0000910472-11-000066 Sample Contracts

SARATOGA ADVANTAGE TRUST INVESTMENT ADVISORY AGREEMENT ARMORED WOLF GLOBAL ENHANCED REAL RETURN PORTFOLIO
Investment Advisory Agreement • January 14th, 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 Armored Wolf Global Enhanced Real Return Portfolio, a series of the Trust (the “Fund”), and Armored Wolf, LLC (the “Adviser”).

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ARMORED WOLF CAYMAN COMMODITY FUND I LTD. INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • January 14th, 2011 • Saratoga Advantage Trust • Delaware

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

SARATOGA ADVANTAGE TRUST OPERATING EXPENSE LIMITATION AGREEMENT ARMORED WOLF GLOBAL ENHANCED REAL RETURN PORTFOLIO
Operating Expense Limitation Agreement • January 14th, 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 Armored Wolf Global Enhanced Real Return Portfolio, a series of the Trust (the “Fund”), and Armored Wolf, LLC, the investment adviser to the Fund (the “Adviser”).

SUPERVISION AGREEMENT
Supervision Agreement • January 14th, 2011 • Saratoga Advantage Trust • New York

Agreement dated and effective as of ________, 2011 between THE SARATOGA ADVANTAGE TRUST, a Delaware business trust (herein referred to as the "Trust"), and SARATOGA CAPITAL MANAGEMENT, LLC, a Delaware limited liability company ("Saratoga").

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