Saratoga Advantage Trust N-CSR Certified annual shareholder report (management investment company)

0000924628 sat:C000196881Member sat:SaratogaMidCapitalizationFundClassIMember 2024-08-31

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)

Stuart M Strauss, 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:	8/31/24

Item 1. Reports to Stockholders.

(a)

Saratoga LARGE CAPITALIZATION VALUE Fund
Annual Shareholder Report	8/31/2024	SLVYX	Class A

This annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Large Capitalization Value Fund, Class A	$245	2.28%

What affected the Fund’s performance during this period?

The Fund’s top contributor during the fiscal year was CACI International. This government IT services leader beat consensus expectations for margins and revenue. Throughout the year, they also announced meaningful new IT wins with key government entities. Clean Harbors Inc. was the Fund’s 2nd top performing stock during this period. This hazardous waste collection and disposal company has benefitted from pricing actions and increased volume. The company has consistently beat and raised expectations in their Environmental Solutions segment which has led to a re-rating. Favorable tailwinds in environmental regulation around PFAS has also propelled the stock. Clean Harbors and CACI are both top positions currently.

The Fund’s main detractors were Lamb Weston, and Dollar General. Lamb Weston underperformed due to a large earnings and revenue cut. They experienced issues with their ERP transition which led to volumes meaningfully missing estimates. They also issued guidance for their 2025 fiscal year that raised caution around overcapacity and pricing. As a result, the stock de-rated significantly. We exited Lamb Weston after the 2025 fiscal year guide. Dollar General underperformed due to concerns around the lower end consumer. This led to sales and earnings missing estimates. Concerns around ceding market share to Walmart and Amazon has also led to a multiple de-rating. We still own Dollar General, but we are evaluating the merits of the original investment thesis and whether it should remain a long-term holding.

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.

Years	Years	Saratoga Large Value (with load)	S&P 500	Morningstar Large Value
Initial Investment	Initial Investment	$10,000	$10,000	$10,000
2014	8/31/2014	$9,348	$10,346	$10,136
2015	8/31/2015	$8,680	$10,489	$9,723
2016	8/31/2016	$9,437	$11,744	$11,141
2017	8/31/2017	$10,214	$14,308	$12,932
2018	8/31/2018	$8,386	$13,680	$11,819
2019	8/31/2019	$11,767	$17,988	$14,773
2020	8/31/2020	$12,653	$21,297	$15,168
2021	8/31/2021	$16,285	$27,411	$19,125
2022	8/31/2022	$15,082	$22,447	$17,975
2023	8/31/2023	$18,070	$28,347	$20,092
2024	8/31/2024	$19,133	$33,882	$23,017

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Large Capitalization Value Fund, Class A (with load)	8.12%	11.96%	6.70%
Saratoga Large Capitalization Value Fund, Class A	14.72%	13.30%	7.34%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Large Value Category	21.17%	11.74%	8.96%

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	$20,248,191	Advisory Fees Paid by the Fund	$135,474
Number of Portfolio Holdings	20	Portfolio Turnover Rate	83%

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

 

Utilities	0.0%
Healthcare	13.1%
Consumer Defensive	6.3%
Technology	20.3%
Industrials	21.9%
Energy	0.0%
Communication Services	9.0%
Real Estate	12.1%
Financial Services	3.4%
Consumer Cyclical	6.2%
Basic Materials	7.8%

Top Holdings (%)
Dreyfus Inst Prefer Govt Money Mkt Inst Class	11.31
CACI International Inc	8.14
Liberty Media Corp-Formula One	7.96
Clean Harbors Inc	6.47
CBRE Group Inc Class A	5.54
Crown Holdings Inc	5.48
APi Group Corp	5.32
Charles River Laboratories International	5.22
Marvell Technology Inc	5.18
SBA Communications Corp Class A	5.18

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, 2024, 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

2

Saratoga LARGE CAPITALIZATION VALUE Fund
Annual Shareholder Report	8/31/2024	SLVCX	Class C

This annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Large Capitalization Value Fund, Class C	$306	2.86%

What affected the Fund’s performance during this period?

The Fund’s top contributor during the fiscal year was CACI International. This government IT services leader beat consensus expectations for margins and revenue. Throughout the year, they also announced meaningful new IT wins with key government entities. Clean Harbors Inc. was the Fund’s 2nd top performing stock during this period. This hazardous waste collection and disposal company has benefitted from pricing actions and increased volume. The company has consistently beat and raised expectations in their Environmental Solutions segment which has led to a re-rating. Favorable tailwinds in environmental regulation around PFAS has also propelled the stock. Clean Harbors and CACI are both top positions currently.

The Fund’s main detractors were Lamb Weston, and Dollar General. Lamb Weston underperformed due to a large earnings and revenue cut. They experienced issues with their ERP transition which led to volumes meaningfully missing estimates. They also issued guidance for their 2025 fiscal year that raised caution around overcapacity and pricing. As a result, the stock de-rated significantly. We exited Lamb Weston after the 2025 fiscal year guide. Dollar General underperformed due to concerns around the lower end consumer. This led to sales and earnings missing estimates. Concerns around ceding market share to Walmart and Amazon has also led to a multiple de-rating. We still own Dollar General, but we are evaluating the merits of the original investment thesis and whether it should remain a long-term holding.

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.

Years	Years	Saratoga Large Value (with load)	S&P 500	Morningstar Large Value
Initial Investment	Initial Investment	$10,000	$10,000	$10,000
2014	8/31/2014	$9,908	$10,346	$10,136
2015	8/31/2015	$9,143	$10,489	$9,723
2016	8/31/2016	$9,880	$11,744	$11,141
2017	8/31/2017	$10,632	$14,308	$12,932
2018	8/31/2018	$8,675	$13,680	$11,819
2019	8/31/2019	$12,104	$17,988	$14,773
2020	8/31/2020	$12,934	$21,297	$15,168
2021	8/31/2021	$16,547	$27,411	$19,125
2022	8/31/2022	$15,234	$22,447	$17,975
2023	8/31/2023	$18,142	$28,347	$20,092
2024	8/31/2024	$19,130	$33,882	$23,017

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Large Capitalization Value Fund, Class C (with load)	13.02%	12.62%	6.70%
Saratoga Large Capitalization Value Fund, Class C	14.02%	12.62%	6.70%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Large Value Category	21.17%	11.74%	8.96%

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	$20,248,191	Advisory Fees Paid by the Fund	$135,474
Number of Portfolio Holdings	20	Portfolio Turnover Rate	83%

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

Utilities	0.0%
Healthcare	13.1%
Consumer Defensive	6.3%
Technology	20.3%
Industrials	21.9%
Energy	0.0%
Communication Services	9.0%
Real Estate	12.1%
Financial Services	3.4%
Consumer Cyclical	6.2%
Basic Materials	7.8%

Top Holdings (%)
Dreyfus Inst Prefer Govt Money Mkt Inst Class	11.31
CACI International Inc	8.14
Liberty Media Corp-Formula One	7.96
Clean Harbors Inc	6.47
CBRE Group Inc Class A	5.54
Crown Holdings Inc	5.48
APi Group Corp	5.32
Charles River Laboratories International	5.22
Marvell Technology Inc	5.18
SBA Communications Corp Class A	5.18

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, 2024, 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

4

Saratoga LARGE CAPITALIZATION VALUE Fund
Annual Shareholder Report	8/31/2024	SLCVX	Class I

This annual shareholder report contains important information about the Saratoga Large Capitalization Value Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Large Capitalization Value Fund, Class I	$201	1.87%

What affected the Fund’s performance this period?

The Fund’s top contributor during the fiscal year was CACI International. This government IT services leader beat consensus expectations for margins and revenue. Throughout the year, they also announced meaningful new IT wins with key government entities. Clean Harbors Inc. was the Fund’s 2nd top performing stock during this period. This hazardous waste collection and disposal company has benefitted from pricing actions and increased volume. The company has consistently beat and raised expectations in their Environmental Solutions segment which has led to a re-rating. Favorable tailwinds in environmental regulation around PFAS has also propelled the stock. Clean Harbors and CACI are both top positions currently.

The Fund’s main detractors were Lamb Weston, and Dollar General. Lamb Weston underperformed due to a large earnings and revenue cut. They experienced issues with their ERP transition which led to volumes meaningfully missing estimates. They also issued guidance for their 2025 fiscal year that raised caution around overcapacity and pricing. As a result, the stock de-rated significantly. We exited Lamb Weston after the 2025 fiscal year guide. Dollar General underperformed due to concerns around the lower end consumer. This led to sales and earnings missing estimates. Concerns around ceding market share to Walmart and Amazon has also led to a multiple de-rating. We still own Dollar General, but we are evaluating the merits of the original investment thesis and whether it should remain a long-term holding.

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.

Years	Years	Saratoga Large Value	S&P 500	Morningstar Large Value
Initial Investment	Initial Investment	$10,000	$10,000	$10,000
2014	8/31/2014	$9,934	$10,346	$10,136
2015	8/31/2015	$9,258	$10,489	$9,723
2016	8/31/2016	$10,106	$11,744	$11,141
2017	8/31/2017	$10,981	$14,308	$12,932
2018	8/31/2018	$9,054	$13,680	$11,819
2019	8/31/2019	$12,753	$17,988	$14,773
2020	8/31/2020	$13,775	$21,297	$15,168
2021	8/31/2021	$17,798	$27,411	$19,125
2022	8/31/2022	$16,550	$22,447	$17,975
2023	8/31/2023	$19,906	$28,347	$20,092
2024	8/31/2024	$21,134	$33,882	$23,017

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Large Capitalization Value Fund, Class I	15.20%	13.76%	7.77%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Large Value Category	21.17%	11.74%	8.96%

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	$20,248,191	Advisory Fees Paid by the Fund	$135,474
Number of Portfolio Holdings	20	Portfolio Turnover Rate	83%

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

Utilities	0.0%
Healthcare	13.1%
Consumer Defensive	6.3%
Technology	20.3%
Industrials	21.9%
Energy	0.0%
Communication Services	9.0%
Real Estate	12.1%
Financial Services	3.4%
Consumer Cyclical	6.2%
Basic Materials	7.8%

Top Holdings (%)
Dreyfus Inst Prefer Govt Money Mkt Inst Class	11.31
CACI International Inc	8.14
Liberty Media Corp-Formula One	7.96
Clean Harbors Inc	6.47
CBRE Group Inc Class A	5.54
Crown Holdings Inc	5.48
APi Group Corp	5.32
Charles River Laboratories International	5.22
Marvell Technology Inc	5.18
SBA Communications Corp Class A	5.18

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, 2024, 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

6

SARATOGA LARGE CAPITALIZATION GROWTH FUND
Annual Shareholder Report	8/31/2024	SLGYX	Class A

This annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Large Capitalization Growth Fund, Class A	$249	2.11%

What affected the Fund’s performance during this period?

Despite rising equity prices during the period, the Fund remained focused on stock selection, which amounted for the entirety of the Fund's excess return. This stock selection impact was most apparent in the Information Technology and Consumer Discretionary sectors. Smaller sectors such as Energy, Utilities, Materials, and Real Estate had little impact due to limited stock selection opportunities. AppLovin Corp. (+121.4%) was the top Fund holding. We view AppLovin as a high-growth mobile app platform that excels in monetization, marketing, and analytics. We see potential double-digit growth in the company's software revenue, driven primarily by its gaming division, through 2026. Due to threshold limits set by mutual fund diversification rules that this Fund is privy to, the Fund held a significant underweight position in Mega-Cap Technology, Communication Services, and Consumer Discretionary stocks relative to common growth indexes, which was a headwind to relative performance. For example, key stocks such as Microsoft, Apple, Nvidia, Alphabet, and Amazon made up 43.4% of the Russell 1000 Growth Index, while the Fund allocated 32.7% on average to these names. These stocks outpaced the index and returned 48.5%, and the Fund's underweight position created a 1.4% performance drag.

From a risk perspective, the Fund's active weight constraints helped reduce exposure to market volatility and sentiment shifts during the period.

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.

Years	Years	Saratoga Large Growth (with load)	S&P 500	Morningstar Large Growth
Initial Investment	Initial Investment	$10,000	$10,000	$10,000
2014	8/31/2014	$9,953	$10,346	$10,242
2015	8/31/2015	$10,907	$10,489	$10,608
2016	8/31/2016	$10,861	$11,744	$10,946
2017	8/31/2017	$14,102	$14,308	$13,994
2018	8/31/2018	$13,976	$13,680	$13,690
2019	8/31/2019	$17,607	$17,988	$18,031
2020	8/31/2020	$22,574	$21,297	$24,310
2021	8/31/2021	$29,733	$27,411	$29,290
2022	8/31/2022	$21,112	$22,447	$20,444
2023	8/31/2023	$29,158	$28,347	$27,799
2024	8/31/2024	$36,307	$33,882	$33,065

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Large Capitalization Growth Fund, Class A (with load)	28.10%	16.54%	13.76%
Saratoga Large Capitalization Growth Fund, Class A	35.90%	17.93%	14.44%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Large Growth Category	28.28%	15.37%	13.24%

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	$33,018,984	Advisory Fees Paid by the Fund	$192,725
Number of Portfolio Holdings	51	Portfolio Turnover Rate	99%

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

Utilities	0.0%
Healthcare	9.5%
Consumer Defensive	5.3%
Technology	49.7%
Industrials	4.6%
Energy	0.0%
Communication Services	12.6%
Real Estate	0.0%
Financial Services	5.7%
Consumer Cyclical	12.6%
Basic Materials	0.0%

Top Holdings (%)
Microsoft Corp	7.86
Apple Inc	7.54
NVIDIA Corp	6.68
Meta Platforms Inc Class A	4.36
Amazon.com Inc	4.04
Broadcom Inc	2.65
Progressive Corp	2.57
Arista Networks Inc	2.45
AppLovin Corp Class A	2.44
Spotify Technology	2.38

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, 2024, 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

8

SARATOGA LARGE CAPITALIZATION GROWTH FUND
Annual Shareholder Report	8/31/2024	SLGCX	Class C

This annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Large Capitalization Growth Fund, Class C	$314	2.67%

What affected the Fund’s performance during this period?

Despite rising equity prices during the period, the Fund remained focused on stock selection, which amounted for the entirety of the Fund's excess return. This stock selection impact was most apparent in the Information Technology and Consumer Discretionary sectors. Smaller sectors such as Energy, Utilities, Materials, and Real Estate had little impact due to limited stock selection opportunities. AppLovin Corp. (+121.4%) was the top Fund holding. We view AppLovin as a high-growth mobile app platform that excels in monetization, marketing, and analytics. We see potential double-digit growth in the company's software revenue, driven primarily by its gaming division, through 2026. Due to threshold limits set by mutual fund diversification rules that this Fund is privy to, the Fund held a significant underweight position in Mega-Cap Technology, Communication Services, and Consumer Discretionary stocks relative to common growth indexes, which was a headwind to relative performance. For example, key stocks such as Microsoft, Apple, Nvidia, Alphabet, and Amazon made up 43.4% of the Russell 1000 Growth Index, while the Fund allocated 32.7% on average to these names. These stocks outpaced the index and returned 48.5%, and the Fund's underweight position created a 1.4% performance drag.

From a risk perspective, the Fund's active weight constraints helped reduce exposure to market volatility and sentiment shifts during the period.

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.

Years	Years	Saratoga Large Growth (with load)	S&P 500	Morningstar Large Growth
Initial Investment	Initial Investment	$10,000	$10,000	$10,000
2014	8/31/2014	$10,537	$10,346	$10,242
2015	8/31/2015	$11,484	$10,489	$10,608
2016	8/31/2016	$11,372	$11,744	$10,946
2017	8/31/2017	$14,678	$14,308	$13,994
2018	8/31/2018	$14,445	$13,680	$13,690
2019	8/31/2019	$18,096	$17,988	$18,031
2020	8/31/2020	$23,054	$21,297	$24,310
2021	8/31/2021	$30,203	$27,411	$29,290
2022	8/31/2022	$21,321	$22,447	$20,444
2023	8/31/2023	$29,281	$28,347	$27,799
2024	8/31/2024	$36,282	$33,882	$33,065

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Large Capitalization Growth Fund, Class C (with load)	34.00%	17.22%	13.75%
Saratoga Large Capitalization Growth Fund, Class C	35.00%	17.22%	13.75%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Large Growth Category	28.28%	15.37%	13.24%

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	$33,018,984	Advisory Fees Paid by the Fund	$192,725
Number of Portfolio Holdings	51	Portfolio Turnover Rate	99%

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

Utilities	0.0%
Healthcare	9.5%
Consumer Defensive	5.3%
Technology	49.7%
Industrials	4.6%
Energy	0.0%
Communication Services	12.6%
Real Estate	0.0%
Financial Services	5.7%
Consumer Cyclical	12.6%
Basic Materials	0.0%

Top Holdings (%)
Microsoft Corp	7.86
Apple Inc	7.54
NVIDIA Corp	6.68
Meta Platforms Inc Class A	4.36
Amazon.com Inc	4.04
Broadcom Inc	2.65
Progressive Corp	2.57
Arista Networks Inc	2.45
AppLovin Corp Class A	2.44
Spotify Technology	2.38

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, 2024, 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

10

SARATOGA LARGE CAPITALIZATION GROWTH FUND
Annual Shareholder Report	8/31/2024	SLCGX	Class I

This annual shareholder report contains important information about the Saratoga Large Capitalization Growth Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Large Capitalization Growth Fund, Class I	$201	1.70%

What affected the Fund’s performance during this period?

Despite rising equity prices during the period, the Fund remained focused on stock selection, which amounted for the entirety of the Fund's excess return. This stock selection impact was most apparent in the Information Technology and Consumer Discretionary sectors. Smaller sectors such as Energy, Utilities, Materials, and Real Estate had little impact due to limited stock selection opportunities. AppLovin Corp. (+121.4%) was the top Fund holding. We view AppLovin as a high-growth mobile app platform that excels in monetization, marketing, and analytics. We see potential double-digit growth in the company's software revenue, driven primarily by its gaming division, through 2026. Due to threshold limits set by mutual fund diversification rules that this Fund is privy to, the Fund held a significant underweight position in Mega-Cap Technology, Communication Services, and Consumer Discretionary stocks relative to common growth indexes, which was a headwind to relative performance. For example, key stocks such as Microsoft, Apple, Nvidia, Alphabet, and Amazon made up 43.4% of the Russell 1000 Growth Index, while the Fund allocated 32.7% on average to these names. These stocks outpaced the index and returned 48.5%, and the Fund's underweight position created a 1.4% performance drag.

From a risk perspective, the Fund's active weight constraints helped reduce exposure to market volatility and sentiment shifts during the period.

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.

Years	Years	Saratoga Large Growth	S&P 500	Morningstar Large Growth
Initial Investment	Initial Investment	$10,000	$10,000	$10,000
2014	8/31/2014	$10,571	$10,346	$10,242
2015	8/31/2015	$11,634	$10,489	$10,608
2016	8/31/2016	$11,635	$11,744	$10,946
2017	8/31/2017	$15,167	$14,308	$13,994
2018	8/31/2018	$15,086	$13,680	$13,690
2019	8/31/2019	$19,087	$17,988	$18,031
2020	8/31/2020	$24,565	$21,297	$24,310
2021	8/31/2021	$32,489	$27,411	$29,290
2022	8/31/2022	$23,154	$22,447	$20,444
2023	8/31/2023	$32,116	$28,347	$27,799
2024	8/31/2024	$40,091	$33,882	$33,065

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Large Capitalization Growth Fund, Class I	36.43%	18.40%	14.90%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Large Growth Category	28.28%	15.37%	13.24%

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	$33,018,984	Advisory Fees Paid by the Fund	$192,725
Number of Portfolio Holdings	51	Portfolio Turnover Rate	99%

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

Utilities	0.0%
Healthcare	9.5%
Consumer Defensive	5.3%
Technology	49.7%
Industrials	4.6%
Energy	0.0%
Communication Services	12.6%
Real Estate	0.0%
Financial Services	5.7%
Consumer Cyclical	12.6%
Basic Materials	0.0%

Top Holdings (%)
Microsoft Corp	7.86
Apple Inc	7.54
NVIDIA Corp	6.68
Meta Platforms Inc Class A	4.36
Amazon.com Inc	4.04
Broadcom Inc	2.65
Progressive Corp	2.57
Arista Networks Inc	2.45
AppLovin Corp Class A	2.44
Spotify Technology	2.38

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, 2024, 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

12

SARATOGA MID CAPITALIZATION FUND
Annual Shareholder Report	8/31/2024	SPMAX	Class A

This annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Mid Capitalization Fund, Class A	$227	2.03%

What affected the Fund’s performance this period?

During the period, stock selection in Utilities was the largest contributor to positive relative performance, with Vistra Corp as the top name. Industrials stock selection delivered outperformance with Vertiv Holdings Co. the strongest performer. Stock selection within Consumer Discretionary contributed to performance with Royal Caribbean Group as the top performer. Within Health Care, stock selection delivered outperformance with Cencora, Inc the leading name. Stock selection within Information Technology contributed, led by Monolithic Power Systems. Stock selection within Energy, with top name Diamondback Energy, Inc., contributed to outperformance. Outperformance within Financials came from both an overweight to the sector, and security selection, with Reinsurance Group of America, Incorporated leading. The portfolio was underweight Communication Services and Consumer Staples, which underperformed the benchmark, benefitting performance.

The greatest detractor to performance was an overweight in Materials which underperformed the benchmark, while an underweight in Real Estate, an outperforming sector, detracted from performance as well.

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.

Year	Year	Saratoga Mid Cap (with load)	S&P 500	Morningstar Mid Blend
Initial Investment	Initial Investments	$                                                      10,000	$                    10,000	$                                             10,000
2014	8/31/2014	$                                                         9,589	$                    10,346	$                                             10,051
2015	8/31/2015	$                                                         9,200	$                    10,489	$                                                9,598
2016	8/31/2016	$                                                         9,645	$                    11,744	$                                             10,908
2017	8/31/2017	$                                                      10,893	$                    14,308	$                                             12,638
2018	8/31/2018	$                                                         9,034	$                    13,680	$                                             11,205
2019	8/31/2019	$                                                      11,739	$                    17,988	$                                             14,104
2020	8/31/2020	$                                                      12,881	$                    21,297	$                                             15,825
2021	8/31/2021	$                                                      15,438	$                    27,411	$                                             19,554
2022	8/31/2022	$                                                      13,601	$                    22,447	$                                             16,789
2023	8/31/2023	$                                                      15,711	$                    28,347	$                                             19,461
2024	8/31/2024	$                                                      17,537	$                    33,882	$                                             21,876

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Mid Capitalization Fund, Class A (with load)	16.24%	8.64%	5.78%
Saratoga Mid Capitalization Fund, Class A	23.32%	9.92%	6.41%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Mid Capitalization Blend Category	19.35%	11.31%	8.80%

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

THE SARATOGA ADVANTAGE TRUST

13

Fund Statistics
Total Net Assets	$12,705,597	Advisory Fees Paid by the Fund	$86,852
Number of Portfolio Holdings	59	Portfolio Turnover Rate	129%

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

 

Utilities	1.9%
Healthcare	8.7%
Consumer Defensive	2.0%
Technology	15.3%
Industrials	23.9%
Energy	4.8%
Communication Services	1.1%
Real Estate	7.9%
Financial Services	16.9%
Consumer Cyclical	13.4%
Basic Materials	4.0%

Top Holdings (%)
Royal Caribbean Group	3.89
Monolithic Power Systems Inc	3.13
Cencora Inc.	2.83
EastGroup Properties Inc	2.80
Vulcan Materials Co	2.78
Tyler Technologies Inc	2.75
Nasdaq Inc	2.52
Extra Space Storage Inc	2.50
Cushman & Wakefield plc	2.49
Axon Enterprise Inc	2.34

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, 2024, 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

14

SARATOGA MID CAPITALIZATION FUND
Annual Shareholder Report	8/31/2024	SPMCX	Class C

This annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Mid Capitalization Fund, Class C	$293	2.63%

What affected the Fund’s performance this period?

During the period, stock selection in Utilities was the largest contributor to positive relative performance, with Vistra Corp as the top name. Industrials stock selection delivered outperformance with Vertiv Holdings Co. the strongest performer. Stock selection within Consumer Discretionary contributed to performance with Royal Caribbean Group as the top performer. Within Health Care, stock selection delivered outperformance with Cencora, Inc the leading name. Stock selection within Information Technology contributed, led by Monolithic Power Systems. Stock selection within Energy, with top name Diamondback Energy, Inc., contributed to outperformance. Outperformance within Financials came from both an overweight to the sector, and security selection, with Reinsurance Group of America, Incorporated leading. The portfolio was underweight Communication Services and Consumer Staples, which underperformed the benchmark, benefitting performance.

The greatest detractor to performance was an overweight in Materials which underperformed the benchmark, while an underweight in Real Estate, an outperforming sector, detracted from performance as well.

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.

Years	Years	Saratoga Mid Cap (with load)	S&P 500	Morningstar Mid Blend
Initial Investment	Initial Investment	$                                                       10,000	$                           10,000	$                                             10,000
2014	8/31/2014	$                                                       10,178	$                           10,346	$                                             10,051
2015	8/31/2015	$                                                          9,702	$                           10,489	$                                                9,598
2016	8/31/2016	$                                                       10,114	$                           11,744	$                                             10,908
2017	8/31/2017	$                                                       11,353	$                           14,308	$                                             12,638
2018	8/31/2018	$                                                          9,359	$                           13,680	$                                             11,205
2019	8/31/2019	$                                                       12,079	$                           17,988	$                                             14,104
2020	8/31/2020	$                                                       13,178	$                           21,297	$                                             15,825
2021	8/31/2021	$                                                       15,719	$                           27,411	$                                             19,554
2022	8/31/2022	$                                                       13,752	$                           22,447	$                                             16,789
2023	8/31/2023	$                                                       15,794	$                           28,347	$                                             19,461
2024	8/31/2024	$                                                       17,559	$                           33,882	$                                             21,876

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Mid Capitalization Fund, Class C (with load)	21.64%	9.28%	5.79%
Saratoga Mid Capitalization Fund, Class C	22.64%	9.28%	5.79%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Mid Capitalization Blend Category	19.35%	11.31%	8.80%

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

THE SARATOGA ADVANTAGE TRUST

15

Fund Statistics
Total Net Assets	$12,705,597	Advisory Fees Paid by the Fund	$86,852
Number of Portfolio Holdings	59	Portfolio Turnover Rate	129%

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

Utilities	1.9%
Healthcare	8.7%
Consumer Defensive	2.0%
Technology	15.3%
Industrials	23.9%
Energy	4.8%
Communication Services	1.1%
Real Estate	7.9%
Financial Services	16.9%
Consumer Cyclical	13.4%
Basic Materials	4.0%

Top Holdings (%)
Royal Caribbean Group	3.89
Monolithic Power Systems Inc	3.13
Cencora Inc.	2.83
EastGroup Properties Inc	2.80
Vulcan Materials Co	2.78
Tyler Technologies Inc	2.75
Nasdaq Inc	2.52
Extra Space Storage Inc	2.50
Cushman & Wakefield plc	2.49
Axon Enterprise Inc	2.34

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, 2024, 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

16

SARATOGA MID CAPITALIZATION FUND
Annual Shareholder Report	8/31/2024	SMIPX	Class I

This annual shareholder report contains important information about the Saratoga Mid Capitalization Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Mid Capitalization Fund, Class I	$182	1.63%

What affected the Fund’s performance this period?

During the period, stock selection in Utilities was the largest contributor to positive relative performance, with Vistra Corp as the top name. Industrials stock selection delivered outperformance with Vertiv Holdings Co. the strongest performer. Stock selection within Consumer Discretionary contributed to performance with Royal Caribbean Group as the top performer. Within Health Care, stock selection delivered outperformance with Cencora, Inc the leading name. Stock selection within Information Technology contributed, led by Monolithic Power Systems. Stock selection within Energy, with top name Diamondback Energy, Inc., contributed to outperformance. Outperformance within Financials came from both an overweight to the sector, and security selection, with Reinsurance Group of America, Incorporated leading. The portfolio was underweight Communication Services and Consumer Staples, which underperformed the benchmark, benefitting performance.

The greatest detractor to performance was an overweight in Materials which underperformed the benchmark, while an underweight in Real Estate, an outperforming sector, detracted from performance as well.

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.

Years	Years	Saratoga Mid Cap	S&P 500	Morningstar Mid Blend
Initial Investment	Initial Investment	$                                             10,000	$                                             10,000	$                                             10,000
2014	8/31/2014	$                                             10,190	$                                             10,346	$                                             10,051
2015	8/31/2015	$                                                9,814	$                                             10,489	$                                                9,598
2016	8/31/2016	$                                             10,337	$                                             11,744	$                                             10,908
2017	8/31/2017	$                                             11,713	$                                             14,308	$                                             12,638
2018	8/31/2018	$                                                9,754	$                                             13,680	$                                             11,205
2019	8/31/2019	$                                             12,718	$                                             17,988	$                                             14,104
2020	8/31/2020	$                                             14,018	$                                             21,297	$                                             15,825
2021	8/31/2021	$                                             16,881	$                                             27,411	$                                             19,554
2022	8/31/2022	$                                             14,922	$                                             22,447	$                                             16,789
2023	8/31/2023	$                                             17,317	$                                             28,347	$                                             19,461
2024	8/31/2024	$                                             19,369	$                                             33,882	$                                             21,876

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Mid Capitalization Fund, Class I	23.90%	10.37%	6.83%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Mid Capitalization Blend Category	19.35%	11.31%	8.80%

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

THE SARATOGA ADVANTAGE TRUST

17

Fund Statistics
Total Net Assets	$12,705,597	Advisory Fees Paid by the Fund	$86,852
Number of Portfolio Holdings	59	Portfolio Turnover Rate	129%

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

Utilities	1.9%
Healthcare	8.7%
Consumer Defensive	2.0%
Technology	15.3%
Industrials	23.9%
Energy	4.8%
Communication Services	1.1%
Real Estate	7.9%
Financial Services	16.9%
Consumer Cyclical	13.4%
Basic Materials	4.0%

Top Holdings (%)
Royal Caribbean Group	3.89
Monolithic Power Systems Inc	3.13
Cencora Inc.	2.83
EastGroup Properties Inc	2.80
Vulcan Materials Co	2.78
Tyler Technologies Inc	2.75
Nasdaq Inc	2.52
Extra Space Storage Inc	2.50
Cushman & Wakefield plc	2.49
Axon Enterprise Inc	2.34

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, 2024, 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

18

Saratoga SMALL CAPITALIZATION Fund
Annual Shareholder Report	8/31/2024	SSCYX	Class A

This annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Small Capitalization Fund, Class A	$251	2.28%

What affected the Fund’s performance this period?

During the period, portfolio management was keenly focused on the impacts of balance sheet health and interest rates on smaller companies. The stress of the higher cost of capital on the sector led the portfolio to overweight sectors sometimes viewed as more defensive and value-based: Materials, Industrials, and Consumer Staples. These localized producers, distributors, and consumer staples companies have realized an uptick in demand over the past several years. As supply chain disruptions have occurred - Covid-19, the Evergreen running aground in the Suez Canal, the tragic Baltimore bridge collapse – some national and multinational distributors and manufacturers have faced issues importing and exporting their goods. The overweight in these defensive sectors helped performance during the period.

Towards the end of the period, the portfolio trimmed its Consumer Staples holdings and added to Consumer Discretionary in light of positive economic data, including sustained consumer spending and falling inflation, benefitting performance.

The portfolio held underweights in Financials, Energy, and Real Estate. Smaller banks have been under more pressure from higher interest rates than larger national and global banks. Smaller banks are generally paying higher interest premiums, which has dented their bottom line; the portfolio’s underweight to these companies benefitted performance. The underweight to Energy and Real Estate were a detractor from performance.

How did the Fund perform over the past 10 years?

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

Years	Years	Saratoga Small Cap (with load)	S&P 500	Morningstar Small Blend
Initial Investment	Initial Investment	$       10,000	$        10,000	$  10,000
2014	8/31/2014	$          9,448	$        10,346	$  10,132
2015	8/31/2015	$          8,495	$        10,489	$     9,592
2016	8/31/2016	$          9,575	$        11,744	$  11,568
2017	8/31/2017	$       11,032	$        14,308	$  13,003
2018	8/31/2018	$          9,189	$        13,680	$  11,347
2019	8/31/2019	$       11,312	$        17,988	$  14,015
2020	8/31/2020	$       14,189	$        21,297	$  15,513
2021	8/31/2021	$       17,584	$        27,411	$  19,212
2022	8/31/2022	$       14,461	$        22,447	$  16,071
2023	8/31/2023	$       16,590	$        28,347	$  18,645
2024	8/31/2024	$       18,442	$        33,882	$  20,549

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Small Capitalization Fund, Class A (with load)	12.86%	10.96%	6.32%
Saratoga Small Capitalization Fund, Class A	19.75%	12.30%	6.94%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Small Capitalization Blend Category	17.61%	10.62%	7.99%

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	$7,385,089	Advisory Fees Paid by the Fund	$43,510
Number of Portfolio Holdings	102	Portfolio Turnover Rate	135%

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

Utilities	0.4%
Healthcare	14.9%
Consumer Defensive	4.3%
Technology	17.0%
Industrials	12.1%
Energy	3.5%
Communication Services	0.7%
Real Estate	6.7%
Financial Services	21.7%
Consumer Cyclical	13.0%
Basic Materials	5.7%

Top Holdings (%)
Sylvamo Corp	2.02
Mercury General Corp	2.00
ProAssurance Corp	1.99
Financial Institutions Inc	1.98
Kennedy-Wilson Holdings Inc	1.98
ADMA Biologics Inc	1.97
Madison Square Garden Entertainment	1.94
Applied Industrial Technologies Inc	1.89
ChoiceOne Financial Services Inc	1.89
Dreyfus Inst Prefer Govt Money Mkt Inst Class	1.85

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, 2024, 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

20

Saratoga SMALL CAPITALIZATION Fund
Annual Shareholder Report	8/31/2024	SSCCX	Class C

This annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Small Capitalization Fund, Class C	$319	2.91%

What affected the Fund’s performance this period?

During the period, portfolio management was keenly focused on the impacts of balance sheet health and interest rates on smaller companies. The stress of the higher cost of capital on the sector led the portfolio to overweight sectors sometimes viewed as more defensive and value-based: Materials, Industrials, and Consumer Staples. These localized producers, distributors, and consumer staples companies have realized an uptick in demand over the past several years. As supply chain disruptions have occurred - Covid-19, the Evergreen running aground in the Suez Canal, the tragic Baltimore bridge collapse – some national and multinational distributors and manufacturers have faced issues importing and exporting their goods. The overweight in these defensive sectors helped performance during the period.

Towards the end of the period, the portfolio trimmed its Consumer Staples holdings and added to Consumer Discretionary in light of positive economic data, including sustained consumer spending and falling inflation, benefitting performance.

The portfolio held underweights in Financials, Energy, and Real Estate. Smaller banks have been under more pressure from higher interest rates than larger national and global banks. Smaller banks are generally paying higher interest premiums, which has dented their bottom line; the portfolio’s underweight to these companies benefitted performance. The underweight to Energy and Real Estate were a detractor from performance.

How did the Fund perform over the past 10 years?

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

Years	Years	Saratoga Small Cap (with load)	S&P 500	Morningstar Small Blend
Initial Investment	Initial Investment	$         10,000	$   10,000	$  10,000
2014	8/31/2014	$            9,991	$   10,346	$  10,132
2015	8/31/2015	$            8,941	$   10,489	$     9,592
2016	8/31/2016	$         10,025	$   11,744	$  11,568
2017	8/31/2017	$         11,472	$   14,308	$  13,003
2018	8/31/2018	$            9,521	$   13,680	$  11,347
2019	8/31/2019	$         11,621	$   17,988	$  14,015
2020	8/31/2020	$         14,515	$   21,297	$  15,513
2021	8/31/2021	$         17,855	$   27,411	$  19,212
2022	8/31/2022	$         14,575	$   22,447	$  16,071
2023	8/31/2023	$         16,728	$   28,347	$  18,645
2024	8/31/2024	$         18,550	$   33,882	$  20,549

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Small Capitalization Fund, Class C (with load)	18.15%	11.76%	6.37%
Saratoga Small Capitalization Fund, Class C	19.15%	11.76%	6.37%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Small Capitalization Blend Category	17.61%	10.62%	7.99%

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	$7,385,089	Advisory Fees Paid by the Fund	$43,510
Number of Portfolio Holdings	102	Portfolio Turnover Rate	135%

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

Utilities	0.4%
Healthcare	14.9%
Consumer Defensive	4.3%
Technology	17.0%
Industrials	12.1%
Energy	3.5%
Communication Services	0.7%
Real Estate	6.7%
Financial Services	21.7%
Consumer Cyclical	13.0%
Basic Materials	5.7%

Top Holdings (%)
Sylvamo Corp	2.02
Mercury General Corp	2.00
ProAssurance Corp	1.99
Financial Institutions Inc	1.98
Kennedy-Wilson Holdings Inc	1.98
ADMA Biologics Inc	1.97
Madison Square Garden Entertainment	1.94
Applied Industrial Technologies Inc	1.89
ChoiceOne Financial Services Inc	1.89
Dreyfus Inst Prefer Govt Money Mkt Inst Class	1.85

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, 2024, 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

22

Saratoga SMALL CAPITALIZATION Fund
Annual Shareholder Report	8/31/2024	SSCPX	Class I

This annual shareholder report contains important information about the Saratoga Small Capitalization Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Small Capitalization Fund, Class I	$207	1.88%

What affected the Fund’s performance during this period?

During the period, portfolio management was keenly focused on the impacts of balance sheet health and interest rates on smaller companies. The stress of the higher cost of capital on the sector led the portfolio to overweight sectors sometimes viewed as more defensive and value-based: Materials, Industrials, and Consumer Staples. These localized producers, distributors, and consumer staples companies have realized an uptick in demand over the past several years. As supply chain disruptions have occurred - Covid-19, the Evergreen running aground in the Suez Canal, the tragic Baltimore bridge collapse – some national and multinational distributors and manufacturers have faced issues importing and exporting their goods. The overweight in these defensive sectors helped performance during the period.

Towards the end of the period, the portfolio trimmed its Consumer Staples holdings and added to Consumer Discretionary in light of positive economic data, including sustained consumer spending and falling inflation, benefitting performance.

The portfolio held underweights in Financials, Energy, and Real Estate. Smaller banks have been under more pressure from higher interest rates than larger national and global banks. Smaller banks are generally paying higher interest premiums, which has dented their bottom line; the portfolio’s underweight to these companies benefitted performance. The underweight to Energy and Real Estate were a detractor from performance.

How did the Fund perform over the past 10 years?

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

Years	Years	Saratoga Small Cap	S&P 500	Morningstar Small Blend
Initial Investment	Initial Investment	$ 10,000	$     10,000	$  10,000
2014	8/31/2014	$ 10,034	$     10,346	$  10,132
2015	8/31/2015	$    9,064	$     10,489	$     9,592
2016	8/31/2016	$ 10,254	$     11,744	$  11,568
2017	8/31/2017	$ 11,851	$     14,308	$  13,003
2018	8/31/2018	$    9,918	$     13,680	$  11,347
2019	8/31/2019	$ 12,270	$     17,988	$  14,015
2020	8/31/2020	$ 15,383	$     21,297	$  15,513
2021	8/31/2021	$ 19,154	$     27,411	$  19,212
2022	8/31/2022	$ 15,812	$     22,447	$  16,071
2023	8/31/2023	$ 18,208	$     28,347	$  18,645
2024	8/31/2024	$ 20,292	$     33,882	$  20,549

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Small Capitalization Fund, Class I	20.22%	12.68%	7.33%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Small Capitalization Blend Category	17.61%	10.62%	7.99%

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	$7,385,089	Advisory Fees Paid by the Fund	$43,510
Number of Portfolio Holdings	102	Portfolio Turnover Rate	135%

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

Utilities	0.4%
Healthcare	14.9%
Consumer Defensive	4.3%
Technology	17.0%
Industrials	12.1%
Energy	3.5%
Communication Services	0.7%
Real Estate	6.7%
Financial Services	21.7%
Consumer Cyclical	13.0%
Basic Materials	5.7%

Top Holdings (%)
Sylvamo Corp	2.02
Mercury General Corp	2.00
ProAssurance Corp	1.99
Financial Institutions Inc	1.98
Kennedy-Wilson Holdings Inc	1.98
ADMA Biologics Inc	1.97
Madison Square Garden Entertainment	1.94
Applied Industrial Technologies Inc	1.89
ChoiceOne Financial Services Inc	1.89
Dreyfus Inst Prefer Govt Money Mkt Inst Class	1.85

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, 2024, 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

24

SARATOGA INTERNATIONAL EQUITY FUND
Annual Shareholder Report	8/31/2024	SIEYX	Class A

This annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga International Equity Fund, Class A	$298	2.80%

What affected the Fund’s performance during this period?

In the Fund, Emerging Asia accounted for the bulk of underperformance. The largest negative impact was due to China based holdings, although the underweight to the country mitigated some of the drag. Conversely, the underweight to India was a detriment. Developed Europe was the top contributing region, led by holdings in the UK, Denmark, and Switzerland. Developed Americas (Canada) was the second largest contributor despite its small weight.

From a sector view, the Information Technology sector was the main detractor largely due to stocks not held (e.g. SAP, ASML) while Consumer Staples was the largest detractor in terms of stock selection. Haidilao International (-34%), a Chinese operator of hot pot restaurants, and ORION Corp (-24%), a South Korean confectionary manufacturer, were the primary underperformers. Industrial holdings were the largest outperformers, led by Japanese machinery maker Mitsubishi Heavy Industries (+136%). The Materials sector was the second largest contributor to excess return, thanks to Canadian gold miner Kinross Gold (+89%).

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.

Years	Years	Saratoga International Equity (with load)	MSCI AW Ex-USA
Initial Investment	Initial Investment	$    10,000	$  10,000
2014	8/31/2014	$       8,293	$     9,147
2015	8/31/2015	$       7,774	$     8,630
2016	8/31/2016	$       7,767	$     9,017
2017	8/31/2017	$       9,179	$  11,469
2018	8/31/2018	$       6,959	$     9,841
2019	8/31/2019	$       8,307	$  11,958
2020	8/31/2020	$       8,760	$  13,232
2021	8/31/2021	$    10,415	$  14,267
2022	8/31/2022	$       8,106	$  11,984
2023	8/31/2023	$       9,259	$  13,856
2024	8/31/2024	$    10,145	$  15,410

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga International Equity Fund, Class A (with load)	6.62%	5.25%	0.14%
Saratoga International Equity Fund, Class A	13.08%	6.49%	0.74%
MSCI ACWI Ex-USA Index	18.21%	7.56%	4.42%

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	$3,535,156	Advisory Fees Paid by the Fund	$24,839
Number of Portfolio Holdings	43	Portfolio Turnover Rate	38%

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

Utilities	0.4%
Healthcare	14.9%
Consumer Defensive	4.3%
Technology	17.0%
Industrials	12.1%
Energy	3.5%
Communication Services	0.7%
Real Estate	6.7%
Financial Services	21.7%
Consumer Cyclical	13.0%
Basic Materials	5.7%

Top Holdings (%)
Mitsubishi Heavy Industries Ltd	3.32
Taiwan Semiconductor Manufacturing	3.06
Allianz S.E.	2.84
Check Point Software Technologies	2.83
Coca-Cola Europacific Partners plc	2.80
Sumitomo Mitsui Financial Group Inc	2.80
Rolls-Royce Holdings plc	2.78
Compagnie de Saint-Gobain SA	2.77
Banco Santander SA	2.75
Kinross Gold Corp	2.73

Regional Exposure
Americas	6.3
Greater Europe	50.2
Greater Asia	43.5

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, 2024, 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

26

SARATOGA INTERNATIONAL EQUITY FUND
Annual Shareholder Report	8/31/2024	SIECX	Class C

This annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga International Equity Fund, Class C	$347	3.27%

What affected the Fund’s performance during this period?

In the Fund, Emerging Asia accounted for the bulk of underperformance. The largest negative impact was due to China based holdings, although the underweight to the country mitigated some of the drag. Conversely, the underweight to India was a detriment. Developed Europe was the top contributing region, led by holdings in the UK, Denmark, and Switzerland. Developed Americas (Canada) was the second largest contributor despite its small weight.

From a sector view, the Information Technology sector was the main detractor largely due to stocks not held (e.g. SAP, ASML) while Consumer Staples was the largest detractor in terms of stock selection. Haidilao International (-34%), a Chinese operator of hot pot restaurants, and ORION Corp (-24%), a South Korean confectionary manufacturer, were the primary underperformers. Industrial holdings were the largest outperformers, led by Japanese machinery maker Mitsubishi Heavy Industries (+136%). The Materials sector was the second largest contributor to excess return, thanks to Canadian gold miner Kinross Gold (+89%).

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.

Years	Years	Saratoga International Equity (with load)	MSCI AW Ex-USA
Initial Investment	Initial Investment	$        10,000	$  10,000
2014	8/31/2014	$           8,777	$     9,147
2015	8/31/2015	$           8,176	$     8,630
2016	8/31/2016	$           8,128	$     9,017
2017	8/31/2017	$           9,542	$  11,469
2018	8/31/2018	$           7,182	$     9,841
2019	8/31/2019	$           8,529	$  11,958
2020	8/31/2020	$           8,940	$  13,232
2021	8/31/2021	$        10,558	$  14,267
2022	8/31/2022	$           8,172	$  11,984
2023	8/31/2023	$           9,286	$  13,856
2024	8/31/2024	$        10,139	$  15,410

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga International Equity Fund, Class C (with load)	11.47%	5.85%	0.14%
Saratoga International Equity Fund, Class C	12.47%	5.85%	0.14%
MSCI ACWI Ex-USA Index	18.21%	7.56%	4.42%

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	$3,535,156	Advisory Fees Paid by the Fund	$24,839
Number of Portfolio Holdings	43	Portfolio Turnover Rate	38%

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

Utilities	0.4%
Healthcare	12.1%
Consumer Defensive	8.2%
Technology	17.0%
Industrials	18.5%
Energy	3.9%
Communication Services	1.9%
Real Estate	0.0%
Financial Services	25.3%
Consumer Cyclical	6.1%
Basic Materials	7.0%

Top Holdings (%)
Mitsubishi Heavy Industries Ltd	3.32
Taiwan Semiconductor Manufacturing	3.06
Allianz S.E.	2.84
Check Point Software Technologies	2.83
Coca-Cola Europacific Partners plc	2.80
Sumitomo Mitsui Financial Group Inc	2.80
Rolls-Royce Holdings plc	2.78
Compagnie de Saint-Gobain SA	2.77
Banco Santander SA	2.75
Kinross Gold Corp	2.73

Regional Exposure
Americas	6.3
Greater Europe	50.2
Greater Asia	43.5

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, 2024, 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

28

SARATOGA INTERNATIONAL EQUITY FUND
Annual Shareholder Report	8/31/2024	SIEPX	Class I

This annual shareholder report contains important information about the Saratoga International Equity Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga International Equity Fund, Class I	$256	2.40%

What affected the Fund’s performance during this period?

In the Fund, Emerging Asia accounted for the bulk of underperformance. The largest negative impact was due to China based holdings, although the underweight to the country mitigated some of the drag. Conversely, the underweight to India was a detriment. Developed Europe was the top contributing region, led by holdings in the UK, Denmark, and Switzerland. Developed Americas (Canada) was the second largest contributor despite its small weight.

From a sector view, the Information Technology sector was the main detractor largely due to stocks not held (e.g. SAP, ASML) while Consumer Staples was the largest detractor in terms of stock selection. Haidilao International (-34%), a Chinese operator of hot pot restaurants, and ORION Corp (-24%), a South Korean confectionary manufacturer, were the primary underperformers. Industrial holdings were the largest outperformers, led by Japanese machinery maker Mitsubishi Heavy Industries (+136%). The Materials sector was the second largest contributor to excess return, thanks to Canadian gold miner Kinross Gold (+89%).

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.

Years	Years	Saratoga International Equity	MSCI AW Ex-USA
Initial Investment	Initial Investment	$        10,000	$  10,000
2014	8/31/2014	$           8,805	$     9,147
2015	8/31/2015	$           8,280	$     8,630
2016	8/31/2016	$           8,315	$     9,017
2017	8/31/2017	$           9,864	$  11,469
2018	8/31/2018	$           7,506	$     9,841
2019	8/31/2019	$           8,989	$  11,958
2020	8/31/2020	$           9,518	$  13,232
2021	8/31/2021	$        11,357	$  14,267
2022	8/31/2022	$           8,875	$  11,984
2023	8/31/2023	$           10,188	$  13,856
2024	8/31/2024	$        11,198	$  15,410

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga International Equity Fund, Class I	13.60%	6.94%	1.14%
MSCI ACWI Ex-USA Index	18.21%	7.56%	4.42%

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	$3,535.156	Advisory Fees Paid by the Fund	$24,839
Number of Portfolio Holdings	43	Portfolio Turnover Rate	38%

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

Utilities	0.0%
Healthcare	12.1%
Consumer Defensive	8.2%
Technology	17.0%
Industrials	18.5%
Energy	3.9%
Communication Services	1.9%
Real Estate	0.0%
Financial Services	25.3%
Consumer Cyclical	6.1%
Basic Materials	7.0%

Top Holdings (%)
Mitsubishi Heavy Industries Ltd	3.32
Taiwan Semiconductor Manufacturing	3.06
Allianz S.E.	2.84
Check Point Software Technologies	2.83
Coca-Cola Europacific Partners plc	2.80
Sumitomo Mitsui Financial Group Inc	2.80
Rolls-Royce Holdings plc	2.78
Compagnie de Saint-Gobain SA	2.77
Banco Santander SA	2.75
Kinross Gold Corp	2.73

Regional Exposure
Americas	6.3
Greater Europe	50.2
Greater Asia	43.5

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, 2024, 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

30

SARATOGA HEALTH & BIOTECHNOLOGY FUND
Annual Shareholder Report	8/31/2024	SHPAX	Class A

This annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Health & Biotechnology Fund, Class A	$298	2.72%

What affected the Fund’s performance during this period?

From a sub-industry perspective, strength in the Fund's performance came from facilities and distributors while managed healthcare and life sciences tools & services lagged on a relative basis.

Facilities companies benefitted as continued improvement in utilization rates drove revenues higher and moderating labor costs aided margins. Tenet Healthcare, a leading provider of healthcare services, led in this sub-industry as increased cash flows and strong execution combined with the positive aforementioned trends drove shares higher. Within distributors, consistent drug volumes, growth in specialty pharmaceuticals such as GLP-1's (weight-loss drugs) and improved generics pricing were all tailwinds for the segment. McKesson, one of the largest specialty drug distributors outperformed as a result.

Managed healthcare stocks in the Fund lagged due to concerns surrounding Medicare Advantage utilization and reimbursement rates. Progyny, a benefits management company, was a detractor as it remains unclear in the near-term as to when visibility regarding utilization rates might improve. Tools & equipment companies trailed in the period as they continue to work down excess inventories that have weighed on the group in recent quarters causing Illumina, a leading provider of tools for genetic analysis, to underperform within the Fund.

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.

	Years	Saratoga Health & Bio (with load)	S&P 500	Morningstar Health
Initial Investment	Initial Investment	$                                                            10,000	$                 10,000	$                                    10,000
2014	8/31/2014	$                                                            10,048	$                 10,346	$                                    10,859
2015	8/31/2015	$                                                            10,743	$                 10,489	$                                    11,750
2016	8/31/2016	$                                                            10,533	$                 11,744	$                                    10,491
2017	8/31/2017	$                                                            11,795	$                 14,308	$                                    13,044
2018	8/31/2018	$                                                            11,150	$                 13,680	$                                    12,998
2019	8/31/2019	$                                                            12,954	$                 17,988	$                                    16,391
2020	8/31/2020	$                                                            13,424	$                 21,297	$                                    20,928
2021	8/31/2021	$                                                            15,664	$                 27,411	$                                    22,307
2022	8/31/2022	$                                                            15,981	$                 22,447	$                                    18,766
2023	8/31/2023	$                                                            15,924	$                 28,347	$                                    19,434
2024	8/31/2024	$                                                            18,256	$                 33,882	$                                    21,832

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Health & Biotechnology Fund, Class A (with load)	12.06%	8.68%	6.20%
Saratoga Health & Biotechnology Fund, Class A	18.90%	9.97%	6.83%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Health Category	16.25%	9.23%	8.77%

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	$13,146,119	Advisory Fees Paid by the Fund	$149,071
Number of Portfolio Holdings	33	Portfolio Turnover Rate	17%

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

Utilities	0.0%
Healthcare	100.0%
Consumer Defensive	0.0%
Technology	0.0%
Industrials	0.0%
Energy	0.0%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	0.0%
Consumer Cyclical	0.0%
Basic Materials	0.0%

Top Holdings (%)
Regeneron Pharmaceuticals Inc	6.04
Amgen Inc	5.06
Cencora Inc	4.67
Tenet Healthcare Corp	4.67
McKesson Corp	4.48
United Therapeutics Corp	4.29
Intuitive Surgical Inc	4.20
Elevance Health Inc	3.85
Exelixis Inc	3.83
The Cigna Group	3.77

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, 2024, 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

32

SARATOGA HEALTH & BIOTECHNOLOGY FUND
Annual Shareholder Report	8/31/2024	SHPCX	Class C

This annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Health & Biotechnology Fund, Class C	$362	3.32%

What affected the Fund’s performance during this period?

From a sub-industry perspective, strength in the Fund's performance came from facilities and distributors while managed healthcare and life sciences tools & services lagged on a relative basis.

Facilities companies benefitted as continued improvement in utilization rates drove revenues higher and moderating labor costs aided margins. Tenet Healthcare, a leading provider of healthcare services, led in this sub-industry as increased cash flows and strong execution combined with the positive aforementioned trends drove shares higher. Within distributors, consistent drug volumes, growth in specialty pharmaceuticals such as GLP-1's (weight-loss drugs) and improved generics pricing were all tailwinds for the segment. McKesson, one of the largest specialty drug distributors outperformed as a result.

Managed healthcare stocks in the Fund lagged due to concerns surrounding Medicare Advantage utilization and reimbursement rates. Progyny, a benefits management company, was a detractor as it remains unclear in the near-term as to when visibility regarding utilization rates might improve. Tools & equipment companies trailed in the period as they continue to work down excess inventories that have weighed on the group in recent quarters causing Illumina, a leading provider of tools for genetic analysis, to underperform within the Fund.

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.

	Years	Saratoga Health & Bio (with load)	S&P 500	Morningstar Health
Initial Investment	Initial Investment	$                                                             10,000	$                       10,000	$                                             10,000
2014	8/31/2014	$                                                             10,636	$                       10,346	$                                             10,859
2015	8/31/2015	$                                                             11,301	$                       10,489	$                                             11,750
2016	8/31/2016	$                                                             11,019	$                       11,744	$                                             10,491
2017	8/31/2017	$                                                             12,259	$                       14,308	$                                             13,044
2018	8/31/2018	$                                                             11,526	$                       13,680	$                                             12,998
2019	8/31/2019	$                                                             13,304	$                       17,988	$                                             16,391
2020	8/31/2020	$                                                             13,707	$                       21,297	$                                             20,928
2021	8/31/2021	$                                                             15,901	$                       27,411	$                                             22,307
2022	8/31/2022	$                                                             16,126	$                       22,447	$                                             18,766
2023	8/31/2023	$                                                             15,974	$                       28,347	$                                             19,434
2024	8/31/2024	$                                                             18,238	$                       33,882	$                                             21,832

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Health & Biotechnology Fund, Class C (with load)	17.21%	9.31%	6.19%
Saratoga Health & Biotechnology Fund, Class C	18.21%	9.31%	6.19%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Health Category	16.25%	9.23%	8.77%

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	$13,146,119	Advisory Fees Paid by the Fund	$149,071
Number of Portfolio Holdings	33	Portfolio Turnover Rate	17%

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

Utilities	0.0%
Healthcare	100.0%
Consumer Defensive	0.0%
Technology	0.0%
Industrials	0.0%
Energy	0.0%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	0.0%
Consumer Cyclical	0.0%
Basic Materials	0.0%

Top Holdings (%)
Regeneron Pharmaceuticals Inc	6.04
Amgen Inc	5.06
Cencora Inc	4.67
Tenet Healthcare Corp	4.67
McKesson Corp	4.48
United Therapeutics Corp	4.29
Intuitive Surgical Inc	4.20
Elevance Health Inc	3.85
Exelixis Inc	3.83
The Cigna Group	3.77

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, 2024, 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

34

SARATOGA HEALTH & BIOTECHNOLOGY FUND
Annual Shareholder Report	8/31/2024	SBHIX	Class I

This annual shareholder report contains important information about the Saratoga Health & Biotechnology Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Health & Biotechnology Fund, Class I	$254	2.32%

What affected the Fund’s performance during this period?

From a sub-industry perspective, strength in the Fund's performance came from facilities and distributors while managed healthcare and life sciences tools & services lagged on a relative basis.

Facilities companies benefitted as continued improvement in utilization rates drove revenues higher and moderating labor costs aided margins. Tenet Healthcare, a leading provider of healthcare services, led in this sub-industry as increased cash flows and strong execution combined with the positive aforementioned trends drove shares higher. Within distributors, consistent drug volumes, growth in specialty pharmaceuticals such as GLP-1's (weight-loss drugs) and improved generics pricing were all tailwinds for the segment. McKesson, one of the largest specialty drug distributors outperformed as a result.

Managed healthcare stocks in the Fund lagged due to concerns surrounding Medicare Advantage utilization and reimbursement rates. Progyny, a benefits management company, was a detractor as it remains unclear in the near-term as to when visibility regarding utilization rates might improve. Tools & equipment companies trailed in the period as they continue to work down excess inventories that have weighed on the group in recent quarters causing Illumina, a leading provider of tools for genetic analysis, to underperform within the Fund.

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.

	Years	Saratoga Health & Bio	S&P 500	Morningstar Health
Initial Investment	Initial Investment	$                                    10,000	$                       10,000	$                                             10,000
2014	8/31/2014	$                                    10,676	$                       10,346	$                                             10,859
2015	8/31/2015	$                                    11,455	$                       10,489	$                                             11,750
2016	8/31/2016	$                                    11,278	$                       11,744	$                                             10,491
2017	8/31/2017	$                                    12,672	$                       14,308	$                                             13,044
2018	8/31/2018	$                                    12,035	$                       13,680	$                                             12,998
2019	8/31/2019	$                                    14,035	$                       17,988	$                                             16,391
2020	8/31/2020	$                                    14,600	$                       21,297	$                                             20,928
2021	8/31/2021	$                                    17,104	$                       27,411	$                                             22,307
2022	8/31/2022	$                                    17,521	$                       22,447	$                                             18,766
2023	8/31/2023	$                                    17,527	$                       28,347	$                                             19,434
2024	8/31/2024	$                                    20,154	$                       33,882	$                                             21,832

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Health & Biotechnology Fund, Class I	19.35%	10.42%	7.26%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Health Category	16.25%	9.23%	8.77%

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	$13,146,119	Advisory Fees Paid by the Fund	$149,071
Number of Portfolio Holdings	33	Portfolio Turnover Rate	17%

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

Utilities	0.0%
Healthcare	100.0%
Consumer Defensive	0.0%
Technology	0.0%
Industrials	0.0%
Energy	0.0%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	0.0%
Consumer Cyclical	0.0%
Basic Materials	0.0%

Top Holdings (%)
Regeneron Pharmaceuticals Inc	6.04
Amgen Inc	5.06
Cencora Inc	4.67
Tenet Healthcare Corp	4.67
McKesson Corp	4.48
United Therapeutics Corp	4.29
Intuitive Surgical Inc	4.20
Elevance Health Inc	3.85
Exelixis Inc	3.83
The Cigna Group	3.77

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, 2024, 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

36

Saratoga TECHNOLOGY & COMMUNICATIONS Fund
Annual Shareholder Report	8/31/2024	STPAX	Class A

This annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Technology & Communications Fund, Class A	$289	2.62%

What affected the Fund’s performance during this period?

The largest contributors to performance during the period were Meta Platforms and Nvidia. Meta benefitted from strong revenue growth driven by solid global advertising demand and improved capital allocation which allowed margins to expand. Nvidia outperformed as AI-driven chip demand has remained ahead of investors’ expectations, elevating growth in both revenues and earnings. From a sub-industry perspective, the semiconductor and semiconductor capital equipment subsectors have been the biggest beneficiaries of AI spending as have those software companies that have been able to implement AI-features into new products.

The biggest detractor during the period was Intel, which was sold from the Fund, as persistent company-specific headwinds now look to be longer-term in nature. Cisco Systems, a provider of networking systems and services, also underperformed as capital equipment spending by enterprise customers decelerated as concerns of slowing economic growth rose with the Federal Reserve’s persistently tight policy.

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.

	Years	Saratoga Technology (with load)	S&P 500
Initial Investment	Initial Investment	$                                                               10,000	$                                             10,000
2014	8/31/2014	$                                                                  9,707	$                                             10,346
2015	8/31/2015	$                                                               10,194	$                                             10,489
2016	8/31/2016	$                                                               11,887	$                                             11,744
2017	8/31/2017	$                                                               15,188	$                                             14,308
2018	8/31/2018	$                                                               15,191	$                                             13,680
2019	8/31/2019	$                                                               20,113	$                                             17,988
2020	8/31/2020	$                                                               25,513	$                                             21,297
2021	8/31/2021	$                                                               29,679	$                                             27,411
2022	8/31/2022	$                                                               20,245	$                                             22,447
2023	8/31/2023	$                                                               29,353	$                                             28,347
2024	8/31/2024	$                                                               33,027	$                                             33,882

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Technology & Communications Fund, Class A (with load)	13.85%	11.30%	12.69%
Saratoga Technology & Communications Fund, Class A	20.76%	12.63%	13.36%
S&P 500® Index	27.14%	15.92%	12.98%

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	$41,819,557	Advisory Fees Paid by the Fund	$523,341
Number of Portfolio Holdings	27	Portfolio Turnover Rate	8%

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

Utilities	0.0%
Healthcare	1.5%
Consumer Defensive	0.0%
Technology	62.0%
Industrials	3.7%
Energy	0.0%
Communication Services	15.4%
Real Estate	0.0%
Financial Services	8.9%
Consumer Cyclical	8.5%
Basic Materials	0.0%

Top Holdings (%)
Alphabet Inc Class C	9.05
Microsoft Corp	7.22
Amazon.com Inc	6.83
KLA Corp	5.88
Oracle Corp	5.71
Meta Platforms Inc Class A	5.36
Visa Inc Class A	5.12
Cisco Systems Inc	4.78
Qualcomm Inc	4.61
NVIDIA Corp	4.54

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, 2024, 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

38

Saratoga TECHNOLOGY & COMMUNICATIONS Fund
Annual Shareholder Report	8/31/2024	STPCX	Class C

This annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Technology & Communications Fund, Class C	$354	3.22%

What affected the Fund’s performance during this period?

The largest contributors to performance during the period were Meta Platforms and Nvidia. Meta benefitted from strong revenue growth driven by solid global advertising demand and improved capital allocation which allowed margins to expand. Nvidia outperformed as AI-driven chip demand has remained ahead of investors’ expectations, elevating growth in both revenues and earnings. From a sub-industry perspective, the semiconductor and semiconductor capital equipment subsectors have been the biggest beneficiaries of AI spending as have those software companies that have been able to implement AI-features into new products.

The biggest detractor during the period was Intel, which was sold from the Fund, as persistent company-specific headwinds now look to be longer-term in nature. Cisco Systems, a provider of networking systems and services, also underperformed as capital equipment spending by enterprise customers decelerated as concerns of slowing economic growth rose with the Federal Reserve’s persistently tight policy.

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.

	Years	Saratoga Technology (with load)	S&P 500
Initial Investment	Initial Investment	$                                                            10,000	$                                             10,000
2014	8/31/2014	$                                                            10,279	$                                             10,346
2015	8/31/2015	$                                                            10,739	$                                             10,489
2016	8/31/2016	$                                                            12,443	$                                             11,744
2017	8/31/2017	$                                                            15,795	$                                             14,308
2018	8/31/2018	$                                                            15,707	$                                             13,680
2019	8/31/2019	$                                                            20,674	$                                             17,988
2020	8/31/2020	$                                                            26,063	$                                             21,297
2021	8/31/2021	$                                                            30,131	$                                             27,411
2022	8/31/2022	$                                                            20,446	$                                             22,447
2023	8/31/2023	$                                                            29,493	$                                             28,347
2024	8/31/2024	$                                                            33,036	$                                             33,882

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Technology & Communications Fund, Class C (with load)	19.01%	11.97%	12.69%
Saratoga Technology & Communications Fund, Class C	20.01%	11.97%	12.69%
S&P 500® Index	27.14%	15.92%	12.98%

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	$41,819,557	Advisory Fees Paid by the Fund	$523,341
Number of Portfolio Holdings	27	Portfolio Turnover Rate	8%

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

Utilities	0.0%
Healthcare	1.5%
Consumer Defensive	0.0%
Technology	62.0%
Industrials	3.7%
Energy	0.0%
Communication Services	15.4%
Real Estate	0.0%
Financial Services	8.9%
Consumer Cyclical	8.5%
Basic Materials	0.0%

Top Holdings (%)
Alphabet Inc Class C	9.05
Microsoft Corp	7.22
Amazon.com Inc	6.83
KLA Corp	5.88
Oracle Corp	5.71
Meta Platforms Inc Class A	5.36
Visa Inc Class A	5.12
Cisco Systems Inc	4.78
Qualcomm Inc	4.61
NVIDIA Corp	4.54

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, 2024, 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

40

Saratoga TECHNOLOGY & COMMUNICATIONS Fund
Annual Shareholder Report	8/31/2024	STPIX	Class I

This annual shareholder report contains important information about the Saratoga Technology & Communications Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Technology & Communications Fund, Class I	$246	2.22%

What affected the Fund’s performance during this period?

The largest contributors to performance during the period were Meta Platforms and Nvidia. Meta benefitted from strong revenue growth driven by solid global advertising demand and improved capital allocation which allowed margins to expand. Nvidia outperformed as AI-driven chip demand has remained ahead of investors’ expectations, elevating growth in both revenues and earnings. From a sub-industry perspective, the semiconductor and semiconductor capital equipment subsectors have been the biggest beneficiaries of AI spending as have those software companies that have been able to implement AI-features into new products.

The biggest detractor during the period was Intel, which was sold from the Fund, as persistent company-specific headwinds now look to be longer-term in nature. Cisco Systems, a provider of networking systems and services, also underperformed as capital equipment spending by enterprise customers decelerated as concerns of slowing economic growth rose with the Federal Reserve’s persistently tight policy.

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.

	Years	Saratoga Technology	S&P 500
Initial Investment	Initial Investment	$                                             10,000	$                                             10,000
2014	8/31/2014	$                                             10,317	$                                             10,346
2015	8/31/2015	$                                             10,876	$                                             10,489
2016	8/31/2016	$                                             12,736	$                                             11,744
2017	8/31/2017	$                                             16,330	$                                             14,308
2018	8/31/2018	$                                             16,403	$                                             13,680
2019	8/31/2019	$                                             21,801	$                                             17,988
2020	8/31/2020	$                                             27,766	$                                             21,297
2021	8/31/2021	$                                             32,421	$                                             27,411
2022	8/31/2022	$                                             22,211	$                                             22,447
2023	8/31/2023	$                                             32,351	$                                             28,347
2024	8/31/2024	$                                             36,494	$                                             33,882

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Technology & Communications Fund, Class I	21.25%	13.09%	13.82%
S&P 500® Index	27.14%	15.92%	12.98%

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	$41,819,557	Advisory Fees Paid by the Fund	$523,341
Number of Portfolio Holdings	27	Portfolio Turnover Rate	8%

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

Utilities	0.0%
Healthcare	1.5%
Consumer Defensive	0.0%
Technology	62.0%
Industrials	3.7%
Energy	0.0%
Communication Services	15.4%
Real Estate	0.0%
Financial Services	8.9%
Consumer Cyclical	8.5%
Basic Materials	0.0%

Top Holdings (%)
Alphabet Inc Class C	9.05
Microsoft Corp	7.22
Amazon.com Inc	6.83
KLA Corp	5.88
Oracle Corp	5.71
Meta Platforms Inc Class A	5.36
Visa Inc Class A	5.12
Cisco Systems Inc	4.78
Qualcomm Inc	4.61
NVIDIA Corp	4.54

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, 2024, 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

42

SARATOGA ENERGY & BASIC MATERIALS FUND
Annual Shareholder Report	8/31/2024	SBMBX	Class A

This annual shareholder report contains important information about the Saratoga Energy & Basic Materials Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Energy & Basic Materials Fund, Class A	$344	3.40%

What affected the Fund’s performance during this period?

The Fund’s Energy holdings (59% of Fund weight on average) returned 8.8% for the period. Integrated Oil and Gas holdings were the biggest detractors, while Exploration and Production holdings were the largest contributors. However, the overweight to the Exploration and Production subindustry and underweight to Integrated Oil and Gas detracted from excess return. Diamondback Energy (+36%) was the top contributor among sector holdings while PBF Energy (-26%) was the largest underperformer.

The Fund’s Basic Materials holdings (39% of Fund weight on average) returned 2.5% for the period. Holdings in the Steel subindustry were the worst detractors, led by POSCO Holdings (-42%), which was a top performer in the portfolio last year. The lead contributor was Diversified Chemicals, however, the negative allocation effect from being overweight this subindustry more than offset the positive stock selection effect. The underweight to Copper also hurt relative performance. Canada-based gold miner Kinross Gold (+52%), was the top individual contributor over the period.

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.

	Years	Saratoga Energy & Basic (with load)	S&P 500	Morningstar Equity Energy
Initial Investment	Initial Investment	$                                                                   10,000	$            10,000	$                                             10,000
2014	8/31/2014	$                                                                      7,088	$            10,346	$                                                7,345
2015	8/31/2015	$                                                                      5,387	$            10,489	$                                                5,305
2016	8/31/2016	$                                                                      6,435	$            11,744	$                                                6,852
2017	8/31/2017	$                                                                      6,978	$            14,308	$                                                6,478
2018	8/31/2018	$                                                                      5,722	$            13,680	$                                                4,725
2019	8/31/2019	$                                                                      5,667	$            17,988	$                                                5,077
2020	8/31/2020	$                                                                      4,579	$            21,297	$                                                3,810
2021	8/31/2021	$                                                                      5,750	$            27,411	$                                                5,368
2022	8/31/2022	$                                                                      6,880	$            22,447	$                                                7,606
2023	8/31/2023	$                                                                      7,311	$            28,347	$                                                7,800
2024	8/31/2024	$                                                                      7,458	$            33,882	$                                                7,981

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Energy & Basic Materials Fund, Class A (with load)	-3.35%	6.82%	-2.89%
Saratoga Energy & Basic Materials Fund, Class A	2.55%	8.09%	-2.32%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Equity Energy Category	2.90%	13.03%	-2.23%

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	$1,391,908	Advisory Fees Paid by the Fund	$12,386
Number of Portfolio Holdings	45	Portfolio Turnover Rate	47%

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

 

Utilities	0.0%
Healthcare	0.0%
Consumer Defensive	0.0%
Technology	0.0%
Industrials	0.0%
Energy	57.8%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	0.0%
Consumer Cyclical	3.3%
Basic Materials	38.8%

Top Holdings (%)
Exxon Mobil Corp	7.45
Chevron Corp	6.57
Petroleo Brasileiro SA Petrobras A	3.80
Kinder Morgan Inc Class P	3.23
EOG Resources Inc	3.22
Rio Tinto PLC ADR	3.21
Suncor Energy Inc	3.07
Eni SpA ADR	2.99
Kinross Gold Corp	2.89
ConocoPhillips	2.87

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, 2024, 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

44

SARATOGA ENERGY & BASIC MATERIALS FUND
Annual Shareholder Report	8/31/2024	SEPCX	Class C

This annual shareholder report contains important information about the Saratoga Energy & Basic Materials Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Energy & Basic Materials Fund, Class C	$404	4.00%

What affected the Fund’s performance during this period?

The Fund’s Energy holdings (59% of Fund weight on average) returned 8.8% for the period. Integrated Oil and Gas holdings were the biggest detractors, while Exploration and Production holdings were the largest contributors. However, the overweight to the Exploration and Production subindustry and underweight to Integrated Oil and Gas detracted from excess return. Diamondback Energy (+36%) was the top contributor among sector holdings while PBF Energy (-26%) was the largest underperformer.

The Fund’s Basic Materials holdings (39% of Fund weight on average) returned 2.5% for the period. Holdings in the Steel subindustry were the worst detractors, led by POSCO Holdings (-42%), which was a top performer in the portfolio last year. The lead contributor was Diversified Chemicals, however, the negative allocation effect from being overweight this subindustry more than offset the positive stock selection effect. The underweight to Copper also hurt relative performance. Canada-based gold miner Kinross Gold (+52%), was the top individual contributor over the period.

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.

	Years	Saratoga Energy & Basic (with load)	S&P 500	Morningstar Equity Energy
Initial Investment	Initial Investment	$                                                                  10,000	$                      10,000	$                                             10,000
2014	8/31/2014	$                                                                     7,510	$                      10,346	$                                                7,345
2015	8/31/2015	$                                                                     5,678	$                      10,489	$                                                5,305
2016	8/31/2016	$                                                                     6,736	$                      11,744	$                                                6,852
2017	8/31/2017	$                                                                     7,261	$                      14,308	$                                                6,478
2018	8/31/2018	$                                                                     5,920	$                      13,680	$                                                4,725
2019	8/31/2019	$                                                                     5,920	$                      17,988	$                                                5,077
2020	8/31/2020	$                                                                     4,756	$                      21,297	$                                                3,810
2021	8/31/2021	$                                                                     5,933	$                      27,411	$                                                5,368
2022	8/31/2022	$                                                                     7,051	$                      22,447	$                                                7,606
2023	8/31/2023	$                                                                     7,441	$                      28,347	$                                                7,800
2024	8/31/2024	$                                                                     7,557	$                      33,882	$                                                7,981

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Energy & Basic Materials Fund, Class C (with load)	0.95%	7.42%	-2.76%
Saratoga Energy & Basic Materials Fund, Class C	1.95%	7.42%	-2.76%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Equity Energy Category	2.90%	13.03%	-2.23%

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	$1,391,908	Advisory Fees Paid by the Fund	$12,386
Number of Portfolio Holdings	45	Portfolio Turnover Rate	47%

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

Utilities	0.0%
Healthcare	0.0%
Consumer Defensive	0.0%
Technology	0.0%
Industrials	0.0%
Energy	57.8%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	0.0%
Consumer Cyclical	3.3%
Basic Materials	38.8%

Top Holdings (%)
Exxon Mobil Corp	7.45
Chevron Corp	6.57
Petroleo Brasileiro SA Petrobras A	3.80
Kinder Morgan Inc Class P	3.23
EOG Resources Inc	3.22
Rio Tinto PLC ADR	3.21
Suncor Energy Inc	3.07
Eni SpA ADR	2.99
Kinross Gold Corp	2.89
ConocoPhillips	2.87

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, 2024, 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

46

SARATOGA ENERGY & BASIC MATERIALS FUND
Annual Shareholder Report	8/31/2024	SEPIX	Class I

This annual shareholder report contains important information about the Saratoga Energy & Basic Materials Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Energy & Basic Materials Fund, Class I	$305	3.00%

What affected the Fund’s performance during this period?

The Fund’s Energy holdings (59% of Fund weight on average) returned 8.8% for the period. Integrated Oil and Gas holdings were the biggest detractors, while Exploration and Production holdings were the largest contributors. However, the overweight to the Exploration and Production subindustry and underweight to Integrated Oil and Gas detracted from excess return. Diamondback Energy (+36%) was the top contributor among sector holdings while PBF Energy (-26%) was the largest underperformer.

The Fund’s Basic Materials holdings (39% of Fund weight on average) returned 2.5% for the period. Holdings in the Steel subindustry were the worst detractors, led by POSCO Holdings (-42%), which was a top performer in the portfolio last year. The lead contributor was Diversified Chemicals, however, the negative allocation effect from being overweight this subindustry more than offset the positive stock selection effect. The underweight to Copper also hurt relative performance. Canada-based gold miner Kinross Gold (+52%), was the top individual contributor over the period.

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.

	Years	Saratoga Energy & Basic	S&P 500	Morningstar Equity Energy
Initial Investment	Initial Investment	$                                             10,000	$                                             10,000	$                                             10,000
2014	8/31/2014	$                                                7,088	$                                             10,346	$                                                7,345
2015	8/31/2015	$                                                5,387	$                                             10,489	$                                                5,305
2016	8/31/2016	$                                                6,435	$                                             11,744	$                                                6,852
2017	8/31/2017	$                                                6,978	$                                             14,308	$                                                6,478
2018	8/31/2018	$                                                5,722	$                                             13,680	$                                                4,725
2019	8/31/2019	$                                                5,667	$                                             17,988	$                                                5,077
2020	8/31/2020	$                                                4,579	$                                             21,297	$                                                3,810
2021	8/31/2021	$                                                5,750	$                                             27,411	$                                                5,368
2022	8/31/2022	$                                                6,880	$                                             22,447	$                                                7,606
2023	8/31/2023	$                                                7,311	$                                             28,347	$                                                7,800
2024	8/31/2024	$                                                8,229	$                                             33,882	$                                                7,981

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Energy & Basic Materials Fund, Class I	3.02%	8.51%	-1.93%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Equity Energy Category	2.90%	13.03%	-2.23%

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	$1,391,908	Advisory Fees Paid by the Fund	$12,386
Number of Portfolio Holdings	45	Portfolio Turnover Rate	47%

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

Utilities	0.0%
Healthcare	0.0%
Consumer Defensive	0.0%
Technology	0.0%
Industrials	0.0%
Energy	57.8%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	0.0%
Consumer Cyclical	3.3%
Basic Materials	38.8%

Top Holdings (%)
Exxon Mobil Corp	7.45
Chevron Corp	6.57
Petroleo Brasileiro SA Petrobras A	3.80
Kinder Morgan Inc Class P	3.23
EOG Resources Inc	3.22
Rio Tinto PLC ADR	3.21
Suncor Energy Inc	3.07
Eni SpA ADR	2.99
Kinross Gold Corp	2.89
ConocoPhillips	2.87

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, 2024, 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

48

SARATOGA FINANCIAL SERVICES FUND
Annual Shareholder Report	8/31/2024	SFPAX	Class A

This annual shareholder report contains important information about the Saratoga Financial Services Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Financial Services Fund, Class A	$391	3.40%

What affected the Fund’s performance during this period?

Top performers in the Fund were Property & Casualty Insurance company Progressive Corporation (+90.3%) and Consumer Finance company American Express (+66.2%). Progressive underwrites auto, property and specialty lines of insurance; with almost 20 million personal auto policies in force, it is one of the largest auto insurers in the US. Progressive is benefiting from a stronger pricing environment that is boosting underwriting results and higher interest rates producing stronger investment income. The Fund’s underweight to Transaction & Payment Processing Services firms Visa (+13.4%) and Mastercard (+17.8%) was additive to relative performance as both companies underperformed financial services peers for the period. Transaction & Payment Processors experienced slowing volume growth in mid-2024 which weighed on earnings and share prices.

Key detractors to performance were the Transaction & Payment Processing firm WEX, Inc. (-4.2%, for the period held) and Property & Casualty Insurance company W.R. Berkley (-1.1%, for the period held). WEX provides payment processing services to the commercial and government vehicle fleets around the globe and came under pressure during the year due to softness in its online travel agent client base. The Fund’s underweight to Diversified Bank JP Morgan detracted from performance.

The Fund generally held smaller companies than the financial services holdings in the S&P 500 Index. Owning smaller companies was a headwind to relative performance while the Fund’s tilt toward lower price-earnings and price-book ratio stocks was modestly additive to relative performance.

How did the Fund perform over the past 10 years?

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

	Years	Saratoga Financial Services (with load)	S&P 500	Morningstar Financial
Initial Investment	Initial Investment	$                                                                          10,000	$                         10,000	$                                             10,000
2014	8/31/2014	$                                                                             9,793	$                         10,346	$                                             10,153
2015	8/31/2015	$                                                                             9,146	$                         10,489	$                                             10,013
2016	8/31/2016	$                                                                          10,517	$                         11,744	$                                             11,923
2017	8/31/2017	$                                                                          12,544	$                         14,308	$                                             13,957
2018	8/31/2018	$                                                                          10,122	$                         13,680	$                                             11,965
2019	8/31/2019	$                                                                          12,491	$                         17,988	$                                             15,268
2020	8/31/2020	$                                                                          11,770	$                         21,297	$                                             15,205
2021	8/31/2021	$                                                                          15,438	$                         27,411	$                                             20,091
2022	8/31/2022	$                                                                          13,223	$                         22,447	$                                             17,103
2023	8/31/2023	$                                                                          14,616	$                         28,347	$                                             19,261
2024	8/31/2024	$                                                                          17,139	$                         33,882	$                                             22,566

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Financial Services Fund, Class A (with load)	22.32%	7.79%	5.53%
Saratoga Financial Services Fund, Class A	29.77%	9.08%	6.16%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Financial Category	32.83%	10.87%	9.00%

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

49

Fund Statistics
Total Net Assets	$1,477,456	Advisory Fees Paid by the Fund	$4,379
Number of Portfolio Holdings	52	Portfolio Turnover Rate	32%

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

Utilities	0.0%
Healthcare	0.0%
Consumer Defensive	0.0%
Technology	4.2%
Industrials	0.0%
Energy	0.0%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	95.8%
Consumer Cyclical	0.0%
Basic Materials	0.0%

Top Holdings (%)
Berkshire Hathaway Inc Class B	10.79
JPMorgan Chase & Co	4.40
Bank of America Corp	4.17
Mastercard Inc Class A	4.12
Chubb Ltd	4.04
Aflac Inc	3.90
Visa Inc Class A	3.85
Wells Fargo & Co	3.13
CME Group Inc	3.07
Ameriprise Financial Inc	3.01

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, 2024, 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

50

SARATOGA FINANCIAL SERVICES FUND
Annual Shareholder Report	8/31/2024	SFPCX	Class C

This annual shareholder report contains important information about the Saratoga Financial Services Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Financial Services Fund, Class C	$467	4.00%

What affected the Fund’s performance during this period?

Top performers in the Fund were Property & Casualty Insurance company Progressive Corporation (+90.3%) and Consumer Finance company American Express (+66.2%). Progressive underwrites auto, property and specialty lines of insurance; with almost 20 million personal auto policies in force, it is one of the largest auto insurers in the US. Progressive is benefiting from a stronger pricing environment that is boosting underwriting results and higher interest rates producing stronger investment income. The Fund’s underweight to Transaction & Payment Processing Services firms Visa (+13.4%) and Mastercard (+17.8%) was additive to relative performance as both companies underperformed financial services peers for the period. Transaction & Payment Processors experienced slowing volume growth in mid-2024 which weighed on earnings and share prices.

Key detractors to performance were the Transaction & Payment Processing firm WEX, Inc. (-4.2%, for the period held) and Property & Casualty Insurance company W.R. Berkley (-1.1%, for the period held). WEX provides payment processing services to the commercial and government vehicle fleets around the globe and came under pressure during the year due to softness in its online travel agent client base. The Fund’s underweight to Diversified Bank JP Morgan detracted from performance.

The Fund generally held smaller companies than the financial services holdings in the S&P 500 Index. Owning smaller companies was a headwind to relative performance while the Fund’s tilt toward lower price-earnings and price-book ratio stocks was modestly additive to relative performance.

How did the Fund perform over the past 10 years?

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

	Years	Saratoga Financial Services (with load)	S&P 500	Morningstar Financial
Initial Investment	Initial Investment	$                                                                            10,000	$           10,000	$                                             10,000
2014	8/31/2014	$                                                                            10,366	$           10,346	$                                             10,153
2015	8/31/2015	$                                                                               9,620	$           10,489	$                                             10,013
2016	8/31/2016	$                                                                            10,995	$           11,744	$                                             11,923
2017	8/31/2017	$                                                                            13,037	$           14,308	$                                             13,957
2018	8/31/2018	$                                                                            10,449	$           13,680	$                                             11,965
2019	8/31/2019	$                                                                            12,825	$           17,988	$                                             15,268
2020	8/31/2020	$                                                                            12,034	$           21,297	$                                             15,205
2021	8/31/2021	$                                                                            16,160	$           27,411	$                                             20,091
2022	8/31/2022	$                                                                            14,194	$           22,447	$                                             17,103
2023	8/31/2023	$                                                                            16,113	$           28,347	$                                             19,261
2024	8/31/2024	$                                                                            19,284	$           33,882	$                                             22,566

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Financial Services Fund, Class C (with load)	32.41%	11.05%	6.79%
Saratoga Financial Services Fund, Class C	33.41%	11.05%	6.79%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Financial Category	32.83%	10.87%	9.00%

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

51

Fund Statistics
Total Net Assets	$1,477,456	Advisory Fees Paid by the Fund	$4,379
Number of Portfolio Holdings	52	Portfolio Turnover Rate	32%

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

Utilities	0.0%
Healthcare	0.0%
Consumer Defensive	0.0%
Technology	4.2%
Industrials	0.0%
Energy	0.0%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	95.8%
Consumer Cyclical	0.0%
Basic Materials	0.0%

Top Holdings (%)
Berkshire Hathaway Inc Class B	10.79
JPMorgan Chase & Co	4.40
Bank of America Corp	4.17
Mastercard Inc Class A	4.12
Chubb Ltd	4.04
Aflac Inc	3.90
Visa Inc Class A	3.85
Wells Fargo & Co	3.13
CME Group Inc	3.07
Ameriprise Financial Inc	3.01

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, 2024, 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

52

SARATOGA FINANCIAL SERVICES FUND
Annual Shareholder Report	8/31/2024	SFPIX	Class I

This annual shareholder report contains important information about the Saratoga Financial Services Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Financial Services Fund, Class I	$345	3.00%

What affected the Fund’s performance during this period?

Top performers in the Fund were Property & Casualty Insurance company Progressive Corporation (+90.3%) and Consumer Finance company American Express (+66.2%). Progressive underwrites auto, property and specialty lines of insurance; with almost 20 million personal auto policies in force, it is one of the largest auto insurers in the US. Progressive is benefiting from a stronger pricing environment that is boosting underwriting results and higher interest rates producing stronger investment income. The Fund’s underweight to Transaction & Payment Processing Services firms Visa (+13.4%) and Mastercard (+17.8%) was additive to relative performance as both companies underperformed financial services peers for the period. Transaction & Payment Processors experienced slowing volume growth in mid-2024 which weighed on earnings and share prices.

Key detractors to performance were the Transaction & Payment Processing firm WEX, Inc. (-4.2%, for the period held) and Property & Casualty Insurance company W.R. Berkley (-1.1%, for the period held). WEX provides payment processing services to the commercial and government vehicle fleets around the globe and came under pressure during the year due to softness in its online travel agent client base. The Fund’s underweight to Diversified Bank JP Morgan detracted from performance.

The Fund generally held smaller companies than the financial services holdings in the S&P 500 Index. Owning smaller companies was a headwind to relative performance while the Fund’s tilt toward lower price-earnings and price-book ratio stocks was modestly additive to relative performance.

How did the Fund perform over the past 10 years?

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

	Years	Saratoga Financial Services	S&P 500	Morningstar Financial
Initial Investment	Initial Investment	$                                                  10,000	$                          10,000	$                                             10,000
2014	8/31/2014	$                                                  10,392	$                          10,346	$                                             10,153
2015	8/31/2015	$                                                     9,742	$                          10,489	$                                             10,013
2016	8/31/2016	$                                                  11,244	$                          11,744	$                                             11,923
2017	8/31/2017	$                                                  13,475	$                          14,308	$                                             13,957
2018	8/31/2018	$                                                  10,913	$                          13,680	$                                             11,965
2019	8/31/2019	$                                                  13,532	$                          17,988	$                                             15,268
2020	8/31/2020	$                                                  12,805	$                          21,297	$                                             15,205
2021	8/31/2021	$                                                  16,850	$                          27,411	$                                             20,091
2022	8/31/2022	$                                                  14,497	$                          22,447	$                                             17,103
2023	8/31/2023	$                                                  16,075	$                          28,347	$                                             19,261
2024	8/31/2024	$                                                  18,915	$                          33,882	$                                             22,566

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Financial Services Fund, Class I	30.19%	9.52%	6.58%
S&P 500® Index	27.14%	15.92%	12.98%
Morningstar US Fund Financial Category	32.83%	10.87%	9.00%

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

53

Fund Statistics
Total Net Assets	$1,477,456	Advisory Fees Paid by the Fund	$4,379
Number of Portfolio Holdings	52	Portfolio Turnover Rate	32%

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

Utilities	0.0%
Healthcare	0.0%
Consumer Defensive	0.0%
Technology	4.2%
Industrials	0.0%
Energy	0.0%
Communication Services	0.0%
Real Estate	0.0%
Financial Services	95.8%
Consumer Cyclical	0.0%
Basic Materials	0.0%

Top Holdings (%)
Berkshire Hathaway Inc Class B	10.79
JPMorgan Chase & Co	4.40
Bank of America Corp	4.17
Mastercard Inc Class A	4.12
Chubb Ltd	4.04
Aflac Inc	3.90
Visa Inc Class A	3.85
Wells Fargo & Co	3.13
CME Group Inc	3.07
Ameriprise Financial Inc	3.01

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, 2024, 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

54

SARATOGA INVESTMENT QUALITY BOND FUND
Annual Shareholder Report	8/31/2024	SQBAX	Class A

This annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Investment Quality Bond Fund, Class A	$180	1.76%

What affected the Fund’s performance during this period?

The Fund held a core investment position in passive index funds with varying duration targets; this strategy benefitted performance during the period as the Fund's main holding, the Vanguard Intermediate-Term Bond Index passive strategy, outperformed its peergroup and the bond market at large. Likewise, the Fund's overweight to Intermediate-Term Bonds over Long-Term, Short-Term, and Ultra Short-Term Bond strategies benefited performance. A smaller, but not insubstantial, allocation to Short-Term Bonds was the cause of relative underperformance, as the Vanguard Short-Term Bond Index strategy underperformed its Intermediate-Term strategy and its peergroup. Within the satellite strategy of the Fund, the Fund chose not to hold the High Yield, Interest-Rate Hedged, or Inflation-Protected strategies it can deploy as a small part of its portfolio. Broadly, this was a benefit to performance, as these strategies largely underperformed their more traditional counterparts during the period.

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.

	Years	Saratoga Investment Qualiy Bond (with Load)	Bloomberg US Agg. Bond
Initial Investment	Initial Investment	$                                                                                             10,000	$                                                               10,000
2014	8/31/2014	$                                                                                                9,367	$                                                               10,110
2015	8/31/2015	$                                                                                                9,316	$                                                               10,166
2016	8/31/2016	$                                                                                                9,445	$                                                               10,435
2017	8/31/2017	$                                                                                                9,474	$                                                               10,805
2018	8/31/2018	$                                                                                                9,384	$                                                               10,806
2019	8/31/2019	$                                                                                                9,701	$                                                               11,748
2020	8/31/2020	$                                                                                                9,978	$                                                               12,630
2021	8/31/2021	$                                                                                                9,771	$                                                               12,435
2022	8/31/2022	$                                                                                                9,496	$                                                               10,817
2023	8/31/2023	$                                                                                                9,732	$                                                               11,415
2024	8/31/2024	$                                                                                                9,959	$                                                               11,765

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Investment Quality Bond Fund, Class A (with load)	-1.02%	-0.70%	-0.04%
Saratoga Investment Quality Bond Fund, Class A	4.98%	0.48%	0.55%
Bloomberg US Aggregate Bond Index	7.30%	-0.04%	1.64%

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

55

Fund Statistics
Total Net Assets	$11,366,986	Advisory Fees Paid by the Fund	$59,733
Number of Portfolio Holdings	3	Portfolio Turnover Rate	60%

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

Cash & Equivalents	5.4%
Corporate	33.2%
Government	61.4%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	64.60
Vanguard Short-Term Bond Index Fund, Admiral Class	30.00
Dreyfus Inst Prefer Govt Money Mkt Inst Class	5.40

Material Fund changes during the period.

Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024, 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

56

SARATOGA INVESTMENT QUALITY BOND FUND
Annual Shareholder Report	8/31/2024	SQBCX	Class C

This annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Investment Quality Bond Fund, Class C	$237	2.32%

What affected the Fund’s performance during this period?

The Fund held a core investment position in passive index funds with varying duration targets; this strategy benefitted performance during the period as the Fund's main holding, the Vanguard Intermediate-Term Bond Index passive strategy, outperformed its peergroup and the bond market at large. Likewise, the Fund's overweight to Intermediate-Term Bonds over Long-Term, Short-Term, and Ultra Short-Term Bond strategies benefited performance. A smaller, but not insubstantial, allocation to Short-Term Bonds was the cause of relative underperformance, as the Vanguard Short-Term Bond Index strategy underperformed its Intermediate-Term strategy and its peergroup. Within the satellite strategy of the Fund, the Fund chose not to hold the High Yield, Interest-Rate Hedged, or Inflation-Protected strategies it can deploy as a small part of its portfolio. Broadly, this was a benefit to performance, as these strategies largely underperformed their more traditional counterparts during the period.

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.

	Years	Saratoga Investment Quality Bond (with Load)	Bloomberg US Agg. Bond
Initial Investment	Initial Investment	$                                                                                            10,000	$                                                               10,000
2014	8/31/2014	$                                                                                               9,934	$                                                               10,110
2015	8/31/2015	$                                                                                               9,845	$                                                               10,166
2016	8/31/2016	$                                                                                               9,959	$                                                               10,435
2017	8/31/2017	$                                                                                               9,961	$                                                               10,805
2018	8/31/2018	$                                                                                               9,836	$                                                               10,806
2019	8/31/2019	$                                                                                            10,114	$                                                               11,748
2020	8/31/2020	$                                                                                            10,352	$                                                               12,630
2021	8/31/2021	$                                                                                            10,073	$                                                               12,435
2022	8/31/2022	$                                                                                               9,717	$                                                               10,817
2023	8/31/2023	$                                                                                               9,897	$                                                               11,415
2024	8/31/2024	$                                                                                            10,082	$                                                               11,765

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Investment Quality Bond Fund, Class C (with load)	3.35%	-0.17%	0.08%
Saratoga Investment Quality Bond Fund, Class C	4.35%	-0.17%	0.08%
Bloomberg US Aggregate Bond Index	7.30%	-0.04%	1.64%

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

57

Fund Statistics
Total Net Assets	$11,366,986	Advisory Fees Paid by the Fund	$59,733
Number of Portfolio Holdings	3	Portfolio Turnover Rate	60%

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

Cash & Equivalents	5.4%
Corporate	33.2%
Government	61.4%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	64.60
Vanguard Short-Term Bond Index Fund, Admiral Class	30.00
Dreyfus Inst Prefer Govt Money Mkt Inst Class	5.40

Material Fund changes during the period.

Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024, 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

58

SARATOGA INVESTMENT QUALITY BOND FUND
Annual Shareholder Report	8/31/2024	SIBPX	Class I

This annual shareholder report contains important information about the Saratoga Investment Quality Bond Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Investment Quality Bond Fund, Class I	$141	1.37%

What affected the Fund’s performance during this period?

The Fund held a core investment position in passive index funds with varying duration targets; this strategy benefitted performance during the period as the Fund's main holding, the Vanguard Intermediate-Term Bond Index passive strategy, outperformed its peergroup and the bond market at large. Likewise, the Fund's overweight to Intermediate-Term Bonds over Long-Term, Short-Term, and Ultra Short-Term Bond strategies benefited performance. A smaller, but not insubstantial, allocation to Short-Term Bonds was the cause of relative underperformance, as the Vanguard Short-Term Bond Index strategy underperformed its Intermediate-Term strategy and its peergroup. Within the satellite strategy of the Fund, the Fund chose not to hold the High Yield, Interest-Rate Hedged, or Inflation-Protected strategies it can deploy as a small part of its portfolio. Broadly, this was a benefit to performance, as these strategies largely underperformed their more traditional counterparts during the period.

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.

	Years	Saratoga Investment Quality Bond	Bloomberg US Agg. Bond
Initial Investment	Initial Investment	$                                                               10,000	$                                                               10,000
2014	8/31/2014	$                                                                  9,951	$                                                               10,110
2015	8/31/2015	$                                                                  9,933	$                                                               10,166
2016	8/31/2016	$                                                               10,097	$                                                               10,435
2017	8/31/2017	$                                                               10,165	$                                                               10,805
2018	8/31/2018	$                                                               10,093	$                                                               10,806
2019	8/31/2019	$                                                               10,480	$                                                               11,748
2020	8/31/2020	$                                                               10,833	$                                                               12,630
2021	8/31/2021	$                                                               10,646	$                                                               12,435
2022	8/31/2022	$                                                               10,379	$                                                               10,817
2023	8/31/2023	$                                                               10,680	$                                                               11,415
2024	8/31/2024	$                                                               10,952	$                                                               11,765

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Investment Quality Bond Fund, Class I	5.35%	0.86%	0.92%
Bloomberg US Aggregate Bond Index	7.30%	-0.04%	1.64%

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

59

Fund Statistics
Total Net Assets	$11,366,986	Advisory Fees Paid by the Fund	$59,733
Number of Portfolio Holdings	3	Portfolio Turnover Rate	60%

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

Cash & Equivalents	5.4%
Corporate	33.2%
Government	61.4%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	64.60
Vanguard Short-Term Bond Index Fund, Admiral Class	30.00
Dreyfus Inst Prefer Govt Money Mkt Inst Class	5.40

Material Fund changes during the period.

Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024, 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

60

SARATOGA MUNICIPAL BOND FUND
Annual Shareholder Report	8/31/2024	SMBAX	Class A

This annual shareholder report contains important information about the Saratoga Municipal Bond Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Municipal Bond Fund, Class A	$233	2.30%

What affected the Fund’s performance during this period?

The Fund held a core investment position in passive index funds with varying duration targets; this strategy benefitted performance during the period as the Fund’s main holding, the Vanguard Intermediate-Term Tax-Exempt Bond Index passive strategy, outperformed its peergroup and the bond market at large. Likewise, the Fund’s overweight to Intermediate-Term Tax-Exempt Bonds over Short-Term and Ultra-Short Term Tax-Exempt Bond strategies benefited performance, though the absence of Long-Term Tax-Exempt Bonds was a drag on performance. While the Fund’s Ultra-Short-Term Tax-Exempt Bond holding outperformed its peergroup, the position still caused relative underperformance, as the strategy underperformed Intermediate-Term and Long-Term Tax-Exempt strategies.

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.

	Years	Saratoga Muni Bond	Bloomberg Muni Bond
Initial Investment	Initial Investment	$                                                               10,000	$                                                               10,000
2014	8/31/2014	$                                                                  9,420	$                                                               10,147
2015	8/31/2015	$                                                              9,446	$                                                              10,482
2016	8/31/2016	$                                                              9,260	$                                                              10,508
2017	8/31/2017	$                                                          9,436	$                                                               11,081
2018	8/31/2018	$                                                               9,186	$                                                              11,223
2019	8/31/2019	$                                                                 9,246	$                                                               12,068
2020	8/31/2020	$                                                           9,317	$                                                               12,697
2021	8/31/2021	$                                                                  9,166	$                                                               12,890
2022	8/31/2022	$                                                                8,885	$                                                               11,791
2023	8/31/2023	$                                                                  9,010	$                                                               12,546
2024	8/31/2024	$                                                                 9,031	$                                                               12,708

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Municipal Bond Fund, Class A (with load)	-3.12%	-1.65%	-1.01%
Saratoga Municipal Bond Fund, Class A	2.84%	-0.49%	-0.42%
Bloomberg Municipal Bond Index	6.09%	1.02%	2.43%

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

THE SARATOGA ADVANTAGE TRUST

61

Fund Statistics
Total Net Assets	$581,256	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	3	Portfolio Turnover Rate	36%

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

 

Cash & Equivalents	0.0%
Municipal	0.0%

Top Holdings (%)
Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class	85.44
Vanguard Short-Term Tax-Exempt Fund, Admiral Class	7.16
Dreyfus Tax-Exempt Cash Management Fund, Institutional Class	7.40

Material Fund changes during the period.

Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024, 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

62

Saratoga MUNICIPAL BOND Fund
Annual Shareholder Report	8/31/2024	SMBCX	Class C

This annual shareholder report contains important information about the Saratoga Municipal Bond Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Municipal Bond Fund, Class C	$293	2.90%

What affected the Fund’s performance during this period?

The Fund held a core investment position in passive index funds with varying duration targets; this strategy benefitted performance during the period as the Fund’s main holding, the Vanguard Intermediate-Term Tax-Exempt Bond Index passive strategy, outperformed its peergroup and the bond market at large. Likewise, the Fund’s overweight to Intermediate-Term Tax-Exempt Bonds over Short-Term and Ultra-Short Term Tax-Exempt Bond strategies benefited performance, though the absence of Long-Term Tax-Exempt Bonds was a drag on performance. While the Fund’s Ultra-Short-Term Tax-Exempt Bond holding outperformed its peergroup, the position still caused relative underperformance, as the strategy underperformed Intermediate-Term and Long-Term Tax-Exempt strategies.

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.

	Years	Saratoga Muni Bond (with load)	Bloomberg Muni Bond
Initial Investment	Initial Investment	$                                                               10,000	$                                                               10,000
2014	8/31/2014	$                                                                  9,977	$                                                               10,147
2015	8/31/2015	$                                                               10,012	$                                                               10,482
2016	8/31/2016	$                                                                  9,806	$                                                               10,508
2017	8/31/2017	$                                                               10,002	$                                                               11,081
2018	8/31/2018	$                                                                  9,705	$                                                               11,223
2019	8/31/2019	$                                                                  9,802	$                                                               12,068
2020	8/31/2020	$                                                                  9,888	$                                                               12,697
2021	8/31/2021	$                                                                  9,685	$                                                               12,890
2022	8/31/2022	$                                                                  9,335	$                                                               11,791
2023	8/31/2023	$                                                                  9,412	$                                                               12,546
2024	8/31/2024	$                                                                  9,401	$                                                               12,708

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Municipal Bond Fund, Class C (with load)	1.26%	-0.87%	-0.61%
Saratoga Municipal Bond Fund, Class C	2.26%	-0.87%	-0.61%
Bloomberg Municipal Bond Index	6.09%	1.02%	2.43%

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

THE SARATOGA ADVANTAGE TRUST

63

Fund Statistics
Total Net Assets	$581,256	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	3	Portfolio Turnover Rate	36%

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

Cash & Equivalents	7.4%
Municipal	92.6%

Top Holdings (%)
Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class	85.44
Vanguard Short-Term Tax-Exempt Fund, Admiral Class	7.16
Dreyfus Tax-Exempt Cash Management Fund, Institutional Class	7.40

Material Fund changes during the period.

Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024, 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

64

Saratoga MUNICIPAL BOND Fund
Annual Shareholder Report	8/31/2024	SMBPX	Class I

This annual shareholder report contains important information about the Saratoga Municipal Bond Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Municipal Bond Fund, Class I	$193	1.90%

What affected the Fund’s performance during this period?

The Fund held a core investment position in passive index funds with varying duration targets; this strategy benefitted performance during the period as the Fund’s main holding, the Vanguard Intermediate-Term Tax-Exempt Bond Index passive strategy, outperformed its peergroup and the bond market at large. Likewise, the Fund’s overweight to Intermediate-Term Tax-Exempt Bonds over Short-Term and Ultra-Short Term Tax-Exempt Bond strategies benefited performance, though the absence of Long-Term Tax-Exempt Bonds was a drag on performance. While the Fund’s Ultra-Short-Term Tax-Exempt Bond holding outperformed its peergroup, the position still caused relative underperformance, as the strategy underperformed Intermediate-Term and Long-Term Tax-Exempt strategies.

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.

	Years	Saratoga Muni Bond	Bloomberg Muni Bond
Initial Investment	Initial Investment	$                                                               10,000	$                                                               10,000
2014	8/31/2014	$                                                                  9,998	$                                                               10,147
2015	8/31/2015	$                                                               10,051	$                                                               10,482
2016	8/31/2016	$                                                                  9,883	$                                                               10,508
2017	8/31/2017	$                                                               10,126	$                                                               11,081
2018	8/31/2018	$                                                                  9,886	$                                                               11,223
2019	8/31/2019	$                                                                  9,984	$                                                               12,068
2020	8/31/2020	$                                                               10,061	$                                                               12,697
2021	8/31/2021	$                                                                  9,921	$                                                               12,890
2022	8/31/2022	$                                                                  9,665	$                                                               11,791
2023	8/31/2023	$                                                                  9,843	$                                                               12,546
2024	8/31/2024	$                                                                  9,898	$                                                               12,708

Average Annual Total Returns
	1 Year	5 Years	10 Years
Saratoga Municipal Bond Fund, Class I	3.24%	-0.19%	-0.10%
Bloomberg Municipal Bond Index	6.09%	1.02%	2.43%

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

THE SARATOGA ADVANTAGE TRUST

65

Fund Statistics
Total Net Assets	$581,256	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	3	Portfolio Turnover Rate	36%

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

Cash & Equivalents	7.4%
Municipal	92.6%

Top Holdings (%)
Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class	85.44
Vanguard Short-Term Tax-Exempt Fund, Admiral Class	7.16
Dreyfus Tax-Exempt Cash Management Fund, Institutional Class	7.40

Material Fund changes during the period.

Below is a summary of certain changes, and planned changes, to the Fund during the reporting period. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024, 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

66

Saratoga US GOVERNMENT MONEY MARKET Fund
Annual Shareholder Report	8/31/2024	SGAXX	Class A

This annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga US Government Money Market Fund, Class A	$214	2.11%

Fund Statistics
Total Net Assets	$4,539,322	Advisory Fees Paid by the Fund	$23,949
Number of Portfolio Holdings	4	Portfolio Turnover Rate	NA

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

Federated Hermes Government Obligations Fund	24.86%
Dreyfus Government Cash Management Fund	24.86%
BlackRock Liquidity FedFund Fund	24.86%
JPMorgan US Government Money Market Fund	24.86%

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, 2024, 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

67

Saratoga US GOVERNMENT MONEY MARKET Fund
Annual Shareholder Report	8/31/2024	SZCXX	Class C

This annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga US Government Money Market Fund, Class C	$278	2.75%

Fund Statistics
Total Net Assets	$4,539,322	Advisory Fees Paid by the Fund	$23,949
Number of Portfolio Holdings	4	Portfolio Turnover Rate	NA

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

Federated Hermes Government Obligations Fund	24.86%
Dreyfus Government Cash Management Fund	24.86%
BlackRock Liquidity FedFund Fund	24.86%
JPMorgan US Government Money Market Fund	24.86%

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, 2024, 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

68

Saratoga US GOVERNMENT MONEY MARKET Fund
Annual Shareholder Report	8/31/2024	SGMXX	Class I

This annual shareholder report contains important information about the Saratoga US Government Money Market Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga US Government Money Market Fund, Class I	$176	1.73%

Fund Statistics
Total Net Assets	$4,539,322	Advisory Fees Paid by the Fund	$23,949
Number of Portfolio Holdings	4	Portfolio Turnover Rate	NA

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

Federated Hermes Government Obligations Fund	24.86%
Dreyfus Government Cash Management Fund	24.86%
BlackRock Liquidity FedFund Fund	24.86%
JPMorgan US Government Money Market Fund	24.86%

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, 2024, 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

69

Saratoga Aggressive Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SABAX	Class A

This annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Aggressive Balanced Allocation Fund, Class A	$134	1.24%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Aggressive (with load)	Morningstar Mod. Aggressive Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$8,708	$9,195
2019	8/31/2019	$10,303	$11,305
2020	8/31/2020	$11,266	$12,832
2021	8/31/2021	$12,543	$14,634
2022	8/31/2022	$11,115	$12,368
2023	8/31/2023	$12,772	$14,344
2024	8/31/2024	$14,483	$15,967

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Aggressive Balanced Allocation Fund, Class A (with load)	10.06%	7.34%	5.72%
Saratoga Aggressive Balanced Allocation Fund, Class A	16.75%	8.63%	6.65%
Morningstar Mod. Aggressive Target Risk Index	18.35%	9.00%	7.28%

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

THE SARATOGA ADVANTAGE TRUST

70

Fund Statistics
Total Net Assets	$1,411,017	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	8%

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

Sector	Sector Exposure
Alternative Funds	8.9%
Equity Funds	73.5%
Fixed Income Funds	12.1%
Money Market Funds & Other	5.5%

Top Holdings (%)
Saratoga Large Cap Growth Fund, Class I	17.34
Saratoga Large Cap Value Fund, Class I	16.15
Saratoga Mid Capitalization Fund, Class I	10.89
Vanguard Intermediate-Term Bond Index Fund Admiral Class	9.56
Eaton Vance Global Macro Absolute Return Fund, Class I	8.86
Saratoga Small Capitalization Fund, Class I	8.74
Vanguard Total International Stock Index Fund, Admiral Class	6.51
Dreyfus Inst Prefer Govt Money Mkt Inst Class	5.41
Saratoga Health & Biotech Fund, Class I	3.90
Saratoga Technology & Comm Fund, Class I	3.74

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, 2024, 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

71

Saratoga Aggressive Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SABCX	Class C

This annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Aggressive Balanced Allocation Fund, Class C	$215	1.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Aggressive (with load)	Morningstar Mod. Aggressive Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,239	$9,195
2019	8/31/2019	$10,904	$11,305
2020	8/31/2020	$11,830	$12,832
2021	8/31/2021	$13,450	$14,634
2022	8/31/2022	$11,804	$12,368
2023	8/31/2023	$13,459	$14,344
2024	8/31/2024	$14,722	$15,967

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Aggressive Balanced Allocation Fund, Class C (with load)	14.76%	7.72%	5.98%
Saratoga Aggressive Balanced Allocation Fund, Class C	15.76%	7.72%	5.98%
Morningstar Mod. Aggressive Target Risk Index	18.35%	9.00%	7.28%

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

THE SARATOGA ADVANTAGE TRUST

72

Fund Statistics
Total Net Assets	$1,411,017	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	8%

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

Sector	Sector Exposure
Alternative Funds	8.9%
Equity Funds	73.5%
Fixed Income Funds	12.1%
Money Market Funds & Other	5.5%

Top Holdings (%)
Saratoga Large Cap Growth Fund, Class I	17.34
Saratoga Large Cap Value Fund, Class I	16.15
Saratoga Mid Capitalization Fund, Class I	10.89
Vanguard Intermediate-Term Bond Index Fund Admiral Class	9.56
Eaton Vance Global Macro Absolute Return Fund, Class I	8.86
Saratoga Small Capitalization Fund, Class I	8.74
Vanguard Total International Stock Index Fund, Admiral Class	6.51
Dreyfus Inst Prefer Govt Money Mkt Inst Class	5.41
Saratoga Health & Biotech Fund, Class I	3.90
Saratoga Technology & Comm Fund, Class I	3.74

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, 2024, 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

73

Saratoga Aggressive Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SABIX	Class I

This annual shareholder report contains important information about the Saratoga Aggressive Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Aggressive Balanced Allocation Fund, Class I	$107	0.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Aggressive	Morningstar Mod. Aggressive Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,239	$9,195
2019	8/31/2019	$10,965	$11,305
2020	8/31/2020	$12,010	$12,832
2021	8/31/2021	$13,792	$14,634
2022	8/31/2022	$12,228	$12,368
2023	8/31/2023	$14,082	$14,344
2024	8/31/2024	$15,506	$15,967

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Aggressive Balanced Allocation Fund, Class I	16.97%	8.80%	6.81%
Morningstar Mod. Aggressive Target Risk Index	18.35%	9.00%	7.28%

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

THE SARATOGA ADVANTAGE TRUST

74

Fund Statistics
Total Net Assets	$1,411,017	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	8%

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

Sector	Sector Exposure
Alternative Funds	8.9%
Equity Funds	73.5%
Fixed Income Funds	12.1%
Money Market Funds & Other	5.5%

Top Holdings (%)
Saratoga Large Cap Growth Fund, Class I	17.34
Saratoga Large Cap Value Fund, Class I	16.15
Saratoga Mid Capitalization Fund, Class I	10.89
Vanguard Intermediate-Term Bond Index Fund Admiral Class	9.56
Eaton Vance Global Macro Absolute Return Fund, Class I	8.86
Saratoga Small Capitalization Fund, Class I	8.74
Vanguard Total International Stock Index Fund, Admiral Class	6.51
Dreyfus Inst Prefer Govt Money Mkt Inst Class	5.41
Saratoga Health & Biotech Fund, Class I	3.90
Saratoga Technology & Comm Fund, Class I	3.74

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, 2024, 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

75

Saratoga CONSERVATIVE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SCAAX	Class A

This annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Conservative Balanced Allocation Fund, Class A	$131	1.24%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Conservative (with load)	Morningstar Mod. Conservative Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$8,988	$9,648
2019	8/31/2019	$10,218	$11,119
2020	8/31/2020	$10,955	$12,438
2021	8/31/2021	$12,060	$13,230
2022	8/31/2022	$10,986	$11,397
2023	8/31/2023	$12,041	$12,639
2024	8/31/2024	$12,863	$13,590

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Conservative Balanced Allocation Fund, Class A (with load)	5.13%	4.45%	3.86%
Saratoga Conservative Balanced Allocation Fund, Class A	11.54%	5.69%	4.78%
Morningstar Mod. Conservative Target Risk Index	13.03%	5.03%	4.72%

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

THE SARATOGA ADVANTAGE TRUST

76

Fund Statistics
Total Net Assets	$3,069,922	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	9	Portfolio Turnover Rate	22%

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

Sector	Sector Exposure
Alternative Funds	7.2%
Equity Funds	38.1%
Fixed Income Funds	46.0%
Money Market Funds & Other	8.7%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	36.42
Saratoga Large Cap Growth Fund, Class I	13.80
Saratoga Large Cap Value Fund, Class I	12.74
Vanguard Short-Term Bond Index Fund, Admiral Class	9.59
Saratoga Mid Capitalization Fund, Class I	8.54
Dreyfus Inst Prefer Govt Money Mkt Inst Class	7.41
Eaton Vance Global Macro Absolute Return Fund, Class I	7.20
Saratoga Small Capitalization Fund, Class I	1.97
Vanguard Total International Stock Index Fund, Admiral Class	1.07

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, 2024, 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

77

Saratoga CONSERVATIVE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SUMCX	Class C

This annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Conservative Balanced Allocation Fund, Class C	$210	1.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Conservative (with load)	Morningstar Mod. Conservative Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,526	$9,648
2019	8/31/2019	$10,817	$11,119
2020	8/31/2020	$11,498	$12,438
2021	8/31/2021	$12,573	$13,230
2022	8/31/2022	$11,363	$11,397
2023	8/31/2023	$12,366	$12,639
2024	8/31/2024	$13,139	$13,590

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Conservative Balanced Allocation Fund, Class C (with load)	9.62%	4.91%	4.19%
Saratoga Conservative Balanced Allocation Fund, Class C	10.62%	4.91%	4.19%
Morningstar Mod. Conservative Target Risk Index	13.03%	5.03%	4.72%

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

THE SARATOGA ADVANTAGE TRUST

78

Fund Statistics
Total Net Assets	$3,069,922	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	9	Portfolio Turnover Rate	22%

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

Sector	Sector Exposure
Alternative Funds	7.2%
Equity Funds	38.1%
Fixed Income Funds	46.0%
Money Market Funds & Other	8.7%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	36.42
Saratoga Large Cap Growth Fund, Class I	13.80
Saratoga Large Cap Value Fund, Class I	12.74
Vanguard Short-Term Bond Index Fund, Admiral Class	9.59
Saratoga Mid Capitalization Fund, Class I	8.54
Dreyfus Inst Prefer Govt Money Mkt Inst Class	7.41
Eaton Vance Global Macro Absolute Return Fund, Class I	7.20
Saratoga Small Capitalization Fund, Class I	1.97
Vanguard Total International Stock Index Fund, Admiral Class	1.07

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, 2024, 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

79

Saratoga CONSERVATIVE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	LUNAX	Class I

This annual shareholder report contains important information about the Saratoga Conservative Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Conservative Balanced Allocation Fund, Class I	$105	0.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Conservative	Morningstar Mod. Conservative Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,532	$9,648
2019	8/31/2019	$10,874	$11,119
2020	8/31/2020	$11,685	$12,438
2021	8/31/2021	$12,906	$13,230
2022	8/31/2022	$11,775	$11,397
2023	8/31/2023	$12,936	$12,639
2024	8/31/2024	$13,845	$13,590

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Conservative Balanced Allocation Fund, Class I	11.79%	5.96%	5.01%
Morningstar Mod. Conservative Target Risk Index	13.03%	5.03%	4.72%

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

THE SARATOGA ADVANTAGE TRUST

80

Fund Statistics
Total Net Assets	$3,069,922	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	9	Portfolio Turnover Rate	22%

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

Sector	Sector Exposure
Alternative Funds	7.2%
Equity Funds	38.1%
Fixed Income Funds	46.0%
Money Market Funds & Other	8.7%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	36.42
Saratoga Large Cap Growth Fund, Class I	13.80
Saratoga Large Cap Value Fund, Class I	12.74
Vanguard Short-Term Bond Index Fund, Admiral Class	9.59
Saratoga Mid Capitalization Fund, Class I	8.54
Dreyfus Inst Prefer Govt Money Mkt Inst Class	7.41
Eaton Vance Global Macro Absolute Return Fund, Class I	7.20
Saratoga Small Capitalization Fund, Class I	1.97
Vanguard Total International Stock Index Fund, Admiral Class	1.07

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, 2024, 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

81

Saratoga MODERATE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SMPAX	Class A

This annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderate Balanced Allocation Fund, Class A	$133	1.24%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

An overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Moderate (with load)	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$8,885	$9,395
2019	8/31/2019	$10,393	$11,182
2020	8/31/2020	$11,390	$12,616
2021	8/31/2021	$12,891	$13,902
2022	8/31/2022	$11,522	$11,848
2023	8/31/2023	$13,025	$13,414
2024	8/31/2024	$14,158	$14,701

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderate Balanced Allocation Fund, Class A (with load)	8.25%	6.36%	5.37%
Saratoga Moderate Balanced Allocation Fund, Class A	14.83%	7.63%	6.31%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.96%

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

THE SARATOGA ADVANTAGE TRUST

82

Fund Statistics
Total Net Assets	$2,126,286	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	18%

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

Sector	Sector Exposure
Alternative Funds	7.1%
Equity Funds	60.1%
Fixed Income Funds	25.4%
Money Market Funds & Other	7.4%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	20.16
Saratoga Large Cap Growth Fund, Class I	17.36
Saratoga Large Cap Value Fund, Class I	16.75
Saratoga Mid Capitalization Fund, Class I	11.48
Dreyfus Inst Prefer Govt Money Mkt Inst Class	7.19
Eaton Vance Global Macro Absolute Return Fund, Class I	7.09
Vanguard Short-Term Bond Index Fund, Admiral Class	5.28
Saratoga Small Capitalization Fund, Class I	4.11
Vanguard Total International Stock Index Fund, Admiral Class	2.46
Saratoga Technology & Comm Fund, Class I	2.31

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, 2024, 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

83

Saratoga MODERATE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SBMCX	Class C

This annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderate Balanced Allocation Fund, Class C	$213	1.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

An overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Moderate (with load)	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,427	$9,395
2019	8/31/2019	$10,971	$11,182
2020	8/31/2020	$11,937	$12,616
2021	8/31/2021	$13,405	$13,902
2022	8/31/2022	$11,897	$11,848
2023	8/31/2023	$13,350	$13,414
2024	8/31/2024	$14,440	$14,701

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderate Balanced Allocation Fund, Class C (with load)	12.99%	6.83%	5.68%
Saratoga Moderate Balanced Allocation Fund, Class C	13.99%	6.83%	5.68%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.96%

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

THE SARATOGA ADVANTAGE TRUST

84

Fund Statistics
Total Net Assets	$2,126,286	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	18%

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

Sector	Sector Exposure
Alternative Funds	7.1%
Equity Funds	60.1%
Fixed Income Funds	25.4%
Money Market Funds & Other	7.4%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	20.16
Saratoga Large Cap Growth Fund, Class I	17.36
Saratoga Large Cap Value Fund, Class I	16.75
Saratoga Mid Capitalization Fund, Class I	11.48
Dreyfus Inst Prefer Govt Money Mkt Inst Class	7.19
Eaton Vance Global Macro Absolute Return Fund, Class I	7.09
Vanguard Short-Term Bond Index Fund, Admiral Class	5.28
Saratoga Small Capitalization Fund, Class I	4.11
Vanguard Total International Stock Index Fund, Admiral Class	2.46
Saratoga Technology & Comm Fund, Class I	2.31

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, 2024, 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

85

Saratoga MODERATE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SBMIX	Class I

This annual shareholder report contains important information about the Saratoga Moderate Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderate Balanced Allocation Fund, Class I	$106	0.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

An overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Moderate	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,427	$9,426
2019	8/31/2019	$11,031	$11,219
2020	8/31/2020	$12,117	$12,658
2021	8/31/2021	$13,745	$13,948
2022	8/31/2022	$12,320	$11,887
2023	8/31/2023	$13,955	$13,459
2024	8/31/2024	$15,203	$14,701

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderate Balanced Allocation Fund, Class I	15.12%	7.89%	6.50%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.96%

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

THE SARATOGA ADVANTAGE TRUST

86

Fund Statistics
Total Net Assets	$2,126,286	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	18%

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

Sector	Sector Exposure
Alternative Funds	7.1%
Equity Funds	60.1%
Fixed Income Funds	25.4%
Money Market Funds & Other	7.4%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	20.16
Saratoga Large Cap Growth Fund, Class I	17.36
Saratoga Large Cap Value Fund, Class I	16.75
Saratoga Mid Capitalization Fund, Class I	11.48
Dreyfus Inst Prefer Govt Money Mkt Inst Class	7.19
Eaton Vance Global Macro Absolute Return Fund, Class I	7.09
Vanguard Short-Term Bond Index Fund, Admiral Class	5.28
Saratoga Small Capitalization Fund, Class I	4.11
Vanguard Total International Stock Index Fund, Admiral Class	2.46
Saratoga Technology & Comm Fund, Class I	2.31

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, 2024, 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

87

SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION FUND
Annual Shareholder Report	8/31/2024	SAMAX	Class A

This annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderately Aggressive Balanced Allocation Fund, Class A	$134	1.24%

What affected the Fund’s performance this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund's active strategy over its passive alternative. The Fund's use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long- Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance. Generally, the Fund's slight overweight to equities versus the benchmark benefited performance during the period. An overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Mod. Aggressive (with load)	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$8,691	$9,426
2019	8/31/2019	$10,234	$11,219
2020	8/31/2020	$11,166	$12,658
2021	8/31/2021	$12,704	$13,948
2022	8/31/2022	$11,340	$11,887
2023	8/31/2023	$12,856	$13,459
2024	8/31/2024	$14,026	$14,701

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderately Aggressive Balanced Allocation Fund, Class A (with load)	8.77%	6.58%	5.22%
Saratoga Moderately Aggressive Balanced Allocation Fund, Class A	15.36%	7.85%	6.16%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.96%

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

THE SARATOGA ADVANTAGE TRUST

88

Fund Statistics
Total Net Assets	$1,118,147	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	15%

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

Sector	Sector Exposure
Alternative Funds	8.2%
Equity Funds	64.8%
Fixed Income Funds	20.4%
Money Market Funds & Other	6.6%

Top Holdings (%)
Saratoga Large Cap Growth Fund, Class I	16.25
Vanguard Intermediate-Term Bond Index Fund Admiral Class	16.09
Saratoga Large Cap Value Fund, Class I	15.95
Saratoga Mid Capitalization Fund, Class I	11.67
Eaton Vance Global Macro Absolute Return Fund, Class I	8.23
Saratoga Small Capitalization Fund, Class I	6.51
Dreyfus Inst Prefer Govt Money Mkt Inst Class	6.24
Vanguard Short-Term Bond Index Fund, Admiral Class	4.28
Vanguard Total International Stock Index Fund, Admiral Class	4.21
Saratoga Health & Biotech Fund, Class I	2.87

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, 2024, 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

89

SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION FUND
Annual Shareholder Report	8/31/2024	SAMCX	Class C

This annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderately Aggressive Balanced Allocation Fund, Class C	$213	1.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund's active strategy over its passive alternative. The Fund's use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long- Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance. Generally, the Fund's slight overweight to equities versus the benchmark benefited performance during the period. An overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Mod. Aggressive (with load)	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,221	$9,426
2019	8/31/2019	$10,818	$11,219
2020	8/31/2020	$11,711	$12,658
2021	8/31/2021	$13,215	$13,948
2022	8/31/2022	$11,703	$11,887
2023	8/31/2023	$13,173	$13,459
2024	8/31/2024	$14,298	$14,701

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderately Aggressive Balanced Allocation Fund, Class C (with load)	13.43%	7.04%	5.52%
Saratoga Moderately Aggressive Balanced Allocation Fund, Class C	14.43%	7.04%	5.52%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.96%

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

THE SARATOGA ADVANTAGE TRUST

90

Fund Statistics
Total Net Assets	$1,118,147	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	15%

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

Sector	Sector Exposure
Alternative Funds	8.2%
Equity Funds	64.8%
Fixed Income Funds	20.4%
Money Market Funds & Other	6.6%

Top Holdings (%)
Saratoga Large Cap Growth Fund, Class I	16.25
Vanguard Intermediate-Term Bond Index Fund Admiral Class	16.09
Saratoga Large Cap Value Fund, Class I	15.95
Saratoga Mid Capitalization Fund, Class I	11.67
Eaton Vance Global Macro Absolute Return Fund, Class I	8.23
Saratoga Small Capitalization Fund, Class I	6.51
Dreyfus Inst Prefer Govt Money Mkt Inst Class	6.24
Vanguard Short-Term Bond Index Fund, Admiral Class	4.28
Vanguard Total International Stock Index Fund, Admiral Class	4.21
Saratoga Health & Biotech Fund, Class I	2.87

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, 2024, 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

91

SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION FUND
Annual Shareholder Report	8/31/2024	SAMIX	Class I

This annual shareholder report contains important information about the Saratoga Moderately Aggressive Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderately Aggressive Balanced Allocation Fund, Class I	$107	0.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund's active strategy over its passive alternative. The Fund's use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

Within the sector equity asset classes, an overweight to Technology and Health versus Financials and Energy was neutral, as Financials were the best performing sector the Fund allocates to, while Energy was the worst.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long- Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance. Generally, the Fund's slight overweight to equities versus the benchmark benefited performance during the period. An overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Mod. Aggressive	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,221	$9,426
2019	8/31/2019	$10,869	$11,219
2020	8/31/2020	$11,886	$12,658
2021	8/31/2021	$13,550	$13,948
2022	8/31/2022	$12,122	$11,887
2023	8/31/2023	$13,776	$13,459
2024	8/31/2024	$15,060	$14,701

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderately Aggressive Balanced Allocation Fund, Class I	15.70%	8.11%	6.35%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.96%

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

THE SARATOGA ADVANTAGE TRUST

92

Fund Statistics
Total Net Assets	$1,118,147	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	13	Portfolio Turnover Rate	15%

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

Sector	Sector Exposure
Alternative Funds	8.2%
Equity Funds	64.8%
Fixed Income Funds	20.4%
Money Market Funds & Other	6.6%

Top Holdings (%)
Saratoga Large Cap Growth Fund, Class I	16.25
Vanguard Intermediate-Term Bond Index Fund Admiral Class	16.09
Saratoga Large Cap Value Fund, Class I	15.95
Saratoga Mid Capitalization Fund, Class I	11.67
Eaton Vance Global Macro Absolute Return Fund, Class I	8.23
Saratoga Small Capitalization Fund, Class I	6.51
Dreyfus Inst Prefer Govt Money Mkt Inst Class	6.24
Vanguard Short-Term Bond Index Fund, Admiral Class	4.28
Vanguard Total International Stock Index Fund, Admiral Class	4.21
Saratoga Health & Biotech Fund, Class I	2.87

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, 2024, 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

93

Saratoga MODERATELY CONSERVATIVE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SMACX	Class A

This annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderately Conservative Balanced Allocation Fund, Class A	$133	1.24%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Mod. Conservative (with load)	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$8,729	$9,395
2019	8/31/2019	$10,178	$11,182
2020	8/31/2020	$11,117	$12,616
2021	8/31/2021	$12,422	$13,902
2022	8/31/2022	$11,204	$11,848
2023	8/31/2023	$12,640	$13,414
2024	8/31/2024	$13,730	$14,653

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderately Conservative Balanced Allocation Fund, Class A (with load)	7.99%	6.01%	4.89%
Saratoga Moderately Conservative Balanced Allocation Fund, Class A	14.63%	7.28%	5.83%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.92%

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

THE SARATOGA ADVANTAGE TRUST

94

Fund Statistics
Total Net Assets	$863,546	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	9	Portfolio Turnover Rate	20%

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

Sector	Sector Exposure
Alternative Funds	7.2%
Equity Funds	54.5%
Fixed Income Funds	29.7%
Money Market Funds & Other	8.6%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	23.07
Saratoga Large Cap Growth Fund, Class I	16.81
Saratoga Large Cap Value Fund, Class I	16.04
Saratoga Mid Capitalization Fund, Class I	11.99
Dreyfus Inst Prefer Govt Money Mkt Inst Class	8.21
Eaton Vance Global Macro Absolute Return Fund, Class I	7.22
Vanguard Short-Term Bond Index Fund, Admiral Class	6.62
Saratoga Small Capitalization Fund, Class I	5.90
Vanguard Total International Stock Index Fund, Admiral Class	3.75

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, 2024, 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

95

Saratoga MODERATELY CONSERVATIVE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SBCCX	Class C

This annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderately Conservative Balanced Allocation Fund, Class C	$212	1.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Mod. Conservative (with load)	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,261	$9,395
2019	8/31/2019	$10,748	$11,182
2020	8/31/2020	$11,611	$12,616
2021	8/31/2021	$12,841	$13,902
2022	8/31/2022	$11,471	$11,848
2023	8/31/2023	$12,821	$13,414
2024	8/31/2024	$13,824	$14,653

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderately Conservative Balanced Allocation Fund, Class C (with load)	12.52%	6.21%	5.00%
Saratoga Moderately Conservative Balanced Allocation Fund, Class C	13.52%	6.21%	5.00%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.92%

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

THE SARATOGA ADVANTAGE TRUST

96

Fund Statistics
Total Net Assets	$863,546	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	9	Portfolio Turnover Rate	20%

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

Sector	Sector Exposure
Alternative Funds	7.2%
Equity Funds	54.5%
Fixed Income Funds	29.7%
Money Market Funds & Other	8.6%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	23.07
Saratoga Large Cap Growth Fund, Class I	16.81
Saratoga Large Cap Value Fund, Class I	16.04
Saratoga Mid Capitalization Fund, Class I	11.99
Dreyfus Inst Prefer Govt Money Mkt Inst Class	8.21
Eaton Vance Global Macro Absolute Return Fund, Class I	7.22
Vanguard Short-Term Bond Index Fund, Admiral Class	6.62
Saratoga Small Capitalization Fund, Class I	5.90
Vanguard Total International Stock Index Fund, Admiral Class	3.75

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, 2024, 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

97

Saratoga MODERATELY CONSERVATIVE Balanced Allocation Fund
Annual Shareholder Report	8/31/2024	SMICX	Class I

This annual shareholder report contains important information about the Saratoga Moderately Conservative Balanced Allocation Fund for the period 9/1/2023 through 8/31/2024, as well as certain changes to the Fund, if applicable. You can find additional information about the Fund at www.saratogacap.com/fund-reports or by contacting us at 1-888-672-4839.

What were the Fund’s costs for the last year (based on a hypothetical $10,000 investment)?
Fund	Costs of a $10,000 Investment	Costs paid as a % of a $10,000 Investment
Saratoga Moderately Conservative Balanced Allocation Fund, Class I	$106	0.99%

What affected the Fund’s performance during this period?

During the period the Fund benefitted from a significant overweight to Large Cap Growth versus Mid Cap and Small Cap holdings, and by using the Saratoga Large Cap Growth Fund’s active strategy over its passive alternative. The Fund’s use of an active strategy for its Large Cap Value exposure was a drag on performance, as it underperformed its passive alternative. The Fund also benefitted from its overweight to Mid Cap versus Small Cap holdings and use of active Saratoga strategies in the Mid Cap and Small Cap sectors benefited performance. An underweight to International Equity, and use of the Vanguard passive strategy in that asset class, was a benefit to performance.

The Fund generally applies its allocation strategy for its bond exposure by allocating to passive index bond funds with varying duration targets; Fund performance benefitted during the period by overweighting the Vanguard Intermediate-Term Bond Index strategy over its Long-Term, Short-Term, and Ultra-Short-Term alternatives. A smaller allocation to the Short-Term Bond strategy was a drag on performance.

Generally, the Fund’s slight underweight to equities versus the benchmark resulted in negative relative performance during the period, as every equity asset class the Fund allocates to outperformed their bond and money market counterparts, save Energy. Likewise, an overweight to Alternatives and Cash equivalents versus the benchmark detracted from 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.

Years	Years	Saratoga Mod. Conservative	Morningstar Mod. Target Risk
Inception	Inception	$10,000	$10,000
2018	8/31/2018	$9,261	$9,395
2019	8/31/2019	$10,799	$11,182
2020	8/31/2020	$11,795	$12,616
2021	8/31/2021	$13,183	$13,902
2022	8/31/2022	$11,890	$11,848
2023	8/31/2023	$13,414	$13,414
2024	8/31/2024	$14,570	$14,653

Average Annual Total Returns
	1 Year	5 Years	Since Inception1
Saratoga Moderately Conservative Balanced Allocation Fund, Class I	14.63%	7.28%	5.83%
Morningstar Moderate Target Risk Index	15.55%	6.95%	5.92%

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

THE SARATOGA ADVANTAGE TRUST

98

Fund Statistics
Total Net Assets	$863,546	Advisory Fees Paid by the Fund	$0
Number of Portfolio Holdings	9	Portfolio Turnover Rate	20%

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

Sector	Sector Exposure
Alternative Funds	7.2%
Equity Funds	54.5%
Fixed Income Funds	29.7%
Money Market Funds & Other	8.6%

Top Holdings (%)
Vanguard Intermediate-Term Bond Index Fund Admiral Class	23.07
Saratoga Large Cap Growth Fund, Class I	16.81
Saratoga Large Cap Value Fund, Class I	16.04
Saratoga Mid Capitalization Fund, Class I	11.99
Dreyfus Inst Prefer Govt Money Mkt Inst Class	8.21
Eaton Vance Global Macro Absolute Return Fund, Class I	7.22
Vanguard Short-Term Bond Index Fund, Admiral Class	6.62
Saratoga Small Capitalization Fund, Class I	5.90
Vanguard Total International Stock Index Fund, Admiral Class	3.75

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, 2024, 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

99

(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 08/31/23	$153,000.00
FYE 08/31/24	$153,000.00

(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 08/31/23	$34,000.00
FYE 08/31/24	$34,000.00

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, 2023 and 2024, 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, 2023 and 2024, 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 A, C, and I Shares

ANNUAL REPORT

As Of August 31, 2024

THIS REPORT IS AUTHORIZED FOR DISTRIBUTION ONLY TO SHAREHOLDERS

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

TABLE OF CONTENTS

Schedules of Investments	Page 1
Statements of Assets and Liabilities	Page 39
Statements of Operations	Page 43
Statements of Changes in Net Assets	Page 47
Notes to Financials	Page 53
Financial Highlights	Page 74
Report of Independent Registered Public Accounting Firm	Page 101

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, 2024

Shares			Fair Value
		COMMON STOCKS — 88.8%
		CHEMICALS - 3.0%
	2,187	Air Products and Chemicals, Inc.	$	609,845
		COMMERCIAL SUPPORT SERVICES - 6.5%
	5,327	Clean Harbors, Inc.(a)		1,309,909
		CONSTRUCTION MATERIALS - 3.9%
	1,487	Martin Marietta Materials, Inc.		794,296
		CONTAINERS & PACKAGING - 5.5%
	12,272	Crown Holdings, Inc.		1,109,512
		ELECTRICAL EQUIPMENT - 10.1%
	5,658	AMETEK, Inc.		967,801
	30,277	API Group Corporation(a)		1,076,347
				2,044,148
		HEALTH CARE FACILITIES & SERVICES - 5.2%
	5,350	Charles River Laboratories International, Inc.(a)		1,057,962
		INFRASTRUCTURE REIT - 5.2%
	4,624	SBA Communications Corporation, Class A		1,048,076
		MEDICAL EQUIPMENT & DEVICES - 6.4%
	2,238	Becton Dickinson & Company		542,514
	2,828	Danaher Corporation		761,609
				1,304,123
		PUBLISHING & BROADCASTING - 8.0%
	20,640	Liberty Media Corp-Liberty Formula One(a)		1,610,952
		REAL ESTATE SERVICES - 5.5%
	9,739	CBRE Group, Inc., Class A(a)		1,121,348
		RETAIL - CONSUMER STAPLES - 5.6%
	4,893	Dollar General Corporation		405,972

See accompanying notes to financial statements.

1

SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 88.8% (Continued)
		RETAIL - CONSUMER STAPLES - 5.6% (Continued)
	4,691	Target Corporation	$	720,631
				1,126,603
		SEMICONDUCTORS - 5.2%
	13,764	Marvell Technology, Inc.		1,049,367
		SPECIALTY FINANCE - 3.0%
	5,749	Walker & Dunlop, Inc.		615,488
		TECHNOLOGY HARDWARE - 4.7%
	8,727	Jabil, Inc.		953,687
		TECHNOLOGY SERVICES - 8.1%
	3,375	CACI International, Inc., Class A(a)		1,647,405
		TRANSPORTATION EQUIPMENT - 2.9%
	3,458	Westinghouse Air Brake Technologies Corporation		586,373
		TOTAL COMMON STOCKS (Cost $15,534,216)		17,989,094
		SHORT-TERM INVESTMENT — 11.3%
		MONEY MARKET FUND - 11.3%
	2,290,119	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $2,290,119)(b)		2,290,119
		TOTAL INVESTMENTS - 100.1% (Cost $17,824,335)	$	20,279,213
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(31,022	)
		NET ASSETS - 100.0%	$	20,248,191

REIT - Real Estate Investment Trust

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

2

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.6%
		ADVERTISING & MARKETING - 1.8%
	5,580	Trade Desk, Inc. (The), Class A(a)	$	583,277
		APPAREL & TEXTILE PRODUCTS - 1.6%
	535	Deckers Outdoor Corporation(a)		513,220
		ASSET MANAGEMENT - 2.1%
	1,540	Ameriprise Financial, Inc.		692,138
		AUTOMOTIVE - 0.4%
	670	Tesla, Inc.(a)		143,454
		BIOTECHNOLOGY & PHARMACEUTICALS - 4.5%
	2,340	AbbVie, Inc.		459,365
	1,120	Alnylam Pharmaceuticals, Inc.(a)		294,213
	770	Eli Lilly & Company		739,215
				1,492,793
		CONSTRUCTION MATERIALS - 2.1%
	1,630	Carlisle Companies, Inc.		690,794
		E-COMMERCE DISCRETIONARY - 4.0%
	7,465	Amazon.com, Inc.(a)		1,332,503
		ENGINEERING & CONSTRUCTION - 2.4%
	620	Quanta Services, Inc.		170,581
	2,670	Tetra Tech, Inc.		634,766
				805,347
		ENTERTAINMENT CONTENT - 2.4%
	8,660	AppLovin Corporation, Class A(a)		804,254
		FOOD - 0.5%
	3,700	Pilgrim’s Pride Corporation(a)		172,346
		HEALTH CARE FACILITIES & SERVICES - 2.8%
	1,000	Cencora, Inc.		239,570

See accompanying notes to financial statements.

3

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.6% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 2.8% (Continued)
	4,470	DaVita, Inc.(a)	$	674,612
				914,182
		HOUSEHOLD PRODUCTS - 2.7%
	1,200	Clorox Company (The)		189,972
	4,760	Kimberly-Clark Corporation		688,582
				878,554
		INSURANCE - 2.6%
	3,370	Progressive Corporation (The)		849,914
		INTERNET MEDIA & SERVICES - 12.5%
	4,190	Alphabet, Inc., Class A		684,562
	4,175	Alphabet, Inc., Class C		689,334
	2,760	Meta Platforms, Inc., Class A		1,438,816
	480	Netflix, Inc.(a)		336,648
	2,600	Roku, Inc.(a)		176,202
	2,290	Spotify Technology S.A.(a)		785,195
				4,110,757
		LEISURE FACILITIES & SERVICES - 2.1%
	4,210	Royal Caribbean Cruises Ltd.(a)		693,050
		LEISURE PRODUCTS - 1.6%
	7,690	Hasbro, Inc.		524,150
		MEDICAL EQUIPMENT & DEVICES - 2.1%
	2,820	ResMed, Inc.		690,956
		RETAIL - CONSUMER STAPLES - 2.0%
	750	Costco Wholesale Corporation		669,285
		RETAIL - DISCRETIONARY - 2.7%
	1,770	Dick’s Sporting Goods, Inc.		419,419
	3,480	Williams-Sonoma, Inc.		467,469
				886,888

See accompanying notes to financial statements.

4

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.6% (Continued)
		SEMICONDUCTORS - 11.5%
	1,815	Advanced Micro Devices, Inc.(a)	$	269,636
	1,504	Applied Materials, Inc.		296,679
	5,380	Broadcom, Inc.		875,972
	18,490	NVIDIA Corporation		2,207,151
	935	QUALCOMM, Inc.		163,906
				3,813,344
		SOFTWARE - 21.4%
	26,940	Dropbox, Inc., Class A(a)		677,272
	9,600	Fortinet, Inc.(a)		736,416
	4,140	GitLab, Inc., Class A(a)		196,236
	1,230	Guidewire Software, Inc.(a)		182,987
	6,221	Microsoft Corporation		2,595,028
	10,140	Nutanix, Inc., Class A(a)		640,747
	6,360	Okta, Inc.(a)		500,723
	9,580	Smartsheet, Inc., Class A(a)		467,504
	10,940	Twilio, Inc., Class A(a)		686,594
	1,940	Zscaler, Inc.(a)		387,961
				7,071,468
		SPECIALTY FINANCE - 0.5%
	4,000	Ally Financial, Inc.		172,760
		TECHNOLOGY HARDWARE - 11.9%
	10,877	Apple, Inc.		2,490,833
	2,290	Arista Networks, Inc.(a)		809,240
	5,100	NetApp, Inc.		615,672
				3,915,745
		TECHNOLOGY SERVICES - 0.4%
	520	Visa, Inc., Class A		143,712
		TOTAL COMMON STOCKS (Cost $24,977,196)		32,564,891

See accompanying notes to financial statements.

5

SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENT — 1.5%
		MONEY MARKET FUND - 1.5%
	478,418	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $478,418)(b)	$	478,418
		TOTAL INVESTMENTS - 100.1% (Cost $25,455,614)	$	33,043,309
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(24,325	)
		NET ASSETS - 100.0%	$	33,018,984

LTD - Limited Company

S/A - Société Anonyme

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

6

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.5%
		APPAREL & TEXTILE PRODUCTS - 1.2%
	2,235	Skechers USA, Inc., Class A(a)	$	153,053
		ASSET MANAGEMENT - 2.9%
	1,713	Apollo Global Management, Inc.		198,245
	1,160	Ares Management Corporation, CLASS A		169,824
				368,069
		BANKING - 6.3%
	4,610	Comerica, Inc.		263,277
	3,270	Western Alliance Bancorp		267,094
	5,440	Zions Bancorp NA		269,607
				799,978
		CHEMICALS - 0.5%
	270	Avery Dennison Corporation		59,900
		CONSTRUCTION MATERIALS - 2.7%
	1,440	Vulcan Materials Company		353,102
		ELECTRIC UTILITIES - 1.9%
	2,815	Vistra Corporation		240,485
		ELECTRICAL EQUIPMENT - 8.6%
	2,680	AAON, Inc.		255,966
	1,690	Allegion plc		234,640
	715	AMETEK, Inc.		122,301
	430	Hubbell, Inc.		171,966
	3,730	nVent Electric PLC		253,491
	745	Vertiv Holdings Company		61,857
				1,100,221
		HEALTH CARE FACILITIES & SERVICES - 4.2%
	1,500	Cencora, Inc.		359,355
	705	IQVIA Holdings, Inc.(a)		177,343
				536,698
		HOME CONSTRUCTION - 3.8%
	4,440	AZEK Company, Inc. (The)(a)		189,277

See accompanying notes to financial statements.

7

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.5% (Continued)
		HOME CONSTRUCTION - 3.8% (Continued)
	500	DR Horton, Inc.	$	94,380
	1,425	Toll Brothers, Inc.		205,300
				488,957
		INDUSTRIAL REIT - 2.8%
	1,910	EastGroup Properties, Inc.		356,024
		INDUSTRIAL SUPPORT SERVICES - 2.6%
	1,360	Herc Holdings, Inc.		199,063
	895	SiteOne Landscape Supply, Inc.(a)		126,965
				326,028
		INSTITUTIONAL FINANCIAL SERVICES - 2.5%
	4,435	Nasdaq, Inc.		319,675
		INSURANCE - 3.1%
	550	Allstate Corporation (The)		103,917
	2,575	Kemper Corporation		160,963
	575	Reinsurance Group of America, Inc.		126,937
				391,817
		INTERNET MEDIA & SERVICES - 1.1%
	1,090	DoorDash, Inc., Class A(a)		140,294
		LEISURE FACILITIES & SERVICES - 6.1%
	16,510	Carnival Corporation(a)		272,415
	3,000	Royal Caribbean Cruises Ltd.(a)		493,860
				766,275
		LEISURE PRODUCTS - 2.3%
	815	Axon Enterprise, Inc.(a)		297,451
		MACHINERY - 2.6%
	585	Crane Company		92,652
	4,645	Flowserve Corporation		231,693
				324,345
		MEDICAL EQUIPMENT & DEVICES - 4.4%
	1,260	Agilent Technologies, Inc.		180,079

See accompanying notes to financial statements.

8

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.5% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 4.4% (Continued)
	7,135	Avantor, Inc.(a)	$	184,368
	2,860	Bruker Corporation		192,164
				556,611
		METALS & MINING - 1.2%
	8,980	Constellium S.E.(a)		150,595
		OIL & GAS PRODUCERS - 3.2%
	42,735	Kosmos Energy Ltd.(a)		208,119
	7,005	Range Resources Corporation		209,310
				417,429
		OIL & GAS SERVICES & EQUIPMENT - 1.5%
	6,885	TechnipFMC plc		184,793
		REAL ESTATE SERVICES - 2.5%
	24,340	Cushman & Wakefield plc(a)		316,420
		RETAIL - DISCRETIONARY - 5.1%
	61	AutoZone, Inc.(a)		194,070
	2,015	Best Buy Company, Inc.		202,306
	1,415	Builders FirstSource, Inc.(a)		246,210
				642,586
		SELF-STORAGE REIT - 2.5%
	1,795	Extra Space Storage, Inc.		317,715
		SEMICONDUCTORS - 8.4%
	3,610	Marvell Technology, Inc.		275,226
	425	Monolithic Power Systems, Inc.		397,240
	3,135	ON Semiconductor Corporation(a)		244,122
	700	Onto Innovation, Inc.(a)		149,254
				1,065,842
		SOFTWARE - 2.8%
	595	Tyler Technologies, Inc.(a)		349,783

See accompanying notes to financial statements.

9

SARATOGA MID CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.5% (Continued)
		TECHNOLOGY HARDWARE - 1.1%
	325	Motorola Solutions, Inc.	$	143,663
		TECHNOLOGY SERVICES - 5.9%
	385	CACI International, Inc., Class A(a)		187,926
	1,115	CDW Corporation		251,589
	310	Equifax, Inc.		95,210
	370	MSCI, Inc.		214,818
				749,543
		TRANSPORTATION & LOGISTICS - 2.7%
	1,585	TFI International, Inc.		234,786
	1,015	XPO, Inc.(a)		116,339
				351,125
		WHOLESALE - CONSUMER STAPLES - 2.0%
	3,380	Performance Food Group Co.(a)		252,283
		TOTAL COMMON STOCKS (Cost $9,559,340)		12,520,760
		SHORT-TERM INVESTMENT — 1.5%
		MONEY MARKET FUND - 1.5%
	184,458	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $184,458)(b)		184,458
		TOTAL INVESTMENTS - 100.0% (Cost $9,743,798)	$	12,705,218
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%		379
		NET ASSETS - 100.0%	$	12,705,597

LTD - Limited Company

MSCI - Morgan Stanley Capital International

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

10

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 96.6%
		AEROSPACE & DEFENSE - 0.1%
	988	Virgin Galactic Holdings, Inc.(a),(b)	$	6,610
		ASSET MANAGEMENT - 2.0%
	13,149	Kennedy-Wilson Holdings, Inc.		146,217
		BANKING - 16.0%
	3,764	Alerus Financial Corporation		84,502
	3,481	Bank of Marin Bancorp		74,459
	1,011	Central Pacific Financial Corporation		27,813
	4,469	ChoiceOne Financial Services, Inc.		139,209
	612	City Holding Company		72,669
	6,892	Colony Bankcorp, Inc.		103,449
	5,622	Financial Institutions, Inc.		146,283
	6,563	Fulton Financial Corporation		126,994
	1,129	Guaranty Bancshares, Inc.		39,278
	1,270	Independent Bank Corporation		80,404
	1,458	Northrim BanCorp, Inc.		100,558
	1,882	RBB Bancorp		43,211
	3,246	Sierra Bancorp		97,802
	1,388	Washington Trust Bancorp, Inc.		45,526
				1,182,157
		BIOTECH & PHARMA - 7.9%
	8,421	ADMA Biologics, Inc.(a)		145,769
	2,188	Alkermes plc(a)		62,249
	19,194	Allogene Therapeutics, Inc.(a),(b)		50,480
	2,870	Arvinas, Inc.(a)		75,079
	16,254	Heron Therapeutics, Inc.(a),(b)		31,370
	1,388	Janux Therapeutics, Inc.(a)		65,208
	329	Krystal Biotech, Inc.(a),(b)		64,194
	329	TransMedics Group, Inc.(a),(b)		55,292
	423	Vaxcyte, Inc.(a)		34,161
				583,802

See accompanying notes to financial statements.

11

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 96.6% (Continued)
		CHEMICALS - 1.5%
	9,479	Perimeter Solutions S.A.(a)	$	110,999
		CONSUMER SERVICES - 1.8%
	2,211	Coursera, Inc.(a)		17,909
	1,388	Stride, Inc.(a)		114,288
				132,197
		ELECTRICAL EQUIPMENT - 3.0%
	541	Badger Meter, Inc.		111,954
	188	Powell Industries, Inc.		31,479
	400	Watts Water Technologies, Inc., Class A		78,680
				222,113
		ENGINEERING & CONSTRUCTION - 3.8%
	212	Comfort Systems USA, Inc.		74,946
	329	EMCOR Group, Inc.		129,317
	1,458	Fluor Corporation(a)		73,002
				277,265
		FOOD - 1.7%
	2,258	BellRing Brands, Inc.(a)		126,290
		FORESTRY, PAPER & WOOD PRODUCTS - 2.0%
	1,882	Sylvamo Corporation		148,847
		GAS & WATER UTILITIES - 0.4%
	988	Consolidated Water Company Ltd.		27,427
		HEALTH CARE FACILITIES & SERVICES - 1.5%
	188	Medpace Holdings, Inc.(a)		66,790
	1,482	Option Care Health, Inc.(a)		47,454
				114,244
		HOME CONSTRUCTION - 5.0%
	517	Century Communities, Inc.		51,736
	894	Dream Finders Homes, Inc.(a),(b)		29,904
	753	Green Brick Partners, Inc.(a)		59,321
	682	KB Home		57,090

See accompanying notes to financial statements.

12

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 96.6% (Continued)
		HOME CONSTRUCTION - 5.0% (Continued)
	353	M/I Homes, Inc.(a)	$	56,258
	1,694	Taylor Morrison Home Corporation(a)		114,058
				368,367
		HOUSEHOLD PRODUCTS - 1.9%
	1,223	Edgewell Personal Care Company		49,189
	2,729	Energizer Holdings, Inc.		88,420
				137,609
		INDUSTRIAL SUPPORT SERVICES - 1.9%
	682	Applied Industrial Technologies, Inc.		139,892
		INSURANCE - 4.0%
	2,235	Mercury General Corporation		148,024
	10,961	ProAssurance Corporation(a)		146,877
				294,901
		INTERNET MEDIA & SERVICES - 2.0%
	1,694	Cargurus, Inc.(a)		49,092
	1,929	EverQuote, Inc.(a)		47,646
	1,623	HealthStream, Inc.		47,132
				143,870
		LEISURE FACILITIES & SERVICES - 3.7%
	3,387	Madison Square Garden Entertainment Corporation(a)		142,999
	8,609	ONE Group Hospitality, Inc. (The)(a)		33,145
	259	Wingstop, Inc.		100,002
				276,146
		MACHINERY - 0.9%
	1,106	Hyster-Yale Materials Handling, Inc., Class A		69,634
		MEDICAL EQUIPMENT & DEVICES - 1.2%
	517	Haemonetics Corporation(a)		39,075
	1,505	Veracyte, Inc.(a)		47,483
				86,558
		METALS & MINING - 3.6%
	12,561	Energy Fuels Inc(a)		61,549
	6,045	Hecla Mining Company		35,847

See accompanying notes to financial statements.

13

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 96.6% (Continued)
		METALS & MINING - 3.6% (Continued)
	2,258	Peabody Energy Corporation	$	52,860
	7,057	SSR Mining, Inc.		36,626
	1,247	Warrior Met Coal, Inc.		76,453
				263,335
		MORTGAGE FINANCE - 1.2%
	7,998	KKR Real Estate Finance Trust, Inc.		95,416
		OFFICE REIT - 0.7%
	9,338	Hudson Pacific Properties, Inc.		48,091
		OIL & GAS PRODUCERS - 3.7%
	1,670	Matador Resources Company		94,722
	259	Murphy USA, Inc.		134,585
	1,882	Par Pacific Holdings, Inc.(a)		42,232
				271,539
		REAL ESTATE INVESTMENT TRUSTS - 1.1%
	10,138	Claros Mortgage Trust, Inc.		81,104
		REAL ESTATE SERVICES - 0.7%
	5,904	Redfin Corporation(a)		55,143
		RENEWABLE ENERGY - 0.3%
	1,223	Sunrun, Inc.(a)		25,096
		RETAIL - DISCRETIONARY - 2.0%
	517	Abercrombie & Fitch Company, Class A(a)		76,293
	1,082	American Eagle Outfitters, Inc.		22,268
	1	Builders FirstSource, Inc.(a)		174
	1,341	Urban Outfitters, Inc.(a)		48,705
				147,440
		SEMICONDUCTORS - 4.0%
	2,376	Alpha & Omega Semiconductor Ltd.(a)		99,341
	2,164	Rambus, Inc.(a)		96,774

See accompanying notes to financial statements.

14

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 96.6% (Continued)
		SEMICONDUCTORS - 4.0% (Continued)
	2,870	Veeco Instruments, Inc.(a)	$	101,856
				297,971
		SOFTWARE - 9.1%
	800	Altair Engineering, Inc., Class A(a)		72,288
	235	Appfolio, Inc., Class A(a)		54,518
	188	Duolingo, Inc.(a)		39,963
	6,422	Fastly, Inc.(a)		38,660
	9,809	Health Catalyst, Inc.(a)		70,527
	4,916	IonQ, Inc.(a),(b)		36,477
	1,364	Phreesia, Inc.(a)		35,068
	329	Qualys, Inc.(a)		41,181
	2,517	Sprout Social, Inc., Class A(a)		78,279
	306	SPS Commerce, Inc.(a)		61,120
	3,458	Weave Communications, Inc.(a)		39,006
	11,808	Zuora, Inc.(a)		103,793
				670,880
		SPECIALTY FINANCE - 0.5%
	423	Mr. Cooper Group, Inc.(a)		39,682
		STEEL - 0.4%
	188	Carpenter Technology Corporation		27,217
		TECHNOLOGY SERVICES - 4.4%
	1,153	EVERTEC, Inc.		39,490
	1,129	HealthEquity, Inc.(a)		89,824
	423	ICF International, Inc.		70,117
	4,093	Riot Blockchain, Inc.(a),(b)		30,820
	3,340	StoneCompany Ltd.(a)		44,288
	8,680	Unisys Corporation(a)		48,000
				322,539
		TELECOMMUNICATIONS - 1.6%
	4,140	AST SpaceMobile, Inc.(a)		120,226

See accompanying notes to financial statements.

15

SARATOGA SMALL CAPITALIZATION PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 96.6% (Continued)
		TRANSPORTATION & LOGISTICS - 1.0%
	517	Matson, Inc.	$	71,501
		TOTAL COMMON STOCKS (Cost $6,001,490)		7,132,325

Principal Amount ($)
		COLLATERAL FOR SECURITIES LOANED — 2.2%
		REPURCHASE AGREEEMENT - 2.2%
	164,196	With Mizuho Securities USA LLC. at 5.31%, dated 8/31/24, to be repurchased on 9/3/24, total to be received $167,480 (Collateralized by various US Government agency obligations, due 12/31/2024 - 5/15/2054, 0.000% - 6.000% totaling $166,189)		164,196
		TOTAL REPURCHASE AGREEMENT (Cost $164,196)		164,196
		SHORT-TERM INVESTMENT — 1.9%
		MONEY MARKET FUND - 1.9%
	136,909	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $136,909)(c)		136,909
		TOTAL INVESTMENTS - 100.7% (Cost $6,302,595)	$	7,433,430
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%		(48,341	)
		NET ASSETS - 100.0%	$	7,385,089

LLC - Limited Liability Company

LTD - Limited Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S/A - Société Anonyme

(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, 2024 was $308,064. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $153,888 on August 31, 2024.
(c)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

16

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.4%
		Australia - 1.8%
	840	Rio Tinto Ltd.(a)	$	62,889
		Brazil - 1.9%
	4,130	TIM Participacoes S.A. - ADR		65,750
		Canada - 2.7%
	10,680	Kinross Gold Corporation		96,547
		Cayman Islands - 1.4%
	30,000	Haidilao International Holding Ltd.(a)		49,922
		China - 2.2%
	2,500	BYD Company Ltd., H Shares(a)		76,567
		Denmark - 2.6%
	670	Novo Nordisk A/S(a)		93,060
		France - 9.4%
	2,550	Bureau Veritas S.A.(a)		83,934
	1,120	Compagnie de Saint-Gobain(a)		97,855
	780	HeidelbergCement AG(a)		82,836
	550	Ipsen S.A.(a)		66,685
				331,310
		Germany - 5.5%
	323	Allianz SE(a)		100,325
	2,000	GEA Group AG(a)		94,076
				194,401
		Indonesia - 2.0%
	211,500	Bank Rakyat Indonesia Persero Tbk PT		70,420
		Italy - 7.0%
	3,180	Assicurazioni Generali SpA(a)		87,751
	4,470	Eni SpA(a)		72,729

See accompanying notes to financial statements.

17

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.4% (Continued)
		Italy - 7.0% (Continued)
	20,950	Intesa Sanpaolo SpA(a),(c)	$	87,544
				248,024
		Japan - 16.6%
	2,153	Hoshizaki Corporation(a)		69,639
	8,700	Mitsubishi Heavy Industries Ltd.(a)		117,297
	3,500	Otsuka Corporation(a)		83,265
	600	SCREEN Holdings Co Ltd(a)		45,496
	900	Sony Corporation(a)		87,654
	1,500	Sumitomo Mitsui Financial Group, Inc.(a)		98,990
	4,200	Toyota Tsusho Corp.(a)		81,161
				583,502
		Korea (Republic of) – 6.3%
	360	Hanmi Pharmaceutical Company Ltd.(a)		85,114
	1,080	Kia Motors Corporation		85,803
	760	Orion Corporation of Republic of Korea(a)		52,345
				223,262
		Mexico - 1.6%
	17,820	Wal-Mart de Mexico S.A.B de C.V.		56,725
		Singapore - 2.5%
	3,190	DBS Group Holdings Ltd.		89,079
		Spain - 5.1%
	19,520	Banco Santander S.A.(a)		97,048
	14,000	CaixaBank S.A.(a)		84,310
				181,358
		Switzerland - 5.3%
	780	Novartis AG(a)		94,220
	3,060	UBS Group AG(a)		94,278
				188,498

See accompanying notes to financial statements.

18

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 98.4% (Continued)
		Taiwan Province Of China – 7.9%
	10,000	Quanta Computer, Inc.(a)	$	83,661
	5,000	Realtek Semiconductor Corporation(a)		83,505
	630	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		108,171
				275,337
		Thailand - 2.3%
	11,400	Bumrungrad Hospital PCL(a)		81,912
		United Kingdom - 11.5%
	1,800	BP plc - ADR		61,128
	1,230	Coca-Cola European Partners plc		99,002
	20,240	J Sainsbury plc(a)		78,036
	8,240	Prudential PLC(a)		70,933
	14,990	Rolls-Royce Holdings plc(a),(b)		98,274
				407,373
		United States - 2.8%
	520	Check Point Software Technologies Ltd.(b)		100,101
		TOTAL COMMON STOCKS (Cost $2,727,757)		3,476,037

Principal Amount ($)
		COLLATERAL FOR SECURITIES LOANED — 1.5%
		REPURCHASE AGREEMENT - 1.5%
	54,216	With Mizuho Securities USA LLC. at 5.31%, dated 8/31/24, to be repurchased on 9/3/24, total to be received $55,330 (Collateralized by various US Government agency obligations, due 12/31/2024 - 5/15/2054, 0.000% - 6.000% totaling $54,874)	54,216
		TOTAL REPURCHASE AGREEMENT (Cost $54,216)	54,216

See accompanying notes to financial statements.

19

SARATOGA INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENT — 1.0%
		MONEY MARKET FUND - 1.0%
	36,140	Dreyfus Institutional Preferred Government Money, Institutional Class, 5.27% (Cost $36,140)(d)	$	36,140
		TOTAL INVESTMENTS - 100.9% (Cost $2,818,113)	$	3,566,393
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9)%		(31,237	)
		NET ASSETS - 100.0%	$	3,535,156

ADR - American Depositary Receipt

A/S - Anonim Sirketi

LLC - Limited Liability Company

LTD - Limited Company

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)	All or a portion of the security is on loan. The total fair value of the securities on loan as of August 31, 2024 was $137,460. Collateral received from the borrower not disclosed in the Schedule of investments had a value of $90,947 on August 31, 2024.
(d)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

20

SARATOGA HEALTH & BIOTECHNOLOGY FUND

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.6%
		BIOTECH & PHARMA - 38.8%
	1,992	Amgen, Inc.	$	664,989
	1,184	Biogen, Inc.(a)		242,436
	19,368	Exelixis, Inc.(a)		504,149
	3,068	Gilead Sciences, Inc.		242,372
	3,632	Incyte Corporation(a)		238,477
	911	Jazz Pharmaceuticals plc(a)		105,658
	1,520	Johnson & Johnson		252,107
	3,206	Merck & Company, Inc.		379,751
	3,300	Novartis A.G. - ADR		398,937
	3,072	Novo Nordisk A/S - ADR		427,500
	670	Regeneron Pharmaceuticals, Inc.(a)		793,742
	1,550	United Therapeutics Corporation(a)		563,503
	587	Vertex Pharmaceuticals, Inc.(a)		291,087
				5,104,708
		HEALTH CARE FACILITIES & SERVICES - 38.8%
	4,068	Cardinal Health, Inc.		458,545
	2,565	Cencora, Inc.		614,496
	3,907	Centene Corporation(a)		307,989
	1,371	Cigna Group (The)		496,042
	908	Elevance Health, Inc.		505,656
	1,999	Ensign Group, Inc. (The)		302,569
	336	Humana, Inc.		119,102
	1,200	Labcorp Holdings, Inc.		275,868
	1,050	McKesson Corporation		589,134
	973	Molina Healthcare, Inc.(a)		340,346
	3,700	Tenet Healthcare Corporation(a)		613,607
	800	UnitedHealth Group, Inc.		472,160
				5,095,514
		MEDICAL EQUIPMENT & DEVICES - 20.0%
	752	Bio-Rad Laboratories, Inc., Class A(a)		253,665
	1,556	Danaher Corporation		419,046
	1,120	Intuitive Surgical, Inc.(a)		551,745
	3,626	Medtronic PLC		321,191
	2,572	Revvity, Inc.		315,173

See accompanying notes to financial statements.

21

SARATOGA HEALTH & BIOTECHNOLOGY FUND

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.6% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 20.0% (Continued)
	825	Stryker Corporation	$	297,347
	768	Thermo Fisher Scientific, Inc.		472,374
				2,630,541
		TOTAL COMMON STOCKS (Cost $7,660,930)		12,830,763
		SHORT-TERM INVESTMENT — 2.6%
		MONEY MARKET FUND - 2.6%
	342,090	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $342,090)(b)		342,090
		TOTAL INVESTMENTS - 100.2% (Cost $8,003,020)	$	13,172,853
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(26,734	)
		NET ASSETS - 100.0%	$	13,146,119

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, 2024.

See accompanying notes to financial statements.

22

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO

SCHEDULE OF INVESTMENTS
August 31, 2024

Shares				Fair Value
		COMMON STOCKS — 99.3%
		E-COMMERCE DISCRETIONARY - 8.4%
	16,000	Amazon.com, Inc.(a)	$	2,856,000
	11,074	eBay, Inc.		654,473
				3,510,473
		INDUSTRIAL SUPPORT SERVICES - 1.5%
	3,000	Applied Industrial Technologies, Inc.		615,360
		INTERNET MEDIA & SERVICES - 15.3%
	2,250	Alphabet, Inc., Class A		367,605
	22,920	Alphabet, Inc., Class C		3,784,322
	4,298	Meta Platforms, Inc., Class A		2,240,590
				6,392,517
		SEMICONDUCTORS - 16.9%
	3,000	KLA Corporation		2,458,290
	18,274	Kulicke & Soffa Industries, Inc.		800,584
	15,910	NVIDIA Corporation		1,899,177
	11,000	QUALCOMM, Inc.		1,928,300
				7,086,351
		SOFTWARE - 27.0%
	13,000	Akamai Technologies, Inc.(a)		1,323,920
	2,100	Crowdstrike Holdings, Inc., Class A(a)		582,288
	7,242	Microsoft Corporation		3,020,927
	16,914	Oracle Corporation		2,389,779
	6,620	Salesforce, Inc.		1,674,198
	3,200	Synopsys, Inc.(a)		1,662,656
	2,925	Veeva Systems, Inc., Class A(a)		633,087
				11,286,855
		TECHNOLOGY HARDWARE - 8.5%
	6,768	Apple, Inc.		1,549,872
	39,577	Cisco Systems, Inc.		2,000,222
				3,550,094
		TECHNOLOGY SERVICES - 21.7%
	17,805	Amdocs Ltd.		1,548,501
	11,963	Cognizant Technology Solutions Corporation, Class A		930,363
	8,412	Global Payments, Inc.		933,816

See accompanying notes to financial statements.

23

SARATOGA TECHNOLOGY & COMMUNICATION PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		TECHNOLOGY SERVICES - 21.7% (Continued)
	5,795	Jack Henry & Associates, Inc.	$	1,002,709
	3,236	Mastercard, Inc., Class A		1,564,088
	9,848	Parsons Corporation(a)		940,090
	7,750	Visa, Inc., Class A		2,141,868
				9,061,435
		TOTAL COMMON STOCKS (Cost $11,018,281)		41,503,085
		SHORT-TERM INVESTMENT — 0.8%
		MONEY MARKET FUND - 0.8%
	339,924	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $339,924)(b)		339,924
		TOTAL INVESTMENTS - 100.1% (Cost $11,358,205)	$	41,843,009
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(23,452	)
		NET ASSETS - 100.0%	$	41,819,557

LTD - Limited Company

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

24

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.6%
		CHEMICALS - 16.2%
	51	Air Products and Chemicals, Inc.	$	14,221
	1,251	BASF S.E. - ADR		15,875
	692	Dow, Inc.		37,077
	262	Eastman Chemical Company		26,821
	429	Huntsman Corporation		9,459
	67	Linde plc		32,043
	306	LyondellBasell Industries N.V., Class A		30,202
	1,018	Mosaic Company (The)		29,084
	246	PPG Industries, Inc.		31,914
				226,696
		CONSTRUCTION MATERIALS - 1.9%
	49	Martin Marietta Materials, Inc.		26,174
		CONTAINERS & PACKAGING - 3.3%
	339	Berry Global Group, Inc.		23,343
	456	International Paper Company		22,080
				45,423
		ENGINEERING & CONSTRUCTION - 0.3%
	172	Technip Energies N.V. - ADR		4,070
		METALS & MINING - 16.5%
	1,395	Anglo American plc - ADR		20,395
	6,473	B2Gold Corporation		18,124
	441	BHP Group Ltd. - ADR		24,312
	820	Freeport-McMoRan, Inc.		36,310
	1,606	Glencore plc - ADR		16,863
	4,450	Kinross Gold Corporation		40,228
	706	Rio Tinto plc - ADR		44,669
	2,695	Vale S.A. - ADR		28,351
				229,252
		OIL & GAS PRODUCERS - 54.4%
	459	BP PLC - ADR		15,588
	993	Canadian Natural Resources Ltd.		35,957
	255	Chesapeake Energy Corporation		18,995

See accompanying notes to financial statements.

25

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.6% (Continued)
		OIL & GAS PRODUCERS - 54.4% (Continued)
	618	Chevron Corporation	$	91,433
	390	Civitas Resources, Inc.		23,919
	351	ConocoPhillips		39,940
	184	Diamondback Energy, Inc.		35,900
	1,279	Eni SpA - ADR		41,657
	348	EOG Resources, Inc.		44,829
	879	Exxon Mobil Corporation		103,670
	2,086	Kinder Morgan, Inc.		44,995
	177	Marathon Petroleum Corporation		31,350
	380	ONEOK, Inc.		35,097
	650	Ovintiv, Inc.		27,840
	590	PBF Energy, Inc., Class A		20,095
	3,470	Petroleo Brasileiro S.A. - ADR		52,848
	453	Shell PLC - ADR		32,462
	1,053	Suncor Energy, Inc.		42,689
	210	TotalEnergies S.E. - ADR		14,490
	161	Woodside Energy Group Ltd. - ADR		2,951
				756,705
		OIL & GAS SERVICES & EQUIPMENT - 1.8%
	793	Halliburton Company		24,654
		STEEL - 3.2%
	160	Nucor Corporation		24,306
	334	POSCO - ADR		21,315
				45,621
		TOTAL COMMON STOCKS (Cost $1,015,182)		1,358,595

See accompanying notes to financial statements.

26

SARATOGA ENERGY & BASIC MATERIALS PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

August 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENT — 1.9%
		MONEY MARKET FUND - 1.9%
	26,497	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $26,497)(a)	$	26,497
		TOTAL INVESTMENTS - 99.5% (Cost $1,041,679)	$	1,385,092
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%		6,816
		NET ASSETS - 100.0%	$	1,391,908

ADR - American Depositary Receipt

LTD - Limited Company

PLC - Public Limited Company

S/A - Société Anonyme

^(a) Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

27

SARATOGA FINANCIAL SERVICES PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.4%
		ASSET MANAGEMENT - 10.6%
	99	Ameriprise Financial, Inc.	$	44,494
	243	Apollo Global Management, Inc.		28,122
	15	BlackRock, Inc.		13,527
	57	Blackstone, Inc.		8,115
	90	Charles Schwab Corporation (The)		5,859
	32	F&G Annuities & Life, Inc.		1,462
	678	Janus Henderson Group plc		25,500
	337	Stifel Financial Corporation		29,703
				156,782
		BANKING - 23.5%
	1,513	Bank of America Corporation		61,655
	582	Bank OZK		25,230
	493	Citigroup, Inc.		30,882
	379	East West Bancorp, Inc.		31,863
	289	JPMorgan Chase & Company		64,966
	45	PNC Financial Services Group, Inc. (The)		8,329
	621	Synovus Financial Corporation		28,641
	841	US Bancorp		39,720
	206	Webster Financial Corporation		9,771
	790	Wells Fargo & Company		46,191
				347,248
		INSTITUTIONAL FINANCIAL SERVICES - 11.7%
	171	Cboe Global Markets, Inc.		35,123
	210	CME Group, Inc.		45,305
	30	Goldman Sachs Group, Inc. (The)		15,308
	199	Interactive Brokers Group, Inc., Class A		25,649
	49	Intercontinental Exchange, Inc.		7,916
	108	Morgan Stanley		11,190
	370	State Street Corporation		32,227
				172,718
		INSURANCE - 28.7%
	522	Aflac, Inc.		57,608
	210	American Financial Group, Inc.		28,060
	19	Aon PLC, Class A		6,531

See accompanying notes to financial statements.

28

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2024

Shares			Fair Value
		COMMON STOCKS — 97.4% (Continued)
		INSURANCE - 28.7% (Continued)
	124	Axis Capital Holdings Ltd.	$	9,905
	335	Berkshire Hathaway, Inc., Class B(a)		159,434
	210	Chubb Ltd.		59,678
	36	Everest Re Group Ltd.		14,121
	126	Marsh & McLennan Companies, Inc.		28,666
	74	Progressive Corporation (The)		18,663
	340	Voya Financial, Inc.		24,082
	284	W R Berkley Corporation		16,955
				423,703
		SPECIALTY FINANCE - 7.3%
	103	American Express Company		26,641
	155	Capital One Financial Corporation		22,774
	64	Discover Financial Services		8,877
	684	MGIC Investment Corporation		17,394
	630	Synchrony Financial		31,664
				107,350
		TECHNOLOGY SERVICES - 15.6%
	299	Block, Inc., Class A(a)		19,758
	47	Fiserv, Inc.(a)		8,206
	126	Mastercard, Inc., Class A		60,901
	18	Moody’s Corporation		8,779
	197	PayPal Holdings, Inc.(a)		14,269
	37	S&P Global, Inc.		18,990
	736	Toast, Inc., Class A(a)		18,297
	206	Visa, Inc., Class A		56,932
	879	Western Union Company (The)		10,724
	74	WEX, Inc.(a)		14,135
				230,991
		TOTAL COMMON STOCKS (Cost $855,017)		1,438,792

See accompanying notes to financial statements.

29

SARATOGA FINANCIAL SERVICES PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
August 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENT — 2.2%
		MONEY MARKET FUND - 2.2%
	32,583	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $32,583)(b)	$	32,583
		TOTAL INVESTMENTS - 99.6% (Cost $887,600)	$	1,471,375
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		6,081
		NET ASSETS - 100.0%	$	1,477,456

LTD - Limited Company

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

30

SARATOGA INVESTMENT QUALITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		OPEN END FUNDS — 94.7%
		FIXED INCOME - 94.7%
	702,720	Vanguard Intermediate-Term Bond Index Fund, Admiral Class	$	7,357,477
	333,008	Vanguard Short-Term Bond Index Fund, Admiral Class		3,406,672
				10,764,149
		TOTAL OPEN END FUNDS (Cost $10,599,963)		10,764,149
		SHORT-TERM INVESTMENT — 5.4%
		MONEY MARKET FUND - 5.4%
	610,468	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $610,468)(a)		610,468
		TOTAL INVESTMENTS – 100.1% (Cost $11,210,431)	$	11,374,617
		LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%		(7,631	)
		NET ASSETS - 100.0%	$	11,366,986

^(a) Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

31

SARATOGA MUNICIPAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		OPEN END FUNDS — 94.0%
		FIXED INCOME – 94.0%
	36,821	Vanguard Intermediate-Term Tax-Exempt Fund, Admiral Class	$	504,825
	2,631	Vanguard Short-Term Tax-Exempt Fund, Admiral Class		41,628
				546,453
		TOTAL OPEN END FUNDS (Cost $545,591)		546,453
		SHORT-TERM INVESTMENT — 7.4%
		MONEY MARKET FUND - 7.4%
	43,015	Dreyfus AMT-Free Tax Exempt Cash Management, Institutional Class, 2.64% (Cost $43,015)(a)		43,015
		TOTAL INVESTMENTS - 101.4% (Cost $588,606)	$	589,468
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%		(8,212	)
		NET ASSETS - 100.0%	$	581,256

^(a) Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

32

SARATOGA U.S. GOVERNMENT MONEY MARKET PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 99.5%
		MONEY MARKET FUNDS - 99.5%
	1,129,067	BlackRock Liquidity FedFund, Institutional Class, 5.19%(a)	$	1,129,067
	1,129,067	Dreyfus Government Cash Management, Class I, 5.19%(a)		1,129,067
	1,129,067	Federated Hermes Government Obligations Fund, Institutional Class, 5.16%(a)		1,129,067
	1,129,066	JPMorgan US Government Money Market Fund, Capital Class, 5.17%(a)		1,129,066
		TOTAL MONEY MARKET FUNDS (Cost $4,516,267)		4,516,267
		TOTAL INVESTMENTS - 99.5% (Cost $4,516,267)	$	4,516,267
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%		23,055
		NET ASSETS - 100.0%	$	4,539,322

^(a) Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

33

SARATOGA AGGRESSIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		OPEN END FUNDS — 94.5%
		ALTERNATIVE - 8.9%
	14,916	Eaton Vance Global Macro Absolute Return Fund, Class I	$	124,995
		EQUITY - 73.5%
	2,882	Saratoga Energy & Basic Materials Portfolio, Class I(a)		40,719
	2,113	Saratoga Health & Biotechnology Portfolio, Class I(a)		55,098
	7,774	Saratoga Large Capitalization Growth Portfolio, Class I(a)		244,649
	7,651	Saratoga Large Capitalization Value Portfolio, Class I(a)		227,854
	10,364	Saratoga Mid Capitalization Portfolio, Class I(a)		153,591
	15,832	Saratoga Small Capitalization Portfolio, Class I(a),(b)		123,333
	1,938	Saratoga Technology & Communications Portfolio, Class I(a)		52,758
	844	Vanguard Financials Index Fund, Admiral Class		46,888
	2,696	Vanguard Total International Stock Index Fund, Admiral Class		91,896
				1,036,786
		FIXED INCOME - 12.1%
	12,877	Vanguard Intermediate-Term Bond Index Fund, Admiral Class		134,823
	3,528	Vanguard Short-Term Bond Index Fund, Admiral Class		36,087
				170,910
		TOTAL OPEN END FUNDS (Cost $1,155,222)		1,332,691
		SHORT-TERM INVESTMENT — 5.4%
		MONEY MARKET FUND - 5.4%
	76,303	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $76,303)(c)		76,303
		TOTAL INVESTMENTS - 99.9% (Cost $1,231,525)	$	1,408,994
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		2,023
		NET ASSETS - 100.0%	$	1,411,017

(a)	Investment in affiliate.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

34

SARATOGA CONSERVATIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		OPEN END FUNDS — 91.3%
		ALTERNATIVE - 7.2%
	26,377	Eaton Vance Global Macro Absolute Return Fund, Class I	$	221,041
		EQUITY - 38.1%
	13,457	Saratoga Large Capitalization Growth Portfolio, Class I(a)		423,502
	13,130	Saratoga Large Capitalization Value Portfolio, Class I(a)		390,998
	17,700	Saratoga Mid Capitalization Portfolio, Class I(a)		262,307
	7,771	Saratoga Small Capitalization Portfolio, Class I(a),(b)		60,534
	965	Vanguard Total International Stock Index Fund, Admiral Class		32,878
				1,170,219
		FIXED INCOME - 46.0%
	106,783	Vanguard Intermediate-Term Bond Index Fund, Admiral Class		1,118,018
	28,783	Vanguard Short-Term Bond Index Fund, Admiral Class		294,450
				1,412,468
		TOTAL OPEN END FUNDS (Cost $2,598,188)		2,803,728
		SHORT-TERM INVESTMENT — 7.4%
		MONEY MARKET FUND - 7.4%
	227,503	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $227,503)(c)		227,503
		TOTAL INVESTMENTS - 98.7% (Cost $2,825,691)	$	3,031,231
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%		38,691
		NET ASSETS - 100.0%	$	3,069,922

(a)	Investment in affiliate.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

35

SARATOGA MODERATELY BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		OPEN END FUNDS — 92.6%
		ALTERNATIVE - 7.1%
	17,979	Eaton Vance Global Macro Absolute Return Fund, Class I	$	150,666
		EQUITY - 60.1%
	2,383	Saratoga Energy & Basic Materials Portfolio, Class I(a)		33,667
	1,749	Saratoga Health & Biotechnology Portfolio, Class I(a)		45,620
	11,731	Saratoga Large Capitalization Growth Portfolio, Class I(a)		369,173
	11,958	Saratoga Large Capitalization Value Portfolio, Class I(a)		356,116
	16,471	Saratoga Mid Capitalization Portfolio, Class I(a)		244,099
	11,218	Saratoga Small Capitalization Portfolio, Class I(a),(b)		87,392
	1,805	Saratoga Technology & Communications Portfolio, Class I(a)		49,130
	721	Vanguard Financials Index Fund, Admiral Class		40,036
	1,536	Vanguard Total International Stock Index Fund, Admiral Class		52,336
				1,277,569
		FIXED INCOME - 25.4%
	40,940	Vanguard Intermediate-Term Bond Index Fund, Admiral Class		428,646
	10,971	Vanguard Short-Term Bond Index Fund, Admiral Class		112,235
				540,881
		TOTAL OPEN END FUNDS (Cost $1,712,260)		1,969,116
		SHORT-TERM INVESTMENT — 7.2%
		MONEY MARKET FUND - 7.2%
	152,774	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $152,774)(c)		152,774
		TOTAL INVESTMENTS - 99.8% (Cost $1,865,034)	$	2,121,890
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%		4,396
		NET ASSETS - 100.0%	$	2,126,286

(a)	Investment in affiliate.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

36

SARATOGA MODERATELY AGGRESSIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		OPEN END FUNDS — 93.4%
		ALTERNATIVE - 8.2%
	10,984	Eaton Vance Global Macro Absolute Return Fund, Class I	$	92,043
		EQUITY - 64.8%
	1,924	Saratoga Energy & Basic Materials Portfolio, Class I(a)		27,189
	1,230	Saratoga Health & Biotechnology Portfolio, Class I(a)		32,074
	5,775	Saratoga Large Capitalization Growth Portfolio, Class I(a)		181,727
	5,988	Saratoga Large Capitalization Value Portfolio, Class I(a)		178,317
	8,803	Saratoga Mid Capitalization Portfolio, Class I(a)		130,455
	9,339	Saratoga Small Capitalization Portfolio, Class I(a),(b)		72,749
	1,125	Saratoga Technology & Communications Portfolio, Class I(a)		30,615
	435	Vanguard Financials Index Fund, Admiral Class		24,181
	1,382	Vanguard Total International Stock Index Fund, Admiral Class		47,112
				724,419
		FIXED INCOME - 20.4%
	17,188	Vanguard Intermediate-Term Bond Index Fund, Admiral Class		179,963
	4,682	Vanguard Short-Term Bond Index Fund, Admiral Class		47,896
				227,859
		TOTAL OPEN END FUNDS (Cost $908,754)		1,044,321
		SHORT-TERM INVESTMENT — 6.2%
		MONEY MARKET FUND - 6.2%
	69,755	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $69,755)(c)		69,755
		TOTAL INVESTMENTS - 99.6% (Cost $978,509)	$	1,114,076
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		4,071
		NET ASSETS - 100.0%	$	1,118,147

(a)	Investment in affiliate.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

37

SARATOGA MODERATELY CONSERVATIVE BALANCED ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS

August 31, 2024

Shares			Fair Value
		OPEN END FUNDS — 91.4%
		ALTERNATIVE - 7.2%
	7,439	Eaton Vance Global Macro Absolute Return Fund, Class I	$	62,337
		EQUITY - 54.5%
	4,612	Saratoga Large Capitalization Growth Portfolio, Class I(a)		145,140
	4,651	Saratoga Large Capitalization Value Portfolio, Class I(a)		138,518
	6,988	Saratoga Mid Capitalization Portfolio, Class I(a)		103,562
	6,541	Saratoga Small Capitalization Portfolio, Class I(a),(b)		50,954
	949	Vanguard Total International Stock Index Fund, Admiral Class		32,359
				470,533
		FIXED INCOME - 29.7%
	19,024	Vanguard Intermediate-Term Bond Index Fund, Admiral Class		199,181
	5,587	Vanguard Short-Term Bond Index Fund, Admiral Class		57,157
				256,338
		TOTAL OPEN END FUNDS (Cost $708,185)		789,208
		SHORT-TERM INVESTMENT — 8.2%
		MONEY MARKET FUND - 8.2%
	70,931	Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.27% (Cost $70,931)(c)		70,931
		TOTAL INVESTMENTS - 99.6% (Cost $779,116)	$	860,139
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		3,407
		NET ASSETS - 100.0%	$	863,546

(a)	Investment in affiliate.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day effective yield as of August 31, 2024.

See accompanying notes to financial statements.

38

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2024

	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)	$	17,824,335	$	25,455,614	$	9,743,798	$	6,302,595	$	2,818,113
Investments in securities, at value (including collateral on loaned securities) (See Note 2) (a)	$	20,279,213	$	33,043,309	$	12,705,218	$	7,433,430	$	3,566,393
Receivable for securities sold		—		—		72,407		1,054,616		—
Receivable for fund shares sold		1,354		840		316		140		99
Interest and dividends receivable		24,103		16,275		5,443		3,325		12,292
Receivable from manager		—		—		—		—		653
Prepaid expenses and other assets		551		6,680		26,571		1,457		17,600
Total Assets		20,305,221		33,067,104		12,809,955		8,492,968		3,597,037
Liabilities:
Securities lending collateral (See Note 2)		—		—		—		164,196		54,216
Payable for securities purchased		—		—		88,972		935,813		—
Payable for fund shares redeemed		7,406		11,037		6,238		2,002		951
Payable to manager		12,862		17,808		7,776		3,936		—
Trustee fees payable		56		—		—		27		79
Payable for distribution (12b-1) fees		215		533		579		29		99
Accrued expenses and other liabilities		36,491		18,742		793		1,876		6,536
Total Liabilities		57,030		48,120		104,358		1,107,879		61,881
Net Assets	$	20,248,191	$	33,018,984	$	12,705,597	$	7,385,089	$	3,535,156
Net Assets:
Par value of shares of beneficial interest	$	6,822	$	11,161	$	8,795	$	9,568	$	2,983
Paid in capital		15,494,911		21,498,155		8,159,470		5,546,397		5,305,043
Accumulated earnings/(deficits)		4,746,458		11,509,668		4,537,332		1,829,124		(1,772,870	)
Net Assets	$	20,248,191	$	33,018,984	$	12,705,597	$	7,385,089	$	3,535,156
Net Asset Value Per Share
Class I
Net Assets	$	19,776,457	$	29,863,385	$	11,055,357	$	7,311,472	$	3,488,233
Shares of beneficial interest outstanding		664,070		949,037		745,855		938,508		294,263
Net asset value, redemption price and offering price per share	$	29.78	$	31.47	$	14.82	$	7.79	$	11.85
Class A
Net Assets	$	400,969	$	2,350,191	$	1,567,290	$	63,950	$	40,714
Shares of beneficial interest outstanding		14,660		90,563		124,572		9,590		3,422
Net asset value, redemption price per share	$	27.35	$	25.95	$	12.58	$	6.67	$	11.90
Offering price per share (maximum sales charge of 5.75%)	$	29.02	$	27.53	$	13.35	$	7.08	$	12.63
Class C
Net Assets	$	70,765	$	805,408	$	82,950	$	9,667	$	6,209
Shares of beneficial interest outstanding		3,481		76,544		9,065		8,665		588
Net asset value, offering price per share (b)	$	20.33	$	10.52	$	9.15	$	1.12	$	10.56

(a)	Includes securities loaned of:	$	—	$	—	$	—	$	308,064	$	137,460
(b)	Redemption price per C share varies based on length of time shares are held.

See accompanying notes to financial statements.

39

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2024

	Health & Biotechnology Portfolio		Technology & Communications Portfolio		Energy & Basic Materials Portfolio			Financial Services Portfolio			Investment Quality Bond Portfolio
Assets:
Investments in securities, at cost (including collateral on loaned securities) (See Note 2)	$	8,003,020	$	11,358,205	$	1,041,679		$	887,600		$	11,210,431
Investments in securities, at value (including collateral on loaned securities) (See Note 2)	$	13,172,853	$	41,843,009	$	1,385,092		$	1,471,375		$	11,374,617
Cash		—		181		—			13			—
Receivable for fund shares sold		49		9,943		35			40			26
Interest and dividends receivable		9,195		21,794		9,425			1,332			2,799
Receivable from manager		—		—		1,162			—			—
Prepaid expenses and other assets		2,218		7,540		94			7,401			15,761
Total Assets		13,184,315		41,882,467		1,395,808			1,480,161			11,393,203
Liabilities:
Payable for fund shares redeemed		17,363		932		—			253			359
Payable to manager		13,542		42,732		—			131			7,350
Custody fees payable		607		12		355			366			376
Trustee fees payable		—		—		228			426			151
Payable for distribution (12b-1) fees		2,460		6,962		13			22			7,996
Accrued expenses and other liabilities		4,224		12,272		3,304			1,507			9,985
Total Liabilities		38,196		62,910		3,900			2,705			26,217
Net Assets	$	13,146,119	$	41,819,557	$	1,391,908		$	1,477,456		$	11,366,986
Net Assets:
Par value of shares of beneficial interest	$	5,610	$	17,457	$	999		$	1,291		$	12,011
Paid in capital		7,996,344		6,906,347		2,024,656			878,467			11,378,295
Accumulated earnings/(deficits)		5,144,165		34,895,753		(633,747	)		597,698			(23,320	)
Net Assets	$	13,146,119	$	41,819,557	$	1,391,908		$	1,477,456		$	11,366,986
Net Asset Value Per Share
Class I
Net Assets	$	7,219,199	$	24,253,871	$	1,245,064		$	1,408,114		$	11,216,318
Shares of beneficial interest outstanding		276,860		890,989		88,086			122,292			1,185,064
Net asset value, redemption price and offering price per share	$	26.08	$	27.22	$	14.13		$	11.51		$	9.46
Class A
Net Assets	$	5,388,928	$	15,464,235	$	128,122		$	69,321		$	150,382
Shares of beneficial interest outstanding		247,670		699,332		10,011			6,853			16,054
Net asset value, redemption price per share	$	21.76	$	22.11	$	12.80		$	10.12		$	9.37
Offering price per share (maximum sales charge of 5.75%)	$	23.09	$	23.46	$	13.58		$	10.74		$	9.94
Class C
Net Assets	$	537,992	$	2,101,451	$	18,722		$	21		$	286
Shares of beneficial interest outstanding		36,502		155,403		1,792			2			31
Net asset value, offering price per share (a)	$	14.74	$	13.52	$	10.45		$	9.06	(b)	$	9.26	(b)

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

(b) Does not calculate due to rounding

See accompanying notes to financial statements.

40

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2024

	Municipal Bond Portfolio			U.S. Government Money Market Portfolio		Aggressive Balanced Allocation Portfolio		Conservative Balanced Allocation Portfolio		Moderate Balanced Allocation Portfolio
Assets:
Investments in Affiliates, at cost	$	—		$	—	$	746,425	$	952,697	$	957,958
Investments in securities, at cost		588,606			4,516,267		485,100		1,872,994		907,076
Total Investments, at cost	$	588,606		$	4,516,267	$	1,231,525	$	2,825,691	$	1,865,034
Investments in Affiliates, at value	$	—		$	—	$	898,002	$	1,137,341	$	1,185,197
Investments in securities, at value		589,468			4,516,267		510,992		1,893,890		936,693
Total Investments, at value	$	589,468		$	4,516,267	$	1,408,994	$	3,031,231	$	2,121,890
Cash		3			—		2,615		1,206		2,080
Receivable for securities sold		—			—		—		36,400		—
Receivable for fund shares sold		340			8		—		—		—
Interest and dividends receivable		83			20,002		309		1,037		660
Receivable from manager		1,245			11,743		1,057		935		880
Prepaid expenses and other assets		5,770			2,305		1,960		2,965		2,131
Total Assets		596,909			4,550,325		1,414,935		3,073,774		2,127,641
Liabilities:
Payable for fund shares redeemed		1,800			1,380		—		—		—
Administration fees payable		1,186			2,812		1,896		2,565		—
Custody fees payable		183			6		79		10		72
Trustee fees payable		938			562		271		8		109
Compliance officer fees payable		—			—		30		31		31
Payable for distribution (12b-1) fees		8,228			186		196		589		544
Distributions payable		—			25		—		—		—
Accrued expenses and other liabilities		3,318			6,032		1,446		649		599
Total Liabilities		15,653			11,003		3,918		3,852		1,355
Net Assets	$	581,256		$	4,539,322	$	1,411,017	$	3,069,922	$	2,126,286
Net Assets:
Par value of shares of beneficial interest	$	653		$	45,509	$	1,193	$	2,733	$	1,776
Paid in capital		596,723			4,493,177		1,210,833		2,810,148		1,842,103
Accumulated earnings/(deficits)		(16,120	)		636		198,991		257,041		282,407
Net Assets	$	581,256		$	4,539,322	$	1,411,017	$	3,069,922	$	2,126,286
Net Asset Value Per Share
Class I
Net Assets	$	544,024		$	4,271,958	$	1,065,504	$	2,347,426	$	1,454,711
Shares of beneficial interest outstanding		61,011			4,283,218		89,785		208,014		120,649
Net asset value, redemption price and offering price per share	$	8.92		$	1.00	$	11.87	$	11.28	$	12.06
Class A
Net Assets	$	17,065		$	77,426	$	145,059	$	38,053	$	22,506
Shares of beneficial interest outstanding		1,961			77,466		12,308		3,379		1,876
Net asset value, redemption price per share	$	8.70		$	1.00	$	11.79	$	11.26	$	12.00
Offering price per share (maximum sales charge of 5.75%)	$	9.23		$	1.06	$	12.51	$	11.95	$	12.73
Class C
Net Assets	$	20,167		$	189,938	$	200,454	$	684,443	$	649,069
Shares of beneficial interest outstanding		2,342			190,169		17,176		61,924		55,070
Net asset value, offering price per share (a)	$	8.61		$	1.00	$	11.67	$	11.05	$	11.79

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

See accompanying notes to financial statements.

41

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2024

	Moderately Aggressive Balanced Allocation Portfolio		Moderately Conservative Balanced Allocation Portfolio
Assets:
Investments in Affiliates, at cost	$	534,878	$	364,334
Investments in Unaffilated securities, at cost		443,631		414,782
Total Investments, at cost	$	978,509	$	779,116
Investments in Affiliates, at value	$	653,126	$	438,174
Investments in Unaffiated securities, at value		460,950		421,965
Total Investments, at value	$	1,114,076	$	860,139
Cash		2,999		1,915
Interest and dividends receivable		284		292
Receivable from manager		794		759
Prepaid expenses and other assets		849		1,771
Total Assets		1,119,002		864,876
Liabilities:
Custody fees payable		115		71
Trustee fees payable		283		305
Compliance officer fees payable		31		29
Payable for distribution (12b-1) fees		202		183
Accrued expenses and other liabilities		224		742
Total Liabilities		855		1,330
Net Assets	$	1,118,147	$	863,546
Net Assets:
Par value of shares of beneficial interest	$	939	$	785
Paid in capital		962,968		765,341
Accumulated earnings		154,240		97,420
Net Assets	$	1,118,147	$	863,546
Net Asset Value Per Share
Class I
Net Assets	$	808,937	$	644,194
Shares of beneficial interest outstanding		67,635		58,100
Net asset value, redemption price and offering price per share	$	11.96	$	11.09
Class A
Net Assets	$	88,165	$	15
Shares of beneficial interest outstanding		7,425		1
Net asset value, redemption price per share	$	11.87	$	11.09	(b)
Offering price per share (maximum sales charge of 5.75%)	$	12.59	$	11.77
Class C
Net Assets	$	221,045	$	219,337
Shares of beneficial interest outstanding		18,887		20,409
Net asset value, offering price per share (a)	$	11.70	$	10.75

(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.

42

STATEMENTS OF OPERATIONS

For the Year Ended August 31, 2024

	Large Capitalization Value Portfolio			Large Capitalization Growth Portfolio			Mid Capitalization Portfolio			Small Capitalization Portfolio			International Equity Portfolio
Investment Income:
Dividend income	$	188,594		$	186,834		$	137,665		$	66,941		$	99,651
Interest income		86,269			26,476			7,311			11,973			2,750
Securities lending income - net		252			333			68			3,643			230
Less: Foreign withholding taxes		(1,249	)		(981	)		(318	)		(95	)		(16,708	)
Total Investment Income		273,866			212,662			144,726			82,462			85,923
Operating Expenses:
Management fees		135,474			192,725			86,852			43,510			24,839
Distribution (12b-1) fees
Class A Shares		1,485			7,471			5,059			231			157
Class C Shares		1,233			10,807			815			74			87
Administration fees		159,834			184,351			69,811			47,212			31,018
Professional fees		28,136			38,842			6,641			2,157			1,732
Registration fees		18,809			30,406			9,321			13,272			10,889
Compliance officer fees		13,958			17,854			2,926			2,982			1,477
Shareholder servicing fees		7,859			10,748			2,370			—			203
Custodian fees		5,629			8,716			3,530			11,706			6,555
Printing and postage expense		9,964			6,660			3,622			3,389			2,688
Trustees’ fees		3,836			5,952			1,719			867			5
Insurance expense		2,891			4,375			289			8			—
Miscellaneous expenses		2,792			3,413			1,494			942			65
Total Operating Expenses		391,900			522,320			194,449			126,350			79,715
Net Investment Income/(Loss)		(118,034	)		(309,658	)		(49,723	)		(43,888	)		6,208
Realized and Unrealized Gain on Investments:
Net realized gain from:
Investments and Foreign currency transactions		2,734,967			7,350,305			1,941,231			1,058,124			81,897
Net Realized Gain		2,734,967			7,350,305			1,941,231			1,058,124			81,897
Net change in unrealized appreciation on Investments and Foreign currency translations		461,971			2,065,861			579,746			209,662			325,259
Net Realized and Unrealized Gain on investments		3,196,938			9,416,166			2,520,977			1,267,786			407,156
Net Increase in Net Assets Resulting From Operations	$	3,078,904		$	9,106,508		$	2,471,254		$	1,223,898		$	413,364

See accompanying notes to financial statements.

43

STATEMENTS OF OPERATIONS

For the Year Ended August 31, 2024

	Health & Biotechnology Portfolio			Technology & Communications Portfolio			Energy & Basic Materials Portfolio			Financial Services Portfolio			Investment Quality Bond Portfolio
Investment Income:
Dividend income	$	120,819		$	327,451		$	63,084		$	24,768		$	352,161
Interest income		9,022			19,120			2,032			1,558			22,528
Securities lending income - net		46			809			—			—			—
Less: Foreign withholding taxes		(2,285	)		—			(4,492	)		(4	)		—
Total Investment Income		127,602			347,380			60,624			26,322			374,689
Operating Expenses:
Management fees		149,071			523,341			18,208			14,558			59,733
Distribution (12b-1) fees
Class A Shares		19,836			60,872			516			273			585
Class C Shares		5,301			24,462			43			—			13
Administration fees		80,989			232,477			16,568			13,519			60,097
Registration fees		15,718			39,256			5,078			4,304			14,501
Compliance officer fees		7,266			25,320			66			5,434			930
Printing and postage expense		6,097			14,104			2,913			1,396			2,681
Shareholder servicing fees		5,571			16,957			404			190			1,651
Custodian fees		4,067			7,667			3,507			3,974			3,378
Professional fees		3,862			57,294			1,442			1,243			3,240
Trustees’ fees		1,984			4,463			88			255			199
Insurance expense		454			3,708			179			—			673
Miscellaneous expenses		1,372			5,236			1,068			280			1,205
Total Operating Expenses		301,588			1,015,157			50,080			45,426			148,886
Less: Expenses waived		—			—			(5,822	)		(10,179	)		—
Net Operating Expenses		301,588			1,015,157			44,258			35,247			148,886
Net Investment Income/(Loss)		(173,986	)		(667,777	)		16,366			(8,925	)		225,803
Realized and Unrealized Gain on Investments:
Net realized gain from:
Investments and Foreign currency transactions		100,909			6,085,388			54,707			79,991			34,259
Net realized gain		100,909			6,085,388			54,707			79,991			34,259
Net change in unrealized appreciation/(depreciation) on Investments and Foreign currency transactions		2,200,963			2,536,628			(33,666	)		233,957			318,679
Net Realized and Unrealized Gain on Investments		2,301,872			8,622,016			21,041			313,948			352,938
Net Increase in Net Assets Resulting From Operations	$	2,127,886		$	7,954,239		$	37,407		$	305,023		$	578,741

See accompanying notes to financial statements.

44

STATEMENTS OF OPERATIONS

For the Year Ended August 31, 2024

	Municipal Bond Portfolio			U.S. Government Money Market Portfolio		Aggressive Balanced Allocation Portfolio			Conservative Balanced Allocation Portfolio			Moderate Balanced Allocation Portfolio
Investment Income:
Dividend income	$	16,320		$	—	$	13,808		$	52,267		$	25,518
Interest income		788			261,413		4,094			23,307			9,534
Dividend income from Affiliates		—			—		631			—			543
Total Investment Income		17,108			261,413		18,533			75,574			35,595
Operating Expenses:
Management fees		3,112			23,949		11,141			26,142			17,828
Distribution (12b-1) fees
Class A Shares		62			326		334			91			51
Class C Shares		204			4,491		1,829			6,422			5,944
Administration fees		10,597			38,875		15,475			26,420			19,416
Registration fees		7,605			6,098		1,190			1,025			2,412
Compliance officer fees		2,319			4,210		1,074			1,644			1,175
Trustees’ fees		655			206		153			249			142
Professional fees		180			5,638		1,674			3,565			2,069
Printing and postage expense		125			5,373		552			556			388
Shareholder servicing fees		89			97		—			162			44
Insurance expense		40			575		211			348			249
Custodian fees		13			1,285		868			1,081			919
Miscellaneous expenses		134			974		674			502			414
Total Operating Expenses		25,135			92,097		35,175			68,207			51,051
Less: Expenses waived and/or reimbursed		(14,118	)		—		(20,749	)		(32,927	)		(25,431	)
Net Operating Expenses		11,017			92,097		14,426			35,280			25,620
Net Investment Income		6,091			169,316		4,107			40,294			9,975
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain from:
Investments		1,221			—		431			2,145			1,421
Affiliated Investments		—			—		—			3,643			7,104
Distribution of realized gains by underlying:
Affiliated Investment Companies		—			—		20,756			29,387			31,329
Net realized gain		1,221			—		21,187			35,175			39,854
Net change in unrealized appreciation on:
Affiliated Investments		—			—		137,808			195,783			194,171
Investments		10,286			—		29,417			48,308			37,090
Net change in unrealized appreciation		10,286			—		167,225			244,091			231,261
Net Realized and Unrealized Gain on Investments		11,507			—		188,412			279,266			271,115
Net Increase in Net Assets Resulting From Operations	$	17,598		$	169,316	$	192,519		$	319,560		$	281,090

See accompanying notes to financial statements.

45

STATEMENTS OF OPERATIONS

For the Year Ended August 31, 2024

	Moderately Aggressive Balanced Allocation Portfolio			Moderately Conservative Balanced Allocation Portfolio
Investment Income:
Dividend income	$	12,634		$	11,606
Interest income		4,309			4,272
Dividend income from Affiliates		446			—
Total Investment Income		17,389			15,878
Operating Expenses:
Management fees		9,208			7,171
Distribution (12b-1) fees
Class A Shares		200			—
Class C Shares		2,186			1,945
Administration fees		13,898			12,601
Professional fees		1,270			693
Registration fees		1,621			—
Trustees’ fees		126			85
Custodian fees		704			546
Compliance officer fees		620			456
Insurance expense		132			77
Printing and postage expense		258			250
Shareholder servicing fees		15			40
Miscellaneous expenses		295			270
Total Operating Expenses		30,533			24,134
Less: Expenses waived and/or reimbursed		(18,014	)		(14,298	)
Net Operating Expenses		12,519			9,836
Net Investment Income		4,870			6,042
Realized and Unrealized Gain on Investments:
Net realized gain from:
Investments		591			1,024
Affiliated Investments		3,251			1,620
Distribution of realized gains by underlying:
Affiliated Investment Companies		15,839			10,456
Net realized gain		19,681			13,100
Net change in unrealized appreciation on:
Investments		19,865			12,730
Affiliated Investments		102,571			75,031
Net change in unrealized appreciation		122,436			87,761
Net Realized and Unrealized Gain on Investments		142,117			100,861
Net Increase in Net Assets Resulting From Operations	$	146,987		$	106,903

See accompanying notes to financial statements.

46

STATEMENTS OF CHANGES IN NET ASSETS

	Large Capitalization Value Portfolio						Large Capitalization Growth Portfolio						Mid Capitalization Portfolio
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023
Operations:
Net investment income/(loss)	$	(118,034	)	$	(69,079	)	$	(309,658	)	$	(228,916	)	$	(49,723	)	$	21,570
Net realized gain/(loss) on investments		2,734,967			203,043			7,350,305			1,568,593			1,941,231			(108,832	)
Net change in unrealized appreciation on investments		461,971			1,534,406			2,065,861			1,901,324			579,746			576,911
Net increase in net assets resulting from operations		3,078,904			1,668,370			9,106,508			3,241,001			2,471,254			489,649
Distributions to Shareholders:
Total Distributions Paid:
Class I		(166,958	)		(1,570,868	)		(1,855,204	)		(1,293,480	)		(111,355	)		(165,609	)
Class A		(3,077	)		(28,911	)		(141,764	)		(83,895	)		(15,508	)		(27,100	)
Class C		(1,492	)		(13,335	)		(265,426	)		(269,819	)		(1,220	)		(3,389	)
Total Dividends and Distributions to Shareholders		(171,527	)		(1,613,114	)		(2,262,394	)		(1,647,194	)		(128,083	)		(196,098	)
Share Transactions of Beneficial Interest (Note 5):
Net proceeds from shares sold
Class I		1,831,612			2,568,853			10,295,063			4,089,221			403,174			310,535
Class A		12,541			22,272			568,503			126,200			256,762			13,519
Class C		6,042			12,155			4,752			4,311			4,228			3,671
Reinvestment of dividends and distributions
Class I		165,438			1,483,589			1,805,556			1,183,010			109,323			153,714
Class A		2,967			27,648			136,045			78,915			15,102			26,490
Class C		1,492			13,316			263,450			268,505			1,220			1,820
Cost of shares redeemed
Class I		(5,757,225	)		(3,171,482	)		(10,237,570	)		(6,061,932	)		(1,125,302	)		(633,703	)
Class A		(15,129	)		(12,267	)		(100,236	)		(61,775	)		(182,979	)		(187,465	)
Class C		(90,644	)		(3,652	)		(1,202,984	)		(409,201	)		(40,293	)		(24,387	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(3,842,906	)		940,432			1,532,579			(782,746	)		(558,765	)		(335,806	)
Total Increase/(Decrease) in Net Assets		(935,529	)		995,688			8,376,693			811,061			1,784,406			(42,255	)
Net Assets:
Beginning of year		21,183,720			20,188,032			24,642,291			23,831,230			10,921,191			10,963,446
End of year	$	20,248,191		$	21,183,720		$	33,018,984		$	24,642,291		$	12,705,597		$	10,921,191

See accompanying notes to financial statements.

47

STATEMENTS OF CHANGES IN NET ASSETS

	Small Capitalization Portfolio						International Equity Portfolio						Health & Biotechnology Portfolio
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023
Operations:
Net investment income/(loss)	$	(43,888	)	$	(5,949	)	$	6,208		$	5,534		$	(173,986	)	$	(140,126	)
Net realized gain/(loss) on investments and foreign currency transactions		1,058,124			(278,844	)		81,897			66,110			100,909			604,860
Net change in unrealized appreciation on investments and foreign currency transactions		209,662			445,670			325,259			420,621			2,200,963			296,093
Net increase in net assets resulting from operations		1,223,898			160,877			413,364			492,265			2,127,886			760,827
Distributions to Shareholders:
Total Distributions Paid:
Class I		—			(530,776	)		(26,499	)		(9,348	)		(278,865	)		(370,044	)
Class A		—			(5,618	)		(160	)		—			(251,938	)		(314,023	)
Class C		—			(1,751	)		(3	)		—			(39,830	)		(57,632	)
Total Dividends and Distributions to Shareholders		—			(538,145	)		(26,662	)		(9,348	)		(570,633	)		(741,699	)
Share Transactions of Beneficial Interest (Note 5):
Net proceeds from shares sold
Class I		812,730			829,790			288,782			582,347			584,725			392,548
Class A		866			1,545			140			674			89,487			101,479
Class C		2,375			2,063			1,606			1,394			—			3,400
Reinvestment of dividends and distributions
Class I		—			496,766			26,213			8,558			261,225			351,251
Class A		—			5,512			153			—			230,771			295,067
Class C		—			1,740			3			—			38,717			55,432
Redemption fee proceeds
Class I		—			—			—			(3	)		—			—
Cost of shares redeemed
Class I		(945,978	)		(616,218	)		(600,156	)		(483,177	)		(882,178	)		(1,222,638	)
Class A		(1,466	)		(3,374	)		(4,593	)		(2,404	)		(381,398	)		(375,966	)
Class C		(17	)		(533	)		(6,825	)		(323	)		(102,932	)		(115,442	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(131,490	)		717,291			(294,677	)		107,066			(161,583	)		(514,869	)
Total Increase/(Decrease) in Net Assets		1,092,408			340,023			92,025			589,983			1,395,670			(495,741	)
Net Assets:
Beginning of year		6,292,681			5,952,658			3,443,131			2,853,148			11,750,449			12,246,190
End of year	$	7,385,089		$	6,292,681		$	3,535,156		$	3,443,131		$	13,146,119		$	11,750,449

See accompanying notes to financial statements.

48

STATEMENTS OF CHANGES IN NET ASSETS

	Technology & Communications Portfolio						Energy & Basic Materials Portfolio						Financial Services Portfolio
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023
Operations:
Net investment income/(loss)	$	(667,777	)	$	(555,847	)	$	16,366		$	24,604		$	(8,925	)	$	(1,139	)
Net realized gain on investments and foreign currency transactions		6,085,388			2,601,543			54,707			139,549			79,991			41,637
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		2,536,628			5,321,919			(33,666	)		50,367			233,957			(66,771	)
Net increase/(decrease) in net assets resulting from operations		7,954,239			7,367,615			37,407			214,520			305,023			(26,273	)
Distributions to Shareholders:
Total Distributions Paid:
Class I		(1,398,597	)		(3,016,636	)		(21,541	)		(38,638	)		(45,463	)		(58,439	)
Class A		(1,078,983	)		(2,282,629	)		(1,520	)		(6,724	)		(3,564	)		(4,799	)
Class C		(288,699	)		(817,904	)		—			(206	)		(1	)		(1	)
Total Dividends and Distributions to Shareholders		(2,766,279	)		(6,117,169	)		(23,061	)		(45,568	)		(49,028	)		(63,239	)
Share Transactions of Beneficial Interest (Note 5):
Net proceeds from shares sold
Class I		674,028			1,337,765			472,750			173,645			371,723			401,784
Class A		509,111			166,422			624			1,699			280			475
Class C		5,517			6,650			18,422			—			—			—
Reinvestment of dividends and distributions
Class I		1,305,508			2,772,936			21,329			38,292			44,693			57,598
Class A		1,022,410			2,133,091			1,494			6,602			2,606			3,769
Class C		275,028			783,803			—			206			1			1
Cost of shares redeemed
Class I		(3,804,298	)		(4,970,084	)		(522,251	)		(620,167	)		(245,335	)		(424,338	)
Class A		(2,340,523	)		(1,990,731	)		(8,006	)		(135,922	)		(15,329	)		(135,408	)
Class C		(1,234,196	)		(1,480,344	)		—			(7,202	)		—			—
Net increase/(decrease) in net assets from share transactions of beneficial interest		(3,587,415	)		(1,240,492	)		(15,638	)		(542,847	)		158,639			(96,119	)
Total Increase/(Decrease) in Net Assets		1,600,545			9,954			(1,292	)		(373,895	)		414,634			(185,631	)
Net Assets:
Beginning of year		40,219,012			40,209,058			1,393,200			1,767,095			1,062,822			1,248,453
End of year	$	41,819,557		$	40,219,012		$	1,391,908		$	1,393,200		$	1,477,456		$	1,062,822

See accompanying notes to financial statements.

49

STATEMENTS OF CHANGES IN NET ASSETS

	Investment Quality Bond Portfolio						Municipal Bond Portfolio						U.S. Government Money Market Portfolio
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023
Operations:
Net investment income	$	225,803		$	133,698		$	6,091		$	315		$	169,316		$	169,058
Net realized gain/(loss) on investments		34,259			(240,708	)		1,221			(9,823	)		—			—
Net change in unrealized appreciation on investments		318,679			122,623			10,286			3,303			—			—
Net increase/(decrease) in net assets resulting from operations		578,741			15,613			17,598			(6,205	)		169,316			169,058
Distributions to Shareholders:
Total Distributions Paid:
Class I		(200,784	)		(56,344	)		—			—			(155,834	)		(162,374	)
Class A		(2,181	)		(502	)		—			—			(2,505	)		(3,607	)
Class C		(10	)		(10	)		—			—			(10,890	)		(2,876	)
Return of Capital:
Class I		—			(61,128	)		—			—			—			—
Class A		—			(591	)		—			—			—			—
Class C		—			(8	)		—			—			—			—
Total Dividends and Distributions to Shareholders		(202,975	)		(118,583	)		—			—			(169,229	)		(168,857	)
Share Transactions of Beneficial Interest (Note 5):
Net proceeds from shares sold
Class I		1,025,302			268,031			40,749			1,670			1,294,450			2,676,107
Class A		5,122			1,336			4,334			—			1,336			1,904
Class C		—			—			1,700			1,360			523,818			317,460
Reinvestment of dividends and distributions
Class I		200,314			116,619			—			—			154,301			161,076
Class A		2,179			1,086			—			—			2,489			3,506
Class C		10			17			—			—			9,637			2,841
Cost of shares redeemed
Class I		(1,213,975	)		(885,985	)		(33,312	)		(91,335	)		(2,314,927	)		(2,808,205	)
Class A		(7,660	)		(6,584	)		—			(52,298	)		(12,538	)		(57,722	)
Class C		(3,290	)		(31,545	)		(4,334	)		—			(623,544	)		(133,370	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		8,002			(537,025	)		9,137			(140,603	)		(964,978	)		163,597
Total Increase/(Decrease) in Net Assets		383,768			(639,995	)		26,735			(146,808	)		(964,891	)		163,798
Net Assets:
Beginning of year		10,983,218			11,623,213			554,521			701,329			5,504,213			5,340,415
End of year	$	11,366,986		$	10,983,218		$	581,256		$	554,521		$	4,539,322		$	5,504,213

See accompanying notes to financial statements.

50

STATEMENTS OF CHANGES IN NET ASSETS

	Aggressive Balanced Allocation Portfolio						Conservative Balanced Allocation Portfolio						Moderate Balanced Allocation Portfolio
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023
Operations:
Net investment income	$	4,107		$	6,978		$	40,294		$	38,233		$	9,975		$	12,152
Net realized gain/(loss) on investments		431			(223	)		5,788			(21,825	)		8,525			(23,111	)
Distribution of realized gains by underlying affiliated investment companies		20,756			27,120			29,387			41,742			31,329			42,976
Net change in unrealized appreciation on investments		167,225			40,196			244,091			49,632			231,261			53,545
Net increase in net assets resulting from operations		192,519			74,071			319,560			107,782			281,090			85,562
Distributions to Shareholders:
Total Distributions Paid:
Class I		(24,631	)		(50,959	)		(54,934	)		(91,659	)		(33,757	)		(63,033	)
Class A		(3,382	)		(1	)		(829	)		(1,565	)		(438	)		(927	)
Class C		(4,020	)		(9,053	)		(9,874	)		(27,203	)		(8,811	)		(28,069	)
Total Dividends and Distributions to Shareholders		(32,033	)		(60,013	)		(65,637	)		(120,427	)		(43,006	)		(92,029	)
Share Transactions of Beneficial Interest (Note 5):
Net proceeds from shares sold
Class I		89,101			33,178			67,038			139,771			206,583			78,514
Class A		—			119,378			—			—			1,131			1,426
Class C		6,073			6,994			23,303			22,110			61,563			63,069
Reinvestment of dividends and distributions
Class I		24,631			50,959			54,411			90,714			33,757			63,034
Class A		3,381			1			829			1,565			438			926
Class C		4,021			9,053			9,873			27,203			8,811			28,069
Cost of shares redeemed
Class I		(18,954	)		(14,141	)		(96,570	)		(58,388	)		(101,825	)		(122,842	)
Class A		(15	)		—			(1,385	)		(1,450	)		—			—
Class C		—			(1,516	)		(8,990	)		(63,154	)		(19,588	)		(55,467	)
Net increase in net assets from share transactions of beneficial interest		108,238			203,906			48,509			158,371			190,870			56,729
Total Increase in Net Assets		268,724			217,964			302,432			145,726			428,954			50,262
Net Assets:
Beginning of year		1,142,293			924,329			2,767,490			2,621,764			1,697,332			1,647,070
End of year	$	1,411,017		$	1,142,293		$	3,069,922		$	2,767,490		$	2,126,286		$	1,697,332

See accompanying notes to financial statements.

51

STATEMENTS OF CHANGES IN NET ASSETS

	Moderately Aggressive Balanced Allocation Portfolio						Moderately Conservative Balanced  Allocation Portfolio
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2024			Year Ended August 31, 2023
Operations:
Net investment income	$	4,870		$	7,693		$	6,042		$	4,392
Net realized gain/(loss) on investments		3,842			(6,554	)		2,644			(14,127	)
Distribution of realized gains by underlying affiliated and non affiliated investment companies		15,839			22,903			10,456			12,316
Net change in unrealized appreciation on investments		122,436			30,883			87,761			13,060
Net increase in net assets resulting from operations		146,987			54,925			106,903			15,641
Distributions to Shareholders:
Total Distributions Paid:
Class I		(19,081	)		(35,841	)		(5,204	)		(28,286	)
Class A		(2,005	)		(3,456	)		—	^		(1	)
Class C		(3,925	)		(10,721	)		—			(11,267	)
Total Dividends and Distributions to Shareholders		(25,011	)		(50,018	)		(5,204	)		(39,554	)
Share Transactions of Beneficial Interest (Note 5):
Net proceeds from shares sold
Class I		42,167			14,613			476			317,055
Class A		15,877			435			—			—
Class C		9,552			9,772			17,000			15,800
Reinvestment of dividends and distributions
Class I		19,081			35,841			5,204			28,287
Class A		2,005			3,456			—	^		1
Class C		3,925			10,721			—			11,267
Cost of shares redeemed
Class I		(50,670	)		(24	)		(12,010	)		(247,007	)
Class A		(7,053	)		(12	)		—			—
Class C		(19,721	)		(5,500	)		—			—
Net increase in net assets from share transactions of beneficial interest		15,163			69,302			10,670			125,403
Total Increase in Net Assets		137,139			74,209			112,369			101,490
Net Assets:
Beginning of year		981,008			906,799			751,177			649,687
End of year	$	1,118,147		$	981,008		$	863,546		$	751,177

^ Less than $0.50

See accompanying notes to financial statements.

52

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Saratoga Advantage Trust (the “Trust”) was organized on April 8, 1994, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust commenced investment operations on September 2, 1994. The Trust currently consists of seventeen series. These financial statements include the following seventeen series: the Large Capitalization Value Portfolio; the Large Capitalization Growth Portfolio; the Mid Capitalization Portfolio; the Small Capitalization Portfolio; the International Equity Portfolio; the Health & Biotechnology Portfolio; the Technology & Communications Portfolio; the Energy & Basic Materials Portfolio; the Financial Services Portfolio; the Investment Quality Bond Portfolio; the Municipal Bond Portfolio; the U.S. Government Money Market Portfolio, Aggressive Balanced Allocation Portfolio, Conservative Balanced Allocation Portfolio, Moderate Balanced Allocation Portfolio, Moderately Aggressive Balanced Allocation Portfolio, and Moderately Conservative Balanced Allocation Portfolio, (collectively, the “Portfolios”). Saratoga Capital Management, LLC (the “Manager”) serves as the Trust’s Manager.

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

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

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

Portfolio	Primary Objective
Large Capitalization Value	Total return consisting of capital appreciation and dividend income
Large Capitalization Growth	Capital appreciation
Mid Capitalization	Long-term capital appreciation
Small Capitalization	Maximum capital appreciation
International Equity	Long-term capital appreciation
Health & Biotechnology	Long-term capital growth
Technology & Communications	Long-term capital growth
Energy & Basic Materials	Long-term capital growth
Financial Services	Long-term capital growth
Investment Quality Bond	Current income and reasonable stability of principal
Municipal Bond	High level of interest income that is excluded from federal income taxation to the extent consistent with prudent investment management and the preservation of capital
U.S. Government Money Market	Maximum current income to the extent consistent with the maintenance of liquidity and the preservation of capital
Aggressive Balanced Allocation	Total return consisting of capital appreciation and income
Conservative Balanced Allocation	Total return consisting of capital appreciation and income
Moderate Balanced Allocation	Total return consisting of capital appreciation and income
Moderately Aggressive Balanced Allocation	Total return consisting of capital appreciation and income
Moderately Conservative Balanced Allocation	Total return consisting of capital appreciation and income

53

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

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

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.

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.

54

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

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, 2024, for the Portfolios’ assets and liabilities measured at fair value:

Large Capitalization Value

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	17,989,094	$	—	$	—	$	17,989,094
Short-Term Investment		2,290,119		—		—		2,290,119
Total	$	20,279,213	$	—	$	—	$	20,279,213

Large Capitalization Growth

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	32,564,891	$	—	$	—	$	32,564,891
Short-Term Investment		478,418		—		—		478,418
Total	$	33,043,309	$	—	$	—	$	33,043,309

Mid Capitalization

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	12,520,760	$	—	$	—	$	12,520,760
Short-Term Investment		184,458		—		—		184,458
Total	$	12,705,218	$	—	$	—	$	12,705,218

Small Capitalization

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	7,132,325	$	—	$	—	$	7,132,325
Collateral for Securities Loaned		—		164,196		—		164,196
Short-Term Investment		136,909		—		—		136,909
Total	$	7,269,234	$	164,196	$	—	$	7,433,430

55

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

International Equity

Assets	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	62,889	$	—	$	62,889
Brazil		65,750		—		—		65,750
Canada		96,547		—		—		96,547
Cayman Islands		49,922		—		—		49,922
China		—		76,567		—		76,567
Denmark		—		93,060		—		93,060
France		—		331,310		—		331,310
Germany		—		194,401		—		194,401
Indonesia		—		70,420		—		70,420
Italy		—		248,024		—		248,024
Japan		—		583,502		—		583,502
Korea (Republic of)		—		223,262		—		223,262
Mexico		56,725		—		—		56,725
Singapore		—		89,079		—		89,079
Spain		—		181,358		—		181,358
Swizterland		—		188,498		—		188,498
Taiwan Province of China		—		275,337		—		275,337
Thailand		—		81,912		—		81,912
United Kingdom		—		407,373		—		407,373
United States		100,101		—		—		100,101
Collateral for Securities Loaned		—		54,216		—		54,216
Short-Term Investment		36,140		—		—		36,140
Total	$	405,185	$	3,161,208	$	—	$	3,566,393

Health & Biotechnology

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	12,830,763	$	—	$	—	$	12,830,763
Short-Term Investment		342,090		—		—		342,090
Total	$	13,172,853	$	—	$	—	$	13,172,853

Technology & Communication

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	41,503,085	$	—	$	—	$	41,503,085
Short-Term Investment		339,924		—		—		339,924
Total	$	41,843,009	$	—	$	—	$	41,843,009

Energy & Basic Materials

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,358,595	$	—	$	—	$	1,358,595
Short-Term Investment		26,497		—		—		26,497
Total	$	1,385,092	$	—	$	—	$	1,385,092

Financial Services

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,438,792	$	—	$	—	$	1,438,792
Short-Term Investment		32,583		—		—		32,583
Total	$	1,471,375	$	—	$	—	$	1,471,375

56

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

Investment Quality Bond

Assets*	Level 1		Level 2		Level 3		Total
Open End Funds	$	10,764,149	$	—	$	—	$	10,764,149
Short-Term Investment		610,468		—		—		610,468
Total	$	11,374,617	$	—	$	—	$	11,374,617

Municipal Bond

Assets*	Level 1		Level 2		Level 3		Total
Open End Funds	$	546,453	$	—	$	—	$	546,453
Short-Term Investment		43,015		—		—		43,015
Total	$	589,468	$	—	$	—	$	589,468

U.S. Government Money Market

Assets*	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	4,516,267	$	—	$	—	$	4,516,267
Total	$	4,516,267	$	—	$	—	$	4,516,267

Aggressive Balanced Allocation

Assets*	Level 1		Level 2		Level 3		Total
Open Ended Funds	$	1,332,691	$	—	$	—	$	1,332,691
Short-Term Investment		76,303		—		—		76,303
Total	$	1,408,994	$	—	$	—	$	1,408,994

Conservative Balanced Allocation

Assets*	Level 1		Level 2		Level 3		Total
Open Ended Funds	$	2,803,728	$	—	$	—	$	2,803,728
Short-Term Investment		227,503		—		—		227,503
Total	$	3,031,231	$	—	$	—	$	3,031,231

Moderate Balanced Allocation

Assets*	Level 1		Level 2		Level 3		Total
Open Ended Funds	$	1,969,116	$	—	$	—	$	1,969,116
Short-Term Investment		152,774		—		—		152,774
Total	$	2,121,890	$	—	$	—	$	2,121,890

Moderately Aggressive Balanced Allocation

Assets*	Level 1		Level 2		Level 3		Total
Open Ended Funds	$	1,044,321	$	—	$	—	$	1,044,321
Short-Term Investment		69,755		—		—		69,755
Total	$	1,114,076	$	—	$	—	$	1,114,076

Moderately Conservative Balanced Allocation

Assets*	Level 1		Level 2		Level 3		Total
Open Ended Funds	$	789,208	$	—	$	—	$	789,208
Short-Term Investment		70,931		—		—		70,931
Total	$	860,139	$	—	$	—	$	860,139

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

57

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

(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, 2024, 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		—		—		94,390		—
Small Capitalization		—		—		280,003		—
International Equity		2,436,624		75,027		73,177		2,511,651
Health & Biotechnology		—		—		—		—
Technology & Communications		—		—		—		—
Energy & Basic Materials		857,674		111,495		43,181		969,169
Financial Services		—		—		—		—
Investment Quality Bond		—		197,772		—		197,772
Municipal Bond		7,535		15,515		716		23,050
U.S. Government Money Market		—		—		—		—
Aggressive Balanced Allocation		—		—		—		—
Conservative Balanced Allocation		—		—		—		—
Moderate Balanced Allocation		—		—		—		—
Moderately Aggressive Balanced Allocation		—		—		—		—
Moderately Conservative Balanced Allocation		—		—		1,387		—

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 2021-2023 returns and expected to be taken in the Portfolios’ 2024 returns and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios identify its major tax jurisdictions as U.S. Federal, Arizona and foreign jurisdictions where the Portfolios make significant investments. The Portfolios recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended August 31, 2024, 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.

(d) Dividends and Distributions

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

Portfolio	Income Dividends	Capital Gains
Large Capitalization Value	Annually	Annually
Large Capitalization Growth	Annually	Annually
Mid Capitalization	Annually	Annually
Small Capitalization	Annually	Annually
International Equity	Annually	Annually
Health & Biotechnology	Annually	Annually
Technology & Communication	Annually	Annually
Energy & Basic Materials	Annually	Annually

58

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

Portfolio	Income Dividends	Capital Gains
Financial Services	Annually	Annually
Investment Quality Bond	Monthly	Annually
Municipal Bond	Monthly	Annually
U.S. Government Money Market	Daily - paid monthly	Annually
Aggressive Balanced Allocation	Annually	Annually
Conservative Balanced Allocation	Annually	Annually
Moderate Balanced Allocation	Annually	Annually
Moderately Aggressive Balanced Allocation	Annually	Annually
Moderately Conservative Balanced Allocation	Annually	Annually

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

(e) Allocation of Expenses

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

(f) Repurchase Agreements

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

(g) Indemnification

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

(h) Other

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

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

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

59

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

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, 2024, the following portfolio loaned securities and received U.S. Government securities and cash collateral for the loan. This cash was invested in repurchase agreements 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
Small Capitalization	$	308,064	$	318,084	$	153,888
International Equity		137,460		145,163		90,947

60

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

At August 31, 2024, 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	0.09%
Large Capitalization Growth	0.16%
Mid Capitalization	0.05%
Small Capitalization	4.42%
International Equity	0.27%
Health & Biotechnology	0.04%
Technology & Communications	0.23%

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, 2024.

			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	$	164,196	$	164,196	$	—	$	—
International Equity
Description of Liability
Securities Loaned	$	54,216	$	54,216	$	—	$	—

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, Technology & Communications, Energy & Basic Materials and Financial Services; 0.75% for Mid Capitalization and International Equity; 0.65% for Large Capitalization Value, Large Capitalization Growth and Small Capitalization; 0.55% for Investment Quality Bond and Municipal Bond; 0.475% for U.S. Government Money Market; 0.90% for Conservative Balanced Allocation, Moderately Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation, and Aggressive Balanced Allocation. The manager pays the fees charged by the Portfolios’ sub-advisers. The Portfolios do not pay the sub-advisers directly.

For the year ended August 31, 2024, the Manager waived $5,822 for Energy & Basic Materials, $10,179 for Financial Services, $14,118 for Municipal Bond, $20,749 for Aggressive Balanced Allocation, $32,927 for Conservative Balanced Allocation, $25,431 for Moderate Balanced Allocation, $18,014 for Moderately Aggressive Balanced Allocation, and $14,298 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.

61

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

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

For the year ended August 31, 2024, 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	$	10	$	60
Large Capitalization Growth		7,049		48
Mid Capitalization		279		42
Small Capitalization		5		24
International Equity		4		16
Health & Biotechnology		2,835		—
Technology & Communications		1,698		36
Energy & Basic Materials		2		184
Financial Services		2		—
Investment Quality Bond		13		—
Municipal Bond		—		—
U.S Government Money Market		—		2,885
Aggressive Balanced Allocation		115		61
Conservative Balanced Allocation		—		233
Moderate Balanced Allocation		69		616
Moderately Aggressive Balanced Allocation		923		21
Moderately Conservative Balanced Allocation		—		170

(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, 2024, for each portfolio were: 3.00%, 3.60% and 2.60% for Class A, C and I shares, respectively, of Large Capitalization Value, Large Capitalization Growth, Mid Capitalization, and Small Capitalization; 3.30%, 3.90% and 2.90% for Class A, C and I shares, respectively, of International Equity; 2.30%, 2.90% and 1.90%, for Class A, C and I shares, respectively, of Investment Quality Bond and Municipal Bond; 2.15%, 2.75% and 1.75% for Class A, C and I shares, respectively, of U.S. Government Money

62

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

Market; 3.40%, 4.00% and 3.00% for Class A, C and I shares, respectively, of Health & Biotechnology, Technology & Communications, Energy & Basic Materials and Financial Services. For the Aggressive Balanced Allocation, Conservative Balanced Allocation, Moderate Balanced Allocation, Moderately Aggressive Balanced Allocation and Moderately Conservative Balanced Allocation the Manager is waiving all or a portion of its management fees and/or assuming certain operating expenses (excluding front end and contingent deferred sales loads, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) the expense caps are 1.24%, 0.99% and 1.99% for Classes A, I and C shares respectively. Under the terms of the Expense Agreements, the Manager is permitted to seek reimbursement from the Portfolios, subject to limitations, for fees they waived and Portfolio expenses they paid within three (3) years of the end of the fiscal year in which such fees were waived or expenses paid, as long as the reimbursement does not cause the Portfolio’s operating expenses to exceed (i) the expense cap in place at the time the advisory fees were waived or the expenses were incurred; or (ii) the current expense cap, whichever is less.

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, 2024.

In addition, the U.S. Government Money Market Portfolio’s distributor has agreed to waive Distribution Fees and/or Service (12b-1) Fees for the Portfolio’s Class A and C shares through December 31, 2024. The Agreement may only be terminated during its term by or with the consent of the Trust’s Board of Trustees.

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

Portfolio	8/31/2025		8/31/2026		8/31/2027
International Equity	$	12,272	$	—	$	—
Energy & Basic Materials		3,323		2,175		5,822
Financial Services		4,609		742		10,179
Investment Quality Bond		843		—		—
Municipal Bond		5,596		6,922		14,118
Aggressive Balanced Allocation		12,260		16,046		20,749
Conservative Balanced Allocation		27,543		28,817		32,927
Moderate Balanced Allocation		19,364		21,341		25,431
Moderately Aggressive Balanced Allocation		11,730		14,601		18,014
Moderately Conservative Balanced Allocation		10,829		11,198		14,298

(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, 2024, the amount received by the participating Portfolios under this arrangement was as follows: Large Cap Value, $2,225; Health & Biotechnology, $1,010; and Technology & Communications, $175. These amounts are included with the realized gain/loss for each Portfolio in the Statement of Operations.

63

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

(f) Affiliated Investments — Companies which are affiliates of the Portfolios at August 31, 2024, 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 8/31/2023		Purchases		Sale Proceeds		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 8/31/2024		Shares at 8/31/2024		Income		Long Term Capital Gain Distribution
Aggressive Balanced Allocation
Saratoga Energy & Basic Materials Portfolio, CL I	$	38,030	$	2,191	$	—	$	—		$	498	$	40,719	$	2,882	$	631	$	—
Saratoga Health & Biotechnology Portfolio, CL I		44,241		4,193		—		—			6,664		55,098		2,113		—		1,973
Saratoga Large Capitalization Growth Portfolio, CL I		172,882		21,599		—		—			50,168		244,649		7,774		—		13,199
Saratoga Large Capitalization Value Portfolio, CL I		189,542		10,965		—		—			27,347		227,854		7,651		—		1,545
Saratoga Mid Capitalization Portfolio, CL I		118,510		8,011		—		—			27,070		153,591		10,364		—		1,411
Saratoga Small Capitalization Value Portfolio, CL I		98,017		5,550		—		—			19,766		123,333		15,832		—		—
Saratoga Technology & Communications Portfolio, CL I		41,855		4,608		—		—			6,295		52,758		1,938		—		2,628
Total		703,077						—			137,808		898,002				631		20,756
Conservative Balanced Allocation
Saratoga Large Capitalization Growth Portfolio, CL I	$	314,521	$	24,012	$	5,600	$	1,570		$	88,999	$	423,502	$	13,457	$	—	$	24,012
Saratoga Large Capitalization Value Portfolio, CL I		344,852		2,811		6,280		902			48,713		390,998		13,130		—		2,811
Saratoga Mid Capitalization Portfolio, CL I		215,289		2,564		4,440		935			47,959		262,307		17,700		—		2,564
Saratoga Small Capitalization Value Portfolio, CL I		51,186		—		1,000		236			10,112		60,534		7,771		—		—
		925,848						3,643			195,783		1,137,341				—		29,387
Moderate Balanced Allocation
Saratoga Energy & Basic Materials Portfolio, CL I	$	30,873	$	3,008	$	696	$	27		$	455	$	33,667	$	2,383	$	543	$	—
Saratoga Health & Biotechnology Portfolio, CL I		35,723		5,146		960		(193	)		5,904		45,620		1,749		—		1,746
Saratoga Large Capitalization Growth Portfolio, CL I		261,736		48,356		22,440		5,107			76,414		369,173		11,731		—		22,007
Saratoga Large Capitalization Value Portfolio, CL I		287,003		31,139		8,064		841			45,197		356,116		11,958		—		2,579
Saratoga Mid Capitalization Portfolio, CL I		180,907		22,805		5,760		1,205			44,942		244,099		16,471		—		2,404
Saratoga Small Capitalization Value Portfolio, CL I		64,569		7,650		—		—			15,173		87,392		11,218		—		—
Saratoga Technology & Communications Portfolio, CL I		38,077		5,738		888		117			6,086		49,130		1,805		—		2,593
Total		898,888						7,104			194,171		1,185,197				543		31,329
Moderately Aggressive Balanced Allocation
Saratoga Energy & Basic Materials Portfolio, CL I	$	26,275	$	1,113	$	500	$	(30	)	$	331	$	27,189	$	1,924	$	446	$	—
Saratoga Health & Biotechnology Portfolio, CL I		25,981		2,121		—		—			3,972		32,074		1,230		—		1,159
Saratoga Large Capitalization Growth Portfolio, CL I		139,549		16,166		14,000		2,490			37,522		181,727		5,775		—		10,654
Saratoga Large Capitalization Value Portfolio, CL I		153,006		7,167		4,000		566			21,578		178,317		5,988		—		1,247
Saratoga Mid Capitalization Portfolio, CL I		104,048		5,457		2,850		225			23,575		130,455		8,803		—		1,239
Saratoga Small Capitalization Value Portfolio, CL I		58,266		2,590		—		—			11,893		72,749		9,339		—		—
Saratoga Technology & Communications Portfolio, CL I		24,524		2,391		—		—			3,700		30,615		1,125		—		1,540
Total		531,649						3,251			102,571		653,126				446		15,839
Moderately Conservative Balanced Allocation
Saratoga Large Capitalization Growth Portfolio, CL I	$	110,983	$	8,474	$	6,000	$	1,483		$	30,200	$	145,140	$	4,612	$	—	$	8,473
Saratoga Large Capitalization Value Portfolio, CL I		121,114		987		1,000		137			17,280		138,518		4,651		—		987
Saratoga Mid Capitalization Portfolio, CL I		83,584		995		—		—			18,983		103,562		6,988		—		996
Saratoga Small Capitalization Value Portfolio, CL I		42,386		—		—		—			8,568		50,954		6,541		—		—
Total		358,067						1,620			75,031		438,174				—		10,456

64

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

4. INVESTMENT TRANSACTIONS

(a) For the year ended August 31, 2024, 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	$	15,864,586	$	19,807,758
Large Capitalization Growth		28,628,036		29,885,684
Mid Capitalization		14,877,715		15,652,645
Small Capitalization		8,822,024		8,976,408
International Equity		1,229,120		1,563,435
Health & Biotechnology		2,021,223		2,984,987
Technology & Communications		3,143,856		10,146,333
Energy & Basic Materials		660,367		679,782
Financial Services		462,675		372,896
Investment Quality Bond		6,308,960		6,704,782
Municipal Bond		190,711		192,621
Aggressive Balanced Allocation		203,140		87,281
Conservative Balanced Allocation		1,063,320		549,604
Moderate Balanced Allocation		595,312		327,887
Moderately Aggressive Balanced Allocation		220,692		143,941
Moderately Conservative Balanced Allocation		192,007		143,990

(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, 2024, 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.

65

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

The effect of derivative instruments on the Statements of Operations for the year ended August 31, 2024, were as follows:

				Realized and unrealized
Fund	Derivative	Location of loss on derivatives	Risk Type	gain (loss) on derivatives
International Equity
	Forward Exchange Contracts	Net realized loss from investments and foreign currency transactions	Foreign Exchange	$	(4,358	)
	Forward Exchange Contracts	Net change in unrealized appreciation on investments and foreign currency translations	Foreign Exchange		(6	)
			Total	$	(4,364	)

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			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023
Large Capitalization Value
Issued		66,943			102,065			473			944			300			741
Redeemed		(203,232	)		(130,959	)		(597	)		(526	)		(4,615	)		(221	)
Reinvested from Dividends		6,324			62,335			123			1,255			83			803
Net Increase (Decrease) in Shares		(129,965	)		33,441			(1	)		1,673			(4,232	)		1,323
Large Capitalization Growth
Issued		368,572			188,238			25,548			6,771			486			568
Redeemed		(363,844	)		(270,512	)		(4,386	)		(3,339	)		(132,783	)		(48,881	)
Reinvested from Dividends		73,577			57,567			6,702			4,556			31,856			33,647
Net Increase (Decrease) in Shares		78,305			(24,707	)		27,864			7,988			(100,441	)		(14,666	)
Mid Capitalization
Issued		29,685			26,148			20,794			1,347			466			498
Redeemed		(84,628	)		(54,324	)		(16,646	)		(19,098	)		(5,297	)		(3,263	)
Reinvested from Dividends		8,809			13,183			1,430			2,652			158			247
Net Decrease in Shares		(46,134	)		(14,993	)		5,578			(15,099	)		(4,673	)		(2,518	)
Small Capitalization
Issued		110,962			132,451			132			255			2,199			2,344
Redeemed		(134,335	)		(99,483	)		(240	)		(613	)		(19	)		(605	)
Reinvested from Dividends		—			79,483			—			1,024			—			1,912
Net Increase (Decrease) in Shares		(23,373	)		112,451			(108	)		666			2,180			3,651
International Equity
Issued		26,038			60,250			11			79			160			160
Redeemed		(56,480	)		(48,711	)		(438	)		(248	)		(686	)		(35	)
Reinvested from Dividends		2,555			895			15			—			—			—
Net Increase (Decrease) in Shares		(27,887	)		12,434			(412	)		(169	)		(526	)		125
Health & Biotechnology
Issued		24,192			16,583			4,665			5,238			—			247
Redeemed		(37,839	)		(53,318	)		(19,395	)		(19,139	)		(7,663	)		(8,406	)
Reinvested from Dividends		11,939			14,684			12,604			14,557			3,107			3,898
Net Increase (Decrease) in Shares		(1,708	)		(22,051	)		(2,126	)		656			(4,556	)		(4,261	)
Technology & Communications
Issued		27,118			64,832			26,196			9,259			439			588
Redeemed		(147,760	)		(244,230	)		(114,485	)		(119,093	)		(96,455	)		(131,680	)
Reinvested from Dividends		55,839			153,201			53,670			142,111			23,507			80,804
Net Increase (Decrease) in Shares		(64,803	)		(26,197	)		(34,619	)		32,277			(72,509	)		(50,288	)
Energy & Basic Materials
Issued		33,292			12,686			47			144			1,767			—
Redeemed		(37,068	)		(47,787	)		(634	)		(11,228	)		—			(753	)
Reinvested from Dividends		1,509			2,982			117			567			—			21
Net Decrease in Shares		(2,267	)		(32,119	)		(470	)		(10,517	)		1,767			(732	)
Financial Services
Issued		34,098			40,197			29			55			—			—
Redeemed		(24,134	)		(47,976	)		(1,667	)		(16,181	)		—			—
Reinvested from Dividends		4,770			6,187			316			455			—			—
Net Increase (Decrease) in Shares		14,734			(1,592	)		(1,322	)		(15,671	)		—			—
Investment Quality Bond
Issued		110,944			29,134			561			147			—			—
Redeemed		(131,823	)		(96,152	)		(838	)		(726	)		(366	)		(3,526	)
Reinvested from Dividends		21,837			12,664			240			119			1			2
Net Decrease in Shares		958			(54,354	)		(37	)		(460	)		(365	)		(3,524	)

66

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

	Class I Shares						Class A Shares						Class C Shares
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023			August 31, 2024			August 31, 2023
Municipal Bond
Issued		4,644			192			518			—			200			159
Redeemed		(3,823	)		(10,454	)		—			(6,124	)		(521	)		—
Reinvested from Dividends		—			—			—			—			—			—
Net Increase (Decrease) in Shares		821			(10,262	)		518			(6,124	)		(321	)		159
U.S. Government Money Market
Issued		1,294,450			2,676,107			1,336			1,904			523,818			317,460
Redeemed		(2,314,927	)		(2,808,205	)		(12,538	)		(57,722	)		(623,544	)		(133,370	)
Reinvested from Dividends		154,301			161,076			2,489			3,506			9,637			2,841
Net Increase (Decrease) in Shares		(866,176	)		28,978			(8,713	)		(52,312	)		(90,089	)		186,931
Aggressive Balanced Allocation
Issued		7,781			3,305			—			11,986			574			715
Redeemed		(1,815	)		(1,376	)		(1	)		—			—			(160	)
Reinvested from Dividends		2,335			5,189			322			—			385			926
Net Increase in Shares		8,301			7,118			321			11,986			959			1,481
Conservative Balanced Allocation
Issued		6,231			13,698			—			—			2,220			2,229
Redeemed		(8,952	)		(5,675	)		(131	)		(147	)		(830	)		(6,361	)
Reinvested from Dividends		5,232			9,126			80			157			962			2,773
Net Increase (Decrease) in Shares		2,511			17,149			(51	)		10			2,352			(1,359	)
Moderate Balanced Allocation
Issued		19,348			7,651			101			136			5,644			6,233
Redeemed		(8,868	)		(12,223	)		—			—			(1,698	)		(5,510	)
Reinvested from Dividends		3,103			6,192			41			91			823			2,799
Net Increase in Shares		13,583			1,620			142			227			4,769			3,522
Moderately Aggressive Balanced Allocation
Issued		3,692			1,401			1,546			41			889			939
Redeemed		(4,798	)		(2	)		(694	)		(1	)		(1,721	)		(555	)
Reinvested from Dividends		1,778			3,563			188			345			371			1,080
Net Increase (Decrease) in Shares		672			4,962			1,040			385			(461	)		1,464
Moderately Conservative Balanced Allocation
Issued		47			32,157			—			—			1,633			1,726
Redeemed		(1,187	)		(26,222	)		—			—			—			—
Reinvested from Dividends		519			3,048			—	**		—	**		—			1,242
Net Increase (Decrease) in Shares		(621	)		8,983			—	**		—	**		1,633			2,968

** Amount represents less than 0.5 shares.

67

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

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, 2024, were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Large Capitalization Value	$	17,897,090	$	2,896,255	$	(514,132	)	$	2,382,123
Large Capitalization Growth		25,466,984		7,777,353		(201,028	)		7,576,325
Mid Capitalization		9,784,349		3,030,243		(109,374	)		2,920,869
Small Capitalization		6,315,536		1,363,322		(245,428	)		1,117,894
International Equity		2,850,977		842,418		(127,002	)		715,416
Health & Biotechnology		8,037,743		5,233,681		(98,571	)		5,135,110
Technology & Communications		11,367,540		30,539,235		(63,766	)		30,475,469
Energy & Basic Materials		1,065,459		366,055		(46,422	)		319,633
Financial Services		898,988		584,868		(12,481	)		572,387
Investment Quality Bond		11,222,993		164,186		(12,562	)		151,624
Municipal Bond		588,629		862		(23	)		839
U.S. Government Money Market		4,516,267		—		—			—
Aggressive Balanced Allocation		1,232,356		180,808		(4,170	)		176,638
Conservative Balanced Allocation		2,831,700		213,965		(14,434	)		199,531
Moderate Balanced Allocation		1,884,616		260,054		(22,780	)		237,274
Moderately Aggressive Balanced Allocation		982,118		136,084		(4,126	)		131,958
Moderately Conservative Balanced Allocation		779,638		81,952		(1,451	)		80,501

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

For fiscal year ended 8/31/2024	Ordinary Income		Long-Term Capital Gains		Exempt Income		Return of Capital		Total
Large Capitalization Value	$	—	$	171,527	$	—	$	—	$	171,527
Large Capitalization Growth		—		2,262,394		—		—		2,262,394
Mid Capitalization		4		128,079		—		—		128,083
Small Capitalization		—		—		—		—		—
International Equity		26,662		—		—		—		26,662
Health & Biotechnology		—		570,633		—		—		570,633
Technology & Communications		—		2,766,279		—		—		2,766,279
Energy & Basic Materials		23,061		—		—		—		23,061
Financial Services		—		49,028		—		—		49,028
Investment Quality Bond		202,975		—		—		—		202,975
Municipal Bond		—		—		—		—		—
U.S. Government Money Market		169,229		—		—		—		169,229
Aggressive Balanced Allocation		4,953		27,080		—		—		32,033
Conservative Balanced Allocation		49,212		16,425		—		—		65,637
Moderate Balanced Allocation		17,276		25,730		—		—		43,006
Moderately Aggressive Balanced Allocation		9,927		15,084		—		—		25,011
Moderately Conservative Balanced Allocation		5,204		—		—		—		5,204

68

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

The tax character of dividends utilized during the year ended August 31, 2023 was as follows:

For fiscal year ended 8/31/2023	Ordinary Income		Long-Term Capital Gains		Exempt Income		Return of Capital		Total
Large Capitalization Value	$	307,361	$	1,305,753	$	—	$	—	$	1,613,114
Large Capitalization Growth		—		1,647,194		—		—		1,647,194
Mid Capitalization		—		196,098		—		—		196,098
Small Capitalization		—		538,145		—		—		538,145
International Equity		9,348		—		—		—		9,348
Health & Biotechnology		—		741,699		—		—		741,699
Technology & Communications		—		6,117,169		—		—		6,117,169
Energy & Basic Materials		45,568		—		—		—		45,568
Financial Services		—		63,239		—		—		63,239
Investment Quality Bond		56,855		—		—		61,728		118,583
Municipal Bond		—		—		—		—		—
U.S. Government Money Market		168,857		—		—		—		168,857
Aggressive Balanced Allocation		5,407		54,606		—		—		60,013
Conservative Balanced Allocation		7,511		112,916		—		—		120,427
Moderate Balanced Allocation		—		92,029		—		—		92,029
Moderately Aggressive Balanced Allocation		17		50,001		—		—		50,018
Moderately Conservative Balanced Allocation		288		39,266		—		—		39,554

During the fiscal year ended August 31, 2024, 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, 2024, as follows:

	Paid In			Distributable or Accumulated
	Capital			Earnings (Loss)
Large Capitalization Value	$	299,100		$	(299,100	)
Large Capitalization Growth		667,520			(667,520	)
Mid Capitalization		62,981			(62,981	)
Small Capitalization		13,544			(13,544	)
International Equity		—			—
Health & Biotechnology		(141,426	)		141,426
Technology & Communications		(227,608	)		227,608
Energy & Basic Materials		—			—
Financial Services		(1,362	)		1,362
Investment Quality Bond		—			—
Municipal Bond		—			—
U.S. Government Money Market		—			—
Aggressive Balanced Allocation		—			—
Conservative Balanced Allocation		—			—
Moderate Balanced Allocation		—			—
Moderately Aggressive Balanced Allocation		—			—
Moderately Conservative Balanced Allocation		—			—

Net assets were unaffected by the above reclassifications.

69

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

As of each of the Portfolio’s tax year ended August 31, 2024, 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	$	635,501	$	1,854,186	$	(125,352	)	$	—
Large Capitalization Growth		1,011,201		3,172,200		(250,058	)		—
Mid Capitalization		181,863		1,434,600		—			—
Small Capitalization		—		737,561		(26,331	)		—
International Equity		23,179		—		—			(2,511,651	)
Health & Biotechnology		—		135,595		(126,540	)		—
Technology & Communications		—		4,890,035		(469,751	)		—
Energy & Basic Materials		15,803		—		—			(969,169	)
Financial Services		—		33,786		(8,475	)		—
Investment Quality Bond		22,828		—		—			(197,772	)
Municipal Bond		6,091		—		—			(23,050	)
U.S. Government Money Market		636		—		—			—
Aggressive Balanced Allocation		1,610		20,743		—			—
Conservative Balanced Allocation		24,939		32,571		—			—
Moderate Balanced Allocation		6,775		38,358		—			—
Moderately Aggressive Balanced Allocation		3,607		18,675		—			—
Moderately Conservative Balanced Allocation		6,044		10,875		—			—

	Other Book/Tax Differences		Unrealized Appreciation/ (Depreciation)		Total Accumulated Earnings/ (Deficits)
Large Capitalization Value	$	—	$	2,382,123	$	4,746,458
Large Capitalization Growth		—		7,576,325		11,509,668
Mid Capitalization		—		2,920,869		4,537,332
Small Capitalization		—		1,117,894		1,829,124
International Equity		—		715,602		(1,772,870	)
Health & Biotechnology		—		5,135,110		5,144,165
Technology & Communications		—		30,475,469		34,895,753
Energy & Basic Materials		—		319,619		(633,747	)
Financial Services		—		572,387		597,698
Investment Quality Bond		—		151,624		(23,320	)
Municipal Bond		—		839		(16,120	)
U.S. Government Money Market		—		—		636
Aggressive Balanced Allocation		—		176,638		198,991
Conservative Balanced Allocation		—		199,531		257,041
Moderate Balanced Allocation		—		237,274		282,407
Moderately Aggressive Balanced Allocation		—		131,958		154,240
Moderately Conservative Balanced Allocation		—		80,501		97,420

70

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

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, and C-Corporations adjustments. The unrealized appreciation in the table above includes unrealized foreign currency gain/(loss) of $186 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	$	125,352
Large Capitalization Growth		250,058
Mid Capitalization		—
Small Capitalization		26,331
International Equity		—
Health & Biotechnology		126,540
Technology & Communications		469,751
Energy & Basic Materials		—
Financial Services		8,475
Investment Quality Bond		—
Municipal Bond		—
U.S. Government Money Market		—
Aggressive Balanced Allocation		—
Conservative Balanced Allocation		—
Moderate Balanced Allocation		—
Moderately Aggressive Balanced Allocation		—
Moderately Conservative Balanced Allocation		—

Capital losses incurred after October 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:

	Post October
	Losses
Large Capitalization Value	$	—
Large Capitalization Growth		—
Mid Capitalization		—
Small Capitalization		—
International Equity		—
Health & Biotechnology		—
Technology & Communications		—
Energy & Basic Materials		—
Financial Services		—
Investment Quality Bond		—
Municipal Bond		—
U.S. Government Money Market		—
Aggressive Balanced Allocation		—
Conservative Balanced Allocation		—
Moderate Balanced Allocation		—
Moderately Aggressive Balanced Allocation		—
Moderately Conservative Balanced Allocation		—

71

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

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, 2024, were as follows:

For fiscal year ended	Foreign Taxes		Foreign Source
8/31/2024	Paid		Income
International Equity Fund	$	0.0366	$	0.0867
Aggressive Balanced Allocation		0.0013		0.0187

For fiscal year ended	Foreign Taxes		Foreign Source
8/31/2023	Paid		Income
International Equity Fund	$	0.0277	$	0.0941
Conservative Balanced Allocation		0.0012		0.0452
Moderately Conservative Balanced Allocation		0.0013		0.0383

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 and the Vanguard Short-Term Bond Index Fund – Admiral Class. The financial statements of the Vanguard Intermediate-Term Bond Index Fund – Admiral Class and Vanguard Short-Term Bond Index Fund – Admiral Class, including the portfolio of investments, can each 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, 2024, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class and Vanguard Short-Term Bond Index Fund – Admiral Class was 64.7% and 30.0%, respectively.

The performance of the Municipal Bond Portfolio will be directly affected by the performance of the Vanguard Intermediate-Term Tax-Exempt Fund – Admiral Class. The financial statements of the Vanguard Intermediate-Term Tax-Exempt Fund – Admiral Class, including the portfolio of investments, can be found on the Securities and Exchange Commission’s (“SEC”) website www.sec.gov and should be read in conjunction with the Portfolio’s financial statements. As of August 31, 2024, the percentage of net assets invested in the Vanguard Intermediate-Term Tax-Exempt Fund – Admiral Class was 86.9%.

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, 2024, the percentage of net assets invested in the Vanguard Intermediate-Term Bond Index Fund – Admiral Class was 36.4%.

72

NOTES TO FINANCIAL STATEMENTS

Year Ended August 31, 2024

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, 2024, the below entities held more than 25% of the voting securities for each of the Funds listed.

	Pershing, LLC*			First National Bank*			Mid Atlantic Trust Company FBO*
Large Cap Value		—			47.00	%		—
Large Cap Growth		—			28.21	%		—
Mid Cap		—			43.62	%		—
Small Cap		—			47.63	%		—
International Equity		—			53.89	%		—
Energy & Basic Materials		—			47.86	%		—
Financial Services		—			66.40	%		—
Investment Quality Bond		—			64.24	%		—
U.S. Government Money Market		—			62.53	%		—
Aggressive Balanced Allocation		—			61.07	%		32.71	%
Conservative Balanced Allocation		25.32	%		41.08	%		31.35	%
Moderate Balanced Allocation Portfolio		—			44.93	%		27.44	%
Moderately Aggressive Balanced Allocation		—			57.57	%		40.11	%
Moderately Conservative Balanced Allocation		—			56.60	%		—

* 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		0.0145	8/30/2024	9/4/2024
Saratoga Investment Quality Bond Fund - Class I		0.0176	8/30/2024	9/4/2024

73

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Large Capitalization Value Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	24.05		$	24.22		$	30.50		$	21.26		$	20.25
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.25	)		(0.17	)		(0.36	)		(0.26	)		(0.11	)
Net realized and unrealized gain (loss)		3.76			2.09			0.37			9.50			1.12
Total from investment operations		3.51			1.92			0.01			9.24			1.01
Dividends and Distributions:
Distributions from realized gains		(0.21	)		(2.09	)		(6.29	)		—			—
Total dividends and distributions		(0.21	)		(2.09	)		(6.29	)		—			—
Net Asset Value, End of Year	$	27.35		$	24.05		$	24.22		$	30.50		$	21.26
Total Return*		14.72	%		8.71	%		(0.62	)%		43.46	%		4.99	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	401		$	353		$	315		$	398		$	290
Ratio of gross operating expenses to average net assets (2)		2.28	%		2.05	%		2.11	%		1.71	%		1.57	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(0.97	)%		(0.72	)%		(1.39	)%		(0.97	)%		(0.55	)%
Portfolio Turnover Rate		83	%		90	%		117	%		108	%		82	%

	Large Capitalization Growth Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	20.88		$	19.87		$	30.37		$	25.68		$	22.38
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.32	)		(0.24	)		(0.32	)		(0.25	)		(0.11	)
Net realized and unrealized gain (loss)		7.29			2.73			(3.36	)		7.38			7.08
Total from investment operations		6.97			2.49			(3.68	)		7.13			6.97
Dividends and Distributions:
Distributions from realized gains		(1.90	)		(1.48	)		(6.37	)		(2.44	)		(3.67	)
Distributions from return of capital		—			—			(0.45	)		—			—
Total dividends and distributions		(1.90	)		(1.48	)		(6.82	)		(2.44	)		(3.67	)
Net Asset Value, End of Year	$	25.95		$	20.88		$	19.87		$	30.37		$	25.68
Total Return*		35.90	%		14.05	%		(16.80	)%		30.64	%		35.40	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	2,350		$	1,309		$	1,087		$	1,397		$	1,239
Ratio of gross operating expenses to average net assets (3)		2.11	%		2.02	%		2.06	%		1.76	%		1.52	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.39	)%		(1.29	)%		(1.38	)%		(0.97	)%		(0.51	)%
Portfolio Turnover Rate		99	%		74	%		60	%		65	%		74	%

(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:
		2.28	%	2.05	%	2.11	%	1.71	%	1.57	%
(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:
		2.11	%	2.02	%	2.06	%	1.76	%	1.52	%
*	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)

	Mid Capitalization Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.34		$	10.11		$	13.14		$	10.30		$	10.39
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.09	)		(0.01	)		(0.08	)		(0.07	)		(0.01	)
Net realized and unrealized gain (loss)		2.47			0.45			(1.08	)		3.98			(0.08	)
Total from investment operations		2.38			0.44			(1.16	)		3.91			(0.09	)
Dividends and Distributions:
Dividends from net investment income		—			—			—			—			—	**
Distributions from realized gains		(0.14	)		(0.21	)		(1.87	)		(1.07	)		—
Total dividends and distributions		(0.14	)		(0.21	)		(1.87	)		(1.07	)		—
Net Asset Value, End of Year	$	12.58		$	10.34		$	10.11		$	13.14		$	10.30
Total Return*		23.32	%		4.41	%		(10.28	)%		40.11	%		(0.85	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	1,567		$	1,230		$	1,355		$	1,711		$	1,301
Ratio of gross operating expenses to average net assets (2)		2.03	%		2.09	%		2.42	%		2.06	%		1.86	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(0.78	)%		(0.15	)%		(0.73	)%		(0.60	)%		(0.12	)%
Portfolio Turnover Rate		129	%		68	%		43	%		55	%		53	%

	Small Capitalization Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	5.57		$	6.07		$	8.53		$	5.83		$	5.35
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.06	)		(0.03	)		(0.07	)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss)		1.16			0.15			(0.40	)		2.78			0.52
Total from investment operations		1.10			0.12			(0.47	)		2.70			0.48
Dividends and Distributions:
Distributions from realized gains		—			(0.62	)		(1.99	)		—			—
Total dividends and distributions		—			(0.62	)		(1.99	)		—			—
Net Asset Value, End of Year	$	6.67		$	5.57		$	6.07		$	8.53		$	5.83
Total Return*		19.75	%		2.30	%		(8.58	)%		46.31	%		8.97	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	64		$	54		$	55		$	71		$	52
Ratio of gross operating expenses to average net assets (3)		2.28	%		2.23	%		2.47	%		2.11	%		2.08	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.05	)%		(0.49	)%		(1.07	)%		(1.02	)%		(0.83	)%
Portfolio Turnover Rate		135	%		95	%		104	%		103	%		101	%

(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:
		2.03	%	2.09	%	2.42	%	2.06	%	1.86	%
(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:
		2.28	%	2.23	%	2.47	%	2.11	%	2.08	%
*	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.

75

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	International Equity Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.56		$	9.11		$	12.15		$	8.90		$	8.91
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		(0.02	)		(0.03	)		(0.01	)		0.02			0.06
Net realized and unrealized gain (loss)		1.41			1.48			(3.03	)		3.28			0.09
Total from investment operations		1.39			1.45			(3.04	)		3.30			0.15
Dividends and Distributions:
Dividends from net investment income		(0.05	)		—			—			(0.05	)		(0.16	)
Total dividends and distributions		(0.05	)		—			—			(0.05	)		(0.16	)
Net Asset Value, End of Year	$	11.90		$	10.56		$	9.11		$	12.15		$	8.90
Total Return*		13.18	%#		15.92	%#		(25.02	)%		37.26	%		1.44	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	41		$	41		$	36		$	106		$	252
Ratio of gross operating expenses to average net assets (2)		2.80	%		2.59	%		3.78	%		2.78	%		2.05	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(0.19	)%		(0.29	)%		(0.13	)%		0.19	%		0.71	%
Portfolio Turnover Rate		38	%		59	%		47	%		59	%		52	%

	Health & Biotechnology Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	19.32		$	19.35		$	21.69		$	20.31		$	18.82
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.32	)		(0.26	)		(0.30	)		(0.22	)		(0.07	)
Net realized and unrealized gain (loss)		3.78			1.50			(1.25	)		4.18			2.47
Total from investment operations		3.46			1.24			(1.55	)		3.96			2.40
Dividends and Distributions:
Distributions from realized gains		(1.02	)		(1.27	)		(0.79	)		(2.58	)		(0.91	)
Total dividends and distributions		(1.02	)		(1.27	)		(0.79	)		(2.58	)		(0.91	)
Net Asset Value, End of Year	$	21.76		$	19.32		$	19.35		$	21.69		$	20.31
Total Return*		18.90	%		6.12	%		(7.28	)%		21.93	%		12.76	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	5,389		$	4,827		$	4,821		$	5,473		$	5,294
Ratio of gross operating expenses to average net assets (3)		2.72	%		2.75	%		2.90	%		2.54	%		2.31	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.65	)%		(1.33	)%		(1.46	)%		(1.08	)%		(0.36	)%
Portfolio Turnover Rate		17	%		58	%		23	%		19	%		21	%

(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:
		2.80	%	3.30	%	3.30	%	2.63	%	1.65	%
(3)	Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Health & Biotechnology Portfolio:
		2.72	%	2.75	%	2.90	%	2.54	%	2.31	%
#	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.

76

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Technology & Communications Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	19.75		$	19.65		$	30.39		$	28.24		$	21.86
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.37	)		(0.29	)		(0.35	)		(0.44	)		(0.19	)
Net realized and unrealized gain (loss)		4.23			3.69			(6.75	)		6.23			7.54
Total from investment operations		3.86			3.40			(7.10	)		5.79			7.35
Dividends and Distributions:
Distributions from realized gains		(1.50	)		(3.30	)		(3.64	)		(3.64	)		(0.97	)
Total dividends and distributions		(1.50	)		(3.30	)		(3.64	)		(3.64	)		(0.97	)
Net Asset Value, End of Year	$	22.11		$	19.75		$	19.65		$	30.39		$	28.24
Total Return*		20.76	%		22.58	%		(26.36	)%		23.38	%		34.74	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	15,464		$	14,494		$	13,789		$	20,175		$	19,042
Ratio of gross operating expenses to average net assets (2)		2.62	%		2.77	%		2.53	%		2.39	%		2.08	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.79	)%		(1.69	)%		(1.45	)%		(1.60	)%		(0.83	)%
Portfolio Turnover Rate		8	%		6	%		3	%		10	%		10	%

	Energy & Basic Materials Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	12.63		$	11.30		$	9.77		$	7.48		$	9.21
Income (Loss) from Investment Operations:
Net investment income (1)		0.09			0.14			0.33			0.09			0.06
Net realized and unrealized gain (loss)		0.23			1.52			1.28			2.31			(1.79	)
Total from investment operations		0.32			1.66			1.61			2.40			(1.73	)
Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.33	)		(0.08	)		(0.11	)		—
Total dividends and distributions		(0.15	)		(0.33	)		(0.08	)		(0.11	)		—
Net Asset Value, End of Year	$	12.80		$	12.63		$	11.30		$	9.77		$	7.48
Total Return*		2.55	%		14.93	%		16.54	%		32.30	%		(18.78	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	128		$	132		$	237		$	99		$	104
Ratio of gross operating expenses to average net assets (3)		3.81	%		3.52	%		3.30	%		4.43	%		3.97	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		0.75	%		1.15	%		2.89	%		0.97	%		0.73	%
Portfolio Turnover Rate		47	%		51	%		43	%		81	%		63	%

(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:
		2.62	%	2.77	%	2.53	%	2.39	%	2.08	%
(3)	Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio:
		3.40	%	3.40	%	3.30	%	3.40	%	3.40	%
*	Assumes reinvestment of all dividends and distributions and does not assume the effects of any sales charges. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.

77

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Financial Services Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	8.21		$	8.57		$	10.59		$	7.19		$	8.18
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.10	)		(0.04	)		(0.08	)		(0.07	)		(0.08	)
Net realized and unrealized gain (loss)		2.45			0.15			(1.43	)		3.81			(0.70	)
Total from investment operations		2.35			0.11			(1.51	)		3.74			(0.78	)
Dividends and Distributions:
Distributions from realized gains		(0.44	)		(0.47	)		(0.51	)		(0.34	)		(0.21	)
Total dividends and distributions		(0.44	)		(0.47	)		(0.51	)		(0.34	)		(0.21	)
Net Asset Value, End of Year	$	10.12		$	8.21		$	8.57		$	10.59		$	7.19
Total Return*		29.77	%		1.22	%		(15.00	)%		53.66	%		(9.99	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	69		$	67		$	204		$	251		$	123
Ratio of gross operating expenses to average net assets (2)		4.23	%		3.59	%		3.68	%		3.81	%		3.96	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.11	)%		(0.50	)%		(0.82	)%		(0.76	)%		(1.04	)%
Portfolio Turnover Rate		32	%		45	%		39	%		59	%		71	%

	Investment Quality Bond Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	9.06		$	9.15		$	9.62		$	9.76		$	9.54
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.15			0.07			(0.14	)		(0.08	)		0.03
Net realized and unrealized gain (loss)		0.30			(0.09	)		(0.21	)		(0.04	)		0.23
Total from investment operations		0.45			(0.02	)		(0.35	)		(0.12	)		0.26
Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.03	)		—			(0.02	)		(0.04	)
Distributions from realized gains		—			—			(0.12	)		—			—
Distributions from return of capital		—			(0.04	)		—			—			—
Total dividends and distributions		(0.14	)		(0.07	)		(0.12	)		(0.02	)		(0.04	)
Net Asset Value, End of Year	$	9.37		$	9.06		$	9.15		$	9.62		$	9.76
Total Return*		4.98	%		(0.26	)%		(3.62	)%		(1.27	)%		2.77	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	150		$	146		$	151		$	171		$	142
Ratio of gross operating expenses to average net assets (3),(4)		1.80	%		1.78	%		2.31	%		1.81	%		1.78	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4)		1.72	%		0.80	%		(1.51	)%		(0.77	)%		0.31	%
Portfolio Turnover Rate		60	%		103	%		1	%		62	%		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 Financial Services Portfolio:
		3.40	%	3.40	%	3.40	%	3.40	%	3.40	%
(3)	Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio:
		1.80	%	1.78	%	2.30	%	1.81	%	1.78	%
(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.

78

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Municipal Bond Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	8.46		$	8.59		$	8.91		$	8.99		$	8.93
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.06			(0.06	)		(0.16	)		(0.09	)		0.00
Net realized and unrealized gain (loss)		0.18			(0.07	)		(0.16	)		0.02			0.07
Total from investment operations		0.24			(0.13	)		(0.32	)		(0.07	)		0.07
Dividends and Distributions:
Dividends from net investment income		—			—			—			—			(0.01	)
Return of Capital		—			—			—			(0.01	)		—
Total dividends and distributions		—			—			—			(0.01	)		(0.01	)
Net Asset Value, End of Year	$	8.70		$	8.46		$	8.59		$	8.91		$	8.99
Total Return*		2.84	%		(1.51	)%		(3.59	)%#		(0.81	)%#		0.77	%#
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	17		$	12		$	65		$	78		$	78
Ratio of gross operating expenses to average net assets (2),(4)		4.81	%		3.52	%		2.92	%		3.14	%		3.15	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4)		0.73	%		(0.74	)%		(1.83	)%		-0.99	%		0.00	%
Portfolio Turnover Rate		36	%		101	%		0	%		82	%		22	%

	U.S. Government Money Market Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
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)		0.03			0.03			0.00	**		0.00	**		0.00
Net realized and unrealized gain (loss)		—			—			—			—			—
Total from investment operations		0.03			0.03			0.00	**		0.00	**		0.00
Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.03	)		(0.00	)**		(0.00	)**		(0.00	)
Distributions from realized gains		—			—			—			—			—
Total dividends and distributions		(0.03	)		(0.03	)		(0.00	)**		(0.00	)**		(0.00	)
Net Asset Value, End of Year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return*		3.09	%		2.86	%		0.01	%		0.02	%		0.01	%#
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	77		$	86		$	139		$	409		$	390
Ratio of gross operating expenses to average net assets (3),(4)		2.11	%		1.35	%		1.36	%		1.07	%		1.58	%
Ratio of net investment income after expense reimbursement/recoupment to average net assets (4)		3.08	%		2.75	%		0.01	%		0.01	%		0.11	%
Portfolio Turnover Rate		N/A			N/A			N/A			N/A			N/A

(1)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year.
(2)	Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio:

2.30 % 2.30 % 2.30 % 1.64 % 1.54 %

(3) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio:

2.11 % 1.35 % 0.32 % 0.02 % 0.67 %

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

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

* 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.

79

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Aggressive Balanced Allocation Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.37		$	10.34		$	12.48		$	10.39		$	9.92
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.03			0.03			(0.06	)		(0.04	)		0.23
Net realized and unrealized gain (loss)		1.67			0.68			(0.96	)		2.33			0.60
Total from investment operations		1.70			0.71			(1.02	)		2.29			0.83
Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.07	)		(0.37	)		(0.12	)		(0.25	)
Distributions from realized gains		(0.25	)		(0.61	)		(0.75	)		(0.08	)		(0.11	)
Total dividends and distributions		(0.28	)		(0.68	)		(1.12	)		(0.20	)		(0.36	)
Net Asset Value, End of Year	$	11.79		$	10.37		$	10.34		$	12.48		$	10.39
Total Return*		16.75	%		7.33	%		(9.07	)%		22.33	%#		8.44	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	145		$	124		$	0	^	$	5		$	5
Ratio of gross operating expenses to average net assets (2)		2.91	%		2.84	%		2.73	%		2.73	%		2.26	%
Ratio of net operating expenses to average net assets (2)		1.24	%		1.24	%		1.24	%		1.18	%		1.04	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		0.26	%		0.33	%		(0.46	)%		(0.35	)%		2.31	%
Portfolio Turnover Rate		8	%		26	%		2	%		54	%		3	%

	Conservative Balanced Allocation Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.33		$	10.39		$	11.98		$	10.56		$	10.19
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.15			0.14			0.27			(0.05	)		0.19
Net realized and unrealized gain (loss)		1.02			0.25			(1.01	)		1.49			0.52
Total from investment operations		1.17			0.39			(0.74	)		1.44			0.71
Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.01	)		(0.26	)		(0.02	)		(0.21	)
Distributions from realized gains		(0.06	)		(0.44	)		(0.59	)		—			(0.10	)
Distributions from return of capital		—			—			—			—			(0.03	)
Total dividends and distributions		(0.24	)		(0.45	)		(0.85	)		(0.02	)		(0.34	)
Net Asset Value, End of Year	$	11.26		$	10.33		$	10.39		$	11.98		$	10.56
Total Return*		11.54	%		4.00	%		(6.64	)%		13.70	%		7.10	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	38		$	35		$	36		$	38		$	34
Ratio of gross operating expenses to average net assets (2)		2.37	%		2.32	%		2.26	%		2.19	%		1.85	%
Ratio of net operating expenses to average net assets (2)		1.24	%		1.24	%		1.24	%		1.18	%		1.04	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		1.36	%		1.41	%		2.47	%		(0.45	)%		1.91	%
Portfolio Turnover Rate		22	%		50	%		11	%		71	%		12	%

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

80

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Moderate Balanced Allocation Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.69		$	10.72		$	12.53		$	10.67		$	10.15
Income from Investment Operations:
Net investment income (loss) (1)		0.06			0.08			0.39			(0.08	)		0.31
Net realized and unrealized gain (loss)		1.50			0.48			(1.27	)		2.06			0.55
Total from investment operations		1.56			0.56			(0.88	)		1.98			0.86
Dividends and Distributions:
Dividends from net investment income		(0.10	)		—			(0.32	)		(0.05	)		(0.23	)
Distributions from realized gains		(0.15	)		(0.59	)		(0.61	)		(0.07	)		(0.11	)
Total dividends and distributions		(0.25	)		(0.59	)		(0.93	)		(0.12	)		(0.34	)
Net Asset Value, End of Year	$	12.00		$	10.69		$	10.72		$	12.53		$	10.67
Total Return*		14.83	%		5.55	%		(7.59	)%		18.77	%#		8.68	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	23		$	19		$	16		$	53		$	34
Ratio of gross operating expenses to average net assets (2)		2.53	%		2.56	%		2.48	%		2.39	%		1.95	%
Ratio of net operating expenses to average net assets (2)		1.24	%		1.24	%		1.24	%		1.18	%		1.04	%
Ratio of net investment income (loss) after expenses reimbursement/recoupment to average net assets (2)		0.56	%		0.81	%		3.35	%		(0.67	)%		3.03	%
Portfolio Turnover Rate		18	%		41	%		2	%		52	%		8	%

	Moderately Aggressive Balanced Allocation Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.56		$	10.54		$	12.24		$	10.46		$	9.93
Income from Investment Operations:
Net investment income (loss) (1)		0.05			0.08			0.36			0.42			(0.05	)
Net realized and unrealized gain (loss)		1.54			0.52			(1.11	)		1.52			0.84
Total from investment operations		1.59			0.60			(0.75	)		1.94			0.79
Dividends and Distributions:
Dividends from net investment income		(0.11	)		—			(0.36	)		(0.06	)		(0.25	)
Distributions from realized gains		(0.17	)		(0.58	)		(0.59	)		(0.10	)		(0.01	)
Total dividends and distributions		(0.28	)		(0.58	)		(0.95	)		(0.16	)		(0.26	)
Net Asset Value, End of Year	$	11.87		$	10.56		$	10.54		$	12.24		$	10.46
Total Return*		15.36	%		5.96	%		(8.09	)%		18.71	%#		7.93	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	88		$	67		$	63		$	0	^	$	15
Ratio of gross operating expenses to average net assets (2)		3.00	%		2.81	%		2.47	%		2.49	%		2.40	%
Ratio of net operating expenses to average net assets (2)		1.24	%		1.24	%		1.24	%		1.11	%		1.04	%
Ratio of net investment income (loss) after expenses reimbursement/recoupment to average net assets (2)		0.46	%		0.81	%		3.25	%		3.82	%		(0.49	)%
Portfolio Turnover Rate		15	%		34	%		0	%		48	%		8	%

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

81

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Moderately Conservative Balanced Allocation Portfolio - Class A Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	9.76		$	9.95		$	13.00		$	10.36		$	9.94
Income from Investment Operations:
Net investment income (loss) (1)		0.31			0.38			0.28			(0.03	)		0.19
Net realized and unrealized gain (loss)		1.11			0.14			(2.07	)		2.82			0.58
Total from investment operations		1.42			0.52			(1.79	)		2.79			0.77
Dividends and Distributions:
Dividends from net investment income		(0.09	)		—			(0.32	)		(0.01	)		(0.26	)
Distributions from realized gains		—			(0.71	)		(0.94	)		(0.14	)		(0.09	)
Total dividends and distributions		(0.09	)		(0.71	)		(1.26	)		(0.15	)		(0.35	)
Net Asset Value, End of Year	$	11.09		$	9.76		$	9.95		$	13.00		$	10.36
Total Return*		14.63	%		5.62	%		(7.19	)%		27.25	%#		7.85	%
Ratios and Supplemental Data:
Net assets, end of year/period (000s)^	$	0		$	0		$	0		$	0		$	0
Ratio of gross operating expenses to average net assets (2)		3.03	%		3.23	%		2.55	%		2.49	%		2.10	%
Ratio of net operating expenses to average net assets (2)		1.24	%		1.24	%		1.24	%		1.17	%		1.04	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		0.75	%		0.84	%		2.63	%		(0.26	)%		1.93	%
Portfolio Turnover Rate		20	%		87	%		10	%		74	%		11	%

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

82

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Large Capitalization Value Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	18.04		$	18.79		$	25.16		$	17.64		$	16.91
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.29	)		(0.23	)		(0.40	)		(0.33	)		(0.20	)
Net realized and unrealized gain (loss)		2.79			1.57			0.32			7.85			0.93
Total from investment operations		2.50			1.34			(0.08	)		7.52			0.73
Dividends and Distributions:
Distributions from realized gains		(0.21	)		(2.09	)		(6.29	)		—			—
Total dividends and distributions		(0.21	)		(2.09	)		(6.29	)		—			—
Net Asset Value, End of Year	$	20.33		$	18.04		$	18.79		$	25.16		$	17.64
Total Return*		14.02	%		8.09	%		(1.22	)%		42.63	%		4.32	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	71		$	139		$	120		$	125		$	113
Ratio of gross operating expenses to average net assets (2)		2.86	%		2.65	%		2.67	%		2.30	%		2.17	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.55	)%		(1.33	)%		(1.93	)%		(1.51	)%		(1.16	)%
Portfolio Turnover Rate		83	%		90	%		117	%		108	%		82	%

	Large Capitalization Growth Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	9.58		$	10.01		$	18.60		$	16.76		$	15.88
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.19	)		(0.17	)		(0.25	)		(0.26	)		(0.16	)
Net realized and unrealized gain (loss)		3.03			1.22			(1.52	)		4.54			4.71
Total from investment operations		2.84			1.05			(1.77	)		4.28			4.55
Dividends and Distributions:
Distributions from realized gains		(1.90	)		(1.48	)		(6.37	)		(2.44	)		(3.67	)
Distributions from return of capital		—			—			(0.45	)		—			—
Total dividends and distributions		(1.90	)		(1.48	)		(6.82	)		(2.44	)		(3.67	)
Net Asset Value, End of Year	$	10.52		$	9.58		$	10.01		$	18.60		$	16.76
Total Return*		35.00	%		13.43	%		(17.28	)%		29.86	%		34.52	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	805		$	1,695		$	1,919		$	2,854		$	2,676
Ratio of gross operating expenses to average net assets (3)		2.67	%		2.62	%		2.68	%		2.37	%		2.13	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.97	)%		(1.89	)%		(2.00	)%		(1.57	)%		(1.12	)%
Portfolio Turnover Rate		99	%		74	%		60	%		65	%		74	%

(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:

2.86 % 2.65 % 2.67 % 2.30 % 2.17 %

(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:

2.67 % 2.62 % 2.68 % 2.37 % 2.13 %

* 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.

83

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Mid Capitalization Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	7.60		$	7.53		$	10.32		$	8.34		$	8.45
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.11	)		(0.06	)		(0.12	)		(0.11	)		(0.06	)
Net realized and unrealized gain (loss)		1.80			0.34			(0.80	)		3.16			(0.05	)
Total from investment operations		1.69			0.28			(0.92	)		3.05			(0.11	)
Dividends and Distributions:
Distributions from realized gains		(0.14	)		(0.21	)		(1.87	)		(1.07	)		—
Total dividends and distributions		(0.14	)		(0.21	)		(1.87	)		(1.07	)		—
Net Asset Value, End of Year	$	9.15		$	7.60		$	7.53		$	10.32		$	8.34
Total Return*		22.64	%		3.78	%		(10.84	)%		39.15	%		(1.30	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	83		$	104		$	122		$	178		$	141
Ratio of gross operating expenses to average net assets (2)		2.63	%		2.69	%		3.02	%		2.64	%		2.46	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.34	)%		(0.74	)%		(1.35	)%		(1.19	)%		(0.74	)%
Portfolio Turnover Rate		129	%		68	%		43	%		55	%		53	%

	Small Capitalization Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	0.94		$	1.55		$	3.59		$	2.47		$	2.28
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.02	)		(0.01	)		(0.03	)		(0.06	)		(0.03	)
Net realized and unrealized gain (loss)		0.20			0.02			(0.02	)		1.18			0.22
Total from investment operations		0.18			0.01			(0.05	)		1.12			0.19
Dividends and Distributions:
Distributions from realized gains		—			(0.62	)		(1.99	)		—			—
Total dividends and distributions		—			(0.62	)		(1.99	)		—			—
Net Asset Value, End of Year	$	1.12		$	0.94		$	1.55		$	3.59		$	2.47
Total Return*		19.15	%		1.82	%		(8.75	)%		45.34	%		8.33	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	10		$	6		$	4		$	3		$	1
Ratio of gross operating expenses to average net assets (3)		2.91	%		2.81	%		3.05	%		2.84	%		2.67	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(1.67	)%		(1.06	)%		(1.58	)%		(1.69	)%		(1.43	)%
Portfolio Turnover Rate		135	%		95	%		104	%		103	%		101	%

(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:

2.63 % 2.69 % 3.02 % 2.64 % 2.46 %

(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:

2.91 % 2.81 % 3.05 % 2.84 % 2.67 %

* 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.

84

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	International Equity Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	9.40		$	8.15		$	10.98		$	8.04		$	7.97
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		(0.08	)		(0.07	)		(0.04	)		(0.03	)		0.01
Net realized and unrealized gain (loss)		1.24			1.32			(2.76	)		2.97			0.06
Total from investment operations		1.16			1.25			(2.80	)		2.94			0.07
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	$	10.56		$	9.40		$	8.15		$	10.98		$	8.04
Total Return*		12.38	%#		15.34	%#		(25.55	)%		36.57	%		0.63	%#
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	6		$	10		$	8		$	9		$	1
Ratio of gross operating expenses to average net assets (2)		3.27	%		3.16	%		4.18	%		3.96	%		2.69	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(0.79	)%		(0.84	)%		(0.39	)%		(0.31	)%		0.15	%
Portfolio Turnover Rate		38	%		59	%		47	%		59	%		52	%

	Health & Biotechnology Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	13.49		$	13.94		$	15.95		$	15.68		$	14.79
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.30	)		(0.27	)		(0.30	)		(0.25	)		(0.15	)
Net realized and unrealized gain (loss)		2.57			1.09			(0.92	)		3.10			1.95
Total from investment operations		2.27			0.82			(1.22	)		2.85			1.80
Dividends and Distributions:
Distributions from realized gains		(1.02	)		(1.27	)		(0.79	)		(2.58	)		(0.91	)
Total dividends and distributions		(1.02	)		(1.27	)		(0.79	)		(2.58	)		(0.91	)
Net Asset Value, End of Year	$	14.74		$	13.49		$	13.94		$	15.95		$	15.68
Total Return*		18.21	%		5.45	%		(7.85	)%		21.24	%		12.16	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	538		$	554		$	632		$	722		$	743
Ratio of gross operating expenses to average net assets (3)		3.32	%		3.35	%		3.50	%		3.13	%		2.91	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(2.24	)%		(1.93	)%		(2.06	)%		(1.67	)%		(0.96	)%
Portfolio Turnover Rate		17	%		58	%		23	%		19	%		21	%

(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:

3.27 % 3.90 % 3.90 % 3.65 % 2.25 %

(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:

3.32 % 3.35 % 3.50 % 3.13 % 2.91 %

# 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.

85

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Technology & Communications Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	12.71		$	13.97		$	22.78		$	22.19		$	17.47
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.31	)		(0.27	)		(0.37	)		(0.46	)		(0.26	)
Net realized and unrealized gain (loss)		2.62			2.31			(4.80	)		4.69			5.95
Total from investment operations		2.31			2.04			(5.17	)		4.23			5.69
Dividends and Distributions:
Distributions from realized gains		(1.50	)		(3.30	)		(3.64	)		(3.64	)		(0.97	)
Total dividends and distributions		(1.50	)		(3.30	)		(3.64	)		(3.64	)		(0.97	)
Net Asset Value, End of Year	$	13.52		$	12.71		$	13.97		$	22.78		$	22.19
Total Return*		20.01	%		21.90	%		(26.74	)%		22.63	%		33.93	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	2,101		$	2,896		$	3,887		$	9,708		$	9,994
Ratio of gross operating expenses to average net assets (2)		3.22	%		3.38	%		3.27	%		2.97	%		2.68	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(2.38	)%		(2.30	)%		(2.10	)%		(2.18	)%		(1.43	)%
Portfolio Turnover Rate		8	%		6	%		3	%		10	%		10	%

	Energy & Basic Materials Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.25		$	9.24		$	8.03		$	6.17		$	7.64
Income (Loss) from Investment Operations:
Net investment income (1)		0.03			0.11			0.16			0.03			0.03
Net realized and unrealized gain (loss)		0.17			1.17			1.09			1.91			(1.50	)
Total from investment operations		0.20			1.28			1.25			1.94			(1.47	)
Dividends and Distributions:
Dividends from net investment income		—			(0.27	)		(0.04	)		(0.08	)		—
Total dividends and distributions		—			(0.27	)		(0.04	)		(0.08	)		—
Net Asset Value, End of Year	$	10.45		$	10.25		$	9.24		$	8.03		$	6.17
Total Return*		1.95	%		14.11	%		15.66	%		31.63	%		(19.24	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	19		$	0		$	7		$	6		$	5
Ratio of gross operating expenses to average net assets (3)		4.85	%		4.45	%		4.23	%		5.06	%		4.66	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		0.24	%		1.12	%		1.74	%		0.41	%		0.41	%
Portfolio Turnover Rate		47	%		51	%		43	%		81	%		63	%

(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:

3.22 % 3.38 % 3.27 % 2.97 % 2.68 %

(3) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio:

4.00 % 4.00 % 4.00 % 4.00 % 4.00 %

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

86

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Financial Services Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	7.20		$	7.41		$	8.96		$	6.05		$	6.95
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		(0.14	)		0.13			0.19			(0.03	)		(0.15	)
Net realized and unrealized gain (loss)		2.44			0.13			(1.23	)		3.28			(0.54	)
Total from investment operations		2.30			0.26			(1.04	)		3.25			(0.69	)
Dividends and Distributions:
Distributions from realized gains		(0.44	)		(0.47	)		(0.51	)		(0.34	)		(0.21	)
Total dividends and distributions		(0.44	)		(0.47	)		(0.51	)		(0.34	)		(0.21	)
Net Asset Value, End of Year	$	9.06		$	7.20		$	7.41		$	8.96		$	6.05
Total Return*		33.41	%		3.57	%		(12.37	)%		55.79	%		(10.47	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	0		$	0		$	0		$	0		$	0
Ratio of gross operating expenses to average net assets (2)		4.88	%		4.19	%		4.28	%		3.42	%		4.21	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(1.74	)%		1.82	%		2.34	%		(0.37	)%		(2.04	)%
Portfolio Turnover Rate		32	%		45	%		39	%		59	%		71	%

	Investment Quality Bond Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	8.90		$	9.02		$	9.55		$	9.74		$	9.55
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.07			(0.06	)		(0.19	)		(0.12	)		(0.02	)
Net realized and unrealized gain (loss)		0.32			(0.03	)		(0.22	)		(0.06	)		0.23
Total from investment operations		0.39			(0.09	)		(0.41	)		(0.18	)		0.21
Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.02	)		—			(0.01	)		(0.02	)
Distributions from realized gains		—			—			(0.12	)		—			—
Distributions from return of capital		—			(0.01	)		—			—			—
Total dividends and distributions		(0.03	)		(0.03	)		(0.12	)		(0.01	)		(0.02	)
Net Asset Value, End of Year	$	9.26		$	8.90		$	9.02		$	9.55		$	9.74
Total Return*		4.35	%		(1.00	)%		(4.28	)%		(1.83	)%		2.17	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	0		$	4		$	35		$	37		$	39
Ratio of gross operating expenses to average net assets (3),(4)		2.32	%		2.56	%		2.91	%		2.39	%		2.39	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4)		0.78	%		(0.62	)%		(2.11	)%		(1.27	)%		(0.24	)%
Portfolio Turnover Rate		60	%		103	%		1	%		62	%		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 Financial Services Portfolio:

4.00 % 4.00 % 4.00 % 3.00 % 4.00 %

(3) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio:

2.32 % 2.56 % 2.90 % 2.39 % 2.39 %

(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.

87

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Municipal Bond Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	8.42		$	8.60		$	8.97		$	9.08		$	9.01
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.01			(0.07	)		(0.22	)		(0.12	)		0.00	**
Net realized and unrealized gain (loss)		0.18			(0.11	)		(0.15	)		0.02			0.08
Total from investment operations		0.19			(0.18	)		(0.37	)		(0.10	)		0.08
Dividends and Distributions:
Dividends from net investment income		—			—			—			—			(0.01	)
Return of Capital		—			—			—			(0.01	)		—
Total dividends and distributions		—			—			—			(0.01	)		(0.01	)
Net Asset Value, End of Year	$	8.61		$	8.42		$	8.60		$	8.97		$	9.08
Total Return*		2.26	%		(2.09	)%		(4.12	)%#		(1.14	)%#		0.88	%#
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	20		$	22		$	22		$	35		$	35
Ratio of gross operating expenses to average net assets (2),(4)		5.38	%		4.06	%		3.68	%		3.74	%		3.72	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4)		0.12	%		(0.85	)%		(2.47	)%		(1.30	)%		0.00	%
Portfolio Turnover Rate		36	%		101	%		0	%		82	%		22	%

	U.S. Government Money Market Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
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			0.00	**		0.00	**		0.00	**
Net realized and unrealized gain (loss)		—			—			—			—			—
Total from investment operations		0.02			0.03			0.00	**		0.00	**		0.00	**
Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.03	)		(0.00	)**		(0.00	)**		(0.00	)**
Distributions from realized gains		—			—			—			—			—
Total dividends and distributions		(0.02	)		(0.03	)		(0.00	)**		(0.00	)**		(0.00	)**
Net Asset Value, End of Year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return*		2.46	%		2.55	%		0.01	%		0.02	%		0.00	%#
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	190		$	280		$	94		$	105		$	98
Ratio of gross operating expenses to average net assets (3),(4)		2.75	%		1.99	%		1.92	%		1.07	%		2.18	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4)		2.43	%		2.48	%		0.02	%		0.00	%		(0.77	)%
Portfolio Turnover Rate		N/A			N/A			N/A			N/A			N/A

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

(2) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio:

2.90 % 2.90 % 2.90 % 1.94 % 1.55 %

(3) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio:

2.75 % 1.99 % 0.46 % 0.02 % 1.68 %

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

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

* 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.

88

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Aggressive Balanced Allocation Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.32		$	10.30		$	12.43		$	10.34		$	9.92
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		(0.05	)		(0.01	)		0.22			0.32			0.07
Net realized and unrealized gain (loss)		1.65			0.64			(1.36	)		1.88			0.69
Total from investment operations		1.60			0.63			(1.14	)		2.20			0.76
Dividends and Distributions:
Dividends from net investment income		—			—			(0.24	)		(0.03	)		(0.23	)
Distributions from realized gains		(0.25	)		(0.61	)		(0.75	)		(0.08	)		(0.11	)
Total dividends and distributions		(0.25	)		(0.61	)		(0.99	)		(0.11	)		(0.34	)
Net Asset Value, End of Year	$	11.67		$	10.32		$	10.30		$	12.43		$	10.34
Total Return*		15.76	%		6.48	%		(9.93	)%		21.37	%#		7.64	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	200		$	167		$	152		$	182		$	184
Ratio of gross operating expenses to average net assets (2)		3.66	%		3.57	%		3.25	%		3.35	%		3.01	%
Ratio of net operating expenses to average net assets (2)		1.99	%		1.99	%		1.99	%		1.92	%		1.79	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		(0.49	)%		(0.13	)%		1.93	%		2.85	%		0.76	%
Portfolio Turnover Rate		8	%		26	%		2	%		54	%		3	%

	Conservative Balanced Allocation Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.15		$	10.27		$	11.85		$	10.51		$	10.18
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.06			0.07			0.19			(0.14	)		0.14
Net realized and unrealized gain (loss)		1.00			0.25			(1.00	)		1.48			0.51
Total from investment operations		1.06			0.32			(0.81	)		1.34			0.65
Dividends and Distributions:
Dividends from net investment income		(0.10	)		—			(0.18	)		—			(0.19	)
Distributions from realized gains		(0.06	)		(0.44	)		(0.59	)		—			(0.10	)
Distributions from return of capital		—			—			—			—			(0.03	)
Total dividends and distributions		(0.16	)		(0.44	)		(0.77	)		—			(0.32	)
Net Asset Value, End of Year	$	11.05		$	10.15		$	10.27		$	11.85		$	10.51
Total Return*		10.62	%		3.31	%		(7.34	)%		12.75	%		6.45	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	684		$	604		$	626		$	675		$	594
Ratio of gross operating expenses to average net assets (2)		3.12	%		3.07	%		3.01	%		2.94	%		2.60	%
Ratio of net operating expenses to average net assets (2)		1.99	%		1.99	%		1.99	%		1.93	%		1.79	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		0.61	%		0.66	%		1.72	%		(1.22	)%		1.39	%
Portfolio Turnover Rate		22	%		50	%		11	%		71	%		12	%

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

89

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Moderate Balanced Allocation Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.51		$	10.63		$	12.43		$	10.61		$	10.13
Income from Investment Operations:
Net investment income (loss) (1)		(0.02	)		0.01			0.22			(0.13	)		0.10
Net realized and unrealized gain (loss)		1.48			0.46			(1.19	)		2.02			0.68
Total from investment operations		1.46			0.47			(0.97	)		1.89			0.78
Dividends and Distributions:
Dividends from net investment income		(0.03	)		—			(0.22	)		—			(0.19	)
Distributions from realized gains		(0.15	)		(0.59	)		(0.61	)		(0.07	)		(0.11	)
Total dividends and distributions		(0.18	)		(0.59	)		(0.83	)		(0.07	)		(0.30	)
Net Asset Value, End of Year	$	11.79		$	10.51		$	10.63		$	12.43		$	10.61
Total Return*		13.99	%		4.72	%		(8.37	)%		17.94	%		7.83	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	649		$	529		$	497		$	534		$	502
Ratio of gross operating expenses to average net assets (2)		3.28	%		3.30	%		3.11	%		3.10	%		2.70	%
Ratio of net operating expenses to average net assets (2)		1.99	%		1.99	%		1.99	%		1.93	%		1.79	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		(0.19	)%		0.05	%		1.93	%		(1.10	)%		0.96	%
Portfolio Turnover Rate		18	%		41	%		2	%		52	%		8	%

	Moderately Aggressive Balanced Allocation Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.42		$	10.48		$	12.32		$	10.41		$	9.91
Income from Investment Operations:
Net investment income (loss) (1)		(0.03	)		0.01			0.20			(0.12	)		0.19
Net realized and unrealized gain (loss)		1.51			0.51			(1.21	)		2.13			0.52
Total from investment operations		1.48			0.52			(1.01	)		2.01			0.71
Dividends and Distributions:
Dividends from net investment income		(0.03	)		—			(0.24	)		—			(0.20	)
Distributions from realized gains		(0.17	)		(0.58	)		(0.59	)		(0.10	)		(0.01	)
Total dividends and distributions		(0.20	)		(0.58	)		(0.83	)		(0.10	)		(0.21	)
Net Asset Value, End of Year	$	11.70		$	10.42		$	10.48		$	12.32		$	10.41
Total Return*		14.43	%		5.20	%		(8.79	)%		19.45	%		7.13	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	221		$	202		$	187		$	202		$	161
Ratio of gross operating expenses to average net assets (2)		3.75	%		3.56	%		3.26	%		3.50	%		3.08	%
Ratio of net operating expenses to average net assets (2)		1.99	%		1.99	%		1.99	%		1.93	%		1.79	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		(0.29	)%		0.05	%		1.75	%		(1.09	)%		1.88	%
Portfolio Turnover Rate		15	%		34	%		0	%		48	%		8	%

(1)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the Year.
(2)	Does not include the expenses of funds in which the Fund invests.
*	Assumes reinvestment of all dividends and distributions. Aggregate (not annualized) total return is shown for any period shorter than one year. Total return does not reflect the deduction of taxes that a shareholder would pay on distributions or on the redemption of shares.
**	Per share amount represents less than $0.01 per share.

90

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Moderately Conservative Balanced Allocation Portfolio - Class C Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	9.47		$	9.78		$	11.78		$	10.28		$	9.92
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		—			0.01			0.19			(0.13	)		0.15
Net realized and unrealized gain (loss)		1.28			0.39			(1.05	)		1.77			0.51
Total from investment operations		1.28			0.40			(0.86	)		1.64			0.66
Dividends and Distributions:
Dividends from net investment income		—			—			(0.20	)		—			(0.21	)
Distributions from realized gains		—			(0.71	)		(0.94	)		(0.14	)		(0.09	)
Total dividends and distributions		—			(0.71	)		(1.14	)		(0.14	)		(0.30	)
Net Asset Value, End of Year	$	10.75		$	9.47		$	9.78		$	11.78		$	10.28
Total Return*		13.52	%		4.44	%		(8.01	)%		16.10	%		6.72	%#
Ratios and Supplemental Data:
Net assets, end of year/period (000s)	$	219		$	178		$	155		$	168		$	83
Ratio of gross operating expenses to average net assets (2)		3.79	%		4.09	%		3.50	%		3.39	%		2.85	%
Ratio of net operating expenses to average net assets (2)		1.99	%		1.99	%		1.99	%		1.93	%		1.79	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		0.00	%		0.09	%		1.82	%		(1.16	)%		1.50	%
Portfolio Turnover Rate		20	%		87	%		10	%		74	%		11	%

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

91

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Large Capitalization Value Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	26.06		$	25.97		$	32.15		$	22.32		$	21.17
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.15	)		(0.08	)		(0.25	)		(0.17	)		(0.03	)
Net realized and unrealized gain (loss)		4.08			2.26			0.36			10.00			1.18
Total from investment operations		3.93			2.18			0.11			9.83			1.15
Dividends and Distributions:
Distributions from realized gains		(0.21	)		(2.09	)		(6.29	)		—			—
Total dividends and distributions		(0.21	)		(2.09	)		(6.29	)		—			—
Net Asset Value, End of Year	$	29.78		$	26.06		$	25.97		$	32.15		$	22.32
Total Return*		15.20	%		9.15	%		(0.22	)%		44.04	%		5.43	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	19,776		$	20,692		$	19,753		$	19,033		$	12,317
Ratio of gross operating expenses to average net assets (2)		1.87	%		1.65	%		1.65	%		1.33	%		1.17	%
Ratio of net investment loss after expense reimbursement/recoupment to average net assets		(0.55	)%		(0.33	)%		(0.90	)%		(0.61	)%		(0.15	)%
Portfolio Turnover Rate		83	%		90	%		117	%		108	%		82	%

	Large Capitalization Growth Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	24.85		$	23.26		$	34.32		$	28.60		$	24.45
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		(0.27	)		(0.20	)		(0.27	)		(0.16	)		(0.03	)
Net realized and unrealized gain (loss)		8.79			3.27			(3.97	)		8.32			7.85
Total from investment operations		8.52			3.07			(4.24	)		8.16			7.82
Dividends and Distributions:
Distributions from realized gains		(1.90	)		(1.48	)		(6.37	)		(2.44	)		(3.67	)
Distributions from return of capital		—			—			(0.45	)		—			—
Total dividends and distributions		(1.90	)		(1.48	)		(6.82	)		(2.44	)		(3.67	)
Net Asset Value, End of Year	$	31.47		$	24.85		$	23.26		$	34.32		$	28.60
Total Return*		36.43	%		14.52	%		(16.45	)%		31.15	%		35.93	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	29,863		$	21,638		$	20,826		$	27,040		$	28,236
Ratio of gross operating expenses to average net assets (3)		1.70	%		1.62	%		1.67	%		1.34	%		1.12	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(0.98	)%		(0.89	)%		(0.98	)%		(0.54	)%		(0.11	)%
Portfolio Turnover Rate		99	%		74	%		60	%		65	%		74	%

(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:

1.87 % 1.65 % 1.65 % 1.33 % 1.17 %

(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:

1.70 % 1.62 % 1.67 % 1.34 % 1.12 %

* 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.

92

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Mid Capitalization Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	12.10		$	11.75		$	14.96		$	11.60		$	11.69
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		(0.05	)		0.03			(0.04	)		(0.03	)		0.03
Net realized and unrealized gain (loss)		2.91			0.53			(1.26	)		4.50			(0.07	)
Total from investment operations		2.86			0.56			(1.30	)		4.47			(0.04	)
Dividends and Distributions:
Dividends from net investment income		—			—			(0.04	)		(0.04	)		(0.05	)
Distributions from realized gains		(0.14	)		(0.21	)		(1.87	)		(1.07	)		—
Total dividends and distributions		(0.14	)		(0.21	)		(1.91	)		(1.11	)		(0.05	)
Net Asset Value, End of Year	$	14.82		$	12.10		$	11.75		$	14.96		$	11.60
Total Return*		23.90	%		4.82	%		(9.97	)%		40.57	%		(0.38	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	11,055		$	9,587		$	9,486		$	10,919		$	8,126
Ratio of gross operating expenses to average net assets (2)		1.63	%		1.69	%		2.01	%		1.64	%		1.46	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(0.38	)%		0.26	%		(0.32	)%		(0.19	)%		0.28	%
Portfolio Turnover Rate		129	%		68	%		43	%		55	%		53	%

	Small Capitalization Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	6.48		$	6.94		$	9.45		$	6.43		$	5.89
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.04	)		(0.01	)		(0.05	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		1.35			0.17			(0.47	)		3.07			0.57
Total from investment operations		1.31			0.16			(0.52	)		3.02			0.54
Dividends and Distributions:
Distributions from realized gains		—			(0.62	)		(1.99	)		—			—
Total dividends and distributions		—			(0.62	)		(1.99	)		—			—
Net Asset Value, End of Year	$	7.79		$	6.48		$	6.94		$	9.45		$	6.43
Total Return*		20.22	%		2.60	%		(8.22	)%		46.97	%		9.19	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	7,311		$	6,233		$	5,893		$	6,632		$	5,362
Ratio of gross operating expenses to average net assets (3)		1.88	%		1.83	%		2.06	%		1.70	%		1.68	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(0.65	)%		(0.10	)%		(0.63	)%		(0.61	)%		(0.44	)%
Portfolio Turnover Rate		135	%		95	%		104	%		103	%		101	%

(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:

1.63 % 1.69 % 2.01 % 1.64 % 1.46 %

(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:

1.88 % 1.83 % 2.06 % 1.70 % 1.68 %

* 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.

93

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	International Equity Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.53		$	9.07		$	12.11		$	8.94		$	8.95
Income (Loss) from Investment Operations:
Net investment income (1)		0.02			0.02			0.06			0.07			0.10
Net realized and unrealized gain (loss)		1.39			1.47			(3.05	)		3.28			0.08
Total from investment operations		1.41			1.49			(2.99	)		3.35			0.18
Dividends and Distributions:
Dividends from net investment income		(0.09	)		(0.03	)		(0.05	)		(0.18	)		(0.19	)
Total dividends and distributions		(0.09	)		(0.03	)		(0.05	)		(0.18	)		(0.19	)
Redemption Fees		—			—	**		—			—			—
Net Asset Value, End of Year	$	11.85		$	10.53		$	9.07		$	12.11		$	8.94
Total Return*		13.51	%#		16.45	%#		(24.79	)%		37.96	%		1.80	%#
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	3,488		$	3,392		$	2,809		$	4,421		$	6,277
Ratio of gross operating expenses to average net assets (2)		2.40	%		2.17	%		3.23	%		2.47	%		1.64	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		0.19	%		0.18	%		0.50	%		0.63	%		1.09	%
Portfolio Turnover Rate		38	%		59	%		47	%		59	%		52	%

	Health & Biotechnology Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	22.87		$	22.60		$	25.10		$	23.02		$	21.14
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		(0.29	)		(0.21	)		(0.25	)		(0.16	)		0.01
Net realized and unrealized gain (loss)		4.52			1.75			(1.46	)		4.82			2.78
Total from investment operations		4.23			1.54			(1.71	)		4.66			2.79
Dividends and Distributions:
Distributions from realized gains		(1.02	)		(1.27	)		(0.79	)		(2.58	)		(0.91	)
Total dividends and distributions		(1.02	)		(1.27	)		(0.79	)		(2.58	)		(0.91	)
Net Asset Value, End of Year	$	26.08		$	22.87		$	22.60		$	25.10		$	23.02
Total Return*		19.35	%		6.59	%		(6.92	)%		22.43	%		13.22	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	7,219		$	6,370		$	6,794		$	7,560		$	6,741
Ratio of gross operating expenses to average net assets (3)		2.32	%		2.35	%		2.50	%		2.14	%		1.91	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(1.25	)%		(0.93	)%		(1.05	)%		(0.69	)%		0.05	%
Portfolio Turnover Rate		17	%		58	%		23	%		19	%		21	%

(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:

2.40 % 2.90 % 2.90 % 2.32 % 1.25 %

(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:

2.32 % 2.35 % 2.50 % 2.14 % 1.91 %

# 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.

94

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Technology & Communications Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	23.89		$	22.95		$	34.72		$	31.63		$	24.28
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.35	)		(0.27	)		(0.29	)		(0.37	)		(0.11	)
Net realized and unrealized gain (loss)		5.18			4.51			(7.84	)		7.10			8.43
Total from investment operations		4.83			4.24			(8.13	)		6.73			8.32
Dividends and Distributions:
Distributions from realized gains		(1.50	)		(3.30	)		(3.64	)		(3.64	)		(0.97	)
Total dividends and distributions		(1.50	)		(3.30	)		(3.64	)		(3.64	)		(0.97	)
Net Asset Value, End of Year	$	27.22		$	23.89		$	22.95		$	34.72		$	31.63
Total Return*		21.25	%		23.05	%		(26.02	)%		23.89	%		35.28	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	24,254		$	22,829		$	22,533		$	35,680		$	32,790
Ratio of gross operating expenses to average net assets (2)		2.22	%		2.37	%		2.15	%		1.99	%		1.68	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(1.39	)%		(1.29	)%		(1.06	)%		(1.20	)%		(0.42	)%
Portfolio Turnover Rate		8	%		6	%		3	%		10	%		10	%

	Energy & Basic Materials Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	13.95		$	12.43		$	10.75		$	8.24		$	10.11
Income (Loss) from Investment Operations:
Net investment income (1)		0.16			0.21			0.34			0.14			0.14
Net realized and unrealized gain (loss)		0.25			1.67			1.46			2.54			(2.01	)
Total from investment operations		0.41			1.88			1.80			2.68			(1.87	)
Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.36	)		(0.12	)		(0.17	)		—
Total dividends and distributions		(0.23	)		(0.36	)		(0.12	)		(0.17	)		—
Net Asset Value, End of Year	$	14.13		$	13.95		$	12.43		$	10.75		$	8.24
Total Return*		2.95	%		15.40	%		16.84	%		32.86	%		(18.50	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	1,245		$	1,261		$	1,523		$	1,107		$	942
Ratio of gross operating expenses to average net assets (3)		3.40	%		3.14	%		3.22	%		4.07	%		3.65	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		1.17	%		1.61	%		2.75	%		1.37	%		1.57	%
Portfolio Turnover Rate		47	%		51	%		43	%		81	%		63	%

(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:

2.22 % 2.37 % 2.15 % 1.99 % 1.68 %

(3) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Energy & Basic Materials Portfolio:

3.00 % 3.00 % 3.00 % 3.00 % 3.00 %

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

95

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Financial Services Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	9.26		$	9.56		$	11.72		$	7.89		$	8.92
Income (Loss) from Investment Operations:
Net investment loss (1)		(0.08	)		(0.01	)		(0.05	)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		2.77			0.18			(1.60	)		4.20			(0.76	)
Total from investment operations		2.69			0.17			(1.65	)		4.17			(0.82	)
Dividends and Distributions:
Distributions from realized gains		(0.44	)		(0.47	)		(0.51	)		(0.34	)		(0.21	)
Total dividends and distributions		(0.44	)		(0.47	)		(0.51	)		(0.34	)		(0.21	)
Net Asset Value, End of Year	$	11.51		$	9.26		$	9.56		$	11.72		$	7.89
Total Return*		30.08	%		1.74	%		(14.74	)%		54.37	%		(9.60	)%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	1,408		$	996		$	1,044		$	1,366		$	944
Ratio of gross operating expenses to average net assets (2)		3.88	%		3.05	%		3.30	%		3.41	%		3.51	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets		(0.74	)%		(0.06	)%		(0.43	)%		(0.34	)%		(0.66	)%
Portfolio Turnover Rate		32	%		45	%		39	%		59	%		71	%

	Investment Quality Bond Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	9.15		$	9.23		$	9.68		$	9.79		$	9.56
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.19			0.11			(0.10	)		(0.06	)		0.07
Net realized and unrealized gain (loss)		0.29			(0.09	)		(0.23	)		(0.03	)		0.24
Total from investment operations		0.48			0.02			(0.33	)		(0.09	)		0.31
Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.05	)		—			(0.02	)		(0.08	)
Distributions from realized gains		—			—			(0.12	)		—			—
Distributions from return of capital		—			(0.05	)		—			—			—
Total dividends and distributions		(0.17	)		(0.10	)		(0.12	)		(0.02	)		(0.08	)
Net Asset Value, End of Year	$	9.46		$	9.15		$	9.23		$	9.68		$	9.79
Total Return*		5.35	%		0.19	%		(3.39	)%		(0.87	)%		3.24	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	11,216		$	10,834		$	11,436		$	12,020		$	4,345
Ratio of gross operating expenses to average net assets (3),(4)		1.37	%		1.38	%		1.91	%		1.45	%		1.37	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4)		2.08	%		1.19	%		(1.11	)%		(0.61	)%		0.71	%
Portfolio Turnover Rate		60	%		103	%		1	%		62	%		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 Financial Services Portfolio:

3.00 % 3.00 % 3.00 % 3.01 % 3.00 %

(3) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Investment Quality Bond Portfolio:

1.37 % 1.38 % 1.90 % 1.45 % 1.37 %

(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.

96

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Municipal Bond Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	8.64		$	8.73		$	9.01		$	9.08		$	9.02
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.10			0.01			(0.13	)		(0.09	)		—
Net realized and unrealized gain (loss)		0.18			(0.10	)		(0.15	)		0.03			0.07
Total from investment operations		0.28			(0.09	)		(0.28	)		(0.06	)		0.07
Dividends and Distributions:
Dividends from net investment income		—			—			—			—			(0.01	)
Return of Capital		—			—			—			(0.01	)		—
Total dividends and distributions		—			—			—			(0.01	)		(0.01	)
Net Asset Value, End of Year	$	8.92		$	8.64		$	8.73		$	9.01		$	9.08
Total Return*		3.24	%		(1.03	)%		(3.11	)%#		(0.70	)%#		0.77	%#
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	544		$	520		$	615		$	770		$	507
Ratio of gross operating expenses to average net assets (2),(4)		4.40	%		3.02	%		2.58	%		2.78	%		2.35	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (4)		1.12	%		0.11	%		(1.43	)%		(0.96	)%		0.04	%
Portfolio Turnover Rate		36	%		101	%		0	%		82	%		22	%

	U.S. Government Money Market Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
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)		0.03			0.03			0.00	**		0.00	**		0.00	**
Net realized and unrealized gain (loss)		—			—			—			—			—
Total from investment operations		0.03			0.03			0.00	**		0.00	**		0.00	**
Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.03	)		(0.00	)**		(0.00	)**		(0.00	)**
Distributions from realized gains		—			—			—			—			—
Total dividends and distributions		(0.03	)		(0.03	)		(0.00	)**		(0.00	)**		(0.00	)**
Net Asset Value, End of Year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return*		3.48	%		3.24	%		0.01	%		0.02	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	4,272		$	5,138		$	5,108		$	5,488		$	5,213
Ratio of gross operating expenses to average net assets (3),(4)		1.73	%		0.95	%		0.93	%		1.07	%		1.18	%
Ratio of net investment income after expense reimbursement/recoupment to average net assets (4)		3.46	%		3.18	%		0.02	%		0.01	%		0.28	%
Portfolio Turnover Rate		N/A			N/A			N/A			N/A			N/A

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

(2) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the Municipal Bond Portfolio:

1.90 % 1.90 % 1.90 % 1.52 % 1.64 %

(3) Ratio of net operating expenses to average net assets (after waiver and/or reimbursement or reduction by commissions recaptured) for the U.S. Government Money Market Portfolio:

1.73 % 0.95 % 0.46 % 0.02 % 0.68 %

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

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

* 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.

97

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Aggressive Balanced Allocation Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.44		$	10.39		$	12.53		$	10.42		$	9.94
Income (Loss) from Investment Operations:
Net investment income (1)		0.06			0.09			0.33			0.40			0.25
Net realized and unrealized gain (loss)		1.68			0.64			(1.35	)		1.91			0.62
Total from investment operations		1.74			0.73			(1.02	)		2.31			0.87
Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.07	)		(0.37	)		(0.12	)		(0.28	)
Distributions from realized gains		(0.25	)		(0.61	)		(0.75	)		(0.08	)		(0.11	)
Total dividends and distributions		(0.31	)		(0.68	)		(1.12	)		(0.20	)		(0.39	)
Net Asset Value, End of Year	$	11.87		$	10.44		$	10.39		$	12.53		$	10.42
Total Return*		16.97	%		7.50	%		(8.96	)%		22.46	%		8.76	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	1,066		$	851		$	773		$	842		$	666
Ratio of gross operating expenses to average net assets (2)		2.67	%		2.57	%		2.23	%		2.39	%		2.01	%
Ratio of net operating expenses to average net assets (2)		0.99	%		0.99	%		0.99	%		0.93	%		0.79	%
Ratio of net investment income after expense reimbursement/recoupment to average net assets (2)		0.51	%		0.88	%		2.90	%		3.44	%		2.53	%
Portfolio Turnover Rate		8	%		26	%		2	%		54	%		3	%

	Conservative Balanced Allocation Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.35		$	10.41		$	12.00		$	10.58		$	10.20
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.17			0.17			0.30			(0.02	)		0.23
Net realized and unrealized gain (loss)		1.03			0.25			(1.01	)		1.49			0.52
Total from investment operations		1.20			0.42			(0.71	)		1.47			0.75
Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.04	)		(0.29	)		(0.05	)		(0.24	)
Distributions from realized gains		(0.06	)		(0.44	)		(0.59	)		—			(0.10	)
Distributions from return of capital		—			—			—			—			(0.03	)
Total dividends and distributions		(0.27	)		(0.48	)		(0.88	)		(0.05	)		(0.37	)
Net Asset Value, End of Year	$	11.28		$	10.35		$	10.41		$	12.00		$	10.58
Total Return*		11.79	%		4.26	%		(6.39	)%		13.94	%		7.45	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	2,347		$	2,128		$	1,960		$	2,050		$	1,656
Ratio of gross operating expenses to average net assets (2)		2.12	%		2.07	%		2.01	%		1.95	%		1.60	%
Ratio of net operating expenses to average net assets (2)		0.99	%		0.99	%		0.99	%		0.93	%		0.79	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		1.61	%		1.66	%		2.70	%		(0.22	)%		2.28	%
Portfolio Turnover Rate		22	%		50	%		11	%		71	%		12	%

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

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

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

98

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Moderate Balanced Allocation Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.74		$	10.75		$	12.55		$	10.69		$	10.15
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.09			0.11			0.33			(0.01	)		0.22
Net realized and unrealized gain (loss)		1.51			0.47			(1.18	)		2.02			0.67
Total from investment operations		1.60			0.58			(0.85	)		2.01			0.89
Dividends and Distributions:
Dividends from net investment income		(0.13	)		—			(0.34	)		(0.08	)		(0.24	)
Distributions from realized gains		(0.15	)		(0.59	)		(0.61	)		(0.07	)		(0.11	)
Total dividends and distributions		(0.28	)		(0.59	)		(0.95	)		(0.15	)		(0.35	)
Net Asset Value, End of Year	$	12.06		$	10.74		$	10.75		$	12.55		$	10.69
Total Return*		15.12	%		5.73	%		(7.36	)%		19.01	%		8.93	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	1,455		$	1,150		$	1,134		$	1,187		$	967
Ratio of gross operating expenses to average net assets (2)		2.27	%		2.30	%		2.11	%		2.11	%		1.70	%
Ratio of net operating expenses to average net assets (2)		0.99	%		0.99	%		0.99	%		0.93	%		0.79	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		0.81	%		1.07	%		2.88	%		(0.09	)%		2.19	%
Portfolio Turnover Rate		18	%		41	%		2	%		52	%		8	%

	Moderately Aggressive Balanced Allocation Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	10.63		$	10.58		$	12.44		$	10.48		$	9.93
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.08			0.11			0.32			(0.00	)**		0.22
Net realized and unrealized gain (loss)		1.56			0.52			(1.23	)		2.14			0.59
Total from investment operations		1.64			0.63			(0.91	)		2.14			0.81
Dividends and Distributions:
Dividends from net investment income		(0.14	)		—			(0.36	)		(0.08	)		(0.25	)
Distributions from realized gains		(0.17	)		(0.58	)		(0.59	)		(0.10	)		(0.01	)
Total dividends and distributions		(0.31	)		(0.58	)		(0.95	)		(0.18	)		(0.26	)
Net Asset Value, End of Year	$	11.96		$	10.63		$	10.58		$	12.44		$	10.48
Total Return*		15.70	%		6.23	%		(7.93	)%		20.70	%		8.14	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	809		$	712		$	656		$	693		$	568
Ratio of gross operating expenses to average net assets (2)		2.75	%		2.56	%		2.26	%		2.50	%		2.08	%
Ratio of net operating expenses to average net assets (2)		0.99	%		0.99	%		0.99	%		0.93	%		0.79	%
Ratio of net investment income after expense reimbursement/recoupment to average net assets (2)		0.71	%		1.05	%		2.84	%		0.03	%		2.20	%
Portfolio Turnover Rate		15	%		34	%		0	%		48	%		8	%

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

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

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

** Per share amount represents less than $0.01 per share.

99

FINANCIAL HIGHLIGHTS (For a share outstanding throughout each year)

	Moderately Conservative Balanced Allocation Portfolio - Class I Shares
	Year Ended August 31, 2024			Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2020
Net Asset Value, Beginning of Year	$	9.76		$	9.95		$	11.98		$	10.36		$	9.94
Income (Loss) from Investment Operations:
Net investment income (loss) (1)		0.10			0.10			0.32			(0.01	)		0.24
Net realized and unrealized gain (loss)		1.32			0.42			(1.09	)		1.78			0.53
Total from investment operations		1.42			0.52			(0.77	)		1.77			0.77
Dividends and Distributions:
Dividends from net investment income		(0.09	)		—			(0.32	)		(0.01	)		(0.26	)
Distributions from realized gains		—			(0.71	)		(0.94	)		(0.14	)		(0.09	)
Total dividends and distributions		(0.09	)		(0.71	)		(1.26	)		(0.15	)		(0.35	)
Net Asset Value, End of Year	$	11.09		$	9.76		$	9.95		$	11.98		$	10.36
Total Return*		14.63	%		5.62	%		(7.19	)%		17.26	%		7.84	%
Ratios and Supplemental Data:
Net assets, end of year (000s)	$	644		$	573		$	495		$	618		$	836
Ratio of gross operating expenses to average net assets (2)		2.78	%		2.98	%		2.50	%		2.34	%		1.85	%
Ratio of net operating expenses to average net assets (2)		0.99	%		0.99	%		0.99	%		0.92	%		0.79	%
Ratio of net investment income (loss) after expense reimbursement/recoupment to average net assets (2)		1.00	%		1.09	%		2.95	%		(0.07	)%		2.46	%
Portfolio Turnover Rate		20	%		87	%		10	%		74	%		11	%

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

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

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

100

taitweller.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

of Saratoga Advantage Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Large Capitalization Value Portfolio, Large Capitalization Growth Portfolio, Mid Capitalization Portfolio, Small Capitalization Portfolio, International Equity Portfolio, Health and Biotechnology Portfolio, Technology and Communications Portfolio, Energy and Basic Materials Portfolio, Financial Services Portfolio, Investment Quality Bond Portfolio, Municipal Bond Portfolio, U.S. Government Money Market Portfolio, Aggressive Balanced Allocation Portfolio, Conservative Balanced Allocation Portfolio, Moderate Balanced Allocation Portfolio, Moderately Aggressive Balanced Allocation Portfolio, Moderately Conservative Balanced Allocation Portfolio, (referred to as the “Funds”) each a series of the Saratoga Advantage Trust, including the schedules of investments, as of August 31, 2024, the related statements of operations, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2024, 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.

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, 2024 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, 2024

101

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 1^st and 3^rd 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, President and Chief Executive Officer
Date	11/8/24
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, Treasurer and Chief Financial Officer
Date	11/8/24
By (Signature and Title)*		/s/ Bruce E. Ventimiglia
		Bruce E. Ventimiglia, President and Chief Executive Officer
Date	11/8/24

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