0001580642-18-003449.txt : 20180723 0001580642-18-003449.hdr.sgml : 20180723 20180723094903 ACCESSION NUMBER: 0001580642-18-003449 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 13 FILED AS OF DATE: 20180723 DATE AS OF CHANGE: 20180723 EFFECTIVENESS DATE: 20180723 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-79708 FILM NUMBER: 18963754 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 S000055318 James Alpha Relative Value Portfolio C000174102 James Alpha Relative Value Portfolio Class A Shares JRVAX C000174103 James Alpha Relative Value Portfolio Class C Shares JRVCX C000174104 James Alpha Relative Value Portfolio Class I Shares JRVIX 497 1 jarelval_497x17.htm 497

 

JAMES ALPHA RELATIVE VALUE PORTFOLIO

a series of THE SARATOGA ADVANTAGE TRUST

 

 

 

CLASS I SHARES   (Ticker:  JRVIX)
CLASS A SHARES   (Ticker:  JRVAX)
CLASS C SHARES   (Ticker:  JRVCX)

 

 

Incorporated herein by reference is the definitive version of the Prospectus supplement relating to the Class I, A and C Shares of the James Alpha Relative Value Portfolio filed pursuant to Rule 497 (c) under the Securities Act of 1933, as amended, on July 13, 2018 (SEC Accession No. 0001580642-18-003384).

 

 

 

 

 

 

 

 

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percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses (as a percentage of Assets): Acquired Fund Fees and Expenses Expenses (as a percentage of Assets) Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover, Rate Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of 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Jul. 13, 2018
James Alpha Relative Value Portfolio

JAMES ALPHA RELATIVE VALUE PORTFOLIO

JAMES ALPHA RELATIVE VALUE PORTFOLIO

a series of THE SARATOGA ADVANTAGE TRUST

 

CLASS I SHARES (Ticker:  JRVIX)
CLASS A SHARES (Ticker:  JRVAX)
CLASS C SHARES (Ticker:  JRVCX)

 

Supplement dated July 13, 2018 to the Prospectus dated March 30, 2018 (the “Prospectus”)

 

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

 

Reference is made to the sections entitled “Principal Investment Strategies.” located on pages 2 and 9 of the Prospectus. The last sentence in the fifth paragraph under each of these sections is deleted in its entirety. The paragraphs now read:

 

In constructing the Portfolio’s investments, the Manager employs proprietary techniques and models to evaluate the drivers of performance of private funds that utilize relative value investment strategies. The Manager then identifies investments that it believes have similar drivers of performance to attempt to produce returns that correlate with, but are not identical to, the returns of the private funds tracked by the Manager. The Manager then determines the appropriate percentage that each particular investment strategy should represent of the entire Portfolio and weights the exposure to that investment strategy accordingly. The private fund returns on which the Manager’s models are based are pulled from various sources and do not represent the returns of the entire private fund universe. The private fund returns tracked by the Manager, the factors driving those returns and the percentage weightings assigned by the Manager to each investment strategy are all expected to change over time.

 

Please retain this supplement for future reference.

Principal Investment Strategies.

The Portfolio seeks to achieve its investment objective by attempting to outperform the returns of a variety of “relative value” investment strategies. Relative value investment strategies seek to identify and capitalize on valuation discrepancies between related financial instruments rather than on the direction of the general market. The Portfolio will seek to outperform the returns of various fixed income relative value strategies, such as, among others, asset-backed, master limited partnership (“MLP”), real estate, convertible arbitrage, corporate and sovereign strategies, as well as volatility investment strategies.

 

The Portfolio may also seek exposure to volatility as an asset class. This investment strategy seeks to capitalize on discrepancies between implied (estimated) levels of volatility on specific instruments and actual volatility levels. The Portfolio may seek long, short, neutral or variable exposure to the direction of implied volatility of various asset classes or rates, such as interest rates.

 

The Portfolio expects to gain exposure to these asset classes primarily through exchange-traded products such as exchange-traded notes (“ETNs”), exchange-traded funds (“ETFs”) and mutual funds, although the Portfolio may invest directly in currencies, equities and fixed income securities. The Portfolio also expects to invest in derivative instruments to gain exposure to one or more asset classes, individual investments or investment strategies. The derivatives instruments that may be utilized by the Portfolio include options, futures, options on futures, forward contracts and swaps. Derivatives may also be used to generate leverage, seek to profit from the underlying asset’s price fluctuations, or hedge the Portfolio’s exposure to an asset class, individual investment or group of investments.

 

The Portfolio’s fixed income exposure may include exposure to securities issued by governments, government-related entities or public and private companies. The Portfolio may seek exposure to fixed income securities that are rated below investment grade (i.e., junk bonds). The Portfolio’s equity exposure may include exposure to both U.S. and non-U.S. common stocks and preferred stocks of any size market capitalization. The types of swaps in which the Portfolio may invest include, among others, total return, index, interest rate and credit default swaps. The Portfolio may also invest in swap contracts linked to the returns of indices, individual securities or pooled investment vehicles, including limited partnerships, limited liability companies, offshore corporations and commodity pools (collectively, “Underlying Pools”). There is no limit on the Portfolio’s exposure to foreign companies, foreign governments or foreign currencies, which may include exposure to emerging markets.

 

In constructing the Portfolio’s investments, the Manager employs proprietary techniques and models to evaluate the drivers of performance of private funds that utilize relative value investment strategies. The Manager then identifies investments that it believes have similar drivers of performance to attempt to produce returns that correlate with, but are not identical to, the returns of the private funds tracked by the Manager. The Manager then determines the appropriate percentage that each particular investment strategy should represent of the entire Portfolio and weights the exposure to that investment strategy accordingly. The private fund returns on which the Manager’s models are based are pulled from various sources and do not represent the returns of the entire private fund universe. The private fund returns tracked by the Manager, the factors driving those returns and the percentage weightings assigned by the Manager to each investment strategy are all expected to change over time.

 

Under normal market conditions, the Portfolio is expected to invest in a combination of over 50 ETFs, ETNs, currencies, swaps and other derivatives, and mutual funds.

 

The Portfolio may invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”) to gain exposure to certain commodity-linked investments such as commodity futures, options and swap contracts. The commodity investments will be focused in four sectors of the commodities market: energy, precious metals, industrial metals and agricultural/livestock. The Portfolio may hold investments with commodity exposure outside of the Subsidiary and, therefore, it is possible the Portfolio’s exposure to commodities could exceed 25%. The Subsidiary may also hold cash, money market instruments, including affiliated and unaffiliated money market funds and other fixed income instruments to serve as margin or collateral for the Subsidiary’s derivative positions. Investments in the Subsidiary are intended to provide the Portfolio with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Portfolio. The investment policies of the Subsidiary are the same as the investment policies of this sleeve of the Portfolio. The Subsidiary is subject to substantially the same investment restrictions and limitations, including asset coverage requirements, as are applicable to this sleeve of the Portfolio and will follow substantially the same compliance policies and procedures as the Portfolio, to the extent they are applicable. The Portfolio will always own 100% of the Subsidiary’s interests.

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James Alpha Relative Value Portfolio  
Prospectus [Line Items] rr_ProspectusLineItems  
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JAMES ALPHA RELATIVE VALUE PORTFOLIO
Supplement [Text Block] sat_SupplementTextBlock

JAMES ALPHA RELATIVE VALUE PORTFOLIO

a series of THE SARATOGA ADVANTAGE TRUST

 

CLASS I SHARES (Ticker:  JRVIX)
CLASS A SHARES (Ticker:  JRVAX)
CLASS C SHARES (Ticker:  JRVCX)

 

Supplement dated July 13, 2018 to the Prospectus dated March 30, 2018 (the “Prospectus”)

 

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

 

Reference is made to the sections entitled “Principal Investment Strategies.” located on pages 2 and 9 of the Prospectus. The last sentence in the fifth paragraph under each of these sections is deleted in its entirety. The paragraphs now read:

 

In constructing the Portfolio’s investments, the Manager employs proprietary techniques and models to evaluate the drivers of performance of private funds that utilize relative value investment strategies. The Manager then identifies investments that it believes have similar drivers of performance to attempt to produce returns that correlate with, but are not identical to, the returns of the private funds tracked by the Manager. The Manager then determines the appropriate percentage that each particular investment strategy should represent of the entire Portfolio and weights the exposure to that investment strategy accordingly. The private fund returns on which the Manager’s models are based are pulled from various sources and do not represent the returns of the entire private fund universe. The private fund returns tracked by the Manager, the factors driving those returns and the percentage weightings assigned by the Manager to each investment strategy are all expected to change over time.

 

Please retain this supplement for future reference.
Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Portfolio seeks to achieve its investment objective by attempting to outperform the returns of a variety of “relative value” investment strategies. Relative value investment strategies seek to identify and capitalize on valuation discrepancies between related financial instruments rather than on the direction of the general market. The Portfolio will seek to outperform the returns of various fixed income relative value strategies, such as, among others, asset-backed, master limited partnership (“MLP”), real estate, convertible arbitrage, corporate and sovereign strategies, as well as volatility investment strategies.

 

The Portfolio may also seek exposure to volatility as an asset class. This investment strategy seeks to capitalize on discrepancies between implied (estimated) levels of volatility on specific instruments and actual volatility levels. The Portfolio may seek long, short, neutral or variable exposure to the direction of implied volatility of various asset classes or rates, such as interest rates.

 

The Portfolio expects to gain exposure to these asset classes primarily through exchange-traded products such as exchange-traded notes (“ETNs”), exchange-traded funds (“ETFs”) and mutual funds, although the Portfolio may invest directly in currencies, equities and fixed income securities. The Portfolio also expects to invest in derivative instruments to gain exposure to one or more asset classes, individual investments or investment strategies. The derivatives instruments that may be utilized by the Portfolio include options, futures, options on futures, forward contracts and swaps. Derivatives may also be used to generate leverage, seek to profit from the underlying asset’s price fluctuations, or hedge the Portfolio’s exposure to an asset class, individual investment or group of investments.

 

The Portfolio’s fixed income exposure may include exposure to securities issued by governments, government-related entities or public and private companies. The Portfolio may seek exposure to fixed income securities that are rated below investment grade (i.e., junk bonds). The Portfolio’s equity exposure may include exposure to both U.S. and non-U.S. common stocks and preferred stocks of any size market capitalization. The types of swaps in which the Portfolio may invest include, among others, total return, index, interest rate and credit default swaps. The Portfolio may also invest in swap contracts linked to the returns of indices, individual securities or pooled investment vehicles, including limited partnerships, limited liability companies, offshore corporations and commodity pools (collectively, “Underlying Pools”). There is no limit on the Portfolio’s exposure to foreign companies, foreign governments or foreign currencies, which may include exposure to emerging markets.

 

In constructing the Portfolio’s investments, the Manager employs proprietary techniques and models to evaluate the drivers of performance of private funds that utilize relative value investment strategies. The Manager then identifies investments that it believes have similar drivers of performance to attempt to produce returns that correlate with, but are not identical to, the returns of the private funds tracked by the Manager. The Manager then determines the appropriate percentage that each particular investment strategy should represent of the entire Portfolio and weights the exposure to that investment strategy accordingly. The private fund returns on which the Manager’s models are based are pulled from various sources and do not represent the returns of the entire private fund universe. The private fund returns tracked by the Manager, the factors driving those returns and the percentage weightings assigned by the Manager to each investment strategy are all expected to change over time.

 

Under normal market conditions, the Portfolio is expected to invest in a combination of over 50 ETFs, ETNs, currencies, swaps and other derivatives, and mutual funds.

 

The Portfolio may invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”) to gain exposure to certain commodity-linked investments such as commodity futures, options and swap contracts. The commodity investments will be focused in four sectors of the commodities market: energy, precious metals, industrial metals and agricultural/livestock. The Portfolio may hold investments with commodity exposure outside of the Subsidiary and, therefore, it is possible the Portfolio’s exposure to commodities could exceed 25%. The Subsidiary may also hold cash, money market instruments, including affiliated and unaffiliated money market funds and other fixed income instruments to serve as margin or collateral for the Subsidiary’s derivative positions. Investments in the Subsidiary are intended to provide the Portfolio with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Portfolio. The investment policies of the Subsidiary are the same as the investment policies of this sleeve of the Portfolio. The Subsidiary is subject to substantially the same investment restrictions and limitations, including asset coverage requirements, as are applicable to this sleeve of the Portfolio and will follow substantially the same compliance policies and procedures as the Portfolio, to the extent they are applicable. The Portfolio will always own 100% of the Subsidiary’s interests.
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