0000910472-13-000202.txt : 20130122 0000910472-13-000202.hdr.sgml : 20130121 20130118180420 ACCESSION NUMBER: 0000910472-13-000202 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130122 DATE AS OF CHANGE: 20130118 EFFECTIVENESS DATE: 20130122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SARATOGA ADVANTAGE TRUST CENTRAL INDEX KEY: 0000924628 IRS NUMBER: 137044280 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-79708 FILM NUMBER: 13538516 BUSINESS ADDRESS: STREET 1: 1616 N LITCHFIELD RD. STREET 2: SUITE 165 CITY: GOODYEAR STATE: AZ ZIP: 85395 BUSINESS PHONE: 623-266-4567 MAIL ADDRESS: STREET 1: 1616 N LITCHFIELD RD. STREET 2: SUITE 165 CITY: GOODYEAR STATE: AZ ZIP: 85395 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SARATOGA ADVANTAGE TRUST CENTRAL INDEX KEY: 0000924628 IRS NUMBER: 137044280 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08542 FILM NUMBER: 13538517 BUSINESS ADDRESS: STREET 1: 1616 N LITCHFIELD RD. STREET 2: SUITE 165 CITY: GOODYEAR STATE: AZ ZIP: 85395 BUSINESS PHONE: 623-266-4567 MAIL ADDRESS: STREET 1: 1616 N LITCHFIELD RD. STREET 2: SUITE 165 CITY: GOODYEAR STATE: AZ ZIP: 85395 0000924628 S000010883 U.S. Government Money Market Portfolio C000030147 U.S. Government Money Market Portfolio Class A SGAXX C000030148 U.S. Government Money Market Portfolio Class I SGMXX C000030149 U.S. Government Money Market Portfolio Class B SZBXX C000030150 U.S. Government Money Market Portfolio Class C SZCXX 0000924628 S000010884 Health & Biotchnology Portfolio C000030151 Health & Biotechnology Portfolio Class I SBHIX C000030152 Health & Biotechnology Portfolio Class B SHPBX C000030153 Health & Biotechnology Porfolio Class C SHPCX C000030154 Health & Biotechnology Portfolio Class A SHPAX 0000924628 S000010885 Mid Capitalization Portfolio C000030155 Mid Capitalization Portfolio - Class I SMIPX C000030156 Mid Capitalization Portfolio - Class B SPMBX C000030157 Mid Capitalization Portfolio - Class C SPMCX C000030158 Mid Capitalization Portfolio - Class A SPMAX 0000924628 S000010886 Technology & Communications Portfolio C000030159 Technology & Communications Portfolio Class I STPIX C000030160 Technology & Communications Portfolio Class B SCMPX C000030161 Technology & Communications Portfolio Class C STPCX C000030162 Technology & Communications Portfolio Class A STPAX 0000924628 S000010887 Investment Quality Bond Portfolio C000030163 Investment Quality Bond Portfolio Class A SQBAX C000030164 Investment Quality Bond Portfolio Class I SIBPX C000030165 Investment Quality Bond Portfolio Class B SQBZX C000030166 Investment Quality Bond Portfolio Class C SQBCX 0000924628 S000010888 Municipal Bond Portfolio C000030167 Municipal Bond Portfolio Class A SMBAX C000030168 Municipal Bond Portfolio Class I SMBPX C000030170 Municipal Bond Portfolio Class C SMBCX 0000924628 S000010889 Large Cap Value Portfolio C000030171 Large Cap Value Portfolio Class A SLVYX C000030172 Large Cap Value Portfolio Class I SLCVX C000030173 Large Cap Value Portfolio Class B SLVZX C000030174 Large Cap Value Portfolio Class C SLVCX 0000924628 S000010890 Large Cap Growth Portfolio C000030175 Large Cap Growth Portfolio Class A SLGYX C000030176 Large Cap Growth Portfolio Class I SLCGX C000030177 Large Cap Growth Portfolio Class B SLGZX C000030178 Large Cap Growth Portfolio Class C SLGCX 0000924628 S000010891 Small Cap Portfolio C000030179 Small Cap Portfolio Class A SSCYX C000030180 Small Cap Portfolio Class I SSCPX C000030181 Small Cap Portfolio Class B SSCZX C000030182 Small Cap Portfolio Class C SSCCX 0000924628 S000010892 International Equity Portfolio C000030183 International Equity Portfolio Class A SIEYX C000030184 International Equity Portfolio Class I SIEPX C000030185 International Equity Portfolio Class B SIEZX C000030186 International Equity Portfolio Class C SIECX 0000924628 S000010893 Financial Services Portfolio C000030187 Financial Services Portfolio Class I SFPIX C000030188 Financial Services Portfolio Class B SFPBX C000030189 Financial Services Portfolio Class C SFPCX C000030190 Financial Services Portfolio Class A SFPAX 0000924628 S000010894 Energy & Basic Materials Portfolio C000030191 Energy & Basic Materials Class I SEPIX C000030192 Energy & Basic Materials Class B SPEBX C000030193 Energey & Basic Materials Class C SEPCX C000030194 Energy & Basic Materials Class A SBMBX 0000924628 S000030697 James Alpha Global Enhanced Real Return Portfolio C000095117 James Alpha Global Enhanced Real Return Portfolio Class I Shares GRRIX C000095118 James Alpha Global Enhanced Real Return Portfolio Class A Shares GRRAX C000109474 James Alpha Global Enhanced Real Return Portfolio Class C Shares GRRCX 0000924628 S000033377 James Alpha Global Real Estate Investments Portfolio C000102468 James Alpha Global Real Estate Investments Portfolio Class I Shares JARIX C000102469 James Alpha Global Real Estate Investments Portfolio Class A Shares JAREX C000109475 James Alpha Global Real Estate Investments Portfolio Class C Shares JACRX 485BPOS 1 f485bxbrl.htm GemCom, LLC

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 18, 2013

Securities Act File No. 033-79708

Investment Company Act File No. 811-8542


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933      |X|

 

Pre-Effective Amendment No.

|   |

 

 

Post-Effective Amendment No. 46

|X|

 


and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |X|


 

Amendment No. 48

|X|

 


THE SARATOGA ADVANTAGE TRUST

(a Delaware business trust)

(Exact Name of Registrant as Specified in Charter)


1616 N. LITCHFIELD ROAD, SUITE 165

GOODYEAR, ARIZONA 85395

(Address of Principal Executive Offices)(Zip Code)



(623) 266-4567

(Registrant's Telephone Number, Including Area Code)


STUART M. STRAUSS, ESQ.

 DECHERT LLP
1095 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036-6797

(Name and Address of Agent for Service)



It is proposed that this filing will become effective (check appropriate box)


X

immediately upon filing pursuant to paragraph (b) of Rule 485.

 

On [date]  pursuant to paragraph (b)

____

60 days after filing pursuant to paragraph (a)(1) of Rule 485.

____

75 days after filing pursuant to paragraph (a)(2) of Rule 485.

____

on [date] pursuant to paragraph (a) (2) of Rule 485.

If appropriate, check the following box:

 

 

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.





SIGNATURES


         Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the State of Arizona on the 18th day of January, 2013.


                                        THE SARATOGA ADVANTAGE TRUST


                                        By:       /s/BRUCE E. VENTIMIGLIA

                                        

Bruce E. Ventimiglia

                                        

President, CEO and

                                        

Chairman of the Board of Trustees


         Pursuant to the requirements of the Securities Act of 1933, this amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


SIGNATURE

TITLE

DATE


/s/Bruce E. Ventimiglia

Bruce E. Ventimiglia

Trustee, Chairman of the Board, President and CEO

(principal executive officer)

January 18, 2013


/s/Jonathan W. Ventimiglia

Jonathan W. Ventimiglia


Chief Financial Officer &

Treasurer

(principal financial officer & principal accounting officer)

January 18, 2013

/s/ Patrick H. McCollough*     

Patrick H. McCollough

Trustee

January 18, 2013

/s/ Udo W. Koopmann*

Udo W. Koopmann

Trustee

January 18, 2013

/s/ Floyd E. Seal*

Floyd E. Seal

Trustee

January 18, 2013

 /s/ Stephen H. Hamrick*

Stephen H. Hamrick

Trustee

January 18, 2013


*By:

/s/ Stuart M. Strauss

   

Stuart M. Strauss, Attorney-in-Fact


James Alpha Commodity Fund I Ltd. certifies that it has duly caused this Registration Statement of The Saratoga Advantage Trust, with respect only to information that specifically relates to James Alpha Cayman Commodity Fund I Ltd., to be signed on its behalf by the undersigned, thereunto duly authorized in the State of Arizona on the 18th day of January,2013.

JAMES ALPHA CAYMAN COMMODITY FUND I LTD.


By:      /s/ Bruce E. Ventimiglia

Bruce E. Ventimiglia

Director



EXHIBIT INDEX






EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase

 

 



 

 



 

 



 

 



 

 



 

 



 

 





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(See "Shareholder Information-Reduced Sales Charge" section.) Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) January 31, 2006 used in calculation. Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Reduced Sales Charge" section.) Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information -Reduced Sales Charge" section.) Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information -Contingent Deferred Sales Charge" section.) Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) February 1, 2006 used in calculation. Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.). Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). The performance figures shown above reflect the performance of Class A shares of the Predecessor Fund (for the periods prior to January 6, 2003) and the Portfolio (for the periods beginning January 6, 2003). February 1, 2006 used in calculation. Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) The performance figures shown above reflect the performance of Class A shares of the Predecessor Fund (for periods prior to January 27, 2003) and the Portfolio (for the periods beginning January 27, 2003). Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) The performance figures shown above reflect the performance of Class A shares of the Predecessor Fund (for periods prior to January 6, 2003) and the Portfolio's (for the periods beginning January 6, 2003). Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.). The performance figures shown above reflect the performance of Class A shares of the Predecessor Fund (for periods prior to January 6, 2003) and the Portfolio (for the periods beginning January 6, 2003). Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information -Contingent Deferred Sales Charge" section.) The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class B shares as described under "Contingent Deferred Sales Charge." Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Contingent Deferred Sales Charge" section.) Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information -Contingent Deferred Sales Charge" section.) Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information - Contingent Deferred Sales Charge" section.) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement include only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). The performance figures shown above reflect the performance of Class B shares of the Predecessor Fund (for the periods prior to January 6, 2003) and the Portfolio (for the periods beginning January 6, 2003). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class B shares as described under "Contingent Deferred Sales Charge." Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Contingent Deferred Sales Charge" section.) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statements (or the financial highlights in this Prospectus) because the financial statement include s only the direct operating expenses incurred by the Investment Quality Bond Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Contingent Deferred Sales Charge" section.) Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information-Contingent Deferred Sales Charge" section.) The performance figures shown above reflect the performance of Class B shares of the Predecessor Fund (for the periods prior to January 27, 2003) and the Portfolio (for the periods beginning January 27, 2003). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class B shares as described under "Contingent Deferred Sales Charge." Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information-Contingent Deferred Sales Charge" section.) The performance figures shown above reflect the performance of Class B shares of the Predecessor Fund (for periods prior to January 6, 2003) and the Portfolio (for periods beginning January 6, 2003). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class B shares as described under "Contingent Deferred Sales Charge." Only applicable to redemptions made within one year after purchase. (See "Shareholder Information-Contingent Deferred Sales Charge"). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class C Shares which is only applicable to redemptions made within one year after purchase as described under "Contingent Deferred Sales Charge." Only applicable to redemptions made within one year after purchase. (see "Shareholder Information-Contingent Deferred Sales Charge"). Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class C Shares which is only applicable to redemptions made within one year after purchase as described under "Shareholder Information-Contingent Deferred Sales Charge." Only applicable to redemptions made within one year after purchase (see "Shareholder Information-Contingent Deferred Sales Charge"). Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Only applicable to redemptions made within one year after purchase (see " Shareholder Information- Contingent Deferred Sales Charge"). Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. These The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). The performance figures shown above reflect the performance of Class C shares of the Predecessor Fund (for the periods prior to January 6, 2003) and the Portfolio (for the periods beginning January 6, 2003). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class C Shares which is only applicable to redemptions made within one year after purchase as described under "Contingent Deferred Sales Charge." Only applicable to redemptions made within one year after purchase (see "Shareholder Information-Contingent Deferred Sales Charge"). The performance figures shown above reflect the performance of Class C shares of the Predecessor Fund (for the periods prior to January 27, 2003) and the Portfolio (for the periods beginning January 27, 2003). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class C shares which is only applicable to redemptions made within one year after purchase as described under "Shareholder Information-Contingent Deferred Sales Charge." Only applicable to redemptions made within one year after purchase (see "Shareholder Information-Contingent Deferred Sales Charge"). The performance figures shown above reflect the performance of Class C shares of the Predecessor Fund (for the periods prior to January 6, 2003) and the Portfolio (for the periods beginning January 6, 2003). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class C shares which is only applicable to redemptions made within one year after purchase as described under "Shareholder Information-Contingent Deferred Sales Charge." Only applicable to redemptions made within one year after purchase (see "Shareholder Information-Contingent Deferred Sales Charge"). The returns for all periods indicated reflect the imposition of a contingent deferred sales charge assessed on Class C shares which is only applicable to redemptions made within one year after purchase as described under "Shareholder Information-Contingent Deferred Sales Charge." Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expense in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Only applicable to redemptions made within one year after purchase. (See "Contingent Deferred Sales Charge"). Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies (except the Portfolio's wholly owned and controlled Cayman Islands subsidiary (the "Subsidiary"). These Acquired Fund Fees and Expenses are not considered in the calculation of the expense cap. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Pursuant to an operating expense limitation agreement between the Manager and the Portfolio, the Manager has agreed to limit its fees and/or absorb expenses of the Portfolio to ensure that Total Annual Portfolio Operating Expenses (excluding front end and contingent deferred sales loads, interest and tax expenses, 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) for the Portfolio do not exceed 1.50%,1.25% and 2.25% of the Portfolio's average net assets for Class A, Class I and Class C shares, respectively, through December 31, 2013 (each an "Expense Cap"). This operating expense limitation agreement can be terminated during its term only by, or with the consent of, the Trust's Board of Trustees. The Manager is permitted to seek reimbursement from the Portfolio, subject to limitations, for fees it waived and Portfolio expenses it 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 the current Expense Cap. Only applicable to redemptions made within one year after purchase (see "Contingent Deferred Sales Charge"). Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statements (or the financial highlights in this Prospectus) because the financial statements include only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Other Expenses and Acquired Fund Fees and Expenses are based on estimates for the current fiscal year. The Total Annual Portfolio Operating Expenses will not exceed 2.75%, 1.80% and 2.98% of the Portfolio's average net assets for Class A, Class I and Class C shares, respectively; effective December 31, 2012, the expense cap for Class I shares decreased from 2.50% to 1.80%. Pursuant to an operating expense limitation agreement between the Manager and the Portfolio, the Manager has agreed to limit its fees and/or absorb expenses of the Portfolio (excluding front end and contingent deferred sales loads, interest and tax expenses, 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 limitation agreement for Class A and Class I shares will be in effect through December 31, 2014 and through December 31, 2013 for Class C shares. This operating expense limitation agreement can be terminated during its term only by, or with the consent of, the Trust's Board of Trustees. The Manager is permitted to seek reimbursement from the Portfolio, subject to limitations, for fees it waived and Portfolio expenses it 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 the current expense cap. The returns shown reflect the deduction of the maximum sales charge of the Predecessor Fund of 7.25%. SARATOGA ADVANTAGE TRUST 485BPOS false 0000924628 2012-08-31 2012-12-28 2012-12-28 2012-12-31 U.S. Government Money Market Portfolio Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. &#160;Shares of the Portfolio are not bank deposits and an investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. &#160;Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Credit and Interest Rate Risk. A principal risk of investing in the Portfolio is associated with its U.S. government securities investments which are subject to two types of risks: credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. Interest rate risk, another risk of debt securities, refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. Repurchase agreements involve a greater degree of credit risk. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Government-Sponsored Enterprises Risk. U.S. government-sponsored enterprises are not backed by the full faith and credit of the U.S. Government. There is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. &#160;Certain U.S. government securities purchased by the Portfolio, such as those issued by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the United States. &#160;The maximum potential liability of the issuers of some U.S. government securities held by the Portfolio may greatly exceed their current resources, including their legal right to support from the Treasury. &#160;It is possible that these issuers will not have the funds to meet their payment obligations in the future. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks.&#8221; </p> Shares of the Portfolio are not bank deposits and an investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Portfolio will invest at least 80% of its assets in high quality, short-term U.S. government securities. The Adviser seeks to maintain the Portfolio's share price at $1.00. The share price remaining stable at $1.00 means that the Portfolio would preserve the principal value of your investment. &#160;The U.S. government securities that the Portfolio may purchase include: </p> <br/><p style="MARGIN-TOP: 0px; WIDTH: 48px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> &#183; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -2px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> U.S. treasury bills, notes and bonds, all of which are direct obligations of the U.S. Government. </p> <br/><p style="MARGIN-TOP: 0px; WIDTH: 48px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; CLEAR: left; FONT-SIZE: 12pt"> &#183; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -2px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Securities issued by agencies and instrumentalities of the U.S. Government, which are backed by the full faith and credit of the United States. Among the agencies and instrumentalities issuing these obligations are the Government National Mortgage Association (&#8220;Ginnie Mae&#8221;) and the Federal Housing Administration. </p> <br/><p style="MARGIN-TOP: 0px; WIDTH: 48px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; CLEAR: left; FONT-SIZE: 12pt"> &#183; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -2px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Securities issued by agencies and instrumentalities, which are not backed by the full faith and credit of the United States, but whose issuing agency or instrumentality has the right to borrow from the U.S. Department of the Treasury (the &#8220;Treasury&#8221;) to meet their obligations. Among these agencies and instrumentalities are the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;), the Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) and the Federal Home Loan Bank. &#160;Fannie Mae and Freddie Mac each may borrow from the Treasury to meet their <strike></strike>obligations, but the Treasury is under no obligation to lend to Fannie Mae or Freddie Mac. &#160;In September 2008, the Treasury announced that the U.S. Government would be taking over Fannie Mae and Freddie Mac and placing the companies into conservatorship. &#160; </p> <br/><p style="MARGIN-TOP: 0px; WIDTH: 48px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; CLEAR: left; FONT-SIZE: 12pt"> &#183; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -2px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Securities issued by agencies and instrumentalities, which are backed solely by the credit of the issuing agency or instrumentality. Among these agencies and instrumentalities is the Federal Farm Credit System. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> In addition, the Portfolio may invest in repurchase agreements collateralized by securities issued by the U.S. Government, its agencies and instrumentalities. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 0.0000 0.00475 0.0040 0.00605 0.0148 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030147Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030147Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio <strike/>compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and <a id="OLE_LINK4" name="OLE_LINK4"/><a id="OLE_LINK5" name="OLE_LINK5"/>include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s current 7-day yield by calling toll free 1-800-807-FUND. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.0363 0.0101 0.0001 0.0001 0.0001 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030147Member row primary compact * ~ highest return 0.0091 2007-06-30 lowest return 0.0000 2009-03-31 Return for the Portfolio 0.0001 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was 0.91% (quarter ended June 30, 2007) and the lowest return for a calendar quarter was 0.00% (quarter ended March 31, 2009). &#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was 0.01%. <strike></strike>&#160; </p> -0.0565 -0.0024 -0.0001 0.0008 0.0136 0.0186 0.0001 0.0112 0.0161 2006-02-14 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030147Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. 1-800-807-FUND The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Investment Objective: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The U.S. Government Money Market Portfolio seeks to provide maximum current income to the extent consistent with the maintenance of liquidity and the preservation of capital. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; PADDING-LEFT: 72px; MARGIN-BOTTOM: 16px; CLEAR: left"><b> <font style="FONT-SIZE: 12pt"/></b><font style="FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</b></font> <font style="FONT-SIZE: 12pt"/></p> 717 1016 1336 2242 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030147Member row primary compact * ~ The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be: Investment Quality Bond Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/><strike/>43% of the average value of its portfolio. </p> 0.43 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Fixed-Income Securities Risk. Principal risks of investing in the Portfolio are associated with its fixed-income investments. All fixed-income securities are subject to two types of risk: credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. &#160;Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. (Zero coupon securities are typically subject to greater price fluctuations than comparable securities that pay current interest.) Long-term fixed-income securities will rise and fall in response to interest rate changes to a greater extent than short-term securities. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Mortgage-Backed Securities and Prepayment Risk. Mortgage-backed securities, such as mortgage pass-through securities, have different risk characteristics than traditional debt securities. Although the value of fixed-income securities generally increases during periods of falling interest rates and decreases during periods of rising interest rates, this is not always the case with mortgage-backed securities. This is due to the fact that the principal on underlying mortgages may be prepaid at any time as well as other factors. Generally, prepayments will increase during a period of falling interest rates and decrease during a period of rising interest rates. The rate of prepayments also may be influenced by economic and other factors. Prepayment risk includes the possibility that, as interest rates fall, securities with stated interest rates may have the principal prepaid earlier than expected, requiring the Portfolio to invest the proceeds at generally lower interest rates. Investments in mortgage-backed securities are made based upon, among other things, expectations regarding the rate of prepayments on underlying mortgage pools. &#160;Rates of prepayment faster or slower than expected by the Adviser could reduce the Portfolio's yield, increase the volatility of the Portfolio and/or cause a decline in net asset value. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities. In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Portfolio. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Portfolio will normally invest at least 80% of its assets in investment grade fixed-income securities, mortgage pass-through securities or non-rated securities considered by the Adviser to be of comparable quality. In deciding which securities to buy, hold or sell, the Adviser considers economic developments, interest rate trends and other factors such as the issuer's creditworthiness. The average maturity of the securities held by the Portfolio may range from three to ten years. Mortgage pass-through securities are mortgage-backed securities that represent a participation interest in a pool of residential mortgage loans originated by the U.S. Government or private lenders such as banks. They differ from conventional debt securities, which provide for periodic payment of interest in fixed amounts and principal payments at maturity or on specified call dates. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments made by the individual borrowers on the pooled mortgage loans. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The Portfolio may invest in mortgage pass-through securities that are issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac. &#160;Ginnie Mae securities are backed by the full faith and credit of the United States. &#160;Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the United States, but they have the right to borrow from the U.S. Treasury to meet their obligations, although the Treasury is not legally required to extend credit to the agencies/instrumentalities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Private mortgage pass-through securities also can be Portfolio investments. They are issued by private originators of and investors in mortgage loans, including savings and loan associations and mortgage banks. Since private mortgage pass-through securities typically are not guaranteed by an entity having the credit status of a U.S. government agency, the securities generally are structured with one or more type of credit enhancement. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> In addition, the Portfolio may invest up to 5% of its net assets in fixed-income securities rated lower than investment grade, commonly known as "junk bonds." </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0055 0.0040 0.0100 0.0001 0.0196 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030163Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030163Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio <strike/>compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;&#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.0567 0.0302 0.0535 0.0375 0.0212 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20012 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030163Member row primary compact * ~ highest return 0.0337 2009-09-30 lowest return -0.0135 2008-09-30 Return for the Portfolio 0.0287 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was 3.37% (quarter ended September 30, 2009) and the lowest return for a calendar quarter was -1.35% (quarter ended September 30, 2008). &#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was <strike></strike>2.87%. <strike></strike> </p> -0.0374 0.0275 0.0252 -0.0469 0.0172 0.0161 -0.0218 0.0180 0.0167 0.0608 0.0586 0.0570 0.0399 0.0480 0.0479 2006-02-14 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20013 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030163Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. &#160;After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Investment Quality Bond Portfolio seeks current income and reasonable stability of principal. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; PADDING-LEFT: 16px; MARGIN-BOTTOM: 16px; CLEAR: left"> <font style="FONT-SIZE: 12pt"/><font style="FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b></font> </p> 763 763 1155 1155 1571 1571 2729 2729 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030163Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20011 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030163Member row primary compact * ~ Municipal Bond Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>13% of the average value of its portfolio. &#160; </p> 0.13 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Credit and Interest Rate Risk. &#160;Municipal obligations, like other debt securities, are subject to two types of risks: credit risk and interest rate risk. &#160;Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. In the case of revenue bonds, notes or commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources are insufficient to meet interest and/or principal payment obligations. The issuers of private activity bonds, used to finance projects in sectors such as industrial development and pollution control, also may be negatively impacted by the general credit of the user of the project. Lease obligations may have risks not normally associated with general obligation or other revenue bonds. Certain lease obligations contain "non-appropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for such purposes by the appropriate legislative body on an annual or other periodic basis. Consequently, continued lease payments on those lease obligations containing "non-appropriation" clauses are dependent on future legislative actions. If such legislative actions do not occur, the holders of the lease obligation may experience difficulty in exercising their rights, including disposition of the property. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Zero coupon securities are typically subject to greater price fluctuations than comparable securities that pay current interest. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The Portfolio is not limited as to the maturities of the municipal obligations in which it may invest. Thus, a rise in the general level of interest rates may cause the price of its portfolio securities to fall substantially. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The Portfolio&#8217;s investments in municipal bonds in the fourth highest grade are considered speculative. &#160;The ratings of municipal bonds do not ensure the stability or safety of the Portfolio&#8217;s investments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Tax Risk. <b>&#160;</b>There is no guarantee that the <a id="OLE_LINK1" name="OLE_LINK1"></a>Portfolio's income will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after the Municipal Bond Portfolio's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Portfolio to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;As a matter of fundamental policy, the Portfolio will normally invest at least 80% of its total assets in securities that pay interest exempt from federal income taxes. The Portfolio's Adviser generally invests the Portfolio's assets in municipal obligations. There are no maturity limitations on the Portfolio's securities. Municipal obligations are bonds, notes or short-term commercial paper issued by state governments, local governments, and their respective agencies. In pursuing the Portfolio's investment objective, the Adviser has considerable leeway in deciding which investments it buys, holds or sells on a day-to-day basis. The Portfolio will invest primarily in municipal bonds rated within the four highest grades by Moody's Investors Service, Inc. ("Moody's"), Standard &amp; Poor's Corporation ("S&amp;P"), or Fitch, Inc. ("Fitch") or, if not rated, of comparable quality in the opinion of the Portfolio&#8217;s Adviser. The Portfolio may invest without limit in municipal obligations that pay interest income subject to the "alternative income tax," although it does not currently expect to invest more than 20% of its total assets in such instruments. Some shareholders may have to pay tax on distributions of this income. &#160;Municipal bonds, notes and commercial paper are commonly classified as either "general obligation" or "revenue." General obligation bonds, notes and commercial paper are secured by the issuer's faith and credit, as well as its taxing power, for payment of principal and interest. Revenue bonds, notes and commercial paper, however, are generally payable from a specific source of income. They are issued to fund a wide variety of public and private projects in sectors such as transportation, education and industrial development. Included within the revenue category are participations in lease obligations. The Portfolio's municipal obligation investments may include zero coupon securities, which are purchased at a discount and make no interest payments until maturity. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0055 0.0040 0.0153 0.0001 0.0249 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20016 column dei_LegalEntityAxis compact cik0000924628_S000010888Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030167Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20017 column dei_LegalEntityAxis compact cik0000924628_S000010888Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030167Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information -Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information -Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio <b/>by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life <strike/>&#160;of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. &#160;The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting <u>www.saratogacap.com</u>. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.0023 -0.0417 0.0698 0.0053 0.0493 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20020 column dei_LegalEntityAxis compact cik0000924628_S000010888Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030167Member row primary compact * ~ highest return 0.0384 2009-09-30 lowest return -0.0334 2010-12-31 Return for the Portfolio 0.0160 2012-09-30 <p style="MARGIN: 0px; FONT-SIZE: 12pt"> During the periods shown in the bar chart, the highest return for a calendar quarter was 3.84% (quarter ended September 30, 2009) and the lowest return for a calendar quarter was -3.34% (quarter ended December 31, 2010). &#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was <strike></strike>1.60%. &#160; </p> -0.0112 0.0034 0.0023 -0.0134 -0.0021 -0.0024 -0.0073 -0.0001 -0.0006 0.1070 0.0522 0.0519 0.1096 0.0418 0.0433 2006-02-14 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20021 column dei_LegalEntityAxis compact cik0000924628_S000010888Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030167Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. &#160;After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Municipal Bond Portfolio seeks a 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. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; PADDING-LEFT: 24px; MARGIN-BOTTOM: 16px; CLEAR: left"> <font style="FONT-SIZE: 12pt"/><font style="FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio</b></font><font style="FONT-SIZE: 9pt"><b/></font><font style="FONT-SIZE: 12pt"><b>for the time periods indicated.</b></font><font style="FONT-SIZE: 9pt"><b>&#160;</b></font><font style="FONT-SIZE: 12pt"><b>The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b></font> </p> 813 813 1306 1306 1824 1824 3238 3238 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20018 column dei_LegalEntityAxis compact cik0000924628_S000010888Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030167Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20019 column dei_LegalEntityAxis compact cik0000924628_S000010888Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030167Member row primary compact * ~ Large Cap Value Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>66% of the average value of its portfolio. </p> 0.66 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. &#160;Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. <b/> </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Preferred Stock Risk. Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Warrants Risk. The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Value Style Investing Risk. <font style="FONT-SIZE: 11pt"></font>Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, their valuation levels are lower than those of growth stocks. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Portfolio&#8217;s return may be adversely affected during market downturns and when value stocks are out of favor. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its total assets in a diversified portfolio of equity securities issued by U.S. issuers with total market capitalizations of $5 billion or greater at the time of purchase. Equity securities include common stocks, preferred stocks, securities convertible into common stock <strike/>and warrants. &#160;&#160;In determining which securities to buy, hold or sell, the Portfolio&#8217;s Adviser focuses its investment selection on finding high quality companies with compelling valuations, measurable catalysts to unlock value and above-average long-term earnings growth potential. &#160;In general, the Adviser looks for companies that have value-added product lines to help preserve pricing power, a strong history of free cash flow generation, strong balance sheets, competent management with no record of misleading shareholders, and financially sound customers. &#160;Independent research is used to produce estimates for future earnings, which are inputs into the Adviser&#8217;s proprietary valuation model. The Adviser focuses its investments where it has a differentiated view and there exists, in its view, significant price appreciation potential to its estimate of the stocks&#8217; intrinsic value. <b/>Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. <b/> </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0065 0.0040 0.0093 0.0198 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20024 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030171Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20025 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030171Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio <b/>by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio &#160;and for the life <strike/>&#160;of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. &#160;The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.0971 -0.5175 0.3654 0.1418 -0.0602 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20028 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030171Member row primary compact * ~ highest return 0.1763 2009-06-30 lowest return -0.2402 2008-12-31 Return for the Portfolio 0.1289 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"> <font style="FONT-SIZE: 12pt"><strike></strike>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.63% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -24.02% (quarter ended December 31, 2008). For the period January 1, 2012</font> <font style="FONT-SIZE: 12pt"><strike></strike></font><font style="FONT-SIZE: 12pt">through September 30,</font> <font style="FONT-SIZE: 12pt">2012,</font> <font style="FONT-SIZE: 12pt"><strike></strike></font><font style="FONT-SIZE: 12pt">the return for the Portfolio&#8217;s Class A shares was</font> <font style="FONT-SIZE: 12pt"><strike></strike></font><font style="FONT-SIZE: 12pt">12.89%.</font> <font style="FONT-SIZE: 12pt"></font> </p> -0.1141 -0.0966 -0.0601 -0.1141 -0.1010 -0.0641 -0.0742 -0.0784 -0.0490 -0.0055 -0.0297 0.0011 -0.0084 -0.0234 0.0027 2006-02-14 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20029 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030171Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. &#160;After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Large Capitalization Value Portfolio seeks total return consisting of capital appreciation and dividend income. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. &#160;The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b> </p> 764 764 1161 1161 1581 1581 2749 2749 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20026 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030171Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20027 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030171Member row primary compact * ~ Large Cap Growth Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>16% of the average value of its portfolio. </p> 0.16 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. &#160;Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Preferred Stock Risk. &#160;Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Warrants Risk. The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Growth Style Investing Risk. Growth investing involves buying stocks that have relatively high price-to-earnings ratios. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. During periods of growth stock underperformance, the Portfolio&#8217;s performance may suffer. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The Portfolio will normally invest at least 80% of its total assets in a portfolio of equity securities issued by U.S. issuers with total market capitalizations of $5 billion or more. &#160;Equity securities include common stocks, preferred stocks, securities convertible into common stock <strike/>and warrants. The Portfolio generally concentrates its holdings in a relatively small number of companies. The Adviser uses a research-based, bottom-up investment process, executed in a disciplined manner to select investments for the Portfolio. &#160;Loomis Sayles takes a private equity approach to investing with a long-term, fundamental and bottom-up approach.&#160; The goal is to invest in high quality, structurally good businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.&#160; Loomis Sayles believes that few businesses have these combined characteristics.&#160; Given the rare confluence of quality, sustainable growth and discount to Loomis Sayles&#8217; estimate of the intrinsic value for the underlying business, Loomis Sayles focuses the Portfolio in high-conviction businesses.&#160; The nature of Loomis Sayles&#8217; investment process leads to sector positioning derived from fundamental research.&#160; Loomis Sayles may study dozens of companies but may only invest in a select few businesses each year.&#160; Loomis Sayles strives to invest in these companies when it believes there is an inefficiency (i.e., a disconnect between the long-term fundamentals and expectations embedded).&#160; This inefficiency may arise as investors overreact to short-term, non-secular events, underestimate or misunderstand long-term growth potential, or as momentum and short-term focus may create a disconnect between the market price and long-term fundamentals of a business.&#160; </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Loomis Sayles will consider selling an investment when the Portfolio manager believes the issuer&#8217;s investment fundamentals are beginning to deteriorate, there are unfavorable structural changes with the issuer&#8217;s underlying business, or the investment no longer appears consistent with the Portfolio manager&#8217;s investment methodology.&#160; In addition, Loomis Sayles will also consider selling an investment when the Portfolio must meet redemption requests, to try to take advantage of more attractive investment opportunities, or for other investment reasons which the Portfolio manager deems appropriate.&#160; </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities.&#160;&#160; Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0065 0.0040 0.0093 0.0198 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20032 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030175Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20033 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030175Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio <b/>by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life <strike/>of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. &#160;The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.3682 -0.5098 0.3695 0.2691 0.0345 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20036 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030175Member row primary compact * ~ highest return 0.1977 2010-09-30 lowest return -0.2701 2008-12-31 Return for the Portfolio 0.1437 2012-09-30 <p style="MARGIN: 0px" align="justify"> <font style="FONT-SIZE: 12pt">During the periods shown in the bar chart, the highest return for a calendar quarter was 19.77% (quarter ended September 30, 2010) and the lowest return for a calendar quarter was -27.01% (quarter ended December 31, 2008). &#160;For the period January 1, 2012 through September 30, 2012, the return for the Portfolio&#8217;s Class A shares was 14.37%.</font> </p> -0.0247 0.0260 0.0093 -0.0437 0.0219 0.0059 0.0087 0.0222 0.0079 0.0473 0.0238 0.0360 -0.0256 0.0034 0.0084 2006-02-14 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20037 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030175Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Large Capitalization Growth Portfolio seeks capital appreciation. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b> </p> 764 764 1161 1161 1581 1581 2749 2749 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20034 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030175Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20035 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030175Member row primary compact * ~ Mid Capitalization Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>60% of the average value of its portfolio. </p> 0.60 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Preferred Stocks Risk. Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Warrants Risk. The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Medium and Small Capitalization Companies Risk. The Portfolio may also invest in small capitalization companies. &#160;Investing in medium and small capitalization companies may involve more risk than is usually associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Portfolio to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. The Portfolio's investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market's local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security's local price remains unchanged. &#160;Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio's trades effected in those markets. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks.&#8221; </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its total assets in equity securities of companies traded on U.S. exchanges or over-the-counter (&#8220;OTC&#8221;) &#160;markets that have a total market capitalization of between $1 billion and $15 billion at the time of purchase. Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. The Portfolio invests in securities of companies that are believed by the Adviser to be undervalued, thereby offering above-average potential for capital appreciation. The Portfolio may also invest in equity securities of foreign companies. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The Adviser invests in medium capitalization companies with a focus on absolute return using a bottom-up value oriented investment process. The Adviser seeks companies with the following characteristics, although not all of the companies it selects will have these attributes: </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; companies earning a positive economic margin with stable-to-improving returns; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; companies valued at a discount to their asset value; and </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; companies with an attractive dividend yield and minimal basis risk. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> In selecting investments, the Adviser generally employs the following strategy: </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; value-driven investment philosophy that selects stocks selling at attractive values based upon business fundamentals, economic margin analysis, discounted cash flow models and historical valuation multiples. The Adviser reviews companies that it believes are out-of-favor or misunderstood; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; use of value-driven screens to create a research universe of companies with market capitalizations of at least $1 billion; and </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; use of fundamental and risk analysis to construct a portfolio of securities that the Adviser believes has an attractive return potential. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0075 0.0040 0.0120 0.0001 0.0236 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20040 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030158Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20041 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030158Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.). Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;For the periods prior to January 6, 2003, the Portfolio operated as a separate fund called the Orbitex Caterpillar Mid-Cap Relative Value Fund (the &#8220;Predecessor Fund&#8221;), which was managed by Orbitex Management, Inc. The investment policy of the Portfolio is substantially similar to that of the Predecessor Fund. The Predecessor Fund was subject to a similar level of fees as those applied to the Portfolio. &#160;The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio&#8217;s Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.3824 0.1783 0.0390 0.0906 0.0782 -0.3315 0.3089 0.1926 -0.0427 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20044 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030158Member row primary compact * ~ highest return 0.2187 2003-06-30 lowest return -0.2238 2011-09-30 Return for the Portfolio 0.1056 2012-09-30 <p style="MARGIN: 0px; FONT-SIZE: 12pt"> During the periods shown in the bar chart, the highest return for a calendar quarter was 21.87% (quarter ended June 30, 2003) and the lowest return for a calendar quarter was - 22.38% <strike></strike>(quarter ended September 30, 2011). <strike></strike>&#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was <strike></strike>10.56%. </p> -0.0981 0.0031 0.0474 -0.0981 -0.0014 0.0358 -0.0638 0.0005 0.0380 -0.0155 0.0141 0.0803 -0.0411 0.0037 0.0625 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20045 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030158Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Mid Capitalization Portfolio seeks long-term capital appreciation. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; PADDING-LEFT: 16px; MARGIN-BOTTOM: 16px"><font style="FONT-SIZE: 11pt">This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio</font><font style="FONT-SIZE: 12pt"><b>for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b></font> </p> 800 800 1269 1269 1763 1763 3116 3116 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20042 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030158Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20043 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030158Member row primary compact * ~ Small Cap Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>39% of the average value of its portfolio. </p> 0.39 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"><b>&#160;</b>There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. <b>&#160;</b>Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. &#160;In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Small Capitalization Companies Risk. The Portfolio's investments in small and medium capitalization companies carry more risk than investments in larger companies. While some of the Portfolio's holdings in these companies may be listed on a national securities exchange, such securities are more likely to be traded in the OTC market. The low market liquidity of these securities may have an adverse impact on the Portfolio's ability to sell certain securities at favorable prices and may also make it difficult for the Portfolio to obtain market quotations based on actual trades, for purposes of valuing its securities. Investing in lesser-known, small and medium capitalization companies involves greater risk of volatility of the Portfolio's net asset value than is customarily associated with larger, more established companies. Often small and medium capitalization companies and the industries in which they are focused are still evolving and, while this may offer better growth potential than larger, more established companies, it also may make them more sensitive to changing market conditions. &#160;Small capitalization companies may have returns that can vary, occasionally significantly, from the market in general. &#160;In addition, small capitalization companies may not pay a dividend. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Portfolio will normally invest at least 80% of its total assets in common stocks of companies whose stock market capitalizations fall within the range of capitalizations in the Russell 2000<sup>&#174;</sup> Index. The market capitalization range of the Russell 2000<sup>&#174;</sup> Index at September 30, 2012 <strike/>was $45 <strike/>million to $4.454 <strike/>billion. The Russell 2000<sup>&#174;</sup> Index is reconstituted annually at the midpoint of the calendar year. &#160;The Portfolio will also occasionally invest a portion of its assets in mid-cap stocks that are small relative to their industries that the Adviser believes have compelling valuations and fundamentals, and it will not immediately sell a security that was bought as a small-cap stock but through appreciation has become a mid-cap stock. In selecting securities for the Portfolio, the Adviser begins with a screening process that seeks to identify growing companies whose stocks sell at discounted price-to-earnings and price-to-cash flow multiples. The Adviser also attempts to discern situations where intrinsic asset values are not widely recognized. The Adviser favors such higher-quality companies that generate strong cash flow, provide above-average free cash flow yields and maintain sound balance sheets. Rigorous fundamental analysis, from both a quantitative and qualitative standpoint, is applied to all investment candidates. While the Adviser employs a disciplined "bottom-up" approach that attempts to identify undervalued stocks, it nonetheless is sensitive to emerging secular trends. The Adviser does not, however, rely on macroeconomic forecasts in its stock selection efforts and prefers to remain fully invested. <b>&#160;</b>Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0065 0.0040 0.0106 0.0001 0.0212 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20048 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030179Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20049 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030179Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio&#8217;s Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life <strike/>&#160;of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. &#160;The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.0256 0.2670 0.2363 0.1640 -0.0115 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20052 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030179Member row primary compact * ~ highest return 0.1853 2009-06-30 lowest return -0.2256 2008-12-31 Return for the Portfolio 0.0636 2012-09-30 <p style="MARGIN: 0px; FONT-SIZE: 12pt"> During the periods shown in the bar chart, the highest return for a calendar quarter was 18.53% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -22.56% (quarter ended December 31, 2008). &#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was <strike></strike>6.36%. </p> -0.0686 0.0016 0.0159 -0.0750 -0.0120 -0.0005 -0.0362 -0.0009 0.0114 -0.0418 0.0015 0.0186 -0.0427 -0.0022 0.0091 2006-02-14 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20053 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030179Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Small Capitalization Portfolio seeks maximum capital appreciation. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b> </p> 778 778 1201 1201 1649 1649 2886 2886 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20050 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030179Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20051 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030179Member row primary compact * ~ International Equity Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>50% of the average value of its portfolio. </p> 0.50 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. The Portfolio's investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. &#160;While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market's local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security's local price remains unchanged. Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio&#8217;s trades effected in those markets. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts <strike></strike>voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px" align="justify"> <font style="FONT-SIZE: 12pt"><strike></strike></font><font style="FONT-SIZE: 12pt">Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy.</font> </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled &#8220;Additional Information About Investment Strategies and Related Risks.&#8221; &#160; </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Portfolio will normally invest at least 80% of its total assets in the equity securities of companies located outside of the United States. Equity securities consist of common stock and other securities such as depositary receipts. Under normal market conditions, at least 65% of the Portfolio's assets will be invested in securities of issuers located in at least three foreign countries (generally in excess of three), which may include countries with developing and emerging economies. The Adviser seeks to purchase undervalued stocks with above average dividend yields and a fundamental catalyst such as improving prospects or a sustainable competitive advantage. &#160;Emphasis is placed on bottom-up stock selection. &#160;In addition, the Adviser considers four global opportunity fundamentals- Macro, Political, Business and Portfolio diversification - to assist in the basis of portfolio construction. &#160;A stock is sold when it no longer meets the Adviser&#8217;s criteria. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0075 0.0040 0.0182 0.0297 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20056 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030183Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20057 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030183Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio&#8217;s Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting <u>www.saratogacap.com</u>. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.0895 -0.4644 0.2868 0.1122 -0.2040 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20060 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030183Member row primary compact * ~ highest return 0.2256 2009-06-30 lowest return -0.2398 2011-09-30 Return for the Portfolio 0.0625 2012-09-30 <p style="MARGIN: 0px; FONT-SIZE: 12pt"> During the periods shown in the bar chart, the highest return for a calendar quarter was 22.56% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was - 23.98% <strike></strike>(quarter ended September 30, 2011). <strike></strike>&#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was <strike></strike>6.25%. </p> -0.2495 -0.0893 -0.0497 -0.2526 -0.0916 -0.0518 -0.1622 -0.0742 -0.0420 -0.1214 -0.0472 -0.0076 -0.1390 -0.0475 -0.0145 2006-02-14 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20061 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030183Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> The International Equity Portfolio seeks long-term capital appreciation. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b> </p> 858 858 1441 1441 2047 2047 3675 3675 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20058 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030183Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20059 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030183Member row primary compact * ~ Health & Biotchnology Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>18% of the average value of its portfolio. </p> 0.18 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Preferred Stock Risk. &#160;Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 8px; FONT-SIZE: 12pt" align="justify"> Warrants Risk. &#160;The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Concentration Risk. Because of its specific focus, the Portfolio's performance is closely tied to and affected by events occurring in the healthcare and biotechnology industries. Companies in the same industry often face similar obstacles, issues and regulatory burdens. As a result, the securities owned by the Portfolio may react similarly to, and move in unison with, one another. Healthcare companies are subject to government regulation and approval of their products and services, which can have a significant effect on their market price. Furthermore, the types of products or services produced or provided by these companies may quickly become obsolete. Moreover, liability for products that are later alleged to be harmful or unsafe may be substantial, and may have a significant impact on a healthcare company's market value and/or share price. Biotechnology companies are affected by patent considerations, intense competition, rapid technology change and obsolescence, and regulatory requirements of various federal and state agencies. In addition, many of these companies are relatively small and have thinly-traded securities, may not yet offer products or offer a single product, and may have persistent losses during a new product's transition from development to production or erratic revenue patterns. Moreover, stock prices of biotechnology companies are very volatile, particularly when their products are up for regulatory approval and/or under regulatory scrutiny. Consequently, the Portfolio's performance may sometimes be significantly better or worse than that of other types of funds. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. The Portfolio's investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market's local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security's local price remains unchanged. Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio's trades effected in those markets. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts <strike></strike>voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Small and Medium Capitalization Companies Risk. The Portfolio may invest in U.S. and foreign small and medium capitalization securities. Investing in lesser-known, small and medium capitalization companies may involve greater risk of volatility of the Portfolio's share price than is customarily associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Portfolio to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Non-Diversification Risk. Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the Portfolio's share price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the Portfolio's share price. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> The Portfolio will normally invest at least 80% of its total assets in equity securities of U.S. and foreign healthcare companies and biotechnology companies, regardless of their stock market value (or &#8220;market capitalization&#8221;). &#160;Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. &#160;The Adviser utilizes a top-down investment approach focused on long-term economic trends. &#160;The Adviser begins with the overall outlook for the economy, then seeks to identify specific industries with attractive characteristics and long-term growth potential. &#160;Ultimately, the Adviser seeks to identify high-quality companies within the selected industries and to acquire them at attractive prices. &#160;&#160;The Adviser&#8217;s stock selection process is based on an analysis of individual companies&#8217; fundamental values, such as earnings growth potential and the quality of corporate management. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Companies described as Health Care Equipment and Supplies, Health Care Provider Services, Pharmaceutical or Biotechnology Companies under the North American Industry Classification System are considered healthcare or biotechnology companies for purposes of investment by the Portfolio. These companies are principally engaged in: the design, manufacture or sale of products or services used for or in connection with health, medical, or personal care such as medical, dental and optical supplies or equipment; research and development of pharmaceutical products and services; the operation of healthcare facilities such as hospitals, clinical test laboratories, and convalescent and mental healthcare facilities; and the design, manufacture, or sale of healthcare-related products and services, research, development, manufacture or distribution of products and services relating to human health care, pharmaceuticals, agricultural and veterinary applications, and the environment; and manufacturing and/or distributing biotechnological and biomedical products, devices or instruments or provide materials, products or services to the foregoing companies. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0125 0.0040 0.0102 0.0267 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20064 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030154Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20065 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030154Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment ) 50000 Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;For the periods prior to January 27, 2003, the Portfolio operated as a separate fund called the Orbitex Health &amp; Biotechnology Fund (the &#8220;Predecessor Fund&#8221;), which was managed by Orbitex Management, Inc. The investment policy of the Portfolio is substantially similar to that of the Predecessor Fund. &#160;The Predecessor Fund was subject to a similar level of fees as those applied to the Portfolio. &#160;The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with a healthcare &#160;index. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.4154 0.1307 0.0518 0.1001 -0.0565 0.0599 -0.2130 0.3643 0.0867 0.1028 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20068 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030154Member row primary compact * ~ highest return 0.1459 2009-06-30 lowest return -0.2342 2002-06-30 Return for the Portfolio 0.1066 2012-09-30 <p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was <strike></strike>14.59% (quarter ended June 30, 2009) <strike></strike>and the lowest return for a calendar quarter was - 23.42% <strike></strike>(quarter ended June 30, 2002). <strike></strike>&#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was <strike></strike>10.66%. </p> 0.0395 0.0514 -0.0075 0.0395 0.0514 -0.0075 0.0257 0.0443 -0.0063 0.0211 -0.0025 0.0292 0.1018 0.0067 0.0042 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20069 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030154Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with a healthcare index. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Health &amp; Biotechnology Portfolio seeks long-term capital growth. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b> </p> 830 830 1357 1357 1909 1909 3405 3405 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20066 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030154Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20067 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030154Member row primary compact * ~ Technology & Communications Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>25% of the average value of its portfolio. </p> 0.25 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. &#160;Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Preferred Stock Risk. Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Warrants Risk. The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Concentration Risk. Because of its specific focus, the Portfolio's performance is closely tied to, and affected by, events occurring in the information, communications and related technology industries. Companies in the same industry often face similar obstacles, issues and regulatory burdens. As a result, the securities owned by the Portfolio may react similarly to and move in unison with one another. Because technology continues to advance at an accelerated rate, and the number of companies and product offerings continues to expand, these companies could become increasingly sensitive to short product cycles, aggressive pricing and intense competition. Many technology companies sell stock before they have a commercially viable product, and may be acutely susceptible to problems relating to bringing their products to market. Additionally, many technology companies have very high price/earnings ratios, high price volatility, and high personnel turnover due to severe labor shortages for skilled technology professionals. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Emerging Technology Sector Risk. Because of its narrow focus, the Portfolio's performance is closely tied to, and affected by, events occurring in the emerging technology and general technology industries. Companies in the same industry often face similar obstacles, issues and regulatory burdens. As a result, the securities owned by the Portfolio may react similarly to and move in unison with one another. Because technology continues to advance at an accelerated rate, and the number of companies and product offerings continues to expand, these companies could become increasingly sensitive to short product cycles, aggressive pricing and intense competition. In some cases, there are some emerging technology companies, which sell stock before they have a commercially viable product, and may be acutely susceptible to problems relating to bringing their products to market. Additionally, many emerging technology companies have very high price/earnings ratios, high price volatility, and high personnel turnover due to severe labor shortages for skilled emerging technology professionals. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. The Portfolio's investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market's local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security's local price remains unchanged. &#160;Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. &#160;Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio's trades effected in those markets. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts <strike></strike>voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Small and Medium Capitalization Companies Risk. The Portfolio may invest in U.S. and foreign, small and medium capitalization securities. Investing in lesser-known, small and medium capitalization companies may involve greater risk of volatility of the Portfolio's share price than is customarily associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Portfolio to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific <strike></strike>Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Non-Diversification Risk. Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the fund's share price. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled &#8220;Additional Information About Investment Strategies and Related Risks.&#8221; </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the fund's share price. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its total assets in equity securities issued by technology and communications companies, both domestic and foreign, regardless of their stock market value (or &#8220;market capitalization&#8221;). Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. The Portfolio may invest up to 25% of its total assets in foreign companies. The Portfolio defines a "technology company" as an entity in which at least 50% of the company's revenues or earnings were derived from technology activities or at least 50% of the company's assets were devoted to such activities, based upon the company's most recent fiscal year. Technology companies may include, among others, companies that are engaged in the research, design, development or manufacturing of technology products. These companies include, among others, those in the Internet, medical, pharmaceutical, manufacturing, computer software and hardware industries. The Portfolio defines a "communications company" as an entity in which at least 50% of the company's revenues or earnings were derived from communications activities or at least 50% of the company's assets were devoted to such activities, based upon the company's most recent fiscal year. Communications activities may include, among others, regular telephone service; communications equipment and services; <a id="ReturnHereAfterFooterUpdate" name="ReturnHereAfterFooterUpdate"/>electronic components and equipment; broadcasting; computer software and hardware; semiconductors; mobile communications and cellular radio/paging; electronic mail and other electronic data transmission services; networking and linkage of word and data processing systems; publishing and information systems; video text and teletext; emerging technologies combining telephone, television and/or computer systems; and Internet and network equipment and services. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The Portfolio&#8217;s assets are approximately equally divided between the Advisers, each of whom manages its portion of the Portfolio&#8217;s assets independently. &#160;The Manager monitors the allocation of the Portfolio&#8217;s assets between the Advisers and may rebalance the allocation periodically. &#160;Below is a description of the investment process followed by each Adviser. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Loomis, Sayles &amp; Company, L.P. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#160;In deciding which securities to buy, hold, or sell, the Adviser seeks to identify stocks of companies that it believes will exceed current market expectations, as principally, but not exclusively represented by earnings per share. &#160;Both value and growth oriented approaches are employed in finding stocks that meet this objective, driven by bottom-up, research-driven analysis. &#160;Specific factors considered to be important in identifying growth stocks may include, but are not limited to, companies with: &#160;(i) strong revenue growth, (ii) leading or gains in market share, (iii) barriers to competition and (iv) high return on invested capital. &#160;Specific factors considered to be important in identifying value stocks may include, but are not limited to: &#160;(i) a valuation discount to intrinsic value, (ii) an underappreciated business or undervalued brand and (iii) the existence of one of several catalysts, such as a management change, business or debt restructuring, major capital reallocation, or resolution of legal or regulatory issues. &#160;In addition, specific attention is paid to the overall risk/reward potential of individual securities. &#160;The Adviser may employ strategies designed to reduce the overall risk of its allocated portion of the Portfolio, which may involve the use of exchange-traded funds (&#8220;ETFs&#8221;), options and investment grade debt securities. &#160;&#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Oak Associates, ltd. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> In buying and selling securities for the Portfolio, the Adviser relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position and economic and market conditions. &#160;Factors considered include growth potential, earnings, valuation, competitive advantages and management. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> When market or financial conditions warrant, the Portfolio may also make temporary investments in investment grade debt securities. &#160;Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0125 0.0040 0.0095 0.0260 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20072 column dei_LegalEntityAxis compact cik0000924628_S000010886Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030162Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20073 column dei_LegalEntityAxis compact cik0000924628_S000010886Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030162Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance. <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt">For the periods prior to January 6, 2003, the Portfolio operated as a separate fund called the Orbitex Info-Tech &amp; Communications Fund (the &#8220;Predecessor Fund&#8221;), which was managed by Orbitex Management, Inc. <b>&#160;</b>The investment policy of the Portfolio is substantially similar to that of the Predecessor Fund. <b>&#160;</b>The Predecessor Fund was subject to a similar level of fees as those applied to the Portfolio. The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio <b/>by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.5010 0.4004 0.0526 0.0649 0.0317 0.3038 -0.4604 0.6154 0.4903 -0.0964 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20076 column dei_LegalEntityAxis compact cik0000924628_S000010886Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030162Member row primary compact * ~ highest return 0.2414 2010-09-30 lowest return -0.2710 2002-06-30 Returns for the Portfolio 0.1843 2012-09-30 <p style="MARGIN: 0px; FONT-SIZE: 12pt"> During the periods shown in the bar chart, the highest return for a calendar quarter was 24.14% <strike></strike>(quarter ended September 30, 2010) <strike></strike>and the lowest return for a calendar quarter - 27.10% <strike></strike>(quarter ended <strike></strike>June 30, 2002). <strike></strike>&#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was <strike></strike>18.43%. </p> -0.1484 0.0759 0.0155 -0.1547 0.0743 0.0147 -0.0883 0.0658 0.0133 0.0211 -0.0025 0.0292 -0.0581 0.0273 0.0174 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20077 column dei_LegalEntityAxis compact cik0000924628_S000010886Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030162Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> The Technology &amp; Communications Portfolio seeks long-term growth of capital. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b> </p> 823 823 1337 1337 1876 1876 3341 3341 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20074 column dei_LegalEntityAxis compact cik0000924628_S000010886Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030162Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20075 column dei_LegalEntityAxis compact cik0000924628_S000010886Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030162Member row primary compact * ~ Financial Services Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>33% of the average value of its portfolio. </p> 0.33 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. &#160;Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. A principal risk of investing in the Portfolio is associated with common stock investments. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Preferred Stock Risk. Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 8px; FONT-SIZE: 12pt" align="justify"> Warrants Risk. The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Concentration Risk. Because of its specific focus, the Portfolio's performance is closely tied to and affected by events occurring in the financial services industry. Companies in the same industry often face similar obstacles, issues and regulatory burdens. As a result, the securities owned by the Portfolio may react similarly to and move in unison with one another. The Portfolio is more vulnerable to price fluctuations of financial services companies and other factors that particularly affect financial services industries than a more broadly diversified mutual fund. In particular, the prices of stock issued by many financial services companies have historically been more closely correlated with changes in interest rates than other stocks. Generally, when interest rates go up, stock prices of these companies go down. This relationship may not continue in the future. Financial services companies are subject to extensive government regulation which tends to limit both the amount and types of loans and other financial commitments the company can make, and the interest rates and fees it can charge. These limitations can have a significant impact on the profitability of a financial services company since profitability is impacted by the company's ability to make financial commitments such as loans. Insurance companies in which the Portfolio invests may also have an impact on the Portfolio's performance as insurers may be subject to severe price competition, claims activity, marketing competition and general economic conditions. Certain lines of insurance can be significantly influenced by specific events. For example, property and casualty insurer profits may be affected by certain weather catastrophes and other disasters; and life and health insurer profits may be affected by mortality risks and morbidity rates. &#160;The financial services industry is currently undergoing a number of changes such as continuing consolidations, development of new products and structures and changes to its regulatory framework. These changes are likely to have a significant impact on the financial services industry and the Portfolio. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. &#160;The Portfolio's investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market's local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security's local price remains unchanged. &#160;Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio's trades effected in those markets. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts <strike></strike>voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Small and Medium Capitalization Companies Risk. The Portfolio may invest in U.S. and foreign small and medium capitalization securities. Investing in lesser-known, small and medium capitalization companies may involve greater risk of volatility of the Portfolio's share price than is customarily associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Portfolio to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer Specific Risks. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Non-Diversification Risk. Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the fund's share price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. &#160; </p> <br/><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 6px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks.&#8221; </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the fund's share price. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its total assets in U.S. and foreign equity securities issued by financial services companies, regardless of their stock market value (or &#8220;market capitalization&#8221;). &#160;Equity securities include common stocks, securities convertible into common stocks, preferred stocks and warrants. Up to 20% of the Portfolio&#8217;s assets may be invested in U.S. and foreign securities outside of financial companies. &#160;The Portfolio will generally invest in companies that the Adviser expects will capitalize on emerging changes in the global financial services industries. &#160;The Adviser uses a research-based, bottom-up investment process, executed in a disciplined manner to select investments for the Portfolio. In deciding which securities to buy, hold or sell, the Adviser evaluates the following factors, which it believes determines future returns: &#160;(i) competitive position; (ii) profitability; (iii) financial strength (tangible equity/tangible assets, returns on equity, and free cash flow); (iv) business strategy; (v) earnings trends/earnings per share growth revisions; and (vi) valuation using discounted cash flow analysis. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> "Financial services company," for purposes of Portfolio investments, is defined as an entity in which at least 50% of the company's revenues or earnings were derived from financial services activities based upon the company's most recent fiscal year, or at least 50% of the company's assets were devoted to such activities based on the company's most recent fiscal year or any company which is included in the S&amp;P Financial Sector Index. &#160;Financial services companies provide financial services to consumers and industry. Examples of companies in the financial services sector include commercial banks, investment banks, savings and loan associations, thrifts, finance companies, brokerage and advisory firms, transaction and payroll processors, insurance companies, real estate and leasing companies, and companies that span across these segments, and service providers whose revenue is largely derived from the financial services sector. Under Securities and Exchange Commission (&#8220;SEC&#8221;) regulations, the Portfolio may not invest more than 5% of its total assets in the equity securities of any company that derives more than 15% of its revenues from brokerage or investment management activities. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0125 0.0040 0.0276 0.0441 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20080 column dei_LegalEntityAxis compact cik0000924628_S000010893Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030190Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20081 column dei_LegalEntityAxis compact cik0000924628_S000010893Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030190Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.). Shareholder Fees Performance: <p align="justify" style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 6px; FONT-SIZE: 12pt"> &#160;For the periods prior to January 6, 2003, the Portfolio operated as a separate fund called the Orbitex Financial Services Fund (the &#8220;Predecessor Fund&#8221;), which was managed by Orbitex Management, Inc. &#160;The investment policy of the Portfolio is substantially similar to that of the Predecessor Fund. &#160;The Predecessor Fund was subject to a similar level of fees as those applied to the Portfolio. &#160;The bar chart and table below show the performance of the &#160;Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio&#8217;s Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio &#160;compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.1473 0.2633 0.1265 0.0834 0.1642 -0.0604 -0.4940 0.1374 0.0306 -0.1625 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20084 column dei_LegalEntityAxis compact cik0000924628_S000010893Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030190Member row primary compact * ~ highest return 0.2136 2009-06-30 lowest return -0.3175 2008-12-31 Returns for the Porfolio 0.1287 2012-09-30 <p style="MARGIN: 0px; FONT-SIZE: 12pt"> During the periods shown in the bar chart, the highest return for a calendar quarter was 21.36% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -31.75% (quarter ended December 31, 2008). &#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was <strike></strike>12.87%. </p> -0.2106 -0.1515 -0.0388 -0.2106 -0.1540 -0.0463 -0.1369 -0.1195 -0.0304 0.0211 -0.0025 0.0292 -0.1420 -0.1236 -0.0173 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20085 column dei_LegalEntityAxis compact cik0000924628_S000010893Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030190Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31,2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Financial Services Portfolio seeks long-term growth of capital. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b> </p> 992 992 1833 1833 2684 2684 4856 4856 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20082 column dei_LegalEntityAxis compact cik0000924628_S000010893Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030190Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20083 column dei_LegalEntityAxis compact cik0000924628_S000010893Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030190Member row primary compact * ~ Energy & Basic Materials Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was <strike/>46% of the average value of its portfolio. </p> 0.46 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. &#160;Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Preferred Stock Risk. &#160;Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. &#160;The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Warrants Risk. &#160;The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Concentration Risk. Because of its specific focus, the Portfolio's performance is closely tied to and affected by events occurring in the energy and basic materials industries. Companies in the same industry often face similar obstacles, issues and regulatory burdens. As a result, the securities owned by the Portfolio may react similarly to and move in unison with one another. Companies in the energy and basic materials sector are subject to swift fluctuations in supply and demand. These fluctuations may be caused by events relating to international political and economic developments, energy conservation, the success of exploration projects, the environmental impact of energy and basic materials operations and tax and other governmental regulatory policies. Consequently, the Portfolio's performance may sometimes be significantly better or worse than that of other types of funds. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. &#160;The Portfolio's investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market's local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security's local price remains unchanged. Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. &#160;Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio's trades effected in those markets. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts <strike></strike>voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Small and Medium Capitalization Companies Risk. The Portfolio may invest in U.S and foreign small and medium capitalization securities. Investing in lesser-known, small and medium capitalization companies may involve greater risk of volatility of the Portfolio's share price than is customarily associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Portfolio to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Non-Diversification Risk. Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the fund's share price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled &#8220;Additional Information About Investment Strategies and Related Risks.&#8221; </p> Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the fund's share price. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its total assets in equity securities issued by U.S. and foreign Energy and Basic Materials Companies, regardless of their stock market value (or &#8220;market capitalization&#8221;). &#160;The Portfolio utilizes the Standard &amp; Poor&#8217;s classification system for purposes of determining whether a company is an Energy or Basic Materials Company. &#160;Standard &amp; Poor&#8217;s maintains a proprietary classification system similar to the North American Industry Classification System which classifies companies according to industry sectors and groups. &#160;Companies classified as Energy or Basic Materials Companies by Standard &amp; Poor&#8217;s are involved in the exploration, development, production, refining or distribution of oil, natural gas, coal, and uranium, the construction or provision of oil rigs, drilling equipment and other energy related services and equipment, basic materials such as metals, minerals, chemicals, water, forest product, precious metals, glass and industrial gases or provide materials, products or services to such companies. &#160;Equity securities include common stocks, securities convertible into common stocks, preferred stocks and warrants. &#160;Standard &amp; Poor&#8217;s classifications are utilized to identify sectors. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt"> Loomis Sayles&#8217; stock selection process is driven primarily by fundamental analysis of the energy sector and related industries and individual companies within them. &#160;Loomis Sayles generates investment ideas by, among other things, sector and industry analysis, valuation analysis, management interviews and other forms of proprietary investment research, including a review of financial dynamics affecting an issuer. &#160;Once an investment opportunity is identified, Loomis Sayles seeks to determine inherent or intrinsic value through various valuation metrics, which will vary depending upon the industry involved. &#160;These valuation techniques include, but are not limited to, price earnings ratio analysis, price to sales ratio analysis, relative price to earnings ratio analysis, price to book and cash flow ratio analysis and discounted cash flow. &#160;Valuation methodology is industry-specific within the energy sector and the determination of intrinsic value of a particular security is driven by specific industry metrics. &#160;Based on this analysis, Loomis Sayles establishes company-specific price targets and position weights. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0575 0.0000 0.0000 -0.0200 0.0000 0.0125 0.0040 0.0158 0.0001 0.0324 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20088 column dei_LegalEntityAxis compact cik0000924628_S000010894Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030194Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20089 column dei_LegalEntityAxis compact cik0000924628_S000010894Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030194Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information-Reduced Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Purchases of $1 million or more by certain investors are not subject to any sales load at the time of purchase, but a 1.00% contingent deferred sales charge applies on amounts redeemed within one year of purchase. (See "Shareholder Information-Contingent Deferred Sales Charge" section.) Shareholder Fees Performance: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;For the periods prior to January 6, 2003, the Portfolio operated as a separate fund called the Orbitex Energy &amp; Basic Materials Fund (the &#8220;Predecessor Fund&#8221;), which was managed by Orbitex Management, Inc. &#160;The investment policy of the Portfolio is substantially similar to that of the Predecessor Fund. &#160;The Predecessor Fund was subject to a similar level of fees as those applied to the Portfolio. &#160;The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. &#160;The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.0583 0.1879 0.2854 0.4012 0.0555 0.3244 -0.4789 0.4234 0.2403 -0.1122 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20092 column dei_LegalEntityAxis compact cik0000924628_S000010894Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030194Member row primary compact * ~ highest return 0.2393 2005-09-30 lowest return -0.3269 2008-12-31 Results for the Portfolio -0.0120 2012-09-30 <p style="MARGIN: 0px; FONT-SIZE: 12pt"> During the periods shown in the bar chart, the highest return for a calendar quarter was 23.93% (quarter ended September 30, 2005) and the lowest return for a calendar quarter was -32.69% (quarter ended December 31, 2008). &#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class A shares was - 1.20%. <strike></strike> </p> -0.1631 0.0039 0.0804 -0.1631 -0.0221 0.0657 -0.1060 -0.0034 0.0674 0.0211 -0.0025 0.0292 -0.0807 0.0157 0.1117 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20093 column dei_LegalEntityAxis compact cik0000924628_S000010894Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030194Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and include the effect of Class A shares maximum applicable front-end sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table below show the performance of the Class A shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. 1-800-807-FUND www.saratogacap.com AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Energy &amp; Basic Materials Portfolio seeks long-term growth of capital. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, if you held or sold your shares, at the end of each period would be:</b> </p> 883 883 1516 1516 2170 2170 3911 3911 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20090 column dei_LegalEntityAxis compact cik0000924628_S000010894Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030194Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20091 column dei_LegalEntityAxis compact cik0000924628_S000010894Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030194Member row primary compact * ~ U.S. Government Money Market Portfolio Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. Shares of the Portfolio are not bank deposits and an investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. &#160;Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Credit and Interest Rate Risk. A principal risk of investing in the Portfolio is associated with its U.S. government securities investments which are subject to two types of risks: credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. Interest rate risk, another risk of debt securities, refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. &#160;Repurchase agreements involve a greater degree of credit risk. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Government-Sponsored Enterprises Risk. U.S. government-sponsored enterprises are not backed by the full faith and credit of the U.S. Government. There is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. &#160;Certain U.S. government securities purchased by the Portfolio, such as those issued by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the United States. &#160;The maximum potential liability of the issuers of some U.S. government securities held by the Portfolio may greatly exceed their current resources, including their legal right to support from the Treasury. &#160;It is possible that these issuers will not have the funds to meet their payment obligations in the future. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks.&#8221; </p> Shares of the Portfolio are not bank deposits and an investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The Portfolio will invest at least 80% of its assets in high quality, short-term U.S. government securities. The Adviser seeks to maintain the Portfolio&#8217;s share price at $1.00. The share price remaining stable at $1.00 means that the Portfolio would preserve the principal value of your investment. &#160; </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt"> The U.S. government securities that the Portfolio may purchase include: </p> <br/><p style="MARGIN-TOP: 0px; WIDTH: 48px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> &#183; </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt" align="justify"> U.S. treasury bills, notes and bonds, all of which are direct obligations of the U.S. Government.<br /> </p> <br/><p style="MARGIN-TOP: 0px; WIDTH: 48px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; CLEAR: left; FONT-SIZE: 12pt"> &#183; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -2px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 8px; FONT-SIZE: 12pt" align="justify"> Securities issued by agencies and instrumentalities of the U.S. Government which are backed by the full faith and credit of the United States. Among the agencies and instrumentalities issuing these obligations are the Government National Mortgage Association (&#8220;Ginnie Mae&#8221;) and the Federal Housing Administration. </p> <br/><p style="MARGIN-TOP: 0px; WIDTH: 48px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; CLEAR: left; FONT-SIZE: 12pt"> &#183; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -2px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 8px; FONT-SIZE: 12pt" align="justify"> Securities issued by agencies and instrumentalities, which are not backed by the full faith and credit of the United States, but whose issuing agency or instrumentality has the right to borrow from the U.S. Department of the Treasury (the &#8220;Treasury&#8221;) to meet their obligations. Among these agencies and instrumentalities are the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;), the Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) and the Federal Home Loan Bank. &#160;Fannie Mae and Freddie Mac each may borrow from the Treasury to meet their <strike></strike>obligations, but the Treasury is under no obligation to lend to Fannie Mae or Freddie Mac. &#160;In September 2008, the Treasury announced that the U.S. Government would be taking over Fannie Mae and Freddie Mac and placing the companies into conservatorship. &#160; </p> <br/><p style="MARGIN-TOP: 0px; WIDTH: 48px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; CLEAR: left; FONT-SIZE: 12pt"> &#183; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -2px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 8px; FONT-SIZE: 12pt" align="justify"> Securities issued by agencies and instrumentalities, which are backed solely by the credit of the issuing agency or instrumentality. Among these agencies and instrumentalities is the Federal Farm Credit System. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> In addition, the Portfolio may invest in repurchase agreements collateralized by securities issued by the U.S. Government, its agencies and instrumentalities. </p> Fees and Expenses: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0500 0.0000 0.0000 0.00475 0.0100 0.00605 0.0208 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20096 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030149Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20097 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030149Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information -Contingent Deferred Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt">The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;&#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s current 7-day yield by calling toll free 1-800-807-FUND. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.0023 0.0003 0.0023 0.0197 0.0382 0.0389 0.0102 0.0001 0.0001 0.0000 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20100 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030149Member row primary compact * ~ highest return 0.0103 2006-12-31 lowest return 0.0000 2011-12-31 Return for the Portfolio 0.0000 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was 1.03% (quarter ended December 31, 2006) and the lowest return for a calendar quarter was 0.00% (quarter ended December 31, 2011). <strike></strike>For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class B shares was 0.00%. </p> -0.0500 0.0059 0.0111 0.0008 0.0136 0.0185 0.0001 0.0112 0.0146 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20101 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030149Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. 1-800-807-FUND The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Investment Objective: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 10px; FONT-SIZE: 12pt"> &#160;The U.S. Government Money Market Portfolio seeks to provide maximum current income to the extent consistent with the maintenance of liquidity and the preservation of capital. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions.</b> </p> 711 952 1319 2154 211 652 1119 2154 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20098 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030149Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20099 column dei_LegalEntityAxis compact cik0000924628_S000010883Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030149Member row primary compact * ~ IF YOU SOLD YOUR SHARES IF YOU HELD YOUR SHARES Investment Quality Bond Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 43% <strike/>of the average value of its portfolio. </p> 0.43 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Fixed Income Securities Risk. Principal risks of investing in the Portfolio are associated with its fixed-income investments. All fixed-income securities are subject to two types of risk: credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. &#160;Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. (Zero coupon securities are typically subject to greater price fluctuations than comparable securities that pay current interest.) Long-term fixed-income securities will rise and fall in response to interest rate changes to a greater extent than short-term securities. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Mortgage-Backed Securities and Prepayment Risk. Mortgage-backed securities, such as mortgage pass-through securities, have different risk characteristics than traditional debt securities. Although the value of fixed-income securities generally increases during periods of falling interest rates and decreases during periods of rising interest rates, this is not always the case with mortgage-backed securities. This is due to the fact that the principal on underlying mortgages may be prepaid at any time as well as other factors. Generally, prepayments will increase during a period of falling interest rates and decrease during a period of rising interest rates. The rate of prepayments also may be influenced by economic and other factors. Prepayment risk includes the possibility that, as interest rates fall, securities with stated interest rates may have the principal prepaid earlier than expected, requiring the Portfolio to invest the proceeds at generally lower interest rates. Investments in mortgage-backed securities are made based upon, among other things, expectations regarding the rate of prepayments on underlying mortgage pools. Rates of prepayment faster or slower than expected by the Adviser could reduce the Portfolio&#8217;s yield, increase the volatility of the Portfolio and/or cause a decline in net asset value. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities. In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Portfolio. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. &#160; </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. &#160; </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks.&#8221; </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its assets in investment grade fixed-income securities, mortgage pass-through securities or non-rated securities considered by the Adviser to be of comparable quality. In deciding which securities to buy, hold or sell, the Adviser considers economic developments, interest rate trends and other factors such as the issuer&#8217;s creditworthiness. The average maturity of the securities held by the Portfolio may range from three to ten years. Mortgage pass-through securities are mortgage-backed securities that represent a participation interest in a pool of residential mortgage loans originated by the U.S. Government or private lenders such as banks. They differ from conventional debt securities, which provide for periodic payment of interest in fixed amounts and principal payments at maturity or on specified call dates. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments made by the individual borrowers on the pooled mortgage loans. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The Portfolio may invest in mortgage pass-through securities that are issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac. &#160;Ginnie Mae securities are backed by the full faith and credit of the United States. &#160;Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the United States, but they have the right to borrow from the U.S. Treasury to meet their obligations, although the Treasury is not legally required to extend credit to the agencies/instrumentalities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Private mortgage pass-through securities also can be Portfolio investments. They are issued by private originators of and investors in mortgage loans, including savings and loan associations and mortgage banks. Since private mortgage pass-through securities typically are not guaranteed by an entity having the credit status of a U.S. government agency, the securities generally are structured with one or more type of credit enhancement. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> In addition, the Portfolio may invest up to 5% of its net assets in fixed-income securities rated lower than investment grade, commonly known as "junk bonds." </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0000 0.0000 0.0500 -0.0200 0.0000 0.0055 0.0100 0.0107 0.0001 0.0263 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20104 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030165Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20105 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030165Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information - Contingent Deferred Sales Charge" section.) Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement includes only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.0736 0.0199 0.0143 -0.0025 0.0194 0.0529 0.0242 0.0472 0.0313 0.0162 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20108 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030165Member row primary compact * ~ highest return 0.0428 2002-09-30 lowest return -0.0200 2004-06-30 Return for the Portfolio 0.0233 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was 4.28% &#160;(quarter ended September 30, 2002) and the lowest return for a calendar quarter was -2.00% (quarter ended June 30, 2004). &#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class B shares was 2.33%. <strike></strike> </p> -0.0331 0.0308 0.0294 -0.0410 0.0223 0.0196 -0.0189 0.0218 0.0201 0.0608 0.0586 0.0489 0.0399 0.0480 0.0429 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20109 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030165Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. &#160; </p> The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. 1-800-807-FUND www.saratogacap.com Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Investment Objective: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Investment Quality Bond Portfolio seeks current income and reasonable stability of principal. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions.</b> </p> 766 1117 1595 2721 266 817 1395 2721 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20106 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030165Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20107 column dei_LegalEntityAxis compact cik0000924628_S000010887Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030165Member row primary compact * ~ IF YOU SOLD YOUR SHARES IF YOU HELD YOUR SHARES Large Cap Value Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 66% <strike/>of the average value of its portfolio. </p> 0.66 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. <b/>Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. &#160;In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. &#160;&#160;The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. &#160;To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. &#160;If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Preferred Stock Risk. &#160;Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Warrants Risk. The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Value Style Investing Risk. &#160;Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, their valuation levels are lower than those of growth stocks. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Portfolio&#8217;s return may be adversely affected during market downturns and when value stocks are out of favor. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio&#8217;s investment strategy </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks&#8221;. </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its total assets in a diversified portfolio of equity securities issued by U.S. issuers with total market capitalizations of $5 billion or greater at the time of purchase. Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. &#160;&#160;In determining which securities to buy, hold or sell, the Portfolio&#8217;s Adviser focuses its investment selection on finding high quality companies with compelling valuations, measurable catalysts to unlock value and above-average long-term earnings growth potential. &#160;In general, the Adviser looks for companies that have value-added product lines to help preserve pricing power, a strong history of free cash flow generation, strong balance sheets, competent management with no record of misleading shareholders, and financially sound customers. &#160;Independent research is used to produce estimates for future earnings, which are inputs into the Adviser&#8217;s proprietary valuation model. The Adviser focuses its investments where it has a differentiated view and there exists, in its view, significant price appreciation potential to its estimate of the stocks&#8217; intrinsic value. &#160;Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0000 0.0000 0.0500 -0.0200 0.0000 0.0065 0.0100 0.0093 0.0258 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20112 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030173Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20113 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030173Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information - Contingent Deferred Sales Charge" section.) Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees Performance: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. &#160;You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.2939 0.3043 0.0807 0.0482 0.1748 -0.1024 -0.5212 0.3572 0.1360 -0.0663 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20116 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030173Member row primary compact * ~ highest return 0.1745 2009-06-30 lowest return -0.2431 2008-12-31 Return for the Portfolio 0.1236 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> During the periods shown in the bar chart, the highest return for a calendar quarter was 17.45% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -24.31% (quarter ended December 31, 2008). &#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class B shares was 12.36%. <strike></strike> </p> -0.1130 -0.0946 -0.0273 -0.1130 -0.0992 -0.0297 -0.0735 -0.0767 -0.0221 -0.0055 -0.0297 0.0353 -0.0084 -0.0234 0.0269 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20117 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030173Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class A shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. 1-800-807-FUND www.saratogacap.com Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Investment Objective: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Large Capitalization Value Portfolio seeks total return consisting of capital appreciation and dividend income. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 16px"> <font style="FONT-SIZE: 12pt"/><font style="FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions.</b></font> </p> 761 1102 1570 2671 261 802 1370 2671 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20114 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030173Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20115 column dei_LegalEntityAxis compact cik0000924628_S000010889Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030173Member row primary compact * ~ IF YOU SOLD YOUR SHARES IF YOU HELD YOUR SHARES Large Cap Growth Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 16% <strike/>of the average value of its portfolio. </p> 0.16 Principal Investment Risks: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"><b><strike/></b>&#160;There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. &#160;Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. &#160;To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. &#160;If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 11pt" align="justify"> Preferred Stock Risk. <font style="FONT-SIZE: 12pt">Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments.</font> </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 11pt" align="justify"> Warrants Risk. <font style="FONT-SIZE: 12pt">The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant.</font> </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Growth Style Investing Risk. &#160;Growth investing involves buying stocks that have relatively high price-to-earnings ratios. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. During periods of growth stock underperformance, the Portfolio&#8217;s performance may suffer. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio&#8217;s investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The Portfolio will normally invest at least 80% of its total assets in a portfolio of equity securities issued by U.S. issuers with total market capitalizations of $5 billion or more. &#160;Equity securities include common <strike/>stock, preferred stocks, securities convertible into common stock, and warrants. The Portfolio generally concentrates its holdings in a relatively small number of companies. The Adviser uses a research-based, bottom-up investment process, executed in a disciplined manner to select investments for the Portfolio. Loomis Sayles takes a private equity approach to investing with a long-term, fundamental and bottom-up approach.&#160; The goal is to invest in high quality, structurally good businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.&#160; Loomis Sayles believes that few businesses have these combined characteristics.&#160; Given the rare confluence of quality, sustainable growth and discount to Loomis Sayles&#8217; estimate of the intrinsic value for the underlying business, Loomis Sayles focuses the Portfolio in high-conviction businesses.&#160; The nature of Loomis Sayles&#8217; investment process leads to sector positioning derived from fundamental research.&#160; Loomis Sayles may study dozens of companies but may only invest in a select few businesses each year.&#160; Loomis Sayles strives to invest in these companies when it believes there is an inefficiency (i.e., a disconnect between the long-term fundamentals and expectations embedded).&#160; This inefficiency may arise as investors overreact to short-term, non-secular events, underestimate or misunderstand long-term growth potential, or as momentum and short-term focus may create a disconnect between the market price and long-term fundamentals of a business.&#160; </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Loomis Sayles will consider selling an investment when the Portfolio manager believes <strike></strike>the issuer&#8217;s investment fundamentals are beginning to deteriorate, there are unfavorable structural changes with the issuer&#8217;s underlying business, or the investment no longer appears consistent with the Portfolio manager&#8217;s investment methodology.&#160; In addition, Loomis Sayles will also consider selling an investment when the Portfolio must meet redemption requests, to try to take advantage of more attractive investment opportunities, or for other investment reasons which the Portfolio manager deems appropriate.&#160; </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities.&#160;&#160; Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0000 0.0000 0.0500 -0.0200 0.0000 0.0065 0.0100 0.0093 0.0258 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20120 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030177Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20121 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030177Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See " Shareholder Information - Contingent Deferred Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio <b/>by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;&#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.3167 0.2376 0.0039 0.1889 -0.0679 0.3607 -0.5125 0.3603 0.2618 0.0275 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20124 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030177Member row primary compact * ~ highest return 0.1962 2010-09-30 lowest return -0.2706 2008-12-31 Return for the Portfolio 0.1384 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was 19.62% (quarter ended September 30, 2010) and the lowest return for a calendar quarter was -27.06% (quarter ended December 31, 2008). For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class B shares was 13.84%. <strike></strike> </p> -0.0165 0.0283 0.0096 -0.0387 0.0238 0.0074 0.0183 0.0242 0.0082 0.0473 0.0238 0.0212 -0.0256 0.0034 0.0152 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20125 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030177Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. &#160; </p> The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. 1-800-807-FUND www.saratogacap.com Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Large Capitalization Growth Portfolio seeks capital appreciation. </p> Example: <p align="justify" style="PAGE-BREAK-BEFORE: always; MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</b> <b>The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions.</b> &#160;&#160;&#160; </p> 761 1102 1570 2671 261 802 1370 2671 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20122 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030177Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20123 column dei_LegalEntityAxis compact cik0000924628_S000010890Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030177Member row primary compact * ~ IF YOU SOLD YOUR SHARES IF YOU HELD YOUR SHARES Mid Capitalization Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 60 <strike/>% of the average value of its portfolio. </p> 0.60 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. &#160;Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. &#160;&#160;The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. &#160;To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. &#160;If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 8px; FONT-SIZE: 11pt" align="justify"> <font size="3">Preferred Stocks Risk.</font> <font style="FONT-SIZE: 12pt">Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments.</font> </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 11pt" align="justify"> <font size="3">Warrants Risk.</font> <font style="FONT-SIZE: 12pt">The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant.</font> </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#160; <strike></strike><strike></strike>Medium and Small Capitalization Companies Risk. The Portfolio may also invest in small capitalization companies. &#160;&#160;Investing in medium and small capitalization companies may involve more risk than is usually associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Portfolio to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. &#160;&#160;The Portfolio&#8217;s investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market&#8217;s local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security&#8217;s local price remains unchanged. Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. &#160;Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio&#8217;s trades effected in those markets. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk <strike></strike>. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. Adviser Risk. The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio&#8217;s investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks". </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its total assets in equity securities of companies traded on U.S. exchanges or over-the-counter (&#8220;OTC&#8221;) markets that have a total market capitalization of between $1 billion and $15 billion at the time of purchase. Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. The Portfolio invests in securities of companies that are believed by the Adviser to be undervalued, thereby offering above-average potential for capital appreciation. The Portfolio may also invest in equity securities of foreign companies. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> The Adviser invests in medium capitalization companies with a focus on absolute return using a bottom-up value oriented investment process. The Adviser seeks companies with the following characteristics, although not all of the companies it selects will have these attributes: </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; companies earning a positive economic margin with stable-to-improving returns; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; companies valued at a discount to their asset value; and </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; companies with an attractive dividend yield and minimal basis risk. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> In selecting investments, the Adviser generally employs the following strategy: </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; value-driven investment philosophy that selects stocks selling at attractive values based upon business fundamentals, economic margin analysis, discounted cash flow models and historical valuation multiples. The Adviser reviews companies that it believes are out-of-favor or misunderstood; </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; use of value-driven screens to create a research universe of companies with market capitalizations of at least $1 billion; and </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#8226; use of fundamental and risk analysis to construct a portfolio of securities that the Adviser believes has an attractive return potential. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0000 0.0000 0.0500 -0.0200 0.0000 0.0075 0.0100 0.0120 0.0001 0.0296 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20128 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030156Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20129 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030156Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Contingent Deferred Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statement (or the financial highlights in this Prospectus) because the financial statement include only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;For the periods prior to January 6, 2003, the Portfolio operated as a separate fund called the Orbitex Caterpillar Mid-Cap Relative Value Fund (the &#8220;Predecessor Fund&#8221;), which was managed by Orbitex Management, Inc. The investment policy of the Portfolio is substantially similar to that of the Predecessor Fund. &#160;&#160;The Predecessor Fund was subject to a similar level of fees as those applied to the Portfolio. &#160;The bar chart and table that follow <strike/>show the performance of the Portfolio&#8217;s Class B shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio&#8217;s Class B shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. &#160;The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.3741 0.1713 0.0339 0.0856 0.0713 -0.3349 0.2990 0.1865 -0.0491 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20132 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030156Member row primary compact * ~ highest return 0.2173 2003-06-30 lowest return -0.2251 2001-09-30 Return for the Portfolio 0.1008 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was 21.73% (quarter ended June 30, 2003) and the lowest return for a calendar quarter was - 22.51 <strike></strike>% (quarter ended September 30, 2011). <strike></strike>&#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class B shares was 10.08%. <strike></strike> </p> -0.0966 0.0050 0.0478 -0.0966 0.0002 0.0358 -0.0628 0.0020 0.0384 -0.0155 0.0141 0.0803 -0.0411 0.0037 0.0625 2002-07-01 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20133 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030156Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; PADDING-LEFT: 8px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow show the performance of the Portfolio's Class B shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for the past 1 and 5 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. 1-800-807-FUND www.saratogacap.com Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURNS ( FOR THE PERIODS ENDED DECEMBER 31, 2011) Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> The Mid Capitalization Portfolio seeks long-term capital appreciation. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions.</b> </p> 799 1215 1757 3045 299 915 1557 3045 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20130 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030156Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20131 column dei_LegalEntityAxis compact cik0000924628_S000010885Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030156Member row primary compact * ~ IF YOU SOLD YOUR SHARES IF YOU HELD YOUR SHARES Small Cap Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 39 <strike/>% of the average value of its portfolio. </p> 0.39 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. &#160;Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Small Capitalization Companies Risk <strike></strike>. The Portfolio&#8217;s investments in small and medium capitalization companies carry more risk than investments in larger companies. While some of the Portfolio&#8217;s holdings in these companies may be listed on a national securities exchange, such securities are more likely to be traded in the OTC market. The low market liquidity of these securities may have an adverse impact on the Portfolio&#8217;s ability to sell certain securities at favorable prices and may also make it difficult for the Portfolio to obtain market quotations based on actual trades, for purposes of valuing its securities. Investing in lesser known, small and medium capitalization companies involves greater risk of volatility of the Portfolio&#8217;s net asset value than is customarily associated with larger, more established companies. Often small and medium capitalization companies and the industries in which they are focused are still evolving and, while this may offer better growth potential than larger, more established companies, it also may make them more sensitive to changing market conditions. &#160;Small capitalization companies may have returns that can vary, occasionally significantly, from the market in general. &#160;In addition, small capitalization companies may not pay a dividend. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. &#160;The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. &#160;&#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio&#8217;s investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> The Portfolio will normally invest at least 80% of its total assets in common stocks of companies whose stock market capitalizations fall within the range of capitalizations in the Russell 2000<sup>&#174;</sup> Index. The market capitalization range of the Russell 2000<sup>&#174;</sup> Index at September 30, 201 2 <strike/>was $ 45 <strike/>million to $ 4.454 <strike/>billion. The Russell 2000<sup>&#174;</sup> Index is reconstituted annually at the midpoint of the calendar year. &#160;The Portfolio will also occasionally invest a portion of its assets in mid-cap stocks that are small relative to their industries that the Adviser believes have compelling valuations and fundamentals, and it will not immediately sell a security that was bought as a small-cap stock but through appreciation has become a mid-cap stock. In selecting securities for the Portfolio, the Adviser begins with a screening process that seeks to identify growing companies whose stocks sell at discounted price-to-earnings and price-to-cash flow multiples. The Adviser also attempts to discern situations where intrinsic asset values are not widely recognized. The Adviser favors such higher-quality companies that generate strong cash flow, provide above-average free cash flow yields and maintain sound balance sheets. Rigorous fundamental analysis, from both a quantitative and qualitative standpoint, is applied to all investment candidates. While the Adviser employs a disciplined "bottom-up" approach that attempts to identify undervalued stocks, it nonetheless is sensitive to emerging secular trends. The Adviser does not, however, rely on macroeconomic forecasts in its stock selection efforts and prefers to remain fully invested. Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0000 0.0000 0.0500 -0.0200 0.0000 0.0065 0.0100 0.0105 0.0001 0.0271 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20136 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030181Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20137 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030181Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Contingent Deferred Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The Operating Expenses in the above fee table will not correlate to the expense ratio in the Portfolio's financial statements (or the financial highlights in this Prospectus) because the financial statement include s only the direct operating expenses incurred by the Investment Quality Bond Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds"). Small Capitalization Portfolio Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio&#8217;s Class B shares from year-to-year and by showing how the average annual returns for the past 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;&#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.0942 0.3430 0.1920 0.0340 0.1430 0.0192 -0.2706 0.2252 0.1568 -0.0179 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20140 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030181Member row primary compact * ~ highest return 0.1821 2009-06-30 lowest return -0.2271 2008-12-31 Return for the Portfolio 0.0606 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was 18.21% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was -22.71% (quarter ended December 31, 2008). &#160;For the period January 1, 201 2 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class B shares was 6.06%. <strike></strike> </p> -0.0642 0.0045 0.0590 -0.0727 -0.0117 0.0414 -0.0304 0.0014 0.0489 -0.0418 0.0015 0.0562 -0.0427 -0.0022 0.0547 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20141 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030181Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; TEXT-INDENT: 5px; PADDING-LEFT: 3px; MARGIN-BOTTOM: 12px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. &#160; </p> The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for the past 1, 5 and 10 years of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. 1-800-807-FUND www.saratogacap.com Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">The Small Capitalization Portfolio seeks maximum capital appreciation. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; MARGIN-BOTTOM: 16px; CLEAR: left"> <font style="FONT-SIZE: 12pt"/><font style="FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions.</b></font> </p> 774 1141 1635 2800 274 841 1435 2800 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20138 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030181Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20139 column dei_LegalEntityAxis compact cik0000924628_S000010891Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030181Member row primary compact * ~ IF YOU SOLD YOUR SHARES IF YOU HELD YOUR SHARES International Equity Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 39 <strike/>% of the average value of its portfolio. </p> 0.39 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation <b/>or any other government agency. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. The Portfolio's investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market's local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security's local price remains unchanged. Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio's trades effected in those markets. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts <strike></strike>voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. The frequency of the <strike></strike>Portfolio's transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio's performance.<br /> </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio&#8217;s investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks.&#8221; </p> When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt">The Portfolio will normally invest at least 80% of its total assets in the equity securities of companies located outside of the United States. Equity securities consist of common stock and other securities such as depositary receipts. Under normal market conditions, at least 65% of the Portfolio&#8217;s assets will be invested in securities of issuers located in at least three foreign countries (generally in excess of three), which may include countries with developing and emerging economies. The Adviser seeks to purchase undervalued stocks with above average dividend yields and a fundamental catalyst such as improving prospects or a sustainable competitive advantage. &#160;Emphasis is placed on bottom-up stock selection. &#160;In addition, the Adviser considers four global opportunity fundamentals - <strike/>Macro, Political, Business and Portfolio diversification - to assist in the basis of portfolio construction. &#160;A stock is sold when it no longer meets the Adviser&#8217;s criteria. Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0000 0.0000 0.0500 -0.0200 0.0000 0.0075 0.0100 0.0182 0.0357 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20144 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030185Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20145 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030185Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Contingent Deferred Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio&#8217;s Class B shares from year-to-year and by showing how the average annual returns for the past 1, 5 and 10 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. &#160;The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. &#160;&#160;The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting <font style="COLOR: #0000ff"><u>www.saratogacap.com</u></font> . </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS 0.2426 0.3064 0.1619 0.1148 0.2206 0.0813 -0.4678 0.2790 0.1049 -0.2088 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20148 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030185Member row primary compact * ~ highest return 0.2255 2009-06-30 lowest return -0.2413 2011-09-30 Return for the Portfolio 0.0576 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was 22.55% (quarter ended June 30, 2009) and the lowest return for a calendar quarter was - 24.13 <strike></strike>% (quarter ended September 30, 2011). <strike></strike>&#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class B shares was 5.76%. <strike></strike> </p> -0.2482 -0.0880 0.0007 -0.2491 -0.0888 0.0002 -0.1613 -0.0727 0.0005 -0.1214 -0.0472 0.0467 -0.1390 -0.0475 0.0391 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20149 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030185Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Portfolio by showing changes in the performance of the Portfolio's Class B shares from year-to-year and by showing how the average annual returns for the past 1, 5 and 10 years of the Portfolio and for the life of the Portfolio compare with those of a broad measure of market performance, as well as with an index of funds with similar investment objectives. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. 1-800-807-FUND www.saratogacap.com Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Investment Objective: <p style="MARGIN-TOP: 0px; TEXT-INDENT: -8px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> The International Equity <b/>Portfolio seeks long-term capital appreciation. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"><b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions.</b> </p> 860 1394 2050 3614 360 1094 1850 3614 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20146 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030185Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20147 column dei_LegalEntityAxis compact cik0000924628_S000010892Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030185Member row primary compact * ~ IF YOU SOLD YOUR SHARES IF YOU HELD YOUR SHARES Health & Biotchnology Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio&#8217;s performance. &#160;During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 18 <strike/>% of the average value of its portfolio. </p> 0.18 Principal Investment Risks: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;There is no assurance that the Portfolio will achieve its investment objective. The Portfolio share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Common Stock Risk. &#160;In general, stock values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. Stock prices can fluctuate widely in response to these factors. &#160;Common stockholders are subordinate to debt or preferred stockholders in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than preferred stock or debt instruments. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> &#160;Preferred Stock Risk. &#160;Preferred stocks involve credit risk and certain other risks. &#160;Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip distributions (in the case of &#8220;non-cumulative&#8221; preferred stocks) or defer distributions (in the case of &#8220;cumulative&#8221; preferred stocks). &#160;If the Portfolio owns a preferred stock on which distributions are deferred, the Portfolio may nevertheless be required to report income for tax purposes while it is not receiving distributions on that security. &#160;Preferred stocks are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Convertible Securities Risk. The Portfolio&#8217;s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. &#160;To the extent that a convertible security&#8217;s investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise, as with a fixed-income security. &#160;If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> &#160;Warrants Risks. &#160;&#160;The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. &#160;Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. &#160;Prices of warrants do not necessarily move in tandem with the prices of the underlying securities, and are speculative investments. &#160;Warrants pay no dividends and confer no rights other than a purchase option. &#160;If a warrant is not exercised by the date of its expiration, the Portfolio will lose its entire investment in such warrant. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Concentration Risk. Because of its specific focus, the Portfolio&#8217;s performance is closely tied to and affected by events occurring in the healthcare and biotechnology industries. Companies in the same industry often face similar obstacles, issues and regulatory burdens. As a result, the securities owned by the Portfolio may react similarly to, and move in unison with, one another. Healthcare companies are subject to government regulation and approval of their products and services, which can have a significant effect on their market price. Furthermore, the types of products or services produced or provided by these companies may quickly become obsolete. Moreover, liability for products that are later alleged to be harmful or unsafe may be substantial, and may have a significant impact on a healthcare company&#8217;s market value and/or share price. Biotechnology companies are affected by patent considerations, intense competition, rapid technology change and obsolescence, and regulatory requirements of various federal and state agencies. In addition, many of these companies are relatively small and have thinly-traded securities, may not yet offer products or offer a single product, and may have persistent losses during a new product&#8217;s transition from development to production or erratic revenue patterns. Moreover, stock prices of biotechnology companies are very volatile, particularly when their products are up for regulatory approval and/or under regulatory scrutiny. &#160;Consequently, the Portfolio&#8217;s performance may sometimes be significantly better or worse than that of other types of funds. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Foreign Securities Risk. &#160;The Portfolio&#8217;s investments in foreign securities (including depositary receipts) involve risks in addition to the risks associated with domestic securities. One additional risk is currency risk. While the price of Portfolio shares is quoted in U.S. dollars, the Portfolio generally converts U.S. dollars to a foreign market&#8217;s local currency to purchase a security in that market. If the value of that local currency falls relative to the U.S. dollar, the U.S. dollar value of the foreign security will decrease. This is true even if the foreign security&#8217;s local price remains unchanged. Foreign securities also have risks related to economic and political developments abroad, including expropriations, confiscatory taxation, exchange control regulation, limitations on the use or transfer of Portfolio assets and any effects of foreign social, economic or political instability. In particular, adverse political or economic developments in a geographic region or a particular country in which the Portfolio invests could cause a substantial decline in the value of its portfolio securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign accounting, auditing and financial reporting standards generally are different from those applicable to U.S. companies. &#160; Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Portfolio to obtain or enforce a judgment against the issuers of the securities. &#160;Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlements of the Portfolio&#8217;s trades effected in those markets. &#160; </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Depositary receipts involve substantially identical risks associated with direct investments in foreign securities. Issuers of the foreign security represented by a depositary receipt, particularly unsponsored or unregistered depositary receipts, may not be obligated to disclose material information in the United States or to pass through to holders of such receipts <strike></strike>voting rights with respect to the deposited securities. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Compared to the United States and other developed countries, developing or emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Prices of these securities tend to be especially volatile and, in the past, securities in these countries have been characterized by greater potential loss (as well as gain) than securities of companies located in developed countries. </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Small and Medium Capitalization Companies Risk. The Portfolio may invest in U.S. and foreign small and medium capitalization securities. Investing in lesser known, small and medium capitalization companies may involve greater risk of volatility of the Portfolio&#8217;s share price than is customarily associated with investing in larger, more established companies. There is typically less publicly available information concerning small and medium capitalization companies than for larger, more established companies. Some small and medium capitalization companies have limited product lines, distribution channels and financial and managerial resources and tend to concentrate on fewer geographical markets than do larger companies. Also, because small and medium capitalization companies normally have fewer shares outstanding than larger companies and trade less frequently, it may be more difficult for the Portfolio to buy and sell significant amounts of shares without an unfavorable impact on prevailing market prices. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Issuer-Specific Risk. &#160;The price of an individual security or particular type of security can be more volatile than the market as a whole and can fluctuate differently than the market as a whole. An individual issuer's securities can rise or fall dramatically with little or no warning based upon such things as a better (or worse) than expected earnings report, news about the development of a promising product, or the loss of key management personnel. There is also a risk that the price of a security may never reach the level that the Adviser believes is representative of its full value or that it may even go down in price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Non-Diversification Risk. Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the Portfolio&#8217;s share price. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Portfolio Turnover Risk. &#160;The frequency of the <strike></strike>Portfolio&#8217;s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio&#8217;s performance. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Adviser Risk. &#160;The performance of the Portfolio also will depend on whether the Adviser is successful in pursuing the Portfolio's investment strategy. </p> <br/><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Other Risks. &#160;The Portfolio is subject to other risks from its permissible investments. For more information about these risks, see the section entitled "Additional Information About Investment Strategies and Related Risks." </p> Because the Portfolio is non-diversified, it may have greater exposure to volatility than other funds. Because a non-diversified fund may invest a larger percentage of its assets in the securities of a single company than diversified funds, the performance of that company can have a substantial impact on the Portfolio's share price. When you sell your Portfolio shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> The Portfolio will normally invest at least 80% of its total assets in equity securities of U.S. and foreign healthcare companies and biotechnology companies, regardless of their stock market value (or &#8220;market capitalization&#8221;). Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. &#160;The Adviser utilizes a top-down investment approach focused on long-term economic trends. &#160;The Adviser begins with the overall outlook for the economy, then seeks to identify specific industries with attractive characteristics and long-term growth potential. &#160;Ultimately, the Adviser seeks to identify high-quality companies within the selected industries and to acquire them at attractive prices. &#160;The Adviser&#8217;s stock selection process is based on an analysis of individual companies&#8217; fundamental values, such as earnings growth potential and the quality of corporate management. &#160; </p> <br/><p style="MARGIN: 0px; FONT-SIZE: 12pt" align="justify"> Companies described as Health Care Equipment and Supplies, Health Care Provider Services, Pharmaceutical or Biotechnology Companies under the North American Industry Classification System are considered healthcare or biotechnology companies for purposes of investment by the Portfolio. These companies are principally engaged in: the design, manufacture or sale of products or services used for or in connection with health, medical, or personal care such as medical, dental and optical supplies or equipment; research and development of pharmaceutical products and services; the operation of healthcare facilities such as hospitals, clinical test laboratories, and convalescent and mental healthcare facilities; and the design, manufacture, or sale of healthcare-related products and services, research, development, manufacture or distribution of products and services relating to human health care, pharmaceuticals, agricultural and veterinary applications, and the environment; and manufacturing and/or distributing biotechnological and biomedical products, devices or instruments or provide materials, products or services to the foregoing companies. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> Under adverse market conditions, the Portfolio may also make temporary investments in investment grade &#160;&#160;debt securities. Such investment strategies could result in the Portfolio not achieving its investment &#160;&#160;objective. </p> Fees and Expenses: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. </p> 0.0000 0.0000 0.0500 -0.0200 0.0000 0.0125 0.0100 0.0102 0.0327 ~ http://saratogaadvantage.com/20121228/role/ScheduleShareholderFees20152 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030152Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualFundOperatingExpenses20153 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030152Member row primary compact * ~ Reduced for purchases of $50,000 or more by certain investors. (See "Shareholder Information- Contingent Deferred Sales Charge" section.) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees Performance: <p align="justify" style="MARGIN: 0px; FONT-SIZE: 12pt"> &#160;For the periods prior to January 27, 2003, the Portfolio operated as a separate fund called the Orbitex Health &amp; Biotechnology Fund (the "Predecessor Fund"), which was managed by Orbitex Management, Inc. The investment policy of the Portfolio is substantially similar to that of the Predecessor Fund. The Predecessor Fund was subject to a similar level of fees as those applied to the Portfolio. The bar chart and table that follow <strike/>show the performance of the Class B shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of an investing in the Portfolio by showing how the average annual returns for the past 1, 5 and 10 years of the Portfolio compare with a broad measure of market performance, as well as with healthcare index, The returns in the bar chart do not reflect the deduction of sales charges. &#160;If these amounts were reflected, returns would be less than shown. The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. &#160;Of course, if you did not sell your shares at the end of the period, your return would be higher. You may obtain the Portfolio&#8217;s updated performance information by calling toll free 1-800-807-FUND or visiting www.saratogacap.com. </p> ANNUAL TOTAL RETURNS - CALENDAR YEARS -0.4185 0.1235 0.0459 0.0933 -0.0624 0.0536 -0.2200 0.3500 0.0817 0.0952 ~ http://saratogaadvantage.com/20121228/role/ScheduleAnnualTotalReturnsBarChart20156 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030152Member row primary compact * ~ highest return 0.1436 2009-06-30 lowest return -0.2347 2002-06-30 Return for the Portfolio 0.1020 2012-09-30 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt" align="justify"> During the periods shown in the bar chart, the highest return for a calendar quarter was <strike></strike>14.36 % (quarter ended June 30, 2009) <strike></strike>and the lowest return for a calendar quarter was - 23.47% <strike></strike>(quarter ended June 30, 2002). <strike></strike>&#160;For the period January 1, 2012 <strike></strike>through September 30, 2012, <strike></strike>the return for the Portfolio&#8217;s Class B shares was 10.20%. <strike></strike> </p> 0.0452 0.0540 -0.0078 0.0452 0.0540 -0.0078 0.0294 0.0466 -0.0066 0.0211 -0.0025 0.0292 0.1018 0.0067 0.0042 ~ http://saratogaadvantage.com/20121228/role/ScheduleAverageAnnualReturnsTransposed20157 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030152Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; CLEAR: left; FONT-SIZE: 12pt" align="justify"> The table above shows after-tax returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. </p> The returns in the table assume you sold your shares at the end of each period and you were charged a contingent deferred sales charge. Of course, if you did not sell your shares at the end of the period, your return would be higher. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. The bar chart and table that follow show the performance of the Class B shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of an investing in the Portfolio by showing how the average annual returns for the past 1, 5 and 10 years of the Portfolio compare with a broad measure of market performance, as well as with healthcare index, The returns in the bar chart do not reflect the deduction of sales charges. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. (Reflects no deduction for fees, expenses or taxes) The bar chart and table that follow show the performance of the Class B shares of the Predecessor Fund (see footnote below) and the Portfolio and provide some indication of the risks of an investing in the Portfolio by showing how the average annual returns for the past 1, 5 and 10 years of the Portfolio compare with a broad measure of market performance, as well as with healthcare index, The returns in the bar chart do not reflect the deduction of sales charges. If these amounts were reflected, returns would be less than shown. After-tax returns may be higher than before-tax returns due to an assumed benefit from capital losses that would have been realized had Portfolio shares been sold at the end of the relevant periods. 1-800-807-FUND www.saratogacap.com Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURNS (FOR THE PERIODS ENDED DECEMBER 31, 2011) Investment Objective: <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> &#160;The Health &amp; Biotechnology Portfolio seeks long-term capital growth. </p> Example: <p align="justify" style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; FONT-SIZE: 12pt"> <b>This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. &#160;The example also assumes that your investment has a 5% return each year, and the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, the table below shows your costs at the end of each period based on these assumptions.</b> </p> 830 1307 1907 3339 330 1007 1707 3339 ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleTransposed20154 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030152Member row primary compact * ~ ~ http://saratogaadvantage.com/20121228/role/ScheduleExpenseExampleNoRedemptionTransposed20155 column dei_LegalEntityAxis compact cik0000924628_S000010884Member column rr_ProspectusShareClassAxis compact cik0000924628_C000030152Member row primary compact * ~ IF YOU SOLD YOUR SHARES IF YOU HELD YOUR SHARES Technology & Communications Portfolio Portfolio Turnover: <p align="justify" style="LINE-HEIGHT: 14pt; MARGIN: 0px; FONT-SIZE: 12pt"> &#160;&#160;The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio tur