SUB-ADVISORY AGREEMENTSub-Advisory Agreement • October 14th, 2008 • Underlying Funds Trust • New York
THIS AGREEMENT is made and entered into as of this 16th day of June, 2008, by and among Alternative Investment Partners, LLC, a Delaware limited liability company (the “Advisor”), NEF Advisors, LLC, a New York limited liability company (the “Sub-Advisor”), and the Underlying Funds Trust, a Delaware statutory trust (the “Trust”) on behalf of its series, Energy and Natural Resources – 1 (the “Fund”).
