Saratoga LARGE
CAPITALIZATION VALUE Fund
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 | 811-08542 |
The Saratoga Advantage Trust
(Exact name of registrant as specified in charter)
| 12725 W. Indian School Rd, Suite E-101, Avondale, AZ | 85392 |
| (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: | 623-266-4567 |
| Date of fiscal year end: | 8/31 | |
| Date of reporting period: | 8/31/26 |
Item 1. Reports to Stockholders.
| (a) |
|
Saratoga LARGE CAPITALIZATION VALUE Fund | | |||
| 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 |
| $ |
||
| What affected the Fund’s performance this period? |
|
The Fund’s top contributor during the fiscal year was Henry Schein. The company hired a new Chief Executive Officer and implemented a strategic cost optimization plan that led to multiple positive earnings revisions. Quanta Services was the Fund’s second-best performing stock during the period. Its earnings were driven by large projects related to grid and utility infrastructure, and the company had substantial earnings revisions during the fiscal year.
The Fund’s main detractors were Fair Isaac (FICO) and Sallie Mae. FICO was impacted by political scrutiny that called into question its pricing power. Sallie Mae was impacted by concerns that artificial intelligence could weigh on employment prospects for recent graduates, which investors expected to lead to higher net charge-offs and delinquencies. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Large Capitalization Value Fund, Class A (with load) | - |
||
| Saratoga Large Capitalization Value Fund, Class A | |||
| S&P 500® Index | |||
| Morningstar US Fund Large Value Category | |||
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
1
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Henry Schein, Inc | |
| Amazon.com, Inc | |
| Clean Harbors Inc | |
| Quest Diagnostics, Inc | |
| Capital One Financial Corp | |
| Williams Companies, Inc (The) | |
| Primo Brands Corp | |
| AMETEK, Inc | |
| Welltower, Inc | |
| Somnigroup International, Inc | |
| 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, 2026, 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 083126-SLVYX
2
|
Saratoga LARGE CAPITALIZATION VALUE Fund | | |||
| Annual Shareholder Report | 8/31/2026 | |||
| 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 |
| $ |
||
| What affected the Fund’s performance this period? |
|
The Fund’s top contributor during the fiscal year was Henry Schein. The company hired a new Chief Executive Officer and implemented a strategic cost optimization plan that led to multiple positive earnings revisions. Quanta Services was the Fund’s second-best performing stock during the period. Its earnings were driven by large projects related to grid and utility infrastructure, and the company had substantial earnings revisions during the fiscal year.
The Fund’s main detractors were Fair Isaac (FICO) and Sallie Mae. FICO was impacted by political scrutiny that called into question its pricing power. Sallie Mae was impacted by concerns that artificial intelligence could weigh on employment prospects for recent graduates, which investors expected to lead to higher net charge-offs and delinquencies. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Large Capitalization Value Fund, Class C (with load) | |||
| Saratoga Large Capitalization Value Fund, Class C | |||
| S&P 500® Index | |||
| Morningstar US Fund Large Value Category | |||
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
3
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Henry Schein, Inc | |
| Amazon.com, Inc | |
| Clean Harbors Inc | |
| Quest Diagnostics, Inc | |
| Capital One Financial Corp | |
| Williams Companies, Inc (The) | |
| Primo Brands Corp | |
| AMETEK, Inc | |
| Welltower, Inc | |
| Somnigroup International, Inc | |
| 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, 2026, 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 083126-SLVCX
4
|
Saratoga LARGE CAPITALIZATION VALUE Fund | | |||
| Annual Shareholder Report | 8/31/2026 | |||
| 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 |
| $ |
||
| What affected the Fund’s performance this period? |
|
The Fund’s top contributor during the fiscal year was Henry Schein. The company hired a new Chief Executive Officer and implemented a strategic cost optimization plan that led to multiple positive earnings revisions. Quanta Services was the Fund’s second-best performing stock during the period. Its earnings were driven by large projects related to grid and utility infrastructure, and the company had substantial earnings revisions during the fiscal year.
The Fund’s main detractors were Fair Isaac (FICO) and Sallie Mae. FICO was impacted by political scrutiny that called into question its pricing power. Sallie Mae was impacted by concerns that artificial intelligence could weigh on employment prospects for recent graduates, which investors expected to lead to higher net charge-offs and delinquencies. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Large Capitalization Value Fund, Class I | |||
| S&P 500® Index | |||
| Morningstar US Fund Large Value Category | |||
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
5
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Henry Schein, Inc | |
| Amazon.com, Inc | |
| Clean Harbors Inc | |
| Quest Diagnostics, Inc | |
| Capital One Financial Corp | |
| Williams Companies, Inc (The) | |
| Primo Brands Corp | |
| AMETEK, Inc | |
| Welltower, Inc | |
| Somnigroup International, Inc | |
| 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, 2026, 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 083126-SLCVX
6
|
SARATOGA LARGE CAPITALIZATION GROWTH FUND | | |||
| Annual Shareholder Report | 8/31/2026 | |||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund’s positive returns were largely driven by stock selection in the Information Technology sector. Industrials and Communication Services holdings also made meaningful positive contributions. The Consumer Staples and Health Care sectors were the only sectors with negative stock selection of note.
From a stock selection perspective, Lumentum Holdings was the top contributor; the optical components supplier reported strong revenue growth driven by accelerating demand for data-center optical products used in AI infrastructure. Dell Technologies was the second largest contributor; the computer hardware manufacturer reported strong revenue growth supported by record AI server demand.
Due to threshold limits, the Fund held a significant underweight position in mega-cap technology stocks, which was a headwind to relative performance. Out of Fund holdings, Atlassian had the biggest negative impact; although its quarterly results exceeded expectations, shares fell sharply after management pointed to slower near-term cloud growth and an expected deceleration in Data Center revenue.
Allocation effect was a drag on relative performance, primarily due to overweight positions in the Consumer Staples and Financials 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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Large Capitalization Growth Fund, Class A (with load) | |||
| Saratoga Large Capitalization Growth Fund, Class A | |||
| S&P 500® Index | |||
| Morningstar US Fund Large Growth Category | |||
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
7
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| NVIDIA Corp | |
| Microsoft Corp | |
| Alphabet Inc, Class A | |
| Alphabet Inc, Class C | |
| Apple Inc | |
| Broadcom, Inc | |
| Roku, Inc | |
| Amazon.com, Inc | |
| Arista Networks, Inc | |
| Airbnb, Inc Class A | |
| 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, 2026, 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 083126-SLGYX
8
|
SARATOGA LARGE CAPITALIZATION GROWTH FUND | | |||
| Annual Shareholder Report | 8/31/2026 | |||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund’s positive returns were largely driven by stock selection in the Information Technology sector. Industrials and Communication Services holdings also made meaningful positive contributions. The Consumer Staples and Health Care sectors were the only sectors with negative stock selection of note.
From a stock selection perspective, Lumentum Holdings was the top contributor; the optical components supplier reported strong revenue growth driven by accelerating demand for data-center optical products used in AI infrastructure. Dell Technologies was the second largest contributor; the computer hardware manufacturer reported strong revenue growth supported by record AI server demand.
Due to threshold limits, the Fund held a significant underweight position in mega-cap technology stocks, which was a headwind to relative performance. Out of Fund holdings, Atlassian had the biggest negative impact; although its quarterly results exceeded expectations, shares fell sharply after management pointed to slower near-term cloud growth and an expected deceleration in Data Center revenue.
Allocation effect was a drag on relative performance, primarily due to overweight positions in the Consumer Staples and Financials 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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Large Capitalization Growth Fund, Class C (with load) | |||
| Saratoga Large Capitalization Growth Fund, Class C | |||
| S&P 500® Index | |||
| Morningstar US Fund Large Growth Category | |||
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
9
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| NVIDIA Corp | |
| Microsoft Corp | |
| Alphabet Inc, Class A | |
| Alphabet Inc, Class C | |
| Apple Inc | |
| Broadcom, Inc | |
| Roku, Inc | |
| Amazon.com, Inc | |
| Arista Networks, Inc | |
| Airbnb, Inc Class A | |
| 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, 2026, 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 083126-SLGCX
10
|
SARATOGA LARGE CAPITALIZATION GROWTH FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund’s positive returns were largely driven by stock selection in the Information Technology sector. Industrials and Communication Services holdings also made meaningful positive contributions. The Consumer Staples and Health Care sectors were the only sectors with negative stock selection of note.
From a stock selection perspective, Lumentum Holdings was the top contributor; the optical components supplier reported strong revenue growth driven by accelerating demand for data-center optical products used in AI infrastructure. Dell Technologies was the second largest contributor; the computer hardware manufacturer reported strong revenue growth supported by record AI server demand.
Due to threshold limits, the Fund held a significant underweight position in mega-cap technology stocks, which was a headwind to relative performance. Out of Fund holdings, Atlassian had the biggest negative impact; although its quarterly results exceeded expectations, shares fell sharply after management pointed to slower near-term cloud growth and an expected deceleration in Data Center revenue.
Allocation effect was a drag on relative performance, primarily due to overweight positions in the Consumer Staples and Financials 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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Large Capitalization Growth Fund, Class I | |||
| S&P 500® Index | |||
| Morningstar US Fund Large Growth Category | |||
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
11
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| NVIDIA Corp | |
| Microsoft Corp | |
| Alphabet Inc, Class A | |
| Alphabet Inc, Class C | |
| Apple Inc | |
| Broadcom, Inc | |
| Roku, Inc | |
| Amazon.com, Inc | |
| Arista Networks, Inc | |
| Airbnb, Inc Class A | |
| 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, 2026, 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 083126-SLCGX
12
|
SARATOGA MID CAPITALIZATION FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance this period? |
|
During the period, stock selection in Information Technology was the largest contributor to performance, with Marvell Technology as the
top name. Underweight positions in Communication Services and Real Estate, both underperforming sectors, also contributed, as did stock
selection within Consumer Staples, led by Dollar General.
The greatest detractor was stock selection in Industrials, with Trex Company as the weakest name. Security selection within Financials also detracted, led by Robinhood Markets. Selection and an overweight position in Consumer Discretionary, an underperforming sector, weighed on performance, with AutoZone as the largest drag, as did selection and an overweight position in Utilities, where CMS Energy was the largest detractor. Selection within Health Care (IQVIA Holdings), Materials (Vulcan Materials) and Energy (Baker Hughes) also detracted. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Mid Capitalization Fund, Class A (with load) | |||
| Saratoga Mid Capitalization Fund, Class A | |||
| S&P 500® Index | |||
| Morningstar US Fund Mid Capitalization Blend Category | |||
| 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
13
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Alliant Energy Corp | |
| Baker Hughes Company | |
| CMS Energy Corp | |
| SLB Ltd | |
| WEC Energy Group, Inc | |
| Evergy, Inc | |
| AutoZone, Inc | |
| Dollar General Corp | |
| Vulcan Materials Company | |
| 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, 2026, 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 083126-SPMAX
14
|
SARATOGA MID CAPITALIZATION FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance this period? |
|
During the period, stock selection in Information Technology was the largest contributor to performance, with Marvell Technology as the
top name. Underweight positions in Communication Services and Real Estate, both underperforming sectors, also contributed, as did stock
selection within Consumer Staples, led by Dollar General.
The greatest detractor was stock selection in Industrials, with Trex Company as the weakest name. Security selection within Financials also detracted, led by Robinhood Markets. Selection and an overweight position in Consumer Discretionary, an underperforming sector, weighed on performance, with AutoZone as the largest drag, as did selection and an overweight position in Utilities, where CMS Energy was the largest detractor. Selection within Health Care (IQVIA Holdings), Materials (Vulcan Materials) and Energy (Baker Hughes) also detracted. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Mid Capitalization Fund, Class C (with load) | |||
| Saratoga Mid Capitalization Fund, Class C | |||
| S&P 500® Index | |||
| Morningstar US Fund Mid Capitalization Blend Category | |||
| 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
15
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Alliant Energy Corp | |
| Baker Hughes Company | |
| CMS Energy Corp | |
| SLB Ltd | |
| WEC Energy Group, Inc | |
| Evergy, Inc | |
| AutoZone, Inc | |
| Dollar General Corp | |
| Vulcan Materials Company | |
| 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, 2026, 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 083126-SPMCX
16
|
SARATOGA MID CAPITALIZATION FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance this period? |
|
During the period, stock selection in Information Technology was the largest contributor to performance, with Marvell Technology as the
top name. Underweight positions in Communication Services and Real Estate, both underperforming sectors, also contributed, as did stock
selection within Consumer Staples, led by Dollar General.
The greatest detractor was stock selection in Industrials, with Trex Company as the weakest name. Security selection within Financials also detracted, led by Robinhood Markets. Selection and an overweight position in Consumer Discretionary, an underperforming sector, weighed on performance, with AutoZone as the largest drag, as did selection and an overweight position in Utilities, where CMS Energy was the largest detractor. Selection within Health Care (IQVIA Holdings), Materials (Vulcan Materials) and Energy (Baker Hughes) also detracted. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Mid Capitalization Fund, Class I | |||
| S&P 500® Index | |||
| Morningstar US Fund Mid Capitalization Blend Category | |||
| 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
17
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Alliant Energy Corp | |
| Baker Hughes Company | |
| CMS Energy Corp | |
| SLB Ltd | |
| WEC Energy Group, Inc | |
| Evergy, Inc | |
| AutoZone, Inc | |
| Dollar General Corp | |
| Vulcan Materials Company | |
| 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, 2026, 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 083126-SMIPX
18
|
Saratoga SMALL CAPITALIZATION Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
At the sector level, Industrials and Financials remained the Fund’s largest sectors and were overweight relative to the Russell 2000 Index. Stock selection in Industrials was consistently strong, and sector allocation benefited at different points from underweights to Consumer Discretionary and Energy. Health Care led the Fund in late 2025 as several biotech holdings rebounded, while Energy declined amid easing oil prices. Information Technology led during the spring and early summer of 2026, as AI-related demand broadened across more businesses. Detractors included the Fund’s Communication Services holdings, which retreated in the first quarter of 2026 after a long multi-year advance, and its Energy holdings in the second quarter of 2026, as falling oil prices weighed on more leveraged small-cap oil and oil-services companies.
Stock selection was an important source of gains. In late 2025, Rigel Pharmaceuticals rose after raising its revenue outlook and reporting positive clinical-trial results, Hecla Mining benefited from stronger gold and silver prices, and GeneDx advanced as earnings repeatedly exceeded estimates. In early 2026, Advanced Energy Industries benefited from demand in semiconductor and data-center markets, Comfort Systems gained from technology-related mechanical and electrical projects, and Kulicke & Soffa advanced on semiconductor assembly demand. Gains strengthened in the summer of 2026, particularly among holdings connected to AI infrastructure. Credo Technology rose on accelerating demand for AI networking products and stronger-than-expected earnings and guidance. Bloom Energy benefited from demand for reliable power for AI data centers, while Sterling Infrastructure advanced on a robust project backlog and continued spending on data centers and other infrastructure. Kulicke & Soffa and Sanmina also posted strong gains, supported by semiconductor demand and AI-infrastructure-related orders and earnings. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Small Capitalization Fund, Class A (with load) | |||
| Saratoga Small Capitalization Fund, Class A | |||
| S&P 500® Index | |||
| Morningstar US Fund Small Capitalization Blend Category | |||
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
19
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Vestis Corp | |
| Allient, Inc | |
| Commvault Systems, Inc | |
| Kulicke & Soffa Industries, Inc | |
| International Seaways, Inc | |
| Comfort Systems USA, Inc | |
| Independent Bank Corp | |
| Watts Water Technologies, Inc Class A | |
| Remitly Global, Inc | |
| 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, 2026, 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 083126-SSCYX
20
|
Saratoga SMALL CAPITALIZATION Fund | | |||
| Annual Shareholder Report | Class C | |||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
At the sector level, Industrials and Financials remained the Fund’s largest sectors and were overweight relative to the Russell 2000 Index. Stock selection in Industrials was consistently strong, and sector allocation benefited at different points from underweights to Consumer Discretionary and Energy. Health Care led the Fund in late 2025 as several biotech holdings rebounded, while Energy declined amid easing oil prices. Information Technology led during the spring and early summer of 2026, as AI-related demand broadened across more businesses. Detractors included the Fund’s Communication Services holdings, which retreated in the first quarter of 2026 after a long multi-year advance, and its Energy holdings in the second quarter of 2026, as falling oil prices weighed on more leveraged small-cap oil and oil-services companies.
Stock selection was an important source of gains. In late 2025, Rigel Pharmaceuticals rose after raising its revenue outlook and reporting positive clinical-trial results, Hecla Mining benefited from stronger gold and silver prices, and GeneDx advanced as earnings repeatedly exceeded estimates. In early 2026, Advanced Energy Industries benefited from demand in semiconductor and data-center markets, Comfort Systems gained from technology-related mechanical and electrical projects, and Kulicke & Soffa advanced on semiconductor assembly demand. Gains strengthened in the summer of 2026, particularly among holdings connected to AI infrastructure. Credo Technology rose on accelerating demand for AI networking products and stronger-than-expected earnings and guidance. Bloom Energy benefited from demand for reliable power for AI data centers, while Sterling Infrastructure advanced on a robust project backlog and continued spending on data centers and other infrastructure. Kulicke & Soffa and Sanmina also posted strong gains, supported by semiconductor demand and AI-infrastructure-related orders and earnings. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Small Capitalization Fund, Class C (with load) | |||
| Saratoga Small Capitalization Fund, Class C | |||
| S&P 500® Index | |||
| Morningstar US Fund Small Capitalization Blend Category | |||
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
21
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Vestis Corp | |
| Allient, Inc | |
| Commvault Systems, Inc | |
| Kulicke & Soffa Industries, Inc | |
| International Seaways, Inc | |
| Comfort Systems USA, Inc | |
| Independent Bank Corp | |
| Watts Water Technologies, Inc Class A | |
| Remitly Global, Inc | |
| 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, 2026, 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 083126-SSCCX
22
|
Saratoga SMALL CAPITALIZATION Fund | | |||
| Annual Shareholder Report | 8/31/2026 | Class I | ||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
At the sector level, Industrials and Financials remained the Fund’s largest sectors and were overweight relative to the Russell 2000 Index. Stock selection in Industrials was consistently strong, and sector allocation benefited at different points from underweights to Consumer Discretionary and Energy. Health Care led the Fund in late 2025 as several biotech holdings rebounded, while Energy declined amid easing oil prices. Information Technology led during the spring and early summer of 2026, as AI-related demand broadened across more businesses. Detractors included the Fund’s Communication Services holdings, which retreated in the first quarter of 2026 after a long multi-year advance, and its Energy holdings in the second quarter of 2026, as falling oil prices weighed on more leveraged small-cap oil and oil-services companies.
Stock selection was an important source of gains. In late 2025, Rigel Pharmaceuticals rose after raising its revenue outlook and reporting positive clinical-trial results, Hecla Mining benefited from stronger gold and silver prices, and GeneDx advanced as earnings repeatedly exceeded estimates. In early 2026, Advanced Energy Industries benefited from demand in semiconductor and data-center markets, Comfort Systems gained from technology-related mechanical and electrical projects, and Kulicke & Soffa advanced on semiconductor assembly demand. Gains strengthened in the summer of 2026, particularly among holdings connected to AI infrastructure. Credo Technology rose on accelerating demand for AI networking products and stronger-than-expected earnings and guidance. Bloom Energy benefited from demand for reliable power for AI data centers, while Sterling Infrastructure advanced on a robust project backlog and continued spending on data centers and other infrastructure. Kulicke & Soffa and Sanmina also posted strong gains, supported by semiconductor demand and AI-infrastructure-related orders and earnings. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Small Capitalization Fund, Class I | |||
| S&P 500® Index | |||
| Morningstar US Fund Small Capitalization Blend Category | |||
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
23
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Vestis Corp | |
| Allient, Inc | |
| Commvault Systems, Inc | |
| Kulicke & Soffa Industries, Inc | |
| International Seaways, Inc | |
| Comfort Systems USA, Inc | |
| Independent Bank Corp | |
| Watts Water Technologies, Inc Class A | |
| Remitly Global, Inc | |
| 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, 2026, 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 083126-SSCPX
24
|
SARATOGA INTERNATIONAL EQUITY FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
From a regional perspective, Developed Europe was the largest positive contributor to relative performance, led by holdings in Spain and Italy. Emerging Asia was the only region with negative stock selection, despite holding the Fund’s top three individual contributors, led by South Korean memory-chip maker SK hynix. China posted the worst relative return, with technology hardware maker Xiaomi and jewelry manufacturer Chow Tai Fook the largest detractors. Allocation effect was negative, largely due to the drag from a small cash position in a strong market, partly offset by an underweight to India and an overweight to South Korea.
From a sector view, Financials had the strongest outperformance, led by Spanish banks CaixaBank and Banco Santander. Health Care was the next largest contributor, with Hansoh Pharmaceutical and Ipsen generating strong relative returns. Information Technology was the largest detracting sector because of Xiaomi, although it also held the Fund’s top contributors: SK hynix, Asia Vital Components and Taiwan Semiconductor. Not holding Samsung Electronics and ASML was a meaningful drag on performance.
Industrials was the second largest detracting sector, due mainly to Compagnie de Saint-Gobain and Hoshizaki. Sector allocation was slightly negative, as the benefit of an underweight to Communication Services was offset by the drag from cash. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga International Equity Fund, Class A (with load) | |||
| Saratoga International Equity Fund, Class A | |||
| MSCI ACWI Ex-USA Index | |||
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
25
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Taiwan Semiconductor Manufacturing | |
| Dreyfus Treasury Obligations Cash Management | |
| DBS Group Holdings Ltd | |
| SK Hynix, Inc | |
| Intesa Sanpaolo SpA | |
| Asia Vital Components Company Ltd | |
| KB Financial Group, Inc | |
| Mizuho Financial Group, Inc | |
| Rolls-Royce Holdings plc | |
| Banco Santander SA | |
| Regional Exposure (%) | |
| Americas | |
| Greater Europe | |
| Greater Asia | |
| 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, 2026, 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 083126-SIEYX
26
|
SARATOGA INTERNATIONAL EQUITY FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
From a regional perspective, Developed Europe was the largest positive contributor to relative performance, led by holdings in Spain and Italy. Emerging Asia was the only region with negative stock selection, despite holding the Fund’s top three individual contributors, led by South Korean memory-chip maker SK hynix. China posted the worst relative return, with technology hardware maker Xiaomi and jewelry manufacturer Chow Tai Fook the largest detractors. Allocation effect was negative, largely due to the drag from a small cash position in a strong market, partly offset by an underweight to India and an overweight to South Korea.
From a sector view, Financials had the strongest outperformance, led by Spanish banks CaixaBank and Banco Santander. Health Care was the next largest contributor, with Hansoh Pharmaceutical and Ipsen generating strong relative returns. Information Technology was the largest detracting sector because of Xiaomi, although it also held the Fund’s top contributors: SK hynix, Asia Vital Components and Taiwan Semiconductor. Not holding Samsung Electronics and ASML was a meaningful drag on performance.
Industrials was the second largest detracting sector, due mainly to Compagnie de Saint-Gobain and Hoshizaki. Sector allocation was slightly negative, as the benefit of an underweight to Communication Services was offset by the drag from cash. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga International Equity Fund, Class C (with load) | |||
| Saratoga International Equity Fund, Class C | |||
| MSCI ACWI Ex-USA Index | |||
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
27
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Taiwan Semiconductor Manufacturing | |
| Dreyfus Treasury Obligations Cash Management | |
| DBS Group Holdings Ltd | |
| SK Hynix, Inc | |
| Intesa Sanpaolo SpA | |
| Asia Vital Components Company Ltd | |
| KB Financial Group, Inc | |
| Mizuho Financial Group, Inc | |
| Rolls-Royce Holdings plc | |
| Banco Santander SA | |
| Regional Exposure (%) | |
| Americas | |
| Greater Europe | |
| Greater Asia | |
| 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, 2026, 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 083126-SIECX
28
|
SARATOGA INTERNATIONAL EQUITY FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
From a regional perspective, Developed Europe was the largest positive contributor to relative performance, led by holdings in Spain and Italy. Emerging Asia was the only region with negative stock selection, despite holding the Fund’s top three individual contributors, led by South Korean memory-chip maker SK hynix. China posted the worst relative return, with technology hardware maker Xiaomi and jewelry manufacturer Chow Tai Fook the largest detractors. Allocation effect was negative, largely due to the drag from a small cash position in a strong market, partly offset by an underweight to India and an overweight to South Korea.
From a sector view, Financials had the strongest outperformance, led by Spanish banks CaixaBank and Banco Santander. Health Care was the next largest contributor, with Hansoh Pharmaceutical and Ipsen generating strong relative returns. Information Technology was the largest detracting sector because of Xiaomi, although it also held the Fund’s top contributors: SK hynix, Asia Vital Components and Taiwan Semiconductor. Not holding Samsung Electronics and ASML was a meaningful drag on performance.
Industrials was the second largest detracting sector, due mainly to Compagnie de Saint-Gobain and Hoshizaki. Sector allocation was slightly negative, as the benefit of an underweight to Communication Services was offset by the drag from cash. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga International Equity Fund, Class I | |||
| MSCI ACWI Ex-USA Index | |||
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
29
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Taiwan Semiconductor Manufacturing | |
| Dreyfus Treasury Obligations Cash Management | |
| DBS Group Holdings Ltd | |
| SK Hynix, Inc | |
| Intesa Sanpaolo SpA | |
| Asia Vital Components Company Ltd | |
| KB Financial Group, Inc | |
| Mizuho Financial Group, Inc | |
| Rolls-Royce Holdings plc | |
| Banco Santander SA | |
| Regional Exposure (%) | |
| Americas | |
| Greater Europe | |
| Greater Asia | |
| 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, 2026, 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 083126-SIEPX
30
|
SARATOGA HEALTH & BIOTECHNOLOGY FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund’s holdings benefited from improving fundamentals, attractive valuations and greater clarity around pharmaceutical pricing and tariff policy during the fiscal year, as investor confidence recovered following an extended period of policy, reimbursement and utilization-related uncertainty. However, results varied significantly across the Fund’s sub-industries.
The Fund’s pharmaceutical and biotechnology holdings were among its strongest, supported by positive clinical developments, improving capital markets, increased merger and acquisition activity and continued innovation in areas such as oncology, obesity and immunology. The Fund’s medical device and equipment holdings lagged, as tariff-related cost pressures and limited pricing flexibility weighed on margins. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Health & Biotechnology Fund, Class A (with load) | |||
| Saratoga Health & Biotechnology Fund, Class A | |||
| S&P 500® Index | |||
| Morningstar US Fund Health Category | |||
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
31
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Jazz Pharmaceuticals plc | |
| Amgen Inc | |
| McKesson Corp | |
| Cardinal Health, Inc | |
| United Therapeutics Corp | |
| Cencora Inc | |
| Regeneron Pharmaceuticals, Inc | |
| Exelixis Inc | |
| Johnson & Johnson | |
| Novartis A. G. | |
| 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, 2026, 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 083126-SHPAX
32
|
SARATOGA HEALTH & BIOTECHNOLOGY FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund’s holdings benefited from improving fundamentals, attractive valuations and greater clarity around pharmaceutical pricing and tariff policy during the fiscal year, as investor confidence recovered following an extended period of policy, reimbursement and utilization-related uncertainty. However, results varied significantly across the Fund’s sub-industries.
The Fund’s pharmaceutical and biotechnology holdings were among its strongest, supported by positive clinical developments, improving capital markets, increased merger and acquisition activity and continued innovation in areas such as oncology, obesity and immunology. The Fund’s medical device and equipment holdings lagged, as tariff-related cost pressures and limited pricing flexibility weighed on margins. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Health & Biotechnology Fund, Class C (with load) | |||
| Saratoga Health & Biotechnology Fund, Class C | |||
| S&P 500® Index | |||
| Morningstar US Fund Health Category | |||
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
33
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Jazz Pharmaceuticals plc | |
| Amgen Inc | |
| McKesson Corp | |
| Cardinal Health, Inc | |
| United Therapeutics Corp | |
| Cencora Inc | |
| Regeneron Pharmaceuticals, Inc | |
| Exelixis Inc | |
| Johnson & Johnson | |
| Novartis A. G. | |
| 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, 2026, 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 083126-SHPCX
34
|
SARATOGA HEALTH & BIOTECHNOLOGY FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund’s holdings benefited from improving fundamentals, attractive valuations and greater clarity around pharmaceutical pricing and tariff policy during the fiscal year, as investor confidence recovered following an extended period of policy, reimbursement and utilization-related uncertainty. However, results varied significantly across the Fund’s sub-industries.
The Fund’s pharmaceutical and biotechnology holdings were among its strongest, supported by positive clinical developments, improving capital markets, increased merger and acquisition activity and continued innovation in areas such as oncology, obesity and immunology. The Fund’s medical device and equipment holdings lagged, as tariff-related cost pressures and limited pricing flexibility weighed on margins. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Health & Biotechnology Fund, Class I | |||
| S&P 500® Index | |||
| Morningstar US Fund Health Category | |||
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
35
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Jazz Pharmaceuticals plc | |
| Amgen Inc | |
| McKesson Corp | |
| Cardinal Health, Inc | |
| United Therapeutics Corp | |
| Cencora Inc | |
| Regeneron Pharmaceuticals, Inc | |
| Exelixis Inc | |
| Johnson & Johnson | |
| Novartis A. G. | |
| 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, 2026, 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 083126-SBHIX
36
|
Saratoga TECHNOLOGY & COMMUNICATIONS Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund benefited from continued investment in artificial intelligence (AI) during the fiscal year, as the largest technology companies continued to spend heavily on data centers and computing infrastructure. The Fund’s semiconductor holdings remained a major beneficiary, and strength broadened to its holdings in semiconductor equipment, networking equipment and other areas tied to the AI buildout, which were among the Fund’s best performers.
The Fund’s Software and IT Services holdings were notable exceptions and were among its weaker areas for much of the period, as investors became increasingly concerned that advances in AI could disrupt the traditional business models of companies in those industries. Overall, the Fund’s holdings that supply or enable AI infrastructure generally performed well, while those viewed as potentially vulnerable to AI disruption faced a much more challenging environment. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Technology & Communications Fund, Class A (with load) | |||
| Saratoga Technology & Communications Fund, Class A | |||
| S&P 500® Index | |||
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
37
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| NVIDIA Corp | |
| Alphabet Inc, Class C | |
| Microsoft Corp | |
| Cisco Systems Inc | |
| Amazon.com, Inc | |
| KLA Corp | |
| Apple Inc | |
| Broadcom, Inc | |
| Visa, Inc Class A | |
| Mastercard, Inc Class A | |
| 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, 2026, 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 083126-STPAX
38
|
Saratoga TECHNOLOGY & COMMUNICATIONS Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund benefited from continued investment in artificial intelligence (AI) during the fiscal year, as the largest technology companies continued to spend heavily on data centers and computing infrastructure. The Fund’s semiconductor holdings remained a major beneficiary, and strength broadened to its holdings in semiconductor equipment, networking equipment and other areas tied to the AI buildout, which were among the Fund’s best performers.
The Fund’s Software and IT Services holdings were notable exceptions and were among its weaker areas for much of the period, as investors became increasingly concerned that advances in AI could disrupt the traditional business models of companies in those industries. Overall, the Fund’s holdings that supply or enable AI infrastructure generally performed well, while those viewed as potentially vulnerable to AI disruption faced a much more challenging environment. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Technology & Communications Fund, Class C (with load) | |||
| Saratoga Technology & Communications Fund, Class C | |||
| S&P 500® Index | |||
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
39
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| NVIDIA Corp | |
| Alphabet Inc, Class C | |
| Microsoft Corp | |
| Cisco Systems Inc | |
| Amazon.com, Inc | |
| KLA Corp | |
| Apple Inc | |
| Broadcom, Inc | |
| Visa, Inc Class A | |
| Mastercard, Inc Class A | |
| 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, 2026, 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 083126-STPCX
40
|
Saratoga TECHNOLOGY & COMMUNICATIONS Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
The Fund benefited from continued investment in artificial intelligence (AI) during the fiscal year, as the largest technology companies continued to spend heavily on data centers and computing infrastructure. The Fund’s semiconductor holdings remained a major beneficiary, and strength broadened to its holdings in semiconductor equipment, networking equipment and other areas tied to the AI buildout, which were among the Fund’s best performers.
The Fund’s Software and IT Services holdings were notable exceptions and were among its weaker areas for much of the period, as investors became increasingly concerned that advances in AI could disrupt the traditional business models of companies in those industries. Overall, the Fund’s holdings that supply or enable AI infrastructure generally performed well, while those viewed as potentially vulnerable to AI disruption faced a much more challenging environment. |
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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Technology & Communications Fund, Class I | |||
| S&P 500® Index | |||
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
41
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| NVIDIA Corp | |
| Alphabet Inc, Class C | |
| Microsoft Corp | |
| Cisco Systems Inc | |
| Amazon.com, Inc | |
| KLA Corp | |
| Apple Inc | |
| Broadcom, Inc | |
| Visa, Inc Class A | |
| Mastercard, Inc Class A | |
| 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, 2026, 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 083126-STPIX
42
|
SARATOGA INVESTMENT QUALITY BOND FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s performance was largely driven by its concentration in the Intermediate-Term debt sector, which trailed the Short-Term debt sector, but outperformed the Long-Term debt sector. The Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed both the Intermediate- and Long-Term debt sectors.
From a security-selection standpoint, the Fund’s use of the Vanguard Intermediate-Term Bond Index Fund hurt performance, as it trailed 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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Investment Quality Bond Fund, Class A (with load) | - |
- |
|
| Saratoga Investment Quality Bond Fund, Class A | - |
||
| Bloomberg US Aggregate Bond Index | - |
||
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
43
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| 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, 2026, 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 083126-SQBAX
44
|
SARATOGA INVESTMENT QUALITY BOND FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s performance was largely driven by its concentration in the Intermediate-Term debt sector, which trailed the Short-Term debt sector, but outperformed the Long-Term debt sector. The Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed both the Intermediate- and Long-Term debt sectors.
From a security-selection standpoint, the Fund’s use of the Vanguard Intermediate-Term Bond Index Fund hurt performance, as it trailed 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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Investment Quality Bond Fund, Class C (with load) | - |
- |
|
| Saratoga Investment Quality Bond Fund, Class C | - |
- |
|
| Bloomberg US Aggregate Bond Index | - |
||
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
45
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| 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, 2026, 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 083126-SQBCX
46
|
SARATOGA INVESTMENT QUALITY BOND FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s performance was largely driven by its concentration in the Intermediate-Term debt sector, which trailed the Short-Term debt sector, but outperformed the Long-Term debt sector. The Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed both the Intermediate- and Long-Term debt sectors.
From a security-selection standpoint, the Fund’s use of the Vanguard Intermediate-Term Bond Index Fund hurt performance, as it trailed 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 | |||
| 1 Year | 5 Years | 10 Years | |
| Saratoga Investment Quality Bond Fund, Class I | - |
||
| Bloomberg US Aggregate Bond Index | - |
||
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
47
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| 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, 2026, 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 083126-SIBPX
48
|
Saratoga US GOVERNMENT MONEY MARKET Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | NA | |
What did the Fund invest in (as a % of the Fund’s net assets)?
| 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, 2026, 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 083126-SGAXX
49
|
Saratoga US GOVERNMENT MONEY MARKET Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | NA | |
What did the Fund invest in (as a % of the Fund’s net assets)?
| 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, 2026, 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 083126-SZCXX
50
|
Saratoga US GOVERNMENT MONEY MARKET Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | NA | |
What did the Fund invest in (as a % of the Fund’s net assets)?
| 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, 2026, 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 083126-SGMXX
51
|
Saratoga Aggressive Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, an underweight to equities versus the benchmark was a drag on performance, as stocks outperformed bonds, cash equivalents, and alternatives, and the Fund was underweight in international stocks, which outperformed U.S. stocks during the period. The Fund’s smaller allocation to bonds in favor of cash equivalents and alternatives helped the Fund’s relative performance.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Aggressive Balanced Allocation Fund, Class A (with load) | |||
| Saratoga Aggressive Balanced Allocation Fund, Class A | |||
| Morningstar Mod. Aggressive Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
52
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Saratoga Large Cap Growth Fund, Class I | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Technology & Comm Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Health & Biotech Fund, Class I | |
| 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, 2026, 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 083126-SABAX
53
|
Saratoga Aggressive Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, an underweight to equities versus the benchmark was a drag on performance, as stocks outperformed bonds, cash equivalents, and alternatives, and the Fund was underweight in international stocks, which outperformed U.S. stocks during the period. The Fund’s smaller allocation to bonds in favor of cash equivalents and alternatives helped the Fund’s relative performance.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Aggressive Balanced Allocation Fund, Class C (with load) | |||
| Saratoga Aggressive Balanced Allocation Fund, Class C | |||
| Morningstar Mod. Aggressive Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
54
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Saratoga Large Cap Growth Fund, Class I | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Technology & Comm Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Health & Biotech Fund, Class I | |
| 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, 2026, 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 083126-SABCX
55
|
Saratoga Aggressive Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, an underweight to equities versus the benchmark was a drag on performance, as stocks outperformed bonds, cash equivalents, and alternatives, and the Fund was underweight in international stocks, which outperformed U.S. stocks during the period. The Fund’s smaller allocation to bonds in favor of cash equivalents and alternatives helped the Fund’s relative performance.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Aggressive Balanced Allocation Fund, Class I | |||
| Morningstar Mod. Aggressive Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
56
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Saratoga Large Cap Growth Fund, Class I | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Technology & Comm Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Health & Biotech Fund, Class I | |
| 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, 2026, 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 083126-SABIX
57
|
Saratoga CONSERVATIVE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s equity allocation was roughly in line with the benchmark’s, but it was underweight international stocks, which outperformed U.S. stocks during the period. The Fund also held less in bonds than the benchmark and more in cash equivalents and alternatives, which helped the Fund’s relative performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Mid Cap fund outperformed its passive counterpart, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Conservative Balanced Allocation Fund, Class A (with load) | - |
||
| Saratoga Conservative Balanced Allocation Fund, Class A | |||
| Morningstar Mod. Conservative Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
58
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| 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, 2026, 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 083126-SCAAX
59
|
Saratoga CONSERVATIVE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s equity allocation was roughly in line with the benchmark’s, but it was underweight international stocks, which outperformed U.S. stocks during the period. The Fund also held less in bonds than the benchmark and more in cash equivalents and alternatives, which helped the Fund’s relative performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Mid Cap fund outperformed its passive counterpart, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Conservative Balanced Allocation Fund, Class C (with load) | |||
| Saratoga Conservative Balanced Allocation Fund, Class C | |||
| Morningstar Mod. Conservative Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
60
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| 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, 2026, 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 083126-SUMCX
61
|
Saratoga CONSERVATIVE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s equity allocation was roughly in line with the benchmark’s, but it was underweight international stocks, which outperformed U.S. stocks during the period. The Fund also held less in bonds than the benchmark and more in cash equivalents and alternatives, which helped the Fund’s relative performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Mid Cap fund outperformed its passive counterpart, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Conservative Balanced Allocation Fund, Class I | |||
| Morningstar Mod. Conservative Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
62
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| 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, 2026, 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 083126-LUNAX
63
|
Saratoga MODERATE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s equity allocation was roughly in line with the benchmark’s, but the Fund held considerably less in international stocks, which hurt relative performance, as international stocks outperformed U.S. stocks. The Fund held less in bonds than the benchmark and more in cash equivalents and alternatives, which helped the Fund’s performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderate Balanced Allocation Fund, Class A (with load) | |||
| Saratoga Moderate Balanced Allocation Fund, Class A | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
64
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Small Capitalization Fund, Class I | |
| Saratoga Technology & Comm Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| 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, 2026, 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 083126-SMPAX
65
|
Saratoga MODERATE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s equity allocation was roughly in line with the benchmark’s, but the Fund held considerably less in international stocks, which hurt relative performance, as international stocks outperformed U.S. stocks. The Fund held less in bonds than the benchmark and more in cash equivalents and alternatives, which helped the Fund’s performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderate Balanced Allocation Fund, Class C (with load) | |||
| Saratoga Moderate Balanced Allocation Fund, Class C | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
66
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Small Capitalization Fund, Class I | |
| Saratoga Technology & Comm Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| 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, 2026, 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 083126-SBMCX
67
|
Saratoga MODERATE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund’s equity allocation was roughly in line with the benchmark’s, but the Fund held considerably less in international stocks, which hurt relative performance, as international stocks outperformed U.S. stocks. The Fund held less in bonds than the benchmark and more in cash equivalents and alternatives, which helped the Fund’s performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderate Balanced Allocation Fund, Class I | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
68
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Small Capitalization Fund, Class I | |
| Saratoga Technology & Comm Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| 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, 2026, 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 083126-SBMIX
69
|
SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
During the period, an overweight to equities versus the benchmark helped the Fund’s relative performance, as stocks outperformed bonds, cash equivalents and alternatives. In addition, the Fund’s smaller allocation to bonds in favor of cash equivalents and alternatives helped relative Fund performance. However, the Fund was underweight in international stocks versus the benchmark, which hurt relative performance, as international stocks outperformed U.S. stocks.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class A (with load) | |||
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class A | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
70
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Technology & Comm Fund, Class I | |
| Saratoga Health & Biotech Fund, Class I | |
| 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, 2026, 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 083126-SAMAX
71
|
SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
During the period, an overweight to equities versus the benchmark helped the Fund’s relative performance, as stocks outperformed bonds, cash equivalents and alternatives. In addition, the Fund’s smaller allocation to bonds in favor of cash equivalents and alternatives helped relative Fund performance. However, the Fund was underweight in international stocks versus the benchmark, which hurt relative performance, as international stocks outperformed U.S. stocks.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class C (with load) | |||
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class C | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
72
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Technology & Comm Fund, Class I | |
| Saratoga Health & Biotech Fund, Class I | |
| 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, 2026, 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 083126-SAMCX
73
|
SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION FUND | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
During the period, an overweight to equities versus the benchmark helped the Fund’s relative performance, as stocks outperformed bonds, cash equivalents and alternatives. In addition, the Fund’s smaller allocation to bonds in favor of cash equivalents and alternatives helped relative Fund performance. However, the Fund was underweight in international stocks versus the benchmark, which hurt relative performance, as international stocks outperformed U.S. stocks.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped the Fund’s relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth, Saratoga Technology & Communications, and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Health & Biotechnology and Saratoga Mid Cap funds outperformed their passive counterparts, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderately Aggressive Balanced Allocation Fund, Class I | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
74
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Saratoga Technology & Comm Fund, Class I | |
| Saratoga Health & Biotech Fund, Class I | |
| 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, 2026, 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 083126-SAMIX
75
|
Saratoga MODERATELY CONSERVATIVE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund held modestly less in equities and considerably less in international stocks than the benchmark, and both positions detracted from relative performance, as stocks outperformed bonds and international stocks outperformed U.S. stocks. The Fund’s smaller allocation to bonds versus the benchmark, in favor of cash equivalents and alternatives, helped the Fund’s relative performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Mid Cap fund outperformed its passive counterpart, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class A (with load) | |||
| Saratoga Moderately Conservative Balanced Allocation Fund, Class A | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
76
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| 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, 2026, 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 083126-SMACX
77
|
Saratoga MODERATELY CONSERVATIVE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund held modestly less in equities and considerably less in international stocks than the benchmark, and both positions detracted from relative performance, as stocks outperformed bonds and international stocks outperformed U.S. stocks. The Fund’s smaller allocation to bonds versus the benchmark, in favor of cash equivalents and alternatives, helped the Fund’s relative performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Mid Cap fund outperformed its passive counterpart, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class C (with load) | |||
| Saratoga Moderately Conservative Balanced Allocation Fund, Class C | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
78
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| 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, 2026, 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 083126-SBCCX
79
|
Saratoga MODERATELY CONSERVATIVE Balanced Allocation Fund | | |||
| Annual Shareholder Report | ||||
| 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 |
| $ |
||
| What affected the Fund’s performance during this period? |
|
During the period, the Fund held modestly less in equities and considerably less in international stocks than the benchmark, and both positions detracted from relative performance, as stocks outperformed bonds and international stocks outperformed U.S. stocks. The Fund’s smaller allocation to bonds versus the benchmark, in favor of cash equivalents and alternatives, helped the Fund’s relative performance, as bonds trailed both cash equivalents and alternatives.
Within the Fund’s equity allocation, an overweight to the Large Cap Growth sector versus the Large Cap Value sector helped relative performance, as the Large Cap Growth sector outperformed the Large Cap Value sector. Within the Fund’s bond allocation, the Fund sold its position in the Long-Term debt sector and added a position in the Short-Term debt sector, which helped performance, as the Short-Term debt sector outperformed the Intermediate- and Long-Term debt sectors. The Fund’s overweight to the Intermediate-Term debt sector versus the Short-Term debt sector was a drag on relative performance.
From a security-selection standpoint, the Fund’s use of the Saratoga Large Cap Value fund was the largest drag on relative performance, as it significantly underperformed its passive counterpart. The Saratoga Large Cap Growth and Saratoga Small Cap funds also underperformed their passive counterparts, which hurt relative performance. The Fund’s use of the Vanguard Intermediate-Term Bond Index Fund was also a drag on performance, as it trailed its active counterparts. The Saratoga Mid Cap fund outperformed its passive counterpart, helping the Fund’s relative performance. |
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.
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception1 | |
| Saratoga Moderately Conservative Balanced Allocation Fund, Class I | |||
| Morningstar Moderate Target Risk Index | |||
| 1 |
THE SARATOGA ADVANTAGE TRUST
80
| Fund Statistics | |||
| Total Net Assets | $ |
Advisory Fees Paid by the Fund | $ |
| Number of Portfolio Holdings | Portfolio Turnover Rate | ||
What did the Fund invest in (as a % of the Fund’s net assets)?
| Top Holdings (%) | |
| Vanguard Intermediate-Term Bond Index Fund Admiral Class | |
| Saratoga Large Cap Growth Fund, Class I | |
| Saratoga Large Cap Value Fund, Class I | |
| Saratoga Mid Capitalization Fund, Class I | |
| Dreyfus Inst Prefer Govt Money Mkt Inst Class | |
| Saratoga Small Capitalization Fund, Class I | |
| Eaton Vance Global Macro Absolute Return Fund, Class I | |
| Vanguard Total International Stock Index Fund, Admiral Class | |
| Vanguard Short-Term Bond Index Fund, Admiral Class | |
| 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, 2026, 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 083126-SMICX
81
| (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 08/31/25 | $116,000 | |
| FYE 08/31/26 | $95,500 |
| (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 08/31/25 | $34,000 | |
| FYE 08/31/26 | $28,000 |
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, 2025 and 2026, 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, 2025 and 2026, respectively are disclosed in (b)-(d) above. There were no audit or 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) |
Class I, A, and C Shares
ANNUAL FINANCIAL STATEMENTS
As Of August 31, 2026
THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS
AND TO OTHERS WHO HAVE RECEIVED A COPY OF THE PROSPECTUS.
TABLE OF CONTENTS
| Schedules of Investments | Page 1 | |
| Statements of Assets and Liabilities | Page 33 | |
| Statements of Operations | Page 36 | |
| Statements of Changes in Net Assets | Page 39 | |
| Notes to Financials | Page 44 | |
| Financial Highlights | Page 65 | |
| Report of Independent Registered Public Accounting Firm | Page 86 | |
| Additional Information | Page 88 |
TRUSTEES AND OFFICERS
| 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 12725 W. Indian School Road, Suite E-101 Avondale, Arizona 85392 |
Northern Lights Distributors, LLC 4221 N 203rd Street, Suite 100 Elkhorn, Nebraska 68022 | |
| Transfer & Shareholder Servicing Agent | Custodian | |
|
Ultimus Fund Solutions, LLC 4221 N 203rd Street, Suite 100 Elkhorn, Nebraska 68022 |
BNY Mellon Corp. 225 Liberty Street New York, New York 10286 | |
| Administrator & Fund Accounting Agent | Custody Administrator | |
|
Ultimus Fund Solutions, LLC 4221 N 203rd Street, Suite 100 Elkhorn, Nebraska 68022 |
Ultimus Fund Solutions, LLC 4221 N 203rd Street, Suite 100 Elkhorn, Nebraska 68022 |
SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.9% | ||||||||
| AEROSPACE & DEFENSE - 4.9% | ||||||||
| 29,067 | StandardAero, Inc.(a) | $ | 711,851 | |||||
| ASSET MANAGEMENT - 3.5% | ||||||||
| 3,612 | Ares Management Corporation, Class A | 517,130 | ||||||
| BEVERAGES - 5.7% | ||||||||
| 36,592 | Primo Brands Corporation | 835,029 | ||||||
| CHEMICALS - 1.9% | ||||||||
| 2,342 | Qnity Electronics, Inc. | 279,705 | ||||||
| COMMERCIAL SUPPORT SERVICES - 6.3% | ||||||||
| 2,895 | Clean Harbors, Inc.(a) | 912,649 | ||||||
| CONSTRUCTION MATERIALS - 4.0% | ||||||||
| 1,126 | Martin Marietta Materials, Inc. | 584,056 | ||||||
| E-COMMERCE DISCRETIONARY - 6.3% | ||||||||
| 3,539 | Amazon.com, Inc.(a) | 919,326 | ||||||
| ELECTRICAL EQUIPMENT - 5.3% | ||||||||
| 3,291 | AMETEK, Inc. | 773,944 | ||||||
| HEALTH CARE FACILITIES & SERVICES - 12.9% | ||||||||
| 11,087 | Henry Schein, Inc.(a) | 995,613 | ||||||
| 3,698 | Quest Diagnostics, Inc. | 888,630 | ||||||
| 1,884,243 | ||||||||
| HEALTH CARE REIT - 4.9% | ||||||||
| 3,059 | Welltower, Inc. | 722,658 | ||||||
| HOME & OFFICE PRODUCTS - 4.9% | ||||||||
| 11,059 | Somnigroup International, Inc. | 716,070 | ||||||
See accompanying notes to financial statements.
1
SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.9% (Continued) | ||||||||
| INDUSTRIAL SUPPORT SERVICES - 1.1% | ||||||||
| 3,903 | API Group Corporation(a) | $ | 153,193 | |||||
| MACHINERY - 4.2% | ||||||||
| 7,769 | Flowserve Corporation | 614,450 | ||||||
| OIL & GAS PRODUCERS - 5.8% | ||||||||
| 11,378 | Williams Companies, Inc. (The) | 853,919 | ||||||
| SEMICONDUCTORS - 6.8% | ||||||||
| 1,906 | Analog Devices, Inc. | 690,239 | ||||||
| 2,196 | Entegris, Inc. | 297,097 | ||||||
| 987,336 | ||||||||
| SPECIALTY FINANCE - 6.0% | ||||||||
| 4,094 | Capital One Financial Corporation | 878,204 | ||||||
| TECHNOLOGY HARDWARE - 6.4% | ||||||||
| 235 | Sandisk Corporation(a) | 368,175 | ||||||
| 2,229 | TD SYNNEX Corporation | 563,603 | ||||||
| 931,778 | ||||||||
| TRANSPORTATION & LOGISTICS - 7.0% | ||||||||
| 2,097 | CH Robinson Worldwide, Inc. | 313,837 | ||||||
| 10,375 | Knight-Swift Transportation Holdings, Inc. | 710,791 | ||||||
| 1,024,628 | ||||||||
| TOTAL COMMON STOCKS (Cost $13,178,155) | 14,300,169 | |||||||
See accompanying notes to financial statements.
2
SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 2.5% | ||||||||
| MONEY MARKET FUNDS - 2.5% | ||||||||
| 367,512 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $367,512)(b) | $ | 367,512 | |||||
| TOTAL INVESTMENTS - 100.4% (Cost $13,545,667) | $ | 14,667,681 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (60,587 | ) | ||||||
| NET ASSETS - 100.0% | $ | 14,607,094 | ||||||
| REIT | - Real Estate Investment Trust |
| (a) | Non-income producing security. | |
| (b) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
3
SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.0% | ||||||||
| ADVERTISING & MARKETING - 1.1% | ||||||||
| 1,277 | AppLovin Corporation, Class A(a) | $ | 398,501 | |||||
| AEROSPACE & DEFENSE - 2.1% | ||||||||
| 740 | GE Aerospace Company | 248,425 | ||||||
| 1,920 | Howmet Aerospace, Inc. | 470,304 | ||||||
| 718,729 | ||||||||
| APPAREL & TEXTILE PRODUCTS - 1.1% | ||||||||
| 3,070 | Tapestry, Inc. | 378,807 | ||||||
| ASSET MANAGEMENT - 2.4% | ||||||||
| 7,530 | Charles Schwab Corporation (The) | 826,945 | ||||||
| AUTOMOTIVE - 1.3% | ||||||||
| 1,240 | Tesla, Inc.(a) | 456,258 | ||||||
| BIOTECH & PHARMA - 4.2% | ||||||||
| 990 | AbbVie, Inc. | 253,856 | ||||||
| 3,490 | Bristol-Myers Squibb Company | 233,167 | ||||||
| 470 | Eli Lilly & Company | 543,663 | ||||||
| 2,770 | Neurocrine Biosciences, Inc.(a) | 426,663 | ||||||
| 1,457,349 | ||||||||
| E-COMMERCE DISCRETIONARY - 3.5% | ||||||||
| 3,805 | Amazon.com, Inc.(a) | 988,425 | ||||||
| 2,240 | Wayfair, Inc., Class A(a) | 222,365 | ||||||
| 1,210,790 | ||||||||
| ELECTRICAL EQUIPMENT - 2.1% | ||||||||
| 495 | GE Vernova, Inc. | 444,772 | ||||||
| 1,150 | Vertiv Holdings Company, Class A | 297,528 | ||||||
| 742,300 | ||||||||
| FOOD - 0.5% | ||||||||
| 970 | Hershey Company (The) | 170,924 | ||||||
| HEALTH CARE FACILITIES & SERVICES - 1.1% | ||||||||
| 441 | HCA Healthcare, Inc. | 182,772 | ||||||
See accompanying notes to financial statements.
4
SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.0% (Continued) | ||||||||
| HEALTH CARE FACILITIES & SERVICES - 1.1% (Continued) | ||||||||
| 245 | McKesson Corporation | $ | 216,903 | |||||
| 399,675 | ||||||||
| HOUSEHOLD PRODUCTS - 1.0% | ||||||||
| 3,900 | Colgate-Palmolive Company | 350,298 | ||||||
| INSTITUTIONAL FINANCIAL SERVICES - 1.3% | ||||||||
| 4,670 | Interactive Brokers Group, Inc., Class A | 454,344 | ||||||
| INTERNET MEDIA & SERVICES - 18.1% | ||||||||
| 5,320 | Airbnb, Inc., Class A(a) | 974,730 | ||||||
| 4,480 | Alphabet, Inc., Class A | 1,520,288 | ||||||
| 4,525 | Alphabet, Inc., Class C | 1,517,730 | ||||||
| 1,565 | Booking Holdings, Inc. | 311,576 | ||||||
| 595 | Meta Platforms, Inc., Class A | 340,542 | ||||||
| 11,400 | Pinterest, Inc., Class A(a) | 247,494 | ||||||
| 2,600 | Reddit, Inc., Class A(a) | 384,306 | ||||||
| 6,490 | Roku, Inc.(a) | 1,018,476 | ||||||
| 6,315,142 | ||||||||
| MACHINERY - 0.4% | ||||||||
| 195 | Caterpillar, Inc. | 155,507 | ||||||
| MEDICAL EQUIPMENT & DEVICES - 0.9% | ||||||||
| 1,260 | ResMed, Inc. | 302,526 | ||||||
| RETAIL - CONSUMER STAPLES - 1.2% | ||||||||
| 430 | Costco Wholesale Corporation | 405,873 | ||||||
| RETAIL - DISCRETIONARY - 0.5% | ||||||||
| 800 | Ross Stores, Inc. | 182,832 | ||||||
| SEMICONDUCTORS - 23.4% | ||||||||
| 1,325 | Advanced Micro Devices, Inc.(a) | 623,704 | ||||||
| 3,810 | Broadcom, Inc. | 1,410,995 | ||||||
| 1,670 | KLA Corporation | 293,002 | ||||||
See accompanying notes to financial statements.
5
SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.0% (Continued) | ||||||||
| SEMICONDUCTORS - 23.4% (Continued) | ||||||||
| 1,730 | Lam Research Corporation | $ | 521,578 | |||||
| 645 | Micron Technology, Inc. | 618,381 | ||||||
| 21,275 | NVIDIA Corporation | 4,697,094 | ||||||
| 8,164,754 | ||||||||
| SOFTWARE - 16.8% | ||||||||
| 2,800 | Autodesk, Inc.(a) | 723,884 | ||||||
| 1,040 | HubSpot, Inc.(a) | 271,814 | ||||||
| 3,145 | Microsoft Corporation | 1,595,427 | ||||||
| 4,270 | Okta, Inc.(a) | 738,881 | ||||||
| 1,910 | Palantir Technologies, Inc., Class A(a) | 355,986 | ||||||
| 4,530 | Paylocity Holding Corporation(a) | 725,797 | ||||||
| 10,045 | Pegasystems, Inc. | 369,756 | ||||||
| 7,167 | Rubrik, Inc., Class A(a) | 666,818 | ||||||
| 700 | Snowflake, Inc., Class A(a) | 232,001 | ||||||
| 690 | Veeva Systems, Inc., Class A(a) | 197,126 | ||||||
| 5,877,490 | ||||||||
| TECHNOLOGY HARDWARE - 14.2% | ||||||||
| 4,580 | Apple, Inc. | 1,451,172 | ||||||
| 5,020 | Arista Networks, Inc.(a) | 982,364 | ||||||
| 1,470 | Dell Technologies, Inc., Class C | 670,335 | ||||||
| 1,910 | Jabil, Inc. | 583,047 | ||||||
| 400 | Sandisk Corporation(a) | 626,680 | ||||||
| 560 | Vicor Corporation(a) | 105,101 | ||||||
| 1,200 | Western Digital Corporation | 540,660 | ||||||
| 4,959,359 | ||||||||
| TECHNOLOGY SERVICES - 1.8% | ||||||||
| 910 | Mastercard, Inc., Class A | 536,272 | ||||||
| 280 | Visa, Inc., Class A | 106,224 | ||||||
| 642,496 | ||||||||
| TOTAL COMMON STOCKS (Cost $27,394,128) | 34,570,899 | |||||||
See accompanying notes to financial statements.
6
SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 1.4% | ||||||||
| MONEY MARKET FUNDS - 1.4% | ||||||||
| 477,999 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $477,999)(b) | $ | 477,999 | |||||
| TOTAL INVESTMENTS - 100.4% (Cost $27,872,127) | $ | 35,048,898 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (149,241 | ) | ||||||
| NET ASSETS - 100.0% | $ | 34,899,657 | ||||||
| (a) | Non-income producing security. | |
| (b) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
7
SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.2% | ||||||||
| AEROSPACE & DEFENSE - 2.5% | ||||||||
| 400 | ATI, Inc.(a) | $ | 81,680 | |||||
| 85 | Curtiss-Wright Corporation | 49,515 | ||||||
| 900 | Hexcel Corporation | 83,403 | ||||||
| 140 | Moog, Inc., Class A | 52,010 | ||||||
| 266,608 | ||||||||
| ASSET MANAGEMENT - 2.2% | ||||||||
| 2,260 | Robinhood Markets, Inc., Class A(a) | 236,870 | ||||||
| BANKING - 2.1% | ||||||||
| 186 | Fifth Third Bancorp | 10,001 | ||||||
| 6,034 | Huntington Bancshares, Inc. | 100,677 | ||||||
| 690 | Western Alliance Bancorp | 53,910 | ||||||
| 875 | Zions Bancorp NA | 58,354 | ||||||
| 222,942 | ||||||||
| CONSTRUCTION MATERIALS - 2.6% | ||||||||
| 990 | Vulcan Materials Company | 266,885 | ||||||
| CONTAINERS & PACKAGING - 2.3% | ||||||||
| 2,060 | Crown Holdings, Inc. | 239,763 | ||||||
| DIVERSIFIED INDUSTRIALS - 1.5% | ||||||||
| 795 | Dover Corporation | 154,413 | ||||||
| ELECTRIC UTILITIES - 12.5% | ||||||||
| 5,110 | Alliant Energy Corporation | 347,377 | ||||||
| 4,995 | CMS Energy Corporation | 339,960 | ||||||
| 3,875 | Evergy, Inc. | 313,953 | ||||||
| 2,970 | WEC Energy Group, Inc. | 315,325 | ||||||
| 1,316,615 | ||||||||
| ELECTRICAL EQUIPMENT - 6.7% | ||||||||
| 590 | AMETEK, Inc. | 138,750 | ||||||
| 340 | BWX Technologies, Inc. | 51,779 | ||||||
| 440 | Hubbell, Inc. | 199,320 | ||||||
| 250 | Littelfuse, Inc. | 103,045 | ||||||
See accompanying notes to financial statements.
8
SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.2% (Continued) | ||||||||
| ELECTRICAL EQUIPMENT - 6.7% (Continued) | ||||||||
| 520 | nVent Electric PLC | $ | 78,390 | |||||
| 305 | Rockwell Automation, Inc. | 129,451 | ||||||
| 700,735 | ||||||||
| ENGINEERING & CONSTRUCTION - 2.0% | ||||||||
| 1,970 | Construction Partners, Inc., Class A(a),(b) | 209,214 | ||||||
| HEALTH CARE FACILITIES & SERVICES - 2.5% | ||||||||
| 995 | Tenet Healthcare Corporation(a) | 264,580 | ||||||
| HOME & OFFICE PRODUCTS - 2.3% | ||||||||
| 1,255 | SharkNinja, Inc.(a) | 241,575 | ||||||
| HOME CONSTRUCTION - 2.5% | ||||||||
| 700 | DR Horton, Inc. | 101,192 | ||||||
| 1,140 | Toll Brothers, Inc. | 163,533 | ||||||
| 264,725 | ||||||||
| INDUSTRIAL INTERMEDIATE PROD - 2.0% | ||||||||
| 440 | Valmont Industries, Inc. | 206,650 | ||||||
| INDUSTRIAL SUPPORT SERVICES - 1.3% | ||||||||
| 835 | SiteOne Landscape Supply, Inc.(a) | 82,273 | ||||||
| 160 | WESCO International, Inc. | 54,464 | ||||||
| 136,737 | ||||||||
| LEISURE FACILITIES & SERVICES - 4.8% | ||||||||
| 10,500 | Carnival Corp Ltd. | 250,845 | ||||||
| 960 | Royal Caribbean Cruises Ltd. | 257,990 | ||||||
| 508,835 | ||||||||
| MACHINERY - 6.4% | ||||||||
| 640 | Crane Company | 131,245 | ||||||
| 3,100 | Flowserve Corporation | 245,179 | ||||||
| 390 | Lincoln Electric Holdings, Inc. | 109,680 | ||||||
| 1,185 | Regal Rexnord Corporation | 187,763 | ||||||
| 673,867 | ||||||||
See accompanying notes to financial statements.
9
SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.2% (Continued) | ||||||||
| MEDICAL EQUIPMENT & DEVICES - 5.6% | ||||||||
| 1,155 | Agilent Technologies, Inc. | $ | 177,362 | |||||
| 1,370 | Revvity, Inc. | 176,278 | ||||||
| 560 | Waters Corporation(a) | 232,193 | ||||||
| 585,833 | ||||||||
| METALS & MINING - 1.7% | ||||||||
| 6,360 | Hudbay Minerals, Inc. | 182,278 | ||||||
| OIL & GAS SERVICES & EQUIPMENT - 8.5% | ||||||||
| 5,450 | Baker Hughes Company | 346,347 | ||||||
| 5,310 | SLB Ltd. | 319,131 | ||||||
| 2,930 | TechnipFMC plc | 228,980 | ||||||
| 894,458 | ||||||||
| REAL ESTATE SERVICES - 0.5% | ||||||||
| 4,020 | Cushman & Wakefield Ltd.(a) | 54,230 | ||||||
| RETAIL - CONSUMER STAPLES - 2.6% | ||||||||
| 2,155 | Dollar General Corporation | 273,146 | ||||||
| RETAIL - DISCRETIONARY - 6.3% | ||||||||
| 102 | AutoZone, Inc.(a) | 305,107 | ||||||
| 1,600 | Builders FirstSource, Inc.(a) | 106,241 | ||||||
| 195 | Burlington Stores, Inc.(a) | 50,653 | ||||||
| 440 | Ferguson Enterprises, Inc. | 98,784 | ||||||
| 4,110 | Gap, Inc. (The) | 91,694 | ||||||
| 652,479 | ||||||||
| SEMICONDUCTORS - 3.9% | ||||||||
| 265 | Coherent Corp.(a) | 73,625 | ||||||
| 430 | Marvell Technology, Inc. | 91,014 | ||||||
| 1,265 | Microchip Technology, Inc. | 92,914 | ||||||
| 123 | Monolithic Power Systems, Inc. | 155,936 | ||||||
| 413,489 | ||||||||
| SOFTWARE - 5.6% | ||||||||
| 610 | HubSpot, Inc.(a) | 159,430 | ||||||
| 1,195 | Okta, Inc.(a) | 206,783 | ||||||
See accompanying notes to financial statements.
10
SARATOGA MID CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.2% (Continued) | ||||||||
| SOFTWARE - 5.6% (Continued) | ||||||||
| 570 | Tyler Technologies, Inc.(a) | $ | 212,164 | |||||
| 578,377 | ||||||||
| SPECIALTY FINANCE - 2.0% | ||||||||
| 7,635 | Rocket Companies, Inc., Class A(a) | 102,385 | ||||||
| 1,330 | Synchrony Financial | 102,517 | ||||||
| 204,902 | ||||||||
| STEEL - 0.8% | ||||||||
| 335 | Nucor Corporation | 83,629 | ||||||
|
TECHNOLOGY HARDWARE - 4.1% |
||||||||
| 1,485 | Everpure, Inc., Class A(a) | 138,031 | ||||||
| 2,510 | Hewlett Packard Enterprise Company | 131,122 | ||||||
| 830 | Sanmina Corporation(a) | 163,278 | ||||||
| 432,431 | ||||||||
| TRANSPORTATION & LOGISTICS - 1.4% | ||||||||
| 120 | Saia, Inc.(a) | 42,616 | ||||||
| 520 | XPO, Inc.(a) | 100,874 | ||||||
| 143,490 | ||||||||
|
TOTAL COMMON STOCKS (Cost $8,983,988) |
10,409,756 | |||||||
|
SHORT-TERM INVESTMENT — 4.5% |
||||||||
| MONEY MARKET FUND - 4.5% | ||||||||
| 476,291 |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $476,291)(c) |
476,291 | ||||||
|
TOTAL INVESTMENTS - 103.7% (Cost $9,460,279) |
$ | 10,886,047 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (3.7)% | (388,094 | ) | ||||||
| NET ASSETS - 100.0% | $ | 10,497,953 | ||||||
| (a) | Non-income producing security. | |
| (b) | All or a portion of the security is on loan. The total fair value of the securities on loan as of August 31, 2026 was $209,214. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $246,494 on August 31, 2026. | |
| (c) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
11
SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% | ||||||||
| AEROSPACE & DEFENSE - 0.9% | ||||||||
| 863 | Astronics Corporation(a) | $ | 63,577 | |||||
| APPAREL & TEXTILE PRODUCTS - 0.8% | ||||||||
| 1,709 | Carter’s, Inc. | 55,355 | ||||||
| AUTOMOTIVE - 1.3% | ||||||||
| 2,340 | Gentherm, Inc.(a) | 91,939 | ||||||
| BANKING - 14.1% | ||||||||
| 631 | BancFirst Corporation | 68,918 | ||||||
| 2,406 | Byline Bancorp, Inc. | 91,236 | ||||||
| 714 | City Holding Company | 102,066 | ||||||
| 2,058 | Hilltop Holdings, Inc. | 78,307 | ||||||
| 631 | Home Bancorp, Inc. | 43,217 | ||||||
| 1,510 | Independent Bank Corporation (MA) | 122,583 | ||||||
| 3,900 | NB Bancorp, Inc. | 87,087 | ||||||
| 1,195 | Seacoast Banking Corporation of Florida | 40,576 | ||||||
| 4,464 | Simmons First National Corporation, Class A | 100,797 | ||||||
| 1,676 | SmartFinancial, Inc. | 84,722 | ||||||
| 1,643 | Southern First Bancshares, Inc.(a) | 100,798 | ||||||
| 548 | UMB Financial Corporation | 77,613 | ||||||
| 997,920 | ||||||||
| BEVERAGES - 0.3% | ||||||||
| 415 | Vita Coco Company, Inc. (The)(a) | 24,367 | ||||||
| BIOTECH & PHARMA - 4.4% | ||||||||
| 3,319 | Amneal Pharmaceuticals, Inc.(a) | 57,983 | ||||||
| 2,323 | Collegium Pharmaceutical, Inc.(a),(b) | 57,169 | ||||||
| 1,128 | Indivior Pharmaceuticals, Inc.(a) | 39,401 | ||||||
| 1,792 | Phibro Animal Health Corporation, CLASS A | 67,630 | ||||||
| 581 | Protagonist Therapeutics, Inc.(a) | 85,843 | ||||||
| 308,026 | ||||||||
| CHEMICALS - 2.9% | ||||||||
| 266 | Materion Corporation | 62,797 | ||||||
See accompanying notes to financial statements.
12
SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% (Continued) | ||||||||
| CHEMICALS - 2.9% (Continued) | ||||||||
| 332 | Rogers Corporation(a) | $ | 41,689 | |||||
| 747 | Sensient Technologies Corporation | 100,801 | ||||||
| 205,287 | ||||||||
| COMMERCIAL SUPPORT SERVICES - 4.8% | ||||||||
| 962 | Alarm.com Holdings, Inc.(a) | 55,373 | ||||||
| 1,842 | Healthcare Services Group, Inc.(a) | 40,506 | ||||||
| 6,206 | Quad/Graphics, Inc. | 62,432 | ||||||
| 697 | TriNet Group, Inc. | 48,992 | ||||||
| 10,737 | Vestis Corporation(a) | 134,320 | ||||||
| 341,623 | ||||||||
| CONSUMER SERVICES - 0.2% | ||||||||
| 2,373 | Coursera, Inc.(a),(b) | 15,472 | ||||||
| E-COMMERCE DISCRETIONARY - 0.6% | ||||||||
| 2,755 | Figs, Inc., Class A(a) | 42,262 | ||||||
| ELECTRICAL EQUIPMENT - 6.2% | ||||||||
| 365 | Advanced Energy Industries, Inc. | 101,054 | ||||||
| 1,427 | Allient, Inc. | 134,151 | ||||||
| 116 | Argan, Inc. | 49,299 | ||||||
| 133 | Bloom Energy Corporation, Class A(a) | 27,438 | ||||||
| 365 | Powell Industries, Inc. | 65,601 | ||||||
| 282 | SPX Technologies, Inc.(a) | 55,484 | ||||||
| 433,027 | ||||||||
| ENGINEERING & CONSTRUCTION - 5.0% | ||||||||
| 83 | Comfort Systems USA, Inc. | 128,286 | ||||||
| 133 | EMCOR Group, Inc. | 97,694 | ||||||
| 166 | MYR Group, Inc.(a) | 48,376 | ||||||
| 166 | Sterling Infrastructure, Inc.(a) | 78,032 | ||||||
| 352,388 | ||||||||
| HEALTH CARE FACILITIES & SERVICES - 3.2% | ||||||||
| 4,962 | LifeStance Health Group, Inc.(a) | 61,330 | ||||||
| 680 | PACS Group Inc(a) | 28,771 | ||||||
| 2,174 | Pediatrix Medical Group, Inc.(a) | 57,024 | ||||||
See accompanying notes to financial statements.
13
SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% (Continued) | ||||||||
| HEALTH CARE FACILITIES & SERVICES - 3.2% (Continued) | ||||||||
| 5,775 | Surgery Partners, Inc.(a),(b) | $ | 80,215 | |||||
| 227,340 | ||||||||
| HOME CONSTRUCTION - 1.2% | ||||||||
| 2,224 | Interface, Inc. | 84,334 | ||||||
| HOTEL REIT - 1.2% | ||||||||
| 4,812 | Pebblebrook Hotel Trust | 87,193 | ||||||
| INDUSTRIAL INTERMEDIATE PROD - 1.1% | ||||||||
| 962 | Proto Labs, Inc.(a) | 77,018 | ||||||
| INDUSTRIAL SUPPORT SERVICES - 1.8% | ||||||||
| 365 | DXP Enterprises, Inc.(a) | 68,521 | ||||||
| 282 | VSE Corporation(b) | 58,848 | ||||||
| 127,369 | ||||||||
| INSTITUTIONAL FINANCIAL SERVICES - 1.2% | ||||||||
| 1,261 | StoneX Group, Inc.(a) | 86,353 | ||||||
| INSURANCE - 3.2% | ||||||||
| 564 | Employers Holdings, Inc. | 27,687 | ||||||
| 614 | Lemonade, Inc.(a),(b) | 32,069 | ||||||
| 614 | Mercury General Corporation | 62,603 | ||||||
| 1,892 | United Fire Group, Inc. | 101,922 | ||||||
| 224,281 | ||||||||
| LEISURE FACILITIES & SERVICES - 2.3% | ||||||||
| 365 | Brinker International, Inc.(a) | 83,402 | ||||||
| 1,029 | Madison Square Garden Entertainment Corporation(a) | 79,943 | ||||||
| 163,345 | ||||||||
| LEISURE PRODUCTS - 2.3% | ||||||||
| 5,244 | Callaway Golf Company(a) | 82,383 | ||||||
| 1,211 | Polaris, Inc. | 78,158 | ||||||
| 160,541 | ||||||||
See accompanying notes to financial statements.
14
SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% (Continued) | ||||||||
| MACHINERY - 1.6% | ||||||||
| 315 | Watts Water Technologies, Inc., Class A | $ | 115,211 | |||||
| MEDICAL EQUIPMENT & DEVICES - 3.2% | ||||||||
| 448 | ICU Medical, Inc.(a) | 77,482 | ||||||
| 1,278 | Omnicell, Inc.(a),(b) | 44,934 | ||||||
| 1,809 | STAAR Surgical Company(a) | 40,865 | ||||||
| 1,377 | Veracyte, Inc.(a) | 59,473 | ||||||
| 222,754 | ||||||||
| METALS & MINING - 2.6% | ||||||||
| 1,792 | Constellium S.E.(a) | 47,363 | ||||||
| 3,568 | Hecla Mining Company | 70,895 | ||||||
| 415 | Kaiser Aluminum Corporation | 65,894 | ||||||
| 184,152 | ||||||||
| OIL & GAS PRODUCERS - 1.0% | ||||||||
| 962 | PBF Energy, Inc., Class A | 70,216 | ||||||
| REAL ESTATE SERVICES - 0.8% | ||||||||
| 3,916 | Newmark Group, Inc., Class A | 59,641 | ||||||
| RETAIL - DISCRETIONARY - 0.0%(c) | ||||||||
| 1 | Builders FirstSource, Inc.(a) | 66 | ||||||
| SEMICONDUCTORS - 5.2% | ||||||||
| 680 | Ambarella, Inc.(a) | 47,178 | ||||||
| 299 | FormFactor, Inc.(a) | 30,082 | ||||||
| 1,643 | Kulicke & Soffa Industries, Inc. | 131,540 | ||||||
| 730 | MaxLinear, Inc., Class A(a) | 43,734 | ||||||
| 4,331 | Navitas Semiconductor Corporation(a) | 50,196 | ||||||
| 216 | Semtech Corporation(a) | 28,719 | ||||||
| 66 | SiTime Corporation(a) | 37,318 | ||||||
| 368,767 | ||||||||
| SOFTWARE - 8.4% | ||||||||
| 3,850 | Alignment Healthcare, Inc.(a) | 51,590 | ||||||
| 9,276 | Asana, Inc., Class A(a),(b) | 95,172 | ||||||
See accompanying notes to financial statements.
15
SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% (Continued) | ||||||||
| SOFTWARE - 8.4% (Continued) | ||||||||
| 962 | CommVault Systems, Inc.(a) | $ | 132,294 | |||||
| 7,268 | Freshworks, Inc., Class A(a) | 101,171 | ||||||
| 846 | Hinge Health, Inc.(a) | 78,306 | ||||||
| 3,153 | PagerDuty, Inc.(a) | 44,583 | ||||||
| 448 | Q2 Holdings, Inc.(a) | 29,138 | ||||||
| 332 | Qualys, Inc.(a) | 61,798 | ||||||
| 594,052 | ||||||||
| SPECIALTY FINANCE - 2.2% | ||||||||
| 664 | Bread Financial Holdings, Inc. | 69,367 | ||||||
| 3,584 | Happen, Inc.(a) | 63,007 | ||||||
| 763 | LendingTree, Inc.(a) | 21,395 | ||||||
| 153,769 | ||||||||
| SPECIALTY REIT - 1.4% | ||||||||
| 4,066 | Postal Realty Trust, Inc., Class A(b) | 95,348 | ||||||
| STEEL - 2.6% | ||||||||
| 199 | Carpenter Technology Corporation | 94,808 | ||||||
| 797 | Northwest Pipe Company(a) | 87,606 | ||||||
| 182,414 | ||||||||
| TECHNOLOGY HARDWARE - 2.9% | ||||||||
| 266 | Credo Technology Group Holding Ltd.(a) | 60,168 | ||||||
| 581 | CTS Corporation | 32,809 | ||||||
| 1,029 | Knowles Corporation(a) | 35,171 | ||||||
| 149 | Sanmina Corporation(a) | 29,311 | ||||||
| 3,004 | Sonos, Inc.(a) | 46,862 | ||||||
| 204,321 | ||||||||
| TECHNOLOGY SERVICES - 2.7% | ||||||||
| 4,696 | Marqeta, Inc.(a) | 77,108 | ||||||
| 4,215 | Remitly Global, Inc.(a),(b) | 112,709 | ||||||
| 189,817 | ||||||||
| TRANSPORTATION & LOGISTICS - 2.8% | ||||||||
| 1,328 | International Seaways, Inc.(b) | 130,994 | ||||||
| 282 | Matson, Inc. | 63,396 | ||||||
| 194,390 | ||||||||
See accompanying notes to financial statements.
16
SARATOGA SMALL CAPITALIZATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% (Continued) | ||||||||
| WHOLESALE - CONSUMER STAPLES - 0.8% | ||||||||
| 1,278 | United Natural Foods, Inc.(a) | $ | 56,054 | |||||
| TOTAL COMMON STOCKS (Cost $5,753,486) | 6,859,989 | |||||||
| SHORT-TERM INVESTMENTS — 4.4% | ||||||||
| MONEY MARKET FUNDS - 4.4% | ||||||||
| 215,256 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $215,256)(d) | 215,256 | ||||||
| 99,013 | Dreyfus Treasury Obligations Cash Management, 3.51% (Cost $99,013)(d),(e) | 99,013 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $314,269) | 314,269 | |||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $314,269) | 314,269 | |||||||
| TOTAL INVESTMENTS - 101.6% (Cost $6,067,755) | $ | 7,174,258 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)% | (109,979 | ) | ||||||
| NET ASSETS - 100.0% | $ | 7,064,279 | ||||||
|
LTD |
- Limited Company |
| REIT | - Real Estate Investment Trust |
| (a) | Non-income producing security. |
| (b) | All or a portion of the security is on loan. The total fair value of the securities on loan as of August 31, 2026 was $656,769. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $583,139 on August 31, 2026. |
| (c) | Percentage rounds to less than 0.1%. |
| (d) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
| (e) | 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.
17
SARATOGA INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% | ||||||||
| Australia - 2.4% | ||||||||
| 24,870 | South32 Ltd.(a) | $ | 91,521 | |||||
| Canada - 4.7% | ||||||||
| 270 | Celestica, Inc.(b) | 80,838 | ||||||
| 3,110 | Kinross Gold Corporation | 95,415 | ||||||
| 176,253 | ||||||||
| Cayman Islands - 5.0% | ||||||||
| 22,000 | Hansoh Pharmaceutical Group Company Ltd. 144A(a),(c) | 98,833 | ||||||
| 15,000 | New Oriental Education & Technology Group, Inc.(a) | 86,703 | ||||||
| 185,536 | ||||||||
| China - 1.8% | ||||||||
| 900 | Contemporary Amperex Technology Company Ltd.(a) | 68,435 | ||||||
| France - 4.5% | ||||||||
| 1,500 | AXA S.A.(a) | 74,915 | ||||||
| 500 | Ipsen S.A.(a) | 94,720 | ||||||
| 169,635 | ||||||||
| Germany - 7.2% | ||||||||
| 180 | Allianz SE(a) | 93,897 | ||||||
| 1,240 | GEA Group AG(a) | 96,549 | ||||||
| 490 | Siemens Energy AG(a) | 80,727 | ||||||
| 271,173 | ||||||||
| Hong Kong - 1.6% | ||||||||
| 36,800 | Chow Tai Fook Jewellry Group Ltd.(a),(d) | 60,587 | ||||||
| Italy - 7.5% | ||||||||
| 1,740 | Assicurazioni Generali SpA(a),(d) | 90,036 | ||||||
| 3,050 | Eni SpA(a) | 83,394 | ||||||
| 13,740 | Intesa Sanpaolo SpA(a) | 108,275 | ||||||
| 281,705 | ||||||||
| Japan - 14.9% | ||||||||
| 3,200 | Kao Corporation(a) | 72,854 | ||||||
| 200 | Kioxia Holdings Corporation(a),(b) | 61,838 | ||||||
| 2,000 | Mizuho Financial Group, Inc.(a) | 106,536 | ||||||
See accompanying notes to financial statements.
18
SARATOGA INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% (Continued) | ||||||||
| Japan - 14.9% (Continued) | ||||||||
| 3,900 | Obayashi Corporation(a) | $ | 72,743 | |||||
| 3,100 | Otsuka Corporation(a) | 70,013 | ||||||
| 2,800 | Sony Corporation(a) | 69,189 | ||||||
| 2,300 | Sumitomo Mitsui Financial Group, Inc.(a) | 98,732 | ||||||
| 551,905 | ||||||||
| Korea (Republic Of) - 8.2% | ||||||||
| 1,270 | Coway Company Ltd.(a) | 89,928 | ||||||
| 860 | KB Financial Group, Inc.(a) | 107,970 | ||||||
| 90 | SK Hynix, Inc.(a) | 109,015 | ||||||
| 306,913 | ||||||||
| Luxembourg - 2.5% | ||||||||
| 7,570 | Allegro.eu S.A. 144A(a),(b),(c) | 92,464 | ||||||
| Malaysia - 1.7% | ||||||||
| 18,000 | Tenaga Nasional BHD(a) | 63,325 | ||||||
| Portugal - 2.2% | ||||||||
| 15,000 | EDP - Energias de Portugal S.A.(a) | 81,477 | ||||||
| Singapore - 3.0% | ||||||||
| 1,840 | DBS Group Holdings Ltd.(a) | 111,893 | ||||||
| Spain - 5.4% | ||||||||
| 6,990 | Banco Santander S.A.(a) | 102,317 | ||||||
| 6,595 | CaixaBank S.A.(a) | 100,585 | ||||||
| 202,902 | ||||||||
| Sweden - 2.4% | ||||||||
| 1,880 | Swedish Orphan Biovitrum AB(a),(b) | 88,173 | ||||||
See accompanying notes to financial statements.
19
SARATOGA INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 97.2% (Continued) | ||||||||
| Switzerland - 2.0% | ||||||||
| 480 | Novartis AG(a) | $ | 73,012 | |||||
| Taiwan Province of China - 10.0% | ||||||||
| 1,000 | Asia Vital Components Company Ltd.(a) | 107,983 | ||||||
| 12,000 | Hon Hai Precision Industry Company Ltd.(a) | 94,584 | ||||||
| 410 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 170,281 | ||||||
| 372,848 | ||||||||
| Thailand - 1.4% | ||||||||
| 38,400 | CP All Plc.(a) | 53,494 | ||||||
| United Kingdom - 8.8% | ||||||||
| 1,760 | BP plc - ADR | 75,451 | ||||||
| 770 | Coca-Cola European Partners plc | 83,175 | ||||||
| 5,065 | Rolls-Royce Holdings plc(a) | 102,938 | ||||||
| 4,750 | The Sage Group plc(a) | 69,432 | ||||||
| 330,996 | ||||||||
| TOTAL COMMON STOCKS (Cost $2,471,333) | 3,634,247 | |||||||
| EXCHANGE-TRADED FUND — 1.4% | ||||||||
| India - 1.4% | ||||||||
| 1,070 | iShares MSCI India ETF(b),(d) | 53,179 | ||||||
| TOTAL EXCHANGE-TRADED FUND (Cost $52,745) | 53,179 | |||||||
See accompanying notes to financial statements.
20
SARATOGA INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 5.9% | ||||||||
| MONEY MARKET FUNDS - 5.9% | ||||||||
| 59,633 | Dreyfus Institutional Preferred Government Money, Institutional Class, 3.63% (Cost $59,633)(e) | $ | 59,633 | |||||
| 161,723 | Dreyfus Treasury Obligations Cash Management, 3.51% (Cost $161,723)(e),(f) | 161,723 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $221,356) | 221,356 | |||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $221,356) | 221,356 | |||||||
| TOTAL INVESTMENTS - 104.5% (Cost $2,745,434) | $ | 3,908,782 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (4.5)% | (167,460 | ) | ||||||
| NET ASSETS - 100.0% | $ | 3,741,322 | ||||||
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| (a) | The value of this security has been determined in good faith under policies of the Board of Trustees. | |
| (b) | Non-income producing security. | |
| (c) | 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, 2026 the total market value of 144A securities is 191,297 or 5.1% of net assets. | |
| (d) | All or a portion of the security is on loan. The total fair value of the securities on loan as of August 31, 2026 was $203,202. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $215,684 on August 31, 2026. | |
| (e) | Rate disclosed is the seven day effective yield as of August 31, 2026. | |
| (f) | 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.
21
SARATOGA HEALTH & BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.8% | ||||||||
| BIOTECH & PHARMA - 58.9% | ||||||||
| 1,567 | Amgen, Inc. | $ | 673,622 | |||||
| 1,500 | ANI Pharmaceuticals, Inc.(a) | 109,875 | ||||||
| 5,630 | Bristol-Myers Squibb Company | 376,140 | ||||||
| 200 | Eli Lilly & Company | 231,346 | ||||||
| 9,445 | Exelixis, Inc.(a) | 516,075 | ||||||
| 3,068 | Gilead Sciences, Inc. | 448,971 | ||||||
| 3,132 | Incyte Corporation(a) | 385,925 | ||||||
| 2,741 | Jazz Pharmaceuticals PLC(a) | 687,114 | ||||||
| 1,820 | Johnson & Johnson | 483,847 | ||||||
| 3,206 | Merck & Company, Inc. | 473,719 | ||||||
| 1,509 | Neurocrine Biosciences, Inc.(a) | 232,431 | ||||||
| 3,140 | Novartis A.G. - ADR | 477,468 | ||||||
| 3,560 | Novo Nordisk A/S - ADR | 161,375 | ||||||
| 670 | Regeneron Pharmaceuticals, Inc. | 535,384 | ||||||
| 1,160 | United Therapeutics Corporation(a) | 592,041 | ||||||
| 787 | Vertex Pharmaceuticals, Inc.(a) | 428,537 | ||||||
| 6,813,870 | ||||||||
| HEALTH CARE FACILITIES & SERVICES - 30.4% | ||||||||
| 2,529 | Cardinal Health, Inc. | 593,354 | ||||||
| 1,683 | Cencora, Inc. | 544,619 | ||||||
| 1,371 | Cigna Group (The) | 378,506 | ||||||
| 433 | Elevance Health, Inc. | 169,970 | ||||||
| 849 | Labcorp Holdings, Inc. | 282,428 | ||||||
| 691 | McKesson Corporation | 611,756 | ||||||
| 790 | Medpace Holdings, Inc.(a) | 469,252 | ||||||
| 2,112 | National HealthCare Corporation | 457,311 | ||||||
| 3,507,196 | ||||||||
| MEDICAL EQUIPMENT & DEVICES - 9.5% | ||||||||
| 775 | Intuitive Surgical, Inc.(a) | 292,066 | ||||||
| 2,500 | Lantheus Holdings, Inc.(a) | 252,400 | ||||||
| 3,126 | Medtronic PLC | 283,372 | ||||||
See accompanying notes to financial statements.
22
SARATOGA HEALTH & BIOTECHNOLOGY FUND
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.8% (Continued) | ||||||||
| MEDICAL EQUIPMENT & DEVICES - 9.5% (Continued) | ||||||||
| 825 | Stryker Corporation | $ | 267,136 | |||||
| 1,094,974 | ||||||||
| TOTAL COMMON STOCKS (Cost $5,679,365) | 11,416,040 | |||||||
| SHORT-TERM INVESTMENT — 1.6% | ||||||||
| MONEY MARKET FUND - 1.6% | ||||||||
| 187,050 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $187,050)(b) | 187,050 | ||||||
| TOTAL INVESTMENTS - 100.4% (Cost $5,866,415) | $ | 11,603,090 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (51,094 | ) | ||||||
| NET ASSETS - 100.0% | $ | 11,551,996 | ||||||
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| PLC | - Public Limited Company |
| (a) | Non-income producing security. | |
| (b) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
23
SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 100.0% | ||||||||
| E-COMMERCE DISCRETIONARY - 6.5% | ||||||||
| 10,261 | Amazon.com, Inc.(a) | $ | 2,665,500 | |||||
| ELECTRICAL EQUIPMENT - 4.7% | ||||||||
| 6,724 | Amphenol Corporation, Class A | 1,066,091 | ||||||
| 2,015 | Rockwell Automation, Inc. | 855,226 | ||||||
| 1,921,317 | ||||||||
| INDUSTRIAL SUPPORT SERVICES - 2.4% | ||||||||
| 3,000 | Applied Industrial Technologies, Inc. | 971,940 | ||||||
| INTERNET MEDIA & SERVICES - 10.8% | ||||||||
| 8,884 | Alphabet, Inc., Class C | 2,979,783 | ||||||
| 2,498 | Meta Platforms, Inc., Class A | 1,429,705 | ||||||
| 4,409,488 | ||||||||
| SEMICONDUCTORS - 23.7% | ||||||||
| 527 | ASML Holding N.V. - ADR | 893,797 | ||||||
| 5,058 | Broadcom, Inc. | 1,873,180 | ||||||
| 13,500 | KLA Corporation | 2,368,575 | ||||||
| 12,274 | Kulicke & Soffa Industries, Inc. | 982,656 | ||||||
| 14,054 | NVIDIA Corporation | 3,102,843 | ||||||
| 2,035 | NXP Semiconductors N.V. | 457,142 | ||||||
| 9,678,193 | ||||||||
| SOFTWARE - 27.1% | ||||||||
| 4,454 | Adobe, Inc.(a) | 1,304,087 | ||||||
| 7,000 | Akamai Technologies, Inc.(a),(b) | 760,340 | ||||||
| 2,132 | Cadence Design Systems, Inc.(a) | 722,279 | ||||||
| 4,000 | Crowdstrike Holdings, Inc., Class A(a) | 924,000 | ||||||
| 1,632 | Intuit, Inc. | 586,378 | ||||||
| 5,742 | Microsoft Corporation | 2,912,858 | ||||||
| 6,620 | Salesforce, Inc. | 1,704,915 | ||||||
| 3,200 | Synopsys, Inc.(a) | 1,406,688 | ||||||
| 3,878 | Workday, Inc., Class A(a),(b) | 765,711 | ||||||
| 11,087,256 | ||||||||
| TECHNOLOGY HARDWARE - 13.7% | ||||||||
| 6,768 | Apple, Inc. | 2,144,441 | ||||||
See accompanying notes to financial statements.
24
SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2026
| Shares | Fair Value | |||||||
| COMMON STOCKS — 100.0% (Continued) | ||||||||
| TECHNOLOGY HARDWARE - 13.7% (Continued) | ||||||||
| 24,987 | Cisco Systems, Inc. | $ | 2,760,813 | |||||
| 3,840 | NetApp, Inc. | 711,514 | ||||||
| 5,616,768 | ||||||||
| TECHNOLOGY SERVICES - 11.1% | ||||||||
| 14,805 | Amdocs Ltd. | 933,603 | ||||||
| 2,955 | Mastercard, Inc., Class A | 1,741,411 | ||||||
| 4,876 | Visa, Inc., Class A | 1,849,809 | ||||||
| 4,524,823 | ||||||||
| TOTAL COMMON STOCKS (Cost $12,847,092) | 40,875,285 | |||||||
| SHORT-TERM INVESTMENT — 0.4% | ||||||||
| MONEY MARKET FUND - 0.4% | ||||||||
| 171,426 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $171,426)(c) | 171,426 | ||||||
| TOTAL INVESTMENTS - 100.4% (Cost $13,018,518) | $ | 41,046,711 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (172,627 | ) | ||||||
| NET ASSETS - 100.0% | $ | 40,874,084 | ||||||
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| (a) | Non-income producing security. |
| (b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of August 31, 2026 was $1,510,747. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $1,567,536 on August 31, 2026. |
| (c) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
25
SARATOGA INVESTMENT QUALITY BOND PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 98.7% | ||||||||
| FIXED INCOME - 98.7% | ||||||||
| 675,008 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | $ | 6,871,589 | |||||
| 37,123 | Vanguard Short-Term Bond Index Fund, Admiral Class | 376,055 | ||||||
| 7,247,644 | ||||||||
| TOTAL OPEN END FUNDS (Cost $7,347,937) | 7,247,644 | |||||||
| SHORT-TERM INVESTMENT — 1.9% | ||||||||
| MONEY MARKET FUND - 1.9% | ||||||||
| 141,310 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $141,310)(a) | 141,310 | ||||||
| TOTAL INVESTMENTS - 100.6% (Cost $7,489,247) | $ | 7,388,954 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)% | (42,222 | ) | ||||||
| NET ASSETS - 100.0% | $ | 7,346,732 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
26
SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 99.4% | ||||||||
| MONEY MARKET FUNDS - 99.4% | ||||||||
| 1,007,030 | BlackRock Liquidity FedFund, Institutional Class, 3.57%(a) | $ | 1,007,030 | |||||
| 1,007,029 | Dreyfus Government Cash Management, Institutional Class, 3.56%(a) | 1,007,029 | ||||||
| 1,007,029 | Federated Hermes Government Obligations Fund, Institutional Class, 3.51%(a) | 1,007,029 | ||||||
| 1,007,028 | JPMorgan US Government Money Market Fund, Capital Class, 3.57%(a) | 1,007,028 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,028,116) | 4,028,116 | |||||||
| TOTAL INVESTMENTS - 99.4% (Cost $4,028,116) | $ | 4,028,116 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6% | 25,890 | |||||||
| NET ASSETS - 100.0% | $ | 4,054,006 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
27
SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 93.0% | ||||||||
| ALTERNATIVE - 4.0% | ||||||||
| 8,123 | Eaton Vance Global Macro Absolute Return Fund, Class I | $ | 73,595 | |||||
| EQUITY - 72.2% | ||||||||
| 2,441 | Saratoga Health & Biotechnology Portfolio, Class I(a) | 70,252 | ||||||
| 9,326 | Saratoga Large Capitalization Growth Portfolio, Class I(a) | 299,551 | ||||||
| 9,337 | Saratoga Large Capitalization Value Portfolio, Class I(a) | 253,598 | ||||||
| 17,686 | Saratoga Mid Capitalization Portfolio, Class I(a) | 239,821 | ||||||
| 23,633 | Saratoga Small Capitalization Portfolio, Class I(a) | 190,951 | ||||||
| 4,360 | Saratoga Technology & Communications Portfolio, Class I(a) | 129,225 | ||||||
| 3,423 | Vanguard Total International Stock Index Fund, Admiral Class | 160,584 | ||||||
| 1,343,982 | ||||||||
| FIXED INCOME - 16.8% | ||||||||
| 27,269 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 277,596 | ||||||
| 3,374 | Vanguard Short-Term Bond Index Fund, Admiral Class | 34,175 | ||||||
| 311,771 | ||||||||
| TOTAL OPEN END FUNDS (Cost $1,546,432) | 1,729,348 | |||||||
| SHORT-TERM INVESTMENTS — 7.5% | ||||||||
| MONEY MARKET FUNDS - 7.5% | ||||||||
| 140,662 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $140,662)(b) | 140,662 | ||||||
| TOTAL INVESTMENTS - 100.5% (Cost $1,687,094) | $ | 1,870,010 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)% | (9,901 | ) | ||||||
| NET ASSETS - 100.0% | $ | 1,860,109 | ||||||
| (a) | Investment in affiliate. |
| (b) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
28
SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 86.9% | ||||||||
| ALTERNATIVE - 8.3% | ||||||||
| 29,508 | Eaton Vance Global Macro Absolute Return Fund, Class I | $ | 267,342 | |||||
| EQUITY - 43.3% | ||||||||
| 14,837 | Saratoga Large Capitalization Growth Portfolio, Class I(a) | 476,570 | ||||||
| 14,624 | Saratoga Large Capitalization Value Portfolio, Class I(a) | 397,192 | ||||||
| 27,771 | Saratoga Mid Capitalization Portfolio, Class I(a) | 376,577 | ||||||
| 10,503 | Saratoga Small Capitalization Portfolio, Class I(a) | 84,868 | ||||||
| 1,212 | Vanguard Total International Stock Index Fund, Admiral Class | 56,854 | ||||||
| 1,392,061 | ||||||||
| FIXED INCOME - 35.3% | ||||||||
| 102,626 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 1,044,728 | ||||||
| 8,990 | Vanguard Short-Term Bond Index Fund, Admiral Class | 91,070 | ||||||
| 1,135,798 | ||||||||
| TOTAL OPEN END FUNDS (Cost $2,668,516) | 2,795,201 | |||||||
| SHORT-TERM INVESTMENTS — 13.5% | ||||||||
| MONEY MARKET FUNDS - 13.5% | ||||||||
| 432,933 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $432,933)(b) | 432,933 | ||||||
| TOTAL INVESTMENTS - 100.4% (Cost $3,101,449) | $ | 3,228,134 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (12,242 | ) | ||||||
| NET ASSETS - 100.0% | $ | 3,215,892 | ||||||
| (a) | Investment in affiliate. | |
| (b) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
29
SARATOGA MODERATE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 91.0% | ||||||||
| ALTERNATIVE - 6.1% | ||||||||
| 17,573 | Eaton Vance Global Macro Absolute Return Fund, Class I | $ | 159,207 | |||||
| EQUITY - 61.3% | ||||||||
| 1,870 | Saratoga Health & Biotechnology Portfolio, Class I(a) | 53,819 | ||||||
| 14,487 | Saratoga Large Capitalization Growth Portfolio, Class I(a) | 465,310 | ||||||
| 14,450 | Saratoga Large Capitalization Value Portfolio, Class I(a) | 392,461 | ||||||
| 27,250 | Saratoga Mid Capitalization Portfolio, Class I(a) | 369,516 | ||||||
| 16,635 | Saratoga Small Capitalization Portfolio, Class I(a) | 134,409 | ||||||
| 3,515 | Saratoga Technology & Communications Portfolio, Class I(a) | 104,173 | ||||||
| 1,922 | Vanguard Total International Stock Index Fund, Admiral Class | 90,165 | ||||||
| 1,609,853 | ||||||||
| FIXED INCOME - 23.6% | ||||||||
| 54,351 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 553,296 | ||||||
| 6,692 | Vanguard Short-Term Bond Index Fund, Admiral Class | 67,788 | ||||||
| 621,084 | ||||||||
| TOTAL OPEN END FUNDS (Cost $2,185,330) | 2,390,144 | |||||||
| SHORT-TERM INVESTMENTS — 9.4% | ||||||||
| MONEY MARKET FUNDS - 9.4% | ||||||||
| 246,113 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $246,113)(b) | 246,113 | ||||||
| TOTAL INVESTMENTS - 100.4% (Cost $2,431,443) | $ | 2,636,257 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (9,684 | ) | ||||||
| NET ASSETS - 100.0% | $ | 2,626,573 | ||||||
| (a) | Investment in affiliate. |
| (b) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
30
SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 91.8% | ||||||||
| ALTERNATIVE - 5.0% | ||||||||
| 7,127 | Eaton Vance Global Macro Absolute Return Fund, Class I | $ | 64,567 | |||||
| EQUITY - 65.6% | ||||||||
| 1,147 | Saratoga Health & Biotechnology Portfolio, Class I(a) | 33,015 | ||||||
| 6,744 | Saratoga Large Capitalization Growth Portfolio, Class I(a) | 216,606 | ||||||
| 6,783 | Saratoga Large Capitalization Value Portfolio, Class I(a) | 184,232 | ||||||
| 12,771 | Saratoga Mid Capitalization Portfolio, Class I(a) | 173,172 | ||||||
| 12,672 | Saratoga Small Capitalization Portfolio, Class I(a) | 102,391 | ||||||
| 2,163 | Saratoga Technology & Communications Portfolio, Class I(a) | 64,103 | ||||||
| 1,564 | Vanguard Total International Stock Index Fund, Admiral Class | 73,362 | ||||||
| 846,881 | ||||||||
| FIXED INCOME - 21.2% | ||||||||
| 23,716 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 241,433 | ||||||
| 3,110 | Vanguard Short-Term Bond Index Fund, Admiral Class | 31,502 | ||||||
| 272,935 | ||||||||
| TOTAL OPEN END FUNDS (Cost $1,069,532) | 1,184,383 | |||||||
| SHORT-TERM INVESTMENTS — 9.0% | ||||||||
| MONEY MARKET FUNDS - 9.0% | ||||||||
| 116,387 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $116,387)(b) | 116,387 | ||||||
| TOTAL INVESTMENTS - 100.8% (Cost $1,185,919) | $ | 1,300,770 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)% | (9,933 | ) | ||||||
| NET ASSETS - 100.0% | $ | 1,290,837 | ||||||
| (a) | Investment in affiliate. |
| (b) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
31
SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2026
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 90.3% | ||||||||
| ALTERNATIVE - 7.1% | ||||||||
| 7,454 | Eaton Vance Global Macro Absolute Return Fund, Class I | $ | 67,531 | |||||
| EQUITY - 55.3% | ||||||||
| 4,760 | Saratoga Large Capitalization Growth Portfolio, Class I(a) | 152,886 | ||||||
| 4,747 | Saratoga Large Capitalization Value Portfolio, Class I(a) | 128,929 | ||||||
| 9,355 | Saratoga Mid Capitalization Portfolio, Class I(a) | 126,850 | ||||||
| 8,402 | Saratoga Small Capitalization Portfolio, Class I(a) | 67,886 | ||||||
| 1,048 | Vanguard Total International Stock Index Fund, Admiral Class | 49,149 | ||||||
| 525,700 | ||||||||
| FIXED INCOME - 27.9% | ||||||||
| 23,470 | Vanguard Intermediate-Term Bond Index Fund, Admiral Class | 238,924 | ||||||
| 2,657 | Vanguard Short-Term Bond Index Fund, Admiral Class | 26,912 | ||||||
| 265,836 | ||||||||
| TOTAL OPEN END FUNDS (Cost $792,502) | 859,067 | |||||||
| SHORT-TERM INVESTMENTS — 10.4% | ||||||||
| MONEY MARKET FUNDS - 10.4% | ||||||||
| 98,885 | Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 3.63% (Cost $98,885)(b) | 98,885 | ||||||
| TOTAL INVESTMENTS - 100.7% (Cost $891,387) | $ | 957,952 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)% | (6,640 | ) | ||||||
| NET ASSETS - 100.0% | $ | 951,312 | ||||||
| (a) | Investment in affiliate. |
| (b) | Rate disclosed is the seven day effective yield as of August 31, 2026. |
See accompanying notes to financial statements.
32
| STATEMENTS OF ASSETS AND LIABILITIES |
| August 31, 2026 |
| Large Capitalization Value Portfolio |
Large Capitalization Growth Portfolio |
Mid Capitalization Portfolio |
Small Capitalization Portfolio |
International Equity Portfolio |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | |||||||||||||||||||||
| Investments, at cost | |||||||||||||||||||||
| (including collateral on loaned securities) (See Note 2) | $ | 13,545,667 | $ | 27,872,127 | $ | 9,460,279 | $ | 6,067,755 | $ | 2,745,434 | |||||||||||
| Total Investments, at cost | |||||||||||||||||||||
| (including collateral on loaned securities) (See Note 2) (a) | $ | 14,667,681 | $ | 35,048,898 | $ | 10,886,047 | $ | 7,174,258 | $ | 3,908,782 | |||||||||||
| Total Investments, at value | |||||||||||||||||||||
| Foreign Cash (Cost $0, $0, $0, $0, $2,432) | - | - | - | - | 2,429 | ||||||||||||||||
| Receivable for securities sold | - | - | 118,048 | 546,583 | - | ||||||||||||||||
| Receivable for fund shares sold | 45 | 60 | - | - | - | ||||||||||||||||
| Interest and dividends receivable | 11,453 | 8,808 | 13,687 | 1,973 | 12,556 | ||||||||||||||||
| Prepaid expenses and other assets | 8,388 | 15,738 | 9,754 | 976 | - | ||||||||||||||||
| Total Assets | 14,687,567 | 35,073,504 | 11,027,536 | 7,723,790 | 3,923,767 | ||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Securities lending collateral (See Note 2) | - | - | - | 99,013 | 161,723 | ||||||||||||||||
| Payable for securities purchased | - | - | 444,906 | 513,150 | - | ||||||||||||||||
| Payable for fund shares redeemed | 13,587 | 33,937 | 9,826 | 2,897 | - | ||||||||||||||||
| Payable to manager | 10,407 | 19,887 | 6,950 | 4,031 | 4,455 | ||||||||||||||||
| Unrealized depreciation on forward currency | |||||||||||||||||||||
| exchange contracts | - | - | - | - | 1 | ||||||||||||||||
| Administration fees payable | 33,601 | 80,100 | 37,990 | 19,548 | 11,367 | ||||||||||||||||
| Custody fees payable | 3,301 | 6,747 | 14,786 | 7,007 | 854 | ||||||||||||||||
| Trustee fees payable | 631 | 468 | 134 | 15 | 18 | ||||||||||||||||
| Compliance officer fees payable | 58 | 2,410 | 5 | 656 | 326 | ||||||||||||||||
| Payable for distribution (12b-1) fees | 202 | 1,437 | 573 | 31 | 7 | ||||||||||||||||
| Accrued expenses and other liabilities | 18,686 | 28,861 | 14,413 | 13,163 | 3,694 | ||||||||||||||||
| Total Liabilities | 80,473 | 173,847 | 529,583 | 659,511 | 182,445 | ||||||||||||||||
| Net Assets | $ | 14,607,094 | $ | 34,899,657 | $ | 10,497,953 | $ | 7,064,279 | $ | 3,741,322 | |||||||||||
| Net Assets: | |||||||||||||||||||||
| Par value of shares of beneficial interest | $ | 5,420 | $ | 13,150 | $ | 8,112 | $ | 9,532 | $ | 2,063 | |||||||||||
| Paid in capital | 12,025,125 | 24,419,702 | 7,507,609 | 5,186,387 | 4,025,729 | ||||||||||||||||
| Accumulated earnings/(deficit) | 2,576,549 | 10,466,805 | 2,982,232 | 1,868,360 | (286,470 | ) | |||||||||||||||
| Net Assets | $ | 14,607,094 | $ | 34,899,657 | $ | 10,497,953 | $ | 7,064,279 | $ | 3,741,322 | |||||||||||
| Net Asset Value Per Share | |||||||||||||||||||||
| Class I | |||||||||||||||||||||
| Net Assets | $ | 14,127,521 | $ | 31,490,889 | $ | 8,935,773 | $ | 6,957,285 | $ | 3,641,337 | |||||||||||
| Shares of beneficial interest outstanding | 520,228 | 980,405 | 659,069 | 861,065 | 200,376 | ||||||||||||||||
| Net asset value, redemption price and offering price per share | $ | 27.16 | $ | 32.12 | $ | 13.56 | $ | 8.08 | $ | 18.17 | |||||||||||
| Class A | |||||||||||||||||||||
| Net Assets | $ | 397,453 | $ | 2,976,279 | $ | 1,514,818 | $ | 74,326 | $ | 49,666 | |||||||||||
| Shares of beneficial interest outstanding | 16,524 | 123,961 | 144,189 | 11,226 | 2,735 | ||||||||||||||||
| Net asset value, redemption price per share | $ | 24.05 | $ | 24.01 | $ | 10.51 | $ | 6.62 | $ | 18.16 | |||||||||||
| Offering price per share (maximum sales charge of 5.75%) |
$ | 25.52 | $ | 25.47 | $ | 11.15 | $ | 7.02 | $ | 19.27 | |||||||||||
| Class C | |||||||||||||||||||||
| Net Assets | $ | 82,120 | $ | 432,489 | $ | 47,362 | $ | 32,668 | $ | 50,319 | |||||||||||
| Shares of beneficial interest outstanding | 5,280 | 210,635 | 7,969 | 80,890 | 3,145 | ||||||||||||||||
| Net asset value, offering price per share (b) | $ | 15.55 | $ | 2.05 | $ | 5.94 | $ | 0.40 | $ | 16.00 | |||||||||||
|
| |||||||||||||||||||||
| (a) | Includes securities loaned of: | $ | - | $ | - | $ | 209,214 | $ | 656,769 | $ | 203,202 | ||||||||||
| (b) | Redemption price per C share varies based on length of time shares are held. | ||||||||||||||||||||
See accompanying notes to financial statements.
33
| STATEMENTS OF ASSETS AND LIABILITIES |
| August 31, 2026 |
| Health & Biotechnology Portfolio |
Technology & Communications Portfolio |
Investment Quality Bond Portfolio |
U.S. Government Money Market Portfolio |
Aggressive Balanced Allocation Portfolio |
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | |||||||||||||||||||||
| Investments in Affiliates, at cost | $ | - | $ | - | $ | - | $ | - | $ | 1,048,929 | |||||||||||
| Investments in Unaffiliated securities, at cost | |||||||||||||||||||||
| (including collateral on loaned securities) (See Note 2) | 5,866,415 | 13,018,518 | 7,489,247 | 4,028,116 | 638,165 | ||||||||||||||||
| Total Investments, at cost | $ | 5,866,415 | $ | 13,018,518 | $ | 7,489,247 | $ | 4,028,116 | $ | 1,687,094 | |||||||||||
| Investments in Affiliates, at value | $ | - | $ | - | $ | - | $ | - | $ | 1,183,398 | |||||||||||
| Investments in Unaffiliated securities, at value | |||||||||||||||||||||
| (including collateral on loaned securities) (See Note 2) (a) | 11,603,090 | 41,046,711 | 7,388,954 | 4,028,116 | 686,612 | ||||||||||||||||
| Total Investments, at value | $ | 11,603,090 | $ | 41,046,711 | $ | 7,388,954 | $ | 4,028,116 | $ | 1,870,010 | |||||||||||
| Cash | - | 241 | - | - | - | ||||||||||||||||
| Receivable for fund shares sold | - | - | 124 | 73 | - | ||||||||||||||||
| Interest and dividends receivable | 8,122 | 15,029 | 454 | 12,036 | 416 | ||||||||||||||||
| Prepaid expenses and other assets | 4,102 | 12,185 | 3,682 | 20,852 | 412 | ||||||||||||||||
| Total Assets | 11,615,314 | 41,074,166 | 7,393,214 | 4,061,077 | 1,870,838 | ||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Payable for fund shares redeemed | 1,797 | 1,140 | - | - | - | ||||||||||||||||
| Payable to manager | 12,225 | 42,698 | 5,495 | 1,648 | 992 | ||||||||||||||||
| Administration fees payable | 31,120 | 103,367 | 18,698 | - | 6,893 | ||||||||||||||||
| Custody fees payable | 1,836 | 5,229 | 1,726 | 600 | 378 | ||||||||||||||||
| Trustee fees payable | 30 | 1,711 | 445 | - | - | ||||||||||||||||
| Compliance officer fees payable | 200 | 3,321 | 250 | - | - | ||||||||||||||||
| Payable for distribution (12b-1) fees | 1,815 | 6,536 | 7,996 | 130 | 236 | ||||||||||||||||
| Distributions payable | - | - | - | 56 | - | ||||||||||||||||
| Accrued expenses and other liabilities | 14,295 | 36,080 | 11,872 | 4,637 | 2,230 | ||||||||||||||||
| Total Liabilities | 63,318 | 200,082 | 46,482 | 7,071 | 10,729 | ||||||||||||||||
| Net Assets | $ | 11,551,996 | $ | 40,874,084 | $ | 7,346,732 | $ | 4,054,006 | $ | 1,860,109 | |||||||||||
| Net Assets: | |||||||||||||||||||||
| Par value of shares of beneficial interest | $ | 4,511 | $ | 16,292 | $ | 7,882 | $ | 40,628 | $ | 1,454 | |||||||||||
| Paid in capital | 5,256,110 | 3,618,854 | 7,495,384 | 4,012,981 | 1,523,294 | ||||||||||||||||
| Accumulated earnings | 6,291,375 | 37,238,938 | (156,534 | ) | 397 | 335,361 | |||||||||||||||
| Net Assets | $ | 11,551,996 | $ | 40,874,084 | $ | 7,346,732 | $ | 4,054,006 | $ | 1,860,109 | |||||||||||
| Net Asset Value Per Share | |||||||||||||||||||||
| Class I | |||||||||||||||||||||
| Net Assets | $ | 5,974,366 | $ | 24,017,668 | $ | 7,196,579 | $ | 3,881,652 | $ | 1,453,120 | |||||||||||
| Shares of beneficial interest outstanding | 207,595 | 810,192 | 771,890 | 3,890,299 | 113,245 | ||||||||||||||||
| Net asset value, redemption price and offering price per share | $ | 28.78 | $ | 29.64 | $ | 9.32 | $ | 1.00 | $ | 12.83 | |||||||||||
| Class A | |||||||||||||||||||||
| Net Assets | $ | 5,250,552 | $ | 15,442,455 | $ | 150,141 | $ | 74,661 | $ | 176,497 | |||||||||||
| Shares of beneficial interest outstanding | 222,295 | 686,943 | 16,310 | 74,694 | 13,864 | ||||||||||||||||
| Net asset value, redemption price per share | $ | 23.62 | $ | 22.48 | $ | 9.21 | $ | 1.00 | $ | 12.73 | |||||||||||
| Offering price per share (maximum sales charge of 5.75%) |
$ | 25.06 | $ | 23.85 | $ | 9.77 | $ | 1.06 | $ | 13.51 | |||||||||||
| Class C | |||||||||||||||||||||
| Net Assets | $ | 327,078 | $ | 1,413,961 | $ | 12 | $ | 97,693 | $ | 230,492 | |||||||||||
| Shares of beneficial interest outstanding | 21,220 | 132,057 | 1 | 97,783 | 18,307 | ||||||||||||||||
| Net asset value, offering price per share (b) | $ | 15.41 | $ | 10.71 | $ | 9.05 | (c) | $ | 1.00 | $ | 12.59 | ||||||||||
|
| |||||||||||||||||||||
| (a) | Includes securities loaned of: | $ | - | $ | 1,510,747 | $ | - | $ | - | $ | - | ||||||||||
| (b) | Redemption price per C share varies based on length of time shares are held. | ||||||||||||||||||||
| (c) | Does not calculate due to rounding | ||||||||||||||||||||
See accompanying notes to financial statements.
34
| STATEMENTS OF ASSETS AND LIABILITIES |
| August 31, 2026 |
| Conservative Balanced Allocation Portfolio |
Moderate Balanced Allocation Portfolio |
Moderately Aggressive Balanced Allocation Portfolio |
Moderately Conservative Balanced Allocation Portfolio |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||||||||||
| Investments in Affiliates, at cost | $ | 1,224,893 | $ | 1,346,654 | $ | 681,524 | $ | 425,573 | ||||||||
| Investments in Unaffiliated securities, at cost | 1,876,556 | 1,084,789 | 504,395 | 465,814 | ||||||||||||
| Total Investments, at cost | $ | 3,101,449 | $ | 2,431,443 | $ | 1,185,919 | $ | 891,387 | ||||||||
| Investments in Affiliates, at value | $ | 1,335,207 | $ | 1,519,688 | $ | 773,519 | $ | 476,551 | ||||||||
| Investments in Unaffiliated securities, at value | 1,892,927 | 1,116,569 | 527,251 | 481,401 | ||||||||||||
| Total Investments, at value | $ | 3,228,134 | $ | 2,636,257 | $ | 1,300,770 | $ | 957,952 | ||||||||
| Interest and dividends receivable | 1,474 | 893 | 300 | 304 | ||||||||||||
| Prepaid expenses and other assets | 922 | 1,830 | 82 | 71 | ||||||||||||
| Total Assets | 3,230,530 | 2,638,980 | 1,301,152 | 958,327 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payable to manager | 638 | 1,051 | 1,456 | 943 | ||||||||||||
| Administration fees payable | 8,716 | 7,347 | 6,885 | 4,485 | ||||||||||||
| Custody fees payable | 611 | 531 | 302 | 243 | ||||||||||||
| Trustee fees payable | 181 | 14 | 6 | 11 | ||||||||||||
| Compliance officer fees payable | 48 | 13 | 18 | 22 | ||||||||||||
| Payable for distribution (12b-1) fees | 623 | 726 | 213 | 242 | ||||||||||||
| Accrued expenses and other liabilities | 3,821 | 2,725 | 1,435 | 1,069 | ||||||||||||
| Total Liabilities | 14,638 | 12,407 | 10,315 | 7,015 | ||||||||||||
| Net Assets | $ | 3,215,892 | $ | 2,626,573 | $ | 1,290,837 | $ | 951,312 | ||||||||
| Net Assets: | ||||||||||||||||
| Par value of shares of beneficial interest | $ | 2,800 | $ | 2,094 | $ | 1,025 | $ | 840 | ||||||||
| Paid in capital | 2,895,411 | 2,238,136 | 1,072,861 | 822,328 | ||||||||||||
| Accumulated earnings | 317,681 | 386,343 | 216,951 | 128,144 | ||||||||||||
| Net Assets | $ | 3,215,892 | $ | 2,626,573 | $ | 1,290,837 | $ | 951,312 | ||||||||
| Net Asset Value Per Share | ||||||||||||||||
| Class I | ||||||||||||||||
| Net Assets | $ | 2,523,743 | $ | 1,749,703 | $ | 1,003,384 | $ | 668,799 | ||||||||
| Shares of beneficial interest outstanding | 218,640 | 138,253 | 79,334 | 58,410 | ||||||||||||
| Net asset value, redemption price and offering price per share | $ | 11.54 | $ | 12.66 | $ | 12.65 | $ | 11.45 | ||||||||
| Class A | ||||||||||||||||
| Net Assets | $ | 30,353 | $ | 40,374 | $ | 109,590 | $ | 17 | ||||||||
| Shares of beneficial interest outstanding | 2,627 | 3,210 | 8,738 | 2 | ||||||||||||
| Net asset value, redemption price per share | $ | 11.55 | $ | 12.58 | $ | 12.54 | $ | 11.45 | (b) | |||||||
| Offering price per share (maximum sales charge of 5.75%) |
$ | 12.25 | $ | 13.35 | $ | 13.31 | $ | 12.15 | ||||||||
| Class C | ||||||||||||||||
| Net Assets | $ | 661,796 | $ | 836,496 | $ | 177,863 | $ | 282,496 | ||||||||
| Shares of beneficial interest outstanding | 58,704 | 67,943 | 14,399 | 25,598 | ||||||||||||
| Net asset value, offering price per share (a) | $ | 11.27 | $ | 12.31 | $ | 12.35 | $ | 11.04 | ||||||||
| (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.
35
| STATEMENTS OF OPERATIONS |
| For the Year Ended August 31, 2026 |
| Large Capitalization Value Portfolio |
Large Capitalization Growth Portfolio |
Mid Capitalization Portfolio |
Small Capitalization Portfolio |
International Equity Portfolio |
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment Income: | ||||||||||||||||||||
| Dividend income | $ | 129,948 | $ | 161,793 | $ | 6,080 | 49,573 | $ | 99,256 | |||||||||||
| Interest income | 23,868 | 19,143 | 118,402 | 8,803 | 2,374 | |||||||||||||||
| Securities lending income - net | 1,668 | 915 | 612 | 1,344 | 266 | |||||||||||||||
| Less: Foreign withholding taxes | (621 | ) | - | (17 | ) | - | (13,752 | ) | ||||||||||||
| Total Investment Income | 154,863 | 181,851 | 125,077 | 59,720 | 88,144 | |||||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Management fees | 108,701 | 241,497 | 81,607 | 44,001 | 26,636 | |||||||||||||||
| Distribution (12b-1) fees | ||||||||||||||||||||
| Class A Shares | 1,610 | 13,648 | 5,921 | 286 | 186 | |||||||||||||||
| Class C Shares | 652 | 4,752 | 354 | 182 | 145 | |||||||||||||||
| Administration fees | 98,115 | 247,083 | 83,918 | 43,840 | 40,727 | |||||||||||||||
| Professional fees | 21,569 | 59,613 | 20,868 | 8,227 | 4,409 | |||||||||||||||
| Printing and postage expense | 18,839 | 33,610 | 12,903 | 8,614 | 5,595 | |||||||||||||||
| Compliance officer fees | 6,722 | 17,488 | 5,078 | 2,511 | 1,078 | |||||||||||||||
| Custodian fees | 5,379 | 7,176 | 40,217 | 10,263 | 17,840 | |||||||||||||||
| Trustees’ fees | 4,905 | 10,596 | 2,793 | 1,712 | 965 | |||||||||||||||
| Shareholder servicing fees | 4,358 | 15,962 | 3,382 | 1,707 | 1,713 | |||||||||||||||
| Registration fees | 3,108 | 6,067 | 4,694 | 147 | 348 | |||||||||||||||
| Insurance expense | 1,290 | 1,382 | 2,934 | 1,723 | 1,432 | |||||||||||||||
| Miscellaneous expenses | 14,369 | 26,263 | 12,071 | 7,955 | 6,017 | |||||||||||||||
| Total Operating Expenses | 289,617 | 685,137 | 276,740 | 131,168 | 107,091 | |||||||||||||||
| Less: Expenses waived and/or reimbursed | - | - | (4,320 | ) | - | (3,970 | ) | |||||||||||||
| Net Operating Expenses | 289,617 | 685,137 | 272,420 | 131,168 | 103,121 | |||||||||||||||
| Net Investment (Loss) | (134,754 | ) | (503,286 | ) | (147,343 | ) | (71,448 | ) | (14,977 | ) | ||||||||||
| Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||||||||||
| Net realized gain from: | ||||||||||||||||||||
| Investments and Foreign currency transactions | 2,375,646 | 7,424,856 | 2,240,398 | 976,611 | 688,396 | |||||||||||||||
| Net realized gain | 2,375,646 | 7,424,856 | 2,240,398 | 976,611 | 688,396 | |||||||||||||||
| Net change in unrealized appreciation/(depreciation) on Investments and Foreign currency translations | (1,685,223 | ) | (3,085,430 | ) | (566,210 | ) | 183,484 | 189,245 | ||||||||||||
| Net Realized and Unrealized Gain on Investments | 690,423 | 4,339,426 | 1,674,188 | 1,160,095 | 877,641 | |||||||||||||||
| Net Increase in Net Assets Resulting From Operations | $ | 555,669 | $ | 3,836,140 | $ | 1,526,845 | $ | 1,088,647 | $ | 862,664 | ||||||||||
See accompanying notes to financial statements.
36
| STATEMENTS OF OPERATIONS |
| For the Year Ended August 31, 2026 |
| Health & Biotechnology Portfolio |
Technology & Communications Portfolio |
Investment Quality Bond Portfolio |
U.S. Government Money Market Portfolio |
Aggressive Balanced Allocation Portfolio |
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment Income: | ||||||||||||||||||||
| Dividend income | $ | 122,914 | $ | 264,795 | $ | 326,773 | $ | - | $ | 21,144 | ||||||||||
| Interest income | 8,004 | 13,049 | 11,944 | 155,336 | 4,531 | |||||||||||||||
| Dividend income from Affiliates | - | - | - | - | 33,149 | |||||||||||||||
| Securities lending income - net | 147 | 342 | - | - | - | |||||||||||||||
| Less: Foreign withholding taxes | (3,269 | ) | (479 | ) | - | - | - | |||||||||||||
| Total Investment Income | 127,796 | 277,707 | 338,717 | 155,336 | 58,824 | |||||||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Management fees | 136,172 | 510,427 | 44,242 | 20,190 | 15,809 | |||||||||||||||
| Distribution (12b-1) fees | ||||||||||||||||||||
| Class A Shares | 19,445 | 60,730 | 598 | 249 | 424 | |||||||||||||||
| Class C Shares | 3,677 | 14,945 | 2 | 1,342 | 2,231 | |||||||||||||||
| Administration fees | 72,209 | 291,107 | 66,050 | 24,704 | 14,182 | |||||||||||||||
| Professional fees | 23,852 | 53,273 | 14,754 | 4,491 | 2,304 | |||||||||||||||
| Printing and postage expense | 14,319 | 35,184 | 10,708 | 5,151 | 2,895 | |||||||||||||||
| Shareholder servicing fees | 5,887 | 26,137 | 1,798 | 252 | - | |||||||||||||||
| Custodian fees | 2,858 | 7,862 | 1,636 | 996 | 513 | |||||||||||||||
| Trustees’ fees | 2,588 | 12,825 | 2,530 | - | 482 | |||||||||||||||
| Insurance expense | 2,030 | 4,886 | 1,874 | 385 | 74 | |||||||||||||||
| Compliance officer fees | 1,552 | 16,027 | 5,015 | 927 | 752 | |||||||||||||||
| Registration fees | 1,014 | 5,635 | 690 | 511 | 398 | |||||||||||||||
| Miscellaneous expenses | 13,314 | 34,449 | 10,111 | 4,458 | 2,538 | |||||||||||||||
| Total Operating Expenses | 298,917 | 1,073,487 | 160,008 | 63,656 | 42,602 | |||||||||||||||
| Less: Expenses waived and/or reimbursed | - | - | (5,257 | ) | - | (22,550 | ) | |||||||||||||
| Net Operating Expenses | 298,917 | 1,073,487 | 154,751 | 63,656 | 20,052 | |||||||||||||||
| Net Investment Income/(Loss) | (171,121 | ) | (795,780 | ) | 183,966 | 91,680 | 38,772 | |||||||||||||
| Realized and Unrealized Gain/(Loss) on Investments: | ||||||||||||||||||||
| Net realized gain from: | ||||||||||||||||||||
| Investments and Foreign currency transactions | 730,306 | 11,465,382 | 48,749 | - | 25,657 | |||||||||||||||
| Affiliated Investments | - | - | - | - | 26,184 | |||||||||||||||
| Distribution of realized gains by underlying: | ||||||||||||||||||||
| Affiliated Investment Companies | - | - | - | - | 98,838 | |||||||||||||||
| Net realized gain | 730,306 | 11,465,382 | 48,749 | - | 150,679 | |||||||||||||||
| Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||||||||
| Affiliated Investments | - | - | - | - | (29,056 | ) | ||||||||||||||
| Foreign currency transactions | 2,149,079 | (4,756,284 | ) | (268,381 | ) | - | (4,505 | ) | ||||||||||||
| Net change in unrealized appreciation/(depreciation) | 2,149,079 | (4,756,284 | ) | (268,381 | ) | - | (33,561 | ) | ||||||||||||
| Net Realized and Unrealized Gain/(Loss) on Investments | 2,879,385 | 6,709,098 | (219,632 | ) | - | 117,118 | ||||||||||||||
| Net Increase/(Decrease) in Net Assets Resulting From Operations | $ | 2,708,264 | $ | 5,913,318 | $ | (35,666 | ) | $ | 91,680 | $ | 155,890 | |||||||||
See accompanying notes to financial statements.
37
| STATEMENTS OF OPERATIONS |
| For the Year Ended August 31, 2026 |
| Conservative Balanced Allocation Portfolio |
Moderate Balanced Allocation Portfolio |
Moderately Aggressive Balanced Allocation Portfolio |
Moderately Conservative Balanced Allocation Portfolio |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment Income: | ||||||||||||||||
| Dividend income | $ | 70,908 | $ | 39,298 | $ | 18,294 | $ | 16,726 | ||||||||
| Interest income | 15,688 | 8,875 | 3,890 | 3,379 | ||||||||||||
| Dividend income from Affiliates | 55,558 | 53,884 | 25,850 | 17,851 | ||||||||||||
| Total Investment Income | 142,154 | 102,057 | 48,034 | 37,956 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Management fees | 29,572 | 23,300 | 11,711 | 8,372 | ||||||||||||
| Distribution (12b-1) fees | ||||||||||||||||
| Class A Shares | 59 | 89 | 263 | - | ||||||||||||
| Class C Shares | 7,491 | 8,605 | 2,328 | 2,690 | ||||||||||||
| Administration fees | 22,684 | 18,433 | 12,093 | 9,534 | ||||||||||||
| Professional fees | 5,097 | 4,014 | 2,195 | 1,238 | ||||||||||||
| Printing and postage expense | 4,557 | 3,391 | 2,043 | 1,325 | ||||||||||||
| Registration fees | 4,061 | 1,954 | 1,031 | 2,142 | ||||||||||||
| Compliance officer fees | 1,459 | 1,120 | 570 | 474 | ||||||||||||
| Trustees’ fees | 1,101 | 749 | 302 | 124 | ||||||||||||
| Custodian fees | 893 | 817 | 432 | 266 | ||||||||||||
| Insurance expense | 461 | 418 | 218 | 155 | ||||||||||||
| Shareholder servicing fees | 92 | 54 | 25 | - | ||||||||||||
| Miscellaneous expenses | 3,118 | 3,683 | 2,582 | 2,784 | ||||||||||||
| Total Operating Expenses | 80,645 | 66,627 | 35,793 | 29,104 | ||||||||||||
| Less: Expenses waived and/or reimbursed | (40,571 | ) | (32,299 | ) | (20,321 | ) | (17,203 | ) | ||||||||
| Net Operating Expenses | 40,074 | 34,328 | 15,472 | 11,901 | ||||||||||||
| Net Investment Income | 102,080 | 67,729 | 32,562 | 26,055 | ||||||||||||
| Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||
| Net realized gain from: | ||||||||||||||||
| Investments | 16,070 | 25,657 | 18,447 | 1,793 | ||||||||||||
| Affiliated Investments | 47,784 | 37,930 | 24,741 | 13,261 | ||||||||||||
| Distribution of realized gains by underlying: | ||||||||||||||||
| Affiliated Investment Companies | 124,814 | 137,443 | 70,700 | 42,634 | ||||||||||||
| Net realized gain | 188,668 | 201,030 | 113,888 | 57,688 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Affiliated Investments | (97,996 | ) | (72,262 | ) | (35,018 | ) | (24,968 | ) | ||||||||
| Investments | (23,348 | ) | (21,274 | ) | (10,100 | ) | 2,136 | |||||||||
| Net change in unrealized depreciation | (121,344 | ) | (93,536 | ) | (45,118 | ) | (22,832 | ) | ||||||||
| Net Realized and Unrealized Gain on Investments | 67,324 | 107,494 | 68,770 | 34,856 | ||||||||||||
| Net Increase in Net Assets Resulting From Operations | $ | 169,404 | $ | 175,223 | $ | 101,332 | $ | 60,911 | ||||||||
See accompanying notes to financial statements.
38
| STATEMENTS OF CHANGES IN NET ASSETS |
| Large Capitalization Value Portfolio |
Large Capitalization Growth Portfolio |
Mid Capitalization Portfolio |
||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
| August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
|||||||||||||||||||
| Operations: | ||||||||||||||||||||||||
| Net investment loss | $ | (134,754 | ) | $ | (157,293 | ) | $ | (503,286 | ) | $ | (397,616 | ) | $ | (147,343 | ) | $ | (122,808 | ) | ||||||
| Net realized gain on investments | 2,375,646 | 2,392,806 | 7,424,856 | 6,828,760 | 2,240,398 | 2,613,052 | ||||||||||||||||||
| Net change in unrealized appreciation/(depreciation) on investments | (1,685,223 | ) | 352,359 | (3,085,430 | ) | 2,674,506 | (566,210 | ) | (969,442 | ) | ||||||||||||||
| Net increase in net assets resulting from operations | 555,669 | 2,587,872 | 3,836,140 | 9,105,650 | 1,526,845 | 1,520,802 | ||||||||||||||||||
| Distributions to Shareholders: | ||||||||||||||||||||||||
| Total Distributions Paid: | ||||||||||||||||||||||||
| Class I | (1,940,605 | ) | (2,721,378 | ) | (4,515,350 | ) | (6,549,282 | ) | (1,857,275 | ) | (1,540,586 | ) | ||||||||||||
| Class A | (50,226 | ) | (59,203 | ) | (581,330 | ) | (632,577 | ) | (348,019 | ) | (265,792 | ) | ||||||||||||
| Class C | (12,022 | ) | (13,244 | ) | (375,655 | ) | (479,633 | ) | (11,050 | ) | (19,263 | ) | ||||||||||||
| Total Dividends and Distributions to Shareholders | (2,002,853 | ) | (2,793,825 | ) | (5,472,335 | ) | (7,661,492 | ) | (2,216,344 | ) | (1,825,641 | ) | ||||||||||||
| Share Transactions of Beneficial Interest (Note 5): | ||||||||||||||||||||||||
| Net proceeds from shares sold | ||||||||||||||||||||||||
| Class I | 1,119,691 | 736,259 | 4,369,431 | 12,308,034 | 912,577 | 380,219 | ||||||||||||||||||
| Class A | 10,801 | 7,356 | 142,821 | 667,617 | 8,482 | 21,615 | ||||||||||||||||||
| Class C | 27,083 | 6,527 | 53,470 | 104,056 | 14,962 | 4,567 | ||||||||||||||||||
| Reinvestment of dividends and distributions | ||||||||||||||||||||||||
| Class I | 1,862,030 | 2,665,332 | 4,279,455 | 6,288,616 | 1,780,565 | 1,493,621 | ||||||||||||||||||
| Class A | 48,454 | 57,044 | 561,431 | 598,874 | 342,532 | 261,984 | ||||||||||||||||||
| Class C | 12,022 | 13,244 | 375,608 | 479,558 | 11,050 | 19,263 | ||||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||||||
| Class I | (5,638,453 | ) | (4,797,562 | ) | (11,476,399 | ) | (14,750,949 | ) | (2,464,291 | ) | (3,464,693 | ) | ||||||||||||
| Class A | (44,620 | ) | (39,852 | ) | (980,518 | ) | (216,339 | ) | (81,203 | ) | (390,499 | ) | ||||||||||||
| Class C | (10,877 | ) | (22,439 | ) | (287,197 | ) | (444,859 | ) | (904 | ) | (63,153 | ) | ||||||||||||
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (2,613,869 | ) | (1,374,091 | ) | (2,961,898 | ) | 5,034,608 | 523,770 | (1,737,076 | ) | ||||||||||||||
| Total Increase/(Decrease) in Net Assets | (4,061,053 | ) | (1,580,044 | ) | (4,598,093 | ) | 6,478,766 | (165,729 | ) | (2,041,915 | ) | |||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Beginning of year | 18,668,147 | 20,248,191 | 39,497,750 | 33,018,984 | 10,663,682 | 12,705,597 | ||||||||||||||||||
| End of year | $ | 14,607,094 | $ | 18,668,147 | $ | 34,899,657 | $ | 39,497,750 | $ | 10,497,953 | $ | 10,663,682 | ||||||||||||
See accompanying notes to financial statements.
39
| STATEMENTS OF CHANGES IN NET ASSETS |
| Small Capitalization Portfolio |
International Equity Portfolio |
Health & Biotechnology Portfolio |
||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
| August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
|||||||||||||||||||
| Operations: | ||||||||||||||||||||||||
| Net investment loss | $ | (71,448 | ) | $ | (79,863 | ) | $ | (14,977 | ) | $ | (11,355 | ) | $ | (171,121 | ) | $ | (179,914 | ) | ||||||
| Net realized gain on investments and foreign currency transactions | 976,611 | 591,485 | 688,396 | 411,095 | 730,306 | 371,772 | ||||||||||||||||||
| Net change in unrealized appreciation/ (depreciation) on investments and foreign currency transactions | 183,484 | (207,816 | ) | 189,245 | 225,994 | 2,149,079 | (1,582,237 | ) | ||||||||||||||||
| Net increase/(decrease) in net assets resulting from operations | 1,088,647 | 303,806 | 862,664 | 625,734 | 2,708,264 | (1,390,379 | ) | |||||||||||||||||
| Distributions to Shareholders: | ||||||||||||||||||||||||
| Total Distributions Paid: | ||||||||||||||||||||||||
| Class I | (497,175 | ) | (722,397 | ) | - | (23,108 | ) | (172,730 | ) | (66,366 | ) | |||||||||||||
| Class A | (6,624 | ) | (8,800 | ) | - | (116 | ) | (173,359 | ) | (60,909 | ) | |||||||||||||
| Class C | (1,597 | ) | (6,906 | ) | - | - | (22,522 | ) | (8,347 | ) | ||||||||||||||
| Total Dividends and Distributions to Shareholders | (505,396 | ) | (738,103 | ) | - | (23,224 | ) | (368,611 | ) | (135,622 | ) | |||||||||||||
| Share Transactions of Beneficial Interest (Note 5): | ||||||||||||||||||||||||
| Net proceeds from shares sold | ||||||||||||||||||||||||
| Class I | 1,059,555 | 551,171 | 600,852 | 338,051 | 298,618 | 130,421 | ||||||||||||||||||
| Class A | 131 | 9,870 | 544 | 177 | 4,675 | 148,625 | ||||||||||||||||||
| Class C | 17,534 | 2,566 | 36,795 | 1,734 | - | - | ||||||||||||||||||
| Reinvestment of dividends and distributions | ||||||||||||||||||||||||
| Class I | 483,078 | 715,610 | - | 22,357 | 161,018 | 62,607 | ||||||||||||||||||
| Class A | 6,624 | 8,800 | - | 116 | 159,841 | 55,694 | ||||||||||||||||||
| Class C | 1,597 | 6,906 | - | - | 21,673 | 8,070 | ||||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||||||
| Class I | (1,391,997 | ) | (1,926,703 | ) | (1,057,563 | ) | (1,191,260 | ) | (882,488 | ) | (1,444,936 | ) | ||||||||||||
| Class A | (7,172 | ) | (7,203 | ) | (6,346 | ) | (4,392 | ) | (248,002 | ) | (636,384 | ) | ||||||||||||
| Class C | (131 | ) | - | (73 | ) | - | (155,068 | ) | (92,139 | ) | ||||||||||||||
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 169,219 | (638,983 | ) | (425,791 | ) | (833,217 | ) | (639,733 | ) | (1,768,042 | ) | |||||||||||||
| Total Increase/(Decrease) in Net Assets | 752,470 | (1,073,280 | ) | 436,873 | (230,707 | ) | 1,699,920 | (3,294,043 | ) | |||||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Beginning of year | 6,311,809 | 7,385,089 | 3,304,449 | 3,535,156 | 9,852,076 | 13,146,119 | ||||||||||||||||||
| End of year | $ | 7,064,279 | $ | 6,311,809 | $ | 3,741,322 | $ | 3,304,449 | $ | 11,551,996 | $ | 9,852,076 | ||||||||||||
See accompanying notes to financial statements.
40
| STATEMENTS OF CHANGES IN NET ASSETS |
| Technology & Communications Portfolio |
Investment Quality Bond Portfolio |
U.S. Government Money Market Portfolio |
||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
| August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
|||||||||||||||||||
| Operations: | ||||||||||||||||||||||||
| Net investment income/(loss) | $ | (795,780 | ) | $ | (746,937 | ) | $ | 183,966 | $ | 222,116 | $ | 91,680 | $ | 142,399 | ||||||||||
| Net realized gain on investments and foreign currency transactions | 11,465,382 | 5,123,431 | 48,749 | 52,726 | - | - | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | (4,756,284 | ) | 2,299,673 | (268,381 | ) | 3,902 | - | - | ||||||||||||||||
| Net increase/(decrease) in net assets resulting from operations | 5,913,318 | 6,676,167 | (35,666 | ) | 278,744 | 91,680 | 142,399 | |||||||||||||||||
| Distributions to Shareholders: | ||||||||||||||||||||||||
| Total Distributions Paid: | ||||||||||||||||||||||||
| Class I | (2,901,427 | ) | (2,516,269 | ) | (165,829 | ) | (205,221 | ) | (89,131 | ) | (137,996 | ) | ||||||||||||
| Class A | (2,251,999 | ) | (1,949,153 | ) | (2,866 | ) | (2,371 | ) | (1,096 | ) | (1,934 | ) | ||||||||||||
| Class C | (420,795 | ) | (425,218 | ) | (3 | ) | (2 | ) | (1,594 | ) | (2,567 | ) | ||||||||||||
| Total Dividends and Distributions to Shareholders | (5,574,221 | ) | (4,890,640 | ) | (168,698 | ) | (207,594 | ) | (91,821 | ) | (142,497 | ) | ||||||||||||
| Share Transactions of Beneficial Interest (Note 5): | ||||||||||||||||||||||||
| Net proceeds from shares sold | ||||||||||||||||||||||||
| Class I | 1,399,966 | 523,692 | 1,444,018 | 622,848 | 2,473,236 | 4,566,742 | ||||||||||||||||||
| Class A | 129,769 | 206,586 | 26,525 | 530 | 26,074 | 25,450 | ||||||||||||||||||
| Class C | 16,080 | 10,550 | - | - | 107,566 | 52,946 | ||||||||||||||||||
| Reinvestment of dividends and distributions | ||||||||||||||||||||||||
| Class I | 2,702,170 | 2,361,109 | 162,331 | 202,016 | 86,118 | 134,375 | ||||||||||||||||||
| Class A | 2,146,856 | 1,832,926 | 2,866 | 2,371 | 1,095 | 1,888 | ||||||||||||||||||
| Class C | 406,978 | 408,046 | 3 | 2 | 1,579 | 2,560 | ||||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||||||
| Class I | (5,531,572 | ) | (3,692,763 | ) | (2,587,756 | ) | (3,733,309 | ) | (3,264,450 | ) | (4,385,940 | ) | ||||||||||||
| Class A | (2,932,615 | ) | (1,906,901 | ) | (9,063 | ) | (20,139 | ) | (4,122 | ) | (53,157 | ) | ||||||||||||
| Class C | (490,130 | ) | (660,844 | ) | (283 | ) | - | (141,699 | ) | (115,338 | ) | |||||||||||||
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (2,152,498 | ) | (917,599 | ) | (961,359 | ) | (2,925,681 | ) | (714,603 | ) | 229,526 | |||||||||||||
| Total Increase/(Decrease) in Net Assets | (1,813,401 | ) | 867,928 | (1,165,723 | ) | (2,854,531 | ) | (714,744 | ) | 229,428 | ||||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Beginning of year | 42,687,485 | 41,819,557 | 8,512,455 | 11,366,986 | 4,768,750 | 4,539,322 | ||||||||||||||||||
| End of year | $ | 40,874,084 | $ | 42,687,485 | $ | 7,346,732 | $ | 8,512,455 | $ | 4,054,006 | $ | 4,768,750 | ||||||||||||
See accompanying notes to financial statements.
41
| STATEMENTS OF CHANGES IN NET ASSETS |
| Aggressive Balanced Allocation Portfolio |
Conservative Balanced Allocation Portfolio |
Moderate Balanced Allocation Portfolio |
||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
| August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
|||||||||||||||||||
| Operations: | ||||||||||||||||||||||||
| Net investment income | $ | 38,772 | $ | 21,591 | $ | 102,080 | $ | 71,254 | $ | 67,729 | $ | 37,400 | ||||||||||||
| Net realized gain on investments | 51,841 | 605 | 63,854 | 11,578 | 63,587 | 3,627 | ||||||||||||||||||
| Distribution of realized gains by underlying investment companies | 98,838 | 109,974 | 124,814 | 160,977 | 137,443 | 161,534 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | (33,561 | ) | 39,008 | (121,344 | ) | 42,489 | (93,536 | ) | 41,494 | |||||||||||||||
| Net increase in net assets resulting from operations | 155,890 | 171,178 | 169,404 | 286,298 | 175,223 | 244,055 | ||||||||||||||||||
| Distributions to Shareholders: | ||||||||||||||||||||||||
| Total Distributions Paid: | ||||||||||||||||||||||||
| Class I | (116,740 | ) | (33,118 | ) | (213,055 | ) | (80,900 | ) | (153,434 | ) | (53,263 | ) | ||||||||||||
| Class A | (14,675 | ) | (4,170 | ) | (1,421 | ) | (1,230 | ) | (3,238 | ) | (781 | ) | ||||||||||||
| Class C | (17,633 | ) | (4,362 | ) | (58,388 | ) | (17,632 | ) | (73,791 | ) | (21,213 | ) | ||||||||||||
| Total Dividends and Distributions to Shareholders | (149,048 | ) | (41,650 | ) | (272,864 | ) | (99,762 | ) | (230,463 | ) | (75,257 | ) | ||||||||||||
| Share Transactions of Beneficial Interest (Note 5): | ||||||||||||||||||||||||
| Net proceeds from shares sold | ||||||||||||||||||||||||
| Class I | 81,482 | 71,901 | 49,558 | 93,873 | 39,760 | 38,442 | ||||||||||||||||||
| Class A | - | - | 13,066 | - | 11,876 | 1,131 | ||||||||||||||||||
| Class C | 5,913 | 5,424 | 20,112 | 15,872 | 65,528 | 137,592 | ||||||||||||||||||
| Reinvestment of dividends and distributions | ||||||||||||||||||||||||
| Class I | 116,740 | 33,118 | 213,055 | 80,900 | 153,434 | 53,263 | ||||||||||||||||||
| Class A | 14,675 | 4,170 | 1,421 | 1,230 | 3,238 | 780 | ||||||||||||||||||
| Class C | 17,633 | 4,362 | 58,388 | 17,632 | 73,791 | 21,214 | ||||||||||||||||||
| Cost of shares redeemed | ||||||||||||||||||||||||
| Class I | (9,015 | ) | (12,809 | ) | (169,837 | ) | (154,796 | ) | (29,015 | ) | (41,398 | ) | ||||||||||||
| Class A | - | - | (24,303 | ) | (1,425 | ) | (15 | ) | - | |||||||||||||||
| Class C | (20,107 | ) | (765 | ) | (146,451 | ) | (5,401 | ) | (126,597 | ) | (16,295 | ) | ||||||||||||
| Net increase in net assets from share transactions of beneficial interest | 207,321 | 105,401 | 15,009 | 47,885 | 192,000 | 194,729 | ||||||||||||||||||
| Total Increase/(Decrease) in Net Assets | 214,163 | 234,929 | (88,451 | ) | 234,421 | 136,760 | 363,527 | |||||||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Beginning of year | 1,645,946 | 1,411,017 | 3,304,343 | 3,069,922 | 2,489,813 | 2,126,286 | ||||||||||||||||||
| End of year | $ | 1,860,109 | $ | 1,645,946 | $ | 3,215,892 | $ | 3,304,343 | $ | 2,626,573 | $ | 2,489,813 | ||||||||||||
See accompanying notes to financial statements.
42
| STATEMENTS OF CHANGES IN NET ASSETS |
| Moderately Aggressive Balanced Allocation Portfolio |
Moderately Conservative Balanced Allocation Portfolio |
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| August 31, 2026 |
August 31, 2025 |
August 31, 2026 |
August 31, 2025 |
|||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 32,562 | $ | 18,732 | $ | 26,055 | $ | 16,356 | ||||||||
| Net realized gain on investments | 43,188 | 854 | 15,054 | 6,741 | ||||||||||||
| Distribution of realized gains by underlying affiliated investment companies | 70,700 | 82,013 | 42,634 | 60,492 | ||||||||||||
| Net change in unrealized appreciation/ (depreciation) on investments | (45,118 | ) | 24,402 | (22,832 | ) | 8,374 | ||||||||||
| Net increase in net assets resulting from operations | 101,332 | 126,001 | 60,911 | 91,963 | ||||||||||||
| Distributions to Shareholders: | ||||||||||||||||
| Total Distributions Paid: | ||||||||||||||||
| Class I | (88,123 | ) | (28,787 | ) | (65,698 | ) | (24,925 | ) | ||||||||
| Class A | (9,465 | ) | (2,957 | ) | (2 | ) | (1 | ) | ||||||||
| Class C | (19,298 | ) | (5,766 | ) | (24,713 | ) | (6,811 | ) | ||||||||
| Total Dividends and Distributions to Shareholders | (116,886 | ) | (37,510 | ) | (90,413 | ) | (31,737 | ) | ||||||||
| Share Transactions of Beneficial Interest (Note 5): | ||||||||||||||||
| Net proceeds from shares sold | ||||||||||||||||
| Class I | 25,870 | 14,000 | - | 4,397 | ||||||||||||
| Class A | 1,737 | 1,737 | - | - | ||||||||||||
| Class C | 24,844 | 8,864 | 12,040 | 11,200 | ||||||||||||
| Reinvestment of dividends and distributions | ||||||||||||||||
| Class I | 88,123 | 28,787 | 65,698 | 24,925 | ||||||||||||
| Class A | 9,465 | 2,957 | 2 | 1 | ||||||||||||
| Class C | 19,298 | 5,766 | 24,713 | 6,810 | ||||||||||||
| Cost of shares redeemed | ||||||||||||||||
| Class I | (14,961 | ) | (181 | ) | (23,000 | ) | (69,744 | ) | ||||||||
| Class A | (15 | ) | (15 | ) | - | - | ||||||||||
| Class C | (116,523 | ) | - | - | - | |||||||||||
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 37,838 | 61,915 | 79,453 | (22,411 | ) | |||||||||||
| Total Increase in Net Assets | 22,284 | 150,406 | 49,951 | 37,815 | ||||||||||||
| Net Assets: | ||||||||||||||||
| Beginning of year | 1,268,553 | 1,118,147 | 901,361 | 863,546 | ||||||||||||
| End of year | $ | 1,290,837 | $ | 1,268,553 | $ | 951,312 | $ | 901,361 | ||||||||
See accompanying notes to financial statements.
43
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
| 1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
The Saratoga Advantage Trust (the “Trust”) was organized on April 8, 1994, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust commenced investment operations on September 2, 1994. The Trust currently consists of fourteen series. These financial statements include the following fourteen series: the Large Capitalization Value Portfolio; the Large Capitalization Growth Portfolio; the Mid Capitalization Portfolio; the Small Capitalization Portfolio; the International Equity Portfolio; the Health & Biotechnology Portfolio; the Technology & Communications Portfolio; the Investment Quality Bond Portfolio; the U.S. Government Money Market Portfolio, Aggressive Balanced Allocation Portfolio, Conservative Balanced Allocation Portfolio, Moderate Balanced Allocation Portfolio, Moderately Aggressive Balanced Allocation Portfolio, and Moderately Conservative Balanced Allocation Portfolio, (collectively, the “Portfolios”). Saratoga Capital Management, LLC (the “Manager”) serves as the Trust’s Manager.
The following serve as advisers (the “Advisers”) to their respective Portfolio(s): M.D. Sass, LLC, serves as Adviser to Large Capitalization Value; Smith Group Asset Management serves as Adviser to Large Capitalization Growth and International Equity; Vaughan Nelson Investment Management, L.P. serves as Adviser to Mid Capitalization; Zacks Investment Management, Inc. serves as Adviser to Small Capitalization; Oak Associates, Ltd. serves as Adviser to Health & Biotechnology and Technology & Communications; Saratoga Capital Management, LLC serves as Adviser to U.S. Government Money Market, Investment Quality Bond, Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation. Ultimus Fund Solutions, LLC (the “Administrator”), serves the Trust as administrator, custody administrator, transfer agent and fund accounting agent. Northern Lights Distributors, LLC (“NLD” or the “Distributor”) is the Trust’s Distributor.
The Large Capitalization Value Portfolio, the Large Capitalization Growth Portfolio, the Mid Capitalization Portfolio, the Small Capitalization Portfolio, the International Equity Portfolio, the Health & Biotechnology Portfolio, the Technology & Communications Portfolio, the Investment Quality Bond Portfolio, the U.S. Government Money Market Portfolio, Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderately Conservative Balanced Allocation, Moderate Balanced Allocation, and Moderately Aggressive Balanced Allocation are diversified portfolios.
Investment Quality Bond, U.S. Government Money Market, Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation are “fund of funds”, in that the Portfolios will generally invest in other investment companies.
| Portfolio | Primary Objective | |
| Large Capitalization Value | Total return consisting of capital appreciation and dividend income | |
| Large Capitalization Growth | Capital appreciation | |
| Mid Capitalization | Long-term capital appreciation | |
| Small Capitalization | Maximum capital appreciation | |
| International Equity | Long-term capital appreciation | |
| Health & Biotechnology | Long-term capital growth | |
| Technology & Communications | Long-term capital growth | |
| Investment Quality Bond | Current income and reasonable stability of principal | |
| U.S. Government Money Market | Maximum current income to the extent consistent with the maintenance of liquidity and the preservation of capital | |
| Aggressive Balanced Allocation | Total return consisting of capital appreciation and income | |
| Conservative Balanced Allocation | Total return consisting of capital appreciation and income | |
| Moderate Balanced Allocation | Total return consisting of capital appreciation and income | |
| Moderately Aggressive Balanced Allocation | Total return consisting of capital appreciation and income | |
| Moderately Conservative Balanced Allocation | Total return consisting of capital appreciation and income |
44
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
Currently, all Portfolios offer Class A, Class C and Class I shares. Each class represents an interest in the same assets of the applicable Portfolio, and the classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans.
The following is a summary of significant accounting policies followed by the Portfolios in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.
(a) Valuation of Investments
Operating Segments - The Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
Accounting Pronouncement - The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.
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.
45
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (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, 2026 for each Portfolio’s assets and liabilities measured at fair value:
Large Capitalization Value
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 14,300,169 | $ | - | $ | - | $ | 14,300,169 | ||||||||
| Short-Term Investment | 367,512 | - | - | 367,512 | ||||||||||||
| Total | $ | 14,667,681 | $ | - | $ | - | $ | 14,667,681 | ||||||||
Large Capitalization Growth
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 34,570,899 | $ | - | $ | - | $ | 34,570,899 | ||||||||
| Short-Term Investment | 477,999 | - | - | 477,999 | ||||||||||||
| Total | $ | 35,048,898 | $ | - | $ | - | $ | 35,048,898 | ||||||||
46
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
Mid Capitalization
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 10,409,756 | $ | - | $ | - | $ | 10,409,756 | ||||||||
| Short-Term Investment | 476,291 | - | - | 476,291 | ||||||||||||
| Total | $ | 10,886,047 | $ | - | $ | - | $ | 10,886,047 | ||||||||
Small Capitalization
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 6,859,989 | $ | - | $ | - | $ | 6,859,989 | ||||||||
| Short-Term Investment | 314,269 | - | - | 314,269 | ||||||||||||
| Total | $ | 7,174,258 | $ | - | $ | - | $ | 7,174,258 | ||||||||
International Equity
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | - | $ | 91,521 | $ | - | $ | 91,521 | ||||||||
| Canada | 176,253 | - | - | 176,253 | ||||||||||||
| Cayman Islands | - | 185,536 | - | 185,536 | ||||||||||||
| China | - | 68,435 | - | 68,435 | ||||||||||||
| France | - | 169,635 | - | 169,635 | ||||||||||||
| Germany | - | 271,173 | - | 271,173 | ||||||||||||
| Hong Kong | - | 60,587 | - | 60,587 | ||||||||||||
| Italy | - | 281,705 | - | 281,705 | ||||||||||||
| Japan | - | 551,905 | - | 551,905 | ||||||||||||
| Korea (Republic of) | - | 306,913 | - | 306,913 | ||||||||||||
| Luxembourg | - | 92,464 | - | 92,464 | ||||||||||||
| Malaysia | - | 63,325 | - | 63,325 | ||||||||||||
| Portugal | - | 81,477 | - | 81,477 | ||||||||||||
| Singapore | - | 111,893 | - | 111,893 | ||||||||||||
| Spain | - | 202,902 | - | 202,902 | ||||||||||||
| Sweden | - | 88,173 | - | 88,173 | ||||||||||||
| Switzerland | - | 73,012 | - | 73,012 | ||||||||||||
| Taiwan Province of China | 372,848 | - | - | 372,848 | ||||||||||||
| Thailand | - | 53,494 | - | 53,494 | ||||||||||||
| United Kingdom | 158,626 | 172,370 | - | 330,996 | ||||||||||||
| Exchange Traded Fund | ||||||||||||||||
| India | 53,179 | - | - | 53,179 | ||||||||||||
| Short-Term Investment | 221,356 | - | - | 221,356 | ||||||||||||
| Total | $ | 982,262 | $ | 2,926,520 | $ | - | $ | 3,908,782 | ||||||||
Health & Biotechnology
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 11,416,040 | $ | - | $ | - | $ | 11,416,040 | ||||||||
| Short-Term Investment | 187,050 | - | - | 187,050 | ||||||||||||
| Total | $ | 11,603,090 | $ | - | $ | - | $ | 11,603,090 | ||||||||
Technology & Communications
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 40,875,285 | $ | - | $ | - | $ | 40,875,285 | ||||||||
| Short-Term Investment | 171,426 | - | - | 171,426 | ||||||||||||
| Total | $ | 41,046,711 | $ | - | $ | - | $ | 41,046,711 | ||||||||
47
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
Investment Quality Bond
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Open End Funds | $ | 7,247,644 | $ | - | $ | - | $ | 7,247,644 | ||||||||
| Short-Term Investment | 141,310 | - | - | 141,310 | ||||||||||||
| Total | $ | 7,388,954 | $ | - | $ | - | $ | 7,388,954 | ||||||||
U.S. Government Money Market
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Short-Term Investments | $ | 4,028,116 | $ | - | $ | - | $ | 4,028,116 | ||||||||
| Total | $ | 4,028,116 | $ | - | $ | - | $ | 4,028,116 | ||||||||
Aggressive Balanced Allocation
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Open Ended Funds | $ | 1,729,348 | $ | - | $ | - | $ | 1,729,348 | ||||||||
| Short-Term Investment | 140,662 | - | - | 140,662 | ||||||||||||
| Total | $ | 1,870,010 | $ | - | $ | - | $ | 1,870,010 | ||||||||
Conservative Balanced Allocation
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Open Ended Funds | $ | 2,795,201 | $ | - | $ | - | $ | 2,795,201 | ||||||||
| Short-Term Investment | 432,933 | - | - | 432,933 | ||||||||||||
| Total | $ | 3,228,134 | $ | - | $ | - | $ | 3,228,134 | ||||||||
Moderate Balanced Allocation
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Open Ended Funds | $ | 2,390,144 | $ | - | $ | - | $ | 2,390,144 | ||||||||
| Short-Term Investment | 246,113 | - | - | 246,113 | ||||||||||||
| Total | $ | 2,636,257 | $ | - | $ | - | $ | 2,636,257 | ||||||||
Moderately Aggressive Balanced Allocation
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Open Ended Funds | $ | 1,184,383 | $ | - | $ | - | $ | 1,184,383 | ||||||||
| Short-Term Investment | 116,387 | - | - | 116,387 | ||||||||||||
| Total | $ | 1,300,770 | $ | - | $ | - | $ | 1,300,770 | ||||||||
Moderately Conservative Balanced Allocation
| Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Open Ended Funds | $ | 859,067 | $ | - | $ | - | $ | 859,067 | ||||||||
| Short-Term Investment | 98,885 | - | - | 98,885 | ||||||||||||
| Total | $ | 957,952 | $ | - | $ | - | $ | 957,952 | ||||||||
The Funds did not hold any Level 3 securities during the year.
48
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
(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, 2026, available to offset future capital gains, and utilized capital gains, if any, are as follows:
| Non-Expiring Short-Term |
Non-Expiring Long-Term |
CLCF Utilized | Total | |||||||||||||
| Large Capitalization Value | $ | - | $ | - | $ | - | $ | - | ||||||||
| Large Capitalization Growth | - | - | - | - | ||||||||||||
| Mid Capitalization | - | - | - | - | ||||||||||||
| Small Capitalization | - | - | - | - | ||||||||||||
| International Equity | 1,420,704 | - | 704,360 | 1,420,704 | ||||||||||||
| Health & Biotechnology | - | - | - | - | ||||||||||||
| Technology & Communications | - | - | - | - | ||||||||||||
| Investment Quality Bond | - | 105,310 | 49,158 | 105,310 | ||||||||||||
| 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 2023-2025 returns and expected to be taken in the Portfolios’ 2026 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 year ended August 31, 2026, the Portfolios did not incur any interest or penalties.
(c) Security Transactions and Other Income
Security transactions are reflected for financial reporting purposes as of the trade date. Dividend income is recognized on the ex- dividend date, and interest income is recognized on an accrual basis including premium amortized and discount accreted. All paydown gains and losses are classified as interest income in the accompanying Statements of Operations in accordance with U.S. GAAP. Discounts and premiums on securities purchased are accreted and amortized, over the lives of the respective securities with a corresponding increase/decrease in the cost basis of that security using the yield to maturity method, or where applicable, the first call date of the security. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
49
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
(d) Dividends and Distributions
The following table summarizes each Portfolio’s intended dividend and capital gain declaration policy:
| Portfolio | Income Dividends | Capital Gains | |||
| Large Capitalization Value | Annually | Annually | |||
| Large Capitalization Growth | Annually | Annually | |||
| Mid Capitalization | Annually | Annually | |||
| Small Capitalization | Annually | Annually | |||
| International Equity | Annually | Annually | |||
| Health & Biotechnology | Annually | Annually | |||
| Technology & Communications | Annually | Annually | |||
| Investment Quality Bond | Monthly | Annually | |||
| U.S. Government Money Market | Daily - paid monthly | Annually | |||
| Aggressive Balanced Allocation | Annually | Annually | |||
| Conservative Balanced Allocation | Annually | Annually | |||
| Moderate Balanced Allocation | Annually | Annually | |||
| Moderately Aggressive Balanced Allocation | Annually | Annually | |||
| Moderately Conservative Balanced Allocation | Annually | Annually |
Each Portfolio records dividends and distributions to its shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book-tax” differences are either permanent or temporary in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the net asset accounts based on their federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as distributions of paid-in-surplus or tax return of capital. These reclassifications have no effect on net assets, results from operations or net asset value per share of each Portfolio.
(e) Allocation of Expenses
Expenses specifically attributable to a particular Portfolio are borne by that Portfolio. Other expenses are allocated to each Portfolio based on its net assets in relation to the total net assets of all the applicable Portfolios of the Trust or another reasonable basis. Each Fund’s income, expenses (other than the class specific distribution fees) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.
(f) Repurchase Agreements
In connection with transactions in repurchase agreements, it is the Trust’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Trust may be delayed or limited.
(g) Indemnification
The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.
(h) Other
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
50
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
Foreign currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
The Trust does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the company’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
Market Risk. The value of the Portfolio’s securities, like other market investments, may move up or down, sometimes rapidly and unpredictably due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The Portfolio is subject to investment and operational risks associated with social, financial, economic and other global market developments (such as recessions, inflation, rapid interest rate changes, war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) and disruptions, which can negatively impact issuers, industries, governments and other systems, including the securities markets and cause the Portfolio to lose value. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects and may negatively impact broad segments of businesses and populations. These events may have a significant and rapid negative impact on the performance of the Portfolio’s investments, increase the Portfolio’s volatility and exacerbate pre-existing risks to the Portfolio. The Portfolio’s common shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.
| 2. | SECURITIES LENDING |
Under an agreement with the BNY Mellon Corp. (“BNY Mellon”), the Portfolios can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board of Trustees to earn additional income. Loans are collateralized by cash, in an amount at least equal to the market value of the securities loaned plus accrued interest, which is invested in highly liquid, short-term instruments such as repurchase agreements collateralized by U.S. Government securities and money market funds in accordance with the Portfolios’ security lending procedures. A portion of the income generated by the investment in the collateral, net of any rebates paid by BNY Mellon to the borrowers, is remitted to BNY Mellon as lending agent, and the remainder is paid to the Portfolios. The Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios have the right under the Master Securities Lending Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Portfolios could experience delays or losses on recovery. Additionally, the Portfolios are subject to the risk of loss from investments made with the cash received as collateral. The Portfolios manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower’s failure to pay or perform), the right to net a third party borrower’s rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.
At August 31, 2026, the following portfolio loaned securities and received U.S. Government securities and cash collateral for the loan. This cash was invested in short term investments as shown in the Schedule of Investments. The aggregate market value of the collateral shown below includes non-cash U.S Treasury securities and is calculated based on prior day’s prices.
| Portfolio | Market Value of Loaned Securities |
Market Value of Collateral |
Value of Non-cash Collateral |
|||||||||
| Mid Capitalization | $ | 209,214 | $ | 246,494 | $ | 246,494 | ||||||
| Small Capitalization | $ | 656,769 | $ | 682,152 | $ | 583,139 | ||||||
| International Equity | $ | 203,202 | $ | 215,684 | $ | 53,960 | ||||||
| Technology & Communications | $ | 1,510,747 | $ | 1,567,536 | $ | 1,567,536 | ||||||
51
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
At August 31, 2026, the percentage of total investment income the Portfolios received from the investment of cash collateral retained by the lending agent, BNY Mellon, was as follows:
| Portfolio | Percentage of Total Investment Income |
||
| Large Capitalization Value | 1.08% | ||
| Large Capitalization Growth | 0.50% | ||
| Mid Capitalization | 0.49% | ||
| Small Capitalization | 2.25% | ||
| International Equity | 0.30% | ||
| Health & Biotechnology | 0.12% | ||
| Technology & Communications | 0.12% |
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, 2026.
| Gross Amounts not offset in the Statements of Assets and Liabilities |
||||||||||||||||
| Gross Amounts Recognized in Statements of Assets and Liabilities | Financial Instruments Pledged |
Cash Collateral Pledged |
Net Amount of Assets |
|||||||||||||
| Small Capitalization | ||||||||||||||||
| Description of Liability | ||||||||||||||||
| Securities Loaned | $ | 99,013 | $ | 99,013 | $ | - | $ | - | ||||||||
| International Equity | ||||||||||||||||
| Description of Liability | ||||||||||||||||
| Securities Loaned | $ | 161,723 | $ | 161,723 | $ | - | $ | - | ||||||||
| 3. | MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
(a) The management fees are payable to the Manager monthly by each Portfolio and are computed daily at the following annual rates of each Portfolio’s average daily net assets: 1.25% for Health & Biotechnology and Technology & Communications; 0.75% for Mid Capitalization and International Equity; 0.65% for Large Capitalization Value, Large Capitalization Growth and Small Capitalization; 0.55% for Investment Quality Bond; 0.475% for U.S. Government Money Market; 0.90% for Conservative Balanced Allocation, Moderately Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation, and Aggressive Balanced Allocation. The manager pays the fees charged by the Portfolios’ sub-advisers. The Portfolios do not pay the sub- advisers directly.
For the year ended August 31, 2026, the Manager waived $4,320 for Mid Capitalization, $3,970 for International Equity, $5,257 for Investment Quality Bond, $22,550 for Aggressive Balanced Allocation, $40,571 for Conservative Balanced Allocation, $32,299 for Moderate Balanced Allocation, $20,321 for Moderately Aggressive Balanced Allocation, and $17,203 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.
(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.
52
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
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.
(c) The Portfolios have adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the “Plan”) with respect to the sale and distribution of Class A and C shares of the Portfolios. The Plan provides that each Portfolio will pay the Distributor or other entities, including the Manager, a fee, which is accrued daily and paid monthly, at the annual rate of 0.40% of the average daily net assets of Class A shares (0.25% of the average daily net assets of Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation Class A shares) and 1.00% of the average daily net assets of the Portfolios’ Class C shares. A portion of the fee payable pursuant to the Plan, equal to 0.25% of the average daily net assets, is currently characterized as a service fee and it may be paid directly to the Manager, or other entities for providing support services. A service fee is a payment made for personal service and/or the maintenance of shareholder accounts. The aggregate of such service fee payments will not exceed 0.25% of average daily net assets.
Class A shares are offered at net asset value plus a maximum sales load of 5.75%. Class C shares are offered subject to a Contingent Deferred Sales Charge (“CDSC”) of 1.00%. Class I shares are offered at net asset value.
For the year ended August 31, 2026, the Distributor received sales charges on sales of the Portfolios’ Class A shares. In addition, CDSCs were paid to the Manager for Class C shares. The Distributor and the Manager have advised the Portfolios that the approximate amounts are as follows:
| Portfolio | Distributor Sales Charges Class A |
CDSC’s Class C |
||||||
| Large Capitalization Value | $ | - | $ | 72 | ||||
| Large Capitalization Growth | 4,254 | 435 | ||||||
| Mid Capitalization | 301 | 50 | ||||||
| Small Capitalization | - | 25 | ||||||
| International Equity | - | 18 | ||||||
| Health & Biotechnology | - | - | ||||||
| Technology & Communications | 556 | 161 | ||||||
| Investment Quality Bond | - | - | ||||||
| U.S Government Money Market | - | 283 | ||||||
| Aggressive Balanced Allocation | - | 59 | ||||||
| Conservative Balanced Allocation | - | 201 | ||||||
| Moderate Balanced Allocation | 69 | 586 | ||||||
| Moderately Aggressive Balanced Allocation | 63 | 4 | ||||||
| Moderately Conservative Balanced Allocation | - | - | ||||||
(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, 2026 for each portfolio were: 3.00%, 3.60% and 2.60% for Class A, C, and I shares, respectively, of Large Capitalization Value and Large Capitalization Growth; 3.40%, 4.00% and 3.00%, of Mid Capitalization, Small Capitalization, and International Equity for Class A, C, and I shares, respectively; 2.80%, 3.40% and 2.40%, for Class A, C, and I shares, respectively, of Investment Quality Bond; 2.15%, 2.75% and 1.75% for Class A, C, and I shares, respectively, of U.S. Government Money Market; 3.40%, 4.00% and 3.00% for Class A, C, and I shares, respectively, of Health & Biotechnology and Technology & Communications. For the Aggressive
53
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
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.
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, 2027.
The following table shows the available waived expenses and expiration date for each Portfolio subject to potential recovery.
| Portfolio | 8/31/2027 | 8/31/2028 | 8/31/2029 | |||||||||
| International Equity | $ | - | $ | 16,960 | $ | 3,970 | ||||||
| Mid Cap | - | - | 4,320 | |||||||||
| Investment Quality Bond | - | - | 5,257 | |||||||||
| Aggressive Balanced Allocation | 20,749 | 25,837 | 22,550 | |||||||||
| Conservative Balanced Allocation | 32,927 | 40,556 | 40,571 | |||||||||
| Moderate Balanced Allocation | 25,431 | 33,813 | 32,299 | |||||||||
| Moderately Aggressive Balanced Allocation | 18,014 | 24,159 | 20,321 | |||||||||
| Moderately Conservative Balanced Allocation | 14,298 | 20,243 | 17,203 | |||||||||
For the year ended August 31, 2026, waived expenses in the amount of $16,046 for Aggressive Balanced Allocation, $28,817 for Conservative Balanced Allocation, $21,341 for Moderate Balanced Allocation, $14,601 for Moderately Aggressive Balanced Allocation, and $11,198 for Moderately Conservative Balanced Allocation expired unrecouped.
(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, 2026, the amount received by the participating Portfolio under this arrangement was as follows: Large Capitalization Value, $432. This amount is included with the realized gain/loss for the Portfolio in the Statement of Operations.
54
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
(f) Affiliated Investments — Companies which are affiliates of the Portfolios at August 31, 2026, are noted in the Portfolio’s Schedule of Investments. A summary of the investments in the affiliated investments are detailed below:
| Affiliated Holding | Value at 8/31/2025 |
Purchases | Sale Proceeds | Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 8/31/2026 |
Shares at 8/31/2026 |
Income | Long Term Capital Gain Distribution |
|||||||||||||||||||||||||||
| Aggressive Balanced Allocation | ||||||||||||||||||||||||||||||||||||
| Saratoga Energy & Basic Materials Portfolio, CL I | $ | 41,377 | $ | - | $ | 40,787 | $ | 3,869 | $ | (4,459 | ) | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
| Saratoga Health & Biotechnology Portfolio, CL I | 51,193 | 5,721 | - | - | 13,338 | 70,252 | 2,441 | - | 1,790 | |||||||||||||||||||||||||||
| Saratoga Large Capitalization Growth Portfolio, CL I | 318,915 | 42,340 | 59,249 | 17,508 | (19,963 | ) | 299,551 | 9,326 | 8,277 | 26,063 | ||||||||||||||||||||||||||
| Saratoga Large Capitalization Value Portfolio, CL I | 271,098 | 34,513 | 32,794 | 4,807 | (24,026 | ) | 253,598 | 9,337 | 7,916 | 19,472 | ||||||||||||||||||||||||||
| Saratoga Mid Capitalization Portfolio, CL I | 178,671 | 72,430 | - | - | (11,280 | ) | 239,821 | 17,686 | 16,956 | 25,088 | ||||||||||||||||||||||||||
| Saratoga Small Capitalization Value Portfolio, CL I | 138,917 | 36,758 | - | - | 15,276 | 190,951 | 23,633 | - | 13,055 | |||||||||||||||||||||||||||
| Saratoga Technology & Communications Portfolio, CL I | 64,048 | 63,119 | - | - | 2,058 | 129,225 | 4,360 | - | 13,370 | |||||||||||||||||||||||||||
| Total | 1,064,219 | 26,184 | (29,056 | ) | 1,183,398 | 33,149 | 98,838 | |||||||||||||||||||||||||||||
| Conservative Balanced Allocation | ||||||||||||||||||||||||||||||||||||
| Saratoga Large Capitalization Growth Portfolio, CL I | $ | 534,168 | $ | 58,408 | $ | 109,473 | $ | 34,940 | $ | (41,473 | ) | $ | 476,570 | $ | 14,837 | $ | 14,079 | $ | 44,330 | |||||||||||||||||
| Saratoga Large Capitalization Value Portfolio, CL I | 436,989 | 45,745 | 53,729 | 6,684 | (38,497 | ) | 397,192 | 14,624 | 13,222 | 32,523 | ||||||||||||||||||||||||||
| Saratoga Mid Capitalization Portfolio, CL I | 291,071 | 130,048 | 25,650 | 4,858 | (23,750 | ) | 376,577 | 27,771 | 28,257 | 41,809 | ||||||||||||||||||||||||||
| Saratoga Small Capitalization Value Portfolio, CL I | 62,325 | 21,062 | 5,545 | 1,302 | 5,724 | 84,868 | 10,503 | - | 6,152 | |||||||||||||||||||||||||||
| 1,324,553 | 47,784 | (97,996 | ) | 1,335,207 | 55,558 | 124,814 | ||||||||||||||||||||||||||||||
| Moderate Balanced Allocation | ||||||||||||||||||||||||||||||||||||
| Saratoga Energy & Basic Materials Portfolio, CL I | $ | 34,252 | $ | - | $ | 33,763 | $ | 6,037 | $ | (6,526 | ) | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
| Saratoga Health & Biotechnology Portfolio, CL I | 42,388 | 2,215 | 1,485 | 27 | 10,674 | 53,819 | 1,870 | - | 1,456 | |||||||||||||||||||||||||||
| Saratoga Large Capitalization Growth Portfolio, CL I | 492,064 | 56,274 | 75,807 | 23,202 | (30,423 | ) | 465,310 | 14,487 | 13,564 | 42,710 | ||||||||||||||||||||||||||
| Saratoga Large Capitalization Value Portfolio, CL I | 426,191 | 44,624 | 47,255 | 6,137 | (37,236 | ) | 392,461 | 14,450 | 12,898 | 31,725 | ||||||||||||||||||||||||||
| Saratoga Mid Capitalization Portfolio, CL I | 290,033 | 106,142 | 8,060 | 1,573 | (20,172 | ) | 369,516 | 27,250 | 27,422 | 40,574 | ||||||||||||||||||||||||||
| Saratoga Small Capitalization Value Portfolio, CL I | 96,760 | 29,548 | 2,790 | 649 | 10,242 | 134,409 | 16,635 | - | 9,639 | |||||||||||||||||||||||||||
| Saratoga Technology & Communications Portfolio, CL I | 59,743 | 45,026 | 2,080 | 305 | 1,179 | 104,173 | 3,515 | - | 11,339 | |||||||||||||||||||||||||||
| Total | 1,441,431 | 37,930 | (72,262 | ) | 1,519,688 | 53,884 | 137,443 | |||||||||||||||||||||||||||||
| Moderately Aggressive Balanced Allocation | ||||||||||||||||||||||||||||||||||||
| Saratoga Energy & Basic Materials Portfolio, CL I | $ | 26,617 | $ | - | $ | 26,237 | $ | 7,461 | $ | (7,841 | ) | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
| Saratoga Health & Biotechnology Portfolio, CL I | 28,612 | 909 | 3,707 | 44 | 7,157 | 33,015 | 1,147 | - | 909 | |||||||||||||||||||||||||||
| Saratoga Large Capitalization Growth Portfolio, CL I | 234,066 | 26,814 | 41,334 | 11,922 | (14,862 | ) | 216,606 | 6,744 | 6,463 | 20,351 | ||||||||||||||||||||||||||
| Saratoga Large Capitalization Value Portfolio, CL I | 205,010 | 21,518 | 27,304 | 3,199 | (18,191 | ) | 184,232 | 6,783 | 6,220 | 15,299 | ||||||||||||||||||||||||||
| Saratoga Mid Capitalization Portfolio, CL I | 148,866 | 41,197 | 8,125 | 113 | (8,879 | ) | 173,172 | 12,771 | 13,167 | 19,481 | ||||||||||||||||||||||||||
| Saratoga Small Capitalization Value Portfolio, CL I | 77,115 | 21,241 | 4,550 | 1,216 | 7,369 | 102,391 | 12,672 | - | 7,505 | |||||||||||||||||||||||||||
| Saratoga Technology & Communications Portfolio, CL I | 36,079 | 30,097 | 3,088 | 786 | 229 | 64,103 | 2,163 | - | 7,155 | |||||||||||||||||||||||||||
| Total | 756,365 | 24,741 | (35,018 | ) | 773,519 | 25,850 | 70,700 | |||||||||||||||||||||||||||||
| Moderately Conservative Balanced Allocation | ||||||||||||||||||||||||||||||||||||
| Saratoga Large Capitalization Growth Portfolio, CL I | $ | 176,628 | $ | 18,205 | $ | 40,737 | $ | 9,046 | $ | (10,256 | ) | $ | 152,886 | $ | 4,760 | $ | 4,388 | $ | 13,817 | |||||||||||||||||
| Saratoga Large Capitalization Value Portfolio, CL I | 148,508 | 14,449 | 24,033 | 3,420 | (13,415 | ) | 128,929 | 4,747 | 4,176 | 10,273 | ||||||||||||||||||||||||||
| Saratoga Mid Capitalization Portfolio, CL I | 110,259 | 24,883 | 2,263 | 483 | (6,512 | ) | 126,850 | 9,355 | 9,287 | 13,741 | ||||||||||||||||||||||||||
| Saratoga Small Capitalization Value Portfolio, CL I | 49,460 | 14,116 | 1,217 | 312 | 5,215 | 67,886 | 8,402 | - | 4,803 | |||||||||||||||||||||||||||
| Total | 484,855 | 13,261 | (24,968 | ) | 476,551 | 17,851 | 42,634 | |||||||||||||||||||||||||||||
55
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
| 4. | INVESTMENT TRANSACTIONS |
(a) For the year ended August 31, 2026, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, for the Portfolios were as follows:
| Portfolio | Purchases | Sales | ||||||
| Large Capitalization Value | $ | 13,663,573 | $ | 18,347,276 | ||||
| Large Capitalization Growth | 27,794,187 | 36,162,947 | ||||||
| Mid Capitalization | 13,527,168 | 15,271,436 | ||||||
| Small Capitalization | 8,202,597 | 8,598,787 | ||||||
| International Equity | 2,215,351 | 2,667,377 | ||||||
| Health & Biotechnology | 1,389,427 | 2,310,916 | ||||||
| Technology & Communications | 6,379,561 | 14,908,834 | ||||||
| Investment Quality Bond | 1,159,383 | 1,958,314 | ||||||
| Aggressive Balanced Allocation | 441,620 | 293,849 | ||||||
| Conservative Balanced Allocation | 457,864 | 644,346 | ||||||
| Moderate Balanced Allocation | 429,490 | 332,068 | ||||||
| Moderately Aggressive Balanced Allocation | 227,311 | 230,427 | ||||||
| Moderately Conservative Balanced Allocation | 139,659 | 102,769 | ||||||
(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.
(c) Other Investment Companies or Exchange Traded Funds – Certain Portfolios may invest up to 100% of their net assets in shares of affiliated and unaffiliated investment companies, including money market mutual funds, other mutual funds or exchange-traded funds (“ETFs”). An ETF generally is an open-end investment company, unit investment trust or a portfolio of securities deposited with a depository in exchange for depository receipts. ETFs provide investors the opportunity to buy or sell throughout the day an entire portfolio of securities in a single security. Although index mutual funds are similar to index-based ETFs, they are generally sold and redeemed only once per day at market close. The ETFs in which a Portfolio invests may be subject to liquidity risk. Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the sale of the security at an advantageous time or price. To the extent that the ETFs in which a Portfolio invests hold securities of companies with smaller market capitalizations or securities with substantial market risk, they will have a greater exposure to liquidity risk. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds that can be found in “Exchange-Traded Funds” below: (1) the market price of the ETF’s shares may trade at a discount to their net asset value; (2) an active trading market for an ETF’s shares may not develop or be maintained; or (3) trading of an ETF’s shares may be halted if the listing exchange deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Additionally, ETFs have management fees, which increase their cost. In addition to the advisory and operational fees a Portfolio bears directly in connection with its own operation, the Portfolio also bears its pro rata portion of the advisory and operational expenses incurred indirectly through investments in other investment companies.
The derivative instruments outstanding, as of August 31, 2026, as disclosed in the Portfolio of Investments and Statement of Assets and Liabilities, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period, as disclosed in the Statement of Operations, serve as indicators of the volume of derivative activity for the Fund. The derivatives are not accounted for as hedging instruments under GAAP.
56
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
The effect of derivative instruments on the Statements of Operations for the year ended August 31, 2026, were as follows:
| Fund | Derivative | Location of loss on derivatives | Risk Type | Realized and unrealized loss on derivatives |
||||||
| International Equity | ||||||||||
| Forward Exchange Contracts | Net realized loss from investments and foreign currency transactions | Foreign Exchange | $ | (4,781 | ) | |||||
| Total | $ | (4,781 | ) | |||||||
| 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 A Shares | Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
|||||||||||||||||||
| Large Capitalization Value | ||||||||||||||||||||||||
| Issued | 39,640 | 26,394 | 445 | 270 | 1,737 | 428 | ||||||||||||||||||
| Redeemed | (203,173 | ) | (176,607 | ) | (1,727 | ) | (1,540 | ) | (691 | ) | (1,246 | ) | ||||||||||||
| Reinvested from Dividends | 70,451 | 99,453 | 2,063 | 2,353 | 788 | 783 | ||||||||||||||||||
| Net Increase (Decrease) in Shares | (93,082 | ) | (50,760 | ) | 781 | 1,083 | 1,834 | (35 | ) | |||||||||||||||
| Large Capitalization Growth | ||||||||||||||||||||||||
| Issued | 136,504 | 404,650 | 5,970 | 28,257 | 26,907 | 14,573 | ||||||||||||||||||
| Redeemed | (367,411 | ) | (490,886 | ) | (41,906 | ) | (8,562 | ) | (107,025 | ) | (76,218 | ) | ||||||||||||
| Reinvested from Dividends | 135,770 | 212,741 | 23,759 | 25,880 | 185,028 | 90,826 | ||||||||||||||||||
| Net Increase (Decrease) in Shares | (95,137 | ) | 126,505 | (12,177 | ) | 45,575 | 104,910 | 29,181 | ||||||||||||||||
| Mid Capitalization | ||||||||||||||||||||||||
| Issued | 66,838 | 25,164 | 834 | 1,722 | 2,442 | 692 | ||||||||||||||||||
| Redeemed | (181,674 | ) | (247,642 | ) | (7,804 | ) | (33,539 | ) | (155 | ) | (8,523 | ) | ||||||||||||
| Reinvested from Dividends | 147,520 | 103,008 | 36,517 | 21,887 | 2,073 | 2,375 | ||||||||||||||||||
| Net Decrease in Shares | 32,684 | (119,470 | ) | 29,547 | (9,930 | ) | 4,360 | (5,456 | ) | |||||||||||||||
| Small Capitalization | ||||||||||||||||||||||||
| Issued | 143,737 | 77,372 | 22 | 1,487 | 42,476 | 8,275 | ||||||||||||||||||
| Redeemed | (185,551 | ) | (277,166 | ) | (1,162 | ) | (1,257 | ) | (355 | ) | - | |||||||||||||
| Reinvested from Dividends | 69,508 | 94,657 | 1,160 | 1,386 | 4,564 | 17,265 | ||||||||||||||||||
| Net Increase (Decrease) in Shares | 27,694 | (105,137 | ) | 20 | 1,616 | 46,685 | 25,540 | |||||||||||||||||
| International Equity | ||||||||||||||||||||||||
| Issued | 40,877 | 27,132 | 36 | 15 | 2,402 | 160 | ||||||||||||||||||
| Redeemed | (68,326 | ) | (95,491 | ) | (403 | ) | (345 | ) | (5 | ) | - | |||||||||||||
| Reinvested from Dividends | - | 1,921 | - | 10 | - | - | ||||||||||||||||||
| Net Increase (Decrease) in Shares | (27,449 | ) | (66,438 | ) | (367 | ) | (320 | ) | 2,397 | 160 | ||||||||||||||
| Health & Biotechnology | ||||||||||||||||||||||||
| Issued | 11,550 | 5,473 | 218 | 7,715 | - | - | ||||||||||||||||||
| Redeemed | (34,267 | ) | (61,097 | ) | (11,511 | ) | (32,384 | ) | (10,764 | ) | (6,733 | ) | ||||||||||||
| Reinvested from Dividends | 6,443 | 2,633 | 7,771 | 2,816 | 1,608 | 607 | ||||||||||||||||||
| Net Increase (Decrease) in Shares | (16,274 | ) | (52,991 | ) | (3,522 | ) | (21,853 | ) | (9,156 | ) | (6,126 | ) | ||||||||||||
| Technology & Communications | ||||||||||||||||||||||||
| Issued | 48,074 | 18,839 | 5,982 | 9,506 | 1,347 | 890 | ||||||||||||||||||
| Redeemed | (193,502 | ) | (140,248 | ) | (128,451 | ) | (88,199 | ) | (44,153 | ) | (56,475 | ) | ||||||||||||
| Reinvested from Dividends | 98,332 | 87,708 | 102,720 | 86,053 | 40,698 | 34,347 | ||||||||||||||||||
| Net Increase (Decrease) in Shares | (47,096 | ) | (33,701 | ) | (19,749 | ) | 7,360 | (2,108 | ) | (21,238 | ) | |||||||||||||
| Investment Quality Bond | ||||||||||||||||||||||||
| Issued | 150,031 | 66,571 | 2,767 | 56 | - | - | ||||||||||||||||||
| Redeemed | (269,921 | ) | (398,371 | ) | (958 | ) | (2,169 | ) | (30 | ) | - | |||||||||||||
| Reinvested from Dividends | 17,054 | 21,462 | 305 | 255 | - | ** | - | ** | ||||||||||||||||
| Net Decrease in Shares | (102,836 | ) | (310,338 | ) | 2,114 | (1,858 | ) | (30 | ) | - | ** | |||||||||||||
| ** | Amount represents less than 0.5 shares. |
57
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
| Class I Shares | Class A Shares | Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
|||||||||||||||||||
| U.S. Government Money Market | ||||||||||||||||||||||||
| Issued | 2,473,236 | 4,563,742 | 26,074 | 25,450 | 107,566 | 52,946 | ||||||||||||||||||
| Redeemed | (3,264,450 | ) | (4,385,940 | ) | (4,122 | ) | (53,157 | ) | (141,699 | ) | (115,338 | ) | ||||||||||||
| Reinvested from Dividends | 86,118 | 134,375 | 1,095 | 1,888 | 1,579 | 2,560 | ||||||||||||||||||
| Net Increase (Decrease) in Shares | (705,096 | ) | 312,177 | 23,047 | (25,819 | ) | (32,554 | ) | (59,832 | ) | ||||||||||||||
| Aggressive Balanced Allocation | ||||||||||||||||||||||||
| Issued | 6,588 | 6,338 | - | - | 482 | 462 | ||||||||||||||||||
| Redeemed | (711 | ) | (1,060 | ) | - | - | (1,578 | ) | (61 | ) | ||||||||||||||
| Reinvested from Dividends | 9,577 | 2,728 | 1,211 | 345 | 1,463 | 363 | ||||||||||||||||||
| Net Increase in Shares | 15,454 | 8,006 | 1,211 | 345 | 367 | 764 | ||||||||||||||||||
| Conservative Balanced Allocation | ||||||||||||||||||||||||
| Issued | 4,300 | 8,150 | 1,130 | - | 1,797 | 1,458 | ||||||||||||||||||
| Redeemed | (14,389 | ) | (13,472 | ) | (1,988 | ) | (128 | ) | (12,834 | ) | (485 | ) | ||||||||||||
| Reinvested from Dividends | 18,871 | 7,166 | 126 | 108 | 5,260 | 1,584 | ||||||||||||||||||
| Net Increase (Decrease) in Shares | 8,782 | 1,844 | (732 | ) | (20 | ) | (5,777 | ) | 2,557 | |||||||||||||||
| Moderate Balanced Allocation | ||||||||||||||||||||||||
| Issued | 3,178 | 3,178 | 912 | 93 | 5,376 | 11,492 | ||||||||||||||||||
| Redeemed | (2,310 | ) | (3,367 | ) | (1 | ) | - | (10,569 | ) | (1,364 | ) | |||||||||||||
| Reinvested from Dividends | 12,566 | 4,359 | 266 | 64 | 6,170 | 1,768 | ||||||||||||||||||
| Net Increase in Shares | 13,434 | 4,170 | 1,177 | 157 | 977 | 11,896 | ||||||||||||||||||
| Moderately Aggressive Balanced Allocation | ||||||||||||||||||||||||
| Issued | 2,108 | 1,201 | 139 | 145 | 1,993 | 761 | ||||||||||||||||||
| Redeemed | (1,240 | ) | (14 | ) | (1 | ) | (1 | ) | (9,342 | ) | - | |||||||||||||
| Reinvested from Dividends | 7,271 | 2,373 | 786 | 245 | 1,617 | 483 | ||||||||||||||||||
| Net Increase (Decrease) in Shares | 8,139 | 3,560 | 924 | 389 | (5,732 | ) | 1,244 | |||||||||||||||||
| Moderately Conservative Balanced Allocation | ||||||||||||||||||||||||
| Issued | - | 406 | - | - | 1,143 | 1,121 | ||||||||||||||||||
| Redeemed | (1,991 | ) | (6,271 | ) | - | - | - | - | ||||||||||||||||
| Reinvested from Dividends | 5,941 | 2,225 | 1 | - | ** | 2,301 | 624 | |||||||||||||||||
| Net Increase (Decrease) in Shares | 3,950 | (3,640 | ) | 1 | - | ** | 3,444 | 1,745 | ||||||||||||||||
| ** | Amount represents less than 0.5 shares. |
58
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (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, 2026, were as follows:
| Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation/ (Depreciation) |
|||||||||||||
| Large Capitalization Value | $ | 13,580,631 | $ | 1,788,728 | $ | (701,678 | ) | $ | 1,087,050 | |||||||
| Large Capitalization Growth | 27,895,602 | 8,594,283 | (1,440,987 | ) | 7,153,296 | |||||||||||
| Mid Capitalization | 9,523,213 | 1,662,307 | (299,473 | ) | 1,362,834 | |||||||||||
| Small Capitalization | 6,081,261 | 1,418,633 | (325,636 | ) | 1,092,997 | |||||||||||
| International Equity | 2,762,593 | 1,199,924 | (53,735 | ) | 1,146,189 | |||||||||||
| Health & Biotechnology | 5,901,138 | 5,780,230 | (78,278 | ) | 5,701,952 | |||||||||||
| Technology & Communications | 13,024,550 | 28,632,880 | (610,719 | ) | 28,022,161 | |||||||||||
| Investment Quality Bond | 7,492,796 | - | (103,842 | ) | (103,842 | ) | ||||||||||
| U.S. Government Money Market | 4,028,116 | - | - | - | ||||||||||||
| Aggressive Balanced Allocation | 1,687,857 | 190,643 | (8,490 | ) | 182,153 | |||||||||||
| Conservative Balanced Allocation | 3,103,790 | 138,550 | (14,206 | ) | 124,344 | |||||||||||
| Moderate Balanced Allocation | 2,445,026 | 212,120 | (20,889 | ) | 191,231 | |||||||||||
| Moderately Aggressive Balanced Allocation | 1,189,103 | 119,054 | (7,387 | ) | 111,667 | |||||||||||
| Moderately Conservative Balanced Allocation | 892,055 | 69,954 | (4,057 | ) | 65,897 | |||||||||||
| 7. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of dividends utilized during the year ended August 31, 2026 was as follows:
|
For fiscal year ended 8/31/2026 |
Ordinary Income |
Long-Term Capital Gains |
Exempt Income |
Return of Capital |
Total | |||||||||||||||
| Large Capitalization Value | $ | 578,909 | $ | 1,423,944 | $ | - | $ | - | $ | 2,002,853 | ||||||||||
| Large Capitalization Growth | 1,316,003 | 4,156,331 | - | - | 5,472,334 | |||||||||||||||
| Mid Capitalization | 893,834 | 1,322,510 | - | - | 2,216,344 | |||||||||||||||
| Small Capitalization | - | 505,396 | - | - | 505,396 | |||||||||||||||
| International Equity | - | - | - | - | - | |||||||||||||||
| Health & Biotechnology | - | 368,611 | - | - | 368,611 | |||||||||||||||
| Technology & Communications | - | 5,574,221 | - | - | 5,574,221 | |||||||||||||||
| Investment Quality Bond | 168,698 | - | - | - | 168,698 | |||||||||||||||
| U.S. Government Money Market | 91,818 | - | - | - | 91,818 | |||||||||||||||
| Aggressive Balanced Allocation | 37,334 | 111,714 | - | - | 149,048 | |||||||||||||||
| Conservative Balanced Allocation | 102,395 | 170,469 | - | - | 272,864 | |||||||||||||||
| Moderate Balanced Allocation | 65,234 | 165,229 | - | - | 230,463 | |||||||||||||||
| Moderately Aggressive Balanced Allocation | 32,711 | 84,175 | - | - | 116,886 | |||||||||||||||
| Moderately Conservative Balanced Allocation | 23,243 | 67,170 | - | - | 90,413 | |||||||||||||||
59
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
The tax character of dividends utilized during the year ended August 31, 2025 was as follows:
| For fiscal year ended 8/31/2025 |
Ordinary Income |
Long-Term Capital Gains |
Exempt Income |
Return of Capital |
Total | |||||||||||||||
| Large Capitalization Value | $ | 635,501 | $ | 2,158,324 | $ | - | $ | - | $ | 2,793,825 | ||||||||||
| Large Capitalization Growth | 1,790,988 | 5,870,504 | - | - | 7,661,492 | |||||||||||||||
| Mid Capitalization | 280,432 | 1,545,209 | - | - | 1,825,641 | |||||||||||||||
| Small Capitalization | - | 738,103 | - | - | 738,103 | |||||||||||||||
| International Equity | 23,224 | - | - | - | 23,224 | |||||||||||||||
| Health & Biotechnology | - | 135,622 | - | - | 135,622 | |||||||||||||||
| Technology & Communications | - | 4,890,640 | - | - | 4,890,640 | |||||||||||||||
| Investment Quality Bond | 207,594 | - | - | - | 207,594 | |||||||||||||||
| U.S. Government Money Market | 142,444 | - | - | - | 142,444 | |||||||||||||||
| Aggressive Balanced Allocation | 20,879 | 20,771 | - | - | 41,650 | |||||||||||||||
| Conservative Balanced Allocation | 67,113 | 32,649 | - | - | 99,762 | |||||||||||||||
| Moderate Balanced Allocation | 36,890 | 38,367 | - | - | 75,257 | |||||||||||||||
| Moderately Aggressive Balanced Allocation | 18,422 | 19,088 | - | - | 37,510 | |||||||||||||||
| Moderately Conservative Balanced Allocation | 20,830 | 10,907 | - | - | 31,737 | |||||||||||||||
During the fiscal year ended August 31, 2026, 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, 2026, as follows:
| Paid In Capital |
Distributable or Accumulated Earnings (Loss) |
|||||||
| Large Capitalization Value | $ | 312,494 | $ | (312,494 | ) | |||
| Large Capitalization Growth | 295,145 | (295,145 | ) | |||||
| Mid Capitalization | 239,213 | (239,213 | ) | |||||
| Small Capitalization | 77,131 | (77,131 | ) | |||||
| International Equity | (4,314 | ) | 4,314 | |||||
| Health & Biotechnology | (149,454 | ) | 149,454 | |||||
| Technology & Communications | 124,840 | (124,840 | ) | |||||
| Investment Quality Bond | - | - | ||||||
| U.S. Government Money Market | - | - | ||||||
| Aggressive Balanced Allocation | - | - | ||||||
| Conservative Balanced Allocation | 17,265 | (17,265 | ) | |||||
| Moderate Balanced Allocation | 9,622 | (9,622 | ) | |||||
| Moderately Aggressive Balanced Allocation | 10,226 | (10,226 | ) | |||||
| Moderately Conservative Balanced Allocation | - | - | ||||||
Net assets were unaffected by the above reclassifications.
60
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
As of each of the Portfolio’s tax year ended August 31, 2026, the components of distributable earnings on a tax basis were as follows:
| Undistributed Ordinary Income |
Undistributed Long-Term Capital Gains |
Post October Loss and Late Year Loss |
Capital Loss Carry Forwards |
|||||||||||||
| Large Capitalization Value | $ | 58,514 | $ | 1,538,649 | $ | (107,664 | ) | $ | - | |||||||
| Large Capitalization Growth | - | 3,636,367 | (322,858 | ) | - | |||||||||||
| Mid Capitalization | 533,283 | 1,086,115 | - | - | ||||||||||||
| Small Capitalization | 18,222 | 797,525 | (40,384 | ) | - | |||||||||||
| International Equity | - | - | (12,312 | ) | (1,420,704 | ) | ||||||||||
| Health & Biotechnology | - | 694,264 | (104,841 | ) | - | |||||||||||
| Technology & Communications | - | 9,731,769 | (514,992 | ) | - | |||||||||||
| Investment Quality Bond | 52,618 | - | - | (105,310 | ) | |||||||||||
| U.S. Government Money Market | 453 | - | - | - | ||||||||||||
| Aggressive Balanced Allocation | 4,947 | 148,261 | - | - | ||||||||||||
| Conservative Balanced Allocation | 37,414 | 155,923 | - | - | ||||||||||||
| Moderate Balanced Allocation | 13,205 | 181,907 | - | - | ||||||||||||
| Moderately Aggressive Balanced Allocation | 5,415 | 99,869 | - | - | ||||||||||||
| Moderately Conservative Balanced Allocation | 5,943 | 56,304 | - | - | ||||||||||||
| Other Book/Tax Differences |
Unrealized Appreciation/ (Depreciation) |
Total Accumulated Earnings/(Deficits) |
||||||||||
| Large Capitalization Value | $ | - | $ | 1,087,050 | $ | 2,576,549 | ||||||
| Large Capitalization Growth | - | 7,153,296 | 10,466,805 | |||||||||
| Mid Capitalization | - | 1,362,834 | 2,982,232 | |||||||||
| Small Capitalization | - | 1,092,997 | 1,868,360 | |||||||||
| International Equity | - | 1,146,546 | (286,470 | ) | ||||||||
| Health & Biotechnology | - | 5,701,952 | 6,291,375 | |||||||||
| Technology & Communications | - | 28,022,161 | 37,238,938 | |||||||||
| Investment Quality Bond | - | (103,842 | ) | (156,534 | ) | |||||||
| U.S. Government Money Market | (56 | ) | - | 397 | ||||||||
| Aggressive Balanced Allocation | - | 182,153 | 335,361 | |||||||||
| Conservative Balanced Allocation | - | 124,344 | 317,681 | |||||||||
| Moderate Balanced Allocation | - | 191,231 | 386,343 | |||||||||
| Moderately Aggressive Balanced Allocation | - | 111,667 | 216,951 | |||||||||
| Moderately Conservative Balanced Allocation | - | 65,897 | 128,144 | |||||||||
61
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (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 $357 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 Losses |
||||
| Large Capitalization Value | $ | 107,664 | ||
| Large Capitalization Growth | 322,858 | |||
| Mid Capitalization | - | |||
| Small Capitalization | 40,384 | |||
| International Equity | 12,312 | |||
| Health & Biotechnology | 104,841 | |||
| Technology & Communications | 514,992 | |||
| Investment Quality Bond | - | |||
| U.S. Government Money Market | - | |||
| Aggressive Balanced Allocation | - | |||
| Conservative Balanced Allocation | - | |||
| Moderate Balanced Allocation | - | |||
| Moderately Aggressive Balanced Allocation | - | |||
| Moderately Conservative Balanced Allocation | - | |||
| 8. | FOREIGN TAX CREDIT (Unaudited) |
The following fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended August 31, 2026, were as follows:
| For fiscal year ended 8/31/2026 |
Foreign Taxes Paid |
Foreign Source Income |
||||||
| International Equity Fund | $ | 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, 2026, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 93.5%.
62
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
The performance of the Conservative Balanced Allocation Portfolio will be directly affected by the performance of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class. The financial statements of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class, including the portfolio of investments, can be found on the Securities and Exchange Commission’s (“SEC”) website www.sec.gov and should be read in conjunction with the Portfolio’s financial statements. As of August 31, 2026, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 32.5%.
The performance of the Moderately Conservative Balanced Allocation Portfolio will be directly affected by the performance of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class. The financial statements of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class, including the portfolio of investments, can be found on the Securities and Exchange Commission’s (“SEC”) website www.sec.gov and should be read in conjunction with the Portfolio’s financial statements. As of August 31, 2026, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 25.1%.
| 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, 2026, the below entities held more than 25% of the voting securities for each of the Funds listed.
|
First National |
Mid Atlantic Trust Company FBO * |
|||||||
| Large Cap Value | 37.36 | % | - | |||||
| Mid Cap | 39.27 | % | - | |||||
| Small Cap | 43.25 | % | - | |||||
| International Equity | 53.00 | % | - | |||||
| Investment Quality Bond | 63.75 | % | - | |||||
| U.S. Government Money Market | 52.12 | % | - | |||||
| Aggressive Balanced Allocation | 54.94 | % | 33.77 | % | ||||
| Conservative Balanced Allocation | 39.62 | % | 37.24 | % | ||||
| Moderate Balanced Allocation Portfolio | 44.26 | % | 29.76 | % | ||||
| Moderately Aggressive Balanced Allocation | 54.45 | % | 41.93 | % | ||||
| Moderately Conservative Balanced Allocation | 54.41 | % | - | |||||
| * | Comprised of multiple investors and accounts |
| 11. | 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 Per Share |
Record Date | Payable Date | |||||||
| Saratoga Investment Quality Bond Fund - Class A | 0.0163 | 8/31/2026 | 9/2/2026 | |||||||
| Saratoga Investment Quality Bond Fund - Class C | 0.0225 | 8/31/2026 | 9/2/2026 | |||||||
| Saratoga Investment Quality Bond Fund - Class I | 0.0194 | 8/31/2026 | 9/2/2026 | |||||||
63
| NOTES TO FINANCIAL STATEMENTS |
| Year Ended August 31, 2026 (Continued) |
| Fund | Dividend Per Share |
Record Date | Payable Date | |||||||
| Saratoga Investment Quality Bond Fund - Class A | 0.0162 | 9/30/2026 | 10/2/2026 | |||||||
| Saratoga Investment Quality Bond Fund - Class C | 0.0224 | 9/30/2026 | 10/2/2026 | |||||||
| Saratoga Investment Quality Bond Fund - Class I | 0.0192 | 9/30/2026 | 10/2/2026 | |||||||
The Moderately Conservative Balanced Allocation Portfolio and the Moderately Aggressive Balanced Allocation Portfolio will be liquidated. The liquidations are planned to occur sometime in the fourth quarter of 2026.
64
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Large Capitalization Value Portfolio - Class I Shares | |||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||
| August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 29.65 | $ | 29.78 | $ | 26.06 | $ | 25.97 | $ | 32.15 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.21 | ) | (0.23 | ) | (0.15 | ) | (0.08 | ) | (0.25 | ) | |||||||||||
| Net realized and unrealized gain | 1.12 | 4.25 | 4.08 | 2.26 | 0.36 | ||||||||||||||||
| Total from investment operations | 0.91 | 4.02 | 3.93 | 2.18 | 0.11 | ||||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (3.40 | ) | (4.15 | ) | (0.21 | ) | (2.09 | ) | (6.29 | ) | |||||||||||
| Total dividends and distributions | (3.40 | ) | (4.15 | ) | (0.21 | ) | (2.09 | ) | (6.29 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 27.16 | $ | 29.65 | $ | 29.78 | $ | 26.06 | $ | 25.97 | |||||||||||
| Total Return* | 3.40 | % | 14.97 | % | 15.20 | % | 9.15 | % | (0.22 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 14,128 | $ | 18,183 | $ | 19,776 | $ | 20,692 | $ | 19,753 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 1.72 | % | 1.78 | % | 1.87 | % | 1.65 | % | 1.65 | % | |||||||||||
| Ratio of net investment loss after expense recoupment to average net assets | (0.75 | )% | (0.80 | )% | (0.55 | )% | (0.33 | )% | (0.90 | )% | |||||||||||
| Portfolio Turnover Rate | 84 | % | 93 | % | 83 | % | 90 | % | 117 | % | |||||||||||
| 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, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 32.90 | $ | 31.47 | $ | 24.85 | $ | 23.26 | $ | 34.32 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.41 | ) | (0.32 | ) | (0.27 | ) | (0.20 | ) | (0.27 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 3.94 | 8.61 | 8.79 | 3.27 | (3.97 | ) | |||||||||||||||
| Total from investment operations | 3.53 | 8.29 | 8.52 | 3.07 | (4.24 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (4.31 | ) | (6.86 | ) | (1.90 | ) | (1.48 | ) | (6.37 | ) | |||||||||||
| Distributions from return of capital | - | - | - | - | (0.45 | ) | |||||||||||||||
| Total dividends and distributions | (4.31 | ) | (6.86 | ) | (1.90 | ) | (1.48 | ) | (6.82 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 32.12 | $ | 32.90 | $ | 31.47 | $ | 24.85 | $ | 23.26 | |||||||||||
| Total Return* | 10.97 | % | 28.80 | % | 36.43 | % | 14.52 | % | (16.45 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 31,491 | $ | 35,385 | $ | 29,863 | $ | 21,638 | $ | 20,826 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 1.80 | % | 1.83 | % | 1.70 | % | 1.62 | % | 1.67 | % | |||||||||||
| Ratio of net investment loss after expense recoupment to average net assets | (1.31 | )% | (1.05 | )% | (0.98 | )% | (0.89 | )% | (0.98 | )% | |||||||||||
| Portfolio Turnover Rate | 76 | % | 66 | % | 99 | % | 74 | % | 60 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 1.72 | % | 1.78 | % | 1.87 | % | 1.65 | % | 1.65 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 1.80 | % | 1.83 | % | 1.70 | % | 1.62 | % | 1.67 | % | ||||||||||||
| * | 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. | ||||||||||||||||||||
65
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Mid 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, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 14.75 | $ | 14.82 | $ | 12.10 | $ | 11.75 | $ | 14.96 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (loss) (1) | (0.18 | ) | (0.14 | ) | (0.05 | ) | 0.03 | (0.04 | ) | ||||||||||||
| Net realized and unrealized gain (loss) | 2.05 | 2.19 | 2.91 | 0.53 | (1.26 | ) | |||||||||||||||
| Total from investment operations | 1.87 | 2.05 | 2.86 | 0.56 | (1.30 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | - | - | - | - | (0.04 | ) | |||||||||||||||
| Distributions from realized gains | (3.06 | ) | (2.12 | ) | (0.14 | ) | (0.21 | ) | (1.87 | ) | |||||||||||
| Total dividends and distributions | (3.06 | ) | (2.12 | ) | (0.14 | ) | (0.21 | ) | (1.91 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 13.56 | $ | 14.75 | $ | 14.82 | $ | 12.10 | $ | 11.75 | |||||||||||
| Total Return* | 15.25 | % | 14.11 | % | 23.90 | % | 4.82 | % | (9.97 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 8,936 | $ | 9,242 | $ | 11,055 | $ | 9,587 | $ | 9,486 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 2.49 | % | 2.22 | % | 1.63 | % | 1.69 | % | 2.01 | % | |||||||||||
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | (1.30 | )% | (0.98 | )% | (0.38 | )% | 0.26 | % | (0.32 | )% | |||||||||||
| Portfolio Turnover Rate | 126 | % | 152 | % | 129 | % | 68 | % | 43 | % | |||||||||||
| 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, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 7.47 | $ | 7.79 | $ | 6.48 | $ | 6.94 | $ | 9.45 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.08 | ) | (0.08 | ) | (0.04 | ) | (0.01 | ) | (0.05 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 1.31 | 0.56 | 1.35 | 0.17 | (0.47 | ) | |||||||||||||||
| Total from investment operations | 1.23 | 0.48 | 1.31 | 0.16 | (0.52 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (0.62 | ) | (0.80 | ) | - | (0.62 | ) | (1.99 | ) | ||||||||||||
| Total dividends and distributions | (0.62 | ) | (0.80 | ) | - | (0.62 | ) | (1.99 | ) | ||||||||||||
| Net Asset Value, End of Year | $ | 8.08 | $ | 7.47 | $ | 7.79 | $ | 6.48 | $ | 6.94 | |||||||||||
| Total Return* | 17.78 | % | 6.00 | % | 20.22 | % | 2.60 | % | (8.22 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 6,957 | $ | 6,228 | $ | 7,311 | $ | 6,233 | $ | 5,893 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 1.93 | % | 2.50 | % | 1.88 | % | 1.83 | % | 2.06 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.05 | )% | (1.22 | )% | (0.65 | )% | (0.10 | )% | (0.63 | )% | |||||||||||
| Portfolio Turnover Rate | 125 | % | 145 | % | 135 | % | 95 | % | 104 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 2.45 | % | 2.22 | % | 1.63 | % | 1.69 | % | 2.01 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 1.93 | % | 2.50 | % | 1.88 | % | 1.83 | % | 2.06 | % | ||||||||||||
| * | 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. | ||||||||||||||||||||
66
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| International Equity Portfolio - Class I Shares | |||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||
| August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 14.27 | $ | 11.85 | $ | 10.53 | $ | 9.07 | $ | 12.11 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (loss) (1) | (0.06 | ) | (0.04 | ) | 0.02 | 0.02 | 0.06 | ||||||||||||||
| Net realized and unrealized gain (loss) | 3.96 | 2.54 | 1.39 | 1.47 | (3.05 | ) | |||||||||||||||
| Total from investment operations | 3.90 | 2.50 | 1.41 | 1.49 | (2.99 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | - | (0.08 | ) | (0.09 | ) | (0.03 | ) | (0.05 | ) | ||||||||||||
| Total dividends and distributions | - | (0.08 | ) | (0.09 | ) | (0.03 | ) | (0.05 | ) | ||||||||||||
| Redemption Fees | - | - | - | - | ** | - | |||||||||||||||
| Net Asset Value, End of Year | $ | 18.17 | $ | 14.27 | $ | 11.85 | $ | 10.53 | $ | 9.07 | |||||||||||
| Total Return* | 27.33 | %# | 21.25 | %# | 13.51 | %# | 16.45 | %# | (24.79 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 3,641 | $ | 3,251 | $ | 3,488 | $ | 3,392 | $ | 2,809 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 3.01 | % | 3.41 | % | 2.40 | % | 2.17 | % | 3.23 | % | |||||||||||
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | (0.41 | )% | (0.33 | )% | 0.19 | % | 0.18 | % | 0.50 | % | |||||||||||
| Portfolio Turnover Rate | 63 | % | 41 | % | 38 | % | 59 | % | 47 | % | |||||||||||
| 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, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 23.02 | $ | 26.08 | $ | 22.87 | $ | 22.60 | $ | 25.10 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.35 | ) | (0.34 | ) | (0.29 | ) | (0.21 | ) | (0.25 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 6.89 | (2.47 | ) | 4.52 | 1.75 | (1.46 | ) | ||||||||||||||
| Total from investment operations | 6.54 | (2.81 | ) | 4.23 | 1.54 | (1.71 | ) | ||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (0.78 | ) | (0.25 | ) | (1.02 | ) | (1.27 | ) | (0.79 | ) | |||||||||||
| Total dividends and distributions | (0.78 | ) | (0.25 | ) | (1.02 | ) | (1.27 | ) | (0.79 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 28.78 | $ | 23.02 | $ | 26.08 | $ | 22.87 | $ | 22.60 | |||||||||||
| Total Return* | 28.92 | % | (10.79 | )% | 19.35 | % | 6.59 | % | (6.92 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 5,974 | $ | 5,153 | $ | 7,219 | $ | 6,370 | $ | 6,794 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 2.53 | % | 2.60 | % | 2.32 | % | 2.35 | % | 2.50 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.36 | )% | (1.44 | )% | (1.25 | )% | (0.93 | )% | (1.05 | )% | |||||||||||
| Portfolio Turnover Rate | 13 | % | 22 | % | 17 | % | 58 | % | 23 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 2.89 | % | 2.90 | % | 2.40 | % | 2.90 | % | 2.90 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 2.53 | % | 2.60 | % | 2.32 | % | 2.35 | % | 2.50 | % | ||||||||||||
| # | 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. | ||||||||||||||||||||
| ** | Per share amount represents less than $0.01 per share. | ||||||||||||||||||||
67
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Technology & Communications Portfolio - Class I Shares | |||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||
| August 31, | August 31, | August 31, | August 31, | August 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 28.97 | $ | 27.22 | $ | 23.89 | $ | 22.95 | $ | 34.72 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.50 | ) | (0.43 | ) | (0.35 | ) | (0.27 | ) | (0.29 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 4.74 | 5.07 | 5.18 | 4.51 | (7.84 | ) | |||||||||||||||
| Total from investment operations | 4.24 | 4.64 | 4.83 | 4.24 | (8.13 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (3.57 | ) | (2.89 | ) | (1.50 | ) | (3.30 | ) | (3.64 | ) | |||||||||||
| Total dividends and distributions | (3.57 | ) | (2.89 | ) | (1.50 | ) | (3.30 | ) | (3.64 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 29.64 | $ | 28.97 | $ | 27.22 | $ | 23.89 | $ | 22.95 | |||||||||||
| Total Return* | 15.59 | % | 17.85 | % | 21.25 | % | 23.05 | % | (26.02 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 24,018 | $ | 24,835 | $ | 24,254 | $ | 22,829 | $ | 22,533 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 2.44 | % | 2.42 | % | 2.22 | % | 2.37 | % | 2.15 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.76 | )% | (1.60 | )% | (1.39 | )% | (1.29 | )% | (1.06 | )% | |||||||||||
| Portfolio Turnover Rate | 16 | % | 7 | % | 8 | % | 6 | % | 3 | % | |||||||||||
| 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, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 9.58 | $ | 9.46 | $ | 9.15 | $ | 9.23 | $ | 9.68 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (loss) (1) | 0.22 | 0.21 | 0.19 | 0.11 | (0.10 | ) | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.28 | ) | 0.09 | 0.29 | (0.09 | ) | (0.23 | ) | |||||||||||||
| Total from investment operations | (0.06 | ) | 0.30 | 0.48 | 0.02 | (0.33 | ) | ||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.20 | ) | (0.18 | ) | (0.17 | ) | (0.05 | ) | - | ||||||||||||
| Distributions from realized gains | - | - | - | - | (0.12 | ) | |||||||||||||||
| Distributions from return of capital | - | - | - | (0.05 | ) | - | |||||||||||||||
| Total dividends and distributions | (0.20 | ) | (0.18 | ) | (0.17 | ) | (0.10 | ) | (0.12 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 9.32 | $ | 9.58 | $ | 9.46 | $ | 9.15 | $ | 9.23 | |||||||||||
| Total Return* | (0.62 | )% | 3.32 | % | 5.35 | % | 0.19 | % | (3.39 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 7,197 | $ | 8,378 | $ | 11,216 | $ | 10,834 | $ | 11,436 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 1.98 | % | 1.75 | % | 1.37 | % | 1.38 | % | 1.91 | % | |||||||||||
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | 2.29 | % | 2.20 | % | 2.08 | % | 1.19 | % | (1.11 | )% | |||||||||||
| Portfolio Turnover Rate | 15 | % | 29 | % | 60 | % | 103 | % | 1 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 2.44 | % | 2.42 | % | 2.22 | % | 2.37 | % | 2.15 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 1.92 | % | 1.75 | % | 1.37 | % | 1.38 | % | 1.90 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
68
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| 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, | |||||||||||||||||
| 2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.02 | 0.03 | 0.03 | 0.03 | 0.00 | ** | |||||||||||||||
| Total from investment operations | 0.02 | 0.03 | 0.03 | 0.03 | 0.00 | ** | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.00 | )** | |||||||||||
| Total dividends and distributions | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.00 | )** | |||||||||||
| Net Asset Value, End of Year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
| Total Return* | 2.21 | % | 3.08 | % | 3.48 | % | 3.24 | % | 0.01 | % | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 3,882 | $ | 4,587 | $ | 4,272 | $ | 5,138 | $ | 5,108 | |||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 1.46 | % | 1.38 | % | 1.73 | % | 0.95 | % | 0.93 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.19 | % | 3.01 | % | 3.46 | % | 3.18 | % | 0.02 | % | |||||||||||
| Portfolio Turnover Rate | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| Aggressive Balanced Allocation Portfolio - Class I Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.86 | $ | 11.87 | $ | 10.44 | $ | 10.39 | $ | 12.53 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.30 | 0.19 | 0.06 | 0.09 | 0.33 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.86 | 1.17 | 1.68 | 0.64 | (1.35 | ) | |||||||||||||||
| Total from investment operations | 1.16 | 1.36 | 1.74 | 0.73 | (1.02 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.30 | ) | (0.19 | ) | (0.06 | ) | (0.07 | ) | (0.37 | ) | |||||||||||
| Distributions from realized gains | (0.89 | ) | (0.18 | ) | (0.25 | ) | (0.61 | ) | (0.75 | ) | |||||||||||
| Total dividends and distributions | (1.19 | ) | (0.37 | ) | (0.31 | ) | (0.68 | ) | (1.12 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 12.83 | $ | 12.86 | $ | 11.87 | $ | 10.44 | $ | 10.39 | |||||||||||
| Total Return* | 9.51 | % | 11.62 | % | 16.97 | % | 7.50 | % | (8.96 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 1,453 | $ | 1,258 | $ | 1,066 | $ | 851 | $ | 773 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 2.27 | % | 2.72 | % | 2.67 | % | 2.57 | % | 2.23 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.35 | % | 1.61 | % | 0.51 | % | 0.88 | % | 2.90 | % | |||||||||||
| Portfolio Turnover Rate | 18 | % | 3 | % | 8 | % | 26 | % | 2 | % | |||||||||||
| (1) | 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 U.S. Government Money Market | ||||||||||||||||||||
| 1.46 | % | 1.38 | % | 1.73 | % | 0.95 | % | 0.46 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | ||||||||||||||||||||
| 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
69
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Conservative Balanced Allocation Portfolio - Class I Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 11.96 | $ | 11.28 | $ | 10.35 | $ | 10.41 | $ | 12.00 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.39 | 0.28 | 0.17 | 0.17 | 0.30 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.24 | 0.79 | 1.03 | 0.25 | (1.01 | ) | |||||||||||||||
| Total from investment operations | 0.63 | 1.07 | 1.20 | 0.42 | (0.71 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.40 | ) | (0.26 | ) | (0.21 | ) | (0.04 | ) | (0.29 | ) | |||||||||||
| Distributions from realized gains | (0.65 | ) | (0.13 | ) | (0.06 | ) | (0.44 | ) | (0.59 | ) | |||||||||||
| Total dividends and distributions | (1.05 | ) | (0.39 | ) | (0.27 | ) | (0.48 | ) | (0.88 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 11.54 | $ | 11.96 | $ | 11.28 | $ | 10.35 | $ | 10.41 | |||||||||||
| Total Return* | 5.48 | % | 9.71 | % | 11.79 | % | 4.26 | % | (6.39 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 2,524 | $ | 2,510 | $ | 2,347 | $ | 2,128 | $ | 1,960 | |||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 2.22 | % | 2.28 | % | 2.12 | % | 2.07 | % | 2.01 | % | |||||||||||
| Ratio of net investment income after expense reimbursement to average net assets (4) | 3.34 | % | 2.50 | % | 1.61 | % | 1.66 | % | 2.70 | % | |||||||||||
| Portfolio Turnover Rate | 16 | % | 13 | % | 22 | % | 50 | % | 11 | % | |||||||||||
| Moderate Balanced Allocation Portfolio - Class I Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.96 | $ | 12.06 | $ | 10.74 | $ | 10.75 | $ | 12.55 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.37 | 0.24 | 0.09 | 0.11 | 0.33 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.56 | 1.10 | 1.51 | 0.47 | (1.18 | ) | |||||||||||||||
| Total from investment operations | 0.93 | 1.34 | 1.60 | 0.58 | (0.85 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.38 | ) | (0.23 | ) | (0.13 | ) | - | (0.34 | ) | ||||||||||||
| Distributions from realized gains | (0.85 | ) | (0.21 | ) | (0.15 | ) | (0.59 | ) | (0.61 | ) | |||||||||||
| Total dividends and distributions | (1.23 | ) | (0.44 | ) | (0.28 | ) | (0.59 | ) | (0.95 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 12.66 | $ | 12.96 | $ | 12.06 | $ | 10.74 | $ | 10.75 | |||||||||||
| Total Return* | 7.51 | % | 11.33 | % | 15.12 | % | 5.73 | % | (7.36 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 1,750 | $ | 1,617 | $ | 1,455 | $ | 1,150 | $ | 1,134 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 2.24 | % | 2.46 | % | 2.27 | % | 2.30 | % | 2.11 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.93 | % | 1.96 | % | 0.81 | % | 1.07 | % | 2.88 | % | |||||||||||
| Portfolio Turnover Rate | 14 | % | 6 | % | 18 | % | 41 | % | 2 | % | |||||||||||
| (1) | 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 Conservative Balanced Allocation Portfolio: | ||||||||||||||||||||
| 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Moderate Balanced Allocation Portfolio: | ||||||||||||||||||||
| 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
70
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Moderately Aggressive Balanced Allocation Portfolio - Class I Shares | ||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.86 | $ | 11.96 | $ | 10.63 | $ | 10.58 | $ | 12.44 | ||||||||||
| Income (Loss) from Investment Operations: | ||||||||||||||||||||
| Net investment income (1) | 0.34 | 0.22 | 0.08 | 0.11 | 0.32 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.69 | 1.11 | 1.56 | 0.52 | (1.23 | ) | ||||||||||||||
| Total from investment operations | 1.03 | 1.33 | 1.64 | 0.63 | (0.91 | ) | ||||||||||||||
| Dividends and Distributions: | ||||||||||||||||||||
| Dividends from net investment income | (0.35 | ) | (0.22 | ) | (0.14 | ) | - | (0.36 | ) | |||||||||||
| Distributions from realized gains | (0.89 | ) | (0.21 | ) | (0.17 | ) | (0.58 | ) | (0.59 | ) | ||||||||||
| Total dividends and distributions | (1.24 | ) | (0.43 | ) | (0.31 | ) | (0.58 | ) | (0.95 | ) | ||||||||||
| Net Asset Value, End of Year | $ | 12.65 | $ | 12.86 | $ | 11.96 | $ | 10.63 | $ | 10.58 | ||||||||||
| Total Return* | 8.39 | % | 11.29 | % | 15.70 | % | 6.23 | % | (7.93 | )% | ||||||||||
| Ratios and Supplemental Data: | ||||||||||||||||||||
| Net assets, end of year (000s) | $ | 1,003 | $ | 916 | $ | 809 | $ | 712 | $ | 656 | ||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 2.55 | % | 3.05 | % | 2.75 | % | 2.56 | % | 2.26 | % | ||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.70 | % | 1.82 | % | 0.71 | % | 1.05 | % | 2.84 | % | ||||||||||
| Portfolio Turnover Rate | 19 | % | 5 | % | 15 | % | 34 | % | 0 | % | ||||||||||
| Moderately Conservative Balanced Allocation Portfolio - Class I Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 11.88 | $ | 11.09 | $ | 9.76 | $ | 9.95 | $ | 11.98 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.36 | 0.24 | 0.10 | 0.10 | 0.32 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.44 | 0.98 | 1.32 | 0.42 | (1.09 | ) | |||||||||||||||
| Total from investment operations | 0.80 | 1.22 | 1.42 | 0.52 | (0.77 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.34 | ) | (0.26 | ) | (0.09 | ) | - | (0.32 | ) | ||||||||||||
| Distributions from realized gains | (0.89 | ) | (0.17 | ) | - | (0.71 | ) | (0.94 | ) | ||||||||||||
| Total dividends and distributions | (1.23 | ) | (0.43 | ) | (0.09 | ) | (0.71 | ) | (1.26 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 11.45 | $ | 11.88 | $ | 11.09 | $ | 9.76 | $ | 9.95 | |||||||||||
| Total Return* | 7.06 | % | 11.30 | % | 14.63 | % | 5.62 | % | (7.19 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 669 | $ | 647 | $ | 644 | $ | 573 | $ | 495 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 2.84 | % | 3.32 | % | 2.78 | % | 2.98 | % | 2.50 | % | |||||||||||
| Ratio of net investment income after expense reimbursement to average net assets (4) | 3.10 | % | 2.17 | % | 1.00 | % | 1.09 | % | 2.95 | % | |||||||||||
| Portfolio Turnover Rate | 12 | % | 14 | % | 20 | % | 87 | % | 10 | % | |||||||||||
| (1) | 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 Moderately Aggressive Balanced Allocation Portfolio: | ||||||||||||||||||||
| 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Moderately Conservative Balanced Allocation Portfolio: | ||||||||||||||||||||
| 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
71
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Large Capitalization Value Portfolio - Class A Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 26.74 | $ | 27.35 | $ | 24.05 | $ | 24.22 | $ | 30.50 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.29 | ) | (0.30 | ) | (0.25 | ) | (0.17 | ) | (0.36 | ) | |||||||||||
| Net realized and unrealized gain | 1.00 | 3.84 | 3.76 | 2.09 | 0.37 | ||||||||||||||||
| Total from investment operations | 0.71 | 3.54 | 3.51 | 1.92 | 0.01 | ||||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (3.40 | ) | (4.15 | ) | (0.21 | ) | (2.09 | ) | (6.29 | ) | |||||||||||
| Total dividends and distributions | (3.40 | ) | (4.15 | ) | (0.21 | ) | (2.09 | ) | (6.29 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 24.05 | $ | 26.74 | $ | 27.35 | $ | 24.05 | $ | 24.22 | |||||||||||
| Total Return* | 2.98 | % | 14.50 | % | 14.72 | % | 8.71 | % | (0.62 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 397 | $ | 421 | $ | 401 | $ | 353 | $ | 315 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 2.13 | % | 2.16 | % | 2.28 | % | 2.05 | % | 2.11 | % | |||||||||||
| Ratio of net investment loss after expense recoupment to average net assets | (1.17 | )% | (1.19 | )% | (0.97 | )% | (0.72 | )% | (1.39 | )% | |||||||||||
| Portfolio Turnover Rate | 84 | % | 93 | % | 83 | % | 90 | % | 117 | % | |||||||||||
| Large Capitalization Growth Portfolio - Class A Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 25.68 | $ | 25.95 | $ | 20.88 | $ | 19.87 | $ | 30.37 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.40 | ) | (0.35 | ) | (0.32 | ) | (0.24 | ) | (0.32 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 3.04 | 6.94 | 7.29 | 2.73 | (3.36 | ) | |||||||||||||||
| Total from investment operations | 2.64 | 6.59 | 6.97 | 2.49 | (3.68 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (4.31 | ) | (6.86 | ) | (1.90 | ) | (1.48 | ) | (6.37 | ) | |||||||||||
| Distributions from return of capital | - | - | - | - | (0.45 | ) | |||||||||||||||
| Total dividends and distributions | (4.31 | ) | (6.86 | ) | (1.90 | ) | (1.48 | ) | (6.82 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 24.01 | $ | 25.68 | $ | 25.95 | $ | 20.88 | $ | 19.87 | |||||||||||
| Total Return* | 10.54 | % | 28.29 | % | 35.90 | % | 14.05 | % | (16.80 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 2,976 | $ | 3,496 | $ | 2,350 | $ | 1,309 | $ | 1,087 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 2.20 | % | 2.23 | % | 2.11 | % | 2.02 | % | 2.06 | % | |||||||||||
| Ratio of net investment loss after expense recoupment to average net assets | (1.71 | )% | (1.44 | )% | (1.39 | )% | (1.29 | )% | (1.38 | )% | |||||||||||
| Portfolio Turnover Rate | 76 | % | 66 | % | 99 | % | 74 | % | 60 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 2.13 | % | 2.16 | % | 2.28 | % | 2.05 | % | 2.11 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 2.20 | % | 2.23 | % | 2.11 | % | 2.02 | % | 2.06 | % | ||||||||||||
| * | 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. | ||||||||||||||||||||
72
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Mid Capitalization Portfolio - Class A Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.14 | $ | 12.58 | $ | 10.34 | $ | 10.11 | $ | 13.14 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.18 | ) | (0.16 | ) | (0.09 | ) | (0.01 | ) | (0.08 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 1.61 | 1.84 | 2.47 | 0.45 | (1.08 | ) | |||||||||||||||
| Total from investment operations | 1.43 | 1.68 | 2.38 | 0.44 | (1.16 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (3.06 | ) | (2.12 | ) | (0.14 | ) | (0.21 | ) | (1.87 | ) | |||||||||||
| Total dividends and distributions | (3.06 | ) | (2.12 | ) | (0.14 | ) | (0.21 | ) | (1.87 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 10.51 | $ | 12.14 | $ | 12.58 | $ | 10.34 | $ | 10.11 | |||||||||||
| Total Return* | 14.83 | % | 13.63 | % | 23.32 | % | 4.41 | % | (10.28 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 1,515 | $ | 1,392 | $ | 1,567 | $ | 1,230 | $ | 1,355 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 2.88 | % | 2.65 | % | 2.03 | % | 2.09 | % | 2.42 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.69 | )% | (1.40 | )% | (0.78 | )% | (0.15 | )% | (0.73 | )% | |||||||||||
| Portfolio Turnover Rate | 126 | % | 152 | % | 129 | % | 68 | % | 43 | % | |||||||||||
| Small Capitalization Portfolio - Class A Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 6.26 | $ | 6.67 | $ | 5.57 | $ | 6.07 | $ | 8.53 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.09 | ) | (0.10 | ) | (0.06 | ) | (0.03 | ) | (0.07 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 1.07 | 0.49 | 1.16 | 0.15 | (0.40 | ) | |||||||||||||||
| Total from investment operations | 0.98 | 0.39 | 1.10 | 0.12 | (0.47 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (0.62 | ) | (0.80 | ) | - | (0.62 | ) | (1.99 | ) | ||||||||||||
| Total dividends and distributions | (0.62 | ) | (0.80 | ) | - | (0.62 | ) | (1.99 | ) | ||||||||||||
| Net Asset Value, End of Year | $ | 6.62 | $ | 6.26 | $ | 6.67 | $ | 5.57 | $ | 6.07 | |||||||||||
| Total Return* | 17.19 | % | 5.63 | % | 19.75 | % | 2.30 | % | (8.58 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 74 | $ | 70 | $ | 64 | $ | 54 | $ | 55 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 2.34 | % | 2.92 | % | 2.28 | % | 2.23 | % | 2.47 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.46 | )% | (1.65 | )% | (1.05 | )% | (0.49 | )% | (1.07 | )% | |||||||||||
| Portfolio Turnover Rate | 125 | % | 145 | % | 135 | % | 95 | % | 104 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 2.84 | % | 2.65 | % | 2.03 | % | 2.09 | % | 2.42 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 2.34 | % | 2.92 | % | 2.28 | % | 2.23 | % | 2.47 | % | ||||||||||||
| * | 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. | ||||||||||||||||||||
73
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| International Equity Portfolio - Class A Shares | |||||||||||||||||||||
|
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 14.32 | $ | 11.90 | $ | 10.56 | $ | 9.11 | $ | 12.15 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.12 | ) | (0.09 | ) | (0.02 | ) | (0.03 | ) | (0.01 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 3.96 | 2.54 | 1.41 | 1.48 | (3.03 | ) | |||||||||||||||
| Total from investment operations | 3.84 | 2.45 | 1.39 | 1.45 | (3.04 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | - | (0.03 | ) | (0.05 | ) | - | - | ||||||||||||||
| Total dividends and distributions | - | (0.03 | ) | (0.05 | ) | - | - | ||||||||||||||
| Net Asset Value, End of Year | $ | 18.16 | $ | 14.32 | $ | 11.90 | $ | 10.56 | $ | 9.11 | |||||||||||
| Total Return* | 26.82 | %# | 20.68 | % | 13.18 | %# | 15.92 | %# | (25.02 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 50 | $ | 44 | $ | 41 | $ | 41 | $ | 36 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 3.40 | % | 3.83 | % | 2.80 | % | 2.59 | % | 3.78 | % | |||||||||||
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets | (0.77 | )% | (0.74 | )% | (0.19 | )% | (0.29 | )% | (0.13 | )% | |||||||||||
| Portfolio Turnover Rate | 63 | % | 41 | % | 38 | % | 59 | % | 47 | % | |||||||||||
| Health & Biotechnology Portfolio - Class A Shares | |||||||||||||||||||||
|
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 19.09 | $ | 21.76 | $ | 19.32 | $ | 19.35 | $ | 21.69 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.38 | ) | (0.36 | ) | (0.32 | ) | (0.26 | ) | (0.30 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 5.69 | (2.06 | ) | 3.78 | 1.50 | (1.25 | ) | ||||||||||||||
| Total from investment operations | 5.31 | (2.42 | ) | 3.46 | 1.24 | (1.55 | ) | ||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (0.78 | ) | (0.25 | ) | (1.02 | ) | (1.27 | ) | (0.79 | ) | |||||||||||
| Total dividends and distributions | (0.78 | ) | (0.25 | ) | (1.02 | ) | (1.27 | ) | (0.79 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 23.62 | $ | 19.09 | $ | 21.76 | $ | 19.32 | $ | 19.35 | |||||||||||
| Total Return* | 28.41 | % | (11.15 | )% | 18.90 | % | 6.12 | % | (7.28 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 5,251 | $ | 4,311 | $ | 5,389 | $ | 4,827 | $ | 4,821 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 2.93 | % | 3.00 | % | 2.72 | % | 2.75 | % | 2.90 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.75 | )% | (1.84 | )% | (1.65 | )% | (1.33 | )% | (1.46 | )% | |||||||||||
| Portfolio Turnover Rate | 13 | % | 22 | % | 17 | % | 58 | % | 23 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 3.29 | % | 3.30 | % | 2.80 | % | 3.30 | % | 3.30 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 2.93 | % | 3.00 | % | 2.72 | % | 2.75 | % | 2.90 | % | ||||||||||||
| # | 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. | ||||||||||||||||||||
74
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Technology & Communications Portfolio - Class A Shares | |||||||||||||||||||||
|
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 22.85 | $ | 22.11 | $ | 19.75 | $ | 19.65 | $ | 30.39 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.47 | ) | (0.43 | ) | (0.37 | ) | (0.29 | ) | (0.35 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 3.67 | 4.06 | 4.23 | 3.69 | (6.75 | ) | |||||||||||||||
| Total from investment operations | 3.20 | 3.63 | 3.86 | 3.40 | (7.10 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (3.57 | ) | (2.89 | ) | (1.50 | ) | (3.30 | ) | (3.64 | ) | |||||||||||
| Total dividends and distributions | (3.57 | ) | (2.89 | ) | (1.50 | ) | (3.30 | ) | (3.64 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 22.48 | $ | 22.85 | $ | 22.11 | $ | 19.75 | $ | 19.65 | |||||||||||
| Total Return* | 15.17 | % | 17.36 | % | 20.76 | % | 22.58 | % | (26.36 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 15,442 | $ | 16,150 | $ | 15,464 | $ | 14,494 | $ | 13,789 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 2.84 | % | 2.82 | % | 2.62 | % | 2.77 | % | 2.53 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.16 | )% | (2.01 | )% | (1.79 | )% | (1.69 | )% | (1.45 | )% | |||||||||||
| Portfolio Turnover Rate | 16 | % | 7 | % | 8 | % | 6 | % | 3 | % | |||||||||||
| Investment Quality Bond Portfolio - Class A Shares | |||||||||||||||||||||
|
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 9.47 | $ | 9.37 | $ | 9.06 | $ | 9.15 | $ | 9.62 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (loss) (1) | 0.18 | 0.17 | 0.15 | 0.07 | (0.14 | ) | |||||||||||||||
| Net realized and unrealized gain (loss) | (0.26 | ) | 0.09 | 0.30 | (0.09 | ) | (0.21 | ) | |||||||||||||
| Total from investment operations | (0.08 | ) | 0.26 | 0.45 | (0.02 | ) | (0.35 | ) | |||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.18 | ) | (0.16 | ) | (0.14 | ) | (0.03 | ) | - | ||||||||||||
| Distributions from realized gains | - | - | - | - | (0.12 | ) | |||||||||||||||
| Distributions from return of capital | - | - | - | (0.04 | ) | - | |||||||||||||||
| Total dividends and distributions | (0.18 | ) | (0.16 | ) | (0.14 | ) | (0.07 | ) | (0.12 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 9.21 | $ | 9.47 | $ | 9.37 | $ | 9.06 | $ | 9.15 | |||||||||||
| Total Return* | (0.88 | )% | 2.76 | % | 4.98 | % | (0.26 | )% | (3.62 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 150 | $ | 134 | $ | 150 | $ | 146 | $ | 151 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 2.38 | % | 2.16 | % | 1.80 | % | 1.78 | % | 2.31 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 1.90 | % | 1.79 | % | 1.72 | % | 0.80 | % | (1.51 | )% | |||||||||||
| Portfolio Turnover Rate | 15 | % | 29 | % | 60 | % | 103 | % | 1 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 2.84 | % | 2.82 | % | 2.62 | % | 2.77 | % | 2.53 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 2.32 | % | 2.16 | % | 1.80 | % | 1.78 | % | 2.30 | % | ||||||||||||
| (4) | Does not include the expenses 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. | ||||||||||||||||||||
75
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| U.S. Government Money Market Portfolio - Class A Shares | |||||||||||||||||||||
|
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.02 | 0.03 | 0.03 | 0.03 | 0.00 | ** | |||||||||||||||
| Total from investment operations | 0.02 | 0.03 | 0.03 | 0.03 | 0.00 | ** | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.00 | )** | |||||||||||
| Total dividends and distributions | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.00 | )** | |||||||||||
| Net Asset Value, End of Year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
| Total Return* | 1.81 | % | 2.68 | % | 3.09 | % | 2.86 | % | 0.01 | % | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 75 | $ | 52 | $ | 77 | $ | 86 | $ | 139 | |||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 1.87 | % | 1.82 | % | 2.11 | % | 1.35 | % | 1.36 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 1.76 | % | 2.60 | % | 3.08 | % | 2.75 | % | 0.01 | % | |||||||||||
| Portfolio Turnover Rate | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| Aggressive Balanced Allocation Portfolio - Class A Shares | |||||||||||||||||||||
|
Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.77 | $ | 11.79 | $ | 10.37 | $ | 10.34 | $ | 12.48 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income/(loss) (1) | 0.27 | 0.17 | 0.03 | 0.03 | (0.06 | ) | |||||||||||||||
| Net realized and unrealized gain/(loss) | 0.85 | 1.15 | 1.67 | 0.68 | (0.96 | ) | |||||||||||||||
| Total from investment operations | 1.12 | 1.32 | 1.70 | 0.71 | (1.02 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.27 | ) | (0.16 | ) | (0.03 | ) | (0.07 | ) | (0.37 | ) | |||||||||||
| Distributions from realized gains | (0.89 | ) | (0.18 | ) | (0.25 | ) | (0.61 | ) | (0.75 | ) | |||||||||||
| Total dividends and distributions | (1.16 | ) | (0.34 | ) | (0.28 | ) | (0.68 | ) | (1.12 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 12.73 | $ | 12.77 | $ | 11.79 | $ | 10.37 | $ | 10.34 | |||||||||||
| Total Return* | 9.23 | % | 11.35 | % | 16.75 | % | 7.33 | % | (9.07 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 176 | $ | 162 | $ | 145 | $ | 124 | $ | 0 | ^ | ||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 2.53 | % | 2.97 | % | 2.91 | % | 2.84 | % | 2.73 | % | |||||||||||
| Ratio of net investment income/(loss) after expense reimbursement/recoupment to average net assets (4) | 2.16 | % | 1.38 | % | 0.26 | % | 0.33 | % | (0.46 | )% | |||||||||||
| Portfolio Turnover Rate | 18 | % | 3 | % | 8 | % | 26 | % | 2 | % | |||||||||||
| (1) | 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 U.S. Government Money Market Portfolio: | ||||||||||||||||||||
| 1.87 | % | 1.82 | % | 2.11 | % | 1.35 | % | 0.32 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
| (4) | Does not include the expenses of funds in which the Fund invests. | ||||||||||||||||||||
| ^ | Net assets at end of period less than $1,000. | ||||||||||||||||||||
| * | Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares. | ||||||||||||||||||||
| ** | Per share amount represents less than $0.01 per share. | ||||||||||||||||||||
76
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Conservative Balanced Allocation Portfolio - Class A Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 11.93 | $ | 11.26 | $ | 10.33 | $ | 10.39 | $ | 11.98 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.31 | 0.26 | 0.15 | 0.14 | 0.27 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.30 | 0.78 | 1.02 | 0.25 | (1.01 | ) | |||||||||||||||
| Total from investment operations | 0.61 | 1.04 | 1.17 | 0.39 | (0.74 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.34 | ) | (0.24 | ) | (0.18 | ) | (0.01 | ) | (0.26 | ) | |||||||||||
| Distributions from realized gains | (0.65 | ) | (0.13 | ) | (0.06 | ) | (0.44 | ) | (0.59 | ) | |||||||||||
| Total dividends and distributions | (0.99 | ) | (0.37 | ) | (0.24 | ) | (0.45 | ) | (0.85 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 11.55 | $ | 11.93 | $ | 11.26 | $ | 10.33 | $ | 10.39 | |||||||||||
| Total Return* | 5.27 | % | 9.37 | % | 11.54 | % | 4.00 | % | (6.64 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 30 | $ | 40 | $ | 38 | $ | 35 | $ | 36 | |||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 2.49 | % | 2.53 | % | 2.37 | % | 2.32 | % | 2.26 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.68 | % | 2.27 | % | 1.36 | % | 1.41 | % | 2.47 | % | |||||||||||
| Portfolio Turnover Rate | 16 | % | 13 | % | 22 | % | 50 | % | 11 | % | |||||||||||
| Moderate Balanced Allocation Portfolio - Class A Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.89 | $ | 12.00 | $ | 10.69 | $ | 10.72 | $ | 12.53 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.34 | 0.21 | 0.06 | 0.08 | 0.39 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.55 | 1.09 | 1.50 | 0.48 | (1.27 | ) | |||||||||||||||
| Total from investment operations | 0.89 | 1.30 | 1.56 | 0.56 | (0.88 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.35 | ) | (0.20 | ) | (0.10 | ) | - | (0.32 | ) | ||||||||||||
| Distributions from realized gains | (0.85 | ) | (0.21 | ) | (0.15 | ) | (0.59 | ) | (0.61 | ) | |||||||||||
| Total dividends and distributions | (1.20 | ) | (0.41 | ) | (0.25 | ) | (0.59 | ) | (0.93 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 12.58 | $ | 12.89 | $ | 12.00 | $ | 10.69 | $ | 10.72 | |||||||||||
| Total Return* | 7.27 | % | 11.04 | % | 14.83 | % | 5.55 | % | (7.59 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 40 | $ | 26 | $ | 23 | $ | 19 | $ | 16 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 2.47 | % | 2.71 | % | 2.53 | % | 2.56 | % | 2.48 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.73 | % | 1.69 | % | 0.56 | % | 0.81 | % | 3.35 | % | |||||||||||
| Portfolio Turnover Rate | 14 | % | 6 | % | 18 | % | 41 | % | 2 | % | |||||||||||
| (1) | 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 Conservative Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Moderate Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
77
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Moderately Aggressive Balanced Allocation Portfolio - Class A Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.76 | $ | 11.87 | $ | 10.56 | $ | 10.54 | $ | 12.24 | |||||||||||
| Income from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.31 | 0.19 | 0.05 | 0.08 | 0.36 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.68 | 1.10 | 1.54 | 0.52 | (1.11 | ) | |||||||||||||||
| Total from investment operations | 0.99 | 1.29 | 1.59 | 0.60 | (0.75 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.32 | ) | (0.19 | ) | (0.11 | ) | - | (0.36 | ) | ||||||||||||
| Distributions from realized gains | (0.89 | ) | (0.21 | ) | (0.17 | ) | (0.58 | ) | (0.59 | ) | |||||||||||
| Total dividends and distributions | (1.21 | ) | (0.40 | ) | (0.28 | ) | (0.58 | ) | (0.95 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 12.54 | $ | 12.76 | $ | 11.87 | $ | 10.56 | $ | 10.54 | |||||||||||
| Total Return* | 8.11 | % | 11.03 | % | 15.36 | % | 5.96 | % | (8.09 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 110 | $ | 100 | $ | 88 | $ | 67 | $ | 63 | |||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 2.80 | % | 3.30 | % | 3.00 | % | 2.81 | % | 2.47 | % | |||||||||||
| Ratio of net investment income after expenses reimbursement/recoupment to average net assets (4) | 2.45 | % | 1.57 | % | 0.46 | % | 0.81 | % | 3.25 | % | |||||||||||
| Portfolio Turnover Rate | 19 | % | 5 | % | 15 | % | 34 | % | 0 | % | |||||||||||
| Moderately Conservative Balanced Allocation Portfolio - Class A Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 11.88 | $ | 11.09 | $ | 9.76 | $ | 9.95 | $ | 13.00 | |||||||||||
| Income from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.48 | 0.45 | 0.31 | 0.38 | 0.28 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.32 | 0.77 | 1.11 | 0.14 | (2.07 | ) | |||||||||||||||
| Total from investment operations | 0.80 | 1.22 | 1.42 | 0.52 | (1.79 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.34 | ) | (0.26 | ) | (0.09 | ) | - | (0.32 | ) | ||||||||||||
| Distributions from realized gains | (0.89 | ) | (0.17 | ) | - | (0.71 | ) | (0.94 | ) | ||||||||||||
| Total dividends and distributions | (1.23 | ) | (0.43 | ) | (0.09 | ) | (0.71 | ) | (1.26 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 11.45 | $ | 11.88 | $ | 11.09 | $ | 9.76 | $ | 9.95 | |||||||||||
| Total Return* | 7.06 | % | 11.30 | % | 14.63 | % | 5.62 | % | (7.19 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) ^ | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 3.09 | % | 3.57 | % | 3.03 | % | 3.23 | % | 2.55 | % | |||||||||||
| Ratio of net investment income after expenses reimbursement/recoupment to average net assets (4) | 2.85 | % | 1.93 | % | 0.75 | % | 0.84 | % | 2.63 | % | |||||||||||
| Portfolio Turnover Rate | 12 | % | 14 | % | 20 | % | 87 | % | 10 | % | |||||||||||
| (1) | 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 Moderately Aggressive Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Moderately Conservative Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
78
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Large Capitalization Value Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 18.58 | $ | 20.33 | $ | 18.04 | $ | 18.79 | $ | 25.16 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.29 | ) | (0.33 | ) | (0.29 | ) | (0.23 | ) | (0.40 | ) | |||||||||||
| Net realized and unrealized gain | 0.66 | 2.73 | 2.79 | 1.57 | 0.32 | ||||||||||||||||
| Total from investment operations | 0.37 | 2.40 | 2.50 | 1.34 | (0.08 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (3.40 | ) | (4.15 | ) | (0.21 | ) | (2.09 | ) | (6.29 | ) | |||||||||||
| Total dividends and distributions | (3.40 | ) | (4.15 | ) | (0.21 | ) | (2.09 | ) | (6.29 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 15.55 | $ | 18.58 | $ | 20.33 | $ | 18.04 | $ | 18.79 | |||||||||||
| Total Return* | 2.37 | % | 13.79 | % | 14.02 | % | 8.09 | % | (1.22 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 82 | $ | 64 | $ | 71 | $ | 139 | $ | 120 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 2.74 | % | 2.76 | % | 2.86 | % | 2.65 | % | 2.67 | % | |||||||||||
| Ratio of net investment loss after expense recoupment to average net assets | (1.78 | )% | (1.80 | )% | (1.55 | )% | (1.33 | )% | (1.93 | )% | |||||||||||
| Portfolio Turnover Rate | 84 | % | 93 | % | 83 | % | 90 | % | 117 | % | |||||||||||
| Large Capitalization Growth Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 5.84 | $ | 10.52 | $ | 9.58 | $ | 10.01 | $ | 18.60 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.06 | ) | (0.13 | ) | (0.19 | ) | (0.17 | ) | (0.25 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 0.58 | 2.31 | 3.03 | 1.22 | (1.52 | ) | |||||||||||||||
| Total from investment operations | 0.52 | 2.18 | 2.84 | 1.05 | (1.77 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (4.31 | ) | (6.86 | ) | (1.90 | ) | (1.48 | ) | (6.37 | ) | |||||||||||
| Distributions from return of capital | - | - | - | - | (0.45 | ) | |||||||||||||||
| Total dividends and distributions | (4.31 | ) | (6.86 | ) | (1.90 | ) | (1.48 | ) | (6.82 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 2.05 | $ | 5.84 | $ | 10.52 | $ | 9.58 | $ | 10.01 | |||||||||||
| Total Return* | 9.58 | % | 27.62 | % | 35.00 | % | 13.43 | % | (17.28 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 432 | $ | 617 | $ | 805 | $ | 1,695 | $ | 1,919 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 2.79 | % | 2.83 | % | 2.67 | % | 2.62 | % | 2.68 | % | |||||||||||
| Ratio of net investment loss after expense recoupment to average net assets | (2.31 | )% | (2.05 | )% | (1.97 | )% | (1.89 | )% | (2.00 | )% | |||||||||||
| Portfolio Turnover Rate | 76 | % | 66 | % | 99 | % | 74 | % | 60 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 2.74 | % | 2.76 | % | 2.86 | % | 2.65 | % | 2.67 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 2.79 | % | 2.83 | % | 2.67 | % | 2.62 | % | 2.68 | % | ||||||||||||
| * | 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. | ||||||||||||||||||||
79
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Mid Capitalization Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 8.20 | $ | 9.15 | $ | 7.60 | $ | 7.53 | $ | 10.32 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.14 | ) | (0.15 | ) | (0.11 | ) | (0.06 | ) | (0.12 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 0.94 | 1.32 | 1.80 | 0.34 | (0.80 | ) | |||||||||||||||
| Total from investment operations | 0.80 | 1.17 | 1.69 | 0.28 | (0.92 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (3.06 | ) | (2.12 | ) | (0.14 | ) | (0.21 | ) | (1.87 | ) | |||||||||||
| Total dividends and distributions | (3.06 | ) | (2.12 | ) | (0.14 | ) | (0.21 | ) | (1.87 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 5.94 | $ | 8.20 | $ | 9.15 | $ | 7.60 | $ | 7.53 | |||||||||||
| Total Return* | 14.05 | % | 13.10 | % | 22.64 | % | 3.78 | % | (10.84 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 47 | $ | 30 | $ | 83 | $ | 104 | $ | 122 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 3.44 | % | 3.10 | % | 2.63 | % | 2.69 | % | 3.02 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.27 | )% | (1.86 | )% | (1.34 | )% | (0.74 | )% | (1.35 | )% | |||||||||||
| Portfolio Turnover Rate | 126 | % | 152 | % | 129 | % | 68 | % | 43 | % | |||||||||||
| Small Capitalization Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 0.39 | $ | 1.12 | $ | 0.94 | $ | 1.55 | $ | 3.59 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.03 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 0.07 | 0.08 | 0.20 | 0.02 | (0.02 | ) | |||||||||||||||
| Total from investment operations | 0.06 | 0.07 | 0.18 | 0.01 | (0.05 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (0.05 | ) | (0.80 | ) | - | (0.62 | ) | (1.99 | ) | ||||||||||||
| Total dividends and distributions | (0.05 | ) | (0.80 | ) | - | (0.62 | ) | (1.99 | ) | ||||||||||||
| Net Asset Value, End of Year | $ | 0.40 | $ | 0.39 | $ | 1.12 | $ | 0.94 | $ | 1.55 | |||||||||||
| Total Return* | 16.25 | % | 4.20 | % | 19.15 | % | 1.82 | % | (8.75 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 33 | $ | 13 | $ | 10 | $ | 6 | $ | 4 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 2.83 | % | 3.59 | % | 2.91 | % | 2.81 | % | 3.05 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.00 | )% | (2.33 | )% | (1.67 | )% | (1.06 | )% | (1.58 | )% | |||||||||||
| Portfolio Turnover Rate | 125 | % | 145 | % | 135 | % | 95 | % | 104 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 3.41 | % | 3.10 | % | 2.63 | % | 2.69 | % | 3.02 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 2.83 | % | 3.59 | % | 2.91 | % | 2.81 | % | 3.05 | % | ||||||||||||
| * | 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. | ||||||||||||||||||||
80
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| International Equity Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.68 | $ | 10.56 | $ | 9.40 | $ | 8.15 | $ | 10.98 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.24 | ) | (0.14 | ) | (0.08 | ) | (0.07 | ) | (0.04 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 3.56 | 2.26 | 1.24 | 1.32 | (2.76 | ) | |||||||||||||||
| Total from investment operations | 3.32 | 2.12 | 1.16 | 1.25 | (2.80 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | - | - | (0.00 | )** | - | (0.03 | ) | ||||||||||||||
| Total dividends and distributions | - | - | (0.00 | ) | - | (0.03 | ) | ||||||||||||||
| Net Asset Value, End of Year | $ | 16.00 | $ | 12.68 | $ | 10.56 | $ | 9.40 | $ | 8.15 | |||||||||||
| Total Return* | 26.18 | %# | 20.08 | %# | 12.38 | %# | 15.34 | %# | (25.55 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 50 | $ | 9 | $ | 6 | $ | 10 | $ | 8 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 3.89 | % | 4.50 | % | 3.27 | % | 3.16 | % | 4.18 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (1.68 | )% | (1.28 | )% | (0.79 | )% | (0.84 | )% | (0.39 | )% | |||||||||||
| Portfolio Turnover Rate | 63 | % | 41 | % | 38 | % | 59 | % | 47 | % | |||||||||||
| Health & Biotechnology Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.78 | $ | 14.74 | $ | 13.49 | $ | 13.94 | $ | 15.95 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.34 | ) | (0.32 | ) | (0.30 | ) | (0.27 | ) | (0.30 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 3.75 | (1.39 | ) | 2.57 | 1.09 | (0.92 | ) | ||||||||||||||
| Total from investment operations | 3.41 | (1.71 | ) | 2.27 | 0.82 | (1.22 | ) | ||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (0.78 | ) | (0.25 | ) | (1.02 | ) | (1.27 | ) | (0.79 | ) | |||||||||||
| Total dividends and distributions | (0.78 | ) | (0.25 | ) | (1.02 | ) | (1.27 | ) | (0.79 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 15.41 | $ | 12.78 | $ | 14.74 | $ | 13.49 | $ | 13.94 | |||||||||||
| Total Return* | 27.55 | % | (11.65 | )% | 18.21 | % | 5.45 | % | (7.85 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 327 | $ | 388 | $ | 538 | $ | 554 | $ | 632 | |||||||||||
| Ratio of gross operating expenses to average net assets (3) | 3.56 | % | 3.60 | % | 3.32 | % | 3.35 | % | 3.50 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.41 | )% | (2.44 | )% | (2.24 | )% | (1.93 | )% | (2.06 | )% | |||||||||||
| Portfolio Turnover Rate | 13 | % | 22 | % | 17 | % | 58 | % | 23 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 3.81 | % | 3.90 | % | 3.27 | % | 3.90 | % | 3.90 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 3.56 | % | 3.60 | % | 3.32 | % | 3.35 | % | 3.50 | % | ||||||||||||
| # | 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. | ||||||||||||||||||||
| ** | Per share amount represents less than $0.01 per share. | ||||||||||||||||||||
81
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Technology & Communications Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.69 | $ | 13.52 | $ | 12.71 | $ | 13.97 | $ | 22.78 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment loss (1) | (0.30 | ) | (0.32 | ) | (0.31 | ) | (0.27 | ) | (0.37 | ) | |||||||||||
| Net realized and unrealized gain (loss) | 1.89 | 2.38 | 2.62 | 2.31 | (4.80 | ) | |||||||||||||||
| Total from investment operations | 1.59 | 2.06 | 2.31 | 2.04 | (5.17 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Distributions from realized gains | (3.57 | ) | (2.89 | ) | (1.50 | ) | (3.30 | ) | (3.64 | ) | |||||||||||
| Total dividends and distributions | (3.57 | ) | (2.89 | ) | (1.50 | ) | (3.30 | ) | (3.64 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 10.71 | $ | 12.69 | $ | 13.52 | $ | 12.71 | $ | 13.97 | |||||||||||
| Total Return* | 14.50 | % | 16.68 | % | 20.01 | % | 21.90 | % | (26.74 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 1,414 | $ | 1,703 | $ | 2,101 | $ | 2,896 | $ | 3,887 | |||||||||||
| Ratio of gross operating expenses to average net assets (2) | 3.45 | % | 3.42 | % | 3.22 | % | 3.38 | % | 3.27 | % | |||||||||||
| Ratio of net investment loss after expense reimbursement/recoupment to average net assets | (2.76 | )% | (2.59 | )% | (2.38 | )% | (2.30 | )% | (2.10 | )% | |||||||||||
| Portfolio Turnover Rate | 16 | % | 7 | % | 8 | % | 6 | % | 3 | % | |||||||||||
| Investment Quality Bond Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 9.39 | $ | 9.26 | $ | 8.90 | $ | 9.02 | $ | 9.55 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (loss) (1) | 0.11 | 0.13 | 0.07 | (0.06 | ) | (0.19 | ) | ||||||||||||||
| Net realized and unrealized gain (loss) | (0.28 | ) | 0.08 | 0.32 | (0.03 | ) | (0.22 | ) | |||||||||||||
| Total from investment operations | (0.17 | ) | 0.21 | 0.39 | (0.09 | ) | (0.41 | ) | |||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.17 | ) | (0.08 | ) | (0.03 | ) | (0.02 | ) | - | ||||||||||||
| Distributions from realized gains | - | - | - | - | (0.12 | ) | |||||||||||||||
| Distributions from return of capital | - | - | - | (0.01 | ) | - | |||||||||||||||
| Total dividends and distributions | (0.17 | ) | (0.08 | ) | (0.03 | ) | (0.03 | ) | (0.12 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 9.05 | $ | 9.39 | $ | 9.26 | $ | 8.90 | $ | 9.02 | |||||||||||
| Total Return* | (1.85 | )% | 2.27 | % | 4.35 | % | (1.00 | )% | (4.28 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 0 | $ | 0 | $ | 0 | $ | 4 | $ | 35 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 2.44 | % | 2.56 | % | 2.32 | % | 2.56 | % | 2.91 | % | |||||||||||
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | 1.19 | % | 1.31 | % | 0.78 | % | (0.62 | )% | (2.11 | )% | |||||||||||
| Portfolio Turnover Rate | 15 | % | 29 | % | 60 | % | 103 | % | 1 | % | |||||||||||
| (1) | 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: | ||||||||||||||||||||
| 3.45 | % | 3.42 | % | 3.22 | % | 3.38 | % | 3.27 | % | ||||||||||||
| (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: | ||||||||||||||||||||
| 2.44 | % | 2.56 | % | 2.32 | % | 2.56 | % | 2.90 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
82
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| U.S. Government Money Market Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.01 | 0.02 | 0.02 | 0.03 | 0.00 | ** | |||||||||||||||
| Total from investment operations | 0.01 | 0.02 | 0.02 | 0.03 | 0.00 | ** | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.00 | )** | |||||||||||
| Total dividends and distributions | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.00 | )** | |||||||||||
| Net Asset Value, End of Year | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||
| Total Return* | 1.20 | % | 2.07 | % | 2.46 | % | 2.55 | % | 0.01 | % | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 98 | $ | 130 | $ | 190 | $ | 280 | $ | 94 | |||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 2.46 | % | 2.49 | % | 2.75 | % | 1.99 | % | 1.92 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 1.19 | % | 1.95 | % | 2.43 | % | 2.48 | % | 0.02 | % | |||||||||||
| Portfolio Turnover Rate | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| Aggressive Balanced Allocation Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.64 | $ | 11.67 | $ | 10.32 | $ | 10.30 | $ | 12.43 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income/(loss) (1) | 0.17 | 0.07 | (0.05 | ) | (0.01 | ) | 0.22 | ||||||||||||||
| Net realized and unrealized gain/(loss) | 0.84 | 1.16 | 1.65 | 0.64 | (1.36 | ) | |||||||||||||||
| Total from investment operations | 1.01 | 1.23 | 1.60 | 0.63 | (1.14 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.17 | ) | (0.08 | ) | 0.00 | 0.00 | (0.24 | ) | |||||||||||||
| Distributions from realized gains | (0.89 | ) | (0.18 | ) | (0.25 | ) | (0.61 | ) | (0.75 | ) | |||||||||||
| Total dividends and distributions | (1.06 | ) | (0.26 | ) | (0.25 | ) | (0.61 | ) | (0.99 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 12.59 | $ | 12.64 | $ | 11.67 | $ | 10.32 | $ | 10.30 | |||||||||||
| Total Return* | 8.38 | % | 10.60 | % | 15.76 | % | 6.48 | % | (9.93 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 230 | $ | 227 | $ | 200 | $ | 167 | $ | 152 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 3.28 | % | 3.72 | % | 3.66 | % | 3.57 | % | 3.25 | % | |||||||||||
| Ratio of net investment income/(loss) after expense reimbursement/recoupment to average net assets (4) | 1.38 | % | 0.62 | % | (0.49 | )% | (0.13 | )% | 1.93 | % | |||||||||||
| Portfolio Turnover Rate | 18 | % | 3 | % | 8 | % | 26 | % | 2 | % | |||||||||||
| (1) | 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 U.S. Government Money Market | ||||||||||||||||||||
| 2.46 | % | 2.49 | % | 2.75 | % | 1.99 | % | 0.46 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Aggressive Balanced Allocation | ||||||||||||||||||||
| 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
| ** | Per share amount represents less than $0.01 per share. | ||||||||||||||||||||
83
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Conservative Balanced Allocation Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 11.70 | $ | 11.05 | $ | 10.15 | $ | 10.27 | $ | 11.85 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.27 | 0.17 | 0.06 | 0.07 | 0.19 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.24 | 0.77 | 1.00 | 0.25 | (1.00 | ) | |||||||||||||||
| Total from investment operations | 0.51 | 0.94 | 1.06 | 0.32 | (0.81 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.29 | ) | (0.16 | ) | (0.10 | ) | - | (0.18 | ) | ||||||||||||
| Distributions from realized gains | (0.65 | ) | (0.13 | ) | (0.06 | ) | (0.44 | ) | (0.59 | ) | |||||||||||
| Total dividends and distributions | (0.94 | ) | (0.29 | ) | (0.16 | ) | (0.44 | ) | (0.77 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 11.27 | $ | 11.70 | $ | 11.05 | $ | 10.15 | $ | 10.27 | |||||||||||
| Total Return* | 4.45 | % | 8.58 | % | 10.62 | % | 3.31 | % | (7.34 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 662 | $ | 755 | $ | 684 | $ | 604 | $ | 626 | |||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 3.23 | % | 3.28 | % | 3.12 | % | 3.07 | % | 3.01 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.35 | % | 1.49 | % | 0.61 | % | 0.66 | % | 1.72 | % | |||||||||||
| Portfolio Turnover Rate | 16 | % | 13 | % | 22 | % | 50 | % | 11 | % | |||||||||||
| Moderate Balanced Allocation Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.64 | $ | 11.79 | $ | 10.51 | $ | 10.63 | $ | 12.43 | |||||||||||
| Income (Loss) from Investment Operations: | |||||||||||||||||||||
| Net investment income (loss) (1) | 0.24 | 0.11 | (0.02 | ) | 0.01 | 0.22 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.53 | 1.07 | 1.48 | 0.46 | (1.19 | ) | |||||||||||||||
| Total from investment operations | 0.77 | 1.18 | 1.46 | 0.47 | (0.97 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.25 | ) | (0.12 | ) | (0.03 | ) | - | (0.22 | ) | ||||||||||||
| Distributions from realized gains | (0.85 | ) | (0.21 | ) | (0.15 | ) | (0.59 | ) | (0.61 | ) | |||||||||||
| Total dividends and distributions | (1.10 | ) | (0.33 | ) | (0.18 | ) | (0.59 | ) | (0.83 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 12.31 | $ | 12.64 | $ | 11.79 | $ | 10.51 | $ | 10.63 | |||||||||||
| Total Return* | 6.39 | % | 10.21 | % | 13.99 | % | 4.72 | % | (8.37 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 836 | $ | 846 | $ | 649 | $ | 529 | $ | 497 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 3.24 | % | 3.46 | % | 3.28 | % | 3.30 | % | 3.11 | % | |||||||||||
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | 1.98 | % | 0.96 | % | (0.19 | )% | 0.05 | % | 1.93 | % | |||||||||||
| Portfolio Turnover Rate | 14 | % | 6 | % | 18 | % | 41 | % | 2 | % | |||||||||||
| (1) | 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 Conservative Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Moderate Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
84
| FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year) |
| Moderately Aggressive Balanced Allocation Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 12.58 | $ | 11.70 | $ | 10.42 | $ | 10.48 | $ | 12.32 | |||||||||||
| Income from Investment Operations: | |||||||||||||||||||||
| Net investment income (loss) (1) | 0.21 | 0.10 | (0.03 | ) | 0.01 | 0.20 | |||||||||||||||
| Net realized and unrealized gain (loss) | 0.66 | 1.09 | 1.51 | 0.51 | (1.21 | ) | |||||||||||||||
| Total from investment operations | 0.87 | 1.19 | 1.48 | 0.52 | (1.01 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.21 | ) | (0.10 | ) | (0.03 | ) | - | (0.24 | ) | ||||||||||||
| Distributions from realized gains | (0.89 | ) | (0.21 | ) | (0.17 | ) | (0.58 | ) | (0.59 | ) | |||||||||||
| Total dividends and distributions | (1.10 | ) | (0.31 | ) | (0.20 | ) | (0.58 | ) | (0.83 | ) | |||||||||||
| Net Asset Value, End of Year | $ | 12.35 | $ | 12.58 | $ | 11.70 | $ | 10.42 | $ | 10.48 | |||||||||||
| Total Return* | 7.22 | % | 10.26 | % | 14.43 | % | 5.20 | % | (8.79 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 178 | $ | 253 | $ | 221 | $ | 202 | $ | 187 | |||||||||||
| Ratio of gross operating expenses to average net assets (2),(4) | 3.56 | % | 4.05 | % | 3.75 | % | 3.56 | % | 3.26 | % | |||||||||||
| Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4) | 1.69 | % | 0.80 | % | (0.29 | )% | 0.05 | % | 1.75 | % | |||||||||||
| Portfolio Turnover Rate | 19 | % | 5 | % | 15 | % | 34 | % | 0 | % | |||||||||||
| Moderately Conservative Balanced Allocation Portfolio - Class C Shares | |||||||||||||||||||||
| Year Ended August 31, 2026 |
Year Ended August 31, 2025 |
Year Ended August 31, 2024 |
Year Ended August 31, 2023 |
Year Ended August 31, 2022 |
|||||||||||||||||
| Net Asset Value, Beginning of Year | $ | 11.49 | $ | 10.75 | $ | 9.47 | $ | 9.78 | $ | 11.78 | |||||||||||
| Income from Investment Operations: | |||||||||||||||||||||
| Net investment income (1) | 0.23 | 0.12 | - | 0.01 | 0.19 | ||||||||||||||||
| Net realized and unrealized gain (loss) | 0.44 | 0.95 | 1.28 | 0.39 | (1.05 | ) | |||||||||||||||
| Total from investment operations | 0.67 | 1.07 | 1.28 | 0.40 | (0.86 | ) | |||||||||||||||
| Dividends and Distributions: | |||||||||||||||||||||
| Dividends from net investment income | (0.23 | ) | (0.16 | ) | - | - | (0.20 | ) | |||||||||||||
| Distributions from realized gains | (0.89 | ) | (0.17 | ) | - | (0.71 | ) | (0.94 | ) | ||||||||||||
| Total dividends and distributions | (1.12 | ) | (0.33 | ) | - | (0.71 | ) | (1.14 | ) | ||||||||||||
| Net Asset Value, End of Year | $ | 11.04 | $ | 11.49 | $ | 10.75 | $ | 9.47 | $ | 9.78 | |||||||||||
| Total Return* | 6.06 | % | 10.15 | % | 13.52 | % | 4.44 | % | (8.01 | )% | |||||||||||
| Ratios and Supplemental Data: | |||||||||||||||||||||
| Net assets, end of year (000s) | $ | 282 | $ | 255 | $ | 219 | $ | 178 | $ | 155 | |||||||||||
| Ratio of gross operating expenses to average net assets (3),(4) | 3.83 | % | 4.35 | % | 3.79 | % | 4.09 | % | 3.50 | % | |||||||||||
| Ratio of net investment income after expense reimbursement/recoupment to average net assets (4) | 2.06 | % | 1.11 | % | 0.00 | % | 0.09 | % | 1.82 | % | |||||||||||
| Portfolio Turnover Rate | 12 | % | 14 | % | 20 | % | 87 | % | 10 | % | |||||||||||
| (1) | 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 Moderately Aggressive Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | ||||||||||||
| (3) | Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Moderately Conservative Balanced Allocation Portfolio: | ||||||||||||||||||||
| 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | 1.99 | % | ||||||||||||
| (4) | 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. | ||||||||||||||||||||
85
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, Investment Quality 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 and 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, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, 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, 2026, 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.
86
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, 2026 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 October 30, 2026 |
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| ADDITIONAL INFORMATION |
| Year Ended August 31, 2026 (Unaudited) |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein
Statement Regarding Basis for Approval of Investment Advisory Agreement (Unaudited)
Board of Trustees (the “Board”) Meeting of April 13, 2026 (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.
Nature, Quality and Scope of Services
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.
Comparative Performance
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:
Large Capitalization Value: 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, 2026 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.
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| ADDITIONAL INFORMATION |
| Year Ended August 31, 2026 (Unaudited)(Continued) |
Large Capitalization Growth: 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, 2026, 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.
Mid-Capitalization: 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, 2026, 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.
Small Capitalization: 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, 2026, 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.
International Equity: 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, 2026, the Portfolio had underperformed its benchmark. In addition, the trustees further noted that the Portfolio had performed virtually even with its benchmark for the six-year period ended February 28, 2026. Upon consideration of all of the factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.
Health & Biotechnology: 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, 2026, the Portfolio underperformed its benchmark. The Trustees further noted that the Portfolio had outperformed its benchmark for the six-year period ended February 28, 2026. 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.
Technology & Communications: The Trustees noted that Oak became the sole adviser to the Portfolio in December 2015 and that since then through February 28, 2026, the Portfolio had underperformed its benchmark. The Trustees also noted that the Portfolio outperformed its benchmark for the five-year period ended February 28, 2026. 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.
Investment Quality Bond Portfolio: The Trustees noted that Saratoga started managing the Portfolio in March 2018 and that since then through February 28, 2026, 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.S. Government Money Market Portfolio: The Trustees noted that Saratoga started managing the Portfolio in October 2020 and that since then through February 28, 2026, 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.
Conservative Balanced Allocation Portfolio: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2026, the Portfolio had outperformed its
89
| ADDITIONAL INFORMATION |
| Year Ended August 31, 2026 (Unaudited)(Continued) |
benchmark. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.
Moderately Conservative Balanced Allocation Portfolio: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2026, the Portfolio had underperformed its benchmark. The Trustees further noted that the Portfolio was virtually even with its benchmark for the six-year period ended February 28, 2026. Upon consideration of all factors they deemed relevant, the Trustees concluded that the performance of the Portfolio was acceptable.
Moderate Balanced Allocation Portfolio: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2026, 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.
Moderately Aggressive Balanced Allocation Portfolio: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2026, 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.
Aggressive Balanced Allocation Portfolio: The Trustees noted that Saratoga started managing the Portfolio in January 2018 and that since then through February 28, 2026, 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.
Comparable Total Average Net Expense Ratio
The total average net expense ratio of each of the Portfolios was compared to Mutual Fund Industry Statistics as reported in the February 28, 2026 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 that the total average net expense ratios for all of the Portfolios were higher than the average of comparable funds, except the total average net ratio for the Aggressive Balanced Allocation Portfolio was slightly 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.
Fees Relative to Comparable Funds
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, and Large Cap Growth Portfolios were slightly higher than the average of comparable funds; and (iii) the fee rates for the Mid Cap, Health & Biotechnology, Technology & Communications, 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 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 a result of fee waivers and reimbursements by Saratoga. The Trustees further noted that with respect to the International Equity Portfolio, the Portfolio’s gross fee rate was higher than the average of comparable funds but that the
90
| ADDITIONAL INFORMATION |
| Year Ended August 31, 2026 (Unaudited)(Continued) |
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.
Economies of Scale
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.
Profitability of Investment Manager
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.
Other Benefits
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.
Conclusion
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.
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How to Obtain Proxy Voting Information
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.
How to Obtain 1st and 3rd Fiscal Quarter Portfolio Holdings
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. |
| (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. |
| (a)(4) | Not applicable |
| (b) | Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto. |
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 | 11/5/26 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
| By (Signature and Title)* | /s/ Jonathan W. Ventimiglia | ||
| Jonathan W. Ventimiglia, President, Treasurer and Chief Financial Officer | |||
| Date | 11/5/26 |
| By (Signature and Title)* | /s/ Bruce E. Ventimiglia | ||
| Bruce E. Ventimiglia, Chief Executive Officer |
| Date | 11/5/26 |
| * | Print the name and title of each signing officer under his or her signature. |