ADMINISTRATION AGREEMENT



ADMINISTRATION AGREEMENT made as of the 23rd day of November, 2002 between and

among The Saratoga Advantage Trust (the "Trust"), a Delaware business trust,

Saratoga Capital Management I, LLC ("Saratoga"), a Delaware limited liability

company and Orbitex Fund Services, Inc. ("OFS"), a New York corporation.



WHEREAS, the Trust is an open-end management investment company registered under

the Investment Company Act of 1940, as amended (the "1940 Act"), currently

comprised of seven separate investment portfolios (each a "Portfolio,"

collectively, the "Portfolios") as listed on Schedule A, as such Schedule may be

amended from time to time;



WHEREAS, Saratoga serves as investment manager to the Trust;



WHEREAS, the Trust has entered into a Distribution Agreement with OFS for the

distribution by OFS of certain classes of shares of beneficial interest (the

"Shares") in the Trust;



WHEREAS, certain employees of Saratoga will be registered with the National

Association of Securities Dealers, Inc. ("NASD") as representatives of OFS (such

persons shall hereinafter be referred to as "Registered Representatives") and

will be wholesaling the Portfolios' Shares;



WHEREAS, the Trust desires to retain OFS to assist it in performing certain

services with respect to the Shares of the Trust and OFS is willing to perform

such services on the terms and conditions set forth in this Agreement;



NOW THEREFORE, in consideration of the mutual agreements herein contained, the

parties agree as follows:



1. Services and Duties of OFS. OFS will serve as the Trust's administrative

services agent and further agrees to perform the specific administrative duties

and provide the specific administrative services for the Trust, as listed in

Exhibit A.



2. Services Provided by Saratoga. In furtherance of the responsibilities under

this Agreement, Saratoga will provide or cause the provision of certain

services, as listed in Exhibit B.



3. Compensation; Reimbursement of Expenses.



      (a) The Trust shall pay OFS for the services provided under this Agreement

an annual fee, payable monthly, equal to 10.0 basis points on the average

monthly net assets in each Portfolio of the Trust, subject to an aggregate

annual minimum fee of $250,000 (the "Minimum Fee") and an aggregate annual

maximum fee of $350,000 (the "Maximum Fee") paid by all of the Portfolios of the

Trust. Such aggregate minimum and maximum annual fees are based on the seven (7)

Portfolios listed on Schedule A. The addition of any new portfolio that

increases the number of portfolios beyond the seven (7) Portfolios listed on

Schedule A as a result of mutual funds that are merged into the Trust that are

listed on Schedule B will be charged in accordance with Schedule B. The addition

of any other portfolio not listed on Schedule A or Schedule B will be subject to

fees in accordance with the first sentence of this paragraph 3. (a).



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      (b) All fees to OFS for the services described in this Agreement are

exclusive of out-of-pocket costs. OFS shall be reimbursed for the reasonable

out-of-pocket expenses incurred in providing the services hereunder.

Out-of-pocket expenses charged to the Portfolios include, but are not limited

to, Federal, State, and Local registration and filing fees, Trust board book

printing expenses, and reports provided by third party providers that are

authorized by the Trust. The out- of-pocket charges for Medallion services

include: NSCC setup, additional CUSIPs, NASD/state securities registration, NASD

filing fees, and overnight courier. For state registrations beyond three states,

additional initial state registration fees will be billed to the Trust at a cost

of $295, additional state registration renewals will be billed to the Trust at a

cost of $150, and additional sales reports (if required) will be billed to the

Trust at a cost of $25.



      (c) If this Agreement becomes effective subsequent to the first day of a

month or shall terminate before the last day of a month, compensation for that

part of the month this Agreement is in effect shall be prorated in a manner

consistent with the calculation of the fees as set forth above.



4. Effective Date and Term.



      (a) This Agreement shall become effective with respect to the Trust as of

the date first written above (or, if a particular Portfolio is not in existence

on that date, on the date OFS becomes the distributor of the Shares of such

Portfolio; Schedule A to this Agreement shall be deemed amended to include such

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