<PAGE>
Oppenheimer Tower
1 World Financial Center
New York, New York 10281-1098
(212) 374-1600 - Fax: (212) 349-4759
OPPENHEIMER CAPITAL
Thomas E. Duggan
General Counsel
October 10, 1995
The Saratoga Advantage Trust
One World Financial Center
New York, New York 10281
Ladies and Gentlemen:
In connection with the public offering of shares of Capital Stock, par
value $.001 per share, of the U.S. Government Money Market Portfolio,
Investment Quality Bond, Municipal Bond Portfolio, Large Capitalization Value
Portfolio, Large Capitalization Growth, Small Capitalization, International
Equity Portfolio, which are series of The Saratoga Advantage Trust, I have
examined such corporate records and documents and have made such further
investigation and examination as I deemed necessary for the purpose of this
opinion.
It is my opinion that the 9,345,730 shares of Capital Stock, the
registration of which is made definite by the accompanying Rule 24f-2 Notice
of the Trust, were legally issued, fully paid and non-assessable by the Trust.
I hereby consent to the filing of this opinion with said Notice.
Very truly yours,
/s/ Thomas E. Duggan
Thomas E. Duggan
TED:tc
<PAGE>
October 10, 1995
RULE 24F-2 NOTICE
- -----------------
The Saratoga Advantage Trust
(Registration No. 33-79708)
Oppenheimer Tower
One World Financial Center
New York, New York 10281
NOTICE IS HEREBY GIVEN that The Saratoga Advantage Trust (the "Trust"),
a Delaware business trust which issues shares in series form, having
previously filed in its registration statement a declaration that an
indefinite number of its securities were being registered pursuant to Rule
24f-2 of the Investment Company Act of 1940, now elects to continue such
indefinite registration.
(1) This Notice is being filed for the U.S. Government Money Market
Portfolio, Investment Quality Bond Portfolio, Municipal Bond Portfolio,
Large Capitalization Value Portfolio, Large Capitalization Growth
Portfolio, Small Capitalization Portfolio, International Equity Portfolio,
(the "Portfolios"), series of the Trust whose fiscal year ended August 31,
1995.
(2) No shares of capital stock of the Portfolios which have been registered
other than pursuant to this Rule remained unsold at the beginning of the
above fiscal year.
(3) No shares of capital stock of the Portfolios were registered other than
pursuant to this Rule during the above fiscal year.
(4) The number of shares of capital stock of each Portfolio sold during the
above fiscal year were:
U.S. Government Money Market Portfolio 5,475,388 shares
Investment Quality Bond Portfolio 499,131 shares
Municipal Bond Portfolio 172,119 shares
Large Capitalization Value Portfolio 568,685 shares
Large Capitalization Growth Portfolio 968,006 shares
Small Capitalization Portfolio 1,300,430 shares
International Equity Portfolio 361,971 shares
(5) For the U.S. Government Money Market Portfolio: 5,475,388 shares;
Investment Quality Bond Portfolio: 499,131 shares; Municipal Bond
Portfolio: 172,119 shares; Large Capitalization Value Portfolio: 568,685
shares; Large Capitalization Growth Portfolio: 968,006 shares; Small
Capitalization Portfolio: 1,300,430 shares; International Equity
Portfolio: 361,971 shares of capital stock were sold during the above
fiscal year in reliance upon registration pursuant to this Rule.
THE SARATOGA ADVANTAGE TRUST
By /s/ Deborah Kaback
--------------------
Deborah Kaback, Secretary
- -------------------------------------------------------------------------------
(1) The calculation of the aggregate sales price is made pursuant to Rule
24f-2 of the Investment Company Act of 1940. Aggregate sales price of
securities sold during the Portfolios' fiscal year: $46,152,265. Aggregate
redemption or repurchase price of such securities redeemed by the Portfolios
during such previous fiscal year: $5,539,424. Aggregate sales price reduced
by aggregate redemption price = $40,612,841. Therefore, a fee of $14,004.43
is payable pursuant to Section 6(b) of the 1933 Act.
