Prospectus by Investment Company (Form 497)

THE SARATOGA ADVANTAGE TRUST (the "Trust")

Supplement dated October 27, 2025 to the

Trust's Class A Shares Prospectus (the "Prospectus") and the Trust's Statement of Additional Information (the "SAI"), each dated December 30, 2024

Reference is made to the section entitled "MANAGEMENT OF THE PORTFOLIOS", subsection "Expense Reductions and Reimbursements and Net Expenses", of the Prospectus. Effective immediately, in the first paragraph, the second to last sentence is replaced in its entirety with "The Expense Agreement can be terminated by either party, without penalty, upon 30 days' prior notice". The corresponding table in this section is of the Prospectus and the column relating to Class A Shares in the similar table included in the section entitled "MANAGEMENT AND OTHER SERVICES" of the SAI are deleted in their entirety and replaced with the following:

This Supplement updates and supersedes any contrary information contained in the Prospectus or SAI or any supplements thereto with respect to the Portfolios.

Please retain this supplement for future reference.

THE SARATOGA ADVANTAGE TRUST (the "Trust")

Supplement dated October 27, 2025 to the

Trust's Class C Shares Prospectus (the "Prospectus") and the Trust's Statement of Additional Information (the "SAI"), each dated December 30, 2024

Reference is made to the section entitled "MANAGEMENT OF THE PORTFOLIOS", subsection "Expense Reductions and Reimbursements and Net Expenses", beginning on page 114 of the Prospectus. Effective immediately, in the first paragraph, the second to last sentence is replaced in its entirety with "The Expense Agreement can be terminated by either party, without penalty, upon 30 days' prior notice". The corresponding table in this section of the Prospectus and the column relating to Class C Shares in the similar table included in the section entitled "MANAGEMENT AND OTHER SERVICES" of the SAI are deleted in their  and replaced with the following:

This Supplement updates and supersedes any contrary information contained in the Prospectus or SAI or any supplements thereto with respect to the Portfolios.

Please retain this supplement for future reference.

THE SARATOGA ADVANTAGE TRUST (the "Trust")

Supplement dated October 27, 2025 to the

Trust's Class I Shares Prospectus (the "Prospectus") and the Trust's Statement of Additional Information (the "SAI"), each dated December 30, 2024

Reference is made to the section entitled "MANAGEMENT OF THE PORTFOLIOS", subsection "Expense Reductions and Reimbursements and Net Expenses", beginning on page 111 of the Prospectus. Effective immediately, in the first paragraph, the second to last sentence is replaced in its entirety with "The Expense Agreement can be terminated by either party, without penalty, upon 30 days' prior notice". The corresponding table in this section of the Prospectus and the column relating to Class C Shares in the similar table included in the section entitled "MANAGEMENT AND OTHER SERVICES" of the SAI are deleted in their and replaced with the following:

This Supplement updates and supersedes any contrary information contained in the Prospectus or SAI or any supplements thereto with respect to the Portfolios.

Please retain this supplement for future reference.