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008 A000701 IVORY & SIME INTERNATIONAL INC
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SIGNATURE CAROL J. HIGHSMITH
TITLE ASSISTANT SECRETARY
To the Shareholders and Board of Trustees of
The Saratoga Advantage Trust:
In planning and performing our audit of the financial statements of The Saratoga
Advantage Trust (comprising, respectively, the U.S. Government Money Market,
Investment Quality Bond, Municipal Bond, Large Capitalization Value, Large
Capitalization Growth, Small Capitalization and International Equity Portfolios)
for the year ended August 31, 1997, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of The Saratoga Advantage Trust is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit the preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
August 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
New York, New York
October 28, 1997
Shareholder Votes
Due to a change in control of Saratoga Capital Management, manager of the
Saratoga Advantage Trust, the trust's management and advisory agreements
terminated as a matter of law. A special meeting of the shareholders of the
trust was held on April 10, 1997. In anticipation of the change in control, the
shareholders were asked to approve new management and advisory agreements which
were substantially identical to the agreements then in place. The new agreements
were approved, and took effect at the consummation of the transaction which
resulted in the change of control. The shareholders were also asked to elect
four trustees of the Trust, and to ratify or reject the selection of independent
accountants for the fiscal year ending August 31, 1997.
The information below gives a brief description of each matter voted upon at the
meeting and the number of votes cast for, against or withheld, as well as the
number of abstentions as to each matter.
1. Proposal: To approve a new management agreement between the Trust, on
behalf of each Portfolio, and Saratoga Capital Management (the "Manager")
<TABLE>
<CAPTION>
Portfolio For Against Abstain
- --------------------------- --------------- ----------- ------------
<S> <C> <C> <C>
U.S. Government
Money Market .............. 15,512,592.2000 109,368,9500 611,544.1900
Investment
Quality Bond .............. 1,095,250.7600 12,998.6410 40,458.8630
Municipal Bond ............ 365,251.8880 875.7710 15,126.4890
Large Capitalization
Value ..................... 739,575.4940 8,011.2840 28,746.1650
Large Capitalization
Growth .................... 1,199,907.2240 18,094.4240 52,387.5060
Small
Capitalization ............ 1,108,268.3160 4,367.7880 7,363.1890
International
Equity .................... 401,483.5100 1,455.8540 7,603.8150
</TABLE>
<PAGE>
2. Proposals: To approve new advisory agreements between the Manager and the
Advisor of each Portfolio
<TABLE>
<CAPTION>
Portfolio For Against Abstain
- --------- --- ------- -------
<S> <C> <C> <C>
U.S. Government
Money Market ............. 15,525,892.7200 109,368.9500 598,243.6700
Investment
Quality Bond ............. 1,109,557.7650 836.4650 38,314.0340
Municipal Bond ........... 365,251.8880 875.7710 15,126.4890
Large Capitalization
Value .................... 743,507.7730 3,099.6280 29,725.5420
Large Capitalization
Growth ................... 1,205,024.3930 6,371.3910 58,993.3700
Small
Capitalization ........... 1,107,998.3790 2,339.0110 9,661.9030
International
Equity ................... 402,870.1380 0 7,673.0410
</TABLE>
3. Proposal: To elect four trustees of the Trust
<TABLE>
<CAPTION>
Nominee Portfolio For Withheld
------- --------- --- --------
<S> <C> <C> <C>
Udo Koopman U.S. Government
Money Market 16,037,246.9700 196,258.3700
Investment Quality
Bond 1,135,851.5750 12,856.6890
Municipal Bond 375,121.9710 6,132.1770
Large Capitalization
Value 756,582.3290 19,750.6140
Large Capitalization
Growth 1,232,215.2930 38,173.8610
Small Capitalization 1,113,962.8530 6,036.4400
International Equity 404,380.3680 6,162.8110
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Nominee Portfolio For Withheld
- ------- --------- --- --------
<S> <C> <C> <C>
Patrick McCollough U.S. Government
Money Market 16,067,263.9600 166,241.3800
Investment Quality
Bond 1,135,851.5750 12,856.6890
Municipal Bond 377,870.4800 3,383.6680
Large Capitalization
Value 757,829.9220 18,503.6140
Large Capitalization
Growth 1,233,059.9810 37,329.1730
Small Capitalization 1,114,316.0020 5,683.2910
International Equity 404,912.8940 5,630.2850
Floyd Seal U.S. Government
Money Market 16,037,246.9700 196,258.3700
Investment Quality
Bond 1,135,851.5750 12,856.6890
Municipal Bond 375,121.9710 6,132.1770
Large Capitalization
Value 756,582.3290 19,750.6140
Large Capitalization
Growth 1,232,215.2930 38,173.8610
Small Capitalization 1,113,962.8530 6,036.4400
International Equity 404,380.3680 6,162.8110
Bruce Ventimiglia U.S. Government
Money Market 16,086,006.2300 147,499.1100
Investment Quality
Bond 1,136,998.6520 11,709.6120
Municipal Bond 379,680.4960 1,573.6520
Large Capitalization
Value 759,553.9060 16,779.0370
Large Capitalization
Growth 1,236,449.2070 33,939.9470
Small Capitalization 1,114,997.7600 5,001.5330
International Equity 405,028.2910 5,514.8880
</TABLE>
4. Proposal: To ratify the selection of KPMG Peat Marwick LLP as independent
accountants for the Trust for the fiscal year ending August 31, 1997
<TABLE>
<CAPTION>
Portfolio For Against Abstain
- -------------------- --------------- ----------- ------------
<S> <C> <C> <C>
U.S. Government
Money Market ....... 15,800,567.20 23,252.79 409,685.3500
Investment
Quality Bond ....... 1,114,991.01 1,962.66 31,754.5890
Municipal Bond ..... 365,995.8880 875.77 14,382.4890
Large Capitalization
Value .............. 744,018.9020 4,314.4700 27,999.5710
Large Capitalization
Growth ............. 1,209,179.4790 2,497.2420 58,712.4330
Small
Capitalization ..... 1,108,311.4740 3,302.1120 8,385.7070
International
Equity ............. 401,872.893 792.8920 7,877.0410
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> US GOVT MONEY MARKET
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 28549049
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<RECEIVABLES> 157733
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<ACCUMULATED-GAINS-PRIOR> (32)
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<GROSS-EXPENSE> 353216
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<PER-SHARE-NAV-BEGIN> 1
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INVESTMENT QUALITY BOND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 21380530
<INVESTMENTS-AT-VALUE> 21499319
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<OTHER-ITEMS-LIABILITIES> 103968
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<SHARES-COMMON-PRIOR> 1701884
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<ACCUMULATED-NET-GAINS> (31102)
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<NET-INVESTMENT-INCOME> 1025416
<REALIZED-GAINS-CURRENT> (24955)
<APPREC-INCREASE-CURRENT> 385534
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<NUMBER-OF-SHARES-SOLD> 1132061
<NUMBER-OF-SHARES-REDEEMED> 705446
<SHARES-REINVESTED> 101660
<NET-CHANGE-IN-ASSETS> 5643365
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6296)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 309668
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<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.51
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<PER-SHARE-NAV-END> 10.09
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> MUNICIPAL BOND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 6916088
<INVESTMENTS-AT-VALUE> 7097804
<RECEIVABLES> 128997
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<TOTAL-ASSETS> 7261367
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<OTHER-ITEMS-LIABILITIES> 38193
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7021488
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<SHARES-COMMON-PRIOR> 470817
<ACCUMULATED-NII-CURRENT> 1073
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<ACCUMULATED-NET-GAINS> 11905
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<ACCUM-APPREC-OR-DEPREC> 181716
<NET-ASSETS> 7223174
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<EXPENSES-NET> 75516
<NET-INVESTMENT-INCOME> 261692
<REALIZED-GAINS-CURRENT> 24803
<APPREC-INCREASE-CURRENT> 179068
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<DISTRIBUTIONS-OF-INCOME> 260619
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<NUMBER-OF-SHARES-SOLD> 376537
<NUMBER-OF-SHARES-REDEEMED> 173590
<SHARES-REINVESTED> 25376
<NET-CHANGE-IN-ASSETS> 2515426
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (11825)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 185177
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<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0.43
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<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> 1.21
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> LARGE CAP VALUE
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 22315417
<INVESTMENTS-AT-VALUE> 29703543
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<PAID-IN-CAPITAL-COMMON> 21425971
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<ACCUMULATED-NII-CURRENT> 100766
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<ACCUMULATED-NET-GAINS> 744971
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<ACCUM-APPREC-OR-DEPREC> 7388127
<NET-ASSETS> 29675817
<DIVIDEND-INCOME> 310496
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<EXPENSES-NET> 318275
<NET-INVESTMENT-INCOME> 146306
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<NUMBER-OF-SHARES-SOLD> 797161
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<PER-SHARE-NII> 0.09
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> LARGE CAP GROWTH
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
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<INVESTMENTS-AT-VALUE> 46684553
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<TOTAL-ASSETS> 561179
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 203551
<TOTAL-LIABILITIES> 203551
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33317192
<SHARES-COMMON-STOCK> 2641730
<SHARES-COMMON-PRIOR> 2581231
<ACCUMULATED-NII-CURRENT> 1896
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<ACCUMULATED-NET-GAINS> 1790838
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<ACCUM-APPREC-OR-DEPREC> 12062149
<NET-ASSETS> 47198493
<DIVIDEND-INCOME> 421786
<INTEREST-INCOME> 57434
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<EXPENSES-NET> 527410
<NET-INVESTMENT-INCOME> (48190)
<REALIZED-GAINS-CURRENT> 2749355
<APPREC-INCREASE-CURRENT> 9619691
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<NUMBER-OF-SHARES-SOLD> 1172529
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<ACCUMULATED-NII-PRIOR> (31012)
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<PER-SHARE-NAV-BEGIN> 13.16
<PER-SHARE-NII> (0.02)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> SMALL CAP
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
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<EXPENSES-NET> 301403
<NET-INVESTMENT-INCOME> (161829)
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<NUMBER-OF-SHARES-SOLD> 671535
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<ACCUMULATED-NII-PRIOR> (151486)
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<PER-SHARE-NII> (0.07)
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<EXPENSE-RATIO> 1.3
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL EQUITY
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 8623468
<INVESTMENTS-AT-VALUE> 9509953
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<OTHER-ITEMS-LIABILITIES> 58626
<TOTAL-LIABILITIES> 58626
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<ACCUMULATED-NII-CURRENT> (6422)
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<ACCUMULATED-NET-GAINS> (8875)
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<EXPENSES-NET> 119932
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<NUMBER-OF-SHARES-SOLD> 456093
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</TABLE>
