XML 9 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType 497
Document Period End Date dei_DocumentPeriodEndDate Aug. 31, 2017
Registrant Name dei_EntityRegistrantName SARATOGA ADVANTAGE TRUST
Central Index Key dei_EntityCentralIndexKey 0000924628
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol sat
Document Creation Date dei_DocumentCreationDate Apr. 18, 2018
Document Effective Date dei_DocumentEffectiveDate Apr. 18, 2018
Prospectus Date rr_ProspectusDate Apr. 18, 2018
James Alpha Hedged High Income Portfolio Class A, Class C and Class I Shares | James Alpha Hedged High Income Portfolio  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading

James Alpha Hedged High Income Portfolio
Supplement [Text Block] sat_SupplementTextBlock

The Saratoga Advantage Trust

James Alpha Hedged High Income Portfolio

 

CLASS I SHARES     (Ticker: INCIX)
CLASS A SHARES     (Ticker: INCAX)
CLASS C SHARES     (Ticker: INCCX)

 

Supplement dated April 18, 2018 to the Prospectus Dated December 29, 2017 (the “Prospectus”)

 

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

 

The tables in the section entitled “PORTFOLIO SUMMARY”, subsection “Fees and Expenses of the Portfolio” beginning on page 1 of the Prospectus are hereby deleted in their entirety and replaced with the information below, which reflects that the expense cap for Class I shares has been reduced from 1.99% to 1.85% (the expense caps for Class A and Class C shares remain unchanged).

 

Shareholder Fees (fees paid directly from your investment) 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 NONE 1.00%
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 you pay each year as a percentage of the value of your investment)      
Management Fees 1.70% 1.70% 1.70%
Distribution and/or Service Rule 12b-1 Fees 0.25% NONE 1.00%
Other Expenses 1.02% 1.00% 1.05%
Acquired Fund Fees and Expenses (1) 0.13% 0.13% 0.13%
Total Annual Portfolio Operating Expenses (before Expense Reduction/Reimbursement) 3.10% 2.83% 3.88%
Expense Reduction/Reimbursement (0.58)% (0.85)% (0.76)%
Total Annual Portfolio Operating Expenses (after Expense Reduction/Reimbursement) (2) 2.52% 1.98% 3.12%

 

(1) 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 will include only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies (“Acquired Funds”).
   
(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, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for the Portfolio do not exceed 2.39%, 1.85%, and 2.99% of the Portfolio’s average net assets for Class A, Class I and Class C shares, respectively, through December 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 (i) the expense cap in place at the time the advisory fees were waived or the expenses were incurred; or (ii) the current Expense Cap, whichever is less.

 

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 also 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 $815 $1,426 $2,059 $3,752
Class I $201 $797 $1,419 $3,096
Class C $415 $1,114 $1,932 $4,057

 

IF YOU HELD YOUR SHARES

 

  One Year Three Years Five Years Ten Years
Class A $815 $1,426 $2,059 $3,752
Class I $201 $797 $1,419 $3,096
Class C $315 $1,114 $1,932 $4,057

 

The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements only.

 

Please retain this supplement for future reference.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Dec. 31, 2018
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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 will include only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies (“Acquired Funds”).
Expense Example [Heading] rr_ExpenseExampleHeading

Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. This example also 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, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption

IF YOU HELD YOUR SHARES
Expense Example Closing [Text Block] rr_ExpenseExampleClosingTextBlock

The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements only.
James Alpha Hedged High Income Portfolio Class A, Class C and Class I Shares | James Alpha Hedged High Income Portfolio | Class A Shares  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol INCAX
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.02%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.13% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 3.10%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.58%)
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.52% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 815
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,426
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 2,059
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,752
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 815
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,426
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 2,059
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,752
James Alpha Hedged High Income Portfolio Class A, Class C and Class I Shares | James Alpha Hedged High Income Portfolio | Class C Shares  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol INCCX
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.05%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.13% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 3.88%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.76%)
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 3.12% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 415
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,114
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,932
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 4,057
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 315
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,114
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,932
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 4,057
James Alpha Hedged High Income Portfolio Class A, Class C and Class I Shares | James Alpha Hedged High Income Portfolio | Class I Shares  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol INCIX
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.00%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.13% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.83%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.85%)
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.98% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 201
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 797
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,419
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,096
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 201
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 797
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,419
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,096
James Alpha Hedged High Income Portfolio Class S Shares | James Alpha Hedged High Income Portfolio  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading

James Alpha Hedged High Income Portfolio
Supplement [Text Block] sat_SupplementTextBlock

The Saratoga Advantage Trust

James Alpha Hedged High Income Portfolio

 

CLASS S SHARES   (Ticker: INCSX)

 

Supplement dated April 18, 2018 to the Class S Shares Prospectus Dated December 29, 2017 (the “Prospectus”)

 

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

 

The tables in the section entitled “PORTFOLIO SUMMARY”, subsection “Fees and Expenses of the Portfolio” on page 6 of the Prospectus are hereby deleted in their entirety and replaced with the information below, which reflects that the expense cap for Class S shares has been reduced from 1.99% to 1.85%.

 

Shareholder Fees (fees paid directly from your investment) Class S
Maximum Sales Charge on Purchases of Shares (as a % of offering price) NONE
Sales Charge on Reinvested Dividends (as a % of offering price) NONE
Maximum Contingent Deferred Sales Charge (as a % of offering price) NONE
Redemption Fee on Shares Held 30 days or Less (as a % of amount redeemed) 2.00%
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  
Management Fees 1.70%
Distribution and/or Service Rule 12b-1 Fees NONE
Other Expenses(1) 1.00%
Acquired Fund Fees and Expenses (2) 0.13%
Total Annual Portfolio Operating Expenses (before Fee Waiver and/or Expense Reduction/Reimbursement) 2.83%
Expense Reduction/Reimbursement (0.85)%
Total Annual Portfolio Operating Expenses (after Fee Waiver and/or Expense Reduction/Reimbursement) (3) 1.98%

 

(1) Other Expenses are based on estimates for the current fiscal year.
    
(2) 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”).
    
(3) Pursuant to a fee waiver and operating expense limitation agreement between the Manager and the Portfolio, the Manager has contractually agreed to waive all of the Portfolio’s management fee payable to the Manager by the Portfolio on Class S assets, less any portion of such fee that is payable by the Manager to the Sub-Advisers, and also to 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, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for Class S shares do not exceed 1.85% of the Portfolio’s average net assets (the “Expense Cap”) through December 31, 2018 (the “Expense Limitation Agreement”). The 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 management fees waived (other than on Class S shares) and Portfolio expenses it paid within three (3) years of the end of the fiscal year in which such management fees were waived or expenses were paid, as long as the reimbursement does not cause the Portfolio’s operating expenses to exceed (i) the expense cap in place at the time the expenses were incurred; or (ii) the current Expense Cap, whichever is less.

 

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 also 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:

 

  One Year Three Years Five Years Ten Years
Class S $201 $797 $1,419 $3,096

 

The above Example reflects applicable reimbursement fee waiver/expense arrangements for the duration of the arrangements only.

 

Please retain this supplement for future reference.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Dec. 31, 2018
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are based on estimates for the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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”).
Expense Example [Heading] rr_ExpenseExampleHeading

Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The example assumes that you invest $10,000 in the Portfolio for the time periods indicated. This example also 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:
Expense Example Closing [Text Block] rr_ExpenseExampleClosingTextBlock

The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements only.
James Alpha Hedged High Income Portfolio Class S Shares | James Alpha Hedged High Income Portfolio | Class S Shares  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol INCSX
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.00% [3]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.13% [4]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.83%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.85%)
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.98% [5]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 201
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 797
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,419
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,096
[1] 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 will include only the direct operating expenses incurred by the Portfolio, not the indirect costs of investing in other investment companies ("Acquired Funds").
[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, interest and tax expenses, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for the Portfolio do not exceed 2.39%, 1.85%, and 2.99% of the Portfolio's average net assets for Class A, Class I and Class C shares, respectively, through December 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 (i) the expense cap in place at the time the advisory fees were waived or the expenses were incurred; or (ii) the current Expense Cap, whichever is less.
[3] Other Expenses are based on estimates for the current fiscal year.
[4] 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").
[5] Pursuant to a fee waiver and operating expense limitation agreement between the Manager and the Portfolio, the Manager has contractually agreed to waive all of the Portfolio's management fee payable to the Manager by the Portfolio on Class S assets, less any portion of such fee that is payable by the Manager to the Sub-Advisers, and also to 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, leverage, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for Class S shares do not exceed 1.85% of the Portfolio's average net assets (the "Expense Cap") through December 31, 2018 (the "Expense Limitation Agreement"). The 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 management fees waived (other than on Class S shares) and Portfolio expenses it paid within three (3) years of the end of the fiscal year in which such management fees were waived or expenses were paid, as long as the reimbursement does not cause the Portfolio's operating expenses to exceed (i) the expense cap in place at the time the expenses were incurred; or (ii) the current Expense Cap, whichever is less.