James Alpha Yorkville MLP Portfolio

JAMES ALPHA YORKVILLE MLP PORTFOLIO

JAMES ALPHA YORKVILLE MLP PORTFOLIO

A series of THE SARATOGA ADVANTAGE TRUST

CLASS I SHARES	(Ticker: JMLPX)
CLASS A SHARES	(Ticker: JAMLX)
CLASS C SHARES	(Ticker: MLPCX)

Supplement dated February 7, 2017 to the Prospectus Dated March 31, 2016 (the “Prospectus”)

The following pertains to a reduction in the expense cap for each share class of the James Alpha Yorkville MLP Portfolio (the “Portfolio”).

Effective immediately, James Alpha Advisors, LLC, the Manager of the Portfolio, has contractually agreed to waive its fees and/or absorb expenses of the Portfolio to ensure that the total annual Portfolio operating expenses (excluding front-end and contingent deferred sales loads, taxes (including deferred tax expense), leverage, interest, dividend and interest expenses on short sales, 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 2.24%, 1.99% and 2.99% of the Portfolio’s average net assets for Class A, Class I and Class C shares, respectively, through March 31, 2018 (each an “Expense Cap”).

Reference is made to the section entitled “PORTFOLIO SUMMARY”, sub-heading “Fees and Expenses of the Portfolio” located on page 1 of the Prospectus. The table and expense example are deleted in their entirety and replaced with the following:

SHAREHOLDER FEES	Class A	Class I	Class C
Maximum Sales Charge on Purchases of Shares (as a % of offering price)	5.75%	NONE	NONE
Sales Charge on Reinvested Dividends (as a % of offering price)	NONE	NONE	NONE
Maximum Contingent Deferred Sales Charge (as a % of offering price)	NONE(1)	NONE	1.00%(2)
Redemption Fee on Shares Held 30 days or Less (as a % of amount redeemed)	2.00%	2.00%	2.00%
ANNUAL PORTFOLIO OPERATING EXPENSES (expenses that are deducted from Portfolio assets as a percentage of average net assets)
Management Fees	1.20%	1.20%	1.20%
Distribution and/or Service Rule 12b-1 Fees	0.25%	NONE	1.00%
Other Expenses	2.71%	2.71%	2.71%
Deferred/Current Income Tax Expense (3)	0.00%	0.00%	0.00%
Total Annual Portfolio Operating Expenses (before Expense Waiver/Reimbursement)	4.16%	3.91%	4.91%
Expense Waiver/Reimbursement	(1.92)%	(1.92)%	(1.92)%
Total Annual Portfolio Operating Expenses (After Expense Waiver/Reimbursement) (4)	2.24%	1.99%	2.99%

(1)	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 – Class A Shares Contingent Deferred Sales Charge” section).
(2)	Only applicable to redemptions made within one year after purchase (See “Shareholder Information – Class C Shares Contingent Deferred Sales Charge” section).
(3)	Deferred/Current Income Tax Expense represents the Portfolio’s potential income tax expense if it were to recognize unrealized gains/(losses) in the Portfolio. Deferred/current income tax expense is dependent upon the Portfolio’s net investment income/(loss) and realized and unrealized gains/(losses) on investment and such expenses may vary greatly from year to year depending on the nature of the Portfolio’s investments, the performance of those investments and general market conditions. Therefore, the Portfolio’s deferred/current income tax expense cannot be reliably predicted from year to year. The Portfolio is currently using an estimated rate of 34% for federal tax and 2.15% for state and local tax, net of federal tax benefit. Further information regarding the Portfolio’s deferred/current income tax expense can be found in the section entitled “Pricing of Portfolio Shares.”
(4)	Pursuant to an operating expense limitation agreement between the Manager and the Portfolio, the Manager has agreed to waive 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, taxes (including deferred tax expense), leverage, interest, dividend and interest expenses on short sales, 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 2.24%, 1.99% and 2.99% of the Portfolio’s average net assets for Class A, Class I and Class C shares, respectively, through March 31, 2018 (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 expense cap in place at the time the expense was incurred or fees were waived.

Example. 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. This example assumes that your investment has a 5% return each year, and the Portfolio’s operating expenses remain the same and reflect the contractual expense waiver in place for the first year. 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:

IF YOU SOLD YOUR SHARES

	One Year	Three Years	Five Years	Ten Years
Class A	$789	$1,602	$2,428	$4,555
Class I	$202	$1,016	$1,849	$4,010
Class C	$402	$1,305	$2,309	$4,828

IF YOU HELD YOUR SHARES

	One Year	Three Years	Five Years	Ten Years
Class A	$789	$1,602	$2,428	$4,555
Class I	$202	$1,016	$1,849	$4,010
Class C	$302	$1,305	$2,309	$4,828

Reference is made to the section entitled “MANAGEMENT OF THE PORTFOLIO”, sub-heading “Portfolio Expenses” located on page 11 of the Prospectus. The information contained in the first paragraph in this section is deleted in its entirely and replaced with the following:

Portfolio Expenses. The Portfolio is responsible for its own operating expenses. Pursuant to an operating expense limitation agreement between the Manager and the Portfolio, the Manager has agreed to reduce its management fees and/or pay expenses of the Portfolio to ensure that the total annual Portfolio operating expenses (excluding front-end and contingent deferred sales loads, taxes (including deferred tax expense), leverage, interest, dividend and interest expenses on short sales, 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 2.24%, 1.99% and 2.99% of the Portfolio’s average net assets for Class A, Class I and Class C shares, respectively, through March 31, 2018. This operating expense limitation agreement can be terminated during its term only by, or with the consent of, the 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 expense cap in place at the time the expense was incurred or fees were waived.

This Supplement updates and supersedes any contrary information contained in the Prospectus.

Please retain this supplement for future reference.

SHAREHOLDER FEES

Shareholder Fees - James Alpha Yorkville MLP Portfolio	Class A Shares		Class I Shares	Class C Shares
Maximum Sales Charge on Purchases of Shares (as a % of offering price)	5.75%		none	none
Sales Charge on Reinvested Dividends (as a % of offering price)	none		none	none
Maximum Contingent Deferred Sales Charge (as a % of offering price)	none	[1]	none	1.00%	[2]
Redemption Fee on Shares Held 30 days or Less (as a % of amount redeemed)	2.00%		2.00%	2.00%

ANNUAL PORTFOLIO OPERATING EXPENSES

(expenses that are deducted from Portfolio assets as a percentage of average net assets)

Annual Fund Operating Expenses - James Alpha Yorkville MLP Portfolio		Class A Shares	Class I Shares	Class C Shares
Management Fees		1.20%	1.20%	1.20%
Distribution and/or Service Rule 12b-1 Fees		0.25%	none	1.00%
Other Expenses		2.71%	2.71%	2.71%
Deferred/Current Income Tax Expense	[1]	none	none	none
Total Annual Portfolio Operating Expenses (before Expense Waiver/Reimbursement)		4.16%	3.91%	4.91%
Expense Waiver/Reimbursement		(1.92%)	(1.92%)	(1.92%)
Total Annual Portfolio Operating Expenses (After Expense Waiver/Reimbursement)	[2]	2.24%	1.99%	2.99%

Example.

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. This example assumes that your investment has a 5% return each year, and the Portfolio’s operating expenses remain the same and reflect the contractual expense waiver in place for the first year. 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:

IF YOU SOLD YOUR SHARES

Expense Example - James Alpha Yorkville MLP Portfolio - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A Shares	789	1,602	2,428	4,555
Class I Shares	202	1,016	1,849	4,010
Class C Shares	402	1,305	2,309	4,828

IF YOU HELD YOUR SHARES

Expense Example, No Redemption - James Alpha Yorkville MLP Portfolio - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A Shares	789	1,602	2,428	4,555
Class I Shares	202	1,016	1,849	4,010
Class C Shares	302	1,305	2,309	4,828

[1] 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 - Class A Shares Contingent Deferred Sales Charge" section).

[2] Only applicable to redemptions made within one year after purchase (See "Shareholder Information - Class C Shares Contingent Deferred Sales Charge" section).

[1] Deferred/Current Income Tax Expense represents the Portfolio's potential income tax expense if it were to recognize unrealized gains/(losses) in the Portfolio. Deferred/current income tax expense is dependent upon the Portfolio's net investment income/(loss) and realized and unrealized gains/(losses) on investment and such expenses may vary greatly from year to year depending on the nature of the Portfolio's investments, the performance of those investments and general market conditions. Therefore, the Portfolio's deferred/current income tax expense cannot be reliably predicted from year to year. The Portfolio is currently using an estimated rate of 34% for federal tax and 2.15% for state and local tax, net of federal tax benefit. Further information regarding the Portfolio's deferred/current income tax expense can be found in the section entitled "Pricing of Portfolio Shares."

[2] Pursuant to an operating expense limitation agreement between the Manager and the Portfolio, the Manager has agreed to waive 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, taxes (including deferred tax expense), leverage, interest, dividend and interest expenses on short sales, 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 2.24%, 1.99% and 2.99% of the Portfolio's average net assets for Class A, Class I and Class C shares, respectively, through March 31, 2018 (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 expense cap in place at the time the expense was incurred or fees were waived.