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<PAGE> PAGE 11
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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SIGNATURE CAROL J. HIGHSMITH
TITLE Asst. SECRETARY
Shareholder Votes
A special meeting of the shareholders of the trust was held on October 31, 1997.
The information below gives a brief description of each matter voted upon at the
meeting and the number of votes for, against or withheld, as well as the number
of abstentions as to each matter.
I.A. Proposal: To approve the investment advisory agreement between Saratoga
Capital Management (the "Manager" or "SCM") and OpCap Advisors with respect
to the Municipal Bond Portfolio (to be voted on by shareholders of the
Municipal Bond Portfolio only);
Portfolio For Against Abstain
- --------- --- ------- -------
Municipal Bond 347,964.1670 72.5560 27,609.1170
I.B. Proposal: To approve the investment advisory agreement between the Manager
and OpCap Advisors with respect to the Large Capitalization Value
Portfolio, (to be voted on by the shareholders of the Large Capitalization
Value Portfolio only);
Portfolio For Against Abstain
- --------- --- ------- -------
Large Capitalization 591,571.6010 3,071.5180 62,523.4370
Value
II. Proposal: To approve the investment advisory agreement between the Manager
and Harris Bretall Sullivan & Smith L.L.C. with respect to the Large
Capitalization Growth Portfolio (to be voted on by the shareholders of the
Large Capitalization Growth Portfolio only);
Portfolio For Against Abstain
- --------- --- ------- -------
Large Capitalization 1,247,290.3320 2,834.0590 86,933.7660
Growth
III. Proposal: To approve a proposal to permit the Manager, in the future, to
select and contract with investment advisers for each portfolio of the
Trust (the "Portfolios") after obtaining the approval of the Board of
Trustees of the Trust (the "Board"), but without obtaining shareholder
approval;
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 12,454,583.2040 81,353.6500 1,201,570.7090
Money Market
Investment 1,010,326.4750 6,884.1370 130,572.3310
Quality Bond
Municipal Bond 355,354.5540 1,390.1690 27,609.1170
Large Capitalization 612,481.5560 6,293.1400 65,177.8600
Value
Large Capitalization 1,041,815.8070 8,720.4200 88,847.9300
Growth
Small 1,160,383.5060 2,883.6730 44,574.4820
Capitalization
International 470,292.1170 2,058.7440 34,934.8790
Equity
IV.A.Proposal: To approve the elimination of the fundamental investment policy
restricting the Portfolios from investing in unseasoned issuers (companies
with a record of less than three years continuous operation, including
predecessors).
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 13,353,295.9530 160,113.2300 366,668.3800
Money Market
Investment 1,067,786.2090 17,634.7540 74,855.9800
Quality Bond
Municipal Bond 371,880.9880 2,910.0900 9,562.7620
Large Capitalization 651,792.0490 9,803.6350 22,357.8720
Value
Large Capitalization 1,110,276.8260 15,835.4420 13,255.8890
Growth
Small 1,183,571.5340 6,178.2840 18,091.8430
Capitalization
International 482,347.1240 12,942.8800 11,995.7360
Equity
IV.B.Proposal: To approve the elimination of the fundamental investment
restriction prohibiting the Portfolios from investing in oil, gas or other
mineral exploration or development companies.
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 13,360,470.0530 152,939.1300 366,668.3800
Money Market
Investment 1,070,950.6310 14,470.3320 74,855.9800
Quality Bond
Municipal Bond 373,565.5500 1,225.5280 9,562.7620
Large Capitalization 653,000.2210 8,595.4630 22,357.8720
Value
Large Capitalization 1,111,635.8430 14,476.4250 13,255.8890
Growth
Small 1,184,692.8940 5,056.9240 18,091.8430
Capitalization
International 492,055.1340 4,021.1390 11,209.4670
Equity
IV.C.Proposal: To approve the reclassification as non-fundamental the
fundamental investment restriction on investments by the Portfolios in
companies for the purpose of exercising control or management.
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 13,360,470.0530 152,939.1300 366,668.3800
Money Market
Investment 1,070,950.6310 14,470.3320 74,855.9800
Quality Bond
Municipal Bond 373,565.5500 1,225.5280 9,562.7620
Large Capitalization 653,000.2210 8,595.4630 22,357.8720
Value
Large Capitalization 1,111,635.8430 14,476.4250 13,255.8890
Growth
Small 1,184,692.8940 5,056.9240 18,091.8430
Capitalization
International 492,055.1340 4,021.1390 11,209.4670
Equity
IV.D.Proposal: To approve the elimination of the fundamental investment
restriction imposed on the Portfolios regarding investments in issuers
whose securities are owned by the Trustees or officers of the Trust, or
directors or officers of the investment advisers or Manager.
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 13,322,758.4130 190,650.7700 366,668.3800
Money Market
Investment 1,067,340.6360 18,080.3270 74,855.9800
Quality Bond
Municipal Bond 373,565.5500 1,225.5280 9,562.7620
Large Capitalization 652,088.7860 9,506.8980 22,357.8720
Value
Large Capitalization 1,109,931.1750 16,181.0930 13,255.8890
Growth
Small 1,184,467.1920 5,282.6260 18,091.8430
Capitalization
International 492,055.1340 4,021.1390 11,209.4670
Equity
IV.E.Proposal: To approve the elimination of fundamental restrictions imposed
by state securities commissions on the Portfolios concerning aggregate
investments in restricted securities and unseasoned issuers.
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 13,353,295.9530 160,113.2300 366,668.3800
Money Market
Investment 1,067,786.2090 17,634.7540 74,855.9800
Quality Bond
Municipal Bond 371,880.9880 2,910.0900 9,562.7620
Large Capitalization 651,792.0490 9,803.6350 22,357.8720
Value
Large Capitalization 1,110,276.8260 15,835.4420 13,255.8890
Growth
Small 1,183,571.5340 6,178.2840 18,091.8430
Capitalization
International 482,347.1240 12,942.8800 11,995.7360
Equity
IV.F.Proposal: To approve the reclassification as non-fundamental the
fundamental investment policy of the Portfolios restricting investments in
illiquid securities.
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 13,360,470.0530 152,939.1300 366,668.3800
Money Market
Investment 1,070,950.6310 14,470.3320 74,855.9800
Quality Bond
Municipal Bond 373,565.5500 1,225.5280 9,562.7620
Large Capitalization 653,000.2210 8,595.4630 22,357.8720
Value
Large Capitalization 1,111,635.8430 14,476.4250 13,255.8890
Growth
Small 1,184,692.8940 5,056.9240 18,091.8430
Capitalization
International 492,055.1340 4,021.1390 11,209.4670
Equity
IV.G.Proposal: To approve the elimination of the fundamental investment
limitations imposed on the Portfolios concerning investing in other
investment companies.
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 13,360,470.0530 152,939.1300 366,668.3800
Money Market
Investment 1,070,950.6310 14,470.3320 74,855.9800
Quality Bond
Municipal Bond 373,565.5500 1,225.5280 9,562.7620
Large Capitalization 653,000.2210 8,595.4630 22,357.8720
Value
Large Capitalization 1,111,635.8430 14,476.4250 13,255.8890
Growth
Small 1,184,692.8940 5,056.9240 18,091.8430
Capitalization
International 492,055.1340 4,021.1390 11,209.4670
Equity
IV.H.Proposal: To approve the reclassification as non-fundamental the
fundamental investment limitations imposed on the Portfolios concerning
short sales.
Portfolio For Against Abstain
- --------- --- ------- -------
U.S. Government 13,353,295.9530 160,113.2300 366,668.3800
Money Market
Investment 1,067,786.2090 17,634.7540 74,855.9800
Quality Bond
Municipal Bond 371,880.9880 2,910.0900 9,562.7620
Large Capitalization 651,792.0490 9,803.6350 22,357.8720
Value
Large Capitalization 1,110,276.8260 15,835.4420 13,255.8890
Growth
Small 1,183,571.5340 6,178.2840 18,091.8430
Capitalization
International 490,089.6580 5,200.3460 11,995.7360
Equity
Disclosure pursuant to Regulation S-K, Item 304a(2)
On October 28, 1997, the Board of Trustees of the Saratoga Advantage Trust
engaged Ernst & Young LLP, 787 Seventh Avenue, New York, New York to serve as
the Trust's independent auditors for the fiscal year ending August 31, 1998. The
Trust has not consulted with Ernst & Young LLP on any matters during its two
most recent fiscal years.
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> MUNICIPAL BOND PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
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<NUMBER-OF-SHARES-SOLD> 15438
<NUMBER-OF-SHARES-REDEEMED> 91230
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<NET-CHANGE-IN-ASSETS> 1017308
<ACCUMULATED-NII-PRIOR> 1073
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<GROSS-EXPENSE> 85718
<AVERAGE-NET-ASSETS> 7347632
<PER-SHARE-NAV-BEGIN> 10.33
<PER-SHARE-NII> 0.21
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<PER-SHARE-NAV-END> 10.58
<EXPENSE-RATIO> 1.18
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> LARGE CAPITIALIZATION VALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
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<INVESTMENTS-AT-VALUE> 37545625
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<ACCUMULATED-NII-CURRENT> 453548
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<ACCUM-APPREC-OR-DEPREC> 10066504
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<DIVIDEND-INCOME> 173458
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<DISTRIBUTIONS-OF-INCOME> 125990
<DISTRIBUTIONS-OF-GAINS> 922236
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<NUMBER-OF-SHARES-SOLD> 354450
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<NET-CHANGE-IN-ASSETS> 7515900
<ACCUMULATED-NII-PRIOR> 100766
<ACCUMULATED-GAINS-PRIOR> 744971
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<GROSS-EXPENSE> 213620
<AVERAGE-NET-ASSETS> 32221474
<PER-SHARE-NAV-BEGIN> 18.57
<PER-SHARE-NII> 0.05
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<EXPENSE-RATIO> 1.26
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> LARGE CAPITALIZATION GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
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<PAID-IN-CAPITAL-COMMON> 39817051
<SHARES-COMMON-STOCK> 2985909
<SHARES-COMMON-PRIOR> 2641730
<ACCUMULATED-NII-CURRENT> 137255
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<ACCUMULATED-NET-GAINS> 829809
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<ACCUM-APPREC-OR-DEPREC> 19866659
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<DIVIDEND-INCOME> 214358
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<EXPENSES-NET> 302403
<NET-INVESTMENT-INCOME> (58051)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> SMALL CAPITALIZATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 32966653
<INVESTMENTS-AT-VALUE> 39094734
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<TOTAL-ASSETS> 40075661
<PAYABLE-FOR-SECURITIES> 705910
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68652
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29168563
<SHARES-COMMON-STOCK> 2428493
<SHARES-COMMON-PRIOR> 1912785
<ACCUMULATED-NII-CURRENT> 1124292
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<ACCUMULATED-NET-GAINS> 4804462
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6428081
<NET-ASSETS> 39301099
<DIVIDEND-INCOME> 94130
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<EXPENSES-NET> 212997
<NET-INVESTMENT-INCOME> (100184)
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<APPREC-INCREASE-CURRENT> 881923
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<DISTRIBUTIONS-OF-GAINS> 1999133
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<NUMBER-OF-SHARES-SOLD> 732258
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<SHARES-REINVESTED> 131586
<NET-CHANGE-IN-ASSETS> 10519695
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<GROSS-EXPENSE> 217973
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<PER-SHARE-NAV-BEGIN> 15.05
<PER-SHARE-NII> (.05)
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<EXPENSE-RATIO> 1.25
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
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<TOTAL-ASSETS> 12692563
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56519
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<PAID-IN-CAPITAL-COMMON> 10888870
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<ACCUMULATED-NET-GAINS> (220350)
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<ACCUM-APPREC-OR-DEPREC> 1975078
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<OTHER-INCOME> 0
<EXPENSES-NET> 78985
<NET-INVESTMENT-INCOME> (13286)
<REALIZED-GAINS-CURRENT> (164973)
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<NUMBER-OF-SHARES-SOLD> 205288
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<PER-SHARE-NII> (0.02)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
