0001580642-16-008992 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN

Investment Advisory Agreement • May 27th, 2016 • Saratoga Advantage Trust • New York

• Contract Type
  Investment Advisory Agreement
• Filed
  May 27th, 2016
• Company
  Saratoga Advantage Trust
• Jurisdiction
  New York

AGREEMENT made this 23rd day of May, 2016 between James Alpha Advisors, LLC a Delaware limited liability company (the "Manager") and Concise Capital Management, LP , a Delaware limited partnership (the "Advisor").

SARATOGA ADVANTAGE TRUST INVESTMENT MANAGEMENT AGREEMENT JAMES ALPHA HEDGED HIGH INCOME PORTFOLIO

Investment Management Agreement • May 27th, 2016 • Saratoga Advantage Trust • Delaware

• Contract Type
  Investment Management Agreement
• Filed
  May 27th, 2016
• Company
  Saratoga Advantage Trust
• Jurisdiction
  Delaware

THIS INVESTMENT MANAGEMENT AGREEMENT is made as of the 23rd day of May, 2016, by and between Saratoga Advantage Trust (the “Trust”), on behalf of the James Alpha Hedged High Income Portfolio, a series of the Trust (the “Fund”), and James Alpha Advisors, LLC (the “Manager”).

SARATOGA ADVANTAGE TRUST OPERATING EXPENSE LIMITATION AGREEMENT

Expense Limitation Agreement • May 27th, 2016 • Saratoga Advantage Trust • Delaware

• Contract Type
  Expense Limitation Agreement
• Filed
  May 27th, 2016
• Company
  Saratoga Advantage Trust
• Jurisdiction
  Delaware

THIS OPERATING EXPENSE LIMITATION AGREEMENT (the “Agreement”) is effective as of the 23rd day of May, 2016, by and between Saratoga Advantage Trust, (the “Trust”), on behalf of the James Alpha Hedged High Income Portfolio, a series of the Trust (the “Fund”), and James Alpha Advisors, LLC, the investment adviser to the Fund (the “Manager”).

Underwriting Agreement Schedule A

Underwriting Agreement • May 27th, 2016 • Saratoga Advantage Trust

• Contract Type
  Underwriting Agreement
• Filed
  May 27th, 2016
• Company
  Saratoga Advantage Trust

Fund Name Energy & Basic Materials Portfolio Financial Services Portfolio Health & Biotechnology Portfolio International Equity Portfolio Investment Quality Bond Portfolio Large Capitalization Growth Portfolio Large Capitalization Value Portfolio Mid Capitalization Portfolio Municipal Bond Portfolio Small Capitalization Portfolio Technology & Communications Portfolio U.S. Government Money Market Portfolio James Alpha Global Enhanced Real Return Portfolio James Alpha Global Real Estate Investments Portfolio James Alpha Multi Strategy Alternative Income Portfolio James Alpha Yorkville MLP Portfolio James Alpha Family Office Portfolio James Alpha Managed Risk Domestic Equity Portfolio James Alpha Managed Risk Emerging Markets Equity Portfolio James Alpha Hedged High Income Portfolio Effective Date 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/2015 04/30/