James Alpha Global Real Estate Investments Fund Awarded Morningstar's 4 Star Rating(1)

 James Alpha Global Real Estate Investments Fund Awarded Morningstar's 4 Star
                                  Rating(1)

Fund Ranked in Top 16% of the 157 Funds in Morningstar's Global Real Estate
Category for the Past 3 Years as of 10/31/12, Based on Total Return.(1)

PR Newswire

NEW YORK, Nov. 15, 2012

NEW YORK, Nov. 15, 2012 /PRNewswire/ -- Friday, October 26, 2012 marked the
3-year anniversary of the James Alpha Global Real Estate Investments Fund
(Symbol: JAREX), managed by Portfolio Manager Andrew J. Duffy, CFA. The Fund's
strategy is to invest for the long term in a diversified portfolio of
publicly-traded REITs around the world, while utilizing two income-enhancing
strategies designed to potentially provide investors with an above-market
distribution yield.

The Fund, which is part of the James Alpha mutual fund offerings, seeks to pay
the right price for quality companies with sustainable advantages—a strategy
that has helped it deliver strong returns relative to its peers. The James
Alpha Global Real Estate Investments Fund (Class A shares) was ranked in the
top 16% of the Morningstar Global Real Estate category for the past 3 years as
of 10/31/12, based upon the Fund's total return^(1).

"Successful investing in real estate companies is about what you pay and what
you get. We focus our attention on finding what we believe to be good
businesses that are mispriced, and often out of favor by the consensus. We
value companies property by property, market by market. Once we understand
them, we come to know the hearts and minds of the people running them and
figure out what the companies may be worth to an informed buyer. That's how we
try to ensure that what we get is worth more than what we pay," said Portfolio
Manager Andrew Duffy, CFA. "Long-term outperformance requires that you think
differently, invest differently, and that you are correct in your assessments.
That's what drives all of our efforts on the James Alpha Global Real Estate
Investments Fund. We look forward to continuing in our goal to provide
successful investment results for our clients."

Since inception (10/26/09), the James Alpha Global Real Estate Investments
Fund (Class A shares) has produced an average annualized total return of
14.47% (before sales charges). By comparison, over the same period, the FTSE
EPRA/NAREIT Developed Real Estate Index, the Fund's benchmark, produced an
average annualized return of 11.67% (10/26/2009 through 10/31/12).

As of October 31^st, 2012 the Fund has generated the following total returns
for the periods indicated:

                                                       Since Inception
                                  YTD    1 Year 3 Year
                                                       Oct. 26, 2009
JAREX – A Share (NAV)             26.14% 24.08% 14.56% 14.47%
JAREX – A Share (Max Load 5.75%) 18.86% 16.97% 12.33% 12.24%
FTSE EPRA/NAREIT DEV
                                  21.94% 16.07% 12.89% 11.67%
REAL ESTATE INDEX

As of the last quarter end, September 30^th, 2012, the Fund has generated the
following total returns for the periods indicated:

                                                      Since Inception
                                       Q3-2012 1 Year
                                                      Oct. 26, 2009
JAREX – A Share (NAV)                  9.98%   39.97% 15.03%
JAREX – A Share (Max Load 5.75%)     3.66%   31.89% 12.73%
FTSE EPRA/NAREIT DEV REAL ESTATE INDEX 5.35%   29.65% 11.73%

* All figures for periods over 12 months are annualized.

  Performance data quoted above are historical. Past performance does not
  guarantee future results and current performance may be lower or higher than
  the performance data quoted. The investment return and principal value of an
  investment will fluctuate, so that shares when redeemed may be worth more or
  less than their original cost. The FTSE EPRA/NAREIT Developed Global Real
  Estate Index is comprised of publicly-traded REIT securities in developed
  countries worldwide which have met certain financial criteria for inclusion
  in the Index. Each company must derive the bulk of its earnings through the
  ownership, management or development of income-producing commercial real
  estate. Investors cannot directly invest in an index and unmanaged index
  returns do not reflect any fees, expenses or sales charges. The Fund also
  offers C and I shares. Information about those share class distributions and
  returns can be received by calling the Fund's distributor at 303-220-3863.
  The Fund's management has contractually waived a portion of its management
  fees until December 31, 2014. The performance shown reflects the waivers
  without which the performance would have been lower. Total annual operating
  expenses after the expense reduction/reimbursement are 2.76% for A shares;
  total annual operating expenses before the expense reduction / reimbursement
  are 2.84% for A Shares. 5.75% is the maximum sales charge on purchases of A
  shares. For more performance numbers current to the most recent month end
  please call (303) 220-3863.

In addition to providing a superior total return over the past 3 years, the
Fund's objective is to provide investors with an above-market distribution
yield through its income-enhancing strategies: covered call-writing and
dividend captures. (There is no assurance, however, that the Fund will achieve
its investment objectives.) Over the past four quarters, the Fund has
distributed the following amounts per share:

Q4-2011 Q1-2012 Q2-2012 Q3-2012
$0.30   $0.34   $0.37   $0.51

The Fund's closing NAV as of October 31, 2012 was $21.79 per share.



Investors should carefully consider the investment objectives, risks, charges
and expenses of the Fund. This and other information is contained in the
Fund's prospectus, which can be obtained by calling (303) 220-3863 and should
be read carefully before investing. The Saratoga Advantage Trust's Funds,
including the James Alpha Global Real Estate Investments Fund, are distributed
by Northern Lights Distributors, LLC, member FINRA.

The Fund is subject to stock market risk, which is the risk that stock prices
overall will decline over short or long periods, adversely affecting the value
of an investment. Risks of one's ownership are similar to those associated
with direct ownership of real estate, such as changes in real estate values,
interest rates, cash flow of underlying real estate assets, supply and demand,
and the creditworthiness of the issuer. International investing poses special
risks, including currency fluctuations and economic and political risks not
found in investments that are solely domestic. Options involve risk and are
not suitable for all investors. Writing a covered call option allows the fund
to receive a premium (income) for giving the right to a third party to
purchase shares that the Fund owns in a given company at a set price for a
certain period of time. There is no guarantee of success for any options
strategy. Increased portfolio turnover may result in higher brokerage
commissions, dealer mark-ups and other transaction costs and may result in
taxable capital gains. Investments in lesser-known, small and medium
capitalization companies may be more vulnerable to these and other risks than
larger, more established organizations.

^(1) Source: Morningstar® 11/1/12. For each fund with at least a 3-year
history, Morningstar calculates a Morningstar Rating based on a Morningstar
risk-adjusted return measure that accounts for variation in the fund's
adjusted monthly performance, placing more emphasis on downward variations and
rewarding consistent performance. The top 10% of funds in each category
receive a Morningstar Rating^TM of 5 stars, the next 22.5% receive 4 stars,
the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom
10% receive 1 star. (Each share class is counted as a fraction of one fund and
rated separately.) The investment's independent Morningstar Rating metric is
then compared against the open-end mutual fund universe's actual performance
breakpoints to determine its extended performance rating. The Overall
Morningstar Rating for a mutual fund is derived from a weighted average of the
actual performance figures associated with its three-, five- and ten-year (if
applicable) Morningstar Rating metrics. The James Alpha Global Real Estate
Investments Fund Class A shares rated four stars for the three -year period
from among 157 global real estate funds for the period ended 10/31/12. ^© 2012
Morningstar, Inc. All rights reserved. The information contained herein is
proprietary to Morningstar and/or its content providers; may not be copied or
distributed; and is not warranted to be accurate, complete or timely. Neither
Morningstar nor its content providers are responsible for any damages or
losses arising from any use of this information.

THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL
SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON THE FUND'S
PRESENT BELIEFS AND EXPECTATIONS, BUT THEY ARE NOT GUARANTEED TO OCCUR AND MAY
NOT OCCUR FOR NUMEROUS REASONS, SOME OF WHICH ARE BEYOND THE FUND'S CONTROL.
THE FUND CAN PROVIDE NO ASSURANCE THAT ITS FUTURE EARNINGS WILL BE SUFFICIENT
TO ENABLE THE FUND TO PAY A REGULAR QUARTERLY DISTRIBUTION. THE DIVIDENDS
WHICH THE FUND HAS RECEIVED FROM ITS INVESTMENTS IN REITS MAY BE CHARACTERIZED
BY THOSE REITS DIFFERENTLY THAN THE FUND NOW EXPECTS. FOR THIS REASON, AMONG
OTHERS, SOME OF THE DISTRIBUTION DESCRIBED IN THIS PRESS RELEASE MAY CONSIST
OF CAPITAL GAINS OR RETURN OF CAPITAL.

FOR THESE AND OTHER REASONS, INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON
FORWARD LOOKING STATEMENTS.

1832-NLD-11/12/2012



Contact:Randy Lewis
1-303-220-3866
rlewis@jamesalpha.com

SOURCE James Alpha Global Real Estate Investments Fund