0001580642-16-012900 Sample Contracts

SARATOGA ADVANTAGE TRUST INVESTMENT ADVISORY AGREEMENT JAMES ALPHA GLOBAL ENHANCED REAL RETURN PORTFOLIO
Investment Advisory Agreement • December 28th, 2016 • Saratoga Advantage Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 4th day of April, 2016, 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 James Alpha Advisors, LLC (the “Adviser”).

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INVESTMENT SUB-ADVISORY AGREEMENT BETWEEN James Alpha Advisors, LLC AND RANGER GLOBAL REAL ESTATE ADVISORS, LLC REGARDING THE SARATOGA ADVANTAGE TRUST
Investment Sub-Advisory Agreement • December 28th, 2016 • Saratoga Advantage Trust • New York

WHEREAS, the Manager has entered into an Investment Advisory Agreement dated as of September 2, 2014 (the “Manager’s Agreement”) with The Saratoga Advantage Trust (the “Trust”), an open-end investment company organized in series form with separate portfolios, one of which is the James Alpha Multi-Strategy Alternative Income Portfolio (the “Portfolio”), a portfolio, pursuant to which the Manager furnishes continuous investment advice and direction; and

SARATOGA ADVANTAGE TRUST OPERATING EXPENSE LIMITATION AGREEMENT
Saratoga Advantage Trust • December 28th, 2016 • Saratoga Advantage Trust • New York

THIS OPERATING EXPENSE LIMITATION AGREEMENT (the “Agreement”) is effective as of the 4th day of November, 2016, by and between Saratoga Advantage Trust, (the "Trust"), on behalf of the James Alpha Global Real Estate Investments Portfolio, a series of the Trust (the "Fund"), and Ascent Investment Advisors, LLC, the investment adviser to the Fund (the “Adviser”).

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