0000910472-11-000115 Sample Contracts

SARATOGA ADVANTAGE TRUST INVESTMENT ADVISORY AGREEMENT JAMES ALPHA GLOBAL ENHANCED REAL RETURN PORTFOLIO
Investment Advisory Agreement • February 1st, 2011 • Saratoga Advantage Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT is made as of the ___ day of ___________, 2011, by and between Saratoga Advantage Trust (the “Trust”), on behalf of the James Alpha Global Enhanced Real Return Portfolio, a series of the Trust (the “Fund”), and Armored Wolf, LLC (the “Adviser”).

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JAMES ALPHA CAYMAN COMMODITY FUND I LTD. INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 1st, 2011 • Saratoga Advantage Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT is made as of the ___ day of ___________, 2011, by and between James Alpha Cayman Commodity Fund I Ltd., a Cayman Islands company (the “Company”), and Armored Wolf, LLC (the “Adviser”).

SARATOGA ADVANTAGE TRUST OPERATING EXPENSE LIMITATION AGREEMENT JAMES ALPHA GLOBAL ENHANCED REAL RETURN PORTFOLIO
Saratoga Advantage Trust • February 1st, 2011 • Saratoga Advantage Trust • New York

THIS OPERATING EXPENSE LIMITATION AGREEMENT (the “Agreement”) is effective as of the ___ day of _____________, 2011, by and between Saratoga Advantage Trust, (the “Trust”), on behalf of the James Alpha Global Enhanced Real Return Portfolio, a series of the Trust (the “Fund”), and Armored Wolf, LLC, the investment adviser to the Fund (the “Adviser”).

SARATOGA ADVANTAGE TRUST JAMES ALPHA GLOBAL ENHANCED REAL RETURN PORTFOLIO USE OF NAME AGREEMENT
Saratoga Advantage Trust • February 1st, 2011 • Saratoga Advantage Trust • Delaware

THIS AGREEMENT is made as of the 1st day of February, 2011 by and between Saratoga Advantage Trust (the “Trust”), on behalf of the James Alpha Global Enhanced Real Return Portfolio, a series of the Trust (the “Fund”), James Alpha Cayman Commodity Fund I Ltd., a Cayman Islands company (the “Subsidiary”), and James Alpha Management, LLC (“JAM”).

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