0001752724-18-001620.txt : 20181113
0001752724-18-001620.hdr.sgml : 20181113
20181113115954
ACCESSION NUMBER: 0001752724-18-001620
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20180831
FILED AS OF DATE: 20181113
DATE AS OF CHANGE: 20181113
EFFECTIVENESS DATE: 20181113
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: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-08542
FILM NUMBER: 181176499
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
0000924628
S000010884
Health & Biotechnology Portfolio
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Mid Capitalization Portfolio
0000924628
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Technology & Communications Portfolio
0000924628
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Investment Quality Bond Portfolio
0000924628
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Municipal Bond Portfolio
0000924628
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Large Capitalization Value Portfolio
0000924628
S000010890
Large Capitalization Growth Portfolio
0000924628
S000010891
Small Capitalization Portfolio
0000924628
S000010892
International Equity Portfolio
0000924628
S000010893
Financial Services Portfolio
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S000010894
Energy & Basic Materials Portfolio
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James Alpha Macro Portfolio
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S000033377
James Alpha Global Real Estate Investments Portfolio
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S000046239
James Alpha Multi Strategy Alternative Income Portfolio
0000924628
S000049847
James Alpha Managed Risk Domestic Equity Portfolio
0000924628
S000049848
James Alpha Managed Risk Emerging Markets Equity Portfolio
0000924628
S000053933
James Alpha Hedged High Income Portfolio
0000924628
S000060149
Aggressive Balanced Allocation Portfolio
0000924628
S000060150
Conservative Balanced Allocation Portfolio
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S000060151
Moderate Balanced Allocation Portfolio
0000924628
S000060152
Moderately Aggressive Balanced Allocation Portfolio
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S000060153
Moderately Conservative Balanced Allocation Portfolio
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S000061551
James Alpha Momentum Portfolio
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Gemini Fund Services
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Omaha
68130
855-891-0092
Fund Accounting and Transfer Agent Records
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Udo Koopmann
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Instinet, Inc.
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Saratoga Moderate Balanced Allocation Portfolio
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Gemini Fund Services, LLC
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BNY Mellon Corp.
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Gemini Fund Services, LLC
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Gemini Fund Services, LLC
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Credit Agricole Securities
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Saratoga Conservative Balanced Allocation Portfolio
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Gemini Fund Services, LLC
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ICE Data Services
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BNY Mellon Corp.
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Gemini Fund Services, LLC
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ICE Data Services
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BNY Mellon Corp.
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
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Gemini Fund Services, LLC
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BNY Mellon
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Gemini Fund Services, LLC
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ICE Data Services
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BNY Mellon Corp.
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
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Gemini Fund Services, LLC
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BNY Mellon
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Saratoga Capital Management, LLC
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Granite Springs Asset Management, LLC
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Gemini Fund Services, LLC
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ICE Data Services
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BNY Mellon Corp.
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
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Gemini Fund Services, LLC
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Bank of New York Mellon
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Citigroup
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Ramirez & Co. Inc.
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Gates Capital Management
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Sumridge Partners
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Saratoga James Alpha Managed Risk Domestic Equity Portfolio
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James Alpha Management, LLC
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EAB Investment Group, LLC
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Gemini Fund Services, LLC
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Bloomberg
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ICE Data Services
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BNY Mellon Corp.
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
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Gemini Fund Services, LLC
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DASH FINANCIAL
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Ranger Global Real Estate Advisors, LLC
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Gemini Fund Services, LLC
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ICE Data Services
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BNY Mellon Corp.
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Gemini Fund Services, LLC
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Gemini Fund Services, LLC
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KEMPEN & CO
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Gemini Fund Services, LLC
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ICE Data Services
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BNY Mellon Corp.
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
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James Alpha Management, LLC
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Gemini Fund Services, LLC
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Bloomberg
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ICE Data Services
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BNY Mellon Corp.
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
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Gemini Fund Services, LLC
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KNIGHT CAPITAL GROUP
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Saratoga Investment Quality Bond Portfolio
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Saratoga Capital Management, LLC
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Gemini Fund Services, LLC
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ICE Data Services
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BNY Mellon Corp.
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
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N/A
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Gemini Fund Services, LLC
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BNY Mellon
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N/A
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Janney Capital Management
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Robert Baird & Co.
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Hilltop Securities
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Maxim Group
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Saratoga Technology & Communications Portfolio
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Saratoga Capital Management, LLC
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N/A
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Oak Associates, Ltd.
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N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Bloomberg
N/A
N/A
N/A
209.00000000
Cowen Group
N/A
N/A
N/A
4491.00000000
4700.00000000
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N
53734196.00000000
N
N
Saratoga Large Capitalization Value Portfolio
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N
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Y
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N
N/A
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4066.00000000
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Y
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N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
M.D. Sass Investors Services, Inc.
801-8663
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Cowen Group
N/A
N/A
N/A
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Convergex
N/A
N/A
N/A
33198.00000000
36457.00000000
Morgan Stanley Smith Barney
N/A
N/A
N/A
4640.00000000
4640.00000000
N
16737905.00000000
N
N
Saratoga Health & Biotechnology Portfolio
S000010884
549300OYXRTQUB32LX72
Y
3
0
0
N/A
N
N
Y
N
N
N/A
1250954.00000000
1798.00000000
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
Oak Associates, Ltd.
801-23632
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Cowen Group
N/A
N/A
N/A
1192.00000000
Bloomberg
N/A
N/A
N/A
2194.00000000
3386.00000000
0
N
17938294.00000000
N
N
James Alpha Hedged High Income Portfolio
S000053933
549300Q0K9VUM4W30Q38
Y
3
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
Amundi Pioneer Institutional Asset Management, Inc.
801-8255
N/A
N/A
N
N
Concise Capital Management, LP
801-68737
N/A
N/A
N
N
Coherence Capital Partners, LLC.
801-76577
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Goldman Sachs
N/A
N/A
N/A
6382.00000000
JPMorgan Chase
N/A
N/A
N/A
3029.00000000
Knight Capital Group
N/A
N/A
N/A
3451.00000000
Bank of America Merrill Lynch
N/A
N/A
N/A
20.00000000
Mora WM Securities
N/A
N/A
N/A
1125.00000000
TD Ameritrade
N/A
N/A
N/A
20.00000000
14177.00000000
JPMorgan Chase
N/A
N/A
N/A
119163417.00000000
Deutsche Bank
N/A
N/A
N/A
DE
7437241.00000000
Wells Fargo Bank
N/A
N/A
N/A
7196131.00000000
Barclays
N/A
N/A
N/A
GB
11257649.00000000
GMP Securities
N/A
N/A
N/A
4757168.00000000
Bank of American Merrill Lynch
N/A
N/A
N/A
12747046.00000000
UBS AG
N/A
N/A
N/A
CH
6143892.00000000
Goldman Sachs
N/A
N/A
N/A
9975463.00000000
Citigroup
N/A
N/A
N/A
10630506.00000000
BNY Mellon
N/A
N/A
N/A
17969498.00000000
282802209.00000000
N
45984911.00000000
N
N
Saratoga International Equity Portfolio
S000010892
549300P5EU6NL4HCSI29
Y
3
0
0
N/A
N
N
Y
N
N
N/A
69515.00000000
634.00000000
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
Smith Group Asset Management
801-50835
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Instinet, Inc.
N/A
N/A
N/A
13116.00000000
Citigroup
N/A
N/A
N/A
372.00000000
Btg Pactual
N/A
N/A
N/A
BR
307.00000000
Bank of America Merrill Lynch
N/A
N/A
N/A
2794.00000000
UBS AG
N/A
N/A
N/A
CH
179.00000000
Jefferies Group
N/A
N/A
N/A
151.00000000
CIMB Securities
N/A
N/A
N/A
69.00000000
Maybank
N/A
N/A
N/A
MY
58.00000000
Auerbach Grayson
N/A
N/A
N/A
103.00000000
Mainfirst
N/A
N/A
N/A
DE
49.00000000
17305.00000000
0
N
6891476.00000000
N
N
James Alpha Managed Risk Emerging Markets Equity Portfolio
S000049848
549300A1CC2CVOJ1O607
Y
3
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
EAB Investment Group
801-96306
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Pershing
N/A
N/A
N/A
1947.00000000
Dash Financial
N/A
N/A
N/A
42579.00000000
ICAP Capital Markets
N/A
N/A
N/A
3000.00000000
47526.00000000
Dash Financial
N/A
N/A
N/A
1793004.00000000
1793004.00000000
N
8638934.00000000
N
N
James Alpha Multi Strategy Alternative Income Portfolio
S000046239
549300VLUITWLUMRY098
Y
3
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
Kellner Private Fund Management LP
801-78189
N/A
N/A
N
N
Ranger Global Real Estate Advisors, LLC.
801-108081
N/A
N/A
N
N
Coherence Capital Partners, LLC.
801-76577
N/A
N/A
N
N
Bullseye Asset Management LLC.
801-79982
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
William Blair & Co.
N/A
N/A
N/A
633.00000000
Aegis Capital Corp
N/A
N/A
N/A
3955.00000000
Fidelity Capital Markets
N/A
N/A
N/A
3015.00000000
Goldman Sachs
N/A
N/A
N/A
9505.00000000
Kempen & Co.
N/A
N/A
N/A
NL
1696.00000000
Knight Capital Group
N/A
N/A
N/A
1622.00000000
Citigroup
N/A
N/A
N/A
889.00000000
Cantor Fitzgerald
N/A
N/A
N/A
899.00000000
Green Street Advisors
N/A
N/A
N/A
1233.00000000
JPMorgan Chase
N/A
N/A
N/A
2644.00000000
32219.00000000
Jefferies Group
N/A
N/A
N/A
328884.00000000
Morgan Stanley Smith Barney
N/A
N/A
N/A
314673.00000000
TD Ameritrade
N/A
N/A
N/A
300716.00000000
Deutsche Bank
N/A
N/A
N/A
DE
407700.00000000
Aegis Capital Corp
N/A
N/A
N/A
4263006.00000000
JPMorgan Chase
N/A
N/A
N/A
1745553.00000000
BNY Mellon
N/A
N/A
N/A
829703.00000000
Credit Suisse First Boston
N/A
N/A
N/A
319025.00000000
Goldman Sachs
N/A
N/A
N/A
634865.00000000
Citigroup
N/A
N/A
N/A
613771.00000000
19646784.00000000
N
14822982.00000000
N
N
Saratoga Large Capitalization Growth Portfolio
S000010890
549300W9B217D8BFVD96
Y
3
0
0
N/A
N
N
Y
N
N
N/A
1116379.00000000
2673.00000000
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
Smith Group Asset Management
801-50835
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Instinet, Inc.
N/A
N/A
N/A
5495.00000000
5495.00000000
0
N
39008784.00000000
N
N
Saratoga Mid Capitalization Portfolio
S000010885
54930029EHQ02NN11L73
Y
3
0
0
N/A
N
N
Y
N
N
N/A
1071002.00000000
1722.00000000
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
Vaughan Nelson Investment Management
801-51795
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Jefferies Group
N/A
N/A
N/A
120.00000000
Instinet, Inc.
N/A
N/A
N/A
2062.00000000
UBS AG
N/A
N/A
N/A
134.00000000
Liquidnet
N/A
N/A
N/A
3049.00000000
Oppenheimer & Co.
N/A
N/A
N/A
668.00000000
Jones Trading
N/A
N/A
N/A
65.00000000
Investment Technology Group
N/A
N/A
N/A
121.00000000
Virtus Investment Partners
N/A
N/A
N/A
109.00000000
Stifel Nicolaus
N/A
N/A
N/A
91.00000000
JPMorgan Chase
N/A
N/A
N/A
138.00000000
6745.00000000
Keefe, Bruyette & Woods
N/A
N/A
N/A
6339.00000000
Liquidnet
N/A
N/A
N/A
23513.00000000
Instinet, Inc.
N/A
N/A
N/A
9049.00000000
38900.00000000
N
13341862.00000000
N
N
James Alpha Momentum Portfolio
S000061551
549300IHXOUF36XQ1Z65
Y
3
0
0
Fund of Funds
N
N
Y
N
N/A
N/A
N/A
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
2018-06-22
Gemini Fund Services, LLC
84-06083
N/A
N
N
Y
ICE Data Services
N/A
N
Y
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
Y
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
Y
BTIG, LLC
N/A
N/A
N/A
18332.00000000
Baycrest Partners
N/A
N/A
N/A
3326.00000000
21658.00000000
BTIG, LLC
N/A
N/A
N/A
10399132.00000000
10399132.00000000
N
75705423.00000000
N
N
Saratoga Small Capitalization Portfolio
S000010891
549300JKQO6E12ZU8065
Y
3
0
0
N/A
N
N
Y
N
N
N/A
1324355.00000000
8705.00000000
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
Zacks Investment Management, Inc.
801-40592
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Lighthouse Financial
N/A
N/A
N/A
364.00000000
Investment Technology Group
N/A
N/A
N/A
3622.00000000
3986.00000000
0
N
7524444.00000000
N
N
Saratoga Financial Services Portfolio
S000010893
5493003OSJQMQNHI7H73
Y
3
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
N/A
Y
N
N
N
Saratoga Capital Management, LLC
801-46534
N/A
N/A
N
Smith Group Asset Management
801-50835
N/A
N/A
N
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N
N
BNY Mellon Corp.
N/A
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Gemini Fund Services, LLC
N/A
N/A
N
N
N
Instinet, Inc.
N/A
N/A
N/A
336.00000000
336.00000000
0
N
1990103.00000000
N
N
true
INTERNAL CONTROL RPT
2
ic_letter.txt
SARATOGA IC LETTER 8.31.2018
REPORT OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
Shareholders and
Board of Trustees
Saratoga Advantage
Trust
In planning and
performing our audits of
the financial statements
of the U.S. Government
Money Market
Portfolio, Investment
Quality Bond Portfolio,
Municipal Bond
Portfolio, Large
Capitalization Value
Portfolio, Large
Capitalization Growth
Portfolio, Mid
Capitalization Portfolio,
Small Capitalization
Portfolio, International
Equity Portfolio, Health
and Biotechnology
Portfolio, Technology
and Communications
Portfolio, Financial
Services Portfolio,
Energy and Basic
Materials Portfolio,
James Alpha Macro
Portfolio, James Alpha
Global Real Estate
Investments Portfolio,
James Alpha Multi
Strategy Alternative
Income Portfolio, James
Alpha Managed Risk
Domestic Equity
Portfolio, James Alpha
Managed Risk
Emerging Markets
Equity Portfolio, James
Alpha Hedged High
Income Portfolio,
Aggressive Balanced
Allocation Portfolio,
Conservative Balanced
Allocation Portfolio,
Moderate Balanced
Allocation Portfolio,
Moderately Aggressive
Balanced Allocation
Portfolio, Moderately
Conservative Balanced
Allocation Portfolio and
James Alpha
Momentum Portfolio
(the "Funds"), as of and
for the year ended
August 31, 2018, in
accordance with the
standards of the Public
Company Accounting
Oversight Board
(United States), we
considered the Funds'
internal control over
financial reporting,
including controls over
safeguarding securities,
as a basis for designing
our auditing procedures
for the purpose of
expressing our opinion
on the financial
statements and to
comply with the
requirements of Form
N-CEN, but not for the
purpose of expressing
an opinion on the
effectiveness of the
Funds' internal control
over financial reporting.
Accordingly, we
express no such
opinion.
The management of the
Funds is responsible for
establishing and
maintaining effective
internal control over
financial reporting. In
fulfilling this
responsibility, estimates
and judgments by
management are
required to assess the
expected benefits and
related costs of controls.
A company's internal
control over financial
reporting is a process
designed to provide
reasonable assurance
regarding the reliability
of financial reporting
and the preparation of
financial statements for
external purposes in
accordance with
generally accepted
accounting principles.
A company's internal
control over financial
reporting includes those
policies and procedures
that (1) pertain to the
maintenance of records
that, in reasonable
detail, accurately and
fairly reflect the
transactions and
dispositions of the
assets of the company;
(2) provide reasonable
assurance that
transactions are
recorded as necessary to
permit preparation of
financial statements in
accordance with
generally accepted
accounting principles,
and that receipts and
expenditures of the
company are being
made only in
accordance with
authorizations of
management and
directors of the
company; and (3)
provide reasonable
assurance regarding
prevention or timely
detection of
unauthorized
acquisition, use or
disposition of a
company's assets that
could have a material
effect on the financial
statements.
Because of inherent
limitations, internal
control over financial
reporting may not
prevent or detect
misstatements. Also,
projections of any
evaluation of
effectiveness to future
periods are subject to
the risk that controls
may become inadequate
because of changes in
conditions, or that the
degree of compliance
with the policies or
procedures may
deteriorate.
A deficiency in internal
control over financial
reporting exists when
the design or operation
of a control does not
allow management or
employees, in the
normal course of
performing their
assigned functions, to
prevent or detect
misstatements on a
timely basis. A material
weakness is a
deficiency, or
combination of
deficiencies, in internal
control over financial
reporting, such that
there is a reasonable
possibility that a
material misstatement
of the company's
annual or interim
financial statements will
not be prevented or
detected on a timely
basis.
Our consideration of the
Funds' internal control
over financial reporting
was for the limited
purpose described in the
first paragraph and
would not necessarily
disclose all deficiencies
in internal control that
might be material
weaknesses under
standards established by
the Public Company
Accounting Oversight
Board (United States).
However, we noted no
deficiencies in the
Funds' internal control
over financial reporting
and its operation,
including controls over
safeguarding securities,
that we consider to be
material weaknesses as
defined above as of
August 31, 2018.
This report is intended
solely for the
information and use of
management, the Board
of Trustees of the
Saratoga Advantage
Trust and the Securities
and Exchange
Commission and is not
intended to be and
should not be used by
anyone other than these
specified parties.
/S/ TAIT, WELLER
& BAKER LLP
Philadelphia,
Pennsylvania
October 30, 2018
Shareholders and Board of Trustees
Saratoga Advantage Trust
Page Two