock selection and an overweight position within Utilities also contributed positively to performance, with Vistra Corp. as the top performer. Within Materials, stock selection delivered outperformance, with Vulcan Materials Company as the leading name. Stock selection within Financials contributed positively as well, led by Apollo Global Management Inc. Further contributing was stock selection within Real Estate, with Cushman & Wakefield Plc leading. An underweight position in Health Care, an underperforming sector, contributed to performance. Consumer Staples allocation and stock selection had no significant impact on the Fund.<br>The greatest detractor from Fund performance during the period was stock selection and an underweight in Information Technology. Monolithic Power Systems, Inc. detracted the most. An underweight to Energy, an outperforming sector, detracted from performance, as did stock selection within the sector, dragged down by Kosmos Energy Ltd. The Fund's underweight position in Communication Services also detracted from performance. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*

![](spmax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Mid Capitalization Fund, Class A (with load) | 7.08% | 11.36% | 6.65% |
| Saratoga Mid Capitalization Fund, Class A | 13.63% | 12.69% | 7.28% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Mid Capitalization Blend Category | 8.61% | 11.82% | 9.86% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $10663682 | **Advisory Fees Paid by the Fund** | $88766 |
| **Number of Portfolio Holdings** | 60 | **Portfolio Turnover Rate** | 152% |

---

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

![](spmax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Hubbell, Inc | 3.74 |
| Western Alliance Bancorp | 3.22 |
| Monolithic Power Systems, Inc | 3.10 |
| Coherent Corp | 3.09 |
| Zions Bancorp NA | 3.06 |
| Republic Services, Inc | 3.01 |
| Herc Holdings, Inc | 2.99 |
| BJ's Wholesale Club Holdings, Inc | 2.70 |
| Burlington Stores, Inc | 2.62 |
| Tradeweb Markets, Inc | 2.61 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SPMAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SPMCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $330 | 3.10% |

---

---

| |
|:---|
| **What affected the Fund's performance this period?** |
| During the period, stock selection and an overweight position in Industrials were the largest contributors to performance. GE Vernova Inc. was the top individual stock selection for the Fund. An overweight position within Consumer Discretionary, along with stock selection, delivered outperformance, with Royal Caribbean Group as the strongest performer in the sector. Stock selection and an overweight position within Utilities also contributed positively to performance, with Vistra Corp. as the top performer. Within Materials, stock selection delivered outperformance, with Vulcan Materials Company as the leading name. Stock selection within Financials contributed positively as well, led by Apollo Global Management Inc. Further contributing was stock selection within Real Estate, with Cushman & Wakefield Plc leading. An underweight position in Health Care, an underperforming sector, contributed to performance. Consumer Staples allocation and stock selection had no significant impact on the Fund.<br>The greatest detractor from Fund performance during the period was stock selection and an underweight in Information Technology. Monolithic Power Systems, Inc. detracted the most. An underweight to Energy, an outperforming sector, detracted from performance, as did stock selection within the sector, dragged down by Kosmos Energy Ltd. The Fund's underweight position in Communication Services also detracted from performance. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*

![](spmcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Mid Capitalization Fund, Class C (with load) | 12.10% | 12.30% | 6.71% |
| Saratoga Mid Capitalization Fund, Class C | 13.10% | 12.30% | 6.71% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Mid Capitalization Blend Category | 8.61% | 11.82% | 9.86% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $10663682 | **Advisory Fees Paid by the Fund** | $88766 |
| **Number of Portfolio Holdings** | 60 | **Portfolio Turnover Rate** | 152% |

---

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

![](spmcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Hubbell, Inc | 3.74 |
| Western Alliance Bancorp | 3.22 |
| Monolithic Power Systems, Inc | 3.10 |
| Coherent Corp | 3.09 |
| Zions Bancorp NA | 3.06 |
| Republic Services, Inc | 3.01 |
| Herc Holdings, Inc | 2.99 |
| BJ's Wholesale Club Holdings, Inc | 2.70 |
| Burlington Stores, Inc | 2.62 |
| Tradeweb Markets, Inc | 2.61 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SPMCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | **SARATOGA MID**<br> **CAPITALIZATION FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SMIPX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $238 | 2.22% |

---

---

| |
|:---|
| **What affected the Fund's performance this period?** |
| During the period, stock selection and an overweight position in Industrials were the largest contributors to performance. GE Vernova Inc. was the top individual stock selection for the Fund. An overweight position within Consumer Discretionary, along with stock selection, delivered outperformance, with Royal Caribbean Group as the strongest performer in the sector. Stock selection and an overweight position within Utilities also contributed positively to performance, with Vistra Corp. as the top performer. Within Materials, stock selection delivered outperformance, with Vulcan Materials Company as the leading name. Stock selection within Financials contributed positively as well, led by Apollo Global Management Inc. Further contributing was stock selection within Real Estate, with Cushman & Wakefield Plc leading. An underweight position in Health Care, an underperforming sector, contributed to performance. Consumer Staples allocation and stock selection had no significant impact on the Fund.<br>The greatest detractor from Fund performance during the period was stock selection and an underweight in Information Technology. Monolithic Power Systems, Inc. detracted the most. An underweight to Energy, an outperforming sector, detracted from performance, as did stock selection within the sector, dragged down by Kosmos Energy Ltd. The Fund's underweight position in Communication Services also detracted from performance. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*

![](smipx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Mid Capitalization Fund, Class I | 14.11% | 13.42% | 7.78% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Mid Capitalization Blend Category | 8.61% | 11.82% | 9.86% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $10663682 | **Advisory Fees Paid by the Fund** | $88766 |
| **Number of Portfolio Holdings** | 60 | **Portfolio Turnover Rate** | 152% |

---

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

![](smipx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Hubbell, Inc | 3.74 |
| Western Alliance Bancorp | 3.22 |
| Monolithic Power Systems, Inc | 3.10 |
| Coherent Corp | 3.09 |
| Zions Bancorp NA | 3.06 |
| Republic Services, Inc | 3.01 |
| Herc Holdings, Inc | 2.99 |
| BJ's Wholesale Club Holdings, Inc | 2.70 |
| Burlington Stores, Inc | 2.62 |
| Tradeweb Markets, Inc | 2.61 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SMIPX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SSCYX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $300 | 2.92% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| At the sector level, Industrials and Information Technology were consistent outperformers for the Fund. The Information Technology sector, which contributed heavily to positive performance in late 2024, ended as a detractor. Health Care and Energy detracted from performance as well, with weakness concentrated in clinical-stage biotech and smaller gas exploration and production companies. Financials provided moderate support in late 2024, but lagged in 2025, while Real Estate added modestly to performance and Utilities detracted slightly.<br>From a stock-selection perspective, contributors during the period were anchored by selection in Technology, Industrials, and select Financials. Credo Technology Group was a top contributor in 2025, riding the spending wave on AI-infrastructure as their high-speed connectivity chips and active electrical cables became critical to a growing number of data centers. In Financials, ProAssurance demonstrated how consistent underwriting improvements have the potential to generate durable returns within the small cap space.<br>Several Health Care and Consumer Discretionary names weighed on returns, reflecting the volatility often inherent in early-stage innovation and high-multiple growth segments. Arvinas was the largest detractor in early 2025. The biotech firm's pivotal trial for a vepdegestrant showed weaker-than-expected results, which damped the expectations for broad approval; the company cut R&D expenses to extend its cash runway, as the high-interest rate environment has weighed on its debt expenses. Janux Therapeutics followed a similar pattern. Despite promising pre-clinical data and strong backing, its early-stage immunotherapy platform seems to remain years from monetization. Limited catalysts during the period and risk-off sentiment across the biotech sector amplified downside. Wingstop was a top detractor from performance in late-2024. As costs rose, specifically that of bone-in chicken, margins weakened and pushed the stock lower. While the company has continued its aggressive expansion, the risks of supply chain scaling and new unit productivity weighed on investors. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sscyx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Small Capitalization Fund, Class A (with load) | -0.48% | 10.27% | 7.91% |
| Saratoga Small Capitalization Fund, Class A | 5.63% | 11.60% | 8.55% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Small Capitalization Blend Category | 6.17% | 11.65% | 8.89% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $6311809 | **Advisory Fees Paid by the Fund** | $42228 |
| **Number of Portfolio Holdings** | 102 | **Portfolio Turnover Rate** | 145% |

---

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

![](sscyx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 2.30 |
| Credo Technology Group Holding Ltd. | 2.00 |
| Comfort Systems USA, Inc | 1.81 |
| Rigel Pharmaceuticals, Inc | 1.81 |
| EMCOR Group, Inc | 1.77 |
| Stride, Inc | 1.77 |
| Watts Water Technologies, Inc | 1.74 |
| Atlanta Braves Holdings, Inc | 1.72 |
| Central Garden & Pet Company | 1.70 |
| Fabrinet | 1.70 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SSCYX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SSCCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $367 | 3.59% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| At the sector level, Industrials and Information Technology were consistent outperformers for the Fund. The Information Technology sector, which contributed heavily to positive performance in late 2024, ended as a detractor. Health Care and Energy detracted from performance as well, with weakness concentrated in clinical-stage biotech and smaller gas exploration and production companies. Financials provided moderate support in late 2024, but lagged in 2025, while Real Estate added modestly to performance and Utilities detracted slightly.<br>From a stock-selection perspective, contributors during the period were anchored by selection in Technology, Industrials, and select Financials. Credo Technology Group was a top contributor in 2025, riding the spending wave on AI-infrastructure as their high-speed connectivity chips and active electrical cables became critical to a growing number of data centers. In Financials, ProAssurance demonstrated how consistent underwriting improvements have the potential to generate durable returns within the small cap space.<br>Several Health Care and Consumer Discretionary names weighed on returns, reflecting the volatility often inherent in early-stage innovation and high-multiple growth segments. Arvinas was the largest detractor in early 2025. The biotech firm's pivotal trial for a vepdegestrant showed weaker-than-expected results, which damped the expectations for broad approval; the company cut R&D expenses to extend its cash runway, as the high-interest rate environment has weighed on its debt expenses. Janux Therapeutics followed a similar pattern. Despite promising pre-clinical data and strong backing, its early-stage immunotherapy platform seems to remain years from monetization. Limited catalysts during the period and risk-off sentiment across the biotech sector amplified downside. Wingstop was a top detractor from performance in late-2024. As costs rose, specifically that of bone-in chicken, margins weakened and pushed the stock lower. While the company has continued its aggressive expansion, the risks of supply chain scaling and new unit productivity weighed on investors. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](ssccx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Small Capitalization Fund, Class C (with load) | 3.20% | 10.89% | 7.89% |
| Saratoga Small Capitalization Fund, Class C | 4.20% | 10.89% | 7.89% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Small Capitalization Blend Category | 6.17% | 11.65% | 8.89% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $6311809 | **Advisory Fees Paid by the Fund** | $42228 |
| **Number of Portfolio Holdings** | 102 | **Portfolio Turnover Rate** | 145% |

---

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

![](ssccx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 2.30 |
| Credo Technology Group Holding Ltd. | 2.00 |
| Comfort Systems USA, Inc | 1.81 |
| Rigel Pharmaceuticals, Inc | 1.81 |
| EMCOR Group, Inc | 1.77 |
| Stride, Inc | 1.77 |
| Watts Water Technologies, Inc | 1.74 |
| Atlanta Braves Holdings, Inc | 1.72 |
| Central Garden & Pet Company | 1.70 |
| Fabrinet | 1.70 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SSCCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | **Saratoga SMALL**<br> **CAPITALIZATION Fund** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SSCPX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $258 | 2.50% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| At the sector level, Industrials and Information Technology were consistent outperformers for the Fund. The Information Technology sector, which contributed heavily to positive performance in late 2024, ended as a detractor. Health Care and Energy detracted from performance as well, with weakness concentrated in clinical-stage biotech and smaller gas exploration and production companies. Financials provided moderate support in late 2024, but lagged in 2025, while Real Estate added modestly to performance and Utilities detracted slightly.<br>From a stock-selection perspective, contributors during the period were anchored by selection in Technology, Industrials, and select Financials. Credo Technology Group was a top contributor in 2025, riding the spending wave on AI-infrastructure as their high-speed connectivity chips and active electrical cables became critical to a growing number of data centers. In Financials, ProAssurance demonstrated how consistent underwriting improvements have the potential to generate durable returns within the small cap space.<br>Several Health Care and Consumer Discretionary names weighed on returns, reflecting the volatility often inherent in early-stage innovation and high-multiple growth segments. Arvinas was the largest detractor in early 2025. The biotech firm's pivotal trial for a vepdegestrant showed weaker-than-expected results, which damped the expectations for broad approval; the company cut R&D expenses to extend its cash runway, as the high-interest rate environment has weighed on its debt expenses. Janux Therapeutics followed a similar pattern. Despite promising pre-clinical data and strong backing, its early-stage immunotherapy platform seems to remain years from monetization. Limited catalysts during the period and risk-off sentiment across the biotech sector amplified downside. Wingstop was a top detractor from performance in late-2024. As costs rose, specifically that of bone-in chicken, margins weakened and pushed the stock lower. While the company has continued its aggressive expansion, the risks of supply chain scaling and new unit productivity weighed on investors. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sscpx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Small Capitalization Fund, Class I | 6.00% | 12.02% | 8.94% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Small Capitalization Blend Category | 6.17% | 11.65% | 8.89% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $6311809 | **Advisory Fees Paid by the Fund** | $42228 |
| **Number of Portfolio Holdings** | 102 | **Portfolio Turnover Rate** | 145% |

---

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

![](sscpx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 2.30 |
| Credo Technology Group Holding Ltd. | 2.00 |
| Comfort Systems USA, Inc | 1.81 |
| Rigel Pharmaceuticals, Inc | 1.81 |
| EMCOR Group, Inc | 1.77 |
| Stride, Inc | 1.77 |
| Watts Water Technologies, Inc | 1.74 |
| Atlanta Braves Holdings, Inc | 1.72 |
| Central Garden & Pet Company | 1.70 |
| Fabrinet | 1.70 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SSCPX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SIEYX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $364 | 3.30% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| From a regional perspective, Developed Europe was the largest driver of outperformance during the period, led by Spanish and Italian banks Banco Santander, CaixaBank, and Intesa Sanpaolo, as well as industrial holdings in the UK (Rolls-Royce) and Germany (GEA Group). Overweights to Spain and Italy were additive. The Fund's best stock selection was in Spain and the UK while the worst was in Israel and Denmark.<br>The largest detractor from a regional perspective was Emerging Asia. Thailand was the biggest drag on relative return, due in large part to underperformance by hospital operator Bumrungrad and convenience store operator CP ALL. Stock selection within China was a significant positive, though that was partially offset by an underweight to the country more broadly, as China was one of the best performers in the benchmark over the twelve-month period. Conversely, an underweight to India helped performance.<br>From a sector view, the Industrials sector had the strongest outperformance, led by UK aerospace and defense company Rolls-Royce and Japanese machinery maker Mitsubishi Heavy Industries. The Materials sector was the second largest contributor to excess return, thanks to Canadian gold mine operator Kinross Gold. The Communication sector was the primary detractor during the period due to underperformance from Brazilian wireless services provider TIM SA, and strong performance from several Communications companies the Fund did not hold, such as Tencent. Health Care was the second largest detractor, with Thai hospital operator Bumrungrad and Denmark-based pharmaceutical company Novo Nordisk having the biggest drag. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sieyx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga International Equity Fund, Class A (with load) | 13.71% | 8.97% | 3.81% |
| Saratoga International Equity Fund, Class A | 20.68% | 10.26% | 4.43% |
| MSCI ACWI Ex-USA Index | 15.42% | 8.94% | 7.33% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3304449 | **Advisory Fees Paid by the Fund** | $8198 |
| **Number of Portfolio Holdings** | 42 | **Portfolio Turnover Rate** | 41% |

---

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

![](sieyx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Kinross Gold Corp | 4.04 |
| Rolls-Royce Holdings plc | 3.46 |
| CaixaBank S. A. | 3.16 |
| GEA Group A. G. | 3.08 |
| Banco Santander SA | 2.98 |
| Intesa Sanpaolo SpA | 2.97 |
| DBS Group Holdings Ltd | 2.91 |
| Mitsubishi Heavy Industries Ltd | 2.90 |
| Xiaomi Corp | 2.81 |
| Taiwan Semiconductor Manufacturing | 2.79 |

---

---

| | |
|:---|:---|
| **Regional Exposure (%)** | **Regional Exposure (%)** |
| Americas | 5.4 |
| Greater Europe | 45.0 |
| Greater Asia | 49.6 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SIEYX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SIECX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $429 | 3.90% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| From a regional perspective, Developed Europe was the largest driver of outperformance during the period, led by Spanish and Italian banks Banco Santander, CaixaBank, and Intesa Sanpaolo, as well as industrial holdings in the UK (Rolls-Royce) and Germany (GEA Group). Overweights to Spain and Italy were additive. The Fund's best stock selection was in Spain and the UK while the worst was in Israel and Denmark.<br>The largest detractor from a regional perspective was Emerging Asia. Thailand was the biggest drag on relative return, due in large part to underperformance by hospital operator Bumrungrad and convenience store operator CP ALL. Stock selection within China was a significant positive, though that was partially offset by an underweight to the country more broadly, as China was one of the best performers in the benchmark over the twelve-month period. Conversely, an underweight to India helped performance.<br>From a sector view, the Industrials sector had the strongest outperformance, led by UK aerospace and defense company Rolls-Royce and Japanese machinery maker Mitsubishi Heavy Industries. The Materials sector was the second largest contributor to excess return, thanks to Canadian gold mine operator Kinross Gold. The Communication sector was the primary detractor during the period due to underperformance from Brazilian wireless services provider TIM SA, and strong performance from several Communications companies the Fund did not hold, such as Tencent. Health Care was the second largest detractor, with Thai hospital operator Bumrungrad and Denmark-based pharmaceutical company Novo Nordisk having the biggest drag. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](siecx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga International Equity Fund, Class C (with load) | 19.08% | 9.61% | 3.80% |
| Saratoga International Equity Fund, Class C | 20.08% | 9.61% | 3.80% |
| MSCI ACWI Ex-USA Index | 15.42% | 8.94% | 7.33% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3304449 | **Advisory Fees Paid by the Fund** | $8198 |
| **Number of Portfolio Holdings** | 42 | **Portfolio Turnover Rate** | 41% |

---

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

![](siecx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Kinross Gold Corp | 4.04 |
| Rolls-Royce Holdings plc | 3.46 |
| CaixaBank S. A. | 3.16 |
| GEA Group A. G. | 3.08 |
| Banco Santander SA | 2.98 |
| Intesa Sanpaolo SpA | 2.97 |
| DBS Group Holdings Ltd | 2.91 |
| Mitsubishi Heavy Industries Ltd | 2.90 |
| Xiaomi Corp | 2.81 |
| Taiwan Semiconductor Manufacturing | 2.79 |

---

---

| | |
|:---|:---|
| **Regional Exposure (%)** | **Regional Exposure (%)** |
| Americas | 5.4 |
| Greater Europe | 45.0 |
| Greater Asia | 49.6 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SIECX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | **SARATOGA INTERNATIONAL**<br> **EQUITY FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SIEPX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $321 | 2.90% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| From a regional perspective, Developed Europe was the largest driver of outperformance during the period, led by Spanish and Italian banks Banco Santander, CaixaBank, and Intesa Sanpaolo, as well as industrial holdings in the UK (Rolls-Royce) and Germany (GEA Group). Overweights to Spain and Italy were additive. The Fund's best stock selection was in Spain and the UK while the worst was in Israel and Denmark.<br>The largest detractor from a regional perspective was Emerging Asia. Thailand was the biggest drag on relative return, due in large part to underperformance by hospital operator Bumrungrad and convenience store operator CP ALL. Stock selection within China was a significant positive, though that was partially offset by an underweight to the country more broadly, as China was one of the best performers in the benchmark over the twelve-month period. Conversely, an underweight to India helped performance.<br>From a sector view, the Industrials sector had the strongest outperformance, led by UK aerospace and defense company Rolls-Royce and Japanese machinery maker Mitsubishi Heavy Industries. The Materials sector was the second largest contributor to excess return, thanks to Canadian gold mine operator Kinross Gold. The Communication sector was the primary detractor during the period due to underperformance from Brazilian wireless services provider TIM SA, and strong performance from several Communications companies the Fund did not hold, such as Tencent. Health Care was the second largest detractor, with Thai hospital operator Bumrungrad and Denmark-based pharmaceutical company Novo Nordisk having the biggest drag. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](siepx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga International Equity Fund, Class I | 21.25% | 10.71% | 4.85% |
| MSCI ACWI Ex-USA Index | 15.42% | 8.94% | 7.33% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3304449 | **Advisory Fees Paid by the Fund** | $8198 |
| **Number of Portfolio Holdings** | 42 | **Portfolio Turnover Rate** | 41% |

---

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

![](siepx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Kinross Gold Corp | 4.04 |
| Rolls-Royce Holdings plc | 3.46 |
| CaixaBank S. A. | 3.16 |
| GEA Group A. G. | 3.08 |
| Banco Santander SA | 2.98 |
| Intesa Sanpaolo SpA | 2.97 |
| DBS Group Holdings Ltd | 2.91 |
| Mitsubishi Heavy Industries Ltd | 2.90 |
| Xiaomi Corp | 2.81 |
| Taiwan Semiconductor Manufacturing | 2.79 |

---

---

| | |
|:---|:---|
| **Regional Exposure (%)** | **Regional Exposure (%)** |
| Americas | 5.4 |
| Greater Europe | 45.0 |
| Greater Asia | 49.6 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SIEPX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SHPAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $283 | 3.00% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| From an industry perspective, Fund holdings in Healthcare Distributors & Facilities companies demonstrated relative strength, while Managed Healthcare and Pharmaceutical names underperformed. Healthcare Distributors delivered strong performance as volumes continued to grow broadly, supported by demographic tailwinds from an aging population and higher utilization of medical services. On the other side of the ledger, the Fund's allocation to Managed Healthcare stocks lagged over the period, pressured by mounting regulatory scrutiny, elevated patient utilization, and rising operating costs. A slight underweight to the Managed Healthcare sector drove positive relative allocation performance, though that was not enough to cancel out negative stock selection performance.<br>Regarding individual holdings, Cardinal Health, one of the three largest US Healthcare Distributors & Facilities companies, distinguished itself via robust earnings growth and disciplined operational execution. Managed Healthcare company Molina was a significant detractor, as accelerating medical expense trends eroded profitability and weighed on results. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](shpax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Health & Biotechnology Fund, Class A (with load) | -16.26% | 3.62% | 3.84% |
| Saratoga Health & Biotechnology Fund, Class A | -11.15% | 4.86% | 4.46% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Health Category | -7.51% | 2.26% | 5.43% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $9852076 | **Advisory Fees Paid by the Fund** | $136338 |
| **Number of Portfolio Holdings** | 28 | **Portfolio Turnover Rate** | 22% |

---

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

![](shpax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Amgen Inc | 5.80 |
| Cencora Inc | 5.70 |
| McKesson Corp | 5.60 |
| Cardinal Health, Inc | 5.20 |
| Novartis A. G. | 4.80 |
| Exelixis Inc | 4.70 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 4.40 |
| United Therapeutics Corp | 4.30 |
| Jazz Pharmaceuticals plc | 4.20 |
| The Cigna Group | 4.20 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SHPAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SHPCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $339 | 3.60% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| From an industry perspective, Fund holdings in Healthcare Distributors & Facilities companies demonstrated relative strength, while Managed Healthcare and Pharmaceutical names underperformed. Healthcare Distributors delivered strong performance as volumes continued to grow broadly, supported by demographic tailwinds from an aging population and higher utilization of medical services. On the other side of the ledger, the Fund's allocation to Managed Healthcare stocks lagged over the period, pressured by mounting regulatory scrutiny, elevated patient utilization, and rising operating costs. A slight underweight to the Managed Healthcare sector drove positive relative allocation performance, though that was not enough to cancel out negative stock selection performance.<br>Regarding individual holdings, Cardinal Health, one of the three largest US Healthcare Distributors & Facilities companies, distinguished itself via robust earnings growth and disciplined operational execution. Managed Healthcare company Molina was a significant detractor, as accelerating medical expense trends eroded profitability and weighed on results. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](shpcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Health & Biotechnology Fund, Class C (with load) | -12.65% | 4.24% | 3.84% |
| Saratoga Health & Biotechnology Fund, Class C | -11.65% | 4.24% | 3.84% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Health Category | -7.51% | 2.26% | 5.43% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $9852076 | **Advisory Fees Paid by the Fund** | $136338 |
| **Number of Portfolio Holdings** | 28 | **Portfolio Turnover Rate** | 22% |

---

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

![](shpcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Amgen Inc | 5.80 |
| Cencora Inc | 5.70 |
| McKesson Corp | 5.60 |
| Cardinal Health, Inc | 5.20 |
| Novartis A. G. | 4.80 |
| Exelixis Inc | 4.70 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 4.40 |
| United Therapeutics Corp | 4.30 |
| Jazz Pharmaceuticals plc | 4.20 |
| The Cigna Group | 4.20 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SHPCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | **SARATOGA HEALTH &**<br> **BIOTECHNOLOGY FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SBHIX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $246 | 2.60% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| From an industry perspective, Fund holdings in Healthcare Distributors & Facilities companies demonstrated relative strength, while Managed Healthcare and Pharmaceutical names underperformed. Healthcare Distributors delivered strong performance as volumes continued to grow broadly, supported by demographic tailwinds from an aging population and higher utilization of medical services. On the other side of the ledger, the Fund's allocation to Managed Healthcare stocks lagged over the period, pressured by mounting regulatory scrutiny, elevated patient utilization, and rising operating costs. A slight underweight to the Managed Healthcare sector drove positive relative allocation performance, though that was not enough to cancel out negative stock selection performance.<br>Regarding individual holdings, Cardinal Health, one of the three largest US Healthcare Distributors & Facilities companies, distinguished itself via robust earnings growth and disciplined operational execution. Managed Healthcare company Molina was a significant detractor, as accelerating medical expense trends eroded profitability and weighed on results. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sbhix_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Health & Biotechnology Fund, Class I | -10.79% | 5.28% | 4.88% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Health Category | -7.51% | 2.26% | 5.43% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $9852076 | **Advisory Fees Paid by the Fund** | $136338 |
| **Number of Portfolio Holdings** | 28 | **Portfolio Turnover Rate** | 22% |

---

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

![](sbhix_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Amgen Inc | 5.80 |
| Cencora Inc | 5.70 |
| McKesson Corp | 5.60 |
| Cardinal Health, Inc | 5.20 |
| Novartis A. G. | 4.80 |
| Exelixis Inc | 4.70 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 4.40 |
| United Therapeutics Corp | 4.30 |
| Jazz Pharmaceuticals plc | 4.20 |
| The Cigna Group | 4.20 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SBHIX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | STPAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $306 | 2.82% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| Stock selection drove performance in the Fund during the period.<br>Oracle led the way. The software provider is experiencing robust demand for its cloud infrastructure offerings and, as a software-focused firm, potentially faces less exposure to tariff risks compared to companies in other Technology sub-sectors. Alphabet, NVIDIA, and Broadcom also posted strong performance.<br>Qualcomm was the period's biggest detractor, challenged by tariff-related geopolitical risks and slowing global smartphone shipments. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](stpax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Technology & Communications Fund, Class A (with load) | 10.61% | 8.31% | 14.13% |
| Saratoga Technology & Communications Fund, Class A | 17.36% | 9.60% | 14.80% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $42687485 | **Advisory Fees Paid by the Fund** | $519415 |
| **Number of Portfolio Holdings** | 25 | **Portfolio Turnover Rate** | 7% |

---

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

![](stpax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Microsoft Corp | 8.60 |
| Amazon.com, Inc | 8.58 |
| Alphabet Inc, Class C | 7.71 |
| Oracle Corp | 6.79 |
| NVIDIA Corp | 6.49 |
| Visa, Inc Class A | 6.06 |
| KLA Corp | 5.69 |
| Meta Platforms, Inc Class A | 5.19 |
| Cisco Systems Inc | 5.18 |
| Broadcom, Inc | 4.53 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-STPAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | STPCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $371 | 3.42% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| Stock selection drove performance in the Fund during the period.<br>Oracle led the way. The software provider is experiencing robust demand for its cloud infrastructure offerings and, as a software-focused firm, potentially faces less exposure to tariff risks compared to companies in other Technology sub-sectors. Alphabet, NVIDIA, and Broadcom also posted strong performance.<br>Qualcomm was the period's biggest detractor, challenged by tariff-related geopolitical risks and slowing global smartphone shipments. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](stpcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Technology & Communications Fund, Class C (with load) | 15.68% | 8.93% | 14.25% |
| Saratoga Technology & Communications Fund, Class C | 16.68% | 8.93% | 14.25% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $42687485 | **Advisory Fees Paid by the Fund** | $519415 |
| **Number of Portfolio Holdings** | 25 | **Portfolio Turnover Rate** | 7% |

---

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

![](stpcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Microsoft Corp | 8.60 |
| Amazon.com, Inc | 8.58 |
| Alphabet Inc, Class C | 7.71 |
| Oracle Corp | 6.79 |
| NVIDIA Corp | 6.49 |
| Visa, Inc Class A | 6.06 |
| KLA Corp | 5.69 |
| Meta Platforms, Inc Class A | 5.19 |
| Cisco Systems Inc | 5.18 |
| Broadcom, Inc | 4.53 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-STPCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | **Saratoga TECHNOLOGY &**<br> **COMMUNICATIONS Fund** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | STPIX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $264 | 2.42% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| Stock selection drove performance in the Fund during the period.<br>Oracle led the way. The software provider is experiencing robust demand for its cloud infrastructure offerings and, as a software-focused firm, potentially faces less exposure to tariff risks compared to companies in other Technology sub-sectors. Alphabet, NVIDIA, and Broadcom also posted strong performance.<br>Qualcomm was the period's biggest detractor, challenged by tariff-related geopolitical risks and slowing global smartphone shipments. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](stpix_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Technology & Communications Fund, Class I | 17.85% | 10.01% | 15.40% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $42687485 | **Advisory Fees Paid by the Fund** | $519415 |
| **Number of Portfolio Holdings** | 25 | **Portfolio Turnover Rate** | 7% |

---

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

![](stpix_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Microsoft Corp | 8.60 |
| Amazon.com, Inc | 8.58 |
| Alphabet Inc, Class C | 7.71 |
| Oracle Corp | 6.79 |
| NVIDIA Corp | 6.49 |
| Visa, Inc Class A | 6.06 |
| KLA Corp | 5.69 |
| Meta Platforms, Inc Class A | 5.19 |
| Cisco Systems Inc | 5.18 |
| Broadcom, Inc | 4.53 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-STPIX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SBMBX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Energy & Basic Materials Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Energy & Basic Materials Fund, Class A | $336 | 3.40% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| The Fund's Energy holdings posted negative performance for the period. Oil & Gas Exploration & Production (E&P) holdings were the biggest detractors, while Integrated Oil & Gas holdings were the largest contributors. Oil & Gas services company Technip Energies of France was the top returner among sector holdings while oil-levered U.S. E&P Civitas Resources had the largest decline.<br>The Fund's Basic Materials holdings were also down for the period. Holdings in the Chemicals industry were the worst detractors, while Containers & Packaging holdings were the lead contributors. Canada-based gold miner Kinross Gold was the top individual contributor in the Materials sector, and the Fund as a whole, over the period. Dow Chemical was the biggest drag on performance for the sector, and for the Fund overall.<br>From an allocation standpoint, an overweight to the Exploration & Production industry and an underweight to the Storage & Transportation industry detracted from excess return, while underweights to the Containers & Packaging and Energy Equipment & Services industries added to excess return. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sbmbx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Energy & Basic Materials Fund, Class A (with load) | -8.17% | 10.77% | 1.29% |
| Saratoga Energy & Basic Materials Fund, Class A | -2.57% | 12.10% | 1.89% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Equity Energy Category | 1.78% | 21.39% | 3.08% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1013912 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 45 | **Portfolio Turnover Rate** | 15% |

---

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

![](sbmbx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Exxon Mobil Corp | 7.62 |
| Chevron Corp | 7.24 |
| Linde, plc | 4.15 |
| Rio Tinto PLC ADR | 3.74 |
| Kinross Gold Corp | 3.42 |
| EOG Resources Inc | 3.34 |
| Petroleo Brasileiro SA Petrobras A | 3.32 |
| Kinder Morgan Inc Class P | 3.18 |
| Eni SpA ADR | 3.00 |
| Suncor Energy Inc | 2.82 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SBMBX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SEPCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Energy & Basic Materials Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Energy & Basic Materials Fund, Class C | $394 | 4.00% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| The Fund's Energy holdings posted negative performance for the period. Oil & Gas Exploration & Production (E&P) holdings were the biggest detractors, while Integrated Oil & Gas holdings were the largest contributors. Oil & Gas services company Technip Energies of France was the top returner among sector holdings while oil-levered U.S. E&P Civitas Resources had the largest decline.<br>The Fund's Basic Materials holdings were also down for the period. Holdings in the Chemicals industry were the worst detractors, while Containers & Packaging holdings were the lead contributors. Canada-based gold miner Kinross Gold was the top individual contributor in the Materials sector, and the Fund as a whole, over the period. Dow Chemical was the biggest drag on performance for the sector, and for the Fund overall. <br> From an allocation standpoint, an overweight to the Exploration & Production industry and an underweight to the Storage & Transportation industry detracted from excess return, while underweights to the Containers & Packaging and Energy Equipment & Services industries added to excess return. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sepcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Energy & Basic Materials Fund, Class C (with load) | -4.19% | 11.39% | 1.42% |
| Saratoga Energy & Basic Materials Fund, Class C | -3.19% | 11.39% | 1.42% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Equity Energy Category | 1.78% | 21.39% | 3.08% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1013912 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 45 | **Portfolio Turnover Rate** | 15% |

---

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

![](sepcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Exxon Mobil Corp | 7.62 |
| Chevron Corp | 7.24 |
| Linde, plc | 4.15 |
| Rio Tinto PLC ADR | 3.74 |
| Kinross Gold Corp | 3.42 |
| EOG Resources Inc | 3.34 |
| Petroleo Brasileiro SA Petrobras A | 3.32 |
| Kinder Morgan Inc Class P | 3.18 |
| Eni SpA ADR | 3.00 |
| Suncor Energy Inc | 2.82 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SEPCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | **SARATOGA ENERGY &**<br> **BASIC MATERIALS FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SEPIX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Energy & Basic Materials Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Energy & Basic Materials Fund, Class I | $297 | 3.00% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| The Fund's Energy holdings posted negative performance for the period. Oil & Gas Exploration & Production (E&P) holdings were the biggest detractors, while Integrated Oil & Gas holdings were the largest contributors. Oil & Gas services company Technip Energies of France was the top returner among sector holdings while oil-levered U.S. E&P Civitas Resources had the largest decline.<br>The Fund's Basic Materials holdings were also down for the period. Holdings in the Chemicals industry were the worst detractors, while Containers & Packaging holdings were the lead contributors. Canada-based gold miner Kinross Gold was the top individual contributor in the Materials sector, and the Fund as a whole, over the period. Dow Chemical was the biggest drag on performance for the sector, and for the Fund overall.<br>From an allocation standpoint, an overweight to the Exploration & Production industry and an underweight to the Storage & Transportation industry detracted from excess return, while underweights to the Containers & Packaging and Energy Equipment & Services industries added to excess return. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sepix_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Energy & Basic Materials Fund, Class I | -2.10% | 12.54% | 2.29% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Equity Energy Category | 1.78% | 21.39% | 3.08% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1013912 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 45 | **Portfolio Turnover Rate** | 15% |

---

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

![](sepix_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Exxon Mobil Corp | 7.62 |
| Chevron Corp | 7.24 |
| Linde, plc | 4.15 |
| Rio Tinto PLC ADR | 3.74 |
| Kinross Gold Corp | 3.42 |
| EOG Resources Inc | 3.34 |
| Petroleo Brasileiro SA Petrobras A | 3.32 |
| Kinder Morgan Inc Class P | 3.18 |
| Eni SpA ADR | 3.00 |
| Suncor Energy Inc | 2.82 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SEPIX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SFPAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Financial Services Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Financial Services Fund, Class A | $370 | 3.40% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| Positive stock-selection performance in the Fund during the period was driven in part by Electronic Brokerage company Interactive Brokers Group and Digital Technology company Toast Inc, a platform serving the restaurant industry. Interactive Brokers is seeing record revenues propelled by higher net interest income, increased trading activity by clients, and robust account growth. In addition, the Fund's underweight to Financial Services company Berkshire Hathaway and to Transaction & Payment Processing firm Fiserv was additive to relative performance.<br>Key detractors from relative returns were Life & Health Insurance company Aflac and Property & Casualty Insurance company Chubb. Aflac underperformed due to a variety of factors including net investment losses, slowing growth in Japan (which is a large market for the company), and macroeconomic uncertainty. Not holding Online Brokerage company Robinhood Markets was the biggest drag on relative return, followed by the Fund's underweight to Diversified Banking company JPMorgan Chase.<br>Allocation effect was negative for the period, though this was primarily due to a relatively small cash position in the Fund during a strong upmarket, where any allocation to cash was a headwind. In terms of industry allocation, an overweight to Consumer Finance holdings was a benefit while an underweight to Banks was a slight negative. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sfpax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Financial Services Fund, Class A (with load) | 11.06% | 13.76% | 7.67% |
| Saratoga Financial Services Fund, Class A | 17.86% | 15.12% | 8.31% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Financial Category | 19.60% | 17.07% | 10.49% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1057098 | **Advisory Fees Paid by the Fund** | $3587 |
| **Number of Portfolio Holdings** | 49 | **Portfolio Turnover Rate** | 3% |

---

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

![](sfpax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Berkshire Hathaway Inc Class B | 9.47 |
| JPMorgan Chase & Co | 4.51 |
| Bank of America Corp | 4.30 |
| Mastercard Inc Class A | 4.28 |
| Visa Inc Class A | 4.13 |
| Wells Fargo & Co | 3.64 |
| Chubb Ltd | 3.28 |
| CME Group Inc | 3.20 |
| Aflac Inc | 3.15 |
| Capital One Financial Corp | 3.10 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SFPAX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SFPCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Financial Services Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Financial Services Fund, Class C | $442 | 4.00% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| Positive stock-selection performance in the Fund during the period was driven in part by Electronic Brokerage company Interactive Brokers Group and Digital Technology company Toast Inc, a platform serving the restaurant industry. Interactive Brokers is seeing record revenues propelled by higher net interest income, increased trading activity by clients, and robust account growth. In addition, the Fund's underweight to Financial Services company Berkshire Hathaway and to Transaction & Payment Processing firm Fiserv was additive to relative performance.<br>Key detractors from relative returns were Life & Health Insurance company Aflac and Property & Casualty Insurance company Chubb. Aflac underperformed due to a variety of factors including net investment losses, slowing growth in Japan (which is a large market for the company), and macroeconomic uncertainty. Not holding Online Brokerage company Robinhood Markets was the biggest drag on relative return, followed by the Fund's underweight to Diversified Banking company JPMorgan Chase.<br>Allocation effect was negative for the period, though this was primarily due to a relatively small cash position in the Fund during a strong upmarket, where any allocation to cash was a headwind. In terms of industry allocation, an overweight to Consumer Finance holdings was a benefit while an underweight to Banks was a slight negative. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sfpcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Financial Services Fund, Class C (with load) | 20.20% | 17.99% | 9.33% |
| Saratoga Financial Services Fund, Class C | 21.20% | 17.99% | 9.33% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Financial Category | 19.60% | 17.07% | 10.49% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1057098 | **Advisory Fees Paid by the Fund** | $3587 |
| **Number of Portfolio Holdings** | 49 | **Portfolio Turnover Rate** | 3% |

---

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

![](sfpcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Berkshire Hathaway Inc Class B | 9.47 |
| JPMorgan Chase & Co | 4.51 |
| Bank of America Corp | 4.30 |
| Mastercard Inc Class A | 4.28 |
| Visa Inc Class A | 4.13 |
| Wells Fargo & Co | 3.64 |
| Chubb Ltd | 3.28 |
| CME Group Inc | 3.20 |
| Aflac Inc | 3.15 |
| Capital One Financial Corp | 3.10 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SFPCX

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| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | **SARATOGA FINANCIAL**<br> **SERVICES FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SFPIX | Class I |  |

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This annual shareholder report contains important information about the Saratoga Financial Services Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

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| | | |
|:---|:---|:---|
| **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Financial Services Fund, Class I | $328 | 3.00% |

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| |
|:---|
| **What affected the Fund's performance during this period?** |
| Positive stock-selection performance in the Fund during the period was driven in part by Electronic Brokerage company Interactive Brokers Group and Digital Technology company Toast Inc, a platform serving the restaurant industry. Interactive Brokers is seeing record revenues propelled by higher net interest income, increased trading activity by clients, and robust account growth. In addition, the Fund's underweight to Financial Services company Berkshire Hathaway and to Transaction & Payment Processing firm Fiserv was additive to relative performance.<br>Key detractors from relative returns were Life & Health Insurance company Aflac and Property & Casualty Insurance company Chubb. Aflac underperformed due to a variety of factors including net investment losses, slowing growth in Japan (which is a large market for the company), and macroeconomic uncertainty. Not holding Online Brokerage company Robinhood Markets was the biggest drag on relative return, followed by the Fund's underweight to Diversified Banking company JPMorgan Chase.<br>Allocation effect was negative for the period, though this was primarily due to a relatively small cash position in the Fund during a strong upmarket, where any allocation to cash was a headwind. In terms of industry allocation, an overweight to Consumer Finance holdings was a benefit while an underweight to Banks was a slight negative. |

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**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sfpix_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Financial Services Fund, Class I | 18.41% | 15.58% | 8.75% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.74% | 14.60% |
| Morningstar US Fund Financial Category | 19.60% | 17.07% | 10.49% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

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| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1057098 | **Advisory Fees Paid by the Fund** | $3587 |
| **Number of Portfolio Holdings** | 49 | **Portfolio Turnover Rate** | 3% |

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

![](sfpix_002.jpg)

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| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Berkshire Hathaway Inc Class B | 9.47 |
| JPMorgan Chase & Co | 4.51 |
| Bank of America Corp | 4.30 |
| Mastercard Inc Class A | 4.28 |
| Visa Inc Class A | 4.13 |
| Wells Fargo & Co | 3.64 |
| Chubb Ltd | 3.28 |
| CME Group Inc | 3.20 |
| Aflac Inc | 3.15 |
| Capital One Financial Corp | 3.10 |

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| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SFPIX

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| | | | | |
|:---|:---|:---|:---|:---|
| **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) |
| Annual Shareholder Report | 8/31/2025 | SQBAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $219 | 2.16% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance was largely driven by an overweight to the Intermediate-Term debt sector. This overweight benefited performance, as the Intermediate-Term debt sector outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sqbax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Investment Quality Bond Fund, Class A (with load) | -3.13% | -0.72% | 0.29% |
| Saratoga Investment Quality Bond Fund, Class A | 2.76% | 0.47% | 0.89% |
| Bloomberg US Aggregate Bond Index | 3.14% | -0.68% | 1.80% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $8512445 | **Advisory Fees Paid by the Fund** | $55725 |
| **Number of Portfolio Holdings** | 3 | **Portfolio Turnover Rate** | 29% |

---

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

![](sqbax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 91.60 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 5.10 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.30 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SQBAX

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| | | | | |
|:---|:---|:---|:---|:---|
| **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) |
| Annual Shareholder Report | 8/31/2025 | SQBCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $259 | 2.56% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance was largely driven by an overweight to the Intermediate-Term debt sector. This overweight benefited performance, as the Intermediate-Term debt sector outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sqbcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Investment Quality Bond Fund, Class C (with load) | 1.27% | -0.15% | 0.39% |
| Saratoga Investment Quality Bond Fund, Class C | 2.27% | -0.15% | 0.39% |
| Bloomberg US Aggregate Bond Index | 3.14% | -0.68% | 1.80% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $8512445 | **Advisory Fees Paid by the Fund** | $55725 |
| **Number of Portfolio Holdings** | 3 | **Portfolio Turnover Rate** | 29% |

---

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

![](sqbcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 91.60 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 5.10 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.30 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SIBPX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $178 | 1.75% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance was largely driven by an overweight to the Intermediate-Term debt sector. This overweight benefited performance, as the Intermediate-Term debt sector outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sibpx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Investment Quality Bond Fund, Class I | 3.32% | 0.87% | 1.27% |
| Bloomberg US Aggregate Bond Index | 3.14% | -0.68% | 1.80% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $8512445 | **Advisory Fees Paid by the Fund** | $55725 |
| **Number of Portfolio Holdings** | 3 | **Portfolio Turnover Rate** | 29% |

---

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

![](sibpx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 91.60 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 5.10 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 3.30 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SIBPX

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| | | | | |
|:---|:---|:---|:---|:---|
| **SARATOGA MUNICIPAL<br> BOND FUND** | **SARATOGA MUNICIPAL<br> BOND FUND** | **SARATOGA MUNICIPAL<br> BOND FUND** | **SARATOGA MUNICIPAL<br> BOND FUND** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SMBAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Municipal Bond Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Municipal Bond Fund, Class A | $229 | 2.30% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance was largely driven by its allocation to the Intermediate-Term Municipal debt sector. This overweight benefited performance, as the Intermediate-Term Municipal debt sector outperformed the broad municipal bond market.<br>From a security-selection standpoint, the Fund's use of the Vanguard Intermediate-Term Tax-Exempt Bond fund helped performance, as it generally outperformed its active counterparts. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](smbax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Municipal Bond Fund, Class A (with load) | -6.29% | -1.88% | -1.02% |
| Saratoga Municipal Bond Fund, Class A | -0.58% | -0.71% | -0.44% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

*Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $266550 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 1 | **Portfolio Turnover Rate** | 4% |

---

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

![](smbax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class | 100 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SMBAX

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| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga MUNICIPAL**<br> **BOND Fund** | **Saratoga MUNICIPAL**<br> **BOND Fund** | **Saratoga MUNICIPAL**<br> **BOND Fund** | **Saratoga MUNICIPAL**<br> **BOND Fund** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SMBCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Municipal Bond Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Municipal Bond Fund, Class C | $288 | 2.90% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance was largely driven by its allocation to the Intermediate-Term Municipal debt sector. This overweight benefited performance, as the Intermediate-Term Municipal debt sector outperformed the broad municipal bond market.<br>From a security-selection standpoint, the Fund's use of the Vanguard Intermediate-Term Tax-Exempt Bond fund helped performance, as it generally outperformed its active counterparts. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*

 

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Municipal Bond Fund, Class C (with load) | -2.23% | -1.24% | -0.67% |
| Saratoga Municipal Bond Fund, Class C | -1.23% | -1.24% | -0.67% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $266550 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 1 | **Portfolio Turnover Rate** | 4% |

---

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

![](smbcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class | 100 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SMBCX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Saratoga MUNICIPAL**<br> **BOND Fund** | **Saratoga MUNICIPAL**<br> **BOND Fund** | **Saratoga MUNICIPAL**<br> **BOND Fund** | **Saratoga MUNICIPAL**<br> **BOND Fund** | ![](logo.jpg) |
| Annual Shareholder Report | 8/31/2025 | SMBPX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Municipal Bond Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** |
| **Fund** | **Costs of a $10,000 Investment** | **Costs paid as a % of a $10,000 Investment** |
| Saratoga Municipal Bond Fund, Class I | $190 | 1.90% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance was largely driven by its allocation to the Intermediate-Term Municipal debt sector. This overweight benefited performance, as the Intermediate-Term Municipal debt sector outperformed the broad municipal bond market.<br>From a security-selection standpoint, the Fund's use of the Vanguard Intermediate-Term Tax-Exempt Bond fund helped performance, as it generally outperformed its active counterparts. |

---

**How did the Fund perform over the past 10 years?**

*The chart below represents the historical performance of a hypothetical $10,000 investment over the past 10 years in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*

 

![](smbpx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **10 Years** |
| Saratoga Municipal Bond Fund, Class I | -0.22% | -0.34% | -0.10% |
| Bloomberg Municipal Bond Index | 0.08% | 0.40% | 2.18% |

---

 *Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $266550 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 1 | **Portfolio Turnover Rate** | 4% |

---

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

![](smbpx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class | 100 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SMBPX

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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) |
| Annual Shareholder Report | 8/31/2025 | SGAXX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $184 | 1.82% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $4768750 | **Advisory Fees Paid by the Fund** | $22729 |
| **Number of Portfolio Holdings** | 4 | **Portfolio Turnover Rate** | NA |

---

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

![](sgaxx_001.jpg)

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SZCXX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $252 | 2.49% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $4768750 | **Advisory Fees Paid by the Fund** | $22729 |
| **Number of Portfolio Holdings** | 4 | **Portfolio Turnover Rate** | NA |

---

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

![](szcxx_001.jpg)

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SGMXX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $140 | 1.38% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $4768750 | **Advisory Fees Paid by the Fund** | $22729 |
| **Number of Portfolio Holdings** | 4 | **Portfolio Turnover Rate** | NA |

---

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

![](sgmxx_001.jpg)

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SABAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $131 | 1.24% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash. However, an underweight to equities versus the benchmark was the largest drag on the Fund's relative performance.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sabax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Aggressive Balanced Allocation Fund, Class A (with load) | 4.94% | 7.93% | 6.44% |
| Saratoga Aggressive Balanced Allocation Fund, Class A | 11.35% | 9.21% | 7.26% |
| Morningstar Mod. Aggressive Target Risk Index | 12.46% | 9.17% | 7.94% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1645946 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 14 | **Portfolio Turnover Rate** | 3% |

---

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

![](sabax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Saratoga Large Cap Growth Fund, Class I | 19.40 |
| Saratoga Large Cap Value Fund, Class I | 16.50 |
| Saratoga Mid Capitalization Fund, Class I | 10.90 |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 10.00 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.80 |
| Saratoga Small Capitalization Fund, Class I | 8.40 |
| Vanguard Total International Stock Index Fund, Admiral Class | 6.70 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 5.70 |
| Saratoga Technology & Comm Fund, Class I | 3.90 |
| Vanguard Financials Index Fund, Admiral Class | 3.60 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SABCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $210 | 1.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash. However, an underweight to equities versus the benchmark was the largest drag on the Fund's relative performance.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sabcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Aggressive Balanced Allocation Fund, Class C (with load) | 9.60% | 8.31% | 6.57% |
| Saratoga Aggressive Balanced Allocation Fund, Class C | 10.60% | 8.31% | 6.57% |
| Morningstar Mod. Aggressive Target Risk Index | 12.46% | 9.17% | 7.94% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1645946 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 14 | **Portfolio Turnover Rate** | 3% |

---

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

![](sabcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Saratoga Large Cap Growth Fund, Class I | 19.40 |
| Saratoga Large Cap Value Fund, Class I | 16.50 |
| Saratoga Mid Capitalization Fund, Class I | 10.90 |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 10.00 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.80 |
| Saratoga Small Capitalization Fund, Class I | 8.40 |
| Vanguard Total International Stock Index Fund, Admiral Class | 6.70 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 5.70 |
| Saratoga Technology & Comm Fund, Class I | 3.90 |
| Vanguard Financials Index Fund, Admiral Class | 3.60 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SABIX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $105 | 0.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash. However, an underweight to equities versus the benchmark was the largest drag on the Fund's relative performance.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sabix_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Aggressive Balanced Allocation Fund, Class I | 11.62% | 9.37% | 7.43% |
| Morningstar Mod. Aggressive Target Risk Index | 12.46% | 9.17% | 7.94% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1645946 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 14 | **Portfolio Turnover Rate** | 3% |

---

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

![](sabix_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Saratoga Large Cap Growth Fund, Class I | 19.40 |
| Saratoga Large Cap Value Fund, Class I | 16.50 |
| Saratoga Mid Capitalization Fund, Class I | 10.90 |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 10.00 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.80 |
| Saratoga Small Capitalization Fund, Class I | 8.40 |
| Vanguard Total International Stock Index Fund, Admiral Class | 6.70 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 5.70 |
| Saratoga Technology & Comm Fund, Class I | 3.90 |
| Vanguard Financials Index Fund, Admiral Class | 3.60 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SCAAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $130 | 1.24% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](scaax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Conservative Balanced Allocation Fund, Class A (with load) | 3.05% | 4.89% | 4.56% |
| Saratoga Conservative Balanced Allocation Fund, Class A | 9.37% | 6.13% | 5.37% |
| Morningstar Mod. Conservative Target Risk Index | 8.04% | 4.54% | 5.14% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3304343 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 9 | **Portfolio Turnover Rate** | 13% |

---

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

![](scaax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 39.00 |
| Saratoga Large Cap Growth Fund, Class I | 16.20 |
| Saratoga Large Cap Value Fund, Class I | 13.20 |
| Saratoga Mid Capitalization Fund, Class I | 8.80 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.30 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.20 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 4.30 |
| Saratoga Small Capitalization Fund, Class I | 1.90 |
| Vanguard Total International Stock Index Fund, Admiral Class | 1.10 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SUMCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $208 | 1.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sumcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Conservative Balanced Allocation Fund, Class C (with load) | 7.58% | 5.33% | 4.75% |
| Saratoga Conservative Balanced Allocation Fund, Class C | 8.58% | 5.33% | 4.75% |
| Morningstar Mod. Conservative Target Risk Index | 8.04% | 4.54% | 5.14% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3304343 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 9 | **Portfolio Turnover Rate** | 13% |

---

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

![](sumcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 39.00 |
| Saratoga Large Cap Growth Fund, Class I | 16.20 |
| Saratoga Large Cap Value Fund, Class I | 13.20 |
| Saratoga Mid Capitalization Fund, Class I | 8.80 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.30 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.20 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 4.30 |
| Saratoga Small Capitalization Fund, Class I | 1.90 |
| Vanguard Total International Stock Index Fund, Admiral Class | 1.10 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | LUNAX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $104 | 0.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](lunax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Conservative Balanced Allocation Fund, Class I | 9.71% | 6.40% | 5.61% |
| Morningstar Mod. Conservative Target Risk Index | 8.04% | 4.54% | 5.14% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $3304343 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 9 | **Portfolio Turnover Rate** | 13% |

---

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

![](lunax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 39.00 |
| Saratoga Large Cap Growth Fund, Class I | 16.20 |
| Saratoga Large Cap Value Fund, Class I | 13.20 |
| Saratoga Mid Capitalization Fund, Class I | 8.80 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.30 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.20 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 4.30 |
| Saratoga Small Capitalization Fund, Class I | 1.90 |
| Vanguard Total International Stock Index Fund, Admiral Class | 1.10 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SMPAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $131 | 1.24% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](smpax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderate Balanced Allocation Fund, Class A (with load) | 4.67% | 6.82% | 6.09% |
| Saratoga Moderate Balanced Allocation Fund, Class A | 11.04% | 8.10% | 6.91% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.53% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $2489813 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 13 | **Portfolio Turnover Rate** | 6% |

---

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

![](smpax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 21.40 |
| Saratoga Large Cap Growth Fund, Class I | 19.80 |
| Saratoga Large Cap Value Fund, Class I | 17.10 |
| Saratoga Mid Capitalization Fund, Class I | 11.60 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.20 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.00 |
| Saratoga Small Capitalization Fund, Class I | 3.90 |
| Vanguard Total International Stock Index Fund, Admiral Class | 2.60 |
| Saratoga Technology & Comm Fund, Class I | 2.40 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 2.40 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SBMCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $209 | 1.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sbmcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderate Balanced Allocation Fund, Class C (with load) | 9.21% | 7.29% | 6.26% |
| Saratoga Moderate Balanced Allocation Fund, Class C | 10.21% | 7.29% | 6.26% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.53% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $2489813 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 13 | **Portfolio Turnover Rate** | 6% |

---

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

![](sbmcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 21.40 |
| Saratoga Large Cap Growth Fund, Class I | 19.80 |
| Saratoga Large Cap Value Fund, Class I | 17.10 |
| Saratoga Mid Capitalization Fund, Class I | 11.60 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.20 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.00 |
| Saratoga Small Capitalization Fund, Class I | 3.90 |
| Vanguard Total International Stock Index Fund, Admiral Class | 2.60 |
| Saratoga Technology & Comm Fund, Class I | 2.40 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 2.40 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SBMIX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $105 | 0.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*

 

![](sbmix_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderate Balanced Allocation Fund, Class I | 11.33% | 8.36% | 7.12% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.53% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $2489813 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 13 | **Portfolio Turnover Rate** | 6% |

---

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

![](sbmix_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 21.40 |
| Saratoga Large Cap Growth Fund, Class I | 19.80 |
| Saratoga Large Cap Value Fund, Class I | 17.10 |
| Saratoga Mid Capitalization Fund, Class I | 11.60 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 7.20 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.00 |
| Saratoga Small Capitalization Fund, Class I | 3.90 |
| Vanguard Total International Stock Index Fund, Admiral Class | 2.60 |
| Saratoga Technology & Comm Fund, Class I | 2.40 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 2.40 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SAMAX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $131 | 1.24% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](samax_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class A (with load) | 4.68% | 7.18% | 5.96% |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class A | 11.03% | 8.46% | 6.78% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.53% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1268553 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 13 | **Portfolio Turnover Rate** | 5% |

---

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

![](samax_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Saratoga Large Cap Growth Fund, Class I | 18.50 |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 17.60 |
| Saratoga Large Cap Value Fund, Class I | 16.20 |
| Saratoga Mid Capitalization Fund, Class I | 11.70 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.00 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 6.80 |
| Saratoga Small Capitalization Fund, Class I | 6.10 |
| Vanguard Total International Stock Index Fund, Admiral Class | 4.30 |
| Saratoga Technology & Comm Fund, Class I | 2.80 |
| Vanguard Financials Index Fund, Admiral Class | 2.30 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SAMCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $209 | 1.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](samcx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class C (with load) | 9.26% | 7.66% | 6.13% |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class C | 10.26% | 7.66% | 6.13% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.53% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1268553 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 13 | **Portfolio Turnover Rate** | 5% |

---

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

![](samcx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Saratoga Large Cap Growth Fund, Class I | 18.50 |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 17.60 |
| Saratoga Large Cap Value Fund, Class I | 16.20 |
| Saratoga Mid Capitalization Fund, Class I | 11.70 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.00 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 6.80 |
| Saratoga Small Capitalization Fund, Class I | 6.10 |
| Vanguard Total International Stock Index Fund, Admiral Class | 4.30 |
| Saratoga Technology & Comm Fund, Class I | 2.80 |
| Vanguard Financials Index Fund, Admiral Class | 2.30 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SAMIX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $105 | 0.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](samix_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class I | 11.29% | 8.74% | 6.98% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.53% |

---

*<sup>1</sup>* *From January 4, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $1268553 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 13 | **Portfolio Turnover Rate** | 5% |

---

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

![](samix_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Saratoga Large Cap Growth Fund, Class I | 18.50 |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 17.60 |
| Saratoga Large Cap Value Fund, Class I | 16.20 |
| Saratoga Mid Capitalization Fund, Class I | 11.70 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 8.00 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 6.80 |
| Saratoga Small Capitalization Fund, Class I | 6.10 |
| Vanguard Total International Stock Index Fund, Admiral Class | 4.30 |
| Saratoga Technology & Comm Fund, Class I | 2.80 |
| Vanguard Financials Index Fund, Admiral Class | 2.30 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SMACX | Class A |  |

---

This annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $131 | 1.24% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](smacx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class A (with load) | 4.87% | 6.69% | 5.71% |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class A | 11.30% | 7.96% | 6.53% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.50% |

---

*<sup>1</sup>* *From January 10, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $901361 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 9 | **Portfolio Turnover Rate** | 14% |

---

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

![](smacx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 24.70 |
| Saratoga Large Cap Growth Fund, Class I | 19.50 |
| Saratoga Large Cap Value Fund, Class I | 16.40 |
| Saratoga Mid Capitalization Fund, Class I | 12.10 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.50 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.00 |
| Saratoga Small Capitalization Fund, Class I | 5.40 |
| Vanguard Total International Stock Index Fund, Admiral Class | 3.70 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 2.70 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SBCCX | Class C |  |

---

This annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $209 | 1.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](sbccx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class C (with load) | 9.15% | 6.86% | 5.66% |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class C | 10.15% | 6.86% | 5.66% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.50% |

---

*<sup>1</sup>* *From January 10, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $901361 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 9 | **Portfolio Turnover Rate** | 14% |

---

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

![](sbccx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 24.70 |
| Saratoga Large Cap Growth Fund, Class I | 19.50 |
| Saratoga Large Cap Value Fund, Class I | 16.40 |
| Saratoga Mid Capitalization Fund, Class I | 12.10 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.50 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.00 |
| Saratoga Small Capitalization Fund, Class I | 5.40 |
| Vanguard Total International Stock Index Fund, Admiral Class | 3.70 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 2.70 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-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) |
| Annual Shareholder Report | 8/31/2025 | SMICX | Class I |  |

---

This annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2024 through 8/31/2025, as well as certain changes to the Fund, if applicable. 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 year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (based on a hypothetical $10,000 investment)?** | **What were the Fund's costs for the last year (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 | $105 | 0.99% |

---

---

| |
|:---|
| **What affected the Fund's performance during this period?** |
| During the period, the Fund's relative performance benefited from its broad allocation positioning, where it was overweight equities versus bonds, alternatives, and cash.<br>Within the Fund's equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector drove positive relative performance. Likewise, the Fund's allocation prioritized the Large Cap sector over the Mid Cap sector, and the Mid Cap sector over the Small Cap sector, which helped performance. Within the Fund's bond allocation, an overweight to the Intermediate-Term debt sector benefited performance, as it outperformed the Ultra-Short-, Short-, and Long-Term debt sectors. A smaller allocation to the Long-term debt sector was a drag on relative performance.<br>From a security-selection standpoint, the Fund's use of the Saratoga Large Cap Growth, Saratoga Large Cap Value, and Saratoga Mid Cap funds helped performance, as the three funds outperformed their passive counterparts. The Fund's use of the Vanguard Intermediate-Term Bond fund also helped performance, as it generally outperformed its active counterparts, however the opposite was true of the Vanguard Long-Term Bond fund, as it underperformed its active peergroup. |

---

**How has the Fund performed since its inception?**

*The chart below represents the historical performance of a hypothetical $10,000 investment since inception in the class of shares noted and assumes the reinvestment of dividends and capital gains and the maximum sales charge, if any. Fund expenses, including management fees, 12b-1 fees, if any, and other expenses were deducted.*![](smicx_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 Year** | **5 Years** | **Since Inception<sup>1</sup>** |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class I | 11.30% | 7.96% | 6.53% |
| Morningstar Moderate Target Risk Index | 10.39% | 6.79% | 6.50% |

---

*<sup>1</sup>* *From January 10, 2018. Performance data quoted represents past performance, which is not a good predictor of the Fund's future performance. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. The average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains. Call 1-888-672-4839 for current performance information or questions.*

THE SARATOGA ADVANTAGE TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics** | **Fund Statistics** | **Fund Statistics** | **Fund Statistics** |
| **Total Net Assets** | $901361 | **Advisory Fees Paid by the Fund** | $0 |
| **Number of Portfolio Holdings** | 9 | **Portfolio Turnover Rate** | 14% |

---

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

![](smicx_002.jpg)

---

| | |
|:---|:---|
| **Top Holdings (%)** | **Top Holdings (%)** |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | 24.70 |
| Saratoga Large Cap Growth Fund, Class I | 19.50 |
| Saratoga Large Cap Value Fund, Class I | 16.40 |
| Saratoga Mid Capitalization Fund, Class I | 12.10 |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | 8.50 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | 7.00 |
| Saratoga Small Capitalization Fund, Class I | 5.40 |
| Vanguard Total International Stock Index Fund, Admiral Class | 3.70 |
| Vanguard Long-Term Bond Index Fund, Admiral Class | 2.70 |

---

---

| |
|:---|
| **Material Fund changes during the period.** |
| *Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31, 2025, at www.saratogacap.com/fund-reports or upon request at 1-888-672-4839.* |
| During the period there were no material changes to the Fund. |

---

---

| |
|:---|
| **Changes in, or disagreements with, Fund accountants.** |
| During the period there were not changes in, or disagreements with, Fund accountants. |

---

---

| |
|:---|
| **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 083125-SMICX

(b) Not
 Applicable

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

(a) The registrant has, as of the end
 of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal
 financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these
 individuals are employed by the registrant or a third party.

(b) N/A

(c) During the period covered by this report, there were
 no amendments to any provision of the code of ethics.

(d) During the period covered by this report, there were
 no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See Item 19(a)(1)

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

(a)(1) The Registrant's board of trustees has determined that Floyd E. Seal and Udo W. Koopmann are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Seal and Mr. Koopmann are independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| FYE 08/31/24 | $119000 |
| FYE 08/31/25 | $116000 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| | |
|:---|:---|
| FYE 08/31/24 | $34000 |
| FYE 08/31/25 | $34000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All Other Fees.
 The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal
 accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended August
 31, 2024 and 2025, respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |

---

(g) All non-audit fees billed by the
 registrant's principal accountant for services rendered to the registrant for the fiscal years ended August 31, 2024 and 2025, respectively
 are disclosed in (b)-(d) above. There were non-audit services performed by the registrant's principal accountant for the registrant's
 adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) 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) ![](img_001.jpg)

Class A, C, and I Shares

ANNUAL FINANCIAL STATEMENTS

As Of August 31, 2025

**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 39 |
| Statements of Operations | Page 43 |
| Statements of Changes in Net Assets | Page 47 |
| Notes to Financials | Page 53 |
| Financial Highlights | Page 75 |
| Report of Independent Registered Public Accounting Firm | Page 102 |
| Additional Information | Page 104 |

---

**<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**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **BEVERAGES - 4.7%** |  |
| 35266 | Primo Brands Corporation | $885529 |
|  | **COMMERCIAL SUPPORT SERVICES - 5.0%** |  |
| 3826 | Clean Harbors, Inc.<sup>(a)</sup> | 926695 |
|  | **CONSTRUCTION MATERIALS - 5.0%** |  |
| 1499 | Martin Marietta Materials, Inc. | 923984 |
|  | **CONTAINERS & PACKAGING - 2.2%** |  |
| 4134 | Crown Holdings, Inc. | 410837 |
|  | **ELECTRICAL EQUIPMENT - 15.0%** |  |
| 6511 | AMETEK, Inc. | 1203233 |
| 5082 | Amphenol Corporation, Class A | 553227 |
| 28973 | API Group Corporation<sup>(a)</sup> | 1033757 |
|  |  | 2790217 |
|  | **ENGINEERING & CONSTRUCTION - 4.9%** |  |
| 2418 | Quanta Services, Inc. | 913907 |
|  | **HEALTH CARE FACILITIES & SERVICES - 7.2%** |  |
| 19432 | Henry Schein, Inc.<sup>(a)(c)</sup> | 1352079 |
|  | **HEALTH CARE REIT - 5.5%** |  |
| 6096 | Welltower, Inc. | 1025835 |
|  | **HOME & OFFICE PRODUCTS - 4.4%** |  |
| 9717 | Somnigroup International, Inc. | 815742 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.5%** |  |
| 4778 | Intercontinental Exchange, Inc. | 843795 |
|  | **INSURANCE - 3.1%** |  |
| 1595 | Aon PLC, Class A | 585365 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 8.1%** |  |
| 7285 | Alcon, Inc. | $581416 |
| 4560 | Danaher Corporation | 938539 |
|  |  | 1519955 |
|  | **OIL & GAS PRODUCERS - 5.0%** |  |
| 16160 | Williams Companies, Inc. (The) | 935341 |
|  | **PUBLISHING & BROADCASTING - 4.5%** |  |
| 8342 | Liberty Media Corp-Liberty Formula One<sup>(a)</sup> | 833366 |
|  | **REAL ESTATE SERVICES - 4.1%** |  |
| 4729 | CBRE Group, Inc., Class A<sup>(a)</sup> | 766665 |
|  | **SPECIALTY FINANCE - 9.2%** |  |
| 4156 | Capital One Financial Corporation | 944326 |
| 24854 | SLM Corporation | 777433 |
|  |  | 1721759 |
|  | **TRANSPORTATION & LOGISTICS - 5.6%** |  |
| 13764 | Canadian Pacific Kansas City Ltd. | 1048679 |
|  | **TOTAL COMMON STOCKS (Cost $15,492,513)** | 18299750 |
|  | **SHORT-TERM INVESTMENTS — 2.4%** |  |
|  | **MONEY MARKET FUNDS - 2.4%** |  |
| 453892 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $453,892)<sup>(b)</sup> | 453892 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $15,946,405)** | $18753642 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (85495) |
|  | **NET ASSETS - 100.0%** | $18668147 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

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

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

<sup>(c)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of August 31, 2025 was $1,327,239. Collateral received from the borrower not disclosed in the Schedule of Investments had a value of $1,344,176 on August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7%** |  |
|  | **ASSET MANAGEMENT - 2.1%** |  |
| 8630 | Charles Schwab Corporation (The) | $827099 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 1380 | Tesla, Inc.<sup>(a)</sup> | 460741 |
|  | **BIOTECH & PHARMA - 2.3%** |  |
| 785 | Eli Lilly & Company | 575076 |
| 8806 | Exelixis, Inc.<sup>(a)</sup> | 329521 |
|  |  | 904597 |
|  | **DIVERSIFIED INDUSTRIALS - 0.6%** |  |
| 790 | General Electric Company | 217408 |
|  | **E-COMMERCE DISCRETIONARY - 3.7%** |  |
| 6445 | Amazon.com, Inc.<sup>(a)</sup> | 1475905 |
|  | **ELECTRICAL EQUIPMENT - 3.3%** |  |
| 1650 | Rockwell Automation, Inc. | 566660 |
| 1770 | Trane Technologies PLC | 735612 |
|  |  | 1302272 |
|  | **ENGINEERING & CONSTRUCTION - 1.4%** |  |
| 920 | EMCOR Group, Inc. | 570400 |
|  | **ENTERTAINMENT CONTENT - 3.9%** |  |
| 1797 | AppLovin Corporation, Class A<sup>(a)</sup> | 860026 |
| 5420 | ROBLOX Corporation, Class A<sup>(a)</sup> | 675278 |
|  |  | 1535304 |
|  | **FOOD - 1.4%** |  |
| 12830 | Pilgrim's Pride Corporation | 570294 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.1%** |  |
| 1380 | Cencora, Inc. | 402422 |
| 590 | McKesson Corporation | 405117 |
|  |  | 807539 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.6%** |  |
| 3100 | Houlihan Lokey, Inc. | $617675 |
|  | **INSURANCE - 2.8%** |  |
| 1620 | Allstate Corporation (The) | 329589 |
| 3120 | Progressive Corporation (The) | 770827 |
|  |  | 1100416 |
|  | **INTERNET MEDIA & SERVICES - 14.2%** |  |
| 3460 | Alphabet, Inc., Class A | 736669 |
| 3440 | Alphabet, Inc., Class C | 734543 |
| 185 | Booking Holdings, Inc. | 1035823 |
| 2275 | Meta Platforms, Inc., Class A | 1680542 |
| 460 | Netflix, Inc.<sup>(a)</sup> | 555795 |
| 2610 | Roku, Inc.<sup>(a)</sup> | 252022 |
| 6650 | Uber Technologies, Inc.<sup>(a)</sup> | 623438 |
|  |  | 5618832 |
|  | **LEISURE FACILITIES & SERVICES - 2.7%** |  |
| 9610 | Carnival Corporation<sup>(a)</sup> | 306463 |
| 2080 | Royal Caribbean Cruises Ltd. | 755498 |
|  |  | 1061961 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9%** |  |
| 2785 | ResMed, Inc. | 764510 |
|  | **RETAIL - CONSUMER STAPLES - 1.7%** |  |
| 700 | Costco Wholesale Corporation | 660324 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 1895 | Carvana Company<sup>(a)</sup> | 704788 |
|  | **SEMICONDUCTORS - 15.5%** |  |
| 1495 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 243132 |
| 1320 | Applied Materials, Inc. | 212203 |
| 5675 | Broadcom, Inc. | 1687688 |
| 20755 | NVIDIA Corporation | 3615106 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **SEMICONDUCTORS - 15.5% (Continued)** |  |
| 2350 | QUALCOMM, Inc. | $377716 |
|  |  | 6135845 |
|  | **SOFTWARE - 21.6%** |  |
| 15760 | Dropbox, Inc., Class A<sup>(a)</sup> | 457986 |
| 4200 | Elastic N.V.<sup>(a)</sup> | 357252 |
| 2180 | Guidewire Software, Inc.<sup>(a)</sup> | 473104 |
| 5336 | Microsoft Corporation | 2703697 |
| 8990 | Nutanix, Inc., Class A<sup>(a)</sup> | 604218 |
| 5800 | Okta, Inc.<sup>(a)</sup> | 538066 |
| 1770 | Oracle Corporation | 400250 |
| 1030 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 161411 |
| 6600 | Pegasystems, Inc. | 357786 |
| 1090 | Salesforce, Inc. | 279313 |
| 2850 | Snowflake, Inc., Class A<sup>(a)</sup> | 680181 |
| 6190 | Twilio, Inc., Class A<sup>(a)</sup> | 653726 |
| 61620 | UiPath, Inc., Class A<sup>(a)</sup> | 685213 |
| 690 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 185748 |
|  |  | 8537951 |
|  | **TECHNOLOGY HARDWARE - 11.1%** |  |
| 9497 | Apple, Inc. | 2204633 |
| 8385 | Arista Networks, Inc.<sup>(a)</sup> | 1144972 |
| 3470 | Jabil, Inc. | 710760 |
| 2560 | Lumentum Holdings, Inc.<sup>(a),(c)</sup> | 339994 |
|  |  | 4400359 |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 600 | Morningstar, Inc. | 157452 |
| 480 | Visa, Inc., Class A | 168854 |
|  |  | 326306 |
|  | **TOTAL COMMON STOCKS (Cost $28,338,325)** | 38600526 |

---

See accompanying notes to financial statements.

**SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.6%** |  |
|  | **MONEY MARKET FUNDS - 2.6%** |  |
| 1012317 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $1,012,317)<sup>(b)</sup> | $1012317 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $29,350,642)** | $39612843 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (115093) |
|  | **NET ASSETS - 100.0%** | $39497750 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

<sup>(c)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of August 31, 2025 was $336,541. Collateral received from the borrower not disclosed in the schedule of investments had a value of $350,797 on August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA MID CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 1685 | Hexcel Corporation | $106408 |
|  | **ASSET MANAGEMENT - 4.4%** |  |
| 580 | Ares Management Corporation, Class A | 103936 |
| 12825 | Blue Owl Capital, Inc. | 237519 |
| 1200 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 124836 |
|  |  | 466291 |
|  | **BANKING - 8.0%** |  |
| 2445 | Comerica, Inc. | 172568 |
| 3830 | Western Alliance Bancorp | 342976 |
| 5630 | Zions Bancorp NA | 326596 |
|  |  | 842140 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.0%** |  |
| 1370 | Republic Services, Inc. | 320539 |
|  | **CONSTRUCTION MATERIALS - 2.0%** |  |
| 735 | Vulcan Materials Company | 214003 |
|  | **ELECTRIC UTILITIES - 10.1%** |  |
| 3675 | Alliant Energy Corporation | 239132 |
| 3280 | CMS Energy Corporation | 234750 |
| 3400 | Evergy, Inc. | 242284 |
| 210 | Talen Energy Corporation<sup>(a)</sup> | 79573 |
| 265 | Vistra Corporation | 50114 |
| 2180 | WEC Energy Group, Inc. | 232192 |
|  |  | 1078045 |
|  | **ELECTRICAL EQUIPMENT - 9.4%** |  |
| 640 | Allegion plc | 108672 |
| 700 | AMETEK, Inc. | 129360 |
| 170 | GE Vernova, LLC | 104205 |
| 925 | Hubbell, Inc. | 398665 |
| 445 | Rockwell Automation, Inc. | 152826 |
| 740 | Vertiv Holdings Company | 94387 |
|  |  | 988115 |

---

See accompanying notes to financial statements.

**SARATOGA MID CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 1.5%** |  |
| 1655 | Arcosa, Inc. | $163762 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.8%** |  |
| 3175 | Trex Company, Inc.<sup>(a)</sup> | 195675 |
|  | **HOME & OFFICE PRODUCTS - 1.0%** |  |
| 885 | SharkNinja, Inc.<sup>(a)</sup> | 103510 |
|  | **HOME CONSTRUCTION - 4.8%** |  |
| 1180 | DR Horton, Inc. | 199986 |
| 1310 | Masco Corporation | 96141 |
| 1555 | Toll Brothers, Inc. | 216145 |
|  |  | 512272 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.7%** |  |
| 215 | Valmont Industries, Inc. | 78931 |
|  | **INDUSTRIAL SUPPORT SERVICES - 3.5%** |  |
| 2435 | Herc Holdings, Inc. | 318474 |
| 255 | WESCO International, Inc. | 56059 |
|  |  | 374533 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.3%** |  |
| 1905 | Nasdaq, Inc. | 180480 |
| 2255 | Tradeweb Markets, Inc., Class A | 278177 |
|  |  | 458657 |
|  | **LEISURE FACILITIES & SERVICES - 1.2%** |  |
| 2035 | Carnival Corporation<sup>(a)</sup> | 64896 |
| 175 | Royal Caribbean Cruises Ltd. | 63564 |
|  |  | 128460 |
|  | **LEISURE PRODUCTS - 1.7%** |  |
| 245 | Axon Enterprise, Inc.<sup>(a)</sup> | 183086 |
|  | **MACHINERY - 8.1%** |  |
| 540 | Crane Company | 100062 |
| 2770 | Flowserve Corporation | 148638 |

---

See accompanying notes to financial statements.

**SARATOGA MID CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **MACHINERY - 8.1% (Continued)** |  |
| 3920 | Helios Technologies, Inc. | $212621 |
| 965 | Lincoln Electric Holdings, Inc. | 234137 |
| 215 | Parker-Hannifin Corporation | 163260 |
|  |  | 858718 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 925 | Agilent Technologies, Inc. | 116236 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.8%** |  |
| 2380 | TechnipFMC plc | 87489 |
|  | **REAL ESTATE SERVICES - 2.0%** |  |
| 13750 | Cushman & Wakefield PLC<sup>(a)</sup> | 216838 |
|  | **RETAIL - CONSUMER STAPLES - 2.7%** |  |
| 2950 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 288156 |
|  | **RETAIL - DISCRETIONARY - 7.9%** |  |
| 11320 | American Eagle Outfitters, Inc. | 146481 |
| 28 | AutoZone, Inc.<sup>(a)</sup> | 117559 |
| 515 | Builders FirstSource, Inc.<sup>(a)</sup> | 71420 |
| 960 | Burlington Stores, Inc.<sup>(a)</sup> | 279053 |
| 2820 | Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 231014 |
|  |  | 845527 |
|  | **SEMICONDUCTORS - 7.0%** |  |
| 3640 | Coherent Corporation<sup>(a)</sup> | 329311 |
| 1405 | Marvell Technology, Inc. | 88325 |
| 395 | Monolithic Power Systems, Inc. | 330126 |
|  |  | 747762 |
|  | **SOFTWARE - 1.7%** |  |
| 2040 | SS&C Technologies Holdings, Inc. | 180866 |
|  | **SPECIALTY FINANCE - 1.8%** |  |
| 2580 | Synchrony Financial | 196957 |

---

See accompanying notes to financial statements.

**SARATOGA MID CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **STEEL - 1.8%** |  |
| 1285 | Nucor Corporation | $191118 |
|  | **TECHNOLOGY HARDWARE - 2.3%** |  |
| 1230 | Ciena Corporation<sup>(a)</sup> | 115583 |
| 380 | Fabrinet<sup>(a)</sup> | 125890 |
|  |  | 241473 |
|  | **TRANSPORTATION & LOGISTICS - 1.2%** |  |
| 1005 | XPO, Inc.<sup>(a)</sup> | 130349 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.5%** |  |
| 1620 | Performance Food Group Company<sup>(a)</sup> | 164268 |
|  | **TOTAL COMMON STOCKS (Cost $8,488,206)** | 10480184 |
|  | **SHORT-TERM INVESTMENT — 1.9%** |  |
|  | **MONEY MARKET FUND - 1.9%** |  |
| 206023 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $206,023)<sup>(b)</sup> | 206023 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $8,694,229)** | $10686207 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (22525) |
|  | **NET ASSETS - 100.0%** | $10663682 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8%** |  |
|  | **AEROSPACE & DEFENSE - 0.5%** |  |
| 864 | Astronics Corporation<sup>(a)</sup> | $31424 |
|  | **ASSET MANAGEMENT - 2.1%** |  |
| 1188 | Acadian Asset Management, Inc. | 60552 |
| 1494 | Artisan Partners Asset Management, Inc., Class A | 69905 |
|  |  | 130457 |
|  | **AUTOMOTIVE - 1.2%** |  |
| 630 | Visteon Corporation | 78095 |
|  | **BANKING - 12.6%** |  |
| 684 | BancFirst Corporation | 90951 |
| 2629 | Cadence Bank | 98956 |
| 576 | City Holding Company | 74004 |
| 612 | Home Bancorp, Inc. | 34434 |
| 1368 | Independent Bank Corporation (MA) | 97826 |
| 1494 | Origin Bancorp, Inc. | 58102 |
| 414 | Park National Corporation | 71113 |
| 648 | ServisFirst Bancshares, Inc. | 57121 |
| 1566 | SmartFinancial, Inc. | 57707 |
| 1224 | Southern First Bancshares, Inc., 151938513<sup>(a)</sup> | 55202 |
| 1170 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 101287 |
|  |  | 796703 |
|  | **BIOTECH & PHARMA - 2.7%** |  |
| 11199 | Allogene Therapeutics, Inc.<sup>(a),(b)</sup> | 12655 |
| 4501 | Arvinas, Inc.<sup>(a)</sup> | 34793 |
| 2935 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 114024 |
| 342 | TG Therapeutics, Inc.<sup>(a),(b)</sup> | 10031 |
|  |  | 171503 |
|  | **CHEMICALS - 1.7%** |  |
| 8498 | Mativ Holdings, Inc. | 106820 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.0%** |  |
| 5041 | Quad/Graphics, Inc. | 33573 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 1.0% (Continued)** |  |
| 378 | TriNet Group, Inc. | $27375 |
|  |  | 60948 |
|  | **CONSUMER SERVICES - 2.2%** |  |
| 2575 | Coursera, Inc.<sup>(a)</sup> | 29613 |
| 684 | Stride, Inc.<sup>(a)</sup> | 111621 |
|  |  | 141234 |
|  | **ELECTRICAL EQUIPMENT - 6.9%** |  |
| 648 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 37992 |
| 2160 | Allient, Inc. | 98021 |
| 1404 | NEXTracker, Inc., Class A<sup>(a)</sup> | 94433 |
| 162 | Powell Industries, Inc. | 43118 |
| 252 | SPX Technologies, Inc.<sup>(a)</sup> | 47152 |
| 396 | Watts Water Technologies, Inc., Class A | 109651 |
|  |  | 430367 |
|  | **ENGINEERING & CONSTRUCTION - 5.9%** |  |
| 162 | Comfort Systems USA, Inc. | 113948 |
| 180 | EMCOR Group, Inc. | 111600 |
| 756 | Primoris Services Corporation | 89624 |
| 216 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 60162 |
|  |  | 375334 |
|  | **FOOD - 1.1%** |  |
| 1944 | Phibro Animal Health Corporation, Class A | 72064 |
|  | **GAS & WATER UTILITIES - 1.5%** |  |
| 2034 | New Jersey Resources Corporation | 96188 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.5%** |  |
| 504 | Addus HomeCare Corporation<sup>(a)</sup> | 58046 |
| 1944 | Apollo Medical Holdings, Inc.<sup>(a)</sup> | 62130 |
| 432 | GeneDx Holdings Corporation<sup>(a)</sup> | 55940 |
| 828 | HealthEquity, Inc.<sup>(a)</sup> | 73965 |
| 162 | Medpace Holdings, Inc.<sup>(a)</sup> | 77033 |
| 1584 | Option Care Health, Inc.<sup>(a)</sup> | 45429 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.5% (Continued)** |  |
| 2359 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | $40598 |
|  |  | 413141 |
|  | **HOUSEHOLD PRODUCTS - 2.3%** |  |
| 3241 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 107050 |
| 1692 | Quanex Building Products Corporation | 35989 |
|  |  | 143039 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.2%** |  |
| 2052 | Insteel Industries, Inc. | 78756 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.0%** |  |
| 846 | Moelis & Company, Class A | 61005 |
| 612 | StoneX Group, Inc.<sup>(a)</sup> | 62528 |
|  |  | 123533 |
|  | **INSURANCE - 1.9%** |  |
| 666 | Jackson Financial, Inc., Class A | 65801 |
| 1854 | United Fire Group, Inc. | 56992 |
|  |  | 122793 |
|  | **INTERNET MEDIA & SERVICES - 1.1%** |  |
| 936 | Cargurus, Inc.<sup>(a)</sup> | 32386 |
| 1476 | EverQuote, Inc.<sup>(a)</sup> | 34317 |
|  |  | 66703 |
|  | **LEISURE FACILITIES & SERVICES - 3.2%** |  |
| 2413 | Atlanta Braves Holdings, Inc., Series C<sup>(a)</sup> | 108538 |
| 360 | Brinker International, Inc.<sup>(a)</sup> | 56153 |
| 1170 | Life Time Group Holdings, Inc.<sup>(a)</sup> | 32666 |
|  |  | 197357 |
|  | **LEISURE PRODUCTS - 0.3%** |  |
| 2124 | Peloton Interactive, Inc., Class A<sup>(a)</sup> | 16142 |
|  | **MACHINERY - 0.7%** |  |
| 846 | Helios Technologies, Inc. | 45887 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.4%** |  |
| 1728 | BioLife Solutions, Inc.<sup>(a)</sup> | 43287 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.4% (Continued)** |  |
| 1422 | Veracyte, Inc.<sup>(a)</sup> | $43143 |
|  |  | 86430 |
|  | **METALS & MINING - 3.1%** |  |
| 4267 | Coeur Mining, Inc.<sup>(a)</sup> | 56111 |
| 4627 | Hecla Mining Company | 39376 |
| 5167 | SSR Mining, Inc.<sup>(a)</sup> | 99774 |
|  |  | 195261 |
|  | **MORTGAGE FINANCE - 2.0%** |  |
| 5653 | Invesco Mortgage Capital, Inc.<sup>(b)</sup> | 44206 |
| 6229 | Orchid Island Capital, Inc. | 43977 |
| 4267 | Two Harbors Investment Corporation | 42670 |
|  |  | 130853 |
|  | **OFFICE REIT - 0.4%** |  |
| 1980 | Peakstone Realty Trust | 25186 |
|  | **REAL ESTATE SERVICES - 1.3%** |  |
| 4501 | Newmark Group, Inc., Class A | 81963 |
|  | **RENEWABLE ENERGY - 0.9%** |  |
| 3637 | Sunrun, Inc.<sup>(a)</sup> | 58083 |
|  | **RETAIL - CONSUMER STAPLES - 1.3%** |  |
| 576 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 80951 |
|  | **RETAIL - DISCRETIONARY - 1.3%** |  |
| 1 | Builders FirstSource, Inc.<sup>(a)</sup> | 139 |
| 1242 | Urban Outfitters, Inc.<sup>(a)</sup> | 83313 |
|  |  | 83452 |
|  | **SEMICONDUCTORS - 1.3%** |  |
| 558 | Axcelis Technologies, Inc.<sup>(a)</sup> | 44663 |
| 468 | Rambus, Inc.<sup>(a)</sup> | 34524 |
|  |  | 79187 |
|  | **SOFTWARE - 10.7%** |  |
| 1152 | ACI Worldwide, Inc.<sup>(a)</sup> | 56851 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **SOFTWARE - 10.7% (Continued)** |  |
| 1872 | Alkami Technology, Inc.<sup>(a)</sup> | $47923 |
| 468 | Blackbaud, Inc.<sup>(a)</sup> | 31220 |
| 5599 | Bumble, Inc., Class A<sup>(a)</sup> | 34546 |
| 180 | CommVault Systems, Inc.<sup>(a)</sup> | 33596 |
| 7508 | Health Catalyst, Inc.<sup>(a)</sup> | 25452 |
| 1836 | IonQ, Inc.<sup>(a),(b)</sup> | 78471 |
| 1008 | Omnicell, Inc.<sup>(a)</sup> | 32851 |
| 1710 | Phreesia, Inc.<sup>(a)</sup> | 54139 |
| 1008 | Q2 Holdings, Inc.<sup>(a)</sup> | 79360 |
| 342 | Qualys, Inc.<sup>(a)</sup> | 46447 |
| 414 | SPS Commerce, Inc.<sup>(a)</sup> | 45664 |
| 1026 | Upstart Holdings, Inc.<sup>(a),(b)</sup> | 75185 |
| 900 | Waystar Holding Corporation<sup>(a)</sup> | 34092 |
|  |  | 675797 |
|  | **SPECIALTY FINANCE - 0.9%** |  |
| 828 | LendingTree, Inc.<sup>(a)</sup> | 56263 |
|  | **SPECIALTY REIT - 1.2%** |  |
| 4627 | Postal Realty Trust, Inc., Class A | 73291 |
|  | **STEEL - 1.8%** |  |
| 252 | Carpenter Technology Corporation | 60702 |
| 972 | Northwest Pipe Company<sup>(a)</sup> | 51477 |
|  |  | 112179 |
|  | **TECHNOLOGY HARDWARE - 5.3%** |  |
| 1026 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 126254 |
| 324 | Fabrinet<sup>(a)</sup> | 107338 |
| 234 | InterDigital, Inc. | 63580 |
| 2197 | PagerDuty, Inc.<sup>(a)</sup> | 36778 |
|  |  | 333950 |
|  | **TECHNOLOGY SERVICES - 2.9%** |  |
| 1044 | MAXIMUS, Inc. | 91789 |
| 3259 | Paysafe Ltd.<sup>(a),(b)</sup> | 45984 |

---

See accompanying notes to financial statements.

**SARATOGA SMALL CAPITALIZATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.8% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 2.9% (Continued)** |  |
| 2899 | StoneCompany Ltd.<sup>(a)</sup> | $47747 |
|  |  | 185520 |
|  | **TRANSPORTATION & LOGISTICS - 1.6%** |  |
| 756 | Golar LNG Ltd. | 33128 |
| 540 | SkyWest, Inc.<sup>(a)</sup> | 65556 |
|  |  | 98684 |
|  | **WHOLESALE - DISCRETIONARY - 0.8%** |  |
| 1782 | OPENLANE, Inc.<sup>(a)</sup> | 51535 |
|  | **TOTAL COMMON STOCKS (Cost $5,184,054)** | 6107073 |
|  | **SHORT-TERM INVESTMENTS — 3.2%** |  |
|  | **MONEY MARKET FUNDS - 3.2%** |  |
| 145058 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $145,058)<sup>(c)</sup> | 145058 |
| 58627 | Dreyfus Treasury Obligations Cash Management, 4.08% (Cost $58,627)<sup>(c),(d)</sup> | 58627 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $203,685)** | 203685 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $203,685)** | 203685 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $5,387,739)** | $6310758 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%** | 1051 |
|  | **NET ASSETS - 100.0%** | $6311809 |

---

LTD - 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 August 31, 2025 was $244,642. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $194,769 on August 31, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

<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**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0%** |  |
|  | **Canada - 6.1%** |  |
| 900 | Canadian Imperial Bank of Commerce | $69561 |
| 6390 | Kinross Gold Corporation | 133551 |
|  |  | 203112 |
|  | **Cayman Islands - 5.0%** |  |
| 2600 | NetEase, Inc.<sup>(a)</sup> | 71294 |
| 13600 | Xiaomi Corp 144A<sup>(a),(b),(c)</sup> | 92819 |
|  |  | 164113 |
|  | **China - 2.6%** |  |
| 6000 | BYD Company Ltd., H Shares<sup>(a)</sup> | 84647 |
|  | **France - 8.7%** |  |
| 1460 | AXA S.A.<sup>(a)</sup> | 67993 |
| 2070 | Bureau Veritas S.A.<sup>(a)</sup> | 62436 |
| 810 | Compagnie de Saint-Gobain<sup>(a)</sup> | 87434 |
| 520 | Ipsen S.A.<sup>(a)</sup> | 70687 |
|  |  | 288550 |
|  | **Germany - 5.8%** |  |
| 210 | Allianz SE<sup>(a)</sup> | 88771 |
| 1400 | GEA Group AG<sup>(a)</sup> | 101887 |
|  |  | 190658 |
|  | **India - 1.7%** |  |
| 3990 | Dr. Reddy's Laboratories Ltd. - ADR | 56658 |
|  | **Italy - 7.4%** |  |
| 1980 | Assicurazioni Generali SpA<sup>(a)</sup> | 77282 |
| 3890 | Eni SpA<sup>(a)</sup> | 69529 |
| 15570 | Intesa Sanpaolo SpA<sup>(a)</sup> | 98008 |
|  |  | 244819 |
|  | **Japan - 21.4%** |  |
| 8900 | Dai-ichi Life Holdings, Inc.<sup>(a)</sup> | 73024 |
| 1953 | Hoshizaki Corporation<sup>(a)</sup> | 75081 |
| 1700 | Kao Corporation<sup>(a)</sup> | 77235 |
| 3800 | Mitsubishi Heavy Industries Ltd.<sup>(a)</sup> | 95874 |
| 2300 | Mizuho Financial Group, Inc.<sup>(a)</sup> | 75659 |

---

See accompanying notes to financial statements.

**SARATOGA INTERNATIONAL EQUITY PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0% (Continued)** |  |
|  | **Japan - 21.4% (Continued)** |  |
| 4300 | Obayashi Corporation<sup>(a)</sup> | $69745 |
| 3100 | Otsuka Corporation<sup>(a)</sup> | 63661 |
| 3200 | Sony Corporation<sup>(a)</sup> | 87453 |
| 3200 | Sumitomo Mitsui Financial Group, Inc.<sup>(a)</sup> | 87147 |
|  |  | 704879 |
|  | **Korea (Republic Of) – 4.7%** |  |
| 1070 | Coway Company Ltd. | 80019 |
| 970 | KB Financial Group, Inc.<sup>(a)</sup> | 75891 |
|  |  | 155910 |
|  | **Luxembourg - 2.3%** |  |
| 7500 | Allegro.eu S.A. 144A<sup>(a),(b),(c)</sup> | 75365 |
|  | **Malaysia - 1.9%** |  |
| 19800 | Tenaga Nasional BHD<sup>(a)</sup> | 61823 |
|  | **Singapore - 2.9%** |  |
| 2440 | DBS Group Holdings Ltd.<sup>(a)</sup> | 96043 |
|  | **Spain - 6.1%** |  |
| 10300 | Banco Santander S.A.<sup>(a)</sup> | 98351 |
| 10450 | CaixaBank S.A.<sup>(a)</sup> | 104328 |
|  |  | 202679 |
|  | **Switzerland - 2.1%** |  |
| 560 | Novartis AG<sup>(a)</sup> | 70879 |
|  | **Taiwan Province of China – 4.9%** |  |
| 4000 | Realtek Semiconductor Corporation<sup>(a)</sup> | 69854 |
| 400 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 92348 |
|  |  | 162202 |

---

See accompanying notes to financial statements.

**SARATOGA INTERNATIONAL EQUITY PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.0% (Continued)** |  |
|  | **Thailand - 1.8%** |  |
| 43000 | CP All Plc.<sup>(a)</sup> | $58694 |
|  | **United Kingdom - 9.6%** |  |
| 1750 | BP plc - ADR | 61653 |
| 880 | Coca-Cola European Partners plc | 78197 |
| 7940 | Rolls-Royce Holdings plc<sup>(a)</sup> | 114490 |
| 1000 | Unilever plc<sup>(a)</sup> | 63080 |
|  |  | 317420 |
|  | **United States - 2.0%** |  |
| 350 | Check Point Software Technologies Ltd.<sup>(b)</sup> | 67597 |
|  | **TOTAL COMMON STOCKS (Cost $2,227,268)** | 3206048 |
|  | **EXCHANGE-TRADED FUND — 1.5%** |  |
|  | **India - 1.5%** |  |
| 980 | iShares MSCI India ETF | 50940 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $55,658)** | 50940 |
|  | **SHORT-TERM INVESTMENT — 1.6%** |  |
|  | **MONEY MARKET FUND - 1.6%** |  |
| 51832 | Dreyfus Institutional Preferred Government Money, Institutional Class, 4.26% (Cost $51,832)<sup>(d)</sup> | 51832 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $2,334,758)** | $3308820 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (4371) |
|  | **NET ASSETS - 100.0%** | $3304449 |

---

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

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

<sup>(c)</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 August 31, 2025 the total market value of 144A securities is 168,184 or 5.1% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA HEALTH & BIOTECHNOLOGY FUND**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.0%** |  |
|  | **BIOTECH & PHARMA - 44.6%** |  |
| 1992 | Amgen, Inc. | $573117 |
| 200 | Eli Lilly & Company | 146516 |
| 12368 | Exelixis, Inc.<sup>(a)</sup> | 462811 |
| 3068 | Gilead Sciences, Inc. | 346592 |
| 3132 | Incyte Corporation<sup>(a)</sup> | 264999 |
| 3241 | Jazz Pharmaceuticals plc<sup>(a)</sup> | 414038 |
| 1820 | Johnson & Johnson | 322449 |
| 3206 | Merck & Company, Inc. | 269689 |
| 3740 | Novartis A.G. - ADR | 473297 |
| 670 | Regeneron Pharmaceuticals, Inc. | 389069 |
| 1400 | United Therapeutics Corporation<sup>(a)</sup> | 426664 |
| 787 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 307733 |
|  |  | 4396974 |
|  | **HEALTH CARE FACILITIES & SERVICES - 37.9%** |  |
| 3429 | Cardinal Health, Inc. | 510167 |
| 1913 | Cencora, Inc. | 557850 |
| 1371 | Cigna Group (The) | 412493 |
| 1399 | DaVita, Inc.<sup>(a)</sup> | 192726 |
| 433 | Elevance Health, Inc. | 137975 |
| 1499 | Ensign Group, Inc. (The) | 257498 |
| 1050 | IQVIA Holdings, Inc.<sup>(a)</sup> | 200351 |
| 1060 | Labcorp Holdings, Inc. | 294669 |
| 806 | McKesson Corporation | 553432 |
| 790 | Medpace Holdings, Inc.<sup>(a)</sup> | 375653 |
| 2112 | National HealthCare Corporation | 239670 |
|  |  | 3732484 |
|  | **MEDICAL EQUIPMENT & DEVICES - 13.5%** |  |
| 775 | Intuitive Surgical, Inc.<sup>(a)</sup> | 366804 |
| 3126 | Medtronic PLC | 290124 |
| 825 | Stryker Corporation | 322913 |

---

See accompanying notes to financial statements.

**SARATOGA HEALTH & BIOTECHNOLOGY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.0% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 13.5% (Continued)** |  |
| 708 | Thermo Fisher Scientific, Inc. | $348845 |
|  |  | 1328686 |
|  | **TOTAL COMMON STOCKS (Cost $5,870,548)** | 9458144 |
|  | **SHORT-TERM INVESTMENT — 4.4%** |  |
|  | **MONEY MARKET FUND - 4.4%** |  |
| 435116 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $435,116)<sup>(b)</sup> | 435116 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $6,305,664)** | $9893260 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (41184) |
|  | **NET ASSETS - 100.0%** | $9852076 |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.0%** |  |
|  | **E-COMMERCE DISCRETIONARY - 10.3%** |  |
| 16000 | Amazon.com, Inc.<sup>(a)</sup> | $3664000 |
| 8224 | eBay, Inc. | 745177 |
|  |  | 4409177 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.9%** |  |
| 3000 | Applied Industrial Technologies, Inc. | 790740 |
|  | **INTERNET MEDIA & SERVICES - 12.9%** |  |
| 15420 | Alphabet, Inc., Class C | 3292632 |
| 2998 | Meta Platforms, Inc., Class A | 2214623 |
|  |  | 5507255 |
|  | **SEMICONDUCTORS - 17.8%** |  |
| 6500 | Broadcom, Inc. | 1933035 |
| 2784 | KLA Corporation | 2427648 |
| 12274 | Kulicke & Soffa Industries, Inc. | 460275 |
| 15910 | NVIDIA Corporation | 2771204 |
|  |  | 7592162 |
|  | **SOFTWARE - 31.7%** |  |
| 3200 | Adobe, Inc.<sup>(a)</sup> | 1141440 |
| 7000 | Akamai Technologies, Inc.<sup>(a)</sup> | 553910 |
| 2100 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 889770 |
| 7242 | Microsoft Corporation | 3669448 |
| 12814 | Oracle Corporation | 2897630 |
| 6620 | Salesforce, Inc. | 1696375 |
| 3200 | Synopsys, Inc.<sup>(a)</sup> | 1931264 |
| 2925 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 787410 |
|  |  | 13567247 |
|  | **TECHNOLOGY HARDWARE - 8.9%** |  |
| 6768 | Apple, Inc. | 1571124 |
| 32000 | Cisco Systems, Inc. | 2210880 |
|  |  | 3782004 |
|  | **TECHNOLOGY SERVICES - 16.5%** |  |
| 17805 | Amdocs Ltd. | 1523574 |
| 3163 | Cognizant Technology Solutions Corporation, Class A | 228527 |
| 4795 | Jack Henry & Associates, Inc. | 782832 |

---

See accompanying notes to financial statements.

**SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.0% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 16.5% (Continued)** |  |
| 3236 | Mastercard, Inc., Class A | $1926358 |
| 7350 | Visa, Inc., Class A | 2585583 |
|  |  | 7046874 |
|  | **TOTAL COMMON STOCKS (Cost $9,910,982)** | 42695459 |
|  | **SHORT-TERM INVESTMENT — 0.1%** |  |
|  | **MONEY MARKET FUND - 0.1%** |  |
| 54451 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $54,451)<sup>(b)</sup> | 54451 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $9,965,433)** | $42749910 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (62425) |
|  | **NET ASSETS - 100.0%** | $42687485 |

---

LTD - Limited Company

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8%** |  |
|  | **CHEMICALS - 17.1%** |  |
| 50 | Air Products and Chemicals, Inc. | $14706 |
| 1238 | BASF S.E. - ADR | 16453 |
| 121 | Celanese Corporation | 5763 |
| 556 | Dow, Inc. | 13694 |
| 242 | Eastman Chemical Company | 17022 |
| 743 | Huntsman Corporation | 8292 |
| 88 | Linde PLC | 42090 |
| 255 | LyondellBasell Industries N.V., Class A | 14369 |
| 716 | Mosaic Company (The) | 23914 |
| 159 | PPG Industries, Inc. | 17686 |
|  |  | 173989 |
|  | **CONSTRUCTION MATERIALS - 1.4%** |  |
| 61 | Eagle Materials, Inc. | 14085 |
|  | **CONTAINERS & PACKAGING - 2.2%** |  |
| 440 | International Paper Company | 21859 |
|  | **ENGINEERING & CONSTRUCTION - 0.8%** |  |
| 172 | Technip Energies N.V. - ADR | 7948 |
|  | **METALS & MINING - 17.0%** |  |
| 456 | Anglo American plc - ADR | 7000 |
| 6243 | B2Gold Corporation | 25784 |
| 430 | BHP Group Ltd. - ADR | 23981 |
| 2529 | Glencore plc - ADR | 19878 |
| 1660 | Kinross Gold Corporation | 34694 |
| 605 | Rio Tinto plc - ADR | 37945 |
| 2177 | Vale S.A. - ADR | 22380 |
|  |  | 171662 |
|  | **OIL & GAS PRODUCERS - 55.4%** |  |
| 529 | BP PLC - ADR | 18637 |
| 344 | Canadian Natural Resources Ltd. | 10888 |
| 457 | Chevron Corporation | 73394 |
| 340 | Civitas Resources, Inc. | 12505 |

---

See accompanying notes to financial statements.

**SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.8% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 55.4% (Continued)** |  |
| 246 | ConocoPhillips | $24347 |
| 144 | Diamondback Energy, Inc. | 21421 |
| 1416 | Ecopetrol S.A. - ADR | 13310 |
| 294 | Enbridge, Inc. | 14212 |
| 850 | Eni SpA - ADR | 30405 |
| 271 | EOG Resources, Inc. | 33826 |
| 166 | Expand Energy Corporation | 16065 |
| 676 | Exxon Mobil Corporation | 77260 |
| 1196 | Kinder Morgan, Inc. | 32268 |
| 113 | Marathon Petroleum Corporation | 20307 |
| 321 | ONEOK, Inc. | 24518 |
| 518 | Ovintiv, Inc. | 21818 |
| 497 | PBF Energy, Inc., Class A | 13578 |
| 2716 | Petroleo Brasileiro S.A. - ADR | 33678 |
| 296 | Shell PLC - ADR | 21868 |
| 693 | Suncor Energy, Inc. | 28621 |
| 305 | TotalEnergies S.E. - ADR | 19139 |
|  |  | 562065 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.5%** |  |
| 650 | Halliburton Company | 14775 |
|  | **STEEL - 3.4%** |  |
| 132 | Nucor Corporation | 19632 |
| 289 | POSCO - ADR | 14910 |
|  |  | 34542 |
|  | **TOTAL COMMON STOCKS (Cost $775,724)** | 1000925 |

---

See accompanying notes to financial statements.

**SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.8%** |  |
|  | **MONEY MARKET FUND - 1.8%** |  |
| 18686 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $18,686)<sup>(a)</sup> | $18686 |
|  | **TOTAL INVESTMENTS - 100.6% (Cost $794,410)** | $1019611 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** | (5699) |
|  | **NET ASSETS - 100.0%** | $1013912 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA FINANCIAL SERVICES PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4%** |  |
|  | **ASSET MANAGEMENT - 11.1%** |  |
| 58 | Ameriprise Financial, Inc. | $29859 |
| 148 | Apollo Global Management, Inc. | 20162 |
| 10 | Blackrock, Inc. | 11271 |
| 47 | Blackstone, Inc. | 8056 |
| 68 | Charles Schwab Corporation (The) | 6517 |
| 413 | Janus Henderson Group plc | 18304 |
| 203 | Stifel Financial Corporation | 23404 |
|  |  | 117573 |
|  | **BANKING - 24.8%** |  |
| 896 | Bank of America Corporation | 45463 |
| 352 | Bank OZK | 18469 |
| 294 | Citigroup, Inc. | 28392 |
| 225 | East West Bancorp, Inc. | 23657 |
| 158 | JPMorgan Chase & Company | 47625 |
| 35 | PNC Financial Services Group, Inc. (The) | 7260 |
| 385 | Synovus Financial Corporation | 19870 |
| 503 | US Bancorp | 24561 |
| 138 | Webster Financial Corporation | 8586 |
| 468 | Wells Fargo & Company | 38460 |
|  |  | 262343 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 13.7%** |  |
| 101 | Cboe Global Markets, Inc. | 23831 |
| 127 | CME Group, Inc. | 33847 |
| 20 | Goldman Sachs Group, Inc. (The) | 14905 |
| 459 | Interactive Brokers Group, Inc., Class A | 28568 |
| 40 | Intercontinental Exchange, Inc. | 7064 |
| 73 | Morgan Stanley | 10985 |
| 226 | State Street Corporation | 25983 |
|  |  | 145183 |
|  | **INSURANCE - 25.1%** |  |
| 312 | Aflac, Inc. | 33340 |
| 124 | American Financial Group, Inc. | 16847 |
| 15 | Aon PLC, Class A | 5505 |
| 90 | Axis Capital Holdings LTD. | 8872 |

---

See accompanying notes to financial statements.

**SARATOGA FINANCIAL SERVICES PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **INSURANCE - 25.1% (Continued)** |  |
| 199 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | $100094 |
| 126 | Chubb Ltd. | 34659 |
| 26 | Everest Group Ltd. | 8889 |
| 77 | Marsh & McLennan Companies, Inc. | 15847 |
| 48 | Progressive Corporation (The) | 11859 |
| 208 | Voya Financial, Inc. | 15619 |
| 199 | W R Berkley Corporation | 14266 |
|  |  | 265797 |
|  | **SPECIALTY FINANCE - 8.9%** |  |
| 62 | American Express Company | 20539 |
| 144 | Capital One Financial Corporation | 32719 |
| 431 | MGIC Investment Corporation | 11995 |
| 375 | Synchrony Financial | 28628 |
|  |  | 93881 |
|  | **TECHNOLOGY SERVICES - 15.8%** |  |
| 187 | Block, Inc.<sup>(a)</sup> | 14893 |
| 37 | Fiserv, Inc.<sup>(a)</sup> | 5113 |
| 76 | Mastercard, Inc., Class A | 45241 |
| 14 | Moody's Corporation | 7137 |
| 126 | PayPal Holdings, Inc.<sup>(a)</sup> | 8844 |
| 24 | S&P Global, Inc. | 13163 |
| 447 | Toast, Inc., Class A<sup>(a)</sup> | 20159 |
| 124 | Visa, Inc., Class A | 43620 |
| 50 | WEX, Inc.<sup>(a)</sup> | 8569 |
|  |  | 166739 |
|  | **TOTAL COMMON STOCKS (Cost $462,462)** | 1051516 |

---

See accompanying notes to financial statements.

**SARATOGA FINANCIAL SERVICES PORTFOLIO**

**SCHEDULE OF INVESTMENTS (Continued)**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.3%** |  |
|  | **MONEY MARKET FUND - 1.3%** |  |
| 13235 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $13,235)<sup>(b)</sup> | $13235 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $475,697)** | $1064751 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | (7653) |
|  | **NET ASSETS - 100.0%** | $1057098 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA INVESTMENT QUALITY BOND PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 97.1%** |  |
|  | **FIXED INCOME - 97.1%** |  |
| 745179 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | $7831835 |
| 41646 | Vanguard Long-Term Bond Index Fund, Admiral Class | 434365 |
|  |  | 8266200 |
|  | **TOTAL OPEN END FUNDS (Cost $8,098,112)** | 8266200 |
|  | **SHORT-TERM INVESTMENT — 3.3%** |  |
|  | **MONEY MARKET FUND - 3.3%** |  |
| 280470 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $280,470)<sup>(a)</sup> | 280470 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $8,378,582)** | $8546670 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (34215) |
|  | **NET ASSETS - 100.0%** | $8512455 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA MUNICIPAL BOND PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUND — 100.8%** |  |
|  | **FIXED INCOME - 100.8%** |  |
| 19949 | Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class | $268709 |
|  | **TOTAL OPEN END FUND (Cost $273,247)** | 268709 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $273,247)** | $268709 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | (2159) |
|  | **NET ASSETS - 100.0%** | $266550 |

---

See accompanying notes to financial statements.

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

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 99.8%** |  |
|  | **MONEY MARKET FUNDS – 99.8%** |  |
| 1190147 | BlackRock Liquidity FedFund, Institutional Class, 4.18%<sup>(a)</sup> | $1190147 |
| 1190147 | Dreyfus Government Cash Management, Institutional Class, 4.18%<sup>(a)</sup> | 1190147 |
| 1190147 | Federated Hermes Government Obligations Fund, Institutional Class, 4.17%<sup>(a)</sup> | 1190147 |
| 1190146 | JPMorgan US Government Money Market Fund, Capital Class, 4.18%<sup>(a)</sup> | 1190146 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $4,760,587)** | 4760587 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $4,760,587)** | $4760587 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.2%** | 8163 |
|  | **NET ASSETS - 100.0%** | $4768750 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 95.0%** |  |
|  | **ALTERNATIVE - 8.8%** |  |
| 16780 | Eaton Vance Global Macro Absolute Return Fund, Class I | $145647 |
|  | **EQUITY - 75.0%** |  |
| 3029 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | 41377 |
| 2224 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | 51193 |
| 9693 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 318915 |
| 9143 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 271098 |
| 12113 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 178671 |
| 18597 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 138917 |
| 2211 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | 64048 |
| 887 | Vanguard Financials Index Fund, Admiral Class | 58638 |
| 2901 | Vanguard Total International Stock Index Fund, Admiral Class | 111068 |
|  |  | 1233925 |
|  | **FIXED INCOME - 11.2%** |  |
| 15672 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 164710 |
| 1715 | Vanguard Long-Term Bond Index Fund, Admiral Class | 17885 |
| 109 | Vanguard Short-Term Bond Index Fund, Admiral Class | 1130 |
|  |  | 183725 |
|  | **TOTAL OPEN END FUNDS (Cost $1,346,820)** | 1563297 |
|  | **SHORT-TERM INVESTMENTS — 5.7%** |  |
|  | **MONEY MARKET FUNDS - 5.7%** |  |
| 93485 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $93,485)<sup>(b)</sup> | 93485 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $1,440,305)** | $1656782 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | (10836) |
|  | **NET ASSETS - 100.0%** | $1645946 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven-day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 92.0%** |  |
|  | **ALTERNATIVE - 7.2%** |  |
| 27308 | Eaton Vance Global Macro Absolute Return Fund, Class I | $237031 |
|  | **EQUITY - 41.2%** |  |
| 16236 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 534168 |
| 14738 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 436989 |
| 19734 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 291071 |
| 8343 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 62325 |
| 957 | Vanguard Total International Stock Index Fund, Admiral Class | 36640 |
|  |  | 1361193 |
|  | **FIXED INCOME - 43.6%** |  |
| 123419 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 1297138 |
| 13788 | Vanguard Long-Term Bond Index Fund, Admiral Class | 143811 |
|  |  | 1440949 |
|  | **TOTAL OPEN END FUNDS (Cost $2,791,144)** | 3039173 |
|  | **SHORT-TERM INVESTMENTS — 8.3%** |  |
|  | **MONEY MARKET FUNDS - 8.3%** |  |
| 275657 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $275,657)<sup>(b)</sup> | 275657 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $3,066,801)** | $3314830 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (10487) |
|  | **NET ASSETS - 100.0%** | $3304343 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA MODERATE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 93.3%** |  |
|  | **ALTERNATIVE - 7.0%** |  |
| 20037 | Eaton Vance Global Macro Absolute Return Fund, Class I | $173921 |
|  | **EQUITY - 62.5%** |  |
| 2507 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | 34252 |
| 1841 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | 42388 |
| 14956 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 492064 |
| 14374 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 426191 |
| 19663 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 290033 |
| 12953 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 96760 |
| 2062 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | 59743 |
| 760 | Vanguard Financials Index Fund, Admiral Class | 50293 |
| 1669 | Vanguard Total International Stock Index Fund, Admiral Class | 63892 |
|  |  | 1555616 |
|  | **FIXED INCOME - 23.8%** |  |
| 50803 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 533939 |
| 5676 | Vanguard Long-Term Bond Index Fund, Admiral Class | 59196 |
|  |  | 593135 |
|  | **TOTAL OPEN END FUNDS (Cost $2,024,322)** | 2322672 |
|  | **SHORT-TERM INVESTMENTS — 7.2%** |  |
|  | **MONEY MARKET FUNDS - 7.2%** |  |
| 180253 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $180,253)<sup>(b)</sup> | 180253 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $2,204,575)** | $2502925 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | (13112) |
|  | **NET ASSETS - 100.0%** | $2489813 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 93.8%** |  |
|  | **ALTERNATIVE - 8.0%** |  |
| 11671 | Eaton Vance Global Macro Absolute Return Fund, Class I | $101304 |
|  | **EQUITY - 66.3%** |  |
| 1949 | Saratoga Energy & Basic Materials Portfolio, Class I<sup>(a)</sup> | 26617 |
| 1243 | Saratoga Health & Biotechnology Portfolio, Class I<sup>(a)</sup> | 28612 |
| 7114 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 234066 |
| 6914 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 205010 |
| 10093 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 148866 |
| 10323 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 77115 |
| 1245 | Saratoga Technology & Communications Portfolio, Class I<sup>(a)</sup> | 36079 |
| 444 | Vanguard Financials Index Fund, Admiral Class | 29342 |
| 1426 | Vanguard Total International Stock Index Fund, Admiral Class | 54606 |
|  |  | 840313 |
|  | **FIXED INCOME - 19.5%** |  |
| 21229 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 223117 |
| 2368 | Vanguard Long-Term Bond Index Fund, Admiral Class | 24695 |
|  |  | 247812 |
|  | **TOTAL OPEN END FUNDS (Cost $1,029,460)** | 1189429 |
|  | **SHORT-TERM INVESTMENTS — 6.8%** |  |
|  | **MONEY MARKET FUNDS - 6.8%** |  |
| 86484 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $86,484)<sup>(b)</sup> | 86484 |
|  | **TOTAL INVESTMENTS - 100.6% (Cost $1,115,944)** | $1275913 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** | (7360) |
|  | **NET ASSETS - 100.0%** | $1268553 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

**SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 92.1%** |  |
|  | **ALTERNATIVE - 7.0%** |  |
| 7282 | Eaton Vance Global Macro Absolute Return Fund, Class I | $63210 |
|  | **EQUITY - 57.6%** |  |
| 5369 | Saratoga Large Capitalization Growth Portfolio, Class I<sup>(a)</sup> | 176628 |
| 5009 | Saratoga Large Capitalization Value Portfolio, Class I<sup>(a)</sup> | 148508 |
| 7475 | Saratoga Mid Capitalization Portfolio, Class I<sup>(a)</sup> | 110259 |
| 6621 | Saratoga Small Capitalization Portfolio, Class I<sup>(a)</sup> | 49460 |
| 896 | Vanguard Total International Stock Index Fund, Admiral Class | 34320 |
|  |  | 519175 |
|  | **FIXED INCOME - 27.5%** |  |
| 21259 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 223436 |
| 2314 | Vanguard Long-Term Bond Index Fund, Admiral Class | 24134 |
|  |  | 247570 |
|  | **TOTAL OPEN END FUNDS (Cost $740,558)** | 829955 |
|  | **SHORT-TERM INVESTMENTS — 8.5%** |  |
|  | **MONEY MARKET FUNDS - 8.5%** |  |
| 76942 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 4.26% (Cost $76,942)<sup>(b)</sup> | 76942 |
|  | **TOTAL INVESTMENTS - 100.6% (Cost $817,500)** | $906897 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** | (5536) |
|  | **NET ASSETS - 100.0%** | $901361 |

---

<sup>(a)</sup> Investment in affiliate. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **August 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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<br> (including collateral on loaned securities) (See Note 2) | Investments, at cost<br> (including collateral on loaned securities) (See Note 2) | $15946405 | $29350642 | $8694229 | $5387739 | $2334758 |
| Investments in securities, at value<br> (including collateral on loaned securities) (See Note 2) (a) | Investments in securities, at value<br> (including collateral on loaned securities) (See Note 2) (a) | $18753642 | $39612843 | $10686207 | $6310758 | $3308820 |
| Receivable for securities sold | Receivable for securities sold |  |  | 40373 | 1133073 |  |
| Receivable for fund shares sold | Receivable for fund shares sold | 1001 | 500 |  |  |  |
| Interest and dividends receivable | Interest and dividends receivable | 9952 | 43236 | 8873 | 2977 | 11596 |
| Prepaid expenses and other assets | Prepaid expenses and other assets | - | - | 19151 | 1238 | 1703 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;&nbsp;**Total Assets** | **18764595** | **39656579** | **10754604** | **7448046** | **3322119** |
| **Liabilities:** | **Liabilities:** |  |  |  |  |  |
| Securities lending collateral (See Note 2) | Securities lending collateral (See Note 2) |  |  |  | 58627 |  |
| Due to Custodian | Due to Custodian |  |  |  |  | 675 |
| Payable for securities purchased | Payable for securities purchased |  |  | 39971 | 1025366 | 9 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 2666 | 6783 | 1838 | 957 | 315 |
| Payable to manager | Payable to manager | 12178 | 22154 | 6814 | 3386 | 108 |
| Administration fees payable | Administration fees payable | 68270 | 104562 | 38637 | 29747 | 13537 |
| Custody fees payable | Custody fees payable | 2453 | 7111 |  | 6254 |  |
| Compliance officer fees payable | Compliance officer fees payable | 52 | 9 |  | 161 |  |
| Payable for distribution (12b-1) fees | Payable for distribution (12b-1) fees | 195 | 1705 | 495 | 11 | 40 |
| Accrued expenses and other liabilities | Accrued expenses and other liabilities | 10634 | 16505 | 3167 | 11728 | 2986 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;&nbsp;**Total Liabilities** | **96448** | **158829** | **90922** | **1136237** | **17670** |
| **Net Assets** | **Net Assets** | $**18668147** | $**39497750** | $**10663682** | $**6311809** | $**3304449** |
| **Net Assets:** | **Net Assets:** |  |  |  |  |  |
| Par value of shares of beneficial interest | Par value of shares of beneficial interest | $6325 | $13174 | $7446 | $8788 | $2317 |
| Paid in capital | Paid in capital | 14325595 | 27086431 | 6745292 | 4940781 | 4455580 |
| Accumulated earnings/(deficits) | Accumulated earnings/(deficits) | 4336227 | 12398145 | 3910944 | 1362240 | (1153448) |
| **Net Assets** | **Net Assets** | $**18668147** | $**39497750** | $**10663682** | $**6311809** | $**3304449** |
| **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 | $18183109 | $35384513 | $9241841 | $6228254 | $3250541 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 613310 | 1075542 | 626385 | 833371 | 227825 |
| &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 | $29.65 | $32.90 | $14.75 | $7.47 | $14.27 |
| &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;&nbsp;Net Assets | $420995 | $3496259 | $1392240 | $70124 | $44423 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 15743 | 136138 | 114642 | 11206 | 3102 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | $26.74 | $25.68 | $12.14 | $6.26 | $14.32 |
| &nbsp;&nbsp;&nbsp;Offering price per share<br> (maximum sales charge of 5.75%) | &nbsp;&nbsp;&nbsp;Offering price per share<br> (maximum sales charge of 5.75%) | $28.37 | $27.25 | $12.88 | $6.64 | $15.19 |
| &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;&nbsp;Net Assets | $64043 | $616978 | $29601 | $13431 | $9485 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3446 | 105725 | 3609 | 34205 | 748 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (b) | &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (b) | $18.58 | $5.84 | $8.20 | $0.39 | $12.68 |
| (a) | Includes securities loaned of: | $1327239 | $336541 | $- | $244642 | $- |
| (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. |  |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **August 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Health &**<br> **Biotechnology**<br> **Portfolio** | **Technology &**<br> **Communications**<br> **Portfolio** | **Energy & Basic**<br> **Materials**<br> **Portfolio** | **Financial**<br> **Services**<br> **Portfolio** | **Investment<br> Quality<br> Bond<br> Portfolio** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost<br> (including collateral on loaned securities) (See Note 2) | $6305664 | $9965433 | $794410 | $475697 | $8378582 |
| Investments in securities, at value<br> (including collateral on loaned securities) (See Note 2) | $9893260 | $42749910 | $1019611 | $1064751 | $8546670 |
| Cash |  | 181 |  | 3 |  |
| Receivable for securities sold |  | 95040 |  |  |  |
| Receivable for fund shares sold |  | 617 |  |  |  |
| Interest and dividends receivable | 10819 | 19115 | 7066 | 970 | 877 |
| Receivable from manager |  |  |  | 278 |  |
| Prepaid expenses and other assets | 1173 | 20572 | - | 3180 | 7169 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **9905252** | **42885435** | **1026677** | **1069182** | **8554716** |
| **Liabilities:** |  |  |  |  |  |
| Payable for fund shares redeemed |  | 1159 |  |  | 136 |
| Payable to manager | 10340 | 44691 |  |  | 6103 |
| Administration fees payable | 39824 | 106547 | 10443 | 7823 | 20263 |
| Custody fees payable | 1395 | 3419 | 871 | 1839 | 2065 |
| Trustee fees payable |  |  | 74 | 487 | 606 |
| Payable for distribution (12b-1) fees | 1522 | 7073 | 30 | 18 | 7991 |
| Accrued expenses and other liabilities | 95 | 35061 | 1347 | 1917 | 5097 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **53176** | **197950** | **12765** | **12084** | **42261** |
| **Net Assets** | $**9852076** | $**42687485** | $**1013912** | $**1057098** | $**8512455** |
| **Net Assets:** |  |  |  |  |  |
| Par value of shares of beneficial interest | $4801 | $16981 | $753 | $820 | $8890 |
| Paid in capital | 6045007 | 5645823 | 1710153 | 349158 | 8455735 |
| Accumulated earnings/(deficits) | 3802268 | 37024681 | (696994) | 707120 | 47830 |
| **Net Assets** | $**9852076** | $**42687485** | $**1013912** | $**1057098** | $**8512455** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $5153118 | $24834644 | $901323 | $1011832 | $8377688 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 223869 | 857288 | 66006 | 77978 | 874726 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $23.02 | $28.97 | $13.66 | $12.98 | $9.58 |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $4310903 | $16150210 | $105071 | $45241 | $134474 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 225817 | 706692 | 8494 | 4012 | 14196 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | $19.09 | $22.85 | $12.37 | $11.28 | $9.47 |
| &nbsp;&nbsp;&nbsp;Offering price per share<br> (maximum sales charge of 5.75%) | $20.25 | $24.24 | $13.12 | $11.97 | $10.05 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $388055 | $1702631 | $7518 | $25 | $293 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 30376 | 134165 | 754 | 2 | 31 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (a) | $12.78 | $12.69 | $9.97 | $10.32 (b) | $9.39 (b) |

---

(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 ASSETS AND LIABILITIES** |
| **August 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Municipal**<br> **Bond**<br> **Portfolio** | **U.S. Government**<br> **Money Market**<br> **Portfolio** | **Aggressive<br> Balanced<br> Allocation<br> Portfolio** | **Conservative<br> Balanced<br> Allocation<br> Portfolio** | **Moderate<br> Balanced<br> Allocation<br> Portfolio** |
| **Assets:** |  |  |  |  |  |
| Investments in Affiliates, at cost | $- | $- | $900693 | $1116243 | $1196136 |
| Investments in Unaffiliated securities, at cost | 273247 | 4760587 | 539612 | 1950558 | 1008439 |
| Total Investments, at cost | $273247 | $4760587 | $1440305 | $3066801 | $2204575 |
| Investments in Affiliates, at value | $- | $- | $1064219 | $1324553 | $1441431 |
| Investments in Unaffiliated securities, at value | 268709 | 4760587 | 592563 | 1990277 | 1061494 |
| Total Investments, at value | $268709 | $4760587 | $1656782 | $3314830 | $2502925 |
| Cash | 17893 |  |  |  |  |
| Receivable for fund shares sold | 340 |  |  |  |  |
| Interest and dividends receivable | 812 | 16693 | 322 | 1027 | 626 |
| Receivable from manager |  |  | 979 | 1054 | 1434 |
| Prepaid expenses and other assets | 5394 | - | - | 2892 | 1992 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **293148** | **4777280** | **1658083** | **3319803** | **2506977** |
| **Liabilities:** |  |  |  |  |  |
| Payable for fund shares redeemed | 946 | 791 | 765 |  | 4235 |
| Payable to manager | 2929 | 1920 |  |  |  |
| Administration fees payable | 6994 | 1488 | 9642 | 14074 | 11719 |
| Custody fees payable | 210 | 589 | 369 | 508 | 407 |
| Trustee fees payable | 1143 | 596 |  |  |  |
| Compliance officer fees payable | 300 | 195 |  |  |  |
| Payable for distribution (12b-1) fees | 8206 | 129 | 225 | 654 | 721 |
| Distributions payable |  | 53 |  |  |  |
| Accrued expenses and other liabilities | 5870 | 2769 | 1136 | 224 | 82 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **26598** | **8530** | **12137** | **15460** | **17164** |
| **Net Assets** | $**266550** | $**4768750** | $**1645946** | $**3304343** | $**2489813** |
| **Net Assets:** |  |  |  |  |  |
| Par value of shares of beneficial interest | $304 | $47774 | $1284 | $2777 | $1938 |
| Paid in capital | 293188 | 4720438 | 1316143 | 2863160 | 2036670 |
| Accumulated earnings/(deficits) | (26942) | 538 | 328519 | 438406 | 451205 |
| **Net Assets** | $**266550** | $**4768750** | $**1645946** | $**3304343** | $**2489813** |
| **Net Asset Value Per Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $228318 | $4586884 | $1257706 | $2509746 | $1617317 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 25951 | 4595395 | 97791 | 209858 | 124819 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $8.80 | $1.00 | $12.86 | $11.96 | $12.96 |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $17908 | $51607 | $161567 | $40091 | $26207 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 2087 | 51647 | 12653 | 3359 | 2033 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | $8.58 | $1.00 | $12.77 | $11.93 | $12.89 |
| &nbsp;&nbsp;&nbsp;Offering price per share<br> (maximum sales charge of 5.75%) | $9.10 | $1.06 | $13.55 | $12.66 | $13.68 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $20324 | $130259 | $226673 | $754506 | $846289 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 2394 | 130337 | 17940 | 64481 | 66966 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (a) | $8.49 | $1.00 | $12.64 | $11.70 | $12.64 |

---

(a) 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** |
| **August 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Moderately<br> Aggressive Balanced<br> Allocation<br> Portfolio** | **Moderately<br> Conservative<br> Balanced Allocation<br> Portfolio** |
| **Assets:** |  |  |
| Investments in Affiliates, at cost | $629350 | $408908 |
| Investments in Unaffilated securities, at cost | 486594 | 408592 |
| Total Investments, at cost | $1115944 | $817500 |
| Investments in Affiliates, at value | $756365 | $484854 |
| Investments in Unaffiated securities, at value | 519548 | 422043 |
| Total Investments, at value | $1275913 | $906897 |
| Interest and dividends receivable | 292 | 260 |
| Receivable from manager | 1772 | 1431 |
| Prepaid expenses and other assets | 107 | 1768 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **1278084** | **910356** |
| **Liabilities:** |  |  |
| Administration fees payable | 8878 | 8134 |
| Custody fees payable | 278 | 277 |
| Trustee fees payable | 21 | 113 |
| Payable for distribution (12b-1) fees | 234 | 215 |
| Accrued expenses and other liabilities | 120 | 256 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **9531** | **8995** |
| **Net Assets** | $**1268553** | $**901361** |
| **Net Assets:** |  |  |
| Par value of shares of beneficial interest | $991 | $766 |
| Paid in capital | 1024831 | 742949 |
| Accumulated earnings | 242731 | 157646 |
| **Net Assets** | $**1268553** | $**901361** |
| **Net Asset Value Per Share** |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $915639 | $646789 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 71195 | 54460 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $12.86 | $11.88 |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $99736 | $16 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 7814 | 1 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | $12.76 | $11.88 (b) |
| &nbsp;&nbsp;&nbsp;Offering price per share<br> (maximum sales charge of 5.75%) | $13.54 | $12.60 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $253178 | $254556 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 20131 | 22154 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price per share (a) | $12.58 | $11.49 |

---

(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** |
| **For the Year Ended August 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $139764 | $252658 | $137500 | $72620 | $98185 |
| Interest income | 48431 | 28503 | 9706 | 8848 | 2167 |
| Securities lending income - net | 363 | 76 | 50 | 1503 | 157 |
| Less: Foreign withholding taxes | (935) | - | (285) | - | (14367) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **187623** | **281237** | **146971** | **82971** | **86142** |
| **Operating Expenses:** |  |  |  |  |  |
| Management fees | 125333 | 234921 | 88766 | 42228 | 25158 |
| Distribution (12b-1) fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 1596 | 11306 | 6300 | 271 | 165 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 616 | 7124 | 719 | 105 | 72 |
| Administration fees | 145167 | 266434 | 109836 | 71068 | 56038 |
| Professional fees | 24539 | 45410 | 16765 | 14792 | 3723 |
| Compliance officer fees | 10355 | 17387 | 7260 | 3747 | 2109 |
| Printing and postage expense | 9479 | 14748 | 7239 | 3062 | 2877 |
| Custodian fees | 7473 | 24027 | 16851 | 14226 | 17811 |
| Trustees' fees | 4192 | 8733 | 2734 | 1344 | 564 |
| Registration fees | 3549 | 15957 | 3405 | 6256 | 2455 |
| Shareholder servicing fees | 2894 | 14117 | 4171 | 1298 | 518 |
| Insurance expense | 551 | 63 | 288 | 218 | 135 |
| Miscellaneous expenses | 9172 | 18626 | 5445 | 4219 | 2832 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **344916** | **678853** | **269779** | **162834** | **114457** |
| Less: Expenses waived and/or reimbursed | - | - | - | - | (16960) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **344916** | **678853** | **269779** | **162834** | **97497** |
| **Net Investment (Loss)** | **(157293)** | **(397616)** | **(122808)** | **(79863)** | **(11355)** |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |  |
| Net realized gain from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments and Foreign currency transactions | 2392806 | 6828760 | 2613052 | 591485 | 411095 |
| Net Realized Gain | 2392806 | 6828760 | 2613052 | 591485 | 411095 |
| Net change in unrealized appreciation/(depreciation) on Investments and Foreign currency translations | 352359 | 2674506 | (969442) | (207816) | 225994 |
| **Net Realized and Unrealized Gain on Investments** | **2745165** | **9503266** | **1643610** | **383669** | **637089** |
| **Net Increase in Net Assets Resulting From Operations** | $**2587872** | $**9105650** | $**1520802** | $**303806** | $**625734** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended August 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Health &**<br> **Biotechnology**<br> **Portfolio** | **Technology &**<br> **Communications**<br> **Portfolio** | **Energy & Basic**<br> **Materials**<br> **Portfolio** | **Financial**<br> **Services**<br> **Portfolio** | **Investment<br> Quality<br> Bond<br> Portfolio** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $116749 | $324217 | $50531 | $25847 | $385231 |
| Interest income | 12048 | 14421 | 995 | 1389 | 15124 |
| Securities lending income - net | 105 | 380 |  |  |  |
| Less: Foreign withholding taxes | (2286) | - | (2926) | - | - |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **126616** | **339018** | **48600** | **27236** | **400355** |
| **Operating Expenses:** |  |  |  |  |  |
| Management fees | 136338 | 519415 | 14459 | 17695 | 55725 |
| Distribution (12b-1) fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 18481 | 61846 | 367 | 201 | 567 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 4308 | 18922 | 113 |  | 4 |
| Administration fees | 92759 | 332784 | 21039 | 20364 | 86800 |
| Professional fees | 15110 | 53455 | 1473 | 1857 | 11089 |
| Compliance officer fees | 8928 | 18775 | 542 | 3243 | 3181 |
| Shareholder servicing fees | 7837 | 15526 | 355 | 352 | 1958 |
| Registration fees | 6499 | 15490 | 3026 | 2199 | 2919 |
| Printing and postage expense | 5740 | 16122 | 1001 | 1698 | 4497 |
| Custodian fees | 3445 | 9821 | 3144 | 4998 | 3834 |
| Trustees' fees | 2428 | 11221 | 97 | 372 | 1930 |
| Insurance expense | 1045 | 3697 | 165 | 99 | 810 |
| Miscellaneous expenses | 3612 | 8881 | 4172 | 3662 | 4925 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **306530** | **1085955** | **49953** | **56740** | **178239** |
| Less: Expenses waived and/or reimbursed | - | - | (14802) | (14108) | - |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **306530** | **1085955** | **35151** | **42632** | **178239** |
| **Net Investment Income/(Loss)** | **(179914)** | **(746937)** | **13449** | **(15396)** | **222116** |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |  |
| Net realized gain from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments and Foreign currency transactions | 371772 | 5123431 | 57323 | 232521 | 52726 |
| Net realized gain | 371772 | 5123431 | 57323 | 232521 | 52726 |
| Net change in unrealized appreciation/(depreciation) on Investments and Foreign currency transactions | (1582237) | 2299673 | (118212) | 5279 | 3902 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(1210465)** | **7423104** | **(60889)** | **237800** | **56628** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(1390379)** | $**6676167** | $**(47440)** | $**222404** | $**278744** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended August 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Municipal<br> Bond<br> Portfolio** | **U.S. Government<br> Money Market<br> Portfolio** | **Aggressive<br> Balanced<br> Allocation<br> Portfolio** | **Conservative<br> Balanced<br> Allocation<br> Portfolio** | **Moderate <br> Balanced<br> Allocation<br> Portfolio** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $14488 | $- | $18620 | $70123 | $34856 |
| Interest income | 65 | 210292 | 3903 | 12384 | 7557 |
| Dividend income from Affiliates | - | - | 16337 | 27016 | 25496 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **14553** | **210292** | **38860** | **109523** | **67909** |
| **Operating Expenses:** |  |  |  |  |  |
| Management fees | 2559 | 22729 | 13437 | 28166 | 20703 |
| Distribution (12b-1) fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 70 | 297 | 376 | 96 | 60 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 200 | 1314 | 2105 | 7099 | 7662 |
| Administration fees | 11566 | 24273 | 17287 | 28470 | 22924 |
| Registration fees | 2186 | 108 |  | 1862 | 2405 |
| Compliance officer fees | 806 | 2659 | 836 | 1461 | 1125 |
| Custodian fees | 447 | 1586 | 883 | 1336 | 1029 |
| Professional fees | 412 | 3792 | 2298 | 3605 | 2805 |
| Shareholder servicing fees | 382 | 194 |  | 211 | 70 |
| Trustees' fees | 304 | 34 | 63 | 569 | 362 |
| Printing and postage expense | 207 | 3818 | 849 | 1225 | 1065 |
| Insurance expense | 77 | 573 | 11 | 194 | 91 |
| Miscellaneous expenses | 4433 | 6516 | 4961 | 4531 | 4021 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **23649** | **67893** | **43106** | **78825** | **64322** |
| Less: Expenses waived and/or reimbursed | (14556) | - | (25837) | (40556) | (33813) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **9093** | **67893** | **17269** | **38269** | **30509** |
| **Net Investment Income** | **5460** | **142399** | **21591** | **71254** | **37400** |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (4743) |  | 605 | 4415 | 2791 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  |  | 7163 | 836 |
| Distribution of realized gains by underlying: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Companies | - | - | 109974 | 160977 | 161534 |
| Net realized gain (loss) | (4743) | - | 110579 | 172555 | 165161 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | 11949 | 23665 | 18056 |
| &nbsp;&nbsp;&nbsp;Investments | (5400) | - | 27059 | 18824 | 23438 |
| Net change in unrealized appreciation/(depreciation) | (5400) | - | 39008 | 42489 | 41494 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(10143)** | **-** | **149587** | **215044** | **206655** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(4683)** | $**142399** | $**171178** | $**286298** | $**244055** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended August 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Moderately<br> Aggressive Balanced<br> Allocation<br> Portfolio** | **Moderately<br> Conservative<br> Balanced Allocation<br> Portfolio** |
| **Investment Income:** |  |  |
| Dividend income | $17075 | $14523 |
| Interest income | 3383 | 3167 |
| Dividend income from Affiliates | 12459 | 9555 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **32917** | **27245** |
| **Operating Expenses:** |  |  |
| Management fees | 10551 | 7796 |
| Distribution (12b-1) fees |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 231 |  |
| &nbsp;&nbsp;&nbsp;Class C Shares | 2342 | 2312 |
| Administration fees | 15413 | 12584 |
| Registration fees | 1617 | 690 |
| Professional fees | 1082 | 1507 |
| Printing and postage expense | 878 | 493 |
| Custodian fees | 611 | 600 |
| Compliance officer fees | 591 | 407 |
| Insurance expense | 55 | 57 |
| Shareholder servicing fees | 26 |  |
| Miscellaneous expenses | 4947 | 4686 |
| &nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **38344** | **31132** |
| Less: Expenses waived and/or reimbursed | (24159) | (20243) |
| &nbsp;&nbsp;&nbsp;**Net Operating Expenses** | **14185** | **10889** |
| **Net Investment Income** | **18732** | **16356** |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 854 | 1654 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  | 5087 |
| Distribution of realized gains by underlying: |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investment Companies | 82013 | 60492 |
| Net realized gain | 82867 | 67233 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 15635 | 6268 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | 8767 | 2106 |
| Net change in unrealized appreciation/(depreciation) | 24402 | 8374 |
| **Net Realized and Unrealized Gain on Investments** | 107269 | 75607 |
| **Net Increase in Net Assets Resulting From Operations** | $**126001** | $**91963** |

---

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** |
|  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **Operations:** |  |  |  |  |  |  |
| Net investment loss | $(157293) | $(118034) | $(397616) | $(309658) | $(122808) | $(49723) |
| Net realized gain on investments | 2392806 | 2734967 | 6828760 | 7350305 | 2613052 | 1941231 |
| Net change in unrealized appreciation/(depreciation) on investments | 352359 | 461971 | 2674506 | 2065861 | (969442) | 579746 |
| **Net increase in net assets resulting from operations** | **2587872** | **3078904** | **9105650** | **9106508** | **1520802** | **2471254** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (2721378) | (166958) | (6549282) | (1855204) | (1540586) | (111355) |
| &nbsp;&nbsp;&nbsp;Class A | (59203) | (3077) | (632577) | (141764) | (265792) | (15508) |
| &nbsp;&nbsp;&nbsp;Class C | (13244) | (1492) | (479633) | (265426) | (19263) | (1220) |
| **Total Dividends and Distributions to Shareholders** | **(2793825)** | **(171527)** | **(7661492)** | **(2262394)** | **(1825641)** | **(128083)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 736259 | 1831612 | 12308034 | 10295063 | 380219 | 403174 |
| &nbsp;&nbsp;&nbsp;Class A | 7356 | 12541 | 667617 | 568503 | 21615 | 256762 |
| &nbsp;&nbsp;&nbsp;Class C | 6527 | 6042 | 104056 | 4752 | 4567 | 4228 |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 2665332 | 165438 | 6288616 | 1805556 | 1493621 | 109323 |
| &nbsp;&nbsp;&nbsp;Class A | 57044 | 2967 | 598874 | 136045 | 261984 | 15102 |
| &nbsp;&nbsp;&nbsp;Class C | 13244 | 1492 | 479558 | 263450 | 19263 | 1220 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (4797562) | (5757225) | (14750949) | (10237570) | (3464693) | (1125302) |
| &nbsp;&nbsp;&nbsp;Class A | (39852) | (15129) | (216339) | (100236) | (390499) | (182979) |
| &nbsp;&nbsp;&nbsp;Class C | (22439) | (90644) | (444859) | (1202984) | (63153) | (40293) |
| **Net increase/(decrease) in net assets from share transactions of beneficial interest** | **(1374091)** | **(3842906)** | **5034608** | **1532579** | **(1737076)** | **(558765)** |
| **Total Increase/(Decrease) in Net Assets** | **(1580044)** | **(935529)** | **6478766** | **8376693** | **(2041915)** | **1784406** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 20248191 | 21183720 | 33018984 | 24642291 | 12705597 | 10921191 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**18668147** | $**20248191** | $**39497750** | $**33018984** | $**10663682** | $**12705597** |

---

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** |
|  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $(79863) | $(43888) | $(11355) | $6208 | $(179914) | $(173986) |
| Net realized gain on investments and foreign currency transactions | 591485 | 1058124 | 411095 | 81897 | 371772 | 100909 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | (207816) | 209662 | 225994 | 325259 | (1582237) | 2200963 |
| **Net increase/(decrease) in net assets resulting from operations** | **303806** | **1223898** | **625734** | **413364** | **(1390379)** | **2127886** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (722397) |  | (23108) | (26499) | (66366) | (278865) |
| &nbsp;&nbsp;&nbsp;Class A | (8800) |  | (116) | (160) | (60909) | (251938) |
| &nbsp;&nbsp;&nbsp;Class C | (6906) | - | - | (3) | (8347) | (39830) |
| **Total Dividends and Distributions to Shareholders** | **(738103)** | **-** | **(23224)** | **(26662)** | **(135622)** | **(570633)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 551171 | 812730 | 338051 | 288782 | 130421 | 584725 |
| &nbsp;&nbsp;&nbsp;Class A | 9870 | 866 | 177 | 140 | 148625 | 89487 |
| &nbsp;&nbsp;&nbsp;Class C | 2566 | 2375 | 1734 | 1606 |  |  |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 715610 |  | 22357 | 26213 | 62607 | 261225 |
| &nbsp;&nbsp;&nbsp;Class A | 8800 |  | 116 | 153 | 55694 | 230771 |
| &nbsp;&nbsp;&nbsp;Class C | 6906 |  |  | 3 | 8070 | 38717 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (1926703) | (945978) | (1191260) | (600156) | (1444936) | (882178) |
| &nbsp;&nbsp;&nbsp;Class A | (7203) | (1466) | (4392) | (4593) | (636384) | (381398) |
| &nbsp;&nbsp;&nbsp;Class C | - | (17) | - | (6825) | (92139) | (102932) |
| **Net decrease in net assets from share transactions of beneficial interest** | **(638983)** | **(131490)** | **(833217)** | **(294677)** | **(1768042)** | **(161583)** |
| **Total Increase/(Decrease) in Net Assets** | **(1073280)** | **1092408** | **(230707)** | **92025** | **(3294043)** | **1395670** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 7385089 | 6292681 | 3535156 | 3443131 | 13146119 | 11750449 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**6311809** | $**7385089** | $**3304449** | $**3535156** | $**9852076** | $**13146119** |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Technology & Communications<br> Portfolio** | **Technology & Communications<br> Portfolio** | **Energy & Basic Materials<br> Portfolio** | **Energy & Basic Materials<br> Portfolio** | **Financial Services<br> Portfolio** | **Financial Services<br> Portfolio** |
|  | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $(746937) | $(667777) | $13449 | $16366 | $(15396) | $(8925) |
| Net realized gain on investments and foreign currency transactions | 5123431 | 6085388 | 57323 | 54707 | 232521 | 79991 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | 2299673 | 2536628 | (118212) | (33666) | 5279 | 233957 |
| **Net increase/(decrease) in net assets resulting from operations** | **6676167** | **7954239** | **(47440)** | **37407** | **222404** | **305023** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (2516269) | (1398597) | (14815) | (21541) | (74618) | (45463) |
| &nbsp;&nbsp;&nbsp;Class A | (1949153) | (1078983) | (731) | (1520) | (3372) | (3564) |
| &nbsp;&nbsp;&nbsp;Class C | (425218) | (288699) | (261) | - | (1) | (1) |
| **Total Dividends and Distributions to Shareholders** | **(4890640)** | **(2766279)** | **(15807)** | **(23061)** | **(77991)** | **(49028)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 523692 | 674028 | 54197 | 472750 | 96433 | 371723 |
| &nbsp;&nbsp;&nbsp;Class A | 206586 | 509111 | 20096 | 624 | 70 | 280 |
| &nbsp;&nbsp;&nbsp;Class C | 10550 | 5517 |  | 18422 |  |  |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 2361109 | 1305508 | 14744 | 21329 | 74136 | 44693 |
| &nbsp;&nbsp;&nbsp;Class A | 1832926 | 1022410 | 727 | 1494 | 2178 | 2606 |
| &nbsp;&nbsp;&nbsp;Class C | 408046 | 275028 | 261 |  | 1 | 1 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (3692763) | (3804298) | (354403) | (522251) | (705557) | (245335) |
| &nbsp;&nbsp;&nbsp;Class A | (1906901) | (2340523) | (39831) | (8006) | (32032) | (15329) |
| &nbsp;&nbsp;&nbsp;Class C | (660844) | (1234196) | (10540) | - | - | - |
| **Net increase/(decrease) in net assets from share transactions of beneficial interest** | **(917599)** | **(3587415)** | **(314749)** | **(15638)** | **(564771)** | **158639** |
| **Total Increase/(Decrease) in Net Assets** | **867928** | **1600545** | **(377996)** | **(1292)** | **(420358)** | **414634** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 41819557 | 40219012 | 1391908 | 1393200 | 1477456 | 1062822 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**42687485** | $**41819557** | $**1013912** | $**1391908** | $**1057098** | $**1477456** |

---

See accompanying notes to financial statements.

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Quality Bond<br> Portfolio** | **Investment Quality Bond<br> Portfolio** | **Municipal Bond<br> Portfolio** | **Municipal Bond<br> Portfolio** | **U.S. Government Money<br> Market Portfolio** | **U.S. Government Money<br> Market Portfolio** |
|  | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $222116 | $225803 | $5460 | $6091 | $142399 | $169316 |
| Net realized gain/(loss) on investments | 52726 | 34259 | (4743) | 1221 |  |  |
| Net change in unrealized appreciation/(depreciation) on investments | 3902 | 318679 | (5400) | 10286 | - | - |
| **Net increase (decrease) in net assets resulting from operations** | **278744** | **578741** | **(4683)** | **17598** | **142399** | **169316** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (205221) | (200784) | (5964) |  | (137996) | (155834) |
| &nbsp;&nbsp;&nbsp;Class A | (2371) | (2181) | (141) |  | (1934) | (2505) |
| &nbsp;&nbsp;&nbsp;Class C | (2) | (10) | (34) | - | (2567) | (10890) |
| **Total Dividends and Distributions to Shareholders** | **(207594)** | **(202975)** | **(6139)** | **-** | **(142497)** | **(169229)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 622848 | 1025302 | 6607 | 40749 | 4566742 | 1294450 |
| &nbsp;&nbsp;&nbsp;Class A | 530 | 5122 | 954 | 4334 | 25450 | 1336 |
| &nbsp;&nbsp;&nbsp;Class C |  |  | 1360 | 1700 | 52946 | 523818 |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 202016 | 200314 | 5873 |  | 134375 | 154301 |
| &nbsp;&nbsp;&nbsp;Class A | 2371 | 2179 | 141 |  | 1888 | 2489 |
| &nbsp;&nbsp;&nbsp;Class C | 2 | 10 | 34 |  | 2560 | 9637 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (3733309) | (1213975) | (317899) | (33312) | (4385940) | (2314927) |
| &nbsp;&nbsp;&nbsp;Class A | (20139) | (7660) |  |  | (53157) | (12538) |
| &nbsp;&nbsp;&nbsp;Class C | - | (3290) | (954) | (4334) | (115338) | (623544) |
| **Net increase/(decrease) in net assets from share transactions of beneficial interest** | **(2925681)** | **8002** | **(303884)** | **9137** | **229526** | **(964978)** |
| **Total Increase/(Decrease) in Net Assets** | **(2854531)** | **383768** | **(314706)** | **26735** | **229428** | **(964891)** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 11366986 | 10983218 | 581256 | 554521 | 4539322 | 5504213 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**8512455** | $**11366986** | $**266550** | $**581256** | $**4768750** | $**4539322** |

---

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** |
|  | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $21591 | $4107 | $71254 | $40294 | $37400 | $9975 |
| Net realized gain on investments | 605 | 431 | 11578 | 5788 | 3627 | 8525 |
| Distribution of realized gains by underlying affiliated investment companies | 109974 | 20756 | 160977 | 29387 | 161534 | 31329 |
| Net change in unrealized appreciation/(depreciation) on investments | 39008 | 167225 | 42489 | 244091 | 41494 | 231261 |
| **Net increase in net assets resulting from operations** | **171178** | **192519** | **286298** | **319560** | **244055** | **281090** |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (33118) | (24631) | (80900) | (54934) | (53263) | (33757) |
| &nbsp;&nbsp;&nbsp;Class A | (4170) | (3382) | (1230) | (829) | (781) | (438) |
| &nbsp;&nbsp;&nbsp;Class C | (4362) | (4020) | (17632) | (9874) | (21213) | (8811) |
| **Total Dividends and Distributions to Shareholders** | **(41650)** | **(32033)** | **(99762)** | **(65637)** | **(75257)** | **(43006)** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 71901 | 89101 | 93873 | 67038 | 38442 | 206583 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  |  | 1131 | 1131 |
| &nbsp;&nbsp;&nbsp;Class C | 5424 | 6073 | 15872 | 23303 | 137592 | 61563 |
| Reinvestment of dividends and distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 33118 | 24631 | 80900 | 54411 | 53263 | 33757 |
| &nbsp;&nbsp;&nbsp;Class A | 4170 | 3381 | 1230 | 829 | 780 | 438 |
| &nbsp;&nbsp;&nbsp;Class C | 4362 | 4021 | 17632 | 9873 | 21214 | 8811 |
| Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (12809) | (18954) | (154796) | (96570) | (41398) | (101825) |
| &nbsp;&nbsp;&nbsp;Class A |  | (15) | (1425) | (1385) |  |  |
| &nbsp;&nbsp;&nbsp;Class C | (765) | - | (5401) | (8990) | (16295) | (19588) |
| **Net increase in net assets from share transactions of beneficial interest** | **105401** | **108238** | **47885** | **48509** | **194729** | **190870** |
| **Total Increase in Net Assets** | **234929** | **268724** | **234421** | **302432** | **363527** | **428954** |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1411017 | 1142293 | 3069922 | 2767490 | 2126286 | 1697332 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**1645946** | $**1411017** | $**3304343** | $**3069922** | $**2489813** | $**2126286** |

---

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** |
|  | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** | **Year Ended**<br>**August 31,<br> 2025** | **Year Ended**<br>**August 31,<br> 2024** |
| **Operations:** |  |  |  |  |
| Net investment income | $18732 | $4870 | $16356 | $6042 |
| Net realized gain on investments | 854 | 3842 | 6741 | 2644 |
| Distribution of realized gains by underlying affiliated and non affiliated investment companies | 82013 | 15839 | 60492 | 10456 |
| Net change in unrealized appreciation on investments | 24402 | 122436 | 8374 | 87761 |
| **Net increase in net assets resulting from operations** | **126001** | **146987** | **91963** | **106903** |
| **Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (28787) | (19081) | (24925) | (5204) |
| &nbsp;&nbsp;&nbsp;Class A | (2957) | (2005) | (1) |  |
| &nbsp;&nbsp;&nbsp;Class C | (5766) | (3925) | (6811) | - |
| **Total Dividends and Distributions to Shareholders** | **(37510)** | **(25011)** | **(31737)** | **(5204** |
| **Share Transactions of Beneficial Interest (Note 5):** |  |  |  |  |
| Net proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 14000 | 42167 | 4397 | 476 |
| &nbsp;&nbsp;&nbsp;Class A | 1737 | 15877 |  |  |
| &nbsp;&nbsp;&nbsp;Class C | 8864 | 9552 | 11200 | 17000 |
| Reinvestment of dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 28787 | 19081 | 24925 | 5204 |
| &nbsp;&nbsp;&nbsp;Class A | 2957 | 2005 | 1 |  |
| &nbsp;&nbsp;&nbsp;Class C | 5766 | 3925 | 6810 |  |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (181) | (50670) | (69744) | (12010) |
| &nbsp;&nbsp;&nbsp;Class A | (15) | (7053) |  |  |
| &nbsp;&nbsp;&nbsp;Class C | - | (19721) | - | - |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **61915** | **15163** | **(22411)** | **10670** |
| **Total Increase in Net Assets** | **150406** | **137139** | **37815** | **112369** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1118147 | 981008 | 863546 | 751177 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**1268553** | $**1118147** | $**901361** | $**863546** |

---

---

| | |
|:---|:---|
| ^ | Less than $0.50 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025* |

---

**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 seventeen series. These financial statements include the following seventeen 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 Energy & Basic Materials Portfolio; the Financial Services Portfolio; the Investment Quality Bond Portfolio; the Municipal 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, Energy & Basic Materials, Financial Services 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, Municipal 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 Energy & Basic Materials Portfolio, the Financial Services Portfolio, the Investment Quality Bond Portfolio, the Municipal 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, Municipal 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 |
| Energy & Basic Materials | Long-term capital growth |
| Financial Services | Long-term capital growth |
| Investment Quality Bond | Current income and reasonable stability of principal |
| Municipal Bond | High level of interest income that is excluded from federal income taxation to the extent consistent with prudent investment management and the preservation of capital |
| 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** |
| *Year Ended August 31, 2025 (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 in Topic 280 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** |
| *Year Ended August 31, 2025 (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 August 31, 2025 for each Portfolio's assets and liabilities measured at fair value:

**Large Capitalization Value**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $18299750 | $- | $- | $18299750 |
| Short-Term Investment | 453892 | - | - | 453892 |
| **Total** | $18753642 | $- | $- | $18753642 |

---

**Large Capitalization Growth**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $38600526 | $- | $- | $38600526 |
| Short-Term Investment | 1012317 | - | - | 1012317 |
| **Total** | $39612843 | $- | $- | $39612843 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

---

**Mid Capitalization**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $10480184 | $- | $- | $10480184 |
| Short-Term Investment | 206023 | - | - | 206023 |
| **Total** | $10686207 | $- | $- | $10686207 |

---

**Small Capitalization**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $6107073 | $- | $- | $6107073 |
| Short-Term Investment | 203685 | - | - | 203685 |
| **Total** | $6310758 | $- | $- | $6310758 |

---

**International Equity**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $203112 | $- | $- | $203112 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | - | 164113 | - | 164113 |
| &nbsp;&nbsp;&nbsp;China | - | 84647 | - | 84647 |
| &nbsp;&nbsp;&nbsp;France | - | 288550 | - | 288550 |
| &nbsp;&nbsp;&nbsp;Germany | - | 190658 | - | 190658 |
| &nbsp;&nbsp;&nbsp;India | 56658 | - | - | 56658 |
| &nbsp;&nbsp;&nbsp;Italy | - | 244819 | - | 244819 |
| &nbsp;&nbsp;&nbsp;Japan | - | 704879 | - | 704879 |
| &nbsp;&nbsp;&nbsp;Korea (Republic of) | - | 155910 | - | 155910 |
| &nbsp;&nbsp;&nbsp;Luxembourg | - | 75365 | - | 75365 |
| &nbsp;&nbsp;&nbsp;Malaysia | - | 61823 | - | 61823 |
| &nbsp;&nbsp;&nbsp;Singapore | - | 96043 | - | 96043 |
| &nbsp;&nbsp;&nbsp;Spain | - | 202679 | - | 202679 |
| &nbsp;&nbsp;&nbsp;Swizterland | - | 70879 | - | 70879 |
| &nbsp;&nbsp;&nbsp;Taiwan Province of China | 162202 | - | - | 162202 |
| &nbsp;&nbsp;&nbsp;Thailand | - | 58694 | - | 58694 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 139850 | 177570 | - | 317420 |
| &nbsp;&nbsp;&nbsp;United States | 67597 | - | - | 67597 |
| Exchange Traded Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;India | 50940 | - | - | 50940 |
| Short-Term Investment | 51832 | - | - | 51832 |
| **Total** | $732191 | $2576629 | $- | $3308820 |

---

**Health & Biotechnology**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $9458144 | $- | $- | $9458144 |
| Short-Term Investment | 435116 | - | - | 435116 |
| **Total** | $9893260 | $- | $- | $9893260 |

---

**Technology & Communication**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $42695459 | $- | $- | $42695459 |
| Short-Term Investment | 54451 | - | - | 54451 |
| **Total** | $42749910 | $- | $- | $42749910 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

---

**Energy & Basic Materials**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1000925 | $- | $- | $1000925 |
| Short-Term Investment | 18686 | - | - | 18686 |
| **Total** | $1019611 | $- | $- | $1019611 |

---

**Financial Services**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1051516 | $- | $- | $1051516 |
| Short-Term Investment | 13235 | - | - | 13235 |
| **Total** | $1064751 | $- | $- | $1064751 |

---

**Investment Quality Bond**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open End Funds | $8266200 | $- | $- | $8266200 |
| Short-Term Investment | 280470 | - | - | 280470 |
| **Total** | $8546670 | $- | $- | $8546670 |

---

**Municipal Bond**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open End Funds | $268709 | $- | $- | $268709 |
| **Total** | $268709 | $- | $- | $268709 |

---

**U.S. Government Money Market**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Investments | $4760587 | $- | $- | $4760587 |
| **Total** | $4760587 | $- | $- | $4760587 |

---

**Aggressive Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $1563297 | $- | $- | $1563297 |
| Short-Term Investment | 93485 | - | - | 93485 |
| **Total** | $1656782 | $- | $- | $1656782 |

---

**Conservative Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $3039173 | $- | $- | $3039173 |
| Short-Term Investment | 275657 | - | - | 275657 |
| **Total** | $3314830 | $- | $- | $3314830 |

---

**Moderate Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $2322672 | $- | $- | $2322672 |
| Short-Term Investment | 180253 | - | - | 180253 |
| **Total** | $2502925 | $- | $- | $2502925 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

---

**Moderately Aggressive Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $1189429 | $- | $- | $1189429 |
| Short-Term Investment | 86484 | - | - | 86484 |
| **Total** | $1275913 | $- | $- | $1275913 |

---

**Moderately Conservative Balanced Allocation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Open Ended Funds | $829955 | $- | $- | $829955 |
| Short-Term Investment | 76942 | - | - | 76942 |
| **Total** | $906897 | $- | $- | $906897 |

---

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 Utilized** | **Total** |
| Large Capitalization Value | $- | $- | $- | $- |
| Large Capitalization Growth |  |  |  |  |
| Mid Capitalization |  |  |  |  |
| Small Capitalization |  |  |  |  |
| International Equity | 2125064 |  | 386587 | 2125064 |
| Health & Biotechnology |  |  |  |  |
| Technology & Communications |  |  |  |  |
| Energy & Basic Materials | 862137 | 57835 | 49207 | 919972 |
| Financial Services |  |  |  |  |
| Investment Quality Bond |  | 154468 | 43304 | 154468 |
| Municipal Bond | 7549 | 20145 |  | 27694 |
| 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 August 31, 2025, the Portfolios did not incur any interest or penalties.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

---

**(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.

**(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 |
| Energy & Basic Materials | Annually | Annually |

---

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Income Dividends** | **Capital Gains** |
| Financial Services | Annually | Annually |
| Investment Quality Bond | Monthly | Annually |
| Municipal 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.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

---

**(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.

*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.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

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**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 August 31, 2025, 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<br> of Collateral** | **Value of<br> Non-cash Collateral** |
| Large Capitalization Value | $1327239 | $1344176 | $1344176 |
| Large Capitalization Growth | $336541 | $350797 | $350797 |
| Small Capitalization | $244642 | $253396 | $194769 |

---

At August 31, 2025, 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 | 0.19% |
| Large Capitalization Growth | 0.03% |
| Mid Capitalization | 0.03% |
| Small Capitalization | 1.81% |
| International Equity | 0.18% |
| Health & Biotechnology | 0.08% |
| Technology & Communications | 0.11% |

---

The following table presents the Portfolios' assets and liabilities available for offset under a master netting arrangement net of collateral pledged as of August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Gross Amounts not offset in the<br> Statements of Assets and Liabilities** | **Gross Amounts not offset in the<br> Statements of Assets and Liabilities** | |
|  |<br>**Gross Amounts Recognized in Statements of 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 | $58627 | $58627 | $- | $- |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

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**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, Technology & Communications, Energy & Basic Materials and Financial Services; 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 and Municipal 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 year ended August 31, 2025, the Manager waived $14,802 for Energy & Basic Materials, $14,108 for Financial Services, $16,960 for International Equity, $14,556 for Municipal Bond, $25,837 for Aggressive Balanced Allocation, $40,556 for Conservative Balanced Allocation, $33,813 for Moderate Balanced Allocation, $24,159 for Moderately Aggressive Balanced Allocation, and $20,243 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.

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 CDSC of 1.00%. Class I shares are offered at net asset value.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

---

For the year ended August 31, 2025, 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:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Distributor Sales Charges<br> Class A** | **CDSC's<br> Class C** |
| Large Capitalization Value | $24 | $65 |
| Large Capitalization Growth | 16973 | 1261 |
| Mid Capitalization | 622 | 46 |
| Small Capitalization | 361 | 26 |
| International Equity | 11 | 17 |
| Health & Biotechnology | 4987 |  |
| Technology & Communications | 1185 | 35 |
| Energy & Basic Materials | 4 | 108 |
| Financial Services | 4 |  |
| Investment Quality Bond | 32 |  |
| Municipal Bond |  |  |
| U.S Government Money Market |  | 634 |
| Aggressive Balanced Allocation |  | 54 |
| Conservative Balanced Allocation |  | 159 |
| Moderate Balanced Allocation | 69 | 556 |
| Moderately Aggressive Balanced Allocation | 63 | 9 |
| Moderately Conservative Balanced Allocation |  | 112 |

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&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 August 31, 2025 for each portfolio were: 3.00%, 3.60% and 2.60% for Class A, C and I shares, respectively, of Large Capitalization Value, Large Capitalization Growth, Mid Capitalization, and Small Capitalization; 3.30%, 3.90% and 2.90% for Class A, C and I shares, respectively, of International Equity; 2.30%, 2.90% and 1.90%, for Class A, C and I shares, respectively, of Investment Quality Bond and Municipal 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, Technology & Communications, Energy & Basic Materials and Financial Services. 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** |
| *Year Ended August 31, 2025 (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, 2025.

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, 2025. 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.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **8/31/2026** | **8/31/2027** | **8/31/2028** |
| International Equity | $- | $- | $16960 |
| Energy & Basic Materials | 2175 | 5822 | 14802 |
| Financial Services | 742 | 10179 | 14108 |
| Municipal Bond | 6922 | 14118 | 14556 |
| 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 year ended August 31, 2025, the amount received by the participating Portfolios under this arrangement was as follows: Large Cap Value, $15,659; Health & Biotechnology, $919; and Technology & Communications, $3,053. These amounts are included with the realized gain/loss for each Portfolio in the Statement of Operations.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Affiliated Investments — Companies which are affiliates of the Portfolios at August 31, 2025, are noted in the Portfolio's Schedule of Investments. A summary of the investments in the affiliated investments are detailed below:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding** | **Value at <br>8/31/2024** | **Purchases** | **Sale Proceeds** | **Realized Gain <br>(Loss)** | **Change in <br>Unrealized <br>Appreciation <br>(Depreciation)** | **Value at<br> 8/31/2025** | **Shares at <br>8/31/2025** | **Income** | **Long Term <br>Capital Gain <br>Distribution** |
| Aggressive Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Energy & Basic Materials Portfolio, CL I | $40719 | $1894 | $- | $- | $(1236) | $41377 | $3029 | $490 | $- |
| &nbsp;&nbsp;&nbsp;Saratoga Health & Biotechnology Portfolio, CL I | 55098 | 2533 |  |  | (6438) | 51193 | 2224 |  | 535 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | 244649 | 56679 |  |  | 17587 | 318915 | 9693 | 12464 | 40855 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 227854 | 40207 |  |  | 3037 | 271098 | 9143 |  | 31729 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 153591 | 25322 |  |  | (242) | 178671 | 12113 | 3383 | 18639 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 123333 | 20253 |  |  | (4669) | 138917 | 18597 |  | 12618 |
| &nbsp;&nbsp;&nbsp;Saratoga Technology & Communications Portfolio, CL I | 52758 | 7380 |  | - | 3910 | 64048 | 2211 | - | 5598 |
| &nbsp;&nbsp;&nbsp;Total | 898002 |  |  |  | 11949 | 1064219 |  | 16337 | 109974 |
| Conservative Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | $423502 | $91225 | $10220 | $3260 | $26401 | $534168 | $16236 | $21325 | $69900 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 390998 | 53618 | 11461 | 1466 | 2368 | 436989 | 14738 |  | 53618 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 262307 | 37050 | 8103 | 2006 | (2189) | 291071 | 19734 | 5691 | 31359 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 60534 | 6100 | 1825 | 431 | (2915) | 62325 | 8343 | - | 6100 |
|  | 1137341 |  |  | 7163 | 23665 | 1324553 |  | 27016 | 160977 |
| Moderate Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Energy & Basic Materials Portfolio, CL I | $33667 | $1930 | $160 | $(23) | $(1162) | $34252 | $2507 | $422 | $- |
| &nbsp;&nbsp;&nbsp;Saratoga Health & Biotechnology Portfolio, CL I | 45620 | 2541 | 220 | (17) | (5536) | 42388 | 1841 |  | 462 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | 369173 | 99419 | 1705 | 396 | 24781 | 492064 | 14956 | 19472 | 63827 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 356116 | 69125 | 1848 | 47 | 2751 | 426191 | 14374 |  | 51653 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 244099 | 48948 | 1320 | 322 | (2016) | 290033 | 19663 | 5602 | 30866 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 87392 | 14025 | 495 | 77 | (4239) | 96760 | 12953 |  | 9345 |
| &nbsp;&nbsp;&nbsp;Saratoga Technology & Communications Portfolio, CL I | 49130 | 7305 | 203 | 34 | 3477 | 59743 | 2062 | - | 5381 |
| &nbsp;&nbsp;&nbsp;Total | 1185197 |  |  | 836 | 18056 | 1441431 |  | 25496 | 161534 |
| Moderately Aggressive Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Energy & Basic Materials Portfolio, CL I | $27189 | $327 | $- | $- | $(899) | $26617 | $1949 | $327 | $- |
| &nbsp;&nbsp;&nbsp;Saratoga Health & Biotechnology Portfolio, CL I | 32074 | 312 |  |  | (3774) | 28612 | 1243 |  | 312 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | 181727 | 39606 |  |  | 12733 | 234066 | 7114 | 9259 | 30347 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 178317 | 24831 |  |  | 1862 | 205010 | 6914 |  | 24831 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 130455 | 18705 |  |  | (294) | 148866 | 10093 | 2873 | 15832 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 72749 | 7443 |  |  | (3077) | 77115 | 10323 |  | 7443 |
| &nbsp;&nbsp;&nbsp;Saratoga Technology & Communications Portfolio, CL I | 30615 | 3248 |  | - | 2216 | 36079 | 1245 | - | 3248 |
| &nbsp;&nbsp;&nbsp;Total | 653126 |  |  |  | 8767 | 756365 |  | 12459 | 82013 |
| Moderately Conservative Balanced Allocation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Growth Portfolio, CL I | $145140 | $31250 | $9120 | $2311 | $7046 | $176627 | $5369 | $7305 | $23945 |
| &nbsp;&nbsp;&nbsp;Saratoga Large Capitalization Value Portfolio, CL I | 138518 | 19023 | 9824 | 836 | (45) | 148508 | 5009 |  | 19023 |
| &nbsp;&nbsp;&nbsp;Saratoga Mid Capitalization Portfolio, CL I | 103562 | 14645 | 7424 | 1307 | (1831) | 110259 | 7475 | 2250 | 12395 |
| &nbsp;&nbsp;&nbsp;Saratoga Small Capitalization Value Portfolio, CL I | 50954 | 5129 | 4192 | 633 | (3064) | 49460 | 6621 | - | 5129 |
| &nbsp;&nbsp;&nbsp;Total | 438174 |  |  | 5087 | 2106 | 484854 |  | 9555 | 60492 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the year ended August 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Portfolios were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| Large Capitalization Value | $16924611 | $19335938 |
| Large Capitalization Growth | 23599767 | 27067330 |
| Mid Capitalization | 17649140 | 21326836 |
| Small Capitalization | 9232040 | 10628510 |
| International Equity | 1352867 | 2214701 |
| Health & Biotechnology | 2377318 | 4535055 |
| Technology & Communications | 2747695 | 8975372 |
| Energy & Basic Materials | 171221 | 467926 |
| Financial Services | 41298 | 666185 |
| Investment Quality Bond | 2818055 | 5339589 |
| Municipal Bond | 15856 | 282039 |
| Aggressive Balanced Allocation | 227776 | 36783 |
| Conservative Balanced Allocation | 550898 | 369520 |
| Moderate Balanced Allocation | 440362 | 131926 |
| Moderately Aggressive Balanced Allocation | 170705 | 50852 |
| Moderately Conservative Balanced Allocation | 138569 | 112937 |

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&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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 August 31, 2025, 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** |
| *Year Ended August 31, 2025 (Continued)* |

---

The effect of derivative instruments on the Statements of Operations for the year ended August 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivative** | **Location of loss on derivatives** | **Risk Type** | **Realized and unrealized<br> gain (loss) on derivatives** |
| International Equity |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Forward Exchange Contracts | Net realized loss from investments and foreign currency transactions | Foreign Exchange | $6085 |
|  |  |  | **Total** | $6085 |

---

**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** |
|  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **Large Capitalization Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 26394 | 66943 | 270 | 473 | 428 | 300 |
| &nbsp;&nbsp;&nbsp;Redeemed | (176607) | (203232) | (1540) | (597) | (1246) | (4615) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 99453 | 6324 | 2353 | 123 | 783 | 83 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (50760) | (129965) | 1083 | (1) | (35 | (4232 |
| **Large Capitalization Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 404650 | 368572 | 28257 | 25548 | 14573 | 486 |
| &nbsp;&nbsp;&nbsp;Redeemed | (490886) | (363844) | (8562) | (4386) | (76218) | (132783) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 212741 | 73577 | 25880 | 6702 | 90826 | 31856 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 126505 | 78305 | 45575 | 27864 | 29181 | (100441 |
| **Mid Capitalization** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 25164 | 29685 | 1722 | 20794 | 692 | 466 |
| &nbsp;&nbsp;&nbsp;Redeemed | (247642) | (84628) | (33539) | (16646) | (8523) | (5297) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 103008 | 8809 | 21887 | 1430 | 2375 | 158 |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares | (119470) | (46134) | (9930) | 5578 | (5456 | (4673 |
| **Small Capitalization** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 77372 | 110962 | 1487 | 132 | 8275 | 2199 |
| &nbsp;&nbsp;&nbsp;Redeemed | (277166) | (134335) | (1257) | (240) |  | (19) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 94657 | - | 1386 | - | 17265 | - |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (105137) | (23373) | 1616 | (108) | 25540 | 2180 |
| **International Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 27132 | 26038 | 15 | 11 | 160 | 160 |
| &nbsp;&nbsp;&nbsp;Redeemed | (95491) | (56480) | (345) | (438) |  | (686) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 1921 | 2555 | 10 | 15 | - | - |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (66438) | (27887) | (320) | (412) | 160 | (526 |
| **Health & Biotechnology** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5473 | 24192 | 7715 | 4665 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (61097) | (37839) | (32384) | (19395) | (6733) | (7663) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 2633 | 11939 | 2816 | 12604 | 607 | 3107 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (52991) | (1708) | (21853) | (2126) | (6126 | (4556 |
| **Technology & Communications** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 18839 | 27118 | 9506 | 26196 | 890 | 439 |
| &nbsp;&nbsp;&nbsp;Redeemed | (140248) | (147760) | (88199) | (114485) | (56475) | (96455) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 87708 | 55839 | 86053 | 53670 | 34347 | 23507 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (33701) | (64803) | 7360 | (34619) | (21238 | (72509 |
| **Energy & Basic Materials** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4045 | 33292 | 1676 | 47 |  | 1767 |
| &nbsp;&nbsp;&nbsp;Redeemed | (27220) | (37068) | (3252) | (634) | (1064) |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 1095 | 1509 | 59 | 117 | 26 | - |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares | (22080) | (2267) | (1517) | (470) | (1038 | 1767 |
| **Financial Services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 8076 | 34098 | 7 | 29 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (58492) | (24134) | (3054) | (1667) |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 6102 | 4770 | 206 | 316 | - | - |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (44314) | 14734 | (2841) | (1322) | - | - |
| **Investment Quality Bond** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 66571 | 110944 | 56 | 561 |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (398371) | (131823) | (2169) | (838) |  | (366) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 21462 | 21837 | 255 | 240 | - | 1 |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares | (310338) | 958 | (1858) | (37) | - | (365 |

---

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares** | **Class I Shares** | **Class A Shares** | **Class A Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** | **Year Ended<br> August 31,<br> 2025** | **Year Ended<br> August 31,<br> 2024** |
| **Municipal Bond** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 753 | 4644 | 110 | 518 | 160 | 200 |
| &nbsp;&nbsp;&nbsp;Redeemed | (36474) | (3823) |  |  | (112) | (521) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 661 | - | 16 | - | 4 | - |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (35060) | 821 | 126 | 518 | 52 | (321) |
| **U.S. Government Money Market** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4563742 | 1294450 | 25450 | 1336 | 52946 | 523818 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4385940) | (2314927) | (53157) | (12538) | (115338) | (623544) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 134375 | 154301 | 1888 | 2489 | 2560 | 9637 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 312177 | (866176) | (25819 | (8713 | (59832) | (90089) |
| **Aggressive Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6338 | 7781 |  |  | 462 | 574 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1060) | (1815) |  | (1) | (61) |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 2728 | 2335 | 345 | 322 | 363 | 385 |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares | 8006 | 8301 | 345 | 321 | 764 | 959 |
| **Conservative Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 8150 | 6231 |  |  | 1458 | 2220 |
| &nbsp;&nbsp;&nbsp;Redeemed | (13472) | (8952) | (128) | (131) | (485) | (830) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 7166 | 5232 | 108 | 80 | 1584 | 962 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 1844 | 2511 | (20 | (51 | 2557 | 2352 |
| **Moderate Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3178 | 19348 | 93 | 101 | 11492 | 5644 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3367) | (8868) |  |  | (1364) | (1698) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 4359 | 3103 | 64 | 41 | 1768 | 823 |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares | 4170 | 13583 | 157 | 142 | 11896 | 4769 |
| **Moderately Aggressive Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1201 | 3692 | 145 | 1546 | 761 | 889 |
| &nbsp;&nbsp;&nbsp;Redeemed | (14) | (4798) | (1) | (694) |  | (1721) |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 2373 | 1778 | 245 | 188 | 483 | 371 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | 3560 | 672 | 389 | 1040 | 1244 | (461) |
| **Moderately Conservative Balanced Allocation** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 406 | 47 |  |  | 1121 | 1633 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6271) | (1187) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested from Dividends | 2225 | 519 | - | - | 624 | - |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | (3640) | (621) | - | - | 1745 | 1633 |

---

\*\* Amount represents less than 0.5 shares.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (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 August 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax**<br> **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Large Capitalization Value | $16016206 | $3121535 | $(384099) | $2737436 |
| Large Capitalization Growth | 29369043 | 10748140 | (504340) | 10243800 |
| Mid Capitalization | 8782836 | 2088221 | (184850) | 1903371 |
| Small Capitalization | 5396224 | 1083450 | (168916) | 914534 |
| International Equity | 2337602 | 1007389 | (36171) | 971218 |
| Health & Biotechnology | 6340387 | 3609981 | (57108) | 3552873 |
| Technology & Communications | 9974768 | 33055079 | (279937) | 32775142 |
| Energy & Basic Materials | 810222 | 302330 | (92941) | 209389 |
| Financial Services | 481898 | 591489 | (8636) | 582853 |
| Investment Quality Bond | 8381722 | 168088 | (3140) | 164948 |
| Municipal Bond | 273369 |  | (4660) | (4660) |
| U.S. Government Money Market | 4760587 |  |  |  |
| Aggressive Balanced Allocation | 1441136 | 217249 | (1603) | 215646 |
| Conservative Balanced Allocation | 3072320 | 248159 | (5649) | 242510 |
| Moderate Balanced Allocation | 2224275 | 298350 | (19700) | 278650 |
| Moderately Aggressive Balanced Allocation | 1119553 | 160237 | (3877) | 156360 |
| Moderately Conservative Balanced Allocation | 818165 | 89397 | (665) | 88732 |

---

**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 |
| Energy & Basic Materials | 15807 |  |  | – | 15807 |
| Financial Services |  | 77991 |  | – | 77991 |
| Investment Quality Bond | 207594 |  |  | – | 207594 |
| Municipal Bond | 19 |  | 6120 | – | 6139 |
| 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** |
| *Year Ended August 31, 2025 (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 |
| Energy & Basic Materials | 23061 |  | – |  | 23061 |
| Financial Services |  | 49028 | – |  | 49028 |
| Investment Quality Bond | 202975 |  | – |  | 202975 |
| Municipal Bond |  |  | – |  |  |
| 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 |
| Energy & Basic Materials |  |  |
| Financial Services | 34991 | (34991) |
| Investment Quality Bond |  |  |
| Municipal 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** |
| *Year Ended August 31, 2025 (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) |  |
| Energy & Basic Materials | 13603 |  |  | (919972) |
| Financial Services |  | 124267 |  |  |
| Investment Quality Bond | 37350 |  |  | (154468) |
| Municipal Bond | 5412 |  |  | (27694) |
| 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 |
| Energy & Basic Materials |  | 209375 | (696994) |
| Financial Services |  | 582853 | 707120 |
| Investment Quality Bond |  | 164948 | 47830 |
| Municipal Bond |  | (4660) | (26942) |
| 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** |
| *Year Ended August 31, 2025 (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 |
| Energy & Basic Materials |  |
| Financial Services |  |
| Investment Quality Bond |  |
| Municipal 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<br> Taxes Paid** | **Foreign Source<br> Income** |
| International Equity Fund | $1.0488 | $0.0172 |

---

---

| | | |
|:---|:---|:---|
| **For fiscal year ended<br> 8/31/2024** | **Foreign<br> Taxes 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 August 31, 2025, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 92.0%.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (Continued)* |

---

The performance of the Municipal Bond Portfolio will be directly affected by the performance of the Vanguard Intermediate-Term Tax-Exempt Fund – Admiral Class. The financial statements of the Vanguard Intermediate-Term Tax-Exempt 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 August 31, 2025, the percentage of net assets invested in the Vanguard Intermediate-Term Tax-Exempt Fund – Admiral Class was 100.8%.

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 August 31, 2025, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 39.3%.

**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 August 31, 2025, the below entities held more than 25% of the voting securities for each of the Funds listed.

---

| | | |
|:---|:---|:---|
|  | **First<br> National<br> Bank\*** | **Mid Atlantic<br> Trust Company<br> FBO\*** |
| Large Cap Value | 42.23% |  |
| Mid Cap | 39.26% |  |
| Small Cap | 40.66% |  |
| International Equity | 49.84% |  |
| Energy & Basic Materials | 40.52% |  |
| Financial Services | 53.65% |  |
| Investment Quality Bond | 56.15% |  |
| U.S. Government Money Market | 50.35% |  |
| Aggressive Balanced Allocation | 58.08% | 33.16% |
| Conservative Balanced Allocation | 41.21% | 33.19% |
| Moderate Balanced Allocation Portfolio | 46.84% | 27.69% |
| Moderately Aggressive Balanced Allocation | 58.40% | 39.33% |
| Moderately Conservative Balanced Allocation | 74.95% |  |

---

\* Comprised of multiple investors and accounts

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

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

---

| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** |
| *Year Ended August 31, 2025 (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 other than the following:

Dividends: The Board declared the following monthly dividends:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Dividend<br> Per Share** | **Record Date** | **Payable Date** |
| Saratoga Investment Quality Bond Fund - Class A | 0.0114 | 8/29/2025 | 9/3/2025 |
| Saratoga Investment Quality Bond Fund - Class C | 0.0051 | 8/29/2025 | 9/3/2025 |
| Saratoga Investment Quality Bond Fund - Class I | 0.0144 | 8/29/2025 | 9/3/2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Dividend<br> Per Share** | **Record Date** | **Payable Date** |
| Saratoga Investment Quality Bond Fund - Class A | 0.0160 | 9/30/2025 | 10/2/2025 |
| Saratoga Investment Quality Bond Fund - Class C | 0.0160 | 9/30/2025 | 10/2/2025 |
| Saratoga Investment Quality Bond Fund - Class I | 0.0160 | 9/30/2025 | 10/2/2025 |

---

The Financial Services Portfolio, Energy & Basic Materials Portfolio and Municipal Bond Portfolio will be liquidated. The liquidations are planned to occur sometime in the fourth quarter of 2025.

Effective October 27, 2025, for the Excess Expense Agreement, the voluntary expense caps will change for the Funds listed below. The Agreement may be terminated on 30 day's prior notice (instead of the current 60 day's prior notice).

---

| | |
|:---|:---|
| **Portfolio** | **Voluntary Expense Cap<br> as a Percentage of<br> Average Daily Net Assets** |
| I | 3.00% |
| Mid Capitalization A | 3.40% |
| C | 4.00% |
| I | 3.00% |
| Small Capitalization A | 3.40% |
| C | 4.00% |
| I | 3.00% |
| International Equity A | 3.40% |
| C | 4.00% |
| I | 2.40% |
| Investment Quality Bond A | 2.80% |
| C | 3.40% |
| I | 2.40% |
| Municipal Bond A | 2.80% |
| C | 3.40% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.30) | (0.25) | (0.17) | (0.36) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 3.84 | 3.76 | 2.09 | 0.37 | 9.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (4.15) | (0.21) | (2.09) | (6.29) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (4.15) | (0.21) | (2.09) | (6.29) | - |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $26.74 | $27.35 | $24.05 | $24.22 | $30.50 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 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 | (1.19)% | (0.97)% | (0.72)% | (1.39)% | (0.97)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.35) | (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) | 6.94 | 7.29 | 2.73 | (3.36) | 7.38 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (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 | (6.86) | (1.90) | (1.48) | (6.82) | (2.44) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $25.68 | $25.95 | $20.88 | $19.87 | $30.37 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.23% | 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 | (1.44)% | (1.39)% | (1.29)% | (1.38)% | (0.97)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 2.23% | 2.11% | 2.02% | 2.06% | 1.76% |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.16) | (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 | 1.84 | 2.47 | 0.45 | (1.08) | 3.98 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $12.14 | $12.58 | $10.34 | $10.11 | $13.14 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 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 | (1.40)% | (0.78)% | (0.15)% | (0.73)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.10) | (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) | 0.49 | 1.16 | 0.15 | (0.40) | 2.78 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (0.80) | - | (0.62) | (1.99) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.80) | - | (0.62) | (1.99) | - |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $6.26 | $6.67 | $5.57 | $6.07 | $8.53 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.92% | 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 | (1.65)% | (1.05)% | (0.49)% | (1.07)% | (1.02)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 2.92% | 2.28% | 2.23% | 2.47% | 2.11% |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.09) | (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) | 2.54 | 1.41 | 1.48 | (3.03) | 3.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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** | **Net Asset Value, End of Year** | $14.32 | $11.90 | $10.56 | $9.11 | $12.15 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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% | 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 | (0.74)% | (0.19)% | (0.29)% | (0.13)% | 0.19% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.36) | (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) | (2.06) | 3.78 | 1.50 | (1.25) | 4.18 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (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 | (0.25) | (1.02) | (1.27) | (0.79) | (2.58) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.25) | (1.02) | (1.27) | (0.79) | (2.58) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $19.09 | $21.76 | $19.32 | $19.35 | $21.69 |
| **Total Return\*** | **Total Return\*** | (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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 3.00% | 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 | (1.84)% | (1.65)% | (1.33)% | (1.46)% | (1.08)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 3.00% | 2.72% | 2.75% | 2.90% | 2.54% |
| # | 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. |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.43) | (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) | 4.06 | 4.23 | 3.69 | (6.75) | 6.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $22.85 | $22.11 | $19.75 | $19.65 | $30.39 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.82% | 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 | (2.01)% | (1.79)% | (1.69)% | (1.45)% | (1.60)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 7% | 8% | 6% | 3% | 10% |
|  |  | **Energy & Basic Materials Portfolio - Class A Shares** | **Energy & Basic Materials Portfolio - Class A Shares** | **Energy & Basic Materials Portfolio - Class A Shares** | **Energy & Basic Materials Portfolio - Class A Shares** | **Energy & Basic Materials Portfolio - Class A Shares** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $12.80 | $12.63 | $11.30 | $9.77 | $7.48 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.10 | 0.09 | 0.14 | 0.33 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.43) | 0.23 | 1.52 | 1.28 | 2.31 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.33) | 0.32 | 1.66 | 1.61 | 2.40 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.10) | (0.15) | (0.33) | (0.08) | (0.11) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.10) | (0.15) | (0.33) | (0.08) | (0.11) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $12.37 | $12.80 | $12.63 | $11.30 | $9.77 |
| **Total Return\*** | **Total Return\*** | (2.57)% | 2.55% | 14.93% | 16.54% | 32.30% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $105 | $128 | $132 | $237 | $99 |
| &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) | 4.68% | 3.81% | 3.52% | 3.30% | 4.43% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | 0.86% | 0.75% | 1.15% | 2.89% | 0.97% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15% | 47% | 51% | 43% | 81% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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 Energy & Basic Materials | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials |
|  |  | 3.40% | 3.40% | 3.40% | 3.30% | 3.40% |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial Services Portfolio - Class A Shares** | **Financial Services Portfolio - Class A Shares** | **Financial Services Portfolio - Class A Shares** | **Financial Services Portfolio - Class A Shares** | **Financial Services Portfolio - Class A Shares** |
| | | **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** | **Net Asset Value, Beginning of Year** | $10.12 | $8.21 | $8.57 | $10.59 | $7.19 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.16) | (0.10) | (0.04) | (0.08) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.93 | 2.45 | 0.15 | (1.43) | 3.81 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.77 | 2.35 | 0.11 | (1.51) | 3.74 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.61) | (0.44) | (0.47) | (0.51) | (0.34) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.61) | (0.44) | (0.47) | (0.51) | (0.34) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $11.28 | $10.12 | $8.21 | $8.57 | $10.59 |
| **Total Return\*** | **Total Return\*** | 17.86% | 29.77% | 1.22% | (15.00)% | 53.66% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $45 | $69 | $67 | $204 | $251 |
| &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) | 4.39% | 4.23% | 3.59% | 3.68% | 3.81% |
| &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 | (1.48)% | (1.11)% | (0.50)% | (0.82)% | (0.76)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 3% | 32% | 45% | 39% | 59% |
|  |  | **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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | 0.17 | 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) | 0.09 | 0.30 | (0.09) | (0.21) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (0.16) | (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 | (0.16) | (0.14) | (0.07) | (0.12) | (0.02) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $9.47 | $9.37 | $9.06 | $9.15 | $9.62 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.16% | 1.80% | 1.78% | 2.31% | 1.81% |
| &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) | 1.79% | 1.72% | 0.80% | (1.51)% | (0.77)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: |
|  |  | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% |
| (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: |
|  |  | 2.16% | 1.80% | 1.78% | 2.30% | 1.81% |
| (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. |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Municipal Bond Portfolio - Class A Shares** | **Municipal Bond Portfolio - Class A Shares** | **Municipal Bond Portfolio - Class A Shares** | **Municipal Bond Portfolio - Class A Shares** | **Municipal Bond Portfolio - Class A Shares** |
| | | **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** | **Net Asset Value, Beginning of Year** | $8.70 | $8.46 | $8.59 | $8.91 | $8.99 |
| **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) | 0.07 | 0.06 | (0.06) | (0.16) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.12) | 0.18 | (0.07) | (0.16 | 0.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.05) | 0.24 | (0.13) | (0.32 | (0.07 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.07) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;Return of Capital | - | - | - | - | (0.01 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.07) | - | - | - | (0.01 |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $8.58 | $8.70 | $8.46 | $8.59 | $8.91 |
| **Total Return\*** | **Total Return\*** | (0.58)% | 2.84% | (1.51)% | (3.59) | (0.81) |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $18 | $17 | $12 | $65 | $78 |
| &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) | 5.42% | 4.81% | 3.52% | 2.92 | 3.14 |
| &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) | 0.85% | 0.73% | (0.74)% | (1.83) | -0.99 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 4% | 36% | 101% | 0 | 82 |
|  |  | **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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | 0.03 | 0.03 | 0.03 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (0.03) | (0.03) | (0.03) | (0.00 | (0.00 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.03) | (0.03) | (0.03) | (0.00 | (0.00 |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $52 | $77 | $86 | $139 | $409 |
| &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) | 1.82% | 2.11% | 1.35% | 1.36 | 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) | 2.60% | 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 |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: |
|  |  | 2.30% | 2.30% | 2.30% | 2.30 | 1.64 |
| (3) | 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 | 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 | 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 | 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 | 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 | 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 |
|  |  | 1.82% | 2.11% | 1.35% | 0.32 | 0.02 |
| (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. |
| # | 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. |
| \*\* | 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $11.79 | $10.37 | $10.34 | $12.48 | $10.39 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.17 | 0.03 | 0.03 | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.15 | 1.67 | 0.68 | (0.96 | 2.33 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.32 | 1.70 | 0.71 | (1.02 | 2.29 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16) | (0.03) | (0.07) | (0.37) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.18) | (0.25) | (0.61) | (0.75 | (0.08) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.34) | (0.28) | (0.68) | (1.12 | (0.20) |
| **Net Asset Value, End of Year** | $12.77 | $11.79 | $10.37 | $10.34 | $12.48 |
| **Total Return\*** | 11.35% | 16.75% | 7.33% | (9.07) | 22.33%# |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $162 | $145 | $124 | $0 | $5 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.97% | 2.91% | 2.84% | 2.73 | 2.73% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 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) | 1.38% | 0.26% | 0.33% | (0.46) | (0.35)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 3% | 8% | 26% | 2 | 54% |
|  | **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** |
|  | **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** | $11.26 | $10.33 | $10.39 | $11.98 | $10.56 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.26 | 0.15 | 0.14 | 0.27 | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.78 | 1.02 | 0.25 | (1.01 | 1.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.04 | 1.17 | 0.39 | (0.74 | 1.44 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.24) | (0.18) | (0.01) | (0.26) | (0.02) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.13) | (0.06) | (0.44) | (0.59 | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.37) | (0.24) | (0.45) | (0.85 | (0.02) |
| **Net Asset Value, End of Year** | $11.93 | $11.26 | $10.33 | $10.39 | $11.98 |
| **Total Return\*** | 9.37% | 11.54% | 4.00% | (6.64) | 13.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $40 | $38 | $35 | $36 | $38 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 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% | 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) | 2.27% | 1.36% | 1.41% | 2.47 | (0.45)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 13% | 22% | 50% | 11 | 71% |

---

---

| | |
|:---|:---|
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (2) | Does not include the expenses of funds in which the Fund invests. |
| \* | 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $12.00 | $10.69 | $10.72 | $12.53 | $10.67 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.21 | 0.06 | 0.08 | 0.39 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.09 | 1.50 | 0.48 | (1.27) | 2.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.30 | 1.56 | 0.56 | (0.88) | 1.98 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.20) | (0.10) |  | (0.32) | (0.05) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.21) | (0.15) | (0.59) | (0.61) | (0.07 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.41) | (0.25) | (0.59) | (0.93) | (0.12 |
| **Net Asset Value, End of Year** | $12.89 | $12.00 | $10.69 | $10.72 | $12.53 |
| **Total Return\*** | 11.04% | 14.83% | 5.55% | (7.59)% | 18.77 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $26 | $23 | $19 | $16 | $53 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 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% | 1.24% | 1.24% | 1.24% | 1.18 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expenses reimbursement/recoupment to average net assets (2) | 1.69% | 0.56% | 0.81% | 3.35% | (0.67) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 6% | 18% | 41% | 2% | 52 |
|  | **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** |
|  | **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** | $11.87 | $10.56 | $10.54 | $12.24 | $10.46 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.19 | 0.05 | 0.08 | 0.36 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.10 | 1.54 | 0.52 | (1.11) | 1.52 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.29 | 1.59 | 0.60 | (0.75) | 1.94 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.19) | (0.11) |  | (0.36) | (0.06) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.21) | (0.17) | (0.58) | (0.59) | (0.10 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.40) | (0.28) | (0.58) | (0.95) | (0.16 |
| **Net Asset Value, End of Year** | $12.76 | $11.87 | $10.56 | $10.54 | $12.24 |
| **Total Return\*** | 11.03% | 15.36% | 5.96% | (8.09)% | 18.71 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $100 | $88 | $67 | $63 | $0 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 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% | 1.24% | 1.24% | 1.24% | 1.11 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expenses reimbursement/recoupment to average net assets (2) | 1.57% | 0.46% | 0.81% | 3.25% | 3.82 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5% | 15% | 34% | 0% | 48 |

---

---

| | |
|:---|:---|
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (2) | Does not include the expenses of funds in which the Fund invests. |
| \* | 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $11.09 | $9.76 | $9.95 | $13.00 | $10.36 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.45 | 0.31 | 0.38 | 0.28 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.77 | 1.11 | 0.14 | (2.07) | 2.82 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.22 | 1.42 | 0.52 | (1.79) | 2.79 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.26) | (0.09) |  | (0.32) | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.17) | - | (0.71) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.43) | (0.09) | (0.71) | (1.26) | (0.15) |
| **Net Asset Value, End of Year** | $11.88 | $11.09 | $9.76 | $9.95 | $13.00 |
| **Total Return\*** | 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 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 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% | 1.24% | 1.24% | 1.24% | 1.17% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 1.93% | 0.75% | 0.84% | 2.63% | (0.26)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. |
| (2) | Does not include the expenses of funds in which the Fund invests. |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.33) | (0.29) | (0.23) | (0.40) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 2.73 | 2.79 | 1.57 | 0.32 | 7.85 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (4.15) | (0.21) | (2.09) | (6.29) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (4.15) | (0.21) | (2.09) | (6.29) | - |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $18.58 | $20.33 | $18.04 | $18.79 | $25.16 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.76% | 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 | (1.80)% | (1.55)% | (1.33)% | (1.93)% | (1.51)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.13) | (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) | 2.31 | 3.03 | 1.22 | (1.52) | 4.54 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (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 | (6.86) | (1.90) | (1.48) | (6.82) | (2.44) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $5.84 | $10.52 | $9.58 | $10.01 | $18.60 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.83% | 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 | (2.05)% | (1.97)% | (1.89)% | (2.00)% | (1.57)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 2.83% | 2.67% | 2.62% | 2.68% | 2.37% |
| \* | 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. |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $9.15 | $7.60 | $7.53 | $10.32 | $8.34 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.15) | (0.11) | (0.06) | (0.12) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.32 | 1.80 | 0.34 | (0.80) | 3.16 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.17 | 1.69 | 0.28 | (0.92) | 3.05 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $8.20 | $9.15 | $7.60 | $7.53 | $10.32 |
| **Total Return\*** | **Total Return\*** | 13.10% | 22.64% | 3.78% | (10.84)% | 39.15% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $30 | $83 | $104 | $122 | $178 |
| &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) | 3.10% | 2.63% | 2.69% | 3.02% | 2.64% |
| &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 | (1.86)% | (1.34)% | (0.74)% | (1.35)% | (1.19)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $1.12 | $0.94 | $1.55 | $3.59 | $2.47 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.01) | (0.02) | (0.01) | (0.03) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.08 | 0.20 | 0.02 | (0.02) | 1.18 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 0.07 | 0.18 | 0.01 | (0.05) | 1.12 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.80) | - | (0.62) | (1.99) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.80) | - | (0.62) | (1.99) | - |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $0.39 | $1.12 | $0.94 | $1.55 | $3.59 |
| **Total Return\*** | **Total Return\*** | 4.20% | 19.15% | 1.82% | (8.75)% | 45.34% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $13 | $10 | $6 | $4 | $3 |
| &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) | 3.59% | 2.91% | 2.81% | 3.05% | 2.84% |
| &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 | (2.33)% | (1.67)% | (1.06)% | (1.58)% | (1.69)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 3.59% | 2.91% | 2.81% | 3.05% | 2.84% |
| \* | 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. |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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 income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (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) | 2.26 | 1.24 | 1.32 | (2.76) | 2.97 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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** | **Net Asset Value, End of Year** | $12.68 | $10.56 | $9.40 | $8.15 | $10.98 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 4.50% | 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 | (1.28)% | (0.79)% | (0.84)% | (0.39)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.32) | (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) | (1.39) | 2.57 | 1.09 | (0.92) | 3.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (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 | (0.25) | (1.02) | (1.27) | (0.79) | (2.58) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.25) | (1.02) | (1.27) | (0.79) | (2.58) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $12.78 | $14.74 | $13.49 | $13.94 | $15.95 |
| **Total Return\*** | **Total Return\*** | (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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 3.60% | 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 | (2.44)% | (2.24)% | (1.93)% | (2.06)% | (1.67)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 3.60% | 3.32% | 3.35% | 3.50% | 3.13% |
| # | 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. |
| \*\* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.32) | (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) | 2.38 | 2.62 | 2.31 | (4.80) | 4.69 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $12.69 | $13.52 | $12.71 | $13.97 | $22.78 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 3.42 | 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 | (2.59) | (2.38)% | (2.30)% | (2.10)% | (2.18)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 7 | 8% | 6% | 3% | 10% |
|  |  | **Energy & Basic Materials Portfolio - Class C Shares** | **Energy & Basic Materials Portfolio - Class C Shares** | **Energy & Basic Materials Portfolio - Class C Shares** | **Energy & Basic Materials Portfolio - Class C Shares** | **Energy & Basic Materials Portfolio - Class C Shares** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $10.45 | $10.25 | $9.24 | $8.03 | $6.17 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.00 | 0.03 | 0.11 | 0.16 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.33) | 0.17 | 1.17 | 1.09 | 1.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.33) | 0.20 | 1.28 | 1.25 | 1.94 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.15) |  | (0.27) | (0.04) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.15) |  | (0.27) | (0.04) | (0.08) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $9.97 | $10.45 | $10.25 | $9.24 | $8.03 |
| **Total Return\*** | **Total Return\*** | (3.19) | 1.95% | 14.11% | 15.66% | 31.63% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $8 | $19 | $0 | $7 | $6 |
| &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) | 5.21 | 4.85% | 4.45% | 4.23% | 5.06% |
| &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 | (0.02) | 0.24% | 1.12% | 1.74% | 0.41% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15 | 47% | 51% | 43% | 81% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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 Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: |
|  |  | 4.00 | 4.00% | 4.00% | 4.00% | 4.00% |
| \* | 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. |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial Services Portfolio - Class C Shares** | **Financial Services Portfolio - Class C Shares** | **Financial Services Portfolio - Class C Shares** | **Financial Services Portfolio - Class C Shares** | **Financial Services Portfolio - Class C Shares** |
| | | **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** | **Net Asset Value, Beginning of Year** | $9.06 | $7.20 | $7.41 | $8.96 | $6.05 |
| **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) | 0.16 | (0.14) | 0.13 | 0.19 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.71 | 2.44 | 0.13 | (1.23) | 3.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 1.87 | 2.30 | 0.26 | (1.04) | 3.25 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.61) | (0.44) | (0.47) | (0.51) | (0.34) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.61) | (0.44) | (0.47) | (0.51) | (0.34) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $10.32 | $9.06 | $7.20 | $7.41 | $8.96 |
| **Total Return\*** | **Total Return\*** | 21.20% | 33.41% | 3.57% | (12.37)% | 55.79% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $0 | $0 | $0 | $0 | $0 |
| &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) | 5.00% | 4.88% | 4.19% | 4.28% | 3.42% |
| &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 | 1.69% | (1.74)% | 1.82% | 2.34% | (0.37)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 3% | 32% | 45% | 39% | 59% |
|  |  | **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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | 0.13 | 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) | 0.08 | 0.32 | (0.03) | (0.22) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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) | (0.03) | (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) | (0.03) | (0.03) | (0.12) | (0.01) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $9.39 | $9.26 | $8.90 | $9.02 | $9.55 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.56% | 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) | 1.31% | 0.78% | (0.62)% | (2.11)% | (1.27)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: |
|  |  | 4.00% | 4.00% | 4.00% | 4.00% | 3.00% |
| (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: |
|  |  | 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. |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Municipal Bond Portfolio - Class C Shares** | **Municipal Bond Portfolio - Class C Shares** | **Municipal Bond Portfolio - Class C Shares** | **Municipal Bond Portfolio - Class C Shares** | **Municipal Bond Portfolio - Class C Shares** |
| | | **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** | **Net Asset Value, Beginning of Year** | $8.61 | $8.42 | $8.60 | $8.97 | $9.08 |
| **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) | 0.02 | 0.01 | (0.07) | (0.22) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.13) | 0.18 | (0.11) | (0.15) | 0.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.11) | 0.19 | (0.18) | (0.37) | (0.10) |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.01) |  |  |  | (0.01) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $8.49 | $8.61 | $8.42 | $8.60 | $8.97 |
| **Total Return\*** | **Total Return\*** | (1.23)% | 2.26% | (2.09)% | (4.12) | (1.14) |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $20 | $20 | $22 | $22 | $35 |
| &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) | 6.01% | 5.38% | 4.06% | 3.68 | 3.74 |
| &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) | 0.25% | 0.12% | (0.85)% | (2.47) | (1.30) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 4% | 36% | 101% | 0 | 82 |
|  |  | **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** |
|  |  | **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** | **Net Asset Value, Beginning of Year** | $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) | 0.02 | 0.02 | 0.03 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (0.02) | (0.02) | (0.03) | (0.00) | (0.00) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.02) | (0.02) | (0.03) | (0.00) | (0.00) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $130 | $190 | $280 | $94 | $105 |
| &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) | 2.49% | 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) | 1.95% | 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 |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: |
|  |  | 2.90% | 2.90% | 2.90% | 2.90 | 1.94 |
| (3) | 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 | 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 | 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 | 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 | 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 | 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 |
|  |  | 2.49% | 2.75% | 1.99% | 0.46 | 0.02 |
| (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. |
| # | 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. |
| \*\* | 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $11.67 | $10.32 | $10.30 | $12.43 | $10.34 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.07 | (0.05) | (0.01) | 0.22 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.16 | 1.65 | 0.64 | (1.36) | 1.88 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.23 | 1.60 | 0.63 | (1.14) | 2.20 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.08) |  |  | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.18) | (0.25) | (0.61) | (0.75) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.26) | (0.25) | (0.61) | (0.99) | (0.11) |
| **Net Asset Value, End of Year** | $12.64 | $11.67 | $10.32 | $10.30 | $12.43 |
| **Total Return\*** | 10.60% | 15.76% | 6.48% | (9.93)% | 21.37%# |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $227 | $200 | $167 | $152 | $182 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.72% | 3.66% | 3.57% | 3.25% | 3.35% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 1.99% | 1.99% | 1.99% | 1.99% | 1.92% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 0.62% | (0.49)% | (0.13)% | 1.93% | 2.85% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 3% | 8% | 26% | 2% | 54% |
|  | **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** |
|  | **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** | $11.05 | $10.15 | $10.27 | $11.85 | $10.51 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.17 | 0.06 | 0.07 | 0.19 | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.77 | 1.00 | 0.25 | (1.00) | 1.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.94 | 1.06 | 0.32 | (0.81) | 1.34 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16) | (0.10) |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.13) | (0.06) | (0.44) | (0.59) |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.29) | (0.16) | (0.44) | (0.77) |  |
| **Net Asset Value, End of Year** | $11.70 | $11.05 | $10.15 | $10.27 | $11.85 |
| **Total Return\*** | 8.58% | 10.62% | 3.31% | (7.34)% | 12.75% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $755 | $684 | $604 | $626 | $675 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 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% | 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) | 1.49% | 0.61% | 0.66% | 1.72% | (1.22)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 13% | 22% | 50% | 11% | 71% |

---

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

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

\* 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $11.79 | $10.51 | $10.63 | $12.43 | $10.61 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.11 | (0.02) | 0.01 | 0.22 | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.07 | 1.48 | 0.46 | (1.19) | 2.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.18 | 1.46 | 0.47 | (0.97) | 1.89 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.12) | (0.03) |  | (0.22) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.21) | (0.15) | (0.59) | (0.61) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.33) | (0.18) | (0.59) | (0.83) | (0.07) |
| **Net Asset Value, End of Year** | $12.64 | $11.79 | $10.51 | $10.63 | $12.43 |
| **Total Return\*** | 10.21% | 13.99% | 4.72% | (8.37)% | 17.94% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $846 | $649 | $529 | $497 | $534 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 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% | 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) | 0.96% | (0.19)% | 0.05% | 1.93% | (1.10)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 6% | 18% | 41% | 2% | 52% |
|  | **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** |
|  | **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** | $11.70 | $10.42 | $10.48 | $12.32 | $10.41 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.10 | (0.03) | 0.01 | 0.20 | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.09 | 1.51 | 0.51 | (1.21) | 2.13 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.19 | 1.48 | 0.52 | (1.01) | 2.01 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.10) | (0.03) |  | (0.24) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.21) | (0.17) | (0.58) | (0.59) | (0.10) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.31) | (0.20) | (0.58) | (0.83) | (0.10) |
| **Net Asset Value, End of Year** | $12.58 | $11.70 | $10.42 | $10.48 | $12.32 |
| **Total Return\*** | 10.26% | 14.43% | 5.20% | (8.79)% | 19.45% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $253 | $221 | $202 | $187 | $202 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 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% | 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) | 0.80% | (0.29)% | 0.05% | 1.75% | (1.09)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5% | 15% | 34% | 0% | 48% |

---

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

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

\* 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $10.75 | $9.47 | $9.78 | $11.78 | $10.28 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.12 |  | 0.01 | 0.19 | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.95 | 1.28 | 0.39 | (1.05) | 1.77 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.07 | 1.28 | 0.40 | (0.86) | 1.64 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16) |  |  | (0.20) |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.17) |  | (0.71) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.33) |  | (0.71) | (1.14) | (0.14) |
| **Net Asset Value, End of Year** | $11.49 | $10.75 | $9.47 | $9.78 | $11.78 |
| **Total Return\*** | 10.15% | 13.52% | 4.44% | (8.01)% | 16.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $255 | $219 | $178 | $155 | $168 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 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% | 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) | 1.11% | 0.00% | 0.09% | 1.82% | (1.16)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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.

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

\* 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.23) | (0.15) | (0.08) | (0.25) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 4.25 | 4.08 | 2.26 | 0.36 | 10.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (4.15) | (0.21) | (2.09) | (6.29) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (4.15) | (0.21) | (2.09) | (6.29) | - |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $29.65 | $29.78 | $26.06 | $25.97 | $32.15 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 1.78% | 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 | (0.80)% | (0.55)% | (0.33)% | (0.90)% | (0.61)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  |  | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $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) | (0.32) | (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) | 8.61 | 8.79 | 3.27 | (3.97) | 8.32 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (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 | (6.86) | (1.90) | (1.48) | (6.82) | (2.44) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $32.90 | $31.47 | $24.85 | $23.26 | $34.32 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 1.83% | 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 | (1.05)% | (0.98)% | (0.89)% | (0.98)% | (0.54)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 1.83% | 1.70% | 1.62% | 1.67% | 1.34% |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.14) | (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) | 2.19 | 2.91 | 0.53 | (1.26) | 4.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (2.12) | (0.14) | (0.21) | (1.87) | (1.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.12) | (0.14) | (0.21) | (1.91) | (1.11) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $14.75 | $14.82 | $12.10 | $11.75 | $14.96 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.22% | 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 | (0.98)% | (0.38)% | 0.26% | (0.32)% | (0.19)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  |  | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $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) | (0.08) | (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) | 0.56 | 1.35 | 0.17 | (0.47) | 3.07 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (0.80) | - | (0.62) | (1.99) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.80) | - | (0.62) | (1.99) | - |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $7.47 | $7.79 | $6.48 | $6.94 | $9.45 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.50% | 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 | (1.22)% | (0.65)% | (0.10)% | (0.63)% | (0.61)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 2.50% | 1.88% | 1.83% | 2.06% | 1.70% |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.04) | 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) | 2.54 | 1.39 | 1.47 | (3.05) | 3.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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** | **Net Asset Value, End of Year** | $14.27 | $11.85 | $10.53 | $9.07 | $12.11 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 3.41% | 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 | (0.33)% | 0.19% | 0.18 | 0.50% | 0.63% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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** |
|  |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  |  | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $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 income (loss) (1) | &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (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) | (2.47) | 4.52 | 1.75 | (1.46) | 4.82 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (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 | (0.25) | (1.02) | (1.27 | (0.79) | (2.58) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.25) | (1.02) | (1.27 | (0.79) | (2.58) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $23.02 | $26.08 | $22.87 | $22.60 | $25.10 |
| **Total Return\*** | **Total Return\*** | (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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.60% | 2.32% | 2.35 | 2.50% | 2.14% |
| &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 | (1.44)% | (1.25)% | (0.93) | (1.05)% | (0.69)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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: |
|  |  | 2.60% | 2.32% | 2.35 | 2.50% | 2.14% |
| # | 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. |
| \*\* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| | | **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** | **Net Asset Value, Beginning of Year** | $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) | (0.43) | (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) | 5.07 | 5.18 | 4.51 | (7.84) | 7.10 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (2.89) | (1.50) | (3.30) | (3.64) | (3.64) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $28.97 | $27.22 | $23.89 | $22.95 | $34.72 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 2.42% | 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 | (1.60)% | (1.39)% | (1.29)% | (1.06)% | (1.20)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 7% | 8% | 6% | 3% | 10% |
|  |  | **Energy & Basic Materials Portfolio - Class I Shares** | **Energy & Basic Materials Portfolio - Class I Shares** | **Energy & Basic Materials Portfolio - Class I Shares** | **Energy & Basic Materials Portfolio - Class I Shares** | **Energy & Basic Materials Portfolio - Class I Shares** |
|  |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  |  | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $14.13 | $13.95 | $12.43 | $10.75 | $8.24 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.16 | 0.16 | 0.21 | 0.34 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.46) | 0.25 | 1.67 | 1.46 | 2.54 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.30) | 0.41 | 1.88 | 1.80 | 2.68 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.17) | (0.23) | (0.36) | (0.12) | (0.17) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.17) | (0.23) | (0.36) | (0.12) | (0.17) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $13.66 | $14.13 | $13.95 | $12.43 | $10.75 |
| **Total Return\*** | **Total Return\*** | (2.10)% | 2.95% | 15.40% | 16.84% | 32.86% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $901 | $1245 | $1261 | $1523 | $1107 |
| &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) | 4.28% | 3.40% | 3.14% | 3.22% | 4.07% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement/recoupment to average net assets | 1.20% | 1.17% | 1.61% | 2.75% | 1.37% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 15% | 47% | 51% | 43% | 81% |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (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: |
|  |  | 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 Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio: |
|  |  | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial Services Portfolio - Class I Shares** | **Financial Services Portfolio - Class I Shares** | **Financial Services Portfolio - Class I Shares** | **Financial Services Portfolio - Class I Shares** | **Financial Services Portfolio - Class I Shares** |
| | | **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** | **Net Asset Value, Beginning of Year** | $11.51 | $9.26 | $9.56 | $11.72 | $7.89 |
| **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) | (0.08) | (0.01) | (0.05) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.21 | 2.77 | 0.18 | (1.60) | 4.20 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 2.08 | 2.69 | 0.17 | (1.65) | 4.17 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.61) | (0.44) | (0.47) | (0.51) | (0.34) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.61) | (0.44) | (0.47) | (0.51) | (0.34) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $12.98 | $11.51 | $9.26 | $9.56 | $11.72 |
| **Total Return\*** | **Total Return\*** | 18.41% | 30.08% | 1.74% | (14.74)% | 54.37% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $1012 | $1408 | $996 | $1044 | $1366 |
| &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) | 4.00% | 3.88% | 3.05% | 3.30% | 3.41% |
| &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 | (1.07)% | (0.74)% | (0.06)% | (0.43)% | (0.34)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 3% | 32% | 45% | 39% | 59% |
|  |  | **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** |
|  |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  |  | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $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) | 0.21 | 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) | 0.09 | 0.29 | (0.09) | (0.23) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (0.18) | (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 | (0.18) | (0.17) | (0.10) | (0.12) | (0.02) |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $9.58 | $9.46 | $9.15 | $9.23 | $9.68 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $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) | 1.75% | 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) | 2.20% | 2.08% | 1.19% | (1.11)% | (0.61)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Financial Services Portfolio: |
|  |  | 3.00% | 3.00% | 3.00% | 3.00% | 3.01% |
| (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: |
|  |  | 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. |
| \* | 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)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Municipal Bond Portfolio - Class I Shares** | **Municipal Bond Portfolio - Class I Shares** | **Municipal Bond Portfolio - Class I Shares** | **Municipal Bond Portfolio - Class I Shares** | **Municipal Bond Portfolio - Class I Shares** |
| | | **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** | **Net Asset Value, Beginning of Year** | $8.92 | $8.64 | $8.73 | $9.01 | $9.08 |
| **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 | 0.10 | 0.01 | (0.13) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.13) | 0.18 | (0.10) | (0.15 | 0.03 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | (0.02) | 0.28 | (0.09) | (0.28 | (0.06 |
| **Dividends and Distributions:** | **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;Return of Capital | - | - | - | - | (0.01 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.10) | - | - | - | (0.01 |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $8.80 | $8.92 | $8.64 | $8.73 | $9.01 |
| **Total Return\*** | **Total Return\*** | (0.22)% | 3.24% | (1.03)% | (3.11) | (0.70) |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $228 | $544 | $520 | $615 | $770 |
| &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) | 5.04% | 4.40% | 3.02% | 2.58 | 2.78 |
| &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) | 1.23% | 1.12% | 0.11% | (1.43) | (0.96) |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 4% | 36% | 101% | 0 | 82 |
|  |  | **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** |
|  |  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  |  | **August 31,** | **August 31,** | **August 31,** | **August 31,** | **August 31,** |
|  |  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | **Net Asset Value, Beginning of Year** | $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) | 0.03 | 0.03 | 0.03 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (0.03) | (0.03) | (0.03) | (0.00 | (0.00 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.03) | (0.03) | (0.03) | (0.00 | (0.00 |
| **Net Asset Value, End of Year** | **Net Asset Value, End of Year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return\*** | **Total Return\*** | 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 (000s) | &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $4587 | $4272 | $5138 | $5108 | $5488 |
| &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) | 1.38% | 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) | 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 |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year. |
| (2) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio: |
|  |  | 1.90% | 1.90% | 1.90% | 1.90 | 1.52 |
| (3) | 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: |
|  |  | 1.38% | 1.73% | 0.95% | 0.46 | 0.02 |
| (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. |
| # | 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. |
| \*\* | 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $11.87 | $10.44 | $10.39 | $12.53 | $10.42 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.19 | 0.06 | 0.09 | 0.33 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.17 | 1.68 | 0.64 | (1.35) | 1.91 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.36 | 1.74 | 0.73 | (1.02) | 2.31 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.19) | (0.06) | (0.07) | (0.37) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.18) | (0.25) | (0.61) | (0.75) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.37) | (0.31) | (0.68) | (1.12) | (0.20) |
| **Net Asset Value, End of Year** | $12.86 | $11.87 | $10.44 | $10.39 | $12.53 |
| **Total Return\*** | 11.62% | 16.97% | 7.50% | (8.96)% | 22.46% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $1258 | $1066 | $851 | $773 | $842 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.72% | 2.67% | 2.57% | 2.23% | 2.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 0.99% | 0.99% | 0.99% | 0.99% | 0.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement to average net assets (2) | 1.61% | 0.51% | 0.88% | 2.90% | 3.44% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 3% | 8% | 26% | 2% | 54% |
|  | **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** |
|  | **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** | $11.28 | $10.35 | $10.41 | $12.00 | $10.58 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.28 | 0.17 | 0.17 | 0.30 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.79 | 1.03 | 0.25 | (1.01) | 1.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.07 | 1.20 | 0.42 | (0.71) | 1.47 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.26) | (0.21) | (0.04) | (0.29) | (0.05) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.13) | (0.06) | (0.44) | (0.59) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.39) | (0.27) | (0.48) | (0.88) | (0.05) |
| **Net Asset Value, End of Year** | $11.96 | $11.28 | $10.35 | $10.41 | $12.00 |
| **Total Return\*** | 9.71% | 11.79% | 4.26% | (6.39)% | 13.94% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $2510 | $2347 | $2128 | $1960 | $2050 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.28% | 2.12% | 2.07% | 2.01% | 1.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 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) | 2.50% | 1.61% | 1.66% | 2.70% | (0.22)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 13% | 22% | 50% | 11% | 71% |

---

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

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

\* 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $12.06 | $10.74 | $10.75 | $12.55 | $10.69 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.24 | 0.09 | 0.11 | 0.33 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.10 | 1.51 | 0.47 | (1.18) | 2.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.34 | 1.60 | 0.58 | (0.85) | 2.01 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.23) | (0.13) |  | (0.34) | (0.08) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.21) | (0.15) | (0.59) | (0.61) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.44) | (0.28) | (0.59) | (0.95) | (0.15) |
| **Net Asset Value, End of Year** | $12.96 | $12.06 | $10.74 | $10.75 | $12.55 |
| **Total Return\*** | 11.33% | 15.12% | 5.73% | (7.36)% | 19.01% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $1617 | $1455 | $1150 | $1134 | $1187 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 2.46% | 2.27% | 2.30% | 2.11% | 2.11% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 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) | 1.96% | 0.81% | 1.07% | 2.88% | (0.09)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 6% | 18% | 41% | 2% | 52% |
|  | **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** |
|  | **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** | $11.96 | $10.63 | $10.58 | $12.44 | $10.48 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.22 | 0.08 | 0.11 | 0.32 | (0.00)\*\* |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.11 | 1.56 | 0.52 | (1.23) | 2.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.33 | 1.64 | 0.63 | (0.91) | 2.14 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.22) | (0.14) |  | (0.36) | (0.08) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.21) | (0.17) | (0.58) | (0.59) | (0.10) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.43) | (0.31) | (0.58) | (0.95) | (0.18) |
| **Net Asset Value, End of Year** | $12.86 | $11.96 | $10.63 | $10.58 | $12.44 |
| **Total Return\*** | 11.29% | 15.70% | 6.23% | (7.93)% | 20.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $916 | $809 | $712 | $656 | $693 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.05% | 2.75% | 2.56% | 2.26% | 2.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 0.99% | 0.99% | 0.99% | 0.99% | 0.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income after expense reimbursement to average net assets (2) | 1.82% | 0.71% | 1.05% | 2.84% | 0.03% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5% | 15% | 34% | 0% | 48% |

---

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

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

\* 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **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** | $11.09 | $9.76 | $9.95 | $11.98 | $10.36 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.24 | 0.10 | 0.10 | 0.32 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.98 | 1.32 | 0.42 | (1.09) | 1.78 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.22 | 1.42 | 0.52 | (0.77) | 1.77 |
| **Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.26) | (0.09) |  | (0.32) | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from realized gains | (0.17) | - | (0.71) | (0.94) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.43) | (0.09) | (0.71) | (1.26) | (0.15) |
| **Net Asset Value, End of Year** | $11.88 | $11.09 | $9.76 | $9.95 | $11.98 |
| **Total Return\*** | 11.30% | 14.63% | 5.62% | (7.19)% | 17.26% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $647 | $644 | $573 | $495 | $618 |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets (2) | 3.32% | 2.78% | 2.98% | 2.50% | 2.34% |
| &nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets (2) | 0.99% | 0.99% | 0.99% | 0.99% | 0.92% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2) | 2.17% | 1.00% | 1.09% | 2.95% | (0.07)% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 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.

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

\* 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.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Board of Trustees**

**of Saratoga Advantage Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Large Capitalization Value Portfolio, Large Capitalization Growth Portfolio, Mid Capitalization Portfolio, Small Capitalization Portfolio, International Equity Portfolio, Health and Biotechnology Portfolio, Technology and Communications Portfolio, Energy and Basic Materials Portfolio, Financial Services Portfolio, Investment Quality Bond Portfolio, Municipal Bond Portfolio, U.S. Government Money Market Portfolio, Aggressive Balanced Allocation Portfolio, Conservative Balanced Allocation Portfolio, Moderate Balanced Allocation Portfolio, Moderately Aggressive Balanced Allocation Portfolio, Moderately Conservative Balanced Allocation Portfolio, (referred to as the "Funds") each a series of the Saratoga Advantage Trust, including the schedules of investments, as of August 31, 2025, the related statements of operations, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2003.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

**To the Shareholders and Board of Trustees**

**of Saratoga Advantage Trust**

**Page Two**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | **TAIT, WELLER & BAKER LLP** |
| **Philadelphia, Pennsylvania<br> October 30, 2025**  |  |

---

---

| |
|:---|
| **ADDITIONAL INFORMATION** |
| *Year Ended August 31, 2025 (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**

**Board of Trustees (the "Board") Meeting of April 14, 2025 (the "Meeting")**

The Independent Trustees discussed the information received respecting (i) the nature, quality and scope of services provided by Saratoga Capital Management, LLC ("Saratoga") and each Investment Adviser to the Portfolios; (ii) the investment performance of the Portfolios relative to comparable funds; (iii) the costs of services provided and profits realized by Saratoga; (iv) fees and expenses relative to other comparable funds; (v) the extent to which economies of scale are realized as the Portfolios grow and whether fee levels appropriately reflect economies of scale; and (vi) benefits realized by Saratoga and the Investment Advisers.

The Independent Trustees received a memorandum from their independent legal counsel describing their duties in connection with advisory contract approvals and discussing the factors to be considered by the Board.

**<u>Nature, Quality and Scope of Services</u>**

The Board reviewed and considered the nature, quality and scope of services provided by Saratoga. In this regard, Saratoga discussed with the Trustees its methodology for selecting Investment Advisers for the Portfolios, the procedures and criteria it utilizes in evaluating the adequacy of each Investment Adviser's performance and the general oversight it provides, including monitoring compliance reports, recommending outside service providers, negotiation of fees and monitoring of quality of services. With respect to the Portfolios that Saratoga manages directly, the Trustees considered the investment process utilized, the quality of key investment personnel and the resources devoted to the investment management functions. The Trustees concluded that the nature and extent of the services provided by Saratoga were necessary and appropriate for the conduct of the business and investment activities of the Saratoga Portfolios. The Trustees also concluded, based on the discussion with Saratoga, that the overall quality of the advisory and administrative services was satisfactory.

The Trustees also evaluated the quality of the services provided by the Investment Advisers to each Portfolio. Saratoga provided the Trustees with feedback on the quality of the services that the Investment Advisers have provided over time and currently. The Board concluded that the nature, scope and quality of the services provided by each of the Advisers was satisfactory.

**<u>Comparative Performance</u>**

The performance of each of the Portfolios was compared to a Morningstar Index of funds with investment objectives similar to that of the applicable Portfolio (each, a "benchmark"). Performance was compared over various time periods. The conclusions of the Trustees were as follows:

---

| |
|:---|
| **ADDITIONAL INFORMATION** |
| *Year Ended August 31, 2025 (Unaudited)(Continued)* |

---

<u>Large Capitalization Value</u>: The Trustees noted that M.D. Sass Investors Services, Inc. ("M.D. Sass") has been the Adviser to the Portfolio since August 2008 and that since then through February 28, 2025 the Portfolio had performed virtually even with its benchmark. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Large Capitalization Growth</u>: The Trustees noted that Smith Group Asset Management, LLC ("Smith Group") became the Adviser to the Portfolio in December 2015 and that since then through February 28, 2025, the Portfolio had outperformed its benchmark. Upon consideration of all factors the Trustees deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Mid-Capitalization</u>: The Trustees noted that Vaughan Nelson Investment Management LP ("Vaughan Nelson") became the Adviser to the Portfolio in April 2006 and that since then through February 28, 2025, the Portfolio had outperformed its benchmark. Upon consideration of all the factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Small Capitalization</u>: The Trustees noted that Zacks Investment Management, Inc. ("Zacks") became the Adviser to the Portfolio in August 2015 and that since then through February 28, 2025, the Portfolio had slightly underperformed its benchmark. In addition, the Trustees noted that for the nearly 8 and ½ year period ended February 29, 2024 the Advisor outperformed its benchmark. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>International Equity</u>: The Trustees noted that the current Adviser to the Portfolio, Smith Group, became the Adviser to the Portfolio in February 2018 and that since then through February 28, 2025, the Portfolio had underperformed its benchmark. The Trustees further noted that the Portfolio had performed virtually even its benchmark for the five-year period ended February 28, 2025. Upon consideration of all of the factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Health & Biotechnology</u>: The Trustees noted that the current Adviser to the Portfolio, Oak Associates, ltd. ("Oak"), was appointed in July 2005 and that since then through February 28, 2025, the Portfolio underperformed its benchmark. The Trustees further noted that the Portfolio had outperformed its benchmark for the five-year period ended February 28, 2025. The Trustees also noted that in January 2019 the portfolio manager at Oak was replaced by another portfolio manager at Oak who is also the Chief Investment Officer of Oak. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Technology & Communications</u>: The Trustees noted that Oak became the sole adviser to the Portfolio in December 2015 and that since then through February 28, 2025, the Portfolio had underperformed its benchmark. The Trustees also observed that the Portfolio outperformed its benchmark for the four-year period ended February 28, 2025. Mr. Bruce Ventimiglia further noted Oak's long experience in investing in the technology sector and that in light of current market conditions he believes that Oak's strategy of seeking "blue chip" companies with strong financial characteristics is an appropriate investment approach for the Portfolio. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

---

| |
|:---|
| **ADDITIONAL INFORMATION** |
| *Year Ended August 31, 2025 (Unaudited)(Continued)* |

---

<u>Financial Services</u>: The Trustees noted that Smith Group became the Adviser to the Portfolio in December 2015 and that since then through February 28, 2025, the Portfolio had underperformed its benchmark. In addition, the Trustees noted that the Portfolio outperformed its benchmark for the four-year period ended February 28, 2025. Mr. Bruce Ventimiglia observed the Adviser's focus on companies that report higher earnings growth rates than expected has been out of favor for a portion of the time the Adviser has been managing the Portfolio, detracting from the Portfolio's performance. He stated that Saratoga believes Smith Group's focus on companies with sound financials, and which report higher earnings growth rates than expected is a good strategy for the Portfolio going forward. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Energy & Basic Materials</u>: The Trustees noted that Smith Group became the Adviser to the Portfolio in December 2015 and that since then through February 28, 2025, the Portfolio had outperformed its benchmark. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Investment Quality Bond Portfolio</u>: The Trustees noted that Saratoga started managing the Portfolio in March 2018 and that since then through February 28, 2025, the Portfolio had underperformed its benchmark. In addition, the Trustees noted that from March 2018 through February 29, 2024, the Portfolio slightly outperformed its benchmark. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Municipal Bond Portfolio</u>: The Trustees noted that Saratoga started managing the Portfolio in March 2018 and that since then through February 28, 2025, the Portfolio had underperformed its benchmark. The Trustees noted that they had discussed with Saratoga the reasons for the underperformance. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>U.S. Government Money Market Portfolio</u>: The Trustees noted that Saratoga started managing the Portfolio in October 2020 and that since then through February 28, 2025, the Portfolio had underperformed its benchmark. The Trustees noted that they had discussed with Saratoga the reasons for the underperformance. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Conservative Balanced Allocation Portfolio</u>: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2025, the Portfolio had outperformed its benchmark. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Moderately Conservative Balanced Allocation Portfolio</u>: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2025, the Portfolio had underperformed its benchmark. The Trustees further noted that the Portfolio was virtually even with its benchmark for the five-year period ended February 28, 2025. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Moderate Balanced Allocation Portfolio</u>: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2025, the Portfolio had slightly underperformed its benchmark. In addition, the Trustees noted that the Portfolio slightly outperformed its benchmark from January 2018 through February 29, 2024. Upon consideration of

---

| |
|:---|
| **ADDITIONAL INFORMATION** |
| *Year Ended August 31, 2025 (Unaudited)(Continued)* |

---

all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Moderately Aggressive Balanced Allocation Portfolio</u>: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2025, the Portfolio had underperformed its benchmark. In addition, the Trustees noted that the Portfolio slightly outperformed its benchmark from January 2018 through February 29, 2024. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

<u>Aggressive Balanced Allocation Portfolio</u>: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2025, the Portfolio had slightly underperformed its benchmark. In addition, the Trustees noted that the Portfolio slightly outperformed its benchmark from January 2018 through February 29, 2024. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.

**<u>Comparable Total Average Net Expense Ratio</u>**

The total average net expense ratio of each of the Portfolios was compared to Mutual Fund Industry Statistics as reported in the February 28, 2025 Morningstar data regarding mutual fund expenses and assets. Mr. Bruce Ventimiglia noted that the Portfolios are considerably smaller in assets compared to the mutual fund industry, but still continue to offer services at a competitive rate. The Trustees noted that Saratoga has, since 1999, agreed to cap expenses of the Portfolios for which it serves as manager at specified levels.

The Trustees reviewed the total average net expense ratio for each Portfolio and noted the following: (i) total average net expense ratios for the Large Cap Value, Large Cap Growth, Mid Cap, Small Cap, International Equity, Health & Biotechnology, Technology & Communications, Financial Services, Energy & Basic Materials, Investment Quality Bond, Municipal Bond and U.S. Government Money Market Portfolios were higher than the average of comparable funds; (ii) total average net expense ratio for the Conservative Balanced Allocation Portfolio was the same as the average of comparable funds; and (iii) the total average net ratios for the Moderately Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Aggressive Balanced Allocation Portfolios were lower than the average of comparable funds. A discussion ensued during which Mr. Bruce Ventimiglia discussed the current expenses of the Portfolios in more detail.

**<u>Fees Relative to Comparable Funds</u>**

The Trustees reviewed the Management Fee rate for each Portfolio and noted the following: (i) fee rate for the Small Cap Portfolio was slightly lower than the average of comparable funds; (ii) fee rates for the Large Cap Value, Large Cap Growth, Mid Cap, and International Equity Portfolios were slightly higher than the average of comparable funds; and (iii) the fee rates for the Health & Biotechnology, Technology & Communications, Financial Services, Energy & Basic Materials, Investment Quality Bond, and U.S. Government Money Market were higher than the average of comparable funds. The Trustees noted that they had discussed with Saratoga the reasons for the higher fee rates. The Trustees noted that with respect to each of the Municipal Bond, Conservative Balanced Allocation, Moderately Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Aggressive Balanced Allocation Portfolios the Portfolio's gross fee rate was higher than the average of comparable funds but that each Portfolio experienced a net fee rate of 0 basis points as

---

| |
|:---|
| **ADDITIONAL INFORMATION** |
| *Year Ended August 31, 2025 (Unaudited)(Continued)* |

---

a result of fee waivers and reimbursements by Saratoga. The Trustees further noted that with respect to the Financial Services Portfolio, the Portfolio's gross fee rate was higher than the average of comparable funds but that the Portfolio experienced a net management fee rate that was lower than the average of comparable funds as a result of fee waivers and reimbursements by Saratoga.

The Trustees noted that the Portfolios were considerably smaller than the funds in the comparison group and considered, with respect to each Portfolio, the adverse impact of the relatively small sizes of the Portfolios on the costs and profitability of Saratoga. The Trustees also noted that Saratoga has, since 1999, agreed to cap expenses of the Portfolios for which it serves as manager at specified levels. The Trustees concluded, based on the foregoing, that the Management Fee rate with respect to each of the Portfolios was not excessive relative to comparable funds. The Trustees also evaluated the reasonableness of the fee split between Saratoga and the Investment Adviser to each Portfolio managed by Saratoga.

**<u>Economies of Scale</u>**

The Trustees noted the views of Saratoga that at their current sizes the Portfolios do not realize economies of scale and discussed this view with Mr. Bruce Ventimiglia.

**<u>Profitability of Investment Manager</u>**

The Trustees reviewed the profitability data that had been provided by Saratoga as well as responses from the Investment Advisers confirming their profitability relating to the Portfolios. The Trustees noted that the provision of services under the Management Agreements had resulted in a loss to Saratoga. The Trustees considered the financial viability of Saratoga and its ability to continue to provide high quality services and concluded that each organization continues to be capable of and committed to providing high quality services. The Board also considered the information provided by the Investment Advisers regarding profitability from its relationship with the Portfolios. The Board noted that each Investment Adviser's profitability was not a significant factor considered by the Board, as the sub-advisory fee is paid by Saratoga out of the advisory fee paid to it by each Portfolio, and not by the Portfolio directly.

**<u>Other Benefits</u>**

The Trustees considered the benefits obtained by Saratoga and the Investment Advisers from their relationship with the Trust. They noted, in this regard, that certain of the Investment Advisers have soft dollar arrangements pursuant to which commissions on fund portfolio transactions may be utilized to pay for research services. The Trustees noted that the amount of soft dollars was generally small and that research services obtained may enhance the ability of the Investment Advisers to provide quality services to the Portfolios. The Trustees noted that Saratoga receives licensing fees from third parties for the use of the Saratoga asset allocation program and fees pursuant to the Tailored Shareholder Report Services Agreement between Saratoga and the Trust.

At this time Mr. Bruce Ventimiglia and Mr. Jonathan W. Ventimiglia left the Meeting and the Trustees resumed the executive session with Ms. Fumai to discuss the materials and factors to be considered in the Board determinations.

---

| |
|:---|
| **ADDITIONAL INFORMATION** |
| *Year Ended August 31, 2025 (Unaudited)(Continued)* |

---

**<u>Conclusion</u>**

Based on the foregoing and such other factors as they deemed relevant, the Independent Trustees determined that continuation of the Management Agreements and the Advisory Agreement for each of the Portfolios is in the best interests of the Portfolios and the shareholders. The Independent Trustees noted that no single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the continuation of the Management Agreements and the Advisory Agreement for each of the Portfolios and that each Trustee considered and weighted the factors differently.

**<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 http://www.sec.gov.

**<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 www.sec.gov.

**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.**

Included under Item 7

**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.](saratoga_ex99codeeth.htm)

(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)\* | /s/ Bruce E. Ventimiglia |
|  | Bruce E. Ventimiglia, Chief Executive Officer |

---

Date <u>11/7/25</u>

---

| | |
|:---|:---|
| 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)\* | /s/ Jonathan W. Ventimiglia |
|  | Jonathan W. Ventimiglia, President, Treasurer and Chief Financial Officer |

---

Date <u>11/7/25</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Bruce E. Ventimiglia |
|  | Bruce E. Ventimiglia, Chief Executive Officer |

---

Date <u>11/7/25</u>

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

## Ex-99.Code

**EX-99.CODE ETH**

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL officer</u>**

**I.** This
 Code of Ethics (this "Code") for the Saratoga Advantage Trust (the "Company")
 applies to the Company's Chief Executive Officer, and Chief Financial Officer ("Covered
 Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

● compliance with applicable laws and governmental rules and regulations;

● prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

***Overview***. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Each Covered Officer must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should always be approved by the Trust's Audit Committee (the "Committee"), if material. Examples of these include:

● service as a director on the board of any company;

● the receipt of any entertainment or non-nominal gift by the Covered Officer or a member of his or her family from any company with which the Company has current or prospective business dealings unless such entertainment or gift is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof;

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

● it is the responsibility of each Covered Officer to promote compliance with standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read and understands the Code;

● annually thereafter affirm to the Board that he has complied with the requirements of the Code;

● not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith ; and

● notify the Committee promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers sought by a Covered Officer will be considered by the Independent Trustees.

The Company will follow these procedures in investigating and enforcing this Code:

● the Committee will take all appropriate action to investigate any potential violations reported to him;

● if, after such investigation, the Committee believes that no violation has occurred, the Committee is not required to take any further action;

● any matter that the Committee believes is a violation will be reported to all of the Independent Trustees;

● if the Independent Trustees concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

● the Independent Trustees will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company and its investment advisers' and principal underwriters' codes of ethics under 17j-1 under the Investment Company are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Company and its counsel and the Adviser and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: June 25, 2003, as amended July 12, 2004

**<u>Exhibit A</u>**

Persons Covered by this Code of Ethics

Bruce Ventimiglia

Jonathan Ventimiglia

## Ex-99.Cert

**EX-99.CERT**

**Certification**

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: | 11/7/25 | /s/ Bruce E. Ventimiglia |
| | | Bruce E. Ventimiglia |
| | | Chief Executive Officer |

---

**EX-99.CERT**

**Certification**

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: | 11/7/25 | /s/ Jonathan W. Ventimiglia |
| | | Jonathan W. Ventimiglia, President, Treasurer and<br> Chief Financial Officer |

---

## Exhibit 99.906

**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;1. The Registrant's periodic report on Form N-CSR for
the period ended August 31, 2025 (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;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: | 11/7/25 | Date: | 11/7/25 |

---

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.